Emirates Global Aluminium (EGA) reported strong underlying financial performance and record sales in 2025. Therefore, the group delivered growth across core earnings metrics despite higher input costs and one-off charges.
Underlying net profit, excluding GAC, increased 16% to AED4.93 billion ($1.34 billion), compared with AED4.26 billion in 2024. However, including GAC, net profit declined to AED2.12 billion from AED2.62 billion, reflecting higher impairment and related charges. GAC recorded a charge of AED2.81 billion in 2025, compared with AED1.64 billion in 2024, net of tax credits.
EGA distributed AED3.7 billion to shareholders in 2025, representing a payout ratio of around 75%. Meanwhile, underlying cash flow from operations remained stable at AED8.27 billion, compared with AED8.30 billion in 2024. As a result, the cash conversion ratio improved to 80% from 64% a year earlier.
Earnings Growth and Operational Performance
Underlying EBITDA rose to AED9.28 billion, up from AED8.69 billion in 2024. The increase was driven by higher realised aluminium prices, improvement initiatives, and stronger sales volumes. Consequently, underlying revenues climbed 14% to AED31.98 billion.
Although the underlying EBITDA margin eased to 29% from 31%, the company continued to outperform listed industry peers. Including GAC, EBITDA reached AED8.51 billion in 2025.
Cast metal production reached a record 2.84 million tonnes, while sales rose to 2.83 million tonnes across more than 50 countries. Additionally, value-added products accounted for 81% of total sales. At Al Taweelah, alumina production reached 2.40 million tonnes, meeting 46% of EGA’s needs despite slightly lower output year-on-year.
EGA delivered more than AED235 million in incremental performance improvements during 2025. Furthermore, the company will launch Najah 2.0 in 2026, targeting AED1.62 billion in additional annual improvements by 2030.
Strategic Expansion and Decarbonisation
EGA announced plans to build the first new primary aluminium plant in the United States since 1980, with planned capacity of 750,000 tonnes per year. Subsequently, Century Aluminum signed a joint development agreement to join the Oklahoma project, with EGA holding 60%.
The company also advanced its recycling platform. In the UAE, EGA is nearing completion of the country’s largest aluminium recycling plant in Al Taweelah, with capacity of 185,000 tonnes per year. In Germany, expansion plans will increase capacity at the Hannover facility more than sixfold. Meanwhile, in the US, expansion at EGA Spectro Alloys will lift capacity to 200,000 tonnes annually by 2027.
In parallel, EGA signed a decarbonisation initiative with TAQA, DUBAL Holding, and Emirates Water and Electricity Company. As part of the agreement, TAQA and DUBAL Holding will acquire Al Taweelah power and water assets for AED7.0 billion. Moreover, long-term electricity supply agreements will provide 23 terawatt hours annually for 24 years, with a rising share from renewable sources.
The initiative is expected to reduce greenhouse gas emissions by 3.5 million tonnes annually by 2035. Additionally, local industrial support continued, with 311,000 tonnes of cast metal sold to domestic customers in 2025.
“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,” said Abdulnasser bin Kalban, Chief Executive Officer of EGA.
Pål Kildemo, Chief Financial Officer of EGA, 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 a significant addressable market for aerospace and defence, driving growth. Every electric vehicle requires significantly more aluminium. These underlying structural trends position aluminium – and EGA’s business – extremely well for the long term.”
