Aluminium Bahrain B.s.c · BAHRAIN:ALBH
Aluminium Bahrain B.s.c — Q3 2025 Earnings Presentation
35 slides from Aluminium Bahrain B.s.c's earnings presentation, November 2025
Slide 1: Investor Relations Presentation Q3 & 9 Months 2025
INVESTOR RELATIONS PRESENTATION Q3 & 9 MONTHS 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 Q3 2025 Fundamentals Highlights Results 04 05 06 Industry Perspectives 2025 Alba Appendix in 2025 Priorities 9 Months 2025 Page 3
Slide 4: Executive Summary
Executive Summary Resilient Financial Performance: Alba sustained sound financial performance in Q3 and the first nine months of 2025, maintaining profitability and margin discipline despite persistent market volatility and inflationary pressures Operational Discipline: Rigorous cost management and
Slide 5: Market Fundamentals
01 MARKET FUNDAMENTALS1 1 Market Fundamentals are based on CRU Market Intel & Others Page 5
Slide 6: Market Dynamics: Limited Demand Growth, Balanced Supply
Aluminium Market Dynamics: Limited Demand Growth, Balanced Supply Global Economic Growth remains passive with Q3 showing only modest improvement amid persistent trade tensions and weak sentiment Tariffs continue to constrain global aluminium demand, particularly in the US, where higher import costs
Slide 7: Global Aluminium Market: Flat Demand Amid Diverging Regional Trends
Global Aluminium Market: Flat Demand Amid Diverging Regional Trends North America D: (-4% YoY) Europe S: (-2% YoY) D: (-1% YoY) S: (+2% YoY) China D: (+1% YoY) Middle East S: Flat D: (-1% YoY) S: (+1% YoY) Market Balance w/ China +48kMT w/o China +27kMT Page 7
Slide 8: Market Pricing & Inventories
Aluminium Market Pricing & Inventories LME Price averaged US$2,617/t in Q3 2025 (+10% YoY). Prices remained volatile, ranging from a low of US$2,545/t to a high of US$2,736/t, driven by a weaker US dollar, expectations of monetary easing, and persistent supply tightness amid resilient demand LME Inv
Slide 9: Alumina Price: 14% of LME Price
Alumina Price: 14% of LME Price [US$372/t] LME Price Trend (US$/t) 2,573 2,629 2,617 2,600 2,447 2,383 2,200 1,800 234/t YoY 1,400 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Alumina Price Index Trend (% of LME) 30% 28% 26% 22% 22% 21% 20% 18% 14% 14% 10% 99/t YoY Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Slide 10: Alba Highlights
02 ALBA HIGHLIGHTS1 1 Alba Highlights relate to Alba official news made public in Q3 Page 10
Slide 11: Safety in Numbers
Safety in Numbers 60 59 50 49 40 34 35 32 30 20 20 13 41 Million Safe Hours w/o LTI on 09 November 2025 12 12 11 10 9 9 4 3 0 0 1 0 1 1 0 0 2019 2020 2021 2022 2023 2024 YTD 2025 Total Injuries1 Recordable Injuries Lost Time Injuries (LTI) 1 Total Injuries = Recordable Injuries + First Aid Injuries
Slide 12: Unlocking Value: Workforce Excellence, ESG Achievements & Strategic Partnerships
Unlocking Value: Workforce Excellence, ESG Achievements & Strategic Partnerships Safety First, Safety Always Strengthened Safety culture through 2025 Summer Safety & Health Campaign and the launch of the Young Albawees Safety advocacy program Investing in Employee Potential Advanced local talent wit
Slide 13: Q3 Major Operational Highlights
Q3 Major Operational Highlights Sales volume: 413,636 MT, down 4% YoY, reflecting softer market demand e-Al Hassalah (US$ Million) Net Finished Production: 412,757 MT, up 3% YoY, 160 demonstrating operational efficiency 150 Value Added Products (VAP): Accounted for 77% of total 120 shipments, up by
Slide 14: Q3 2025 Results
03 Q3 2025 RESULTS Refer to Alba’s Q3 2025 Interim Condensed Consolidated Financial Statements Page 14
Slide 15: Metal Sales Bridge Q3 2025 vs Q3 2024
Aluminium Market: Price Support Driven by Tight Supply and Trade Shifts Stronger Sales Performance: Price and Premium Gains Offset Volume Decline Metal Sales’ Bridge (US$M) – Q3 2025 vs Q3 2024 1,400 8 3 78 47 1,000 by 10% YoY in Premium by 4% YoY in Volume 1,153 1,195 600 by 10% YoY in AVG LME Pric
Slide 16: Sales by Product-Line Bridge Q3
Aluminium Market: Price Support Driven by Tight Supply and Trade Shifts Higher VAP │ Higher Liquid Metal │ Lower Commodities’ Volume Q3 2025 vs Q3 2024 Premium Above LME Trend US$/MT Sales by Product-Line Bridge (MT’000) 500 7 4 28 400 350 10% 300 250 431 414 317 289 200 150 100 50 Sales Value Liqui
Slide 17: Direct Cost Bridge Q3 2025 vs Q3 2024
Aluminium Market: Price Support Driven by Tight Supply and Trade Shifts Lower Alumina Price Help Absorb Higher Input and Inventory Costs Q3 2025 vs Q3 2024 - Direct Cost Bridge (US$M) 1,100 900 29 21 55 23 7 11 700 500 851 851 300 100 Direct Cost Major RM Major RM Energy Other Inventory Others Direc
Slide 18: EBITDA Bridge Q3 2025 vs Q3 2024
Aluminium Market: Price Support Driven by Tight Supply and Trade Shifts EBITDA Performance Enhanced by Market Pricing and Cost Stability Q3 2025 vs Q3 2024 - EBITDA Bridge (US$M) 400 EBITDA 26% 1 2 300 EBITDA 23% 42 200 308 263 100 EBITDA Metal Direct Selling EBITDA Q3 2024 Sales Cost Expenses Q3 20
Slide 19: Cash Flow Bridge Q2 2025 to Q3 2025
Aluminium Market: Price Support Driven by Tight Supply and Trade Shifts Cash Flow Bridge Q2 2025 to Q3 2025 Q2 2025 to Q3 2025 Cash Flow Bridge (US$M) Free Cash Flow (US$M) 750 600 300 68 65 19 450 305 198 200 300 40 289 100 285 150 234 59 0 0 Cash CF Pricing WC Capital Financing Payment Cash Q3 202
Slide 20: Key Financial Performance Indicators
Key Financial Performance Indicators Particulars Q3 2025 Q3 2024 YTD 2025 YTD 2024 Revenue1 (US$M) 1,195 1,153 3,437 3,125 EBITDA (US$M) 308 263 666 732 EBITDA% 26% 23% 19% 23% Profit (US$M) 179 145 292 392 Loss Unrealised (1) 2 1 2 Derivatives (US$M) Adjusted Profit2 (US$M) 180 143 292 390 AVG Cash
Slide 21: Industry Perspectives in 2025
04 INDUSTRY PERSPECTIVES1 IN 2025 1 Industry Perspectives are based on CRU Market Intel & Others Page 21
Slide 22: Market Outlook: Navigating Uncertainty and Shifting Trade Dynamics
Aluminium Market Outlook: Navigating Uncertainty and Shifting Trade Dynamics Pricing: LME gains are supported by weaker USD, low inventories, and potential supply disruptions. Consensus on trade issues between US and China continues to underpin price strength. Near-term LME prices are projected to r
Slide 23: Input Material Markets (Al₂O₃, AlF3 and GPC)
Input Material Markets (Al₂O₃, AlF3 and GPC) Alumina: Prices are expected to remain soft in the near term due to oversupply from Asia. However, potential production curtailments could tighten supply and trigger a price rebound Carbon: Prices are anticipated to rise as supply tightens and geopolitica
Slide 24: 2025 Alba Priorities
05 2025 ALBA PRIORITIES Based on Alba’s 5-Year Strategic Initiatives Page 24
Slide 25: Alba: Safe, Sustainable, Successful
Alba: Safe, Sustainable, Successful Sustainability Leadership Aligned with Bahrain’s 2060 vision of net-zero vision, embedding sustainability across the value chain, from raw material sourcing to product delivery, to minimise environmental impact Operational Excellence and Growth Targeting to exceed
Slide 26: Appendix 9 Months 2025
06 Appendix 9 Months 2025 Page 26
Slide 27: Financial Key Performance Indicators – Q3 and 9 Months 2025
Financial Key Performance Indicators – Q3 and 9 Months 2025 9 Months EBITDA down due FCF1 impacted by working capital to spike in alumina Prices adjustments and payouts to shareholders 9 Months: US$292 million down by 25% YoY 9 Months: US$666 9 Months: US$403 million down by 9% Q3: US$179 million mi
Slide 28: Metal Sales Bridge 9 Months 2025 vs 9 Months 2024
Aluminium Market: Price Support Driven by Tight Supply and Trade Shifts Metal Sales Uplift Led by Market Pricing, Premiums, and Value-Added Mix Metal Sales’ Bridge (US$M) – 9 Months 2025 vs 9 Months 2024 3,500 62 5 19 250 3,000 by 1% YoY by 22% YoY Volume in Premium 2,500 3,437 3,101 by 8% YoY 2,000
Slide 29: Sales by Product-Line Bridge YTD
Aluminium Market: Price Support Driven by Tight Supply and Trade Shifts Higher VAP │ Higher Liquid Metal │ Lower Commodities’ Volume YTD 2025 vs YTD 2024 Premium Above LME Trend US$/MT Sales by Product-Line Bridge (MT’000) 1,300 18 46 57 350 900 22% 250 1,192 1,199 500 315 150 259 100 50 Sales Value
Slide 30: Direct Cost Bridge YTD 2025 vs YTD 2024
Aluminium Market: Price Support Driven by Tight Supply and Trade Shifts Higher Cost Driven by Higher Alumina Prices and Inventory Absorption YTD 2025 vs YTD 2024 - Direct Cost Bridge (US$M) 3,000 106 6 2,500 332 26 24 27 23 2,000 2,668 1,500 2,282 1,000 500 Direct Cost Major RM Major RM Energy Other
Slide 31: EBITDA Bridge YTD 2025 vs YTD 2024
Aluminium Market: Price Support Driven by Tight Supply and Trade Shifts EBITDA Impacted by Higher Costs, Offset in Part by Sales Performance YTD 2025 vs YTD 2024 - EBITDA Bridge (US$M) 1,100 24 900 EBITDA 23% 336 385 EBITDA 19% 700 7 500 732 666 300 100 EBITDA Metal Other Direct Selling EBITDA -100
Slide 32: Cash Flow Bridge FY 2024 to Q3 2025
Aluminium Market: Price Support Driven by Tight Supply and Trade Shifts Cash Flow Bridge FY 2024 to Q3 2025 FY 2024 to Q3 2025 Cash Flow Bridge (US$M) Free Cash Flow (US$M) 1,200 1,000 56 450 117 800 203 375 667 300 600 281 225 403 400 304 140 150 200 75 303 285 0 0 Cash CF Pricing WC Capital Financ
Slide 33: 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 34: Alba Shareholders' Structure
Alba Shareholders’ Structure 20.62% (since 19 Feb’25) 69.38% Free Float 10% (since 23 Nov’10) Alba Ticker [BHB: ALBH, Fils 904 on 30 September 2025] Page 34
Slide 35: 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 35
Aluminium Bahrain B.S.C. (Alba) — Q3 2025 Earnings Presentation on 6ix