Resilient Growth: EGA Reports 34% Surge in Adjusted Net Profit to $670 Million for H1 2026

Emirates Global Aluminium (EGA), the world’s largest ‘premium aluminium’ producer, today announced resilient financial performance in the first half of 2026, despite logistical and geopolitical disruptions arising from the regional conflict in the Gulf since March. 

EGA delivered Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of AED  4,506 million ($1,227 million), up 11 per cent compared with AED 4,065 million ($1,107 million) in H1 2025  driven by higher realised aluminium prices, stronger regional premiums, lower alumina prices and  disciplined cost management. 

Adjusted EBITDA margin was 33 per cent in H1 2026, compared with 27 per cent in H1 2025.  

After recognising an AED 84 million ($23 million) impact related to an Iranian attack on KEZAD which led  to an emergency shutdown, reported EBITDA was AED 4,422 million ($1,204 million). 

Adjusted net profit increased by 34 per cent to AED 2,462 million ($670 million), compared with AED  1,836 million ($500 million) in H1 2025, reflecting strong EBITDA generation, coupled with lower net  financial charges and lower taxes. 

Reported net income was AED 1,737 million ($473 million) in H1 2026, after recognising a net impact of  AED 725 million ($197 million) related to the incident. 

EGA continues to demonstrate its commitment to shareholder returns, with the Board approving an H1  2026 interim dividend of AED 1,726 million ($470 million), representing a 70 per cent payout ratio to adjusted net income. 

Revenue decreased to AED 13,544 million ($3,688 million) in H1 2026 from AED 15,079 million ($4,106 million) in H1 2025, due to lower sales volumes following the incident at Al Taweelah, partially offset by  higher realised aluminium prices.

Cast metal production decreased to 1,006 thousand tonnes in H1 2026 from 1,420 thousand tonnes in  H1 2025, primarily due to reduced production at Al Taweelah. Jebel Ali maintained uninterrupted  production throughout the period.  

Total aluminium sales were down 32 per cent to 939 thousand tonnes in H1 2026, compared with 1,373 thousand tonnes in H1 2025. Logistics constraints arising from the regional conflict led to the temporary  suspension of new outbound shipments from the UAE in March and an increase in domestic metal  inventories. EGA has since established alternative export routes through ports outside the Strait of  Hormuz. This has enabled a gradual increase in shipment capacity and a reduction in UAE stockpiles.  

Recovery to pre-incident shipment levels is currently expected to be contingent on the reopening of the  Strait of Hormuz, although the ongoing development of alternative corridors is expected to reduce reliance  on the strait over the longer term.  

EGA secured its inbound logistics, ensuring raw material deliveries exceed the requirements of Jebel Ali  and the restart at Al Taweelah. This enabled the rebuilding of strategic inventories and reinforced  operational continuity. 

EGA continues to execute a comprehensive and disciplined restoration programme at Al Taweelah, which  was significantly damaged on 28 March when Iranian attacks on Khalifa Economic Zone Abu Dhabi led  to an emergency shutdown of all facilities. 

Basic utilities have been restored across the site, with natural gas and electricity availability projected to  ramp up in line with the needs of the restart programme. 

To resume hot metal production at Al Taweelah smelter, EGA must progressively restore each of the  1,262 reduction cells. The first restored reduction cell was restarted on 26 May at Potline 1. EGA has  energised all three potlines now, marking an important milestone in the restoration effort and ramp-up of  operations at Al Taweelah. As of Monday, 227 reduction cells, 18 per cent of the total, had been  successfully restarted.  

Hot metal production is expected to gradually ramp up as reduction cells are progressively restored and  is expected to reach pre-incident levels in Q1 2027. EGA is working to accelerate this timeline. 

Ramp-up of production at the new Al Taweelah recycling plant initially began in February. After the  incident, ramp-up resumed in May. The recycling plant is currently running at approximately 10 per cent capacity. Ramp-up to full production is expected by late Q4 2026. 

Al Taweelah alumina refinery produced 602 thousand tonnes of alumina in H1 2026, compared with 1,142  thousand tonnes in H1 2025, due to the shutdown of production on 28 March. Production restarted in  early July and reached 50 per cent of pre-incident production levels within days. The pace of further ramp up will be determined by supply chain considerations and the optimisation of EGA’s alumina sourcing  strategy. The continued recovery of aluminium production at Al Taweelah smelter is not dependent on the  refinery returning to full capacity. 

The capital expenditure required to restore production at Al Taweelah is expected to be approximately  AED 1.5 billion ($400 million), with most of the expenditure expected during 2026 and some during 2027. 

From 2026, EGA embarked on the second phase of its improvement programme, Najah 2.0. As part of  the programme, EGA delivered AED 353 million ($96 million) in improvements in H1 2026 compared with  the 2024 baseline, driven by alumina refinery improvements, efficiency gains and procurement savings.  EGA is targeting AED 1.6 billion ($440 million) in annual improvements by 2030. 

In response to regional uncertainty, EGA has implemented additional cash preservation measures to reduce discretionary costs and support cash‑flow generation in 2026. 

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “The first half  of 2026 was the most challenging period in the long history of EGA. The safety and wellbeing of our  people was our first priority throughout, and I thank our teams for their dedication in the most difficult of  circumstances. Our financial and operational results demonstrate the resilience of EGA and our people.  Despite significant logistics challenges, our supply chain is robust, and we continue to make deliveries to  customers. We are making strong progress in the restoration of production at Al Taweelah. We are also  advancing our global growth strategy. EGA will come back stronger than ever before.”  

EGA sustained its focus on workforce safety, recording a Total Recordable Injury Frequency Rate of 1.26  per million hours worked in H1 2026. EGA also continued to advance its environmental agenda, growing  its low-carbon CelestiAL and MinimAL product lines and progressing its long-term decarbonisation  strategy, while maintaining Aluminium Stewardship Initiative certification across its UAE operations. 

EGA continued to progress primary aluminium growth through the Oklahoma Primary Aluminum project.  In Q1 2026, Century Aluminum signed a joint development agreement with EGA to join the project as a  minority partner, with EGA owning 60 per cent of the joint venture and Century owning the remaining 40  per cent.  

During the period, the project advanced key commercial, permitting and technical workstreams towards  the start of construction and first aluminium production is expected by the end of the decade. The 750 

thousand tonnes per year plant is expected to be the first new smelter built in the United States since  1980, doubling American primary aluminium production. The plant will use EGA’s latest EX technology,  the most advanced ever installed in the United States. 

The United States’ Section 232 aluminium tariffs remained a key feature of the global aluminium market. In July 2026, the US Government announced additional measures under the Section 232 framework  aimed at encouraging domestic primary aluminium production, while maintaining the broader tariff regime.  The programme will request onshoring plans from companies that, if approved, will be eligible to import  primary aluminium at half the prevailing Section 232 duties of a quantity that corresponds to the American production facility’s anticipated annual output.  

On recycling growth, EGA is advancing its planned acquisition of an 80 per cent stake in Italian aluminium  recycling company Eco Green, as part of the company’s strategy to expand its global aluminium recycling  footprint and accelerate growth in Europe. The transaction has received regulatory approvals and is  expected to close later this quarter. 

Upon completion, the transaction increases EGA’s recycling capacity to more than 400 thousand tonnes  per year in the UAE, Europe and the United States, with an additional 200 thousand tonnes of capacity  under development in Europe and the US. EGA markets its recycled aluminium globally under the brand  RevivAL. In H1 2026, EGA sold 47 thousand tonnes of RevivAL recycled aluminium compared with 46  thousand tonnes in H1 2025.  

EGA sold 44 thousand tonnes of CelestiAL solar aluminium and nine thousand tonnes of MinimAL  produced with nuclear power in H1 2026, in line with 53 thousand tonnes of low carbon primary aluminium  sales in H1 2025. 

Pål Kildemo, Chief Financial Officer of Emirates Global Aluminium, said: “EGA’s financial strength  and disciplined Najah improvement and cash preservation programme position us well to complete the  restoration of Al Taweelah while continuing to advance our strategic growth priorities, which include a  good mix of organic and inorganic opportunities. Our financial position is also supported by underlying  aluminium market fundamentals, which have entered a period of deficit supporting our margins.”  

In Q1 2026, EGA completed multi-tranche debt financing of AED 18.4 billion ($5 billion). The financing  combined conventional and Shariah-compliant facilities arranged with a group of 21 leading regional and  international banks, including term loans and revolving credit facilities with tenors of up to five years. The  transaction strengthens EGA’s balance sheet and debt maturity profile, enhancing liquidity and providing  additional financial flexibility for strategic growth. The company has undrawn available revolving credit 

facility of AED 3.67 billion ($1 billion) and cash and term deposits of AED 6.07 billion ($1.65 billion) as of  30 June 2026. 

EGA continues to make progress towards closing the sale of its Al Taweelah power assets, a strategic  transaction designed to unlock value, strengthen the company’s capital position and support its long-term  decarbonisation strategy. Financing commitments remain in place, and discussions are ongoing to  address the remaining closing requirements ahead of financial close. EGA expects to receive $1.7 billion  of proceeds post-closing of this transaction. 

EGA also continued to strengthen the long-term resilience of its supply chain through further localisation.  

In May, EGA signed a long-term agreement with TA’ZIZ for the domestic supply of approximately 200,000  dry metric tonnes per year from Q4 2028 of caustic soda, a critical raw material for alumina refining.  TA’ZIZ is the first major domestic supplier of this input to EGA’s Al Taweelah alumina refinery. 

In June, EGA and AD Ports Group signed an agreement to jointly invest AED 84 million in a multi-phase  upgrade of EGA’s dedicated berth at Khalifa Port, expected by August 2028. EGA also signed an  agreement with ADNOC Distribution for the supply of locally blended industrial lubricants, reinforcing  EGA’s commitment to in-country value. 

The average London Metal Exchange aluminium price was $3,382 per tonne in H1 2026, up from $2,538 per tonne in H1 2025. 

Regional premiums were highly volatile in H1 2026. 

In Japan, the MJP index averaged around $282 per tonne in H1 2026 compared with around $169 per  tonne in H1 2025.  

In Europe, the MB premium averaged around $413 per tonne in H1 2026 compared with around $214 per  tonne in H1 2025.  

In the United States, the MW premium averaged around $2,405 per tonne in H1 2026 compared with  around $857 per tonne in H1 2025. 

Cash flow from operations was AED 1,484 million ($404 million), compared with AED 3,441 million ($937 million) in H1 2025. Operating cash flow was impacted by a strategic build-up of inventory to support  continued operations at both the Al Taweelah and Jebel Ali plants during the restoration and ramp-up  period.

Total debt was AED 18.1 billion ($4.9 billion) in H1 2026 compared with AED 16.9 billion ($4.6 billion) in  H1 2025.