Emirates Global Aluminium’s (EGA) aluminum sales dropped 36% in the first nine months of 2026 as an attack-related shutdown and export constraints curtailed deliveries, outweighing higher realized prices.
The Abu Dhabi-based producer reported revenue of $5.282 billion, down 16% from $6.279 billion a year earlier. Adjusted net profit fell 9% to $744 million from $817 million. EGA said lower sales volumes more than offset higher aluminum prices and a stronger mix of value-added products.
EGA sold 1.327 million tonnes of aluminum, compared with 2.083 million tonnes in the same period of 2025. The company said reduced metal availability from Al Taweelah and outbound logistics constraints from the UAE both contributed to the decline. An Iranian attack on Khalifa Economic Zone Abu Dhabi on March 28 led to an emergency shutdown of all Al Taweelah facilities, EGA said.
Reported net profit was $547 million after a $197 million net impact related to the incident. EGA’s adjusted-profit measure excludes exceptional costs directly attributable to the attack and emergency shutdown.
Adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, fell 10% to $1.572 billion. Its margin increased to 29.8% from 27.7%. EGA credited higher realized prices, cost controls and value-added products — which represented 88% of sales, up from 83% — with supporting the margin. The average London Metal Exchange aluminum price was $3,328 per tonne, compared with $2,566 a year earlier.
Chief Executive Abdulnasser Bin Kalban said EGA had been “tested like never before.” By Nov. 12, 766 of Al Taweelah’s 1,262 reduction cells had restarted. The refinery produced 899,000 tonnes of alumina, down from 1.747 million tonnes a year earlier.
After temporarily suspending new UAE shipments in March, EGA said it set up export routes to ports outside the Strait of Hormuz. A September agreement with Gulftainer provides for routing up to 250,000 tonnes through UAE East Coast ports in its first year and as much as 300,000 tonnes in the second year.
EGA estimates restoring Al Taweelah production will require about $400 million in capital spending, mostly in 2026 and some in 2027. As of Sept. 30, it reported $1.93 billion in cash and term deposits and an undrawn $1 billion revolving credit facility. The company expects to restart all Al Taweelah reduction cells in the first quarter of 2027.
