Emirates Global Aluminium (EGA) today (February 25) announced strong underlying financial performance and record sales for FY 2025.
The key industrial group's underlying revenues increased by 14% to hit AED32 billion ($8.7 billion), compared with AED28.14 billion ($7.6 billion) in the previous year, driven by higher realised aluminium prices and the "Najah" performance improvement programme.
Its underlying net profit, excluding GAC, was up by 16% to AED4.93 billion ($1.34 billion), compared with AED4.26 billion ($1.16 billion) in 2024. Including GAC, EGA recorded a net profit of AED2.12 billion ($578 million) compared to AED2.62 billion ($715 million) in 2024.
GAC’s results, which include impairment, provisions, and other costs, resulted in a charge of AED2.81 billion ($765 million) in 2025, compared with a charge of AED1.64 billion ($447 million) in 2024, net of tax credits.
Underlying cash flow from operations was AED8.27 billion ($2.25 billion), compared with AED8.30 billion ($2.26 billion) in 2024. The cash conversion ratio was 80% in 2025 compared to 64% in 2024.
EGA delivered underlying Earnings Before Interest, Tax, Depreciation and Amortisation (underlying EBITDA) of AED9.28 billion ($2.53 billion), compared to AED8.69 billion ($2.37 billion) in 2024, driven by higher average realised aluminium prices, ongoing improvement work, and higher sales.
Its underlying EBITDA margin was 29% in 2025 compared to 31% in 2024, slightly lower due to higher alumina and bauxite prices but continuing to lead listed industry peers. Including GAC results, EGA delivered EBITDA of AED8.51 billion ($2.32 billion) in 2025.
EGA focuses on optimising cost and performance across the value chain, and delivered more than AED235 million (more than $65 million) in incremental improvements in 2025 compared with 2024, driven by higher production, efficiency gains, and procurement savings.
From 2026, the company will embark on a second phase of its improvement programme, Najah 2.0, targeting another AED1.62 billion in annual improvements by 2030, compared to the baseline year of 2024, including through technical upgrades in operations, optimising raw material supply and improving pricing through sales and marketing excellence.
EGA’s cast metal production rose to the highest-ever at 2.84 million tonnes. EGA sold a record 2.83 million tonnes of cast metal to over 400 customers in more than 50 countries, up from 2.77 million tonnes in 2024.
The share of value-added products - premium aluminium- was 81% in 2025 (82% in 2024).
Al Taweelah alumina refinery produced 2.40 million tonnes of alumina in 2025, slightly down from 2.54 million tonnes in 2024, meeting 46% of EGA’s alumina needs.
The Emirati aluminium major said it had paid shareholders a total of AED3.7 billion ($1 billion) in 2025, representing a payout ratio of around 75%.
During 2025, EGA implemented numerous modifications to enhance the refinery’s efficiency in processing a wider range of bauxite types and a debottlenecking expansion that unlocked additional alumina production capacity.
On strategic growth, EGA announced plans to build the first new primary aluminium production plant in the United States since 1980.
The plant is expected to have a production capacity of 750,000 tonnes of primary aluminium per year. After the period, Century Aluminium signed a joint development agreement with EGA to join the project in Oklahoma. EGA will own 60% of the joint venture, with Century owning the remaining 40%.
EGA also began production at its next-generation EX smelting technology pilot project in Al Taweelah, which delivers higher output with lower energy use and emissions. The technology is being prepared for industrial-scale deployment in Oklahoma.