EGA H1 2026 profit rises 34% to AED 2.46B

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Emirates Global Aluminium (EGA), equally owned by Mubadala Investment Co. and Investment Corporation of Dubai, reported a net profit of AED 2.46 billion in H1 2026, up from AED 1.84 billion in the same period of 2025.
 

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 11% to AED 4.51 billion ($1.23 billion), versus AED 4.07 billion ($1.11 billion) in H1 2025, driven by higher realised aluminium prices, robust regional price premiums, lower alumina prices, and disciplined cost management.

EBITDA margin also improved to 33%, compared to 27% in H1 2025.

Meanwhile, operating cash flow declined to AED 1.48 billion ($404 million) compared with AED 3.44 billion ($937 million) in H1 2025, reflecting a strategic increase in inventory to support continued operations at Al Taweelah and Jebel Ali during the operational recovery period and gradual ramp-up in output.

Net debt to core EBITDA ratio dropped to 1.4x, from 1.9x at the end of H1 2025, while gross debt grew to AED 18.1 billion ($4.9 billion), from AED 16.9 billion ($4.6 billion) in H1 2025.

Cast aluminium production fell to 1,006 thousand tonnes in H1 2026, from 1,420 thousand tons in H1 2025, mainly due to lower output at Al Taweelah. Total aluminium sales also declined 32% to 939 thousand tons in H1 2026, compared with 1,373 thousand tons in H1 2025.