EGA delivers strong underlying financial performance and record sales in 2025

• • Strong underlying financial performance supported by favourable aluminium prices.
  • Underlying EBITDA up 7 per cent to AED 9.28 billion ($2.53 billion).

• Record metal sales of 2.83 million tonnes, with 81 per cent as value-added 'premium aluminium', including record low-carbon primary and recycled aluminium sales up 70 per cent to 196 thousand tonnes.
• Strategic growth advanced with plans for a new US smelter and a significant expansion of global aluminium recycling capacity.
• Signed a landmark initiative with TAQA, DUBAL Holding and EWEC to decarbonise aluminium production and accelerate the development of renewable and clean energy.
• Strong underlying cash generation enabled a dividend payout of AED 3.7 billion ($1 billion) to shareholders, representing a payout ratio of 75 per cent.

• EGA underlying results are excluding GAC results for both FY 2025 and FY 2024. GAC results which include impairment, provisions and other costs, resulted in a charge of AED 2.81 billion ($765 million) in FY 2025, compared with a charge of AED 1.64 billion ($447 million) in FY 2024, net of tax credits.
• Cast metal production is all finished products from EGA's primary and recycling plants worldwide.
• Low carbon primary is metal sold under the product brands CelestiAL solar aluminium, CelestiAL-R solar aluminium sweetened with secondary content, MinimAL aluminium made with nuclear power, and MinimAL-R aluminium made with nuclear power sweetened with secondary content.
• Recycling is aluminium sold under the RevivAL product brand, and is remelted post-consumer and pre-consumer aluminium scrap usually blended with a proportion of primary aluminium to achieve the metallurgical properties required by customers.

Abu Dhabi, United Arab Emirates, 25 February 2026: Emirates Global Aluminium, the world's largest 'premium aluminium' producer, today announced strong underlying financial performance and record sales in 2025. EGA delivered underlying Earnings Before Interest, Tax, Depreciation and Amortisation (underlying EBITDA) of AED 9.28 billion ($2.53 billion), compared to AED 8.69 billion ($2.37 billion) in 2024, driven by higher average realised aluminium prices, ongoing improvement work, and higher sales.

EGA's underlying EBITDA margin was 29 per cent in 2025 compared to 31 per cent in 2024, slightly lower due to higher alumina and bauxite prices but continuing to lead listed industry peers. EGA delivers competitive margin performance through product mix, production creep, and operational discipline.

EGA focuses on optimising cost and performance across the value chain, and delivered more than AED 235 million (more than $65 million) in incremental improvements in 2025 compared with 2024, driven by higher production, efficiency gains, and procurement savings.

From 2026, EGA will embark on a second phase of its improvement programme, Najah 2.0, targeting another AED 1.62 billion ($440 million) in annual improvements by 2030, compared to the baseline year of 2024, including through technical upgrades in operations, optimising raw material supply and improving pricing through sales and marketing excellence.

EGA's underlying net profit, excluding GAC, was up by 16 per cent to AED 4.93 billion ($1.34 billion), compared with AED 4.26 billion ($1.16 billion) in 2024. Including GAC, EGA recorded a net profit of AED 2.12 billion ($578 million) compared to AED 2.62 billion ($715 million) in 2024.

EGA's cast metal production rose to the highest-ever at 2.84 million tonnes. EGA sold a record 2.83 million tonnes of cast metal to over 400 customers in more than 50 countries, up from 2.77 million tonnes in 2024. The share of value-added products - 'premium aluminium'- was 81 per cent in 2025 (82 per cent in 2024).

Al Taweelah alumina refinery produced 2.40 million tonnes of alumina in 2025, slightly down from 2.54 million tonnes in 2024, meeting 46 per cent of EGA's alumina needs. During 2025, EGA implemented numerous modifications to enhance the refinery's efficiency in processing a wider range of bauxite types and a debottlenecking expansion that unlocked additional alumina production capacity.

EGA demonstrated the resilience of its supply chain strategy after the Basic Agreement with the Government of Guinea was terminated and GAC's mining license was revoked. EGA promptly secured alternative bauxite supply options, including from Australia, Ghana and Brazil. This diversified sourcing approach, combined with contract flexibility and continued participation in the spot market, enabled the company to capitalise on market opportunities. EGA signed term contracts covering more than 70 per cent of volume needs, with purchases managed through framework agreements to ensure the security of supply and flexibility.

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: "We delivered a strong financial performance in 2025, driven by record sales, favourable aluminium prices, and disciplined cost control—demonstrating the strength and resilience of our business. At the same time, we made significant strategic progress to secure our future growth. We advanced plans for a new smelter in the United States and successfully piloted our next-generation smelting technology, which will underpin our long-term competitiveness. We also expanded our recycling footprint, with new capacity in the United States and growth projects in the UAE and Europe. These milestones position us to lead the industry's next phase of growth and create sustainable long-term value."

EGA achieved record sales of low-carbon aluminium product brands, up 70 per cent to 196 thousand tonnes. EGA sold 109 thousand tonnes of CelestiAL solar aluminium (including 36 thousand tonnes of CelestiAL-R with recycled content), up from 84 thousand tonnes in 2024. During 2025, EGA sold its first ever MinimAL low carbon aluminium made with nuclear power. RevivAL recycled aluminium sales increased to 86 thousand tonnes, from 31 thousand tonnes in 2024.

The average realised London Metal Exchange aluminium price was $2,610 per tonne in 2025, up from $2,392 per tonne in 2024 supported by steady demand, aluminium supply disruptions and a weaker US dollar

Regional premiums were highly volatile in 2025.

In Japan, the MJP index peaked above $220 per tonne early in the year, dropped to around $65 by August, and then rebounded to end the year near $170 per tonne. The MJP index averaged around $125 per tonne in 2025 compared with around $145 per tonne in 2024.

Europe's MB duty-paid premium declined to below $190 per tonne mid-year before recovering to over $330 per tonne. The MB premium averaged around $250 per tonne in 2025 compared with around $315 per tonne in 2024.

In the United States, higher aluminium import tariffs pushed the MW duty-paid premium from around $500 per tonne to more than [$2,000 per tonne by year-end. The MW premium averaged around $1,300 per tonne in 2025 compared with around $425 per tonne in 2024.

Pål Kildemo, Chief Financial Officer of Emirates Global Aluminium, said: "Across multiple end‑markets, we are seeing strong secular tailwinds that continue to accelerate the need for aluminium—driven by sustainability, electrification, and long‑term infrastructure renewal. There is significant addressable market for aerospace and defence driving growth. Every electric vehicle requires significantly more aluminium. The price of aluminium is less than one third the price of copper, leading to accelerating potential substitution across power cables and wiring applications. These underlying structural trends position aluminium - and EGA's business - extremely well for the long term."

Underlying cash flow from operations was AED 8.27 billion ($2.25 billion), compared with AED 8.30 billion ($2.26 billion) in 2024. The cash conversion ratio was 80 per cent in 2025 compared to 64 per cent in 2024. Net debt to underlying EBITDA remained stable at 1.35x in 2025 compared to 1.34x in 2024, reflecting continued strong balance sheet. EGA paid shareholders a total of AED 3.7 billion ($1 billion) in 2025, representing a payout ratio of around 75 per cent.

Total debt declined to AED 14.08 billion ($3.83 billion) from AED 15.96 billion ($4.35 billion) in 2024. During the period, EGA made scheduled debt repayments of AED 2.5 billion ($687 million) and fully repaid the GAC loan of AED 1.94 billion ($530 million).

GAC's results, which include impairment, provisions, and other costs, resulted in a charge of AED 2.81 billion ($765 million) in 2025, compared with a charge of AED 1.64 billion ($447 million) in 2024, net of tax credits.

Including GAC results, EGA delivered Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of AED 8.51 billion ($2.32 billion) in 2025.

On strategic growth, EGA announced plans to build the first new primary aluminium production plant in the United States since 1980. The plant is expected to have a production capacity of 750 thousand tonnes of primary aluminium per year. After the period, Century Aluminium signed a joint development agreement with EGA to join the project in Oklahoma. EGA will own 60 per cent of the joint venture, with Century owning the remaining 40 per cent.

EGA also began production at its next-generation EX smelting technology pilot project in Al Taweelah. EX delivers higher output with lower energy use and emissions. The technology is being prepared for industrial-scale deployment in Oklahoma.

EGA is advancing the development of a global aluminium recycling platform. In the UAE, EGA is nearing completion of the country's largest aluminium recycling plant in Al Taweelah.

The plant will have a production capacity of 185 thousand tonnes of low-carbon, high-quality billets and T Bars per year. After the period, EGA announced the first charging with scrap of the melting furnace at Al Taweelah recycling plant, in a major construction milestone. First production from the plant is expected by the end of Q1 2026.

In Germany, EGA announced plans to expand the production capacity of the EGA Leichtmetall recycling plant more than six-fold by building a second facility near the existing Hannover location. The project will add 110 thousand tonnes per year of scrap sorting capacity and 150 thousand tonnes per year of melting and casting capacity, with first hot metal expected in 2028.

In the US, the first phase of the EGA Spectro Alloys expansion was completed in 2025. A second phase of the expansion was started and is expected to be completed during 2027, taking EGA Spectro Alloys' capacity to 200 thousand tonnes per year

In 2025, EGA signed a landmark initiative with TAQA, DUBAL Holding and EWEC to decarbonise aluminium production and accelerate the development of renewable and clean energy in Abu Dhabi.

This initiative will enable EGA to scale up production of CelestiAL solar aluminium and MinimAL low-carbon aluminium produced using nuclear power to as much as almost half of total UAE primary aluminium output by the end of 2028, subject to market demand for low carbon aluminium.

As a part of the initiative, TAQA and DUBAL Holding are acquiring EGA's Al Taweelah power and water assets for AED 7.0 billion ($1.9 billion). EGA signed Abu Dhabi's largest-ever electricity supply agreements with EWEC and TAQA Distribution, which will make EGA the largest single electricity customer on the Abu Dhabi grid. These agreements provide EGA with 23 terawatt hours (TWh) of electricity per year for 24 years, with an increasing share from renewable and clean energy sources as EWEC's transformative solar electricity generation projects come online.

The total greenhouse gas emissions reduced by the initiative is expected to be 3.5 million tonnes annually by 2035, more than three per cent of Abu Dhabi's total current emissions.

In line with Make it in the Emirates and the UAE's Operation 300bn industrial strategy, EGA continues to support the growth of the UAE's industrial sector. In 2025 EGA sold 311 thousand tonnes of cast metal to local customers (2024: 310 thousand tonnes). To further increase local procurement, EGA and Sunstone will begin construction of a 300 thousand tonnes per year anode plant in Abu Dhabi, with first anode production expected as early as 2028