Aluminium Bahrain B.s.c · BAHRAIN:ALBH
Aluminium Bahrain B.s.c — Q2 2025 Earnings Presentation
34 slides from Aluminium Bahrain B.s.c's earnings presentation, August 2025
Slide 1: Investor Relations Presentation Q2 & H1 2025
INVESTOR RELATIONS PRESENTATION Q2 & H1 2025
Slide 2: Disclaimer
DISCLAIMER This document has been prepared and issued by and is the sole responsibility of Aluminium Bahrain B.S.C. (the “Company”). The document is being supplied to you solely for your information and for use at the Company’s presentation. No information made available to you in connection with th
Slide 3: Contents
CONTENTS 01 02 03 Market Alba Q2 2025 Fundamentals Highlights Results 04 05 06 Industry Perspectives 2025 Alba Appendix in 2025 Priorities H1 2025 Page 3
Slide 4: Market Fundamentals
01 MARKET FUNDAMENTALS1 1 Market Fundamentals are based on CRU Market Intel & Others Page 4
Slide 5: World Market Demand (+3% YoY): Tariffs, Economic Slowdown, & Regional Trends
World Market Demand (+3%YoY): Tariffs, Economic Slowdown, & Regional Trends Global Economic Landscape experienced a notable slowdown, with growth rates lower than in previous years. This deceleration is largely attributed to trade frictions, persistent policy uncertainty, and divergence in inflation
Slide 6: World Market Supply +2% YoY
World Market Supply +2% YoY Global Aluminium Supply Growth was limited in Q2 with only marginal increases from smelter restarts and expansions China’s supply rose by a modest 2% YoY due to limited capacity expansion. With China nearing its self-imposed production capacity ceiling of 45 million metri
Slide 7: Aluminium Market Pricing & Inventories
Aluminium Market Pricing & Inventories LME Price averaged US$2,447/t in Q2 2025 (-3% YoY). Prices fluctuated, hitting a low of US2,285/t on 09 April and a high of US2,599/t on 23 June. Prices initially dipped in April following the announcement of reciprocal tariffs but regained momentum throughout
Slide 8: Alumina Price: 22% of LME Price
Alumina Price: 22% of LME Price [US$533/t] LME Price Trend (US$/t) 2,573 2,629 2,600 2,519 2,383 2,447 2,200 1,800 72/t YoY 1,400 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Alumina Price Index Trend (% of LME) 30% 28% 26% 22% 22% 21% 20% 18% 16% 14% 142/t YoY 10% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Slide 9: Alba Highlights
02 ALBA HIGHLIGHTS1 1 Alba Highlights relate to Alba official news made public Page 9
Slide 10: Safety in Numbers
Safety in Numbers 60 59 50 49 40 34 35 32 30 20 20 12 12 11 10 9 9 6 4 1 0 0 1 0 1 1 0 0 2019 2020 2021 2022 2023 2024 Q2 2025 38 Million Safe Hours w/o LTI on 31 July 2025 Total Injuries Recordable Injuries Lost Time Injuries Page 10
Slide 11: Alba's ESG Leadership: Celebrating Success, Shaping Tomorrow
Alba’s ESG Leadership: Celebrating Success, Shaping Tomorrow Safety First, Safety Always Secured RoSPA’s ‘President’s Award’ for 3rd consecutive year Signed MoU with NFPA to Strengthen Fire Safety and Occupational Health Measures Marked World Environment Day with a dedicated plant-wide campaign Inve
Slide 12: ESG Journey by 2035
ESG Journey by 2035 Decarbonisation Green Energy & Aluminium Circular Economy & Secondary Aluminium Employee Welfare Collaboration & Partnership Transparency, Communications & Due Diligence Q2 2024 Q4 2024 Q2 2027* 2025-2027 2030 Alba Solar Efficiency Upgrades Recycled Government Farm Material Colla
Slide 13: Q2 Major Operational Highlights
Q2 Major Operational Highlights Despite market challenges, sales volume topped a e-Al Hassalah (US$ Million) healthy 411,007 MT, up by 3.4% YoY 160 Net Finished Production, almost flat, at 402,912 MT 150 Value Added Sales (VAP) averaged 76% of total shipments, marking an increase of 9% YoY [VAP: 120
Slide 14: Financial Key Performance Indicators – Q2 & H1 2025
Financial Key Performance Indicators – Q2 & H1 2025 EBITDA down due to spike in FCF1 impacted by working capital alumina Prices adjustments and payouts to shareholders H1: US$114 million down by 54% YoY H1: US$358 million Q2: US$65 million H1: US$114 million down by 24% YoY down by 64% YoY down by 5
Slide 15: Q2 2025 Results
03 Q2 2025 RESULTS Refer to Alba’s Q2 2025 Interim Condensed Consolidated Financial Statements Page 15
Slide 16: Metal Sales Bridge Q2 2025 vs Q2 2024
Global Aluminium Market: A New Era of Tariffs & Price Swings Triple Boost: LME Price, Premiums and Volume Drive Higher Metal Sales Metal Sales’ Bridge (US$M) – Q2 2025 vs Q2 2024 1,400 36 23 2 23 1,000 by c.3% YoY in Volume 1,155 1,071 by 23% YoY 600 in Premium by c.2% YoY in Achieved LME Price 200
Slide 17: Sales by Product-Line Bridge Q2 2025 vs Q2 2024
Global Aluminium Market: A New Era of Tariffs & Price Swings Higher VAP │ Higher Liquid Metal │ Lower Commodities’ Volume Q2 2025 vs Q2 2024 Premium Above LME Trend US$/MT Sales by Product-Line Bridge (MT’000) 500 9 22 400 26 350 23% 300 250 398 411 317 200 150 257 100 50 Sales Value Liquid Commodit
Slide 18: Direct Cost Bridge Q2 2025 vs Q2 2024
Global Aluminium Market: A New Era of Tariffs & Price Swings Cost Creep: Double Impact of Higher Alumina Prices & Inventory Absorption Q2 2025 vs Q2 2024 - Direct Cost Bridge (US$M) 1,100 4 89 900 23 9 4 146 12 700 500 942 751 300 100 Direct Cost Major RM Major RM Energy Other Alumina Inventory Othe
Slide 19: EBITDA Bridge Q2 2025 vs Q2 2024
Global Aluminium Market: A New Era of Tariffs & Price Swings Lower EBITDA Driven by Higher Costs & Partially Offset by Higher Metal Sales Q2 2025 vs Q2 2024 - EBITDA Bridge (US$M) 400 EBITDA 27% 12 84 300 191 EBITDA 16% 11 200 289 100 181 - EBITDA Metal Other Direct Selling EBITDA Q2 2024 Sales Sale
Slide 20: Cash Flow Bridge Q1 2025 to Q2 2025
Global Aluminium Market: A New Era of Tariffs & Price Swings Cash Flow Bridge Q1 2025 to Q2 2025 Q1 2025 to Q2 2025 Cash Flow Bridge (US$M) Free Cash Flow (US$M) 750 600 250 59 200 450 152 65 150 211 300 173 183 100 144 150 235 50 197 0 0 Cash CF Pricing WC Capital Financing Cash Q2 2024 Q2 2025 Q1
Slide 21: Key Financial Performance Indicators
Key Financial Performance Indicators Particulars Q2 2025 Q2 2024 H1 2025 H1 2024 Revenue1 (US$M) 1,154 1,082 2,242 1,972 EBITDA (US$M) 181 289 358 469 EBITDA% 16% 27% 16% 24% Profit (US$M) 65 182 114 247 Loss Unrealised 1 (1) 2 - Derivatives (US$M) Adjusted Profit2 (US$M) 64 183 112 247 AVG Cash LME
Slide 22: Industry Perspectives in 2025
04 INDUSTRY PERSPECTIVES1 IN 2025 1 Industry Perspectives are based on CRU Market Intel & Others Page 22
Slide 23: Trade Turbulence Casts Shadow Over Short-Term Aluminium Market Outlook
Trade Turbulence Casts Shadow Over Short-Term Aluminium Market Outlook Market Outlook: Market uncertainty persists, with recent LME gains primarily driven by a weaker USD. The LME price is expected to consolidate in the coming months, and the recent rally is anticipated to lose steam soon, given the
Slide 24: Input Material Markets (Al₂O₃, AlF3 and GPC)
Input Material Markets (Al₂O₃, AlF3 and GPC) Alumina Market: Prices are among the steepest falling commodities compared to the start of 2025. This was somewhat inevitable given the record-high starting price level and the easing of previous alumina production bottlenecks. Market sentiment remains be
Slide 25: 2025 Alba Priorities
05 2025 ALBA PRIORITIES Based on Alba’s 5-Year Strategic Initiatives Page 25
Slide 26: Alba: Safe, Sustainable, Successful
Alba: Safe, Sustainable, Successful Leading the Way: Safety First, Sustainability Always Aligned with Bahrain’s 2060 vision of net-zero emissions, Alba embeds sustainability from raw material sourcing to product delivery, minimising environmental footprint Operational Excellence and Growth Exceed 20
Slide 27: Appendix H1 2025
06 Appendix H1 2025 Page 27
Slide 28: Metal Sales Bridge H1 2025 vs H1 2024
Global Aluminium Market: A New Era of Tariffs & Price Swings Triple Boost: LME Price, Premiums & VAP Volume Drive Higher Metal Sales Metal Sales’ Bridge (US$M) – H1 2025 vs H1 2024 2,400 64 55 1 173 1,800 by 30% YoY by 3% YoY in Premium Volume 1,200 2,242 1,949 by 8% YoY in LME Price 600 0 Metal Sal
Slide 29: Sales by Product-Line Bridge H1 2025 vs H1 2024
Global Aluminium Market: A New Era of Tariffs & Price Swings Higher VAP │ Higher Liquid Metal │ Lower Commodities’ Volume H1 2025 vs H1 2024 Premium Above LME Trend US$/MT Sales by Product-Line Bridge (MT’000) 800 14 39 28 600 350 30% 400 761 786 250 314 200 150 242 0 50 Sales Value Liquid Commodity
Slide 30: Direct Cost Bridge H1 2025 vs H1 2024
Global Aluminium Market: A New Era of Tariffs & Price Swings Cost Creep: Double Impact of Higher Alumina Prices & Inventory Absorption H1 2025 vs H1 2024 - Direct Cost Bridge (US$M) 2,100 85 17 11 1 37 23 1,600 390 1,100 1,817 1,431 600 100 Direct Cost Major RM Major RM Energy Other Alumina Inventor
Slide 31: EBITDA Bridge H1 2025 vs H1 2024
Global Aluminium Market: A New Era of Tariffs & Price Swings Lower EBITDA Driven by Higher Costs & Partially Offset by Higher Metal Sales H1 2025 vs H1 2024 - EBITDA Bridge (US$M) 800 23 293 600 EBITDA 24% 386 EBITDA 16% 400 5 469 200 358 - EBITDA Metal Other Direct Selling EBITDA H1 2024 Sales Sale
Slide 32: Cash Flow Bridge FY 2024 to Q2 2025
Global Aluminium Market: A New Era of Tariffs & Price Swings Cash Flow Bridge FY 2024 to Q2 2025 FY 2024 to Q2 2025 Cash Flow Bridge (US$M) Free Cash Flow (US$M) 750 76 186 600 300 362 250 138 450 200 82 300 150 100 245 100 150 303 235 50 114 0 0 Cash CF Pricing WC Capital Financing Payment Cash H1
Slide 33: Free Float
Alba Shareholders’ Structure 20.62% (since 19 Feb’25) 69.38% Free Float 10% (since 23 Nov’10) Alba Ticker [BHB: ALBH, BD 0.985 on 30 June 2025] Page 33
Slide 34: For more information, please contact us
For more information, please contact us on: IR@alba.com.bh InvestorRelations@alba.com.bh Alba4World Alba4World user/Alba4World Alba4World Page 34
Aluminium Bahrain B.S.C. (Alba) — Q2 2025 Earnings Presentation on 6ix