During Q1 2026, Maaden reported revenue of $2.3B and EBITDA of $964M, up 3% and 4% year-on-year (YoY) respectively, driven by improved market prices.

Performance for the quarter was supported by solid underlying fundamentals across Maaden’s core commodities and resilient pricing. This strong pricing environment was partially offset by lower sales volumes within the phosphate business unit. 

DAP production increased for the quarter by 9% YoY, building on the record performance achieved in 2025, however, approximately one quarter of DAP production in Q1 was not sold.

Aluminum and alumina production remained stable on the yearly and quarterly comparison - considering the shorter quarter. Realized aluminum prices increased 21% YoY and 17% QoQ.

Gold production of 105koz reflects a reduction of 15% YoY and was affected by the temporary suspension of production at two of our smaller mines, we expect these to resume production in Q2. All-in-sustaining-cost at $1,052/oz, a decrease of 15% YoY, reflects lower production at some of our higher cost operations and sequencing at Mansourah-Massarah. 

Maaden’s balance sheet remains robust, with net debt / EBITDA at 1.2x, below the target range of 2-3x.Sustaining run-rate free cash flow, excluding working capital of $827M, reflects the strong cash generation in the underlying businesses.

Bob Wilt, CEO, Maaden, said: “Maaden has started the year with solid, stable performance. We are clearly demonstrating the strength of our people and business. Our financial results, with $2.3B revenue and $964 million EBITDA, were driven by a resilient portfolio, combined with the initiative and expertise of our teams. 

“I could not be prouder of the way Maaden has reacted to the circumstances of the quarter and the way in which our teams have adapted to maintain business continuity. Looking ahead, as we monitor a continually evolving situation, we remain, first and foremost, committed to the safety of our people as well as the resilience of our operations.”

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