Saudi Arabian Mining Company (Maaden) reported a strong second quarter in 2026, with higher revenue and EBITDA supported by record financial performance from its aluminum business and continued growth in gold.

The company reported Q2 2026 revenue of $2.9 billion, up 16% year-on-year, while EBITDA increased 3% to $1.0 billion. Net profit attributable to shareholders reached approximately $0.6 billion.

Maaden also continued to advance its major growth projects across Saudi Arabia. Phosphate 3 Phase 1 remains on schedule to begin commissioning by the end of 2026, while first gold from the Ar Rjum mine is expected by the end of 2028.

Maaden CEO Highlights Strong Q2 Performance

Commenting on the results, Bob Wilt, CEO of Maaden, said the company delivered a solid financial performance in the second quarter despite challenges related to sulfur supply and logistics in the phosphate business.

He highlighted the aluminum business’s best-ever financial performance, alongside a very strong contribution from gold, while also emphasizing operational continuity, employee safety and the company’s continued focus on delivering value to customers and shareholders in 2026 and beyond

Maaden Q2 2026 Financial and Operational Performance

Maaden’s second-quarter results showed contrasting performance across its three main businesses. Aluminum delivered its strongest quarterly financial performance since inception, gold production increased year-on-year, while phosphate operations were affected by sulfur supply and logistics challenges.

Phosphate

Aluminum

Gold and Growth Minerals

Aluminum Delivers Maaden’s Best Quarterly Financial Performance

Maaden’s aluminum business was the standout performer during Q2 2026.

Revenue increased 49% year-on-year to $1.012 billion, while EBITDA surged 135% to $411 million. The EBITDA margin expanded to 41%, compared with 26% in Q2 2025.

Alumina production reached 433,000 tonnes, down 6% year-on-year, while aluminum production stood at 242,000 tonnes, 2% below the same quarter last year.

The financial performance was supported by stronger aluminum pricing. Maaden’s average realized aluminum price reached $3,915 per tonne, up 51% year-on-year and 19% from Q1 2026.

Maaden said aluminum prices remained robust during the quarter, supported by elevated regional premiums. The company expects the global aluminum market to remain in deficit by approximately 1.7 million tonnes for the remainder of 2026, supporting short-term pricing.

There was no change to Maaden’s aluminum production guidance. Full-year production remains forecast at 950,000–1.02 million tonnes of aluminum and 1.8–1.9 million tonnes of alumina, with first-half production trending toward the upper half of the previously supplied range.

Gold Production Increases 10%

Maaden’s gold and growth minerals business also recorded significant year-on-year growth.

Revenue rose 34% to $523 million, while EBITDA increased 46% to $334 million. The division achieved an EBITDA margin of 64%, compared with 59% a year earlier.

Gold production reached 118,000 ounces, representing a 10% increase compared with Q2 2025 and a 13% increase from the previous quarter.

Average realized gold prices increased 33% year-on-year to $4,413 per ounce, while all-in sustaining costs declined 6% year-on-year to $1,236 per ounce.

Maaden said gold prices moderated during the quarter but remained close to historically high levels, leaving the company well positioned to benefit from continued strength in the gold market.

There was no change to its full-year gold production guidance of 470,000–515,000 ounces, with first-half production trending toward the upper half of the range.

Phosphate Operations Face Production Pressure

Performance in Maaden’s phosphate business was weaker during Q2 as sulfur supply and logistics constraints affected production.

Revenue reached $1.365 billion, down 1% year-on-year but 29% higher compared with Q1 2026. EBITDA fell 49% year-on-year to $328 million, while the EBITDA margin declined to 24% from 47% in Q2 2025.

DAP production declined 28% year-on-year to 1.23 million tonnes, while ammonia production fell 64% to 267,000 tonnes.

Higher realized prices partially offset lower production. Maaden’s average realized DAP price increased 28% year-on-year to $863 per tonne, while the average realized ammonia price rose 137% to $754 per tonne.

Maaden Revises 2026 DAP Production Guidance

Maaden revised its full-year DAP production guidance to 6.0–6.5 million tonnes and withdrew its production guidance for ammonia.

According to the company, DAP pricing was supported during the quarter by production curtailments across several major markets amid elevated sulfur prices, which reached twenty-year highs. Seasonal demand from India, Brazil and Ethiopia also supported the market, although higher prices created affordability challenges.

The revised outlook reflects the operational pressure experienced by the phosphate business during the second quarter.

Phosphate 3 Phase 1 Remains on Schedule

Despite the challenges affecting current phosphate operations, Maaden continues to advance its long-term expansion program.

Phosphate 3 Phase 1 remains on schedule, with commissioning expected to begin by the end of 2026.

The project represents another step in Maaden’s expansion of its phosphate value chain and forms part of the company’s broader project pipeline in Saudi Arabia.

Ar Rjum Gold Mine Targets First Production in 2028

Growth is also continuing across Maaden’s gold portfolio.

The company expects first gold from Ar Rjum by the end of 2028. Ar Rjum is described by Maaden as its newest gold mine and forms part of its wider pipeline of mining development projects across the Kingdom.

The project comes as Maaden continues to expand its presence across gold and other minerals while carrying out a major exploration program in Saudi Arabia.

Maaden’s Growth Pipeline Supports Saudi Arabia’s Mining Expansion

Maaden’s Q2 2026 results show strong earnings momentum across aluminum and gold, alongside short-term operational challenges in phosphate.

The performance also illustrates the scale of the company’s broader growth strategy. Maaden operates integrated value chains across gold, phosphate, bauxite, copper and other minerals, while undertaking a major exploration program and developing projects designed to expand production capacity across its businesses.

With Phosphate 3 progressing toward commissioning, Ar Rjum moving toward first gold and continued exploration across the Kingdom, Maaden’s project pipeline remains a significant component of Saudi Arabia’s wider mining and industrial development agenda.