Qatar Aluminium Manufacturing Company · QSE:QAMC
Qatar Aluminium Manufacturing — FY2025 Earnings Presentation
36 slides from Qatar Aluminium Manufacturing's earnings presentation, Dec 31, 2025
Slide 1: Qatar Aluminium Manufacturing Company Investor Relations Presentation
Qatar Aluminium Manufacturing Company Investor Relations Presentation 31 Dec. 2025
Slide 2: Disclaimer
CLASSIFICATION: C1 - CONTROLLED Disclaimer The company in which Qatar Aluminium Manufacturing Company Q.P.S.C. directly owns investment is a separate entity. In this presentation, “QAMCO” and “the Company” are sometimes used for convenience in reference to Qatar Aluminium Manufacturing Company Q.P.S
Slide 3: Table of Content
CLASSIFICATION: C1 - CONTROLLED Table of Content 1. QAMCO at a Glance 2. Ownership structure 3. Operations of joint venture 4. Competitive strengths 5. Peer review 6. Macroeconomic updates 7. QAMCO results (For the period ended 31 Dec. 2025) 8. CAPEX (2026 – 2030) 9. Market statistics and dividends
Slide 4: QAMCO at a Glance
CLASSIFICATION: C1 - CONTROLLED QAMCO at a Glance 4
Slide 5: QAMCO at a Glance: Overview
CLASSIFICATION: C1 - CONTROLLED QAMCO at a Glance Overview • Qatar Aluminium Manufacturing Company • QatarEnergy provides all of the head office Q.P.S.C (QAMCO) was incorporated on functions for QAMCO through a comprehensive December 3, 2018 and listed on Qatar service-level agreement. Stock Exchang
Slide 6: Ownership structure
CLASSIFICATION: C1 - CONTROLLED Ownership structure 6
Slide 7: Ownership Structure
CLASSIFICATION: C1 - CONTROLLED Ownership Structure QatarEnergy Public (51%) (49%) QAMCO Qatalum Joint Venture (50%) QAMCO holds 50% share of Qatar Aluminium Limited (“Qatalum” or “QAMCO JV” or “JV”) as a joint venture shareholder, which produces high-quality aluminium of approximately 670,000 tons
Slide 8: Operations of Joint Venture
CLASSIFICATION: C1 - CONTROLLED Operations of Joint Venture 8
Slide 9: QAMCO's Joint Venture
CLASSIFICATION: C1 - CONTROLLED QAMCO’s Joint Venture • Qatar Aluminium (Qatalum) operates a fully integrated aluminum production facility in Qatar, leveraging competitively priced energy to maintain strong profit margins and cash flow. • The plant comprises a Reduction Plant, Carbon Plant, Casthous
Slide 10: QAMCO's Joint Venture: Sales and Marketing
CLASSIFICATION: C1 - CONTROLLED QAMCO’s Joint Venture Sales and Marketing: • With a Marketing and Offtake Agreement, Hydro Aluminium is responsible for the offtake and marketing of 100% of Qatar Aluminium products. The Marketing and Offtake Agreement gives Qatar Aluminium (Qatalum) access to Hydro A
Slide 11: Competitive strengths
CLASSIFICATION: C1 - CONTROLLED Competitive strengths 11
Slide 12: Competitive Strengths
CLASSIFICATION: C1 - CONTROLLED Competitive Strengths State of the art production facility and technology deployed Low cost Assured feedstock supply and competitively priced energy smelter High focus on Health and Safety and Environment Proven Positive share of operating profit & competitive
Slide 13: Peer review
CLASSIFICATION: C1 - CONTROLLED Peer review 13
Slide 14: QAMCO's Competitive Positioning versus Global Peers
CLASSIFICATION: C1 - CONTROLLED QAMCO’s Competitive Positioning versus Global Peers Gross profit margin (%) EBITDA margin (%) Peer 1 29.3% QAMCO 34.1% QAMCO ranks #1 Peer 2 26.6% Peer 1 23.4% QAMCO 26.2% QAMCO ranks #3 Peer 2 18.9% Peer 3 20.9% Peer 3 14.4% Peer 4 20.8% Peer 4 13.2% Net profit margi
Slide 15: Macroeconomic updates
CLASSIFICATION: C1 - CONTROLLED Macroeconomic updates 15
Slide 16: Macroeconomic Updates
CLASSIFICATION: C1 - CONTROLLED Macroeconomic Updates Aluminium prices ($/MT) Alumina prices ($/MT) 4,500 Aluminium LME spot prices ($/MT) 850 Alumina spot prices ($/MT) 4,000 750 3,500 650 3,000 550 2,500 2,000 450 1,500 350 1,000 250 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-20 Dec-21 Dec-22 D
Slide 17: QAMCO results
CLASSIFICATION: C1 - CONTROLLED QAMCO results (For the year ended 31 Dec 2025) 17
Slide 18: YE-25 Results - At a Glance vs. YE-24
CLASSIFICATION: C1 - CONTROLLED YE-25 Results - At a Glance vs. YE-24 Revenue +8% EBITDA +15% Net profit +25% QR 3,507 million ^ QR 1,286 million ^ QR 768 million Sales EBITDA EPS Volumes vs. 35% +0% Margin QR 0.138 vs. QR 0.110 689 KMT * 37% ▪ Average aluminum prices have increased year-over-year d
Slide 19: Operational Performance Review
CLASSIFICATION: C1 - CONTROLLED Operational Performance Review Production (MT’ 000) – 100% • YE-24 vs YE-25: Production volumes marginally higher compared to last year, due to higher amperage. • 3Q-25 vs 4Q-25: production volumes marginally improved compared to the previous quarter. Sales volumes (M
Slide 20: Financial Performance Review
CLASSIFICATION: C1 - CONTROLLED Financial Performance Review Share of Revenue (QR million) Net Profit (QR million) • YE-24 vs YE-25: Share of JV’s revenue increased, driven by increase in average selling prices coupled with a marginal rise in • YE-24 vs YE-25: Net income improved due to higher reven
Slide 21: Net Profit Variance Analysis: YE-25 vs YE-24
CLASSIFICATION: C1 - CONTROLLED Net Profit Variance Analysis : YE-25 vs YE-24 (Amounts in QR’ million) QAMCO reported higher net profit compared to last year. Results were aided by the JV’s performance mainly due to: Favorable movements a) Higher average realized prices. b) Marginal increase in sa
Slide 22: Net Profit Variance Analysis: 4Q-25 vs 3Q-25
CLASSIFICATION: C1 - CONTROLLED Net Profit Variance Analysis : 4Q-25 vs 3Q-25 (Amounts in QR’ million) QAMCO reported higher net profit compared to the previous quarter. Improved results were mainly driven by the JV’s performance in the following: Favorable movements a) Higher average selling pric
Slide 23: Analysis of Average Selling Prices
CLASSIFICATION: C1 - CONTROLLED Analysis of Average Selling Prices Selling prices ($/MT) – YE-24 vs YE-25 o YoY: Average selling prices higher +9% compared to last year, mainly owing to increase in LME. o Prices increased mainly driven by tight LME supply and strong demand, supported by LME improved
Slide 24: Analysis of EBITDA Margins
CLASSIFICATION: C1 - CONTROLLED Analysis of EBITDA Margins Despite macroeconomic volatilities, QAMCO’s JV EBITDA margins continue to remain robust & resilient 4,300 47%46.0% 48% Primary Aluminium Price (USD/ton) 45% QAMCO’s JV EBITDA Margins (%) 3,800 43% 41% 43% 41% 3,300 37% 38% 38% 36% 2,800 35%
Slide 25: Geographic Analysis – QAMCO JV Revenue
CLASSIFICATION: C1 - CONTROLLED Geographic Analysis – QAMCO JV Revenue Asia remained QAMCO JV’s largest market, while its presence in Europe and US continued to be substantial Europe 21% Qatar North America 4 4% Asia 8% 67% 25 QAMCO, IR Presentation 4Q-25
Slide 26: QAMCO JV Volumes – Product Mix (%)
CLASSIFICATION: C1 - CONTROLLED QAMCO JV Volumes – Product Mix (%) ▪ Foundry alloys along with extrusion ingots (together referred to as value added or premium products) remain key products for QAMCO’s JV. YE-25 QAMCO JV Sales YE-24 QAMCO JV Sales Volumes – Product mix (%) Volumes – Product mix (%)
Slide 27: CAPEX (2026-2030)
CLASSIFICATION: C1 - CONTROLLED CAPEX (2026-2030) 27
Slide 28: CAPEX (2026-2030) – QAMCO's Share
CLASSIFICATION: C1 - CONTROLLED CAPEX (2026-2030) – QAMCO’s Share CAPEX: o Planned CAPEX (2026 - 2030) covers essential operational requirements, including pot relining, major turbine inspections and other critical maintenance activities to ensure asset reliability and operational continuity. o Tota
Slide 29: Market Statistics and Dividend Distribution
CLASSIFICATION: C1 - CONTROLLED Market Statistics and Dividend Distribution 29
Slide 30: Market Statistics and Dividends
CLASSIFICATION: C1 - CONTROLLED Market Statistics and Dividends Market Cap (QR Billion) 10.00 ~ QAR 9 bn 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 - Dividend distribution since incorporation Total Dividend - Dividend - Dividend - Dividend - Dividend – 1H-Dividend 2H- Dividend Dividend - 2019 2020
Slide 31: Historical Performance 2021-2025
CLASSIFICATION: C1 - CONTROLLED Historical Performance 2021-2025 31
Slide 32: Key Performance Indicators
CLASSIFICATION: C1 - CONTROLLED Key Performance Indicators Production (MT’000) – 100% Sales Volumes (MT’000) – 100% Selling Prices ($ / MT) 666 • 2025 production remained highest since QAMCO’s incorporation. • 2025 recorded the highest sales volumes since inception. • Average selling prices remained
Slide 33: Governance Structure
CLASSIFICATION: C1 - CONTROLLED Governance Structure 33
Slide 34: Governance Structure
CLASSIFICATION: C1 - CONTROLLED Governance Structure Board structure Board committees • QAMCO Board of Directors consists of six (6) • The Board of Directors established Board Directors, all were appointed by the Special Committees and Special Committees to carry Shareholder “QatarEnergy”. out speci
Slide 35: Governance Structure
CLASSIFICATION: C1 - CONTROLLED Governance Structure Remuneration Shareholders’ rights Board of Directors • The Company’s Articles of Associations provide for • The Company has developed a periodically the rights of shareholders, particularly the rights to revisited remuneration policy for Board mem
Slide 36: THANK YOU
THANK YOU For further information, Qatar Aluminium Manufacturing Company can be contacted as follows: Telephone: (+974) 4013 2277 Fax: (+974) 4013 9750 E-mail: qamco.investorrelations@qataenergy.qa or qamco@qataenergy.qa Address: P. O. Box 3212, Doha, State of Qatar. Please refer to www.qamco.com.qa
Qatar Aluminium Manufacturing Company — FY2025 Earnings Presentation on 6ix