• Revenues reached approximately $2.3 billion in the first quarter of 2026, while earnings before interest, taxes, depreciation and amortization (EBITDA) reached $964 million, representing increases of 3% and 4% respectively on an annual basis. Net profit attributable to shareholders also rose to $436 million, an increase of 6% on an annual basis.
• Aluminum production remained stable at 248,000 metric tons, reflecting consistent and steady performance on an annual basis.
• Gold production reached 105,000 ounces, down 15% from the previous year, due to a temporary safety shutdown.

Riyadh, Kingdom of Saudi Arabia: The Saudi Arabian Mining Company ( “ Ma’aden” listed on the Saudi Stock Exchange (Tadawul) under the symbol 1211), today announced its financial results for the first quarter of 2026 ending on March 31, 2026 .

During the first quarter of 2026 , Ma’aden recorded revenues of $2.3 billion and earnings before interest, taxes, depreciation and amortization of $964 million, an increase of 3% and 4% respectively on an annual basis, driven by improved commodity prices.

The first quarter's performance was supported by strong fundamentals across Ma'aden's main products, along with a flexible pricing environment, but this momentum was partially offset by a decline in sales volumes within the phosphate business unit.

Production of diammonium phosphate rose by 9% year-on-year during the first quarter, supported by the record performance recorded in 2025, however, about a quarter of the first quarter's production was not sold.

Aluminum and alumina production remained stable on an annual and quarterly basis, despite the quarter being shorter than the previous one, while realized aluminum prices recorded an increase of 21% on an annual basis and 17% on a quarterly basis.

Gold production reached 105,000 ounces, a 15% year-on-year decrease, due to the temporary suspension of production at two smaller mines. Production at these mines is expected to resume during the second quarter. Sustainable total cost was $1,052 per ounce, a 15% year-on-year decrease, impacted by lower production at some high-cost operations and the phased commissioning process at the Mansourah and Masarah mines.

Ma’aden maintains a strong balance sheet, with its net debt-to-EBITDA ratio remaining stable at 1.2x, below the target range of 2–3x. Sustainable free cash flow, excluding working capital, reached $827 million, reflecting efficient cash flow generation across its core business units.

Commenting on the financial results, Robert Wilt, CEO of Ma’aden, said: “Ma’aden started the year with a strong and stable performance, clearly reflecting the strength and resilience of our business and the efficiency of our staff. Our financial results, with revenues of $2.3 billion and earnings before interest, taxes, depreciation and amortization of $964 million, were driven by a solid business portfolio, along with the high performance, efforts and expertise demonstrated by our teams.”

Wilt added: “I am deeply proud of the high level of efficiency with which Ma’aden dealt with the challenges we witnessed during the first quarter, and of the high ability our teams demonstrated to adapt to changes in order to maintain business continuity. As we look ahead to the next phase, and while continuously monitoring developments, we emphasize that the safety of our employees remains our top priority, along with maintaining the resilience and continuity of our operations.”

Future prospects and market developments

The phosphate business unit is expected to maintain its production momentum throughout 2026, supported by the record performance achieved in 2025. First-quarter results were bolstered by improved realized prices and strong demand, which partially offset the impact of higher sulfur costs on margins. The period saw reduced output at two ammonia production facilities. Market conditions also improved during the first quarter, with the initial seasonal weakness in some key regions subsiding and giving way to increased demand as purchases accelerated ahead of the planting season. Prices remain supported by ongoing logistical disruptions, reduced output by producers due to higher sulfur prices, and continued restrictions on Chinese exports.

The aluminum business unit maintained a strong operating performance during the first quarter, supported by improved prices and the continuation of the upward trend that began in 2025, while market dynamics witnessed a shift during the first quarter, with the market expected to record a deficit of approximately 2.5 million tons in 2026.

Strong gold prices in the first quarter supported improved margins year-on-year and quarter-on-quarter, while production was impacted by voluntary safety shutdowns at two smaller mines, reflecting a focus on team safety and operational sequencing. Meanwhile, the Group's sustainable overall costs declined, driven by an improved cost structure in core operations and lower production from higher-cost assets.

Ma’aden maintained its 2026 capital expenditure guidance unchanged at around $4.2 billion, of which $3.4 billion is allocated to growth projects.

The phone call with the financial analysts and the presentation of the financial results

Maaden will host a conference call with financial analysts on Monday, May 4, 2026, at 3:00 PM (Saudi Arabia time) to present its financial results for the first quarter of fiscal year 2026. For details of the conference call, please email invest@maaden.com .

About minerals

Ma’aden is the largest multi-commodity mining and metals company in the Middle East and one of the fastest growing mining companies in the world.

The company represents the main pillar in the industrial transformation efforts of the Kingdom of Saudi Arabia, and is ranked among the top ten mining companies in the world in terms of market value, with revenues of SAR 38.6 billion (USD 10.3 billion) in 2025.

Ma’aden is shaping the future of the mining sector through integrated value chains in gold, phosphate, bauxite, copper, and other minerals. In addition to our operational sites across the Kingdom, we are implementing one of the world’s largest exploration and drilling programs within a single region and are developing a series of mega-projects to increase capacity across all our businesses and subsidiaries.

With a workforce of over 8,000 employees, we are creating new and promising industries, jobs, and opportunities that support the goals of Saudi Vision 2030 and contribute to writing the next chapter in the mining sector.

For more information, please visit: www.maaden.com

Disclaimer

This statement contains statements that constitute, or may be considered to constitute, forward-looking statements, including statements regarding the perceptions and expectations of Saudi Arabian Mining Company (“the Company”). These statements are based on the Company’s current plans, estimates, and projections, as well as its expectations of external conditions and events. Forward-looking statements involve inherent risks and uncertainties and are discussed only as of the date of their release. As a result of these risks, uncertainties, and assumptions, a potential investor should not place undue reliance on these forward-looking statements, as a number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements. The Company is under no obligation and does not intend to update or revise any forward-looking statements contained in this statement, whether as a result of new information, future events, or otherwise.

This statement was prepared by the Company and has not been reviewed, endorsed, or approved by any financial investor, senior manager, sales agent, receiving bank, or securities guarantor with whom the Company deals, and is provided for informational purposes only. Furthermore, because this statement is abridged, it may not contain all material terms and should not, in itself, form the basis of any investment decision.

The information and opinions contained in this statement are believed to be reliable and obtained from credible sources; however, no representation or warranty, express or implied, is made as to the fairness, correctness, accuracy, reasonableness, or completeness of the information and opinions. There is no obligation to update, amend, modify, or otherwise notify the investor if any information, opinion, expectation, forecast, or estimate contained in this statement changes or subsequently becomes inaccurate.

We strongly advise you to seek your own advice regarding any investment, financial, legal, tax, accounting, or regulatory matters discussed in this statement. The analyses and opinions expressed herein may be based on assumptions which, if changed, could alter the analyses or opinions expressed. Nothing in this statement constitutes an offer or guarantee regarding the future performance of any security, credit, currency, price, or any measures relating to market or economic conditions. Furthermore, past performance is not necessarily indicative of future results, and the company disclaims liability for any loss arising out of or in connection with your use of or reliance on this statement.

These materials may not be published, distributed, transmitted, or reproduced in any form or by any means without the express consent of Maaden's management. These materials do not constitute an offer to sell or a solicitation of offers to purchase securities in any jurisdiction.

Non-IFRS financial measures

Some of the information included in this statement is based on Ma'aden's consolidated financial statements, but it is not terminology defined in International Financial Reporting Standards as applied in the Kingdom of Saudi Arabia. This information was provided because the company believes it to be a useful measure for investors.

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