Higher aluminum prices, record sales, and disciplined cost control helped Emirates Global Aluminium (EGA) deliver stronger underlying results in 2025, according to its earnings release. The company reported underlying net income of AED 4.9 bn in 2025, up 16% y-o-y, on underlying revenue of AED 32 bn, up 14% y-o-y.

Sales hit a record 2.8 mn tons, up 2% y-o-y, with cast metal output reaching an all-time high of 2.8 mn tons. The breakdown:

  • 81% of volumes were value-added “premium aluminum,” reinforcing EGA’s positioning at the higher end of the market;
  • Low-carbon aluminum sales jumped 70% to 196k tons;
  • Recycled aluminum under the Revival brand increased 175% to 86k tons, suggesting decarbonized metal is no longer niche but scaling.

Supply chain stress-tested: Alumina production slipped 5% to 2.4 mn tons after EGA lost its concession agreement in Guinea. The company moved quickly, securing alternative bauxite supply from Australia, Ghana, and Brazil — where it is reportedly exploring a potential bid for Companhia Brasileira de Alumínio — and signing term contracts covering more than 70% of its volume needs, it said.

Looking ahead, EGA is pressing forward with growth, advancing plans for a 750k tpa primary aluminum smelter in Oklahoma — the first new US smelter in 46 years — alongside major recycling expansions in the UAE, Germany, and the US. The strategic pivot comes as the Mubadala and ICD-owned firm is said to be laying the groundwork for a potential ADX IPO that could value the company at USD 10-15 bn.

Despite the tariff hurdle, EGA is ramping up US-bound shipments as stateside shortages balloon prices to a level high enough to counter trade duties, Bloomberg reports. “We have redirected a bit of volumes from Europe to US because as you may have seen from some of our competitors, there’s more metal flowing from Canada to Europe,” CFO Pal Kildemo told Bloomberg.

EGA expects global aluminum demand to outpace supply, helped by China’s production limits and stronger interest in aluminum as a substitute for copper — whose prices have jumped — prompting some manufacturers to switch metals, CEO Abdulnasser Bin Kalban told Reuters. He added that rising demand, along with only a few smelters set to come online in the foreseeable future, is setting the stage for tighter markets ahead.

Dividends: EGA paid out AED 3.7 bn in dividends in 2025, representing a 75% payout ratio.

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