3rd Quarter Results
Summary by AI BETAClose X
Media Release – Tuesday 10 November 2026
Alba Discloses its Financial Results for the Third Quarter and 9 Months of 2026
http://www.rns-pdf.londonstockexchange.com/rns/6052C_1-2026-11-10.pdf
Q3 & 9 Months of 2026 Financial Performance
Aluminium Bahrain B.S.C. (Alba) (Ticker Code: ALBH), the world’s largest aluminium smelter on one site, has reported a Profit attributable to Equity holders of Aluminium Bahrain B.S.C. of BD18.5 million (US$49.3 million) for the third quarter of 2026, down by 72.5% Year-over-Year (YoY), versus a Profit attributable to Equity holders of Aluminium Bahrain B.S.C. of BD67.3 million (US$178.9 million) for the same period in 2025. The Company reported Basic and Diluted Earnings per Share of fils 13 for Q3 2026 versus Basic and Diluted Earnings per Share of fils 48 in Q3 2025. The Total Comprehensive Income attributable to Equity holders of Aluminium Bahrain B.S.C. for Q3 2026 stood at BD20.5 million (US$54.5 million) versus The Total Comprehensive Income attributable to Equity holders of Aluminium Bahrain B.S.C. for the third quarter of 2025 of BD67.5 million (US$179.4 million) – down by 69.6% YoY.
As for the nine months of 2026, Alba has reported a Profit attributable to Equity holders of Aluminium Bahrain B.S.C. of BD158.7 million (US$422.1 million), up by 44.3% YoY versus a Profit attributable to Equity holders of Aluminium Bahrain B.S.C. of BD110.0 million (US$292.4 million) for the same period in 2025. The Company reported Basic and Diluted Earnings per Share of fils 112 for the 9 months of 2026 versus Basic and Diluted Earnings per Share of fils 78 for the same period in 2025. Alba’s Total Comprehensive Income attributable to Equity holders of Aluminium Bahrain B.S.C. for the 9 months of 2026 was BD161.1 million (US$428.4 million), up by 51.8% YoY, compared to a Total Comprehensive Income attributable to Equity holders of Aluminium Bahrain B.S.C. of BD106.1 million (US$282.2 million) for the same period in 2025.
Total Equity attributable to owners of Aluminium Bahrain B.S.C. as of 30 September 2026 stood at BD2,183.6 million (US$5,807.4 million), up by 4.8%, versus BD2,084.6 million (US$5,544.2 million), as of 31 December 2025. Alba’s Total Assets as of 30 September 2026 were BD2,880.1 million (US$7,659.8 million) versus BD2,623.3 million (US$6,976.8 million) as of 31 December 2025 – up by 9.8%.
Macro & Market Fundamentals | Based on Market Intelligence
Aluminium Fundamentals Remained Supportive Amid Mixed Global Conditions
- Global economic conditions remained mixed with uneven regional industrial activity and continued uncertainty across trade, energy and monetary conditions.
- Regional geopolitical disruption continued to affect aluminium supply chains and production while the progressive restoration of curtailed Middle Eastern capacity supported a gradual supply recovery.
- Demand remained resilient at ~1% YoY supported by auto, solar, renewable energy, and power transmission sectors. China demand grew ~4% YoY, while construction-related weakness continued to weigh on Europe and the US, down ~1% and ~8% YoY, respectively.
- Global supply contracted by ~1% YoY, as a ~6% decline ex-China outweighed ~3% growth in China, where production remained constrained by the capacity ceiling. Outside China, disruptions continued to weigh on output, although progressive Gulf smelter restarts and new Southeast Asian capacity began to improve availability.
- Market Balance: The global aluminium market remained in deficit at ~485 kMT, with ex-China markets also remaining in deficit at ~108 kMT.
Aluminium Market Prices, Inventories & Premium
- LME prices averaged US$3,226/t in Q3 2026, up 23% YoY, supported by constrained supply and tight physical availability.
- Regional premiums strengthened materially, with US Midwest and DDP Rotterdam premiums supported by physical-market tightness and shifting trade flows; MJP also increased amid regional supply disruptions.
- LME inventories fell 53% YoY to 241,000 MT, reinforcing tight physical-market conditions across key consuming regions.
9 Months of 2026 Operational Metrics
- Sales Volume stood at 800,792 MT, down 33% YoY, reflecting lower production availability and regional shipping and logistics disruptions.
- Net Finished Production stood at 709,395 MT, down 41% YoY, primarily reflecting the controlled shutdown of Reduction Lines 1, 2 and 3 amid regional disruptions.
- Value-Added Products (VAP) represented 67% of total shipments, with VAP sales of 532,591 MT, down 41% YoY, reflecting Alba’s continued focus on a value-added product mix despite lower overall volumes.
Update on Q3 Operational Status
Q3 2026 reflected improving operational stability as Alba progressively restored production capacity following controlled adjustments to address raw-material constraints. Disciplined alumina and supply-chain management protected smelter stability and asset integrity, while Line 4 progressed towards full ramp-up.
Aluminium Market Outlook: Supportive Fundamentals Amid Easing Supply Tightness | Based on Market Intelligence
- Pricing: Constrained supply and low inventories are expected to support aluminium prices, although macroeconomic and geopolitical developments may sustain near-term volatility.
- Demand to remain resilient but uneven. Growth in China continues to benefit from solar, automotive and export-oriented manufacturing, while higher interest rates, trade tensions and geopolitical uncertainty present downside risks globally.
- Supply availability is expected to improve as Gulf smelter restarts progress and Indonesian capacity ramps up. However, China’s capacity ceiling limits incremental supply from the world’s largest producing market.
- Regional premiums are expected to remain supported by low inventories, shipment delays and changing trade flows, although additional Indonesian supply could moderate further increases, particularly in Europe.
Alba 2026 Priorities
- Prioritise the full ramp-up of Reduction Line 4, while protecting smelter stability, asset integrity and supply-chain resilience, as well as maintaining flexibility to respond to evolving regional conditions.
- Progress the proposed Aluminium Dunkerque transaction through its remaining approvals and advance Alba-Daiki Sustainable Solutions (ADSS) construction and commissioning, supporting Alba’s longer-term growth ambitions.
- Continue advancing Alba’s decarbonisation agenda, with a focus on energy efficiency, responsible sourcing and lower-carbon aluminium production.
- Protect market access and customer relationships through differentiated, value-added and certified product offerings.
Commenting on the Company’s performance for the nine months of 2026, the Chairman of Alba’s Board of Directors, Khalid Al Rumaihi stated: “Alba’s performance through the first nine months of 2026 reflects the resilience of its business model and the discipline with which the Company has navigated an exceptional operating environment. While regional developments have affected production and logistics, supportive aluminium fundamentals and our good financial position have provided resilience.
The acquisition of Aluminium Dunkerque continues to progress through the regulatory approval process. This strategic acquisition represents an important step in Alba’s growth journey, and we remain confident in its long-term strategic rationale and value-creation potential for our shareholders and stakeholders. We remain focused on progressing the transaction towards completion, subject to the remaining regulatory approval.”
Alba’s Chief Executive Officer, Ali Al Baqali, added: “Q3 was about disciplined execution and recovery. Safety remained at the heart of our operations, with Alba surpassing 51 million safe working hours without an LTI and completing its 10th consecutive summer free from heat-related injuries and illnesses. These milestones reflect the strength of our safety culture and the commitment of our people. Our immediate priority remains the safe full ramp-up of Reduction Line 4, while protecting smelter stability, asset integrity and supply-chain resilience.”
Alba Management will hold a conference call on Wednesday 11 November 2026 at 15:30 Bahrain Time to discuss the Company's financial and operational performance for Q3 & Nine Months of 2026 and outline its strategic priorities moving forward.
ENDS
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About Aluminium Bahrain B.S.C. (Alba)
[Ticker: ALBH]
A Global Aluminium Leader: At plus-1.623 million metric tonnes per annum (mtpa) (2025), Alba is a world-leading aluminium smelter with a proud 50-year legacy in operational excellence, safety, environmental responsibility, and community development.
Trusted Partner: A cornerstone of the Bahrain’s economy, Alba produces high-quality aluminium, including standard and value-added products, which are exported to over 290 customers globally. With sales’ offices in Europe (Zurich), Asia (Singapore), and a subsidiary in the U.S., Alba is a reliable partner on the world stage. Alba is dually listed on Bahrain Bourse and London Stock Exchange and its shareholders are Bahrain Mumtalakat Holding Company B.S.C. © (69.38%), Saudi Arabian Mining Company (Ma'aden) (20.62%) and General Public (10%). Alba prioritises the highest quality standards, reflected in its certifications: ISO 9001 (quality), ISO 14001 (environment), ISO 27001 (information security), ISO 45001 (occupational health and safety), and ISO 18788 (security operations management). Additionally, Alba demonstrates its commitment to responsible manufacturing through certifications like IATF 16949 (automotive quality), ISO 22301 (business continuity management), ASI Performance and Chain of Custody Standards, and a top 1% Platinum sustainability rating from EcoVadis.
Pioneering Sustainability: As the first aluminium smelter in the Middle East, Alba is central to Bahrain's thriving downstream aluminium sector, contributing significantly to the Kingdom's GDP. Committed to social responsibility, Alba employs a workforce that is 87% Bahrainis (2024) and invests heavily in employee training and development. Alba also plays a crucial role in the Aluminium Downstream Park, therefore increasing the contribution of non-oil sectors to the GDP of Bahrain. Alba has been recognised for its initiatives to produce Aluminium responsibly through awards such as Top ESG performer in Bahrain by ESG Invest, Safeguard Label from Bureau Veritas and Best Corporate Governance Award by Ethical Boardroom.
Recognised for its environmental practices, social contributions, and corporate governance, Alba launched a comprehensive ESG Roadmap in 2022 focusing on 6 priority areas: (1) Decarbonisation, (2) Green Energy & Aluminium, (3) Circular Economy & Secondary Aluminium, (4) Employee Welfare, (5) Collaboration & Partnership and (6) Transparency, Communications & Due Diligence. Since its inception, Alba has invested into numerous environment, sustainable and socio-economic development projects that have had a positive impact on the society. Alba’s first-of-its-kind US$37.5 million zero-waste Spent Pot Lining Treatment Plant, Power Station 5 Block 4 Project, and the upcoming +6 MW Solar Farm Project are tangible initiatives aligned with Bahrain’s Net Zero Carbon Targets by 2060 led by HRH the Crown Prince and Prime Minister of Bahrain. Specifically, Alba's PS5 Block 4 is a new 680.9-megawatt (MW) combined-cycle power plant that expands the existing PS5 facility. Block 4 has increased the nameplate capacity of PS5 Complex from 1,800 MW to 2,481 MW and is reducing the Company’s overall GHG emissions intensity ratio by 0.5 tonnes of CO2 per 1 tonne of aluminium produced.
In a significant step towards its ESG goals, particularly its commitment to a circular economy and secondary aluminium, Alba introduced EternAlTM, its new line of low-carbon aluminium products. Launched in May 2024, EternAl offers two product series with multiple variations to meet diverse customer needs: one featuring recycled content, and the other integrating verified in-house carbon offsets.
Safety First, Always: Guided by the motto "Safety First, Safety Always," Alba prioritises the well-being of its employees and contractors. The Company achieved a record-breaking 51 million safe working hours without a lost-time injury in October 2026. The Company has been recognised internationally for its excellent Safety and Health track record with awards such as the RoSPA’s Lifetime President and President Awards (10+ Gold Medal Awards), the British Safety Council’s International Safety Award with Merit along with 5-Star Audit Rating, as well as numerous awards from the National Safety Council (NSC).
Alba Stakeholder Engagement Plan
Alba prioritises open communication with all its stakeholders, including the community, environmental and social groups. Through its Stakeholder Engagement Plan, the Company proactively addresses environmental and social impacts of its operations, outlining clear mitigation controls. Alba also maintains an external Grievance Mechanism accessible through the Code of Conduct, allowing stakeholders and the public to voice concerns and raise issues.
Scan the above to Alba’s Stakeholder Engagement Plan
Alba’s External Grievance Mechanism
Alba prioritises ethical conduct and environmental responsibility. Stakeholders, employees, contractors, and the community can confidentially report any potential breaches of Alba's Code of Conduct or raise concerns about environmental and social impacts through the Alba Integrity Line. This independent, multilingual hotline operates 24/7 and is accessible via a toll-free phone number, the company intranet, or the website at www.albasmelter.com.
Scan the above to Alba’s Code of Conduct
For further details, please contact:
Eline Hilal
Director Investor Relations & Insurance
Tel: (973) 1783 5100
E-mail: eline.hilal@alba.com.bh
Website: www.albasmelter.com
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