Aluminium Bahrain B.s.c · BAHRAIN:ALBH
Aluminium Bahrain B.s.c — FY2025 Earnings Presentation
41 slides from Aluminium Bahrain B.s.c's earnings presentation, Feb 17, 2026
Slide 1: Investor Relations Presentation Full Year 2025
INVESTOR RELATIONS PRESENTATION FULL YEAR 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 2025 Fundamentals Highlights Results 04 05 06 Industry Perspectives 2026 Alba Appendix in 2026 Priorities Page 3
Slide 4: Executive Summary
Executive Summary Resilient Financial Performance: 2025 marked a year of exceptional delivery for Alba -- closing with robust fourth-quarter results and setting a solid foundation for 2026, driven by resilient earnings momentum and operational excellence despite global macroeconomic pressures Record
Slide 5: Market Fundamentals
01 MARKET FUNDAMENTALS1 1 Global Demand-Supply Dynamics are based on CRU Market Intel Page 5
Slide 6: Aluminium Market Dynamics: Demand & Supply
Aluminium Market Dynamics: Demand (D) & Supply (S) Global Economy demonstrated resilience in 2025 while inflation trends stabilised, creating a supportive backdrop for commodities Policy & Trade Impacts: US tariffs significantly lifted domestic aluminium prices, tightened local supply, and pressured
Slide 7: Aluminium Market Snapshot: Regional D/S Trends & Overall Market Balance
Aluminium Market Snapshot: Regional D/S Trends & Overall Market Balance North America D: (-3% YoY) Europe S: (-1% YoY) D: (+1% YoY) S: (+2% YoY) China D: (+3% YoY) Middle East S: (+2% YoY) D: (Flat YoY) S: (Flat YoY) Market Balance w/ China +118kMT w/o China +229kMT Page 7
Slide 8: Aluminium Market Dynamics: Prices, Inventories & Premium
Aluminium Market Dynamics: Prices, Inventories & Premium LME Price averaged US$2,630/t in 2025 (+9% YoY). Prices remained volatile, with Q4 fluctuating between a low of US$2,683.5/t to a high of US$2,968/t, driven by solid market fundamentals, fund inflows, and supply constraints Stock at Multi-Year
Slide 9: Alumina Price: 13% of LME Price
Alumina Price: 13% of LME Price [US$366/t] LME Price Trend (US$/t) 3,000 2,629 2,617 2,828 2,573 2,600 2,447 2,200 255/t YoY 1,800 1,400 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Alumina Price Index Trend (% of LME) 30% 28% 25% 22% 21% 20% 14% 13% 15% 10% 186/t YoY 5% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q
Slide 10: Alba Highlights
02 ALBA HIGHLIGHTS1 1 Alba Highlights relate to Alba official news made public in Q4 2025 Page 10
Slide 11: Safety in Numbers
Safety in Numbers 60 50 49 40 34 35 32 30 43 Million Safe Hours w/o LTI 20 20 on 14 January 2026 15 12 11 10 9 9 4 3 1 1 1 0 0 0 0 2020 2021 2022 2023 2024 2025 Total Injuries1 Recordable Injuries Lost Time Injuries 1 Total Injuries = Recordable Injuries + First Aid Injuries Page 11
Slide 12: Strengthening Foundations for Sustainable Growth
Strengthening Foundations for Sustainable Growth Safety & Operational Excellence First aluminium smelter to earn British Safety Council 5-Star Rating. Received LEEA Excellence in Safety Award Rolled-out mini-Safety & Health Winter Readiness Campaign Successfully contained power rectifier fire incide
Slide 13: Alba Sets New Production Record, Exceeding 1.623 million MT
Alba Sets New Production Record, Exceeding 1.623 million MT Page 13
Slide 14: 2025 Operational Highlights
2025 Operational Highlights Sales volume: 1,613,360 MT (+0.11% YoY) despite market e-Al Hassalah (US$ Million) challenges 160 Net Finished Production: 1,623,139 MT (+0.05% YoY) 150 reflecting continuous operational efficiency 120 Value Added Products (VAP): Accounted for 74% of total shipments, (+2
Slide 15: Sales by Geographic Footprint
Sales by Geographic Footprint Europe 26.7% Asia Bahrain 11.4% MENA Americas 16.8% 30% 15.1% 70% of Alba products are exported worldwide through its Sales offices in Zug & Singapore as well as Subsidiary in Atlanta - US Sales by Geographic Footprint are calculated based on MT Sold Page 15
Slide 16: Sales' Breakdown by Product-Line
Sales’ Breakdown by Product-Line Standard/T- Ingots High Purity Liquid 4.93% Metal 7.34% 21.07% 13.52% 35.73% 17.41% Slabs Billets Foundries VAP Sales 74 % Sales by Product Line are calculated based on MT Sold Page 16
Slide 17: Operational Productivity
Operational Productivity Value Added Sales (MT’000) Total Head Count as a % of Total Sales (MT) 72% 74% 4,379 4,347 1,200 1,205 1,157 1,196 3,179 3,142 2024 2025 Internal External 2024 2025 Account Receivable Days Trend Inventory Days Trend 113 105 54 46 2024 2025 2024 2025
Slide 18: Net Debt to EBITDA: Historical Trend
Net Debt to EBITDA: Historical Trend 1.36 2,500 248 2,000 0.95 1.74 249 1.17 1,500 159 303 2,218 0.52 1,000 409 1,424 1,399 1,103 500 564 0 2021 2022 2023 2024 2025 Net Debt Cash Net Debt to EBITDA Page 18
Slide 19: 2025 Results
03 2025 RESULTS Refer to Alba’s 2025 Audited Consolidated Financial Statements Page 19
Slide 20: Metal Sales Bridge 2025 vs 2024
A Market Backed by Fundamentals: Aluminium’s Stability Story Continues Stronger Sales Performance Owing to Higher LME Price & Premium Metal Sales’ Bridge (US$M) – 2025 vs. 2024 5,000 95 8 4 334 4,000 by 24% YoY in Premiums 3,000 4,731 by 9% YoY 4,290 in LME Price 2,000 1,000 Metal Sales LME Pricing
Slide 21: Sales by Product-Line Bridge and Premium Trend
A Market Backed by Fundamentals: Aluminium’s Stability Story Continues Higher VAP │ Higher Liquid Metal │ Lower Commodities’ Volume 2025 vs. 2024 Premium Above LME Trend US$/MT Sales by Product-Line Bridge (MT’000) 1,700 39 24 62 1,400 350 24% 1,100 250 1,612 1,613 332 150 268 800 500 50 Sales Value
Slide 22: Direct Cost Bridge 2025 vs 2024
A Market Backed by Fundamentals: Aluminium’s Stability Story Continues Raw Material Prices & Inventory Absorption: Primary Drivers of Cost Increase 2025 vs 2024 - Direct Cost Bridge (US$M) 3,500 9 23 156 14 223 18 24 3,000 2,500 3,519 3,210 2,000 1,500 1,000 Direct Cost Major RM Major RM Energy Othe
Slide 23: EBITDA Bridge 2025 vs 2024
A Market Backed by Fundamentals: Aluminium’s Stability Story Continues Positive LME Impact on EBITDA, Partially Eroded by Higher Alumina Cost 2025 vs. 2024 - EBITDA Bridge (US$M) 1,400 23 309 EBITDA 23% 441 1,150 30 EBITDA 22% 900 1,078 650 939 400 EBITDA Metal Other Direct Selling EBITDA 2024 Sales
Slide 24: Cash Flow Evolution: Stronger Cash Position
A Market Backed by Fundamentals: Aluminium’s Stability Story Continues Cash Flow Evolution: Stronger Cash Position Year-on-Year 2024 to 2025 Cash Flow Bridge (US$M) Free Cash Flow (US$M) 1,500 17 34 1,250 284 800 1,000 600 1,100 519 750 400 765 500 140 569 200 250 409 303 0 0 Cash CF Pricing WC CAPE
Slide 25: Key Financial Performance Indicators
Key Financial Performance Indicators Particulars Q4 2025 Q4 2024 FY 2025 FY 2024 Revenue1 (US$M) 1,293 1,188 4,731 4,313 EBITDA (US$M) 413 207 1,078 939 EBITDA% 32% 17% 23% 22% Profit (US$M) 289 98 582 491 Gain/(Loss) Unrealised (3) 2 (2) 4 Derivatives (US$M) Adjusted Profit2 (US$M) 292 96 584 487 A
Slide 26: Industry Perspectives in 2026
04 INDUSTRY PERSPECTIVES1 IN 2026 1 Industry Perspectives are based on CRU Market Intel Page 26
Slide 27: Favorable Market Dynamics Reinforce Aluminium's Upward Outlook
Favorable Market Dynamics Reinforce Aluminium’s Upward Outlook Pricing: Aluminium prices recently touched multi-year highs amid the Mozal smelter closure and elevated copper levels. While modest softening is expected later in 2026, prices should remain in the US$2,650-2,750/t range, well above histo
Slide 28: Input Material Markets (Al2O3, AlF3 and GPC)
Input Material Markets (Al₂O₃, AlF3 and GPC) Alumina: Prices are expected to remain soft amid Asian oversupply. Demand will recover modestly, with late-2026 support from new Indonesian smelter activity Carbon: Carbon markets are expected to remain broadly stable, though upside risk persists if suppl
Slide 29: 2026 Alba Priorities
05 2026 ALBA PRIORITIES1 1 Based on Alba’s 5-Year Strategic Initiatives Page 29
Slide 30: 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 31: CEO Annual Majlis Objectives 2026
CEO Annual Majlis Objectives 2026 Page 31
Slide 32: Appendix Q4 2025
06 Appendix Q4 2025 Page 32
Slide 33: Financial Key Performance Indicators – Q4 & FY 2025
Financial Key Performance Indicators – Q4 & FY 2025 Q4 EBITDA high owing to FCF1 impacted by working capital higher LME Prices adjustments and payouts to shareholders FY: US$582 million up by 18% YoY Q4: US$289 million up by 194% YoY FY: US$1,078 million FY: US$765 million up by 15% YoY up by 34% Yo
Slide 34: Metal Sales Bridge Q4 2025 vs Q4 2024
A Market Backed by Fundamentals: Aluminium’s Stability Story Continues Stronger Sales Performance Owing to Higher LME Price & Premium Metal Sales’ Bridge (US$M) – Q4 2025 vs. Q4 2024 1,400 33 3 16 85 1,200 1,000 by 30% YoY in Premiums 800 by 10 % YoY in LME Price 1,293 1,188 600 400 200 Metal Sales
Slide 35: Sales by Product-Line Bridge Q4
A Market Backed by Fundamentals: Aluminium’s Stability Story Continues Lower VAP │ Higher Liquid Metal │ Lower Commodities’ Volume Sales by Product-Line Bridge (MT’000) Premium Above LME Trend US$ Per MT Q4 2025 vs. Q4 2024 450 400 6 7 5 30% 400 300 350 200 381 420 414 294 300 100 250 0 Sales Q4 202
Slide 36: Direct Cost Bridge Q4 2025 vs Q4 2024
A Market Backed by Fundamentals: Aluminium’s Stability Story Continues Lower Alumina Price Help Absorb Higher Input and Inventory Costs Q4 2025 vs. Q4 2024 - Direct Cost Bridge (US$M) 1,100 900 137 10 8 51 8 1 700 928 851 500 300 Direct Cost Major RM RM Energy Other Inventory Others Direct Cost Q4 2
Slide 37: EBITDA Bridge Q4 2025 vs Q4 2024
A Market Backed by Fundamentals: Aluminium’s Stability Story Continues EBITDA Performance Enhanced by Market Pricing and Cost Stability EBITDA Bridge (US$M) – Q4 2025 vs. Q4 2024 500 EBITDA 32% 400 24 77 300 EBITDA 17% 105 413 200 100 207 - EBITDA Metal Direct Selling EBITDA Q4 2024 Sales Cost Expen
Slide 38: Cash Flow Evolution Q3 to Q4 2025
A Market Backed by Fundamentals: Aluminium’s Stability Story Continues Cash Flow Evolution: Stronger Cash Position Year-on-Year Q3 2025 to Q4 2025 Cash-Flow Bridge (US$M) Free Cash Flow (US$M) 800 3 8 81 600 400 239 433 400 409 200 363 200 285 265 0 Cash CF Pricing WC CAPEX Financing Cash Balance fr
Slide 39: 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 40: Free Float
Alba Shareholders’ Structure 20.62% (since 19 Feb’25) 69.38% Free Float 10% (since 23 Nov’10) Alba Ticker [BHB: ALBH, Fils 1.105 on 31 December 2025] Page 40
Slide 41: 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 41
Aluminium Bahrain B.S.C. (Alba) — FY2025 Earnings Presentation on 6ix