Aluminium Bahrain B.s.c · BAHRAIN:ALBH
Aluminium Bahrain B.s.c — Q1 2026 Earnings Presentation
34 slides from Aluminium Bahrain B.s.c's earnings presentation, May 2026
Slide 1: Investor Relations Presentation Q1 2026
INVESTOR RELATIONS PRESENTATION Q1 2026
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 Macro & Market Alba Q1 2026 Fundamentals Highlights Results 04 05 06 Industry Perspectives 2026 Alba Appendix in 2026 Priorities Page 3
Slide 4: Executive Summary
Executive Summary Strong performance despite ongoing regional tensions, with Profit rising to US$200 million Value-over-volume strategy sustained, with VAP at 71% of shipments Volumes impacted by regional shipping constraints (Production -14%, Sales -17%) Operational resilience maintained through di
Slide 5: Operational Discipline & Stability
Operational Discipline & Stability OPERATIONAL STATUS (May 2026) Disciplined production curtailment implemented in response to raw material availability conditions Focus on optimising alumina utilisation while preserving smelter stability and system integrity Continuous monitoring of inventory level
Slide 6: Supply Chain & Logistics Resilience
Supply Chain & Logistics Resilience IMPORTS EXPORTS Diversified sourcing strategies to support Flexible, multimodal logistics solutions to operational continuity ensure delivery continuity Flexible routing via multiple regional ports, Utilisation of multiple regional ports and including Sohar, Duqm,
Slide 7: Macro & Market Fundamentals
01 MACRO & MARKET FUNDAMENTALS1 1 Macro, Global Demand-Supply Dynamics are based on CRU Market Intel Page 7
Slide 8: Aluminium Market Dynamics: Demand & Supply
Aluminium Market Dynamics: Demand (D) & Supply (S) Global Economy showed positive momentum in Q1 2026, supported by accelerating US manufacturing activity and strong Chinese industrial production and exports Middle East conflict has introduced increased uncertainty, particularly impacting supply cha
Slide 9: Aluminium Market Snapshot: Regional D/S Trends & Market Balance
Aluminium Market Snapshot: Regional D/S Trends & Overall Market Balance North America D: (-1% YoY) Europe S: (-2% YoY) D: (+2% YoY) S: (+5% YoY) China D: (Flat YoY) Middle East S: (+2% YoY) D: (-5% YoY) S: (-3% YoY) Market Balance w/ China +592 kMT w/o China -135 kMT Page 9
Slide 10: Supply Disruptions Driving Prices, Inventory Decline & Premium Expansion
Supply Disruptions Driving Prices, Inventory Decline & Premium Expansion LME Price LME Inventories Regional Premiums Significantly Higher US$3,195/t 418kMT ↑ 22% YoY ↓ 9% YoY Supported by supply disruptions Driven by precautionary withdrawals US Midwest & DDP Rotterdam Range: US$2,986 - US$3,585 Hig
Slide 11: Aluminium-Alumina Spread Expanding
Aluminium-Alumina Spread Expanding | US$340/t LME vs. Alumina Trend 30 566/t YoY 3,200 28% 3,195 26 3,000 Alumina (% of LME) LME Price (US$/t) 22 2,800 18 2,629 2,600 14 404/t YoY 11% 2,400 10 LME Price (US$/t) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Alumina (% of LME) Page 11
Slide 12: Alba Highlights
02 ALBA HIGHLIGHTS1 1 Alba Highlights relate to Alba official news made public in Q1 2026 Page 12
Slide 13: Strong Improvement in Safety Performance
Strong Improvement in Safety Performance 50 40 34 35 32 30 20 20 15 46 Million Safe Hours w/o LTI 11 on 22 April 2026 10 9 9 7 4 3 1 0 0 1 1 0 0 0 2021 2022 2023 2024 2025 Q1 2026 Total Injuries1 Recordable Injuries Lost Time Injuries 1 Total Injuries = Recordable Injuries + First Aid Injuries Page
Slide 14: Strengthening Foundations for Sustainable Growth
Strengthening Foundations for Sustainable Growth Operational Reliability Supported by Sustained Improvements in Safety Performance Exceeded its 2025 Production Target, demonstrating strong operational execution despite challenges Achieved 2-consecutive LTI-free years, reinforcing its commitment to s
Slide 15: Update | Aluminium Dunkerque
Update | Aluminium Dunkerque Alba has entered into an exclusive agreement with American Industrial Partners on 02 March for the potential acquisition of Aluminium Dunkerque Following receipt of relevant works council approvals, the Share Purchase Agreement was signed on 6 May 2026 The transaction cl
Slide 16: CEO Annual Majlis Objectives 2026
CEO Annual Majlis Objectives 2026 Page 16
Slide 17: Q1 2026 Operational Highlights
Q1 2026 Operational Highlights Sales volume: 312,563 MT (-17% YoY) reflecting the impact of e-Al Hassalah (US$ Million) regional disruptions affecting shipping routes, including 160 constraints through the Strait of Hormuz 150 Net Finished Production: 339,734 MT (-14% YoY) primarily 120 driven by th
Slide 18: Q1 2026 Results
03 Q1 2026 RESULTS Refer to Alba’s Q1 2026 Interim Condensed Consolidated Financial Statements Page 18
Slide 19: Financial Key Performance Indicators | Q1 2026
Financial Key Performance Indicators | Q1 2026 EBITDA up primarily driven Cash Flow supported with period-on-period by lower cost of production movement reflecting working capital adjustments US$ 336 million up by US$200 million up by US$ 333 million up by 90% YoY 316% YoY 443% YoY Net Income driven
Slide 20: Strong Pricing Environment: Metal Sales Bridge
Aluminium Market: Strong Pricing Environment with Regional Disruption Impact Metal Sales Impacted by Regional Disruptions Despite Strong Pricing Environment Metal Sales’ Bridge (US$M) – Q1 2026 vs. Q1 2025 1,250 29 1 131 181 1,000 by 30% YoY in Premiums 750 1,088 by 22% YoY 1,068 500 in LME Price 25
Slide 21: Favourable Pricing Dynamics Moderated by Volume & Product Mix
Aluminium Market: Strong Pricing Environment with Regional Disruption Impact Favourable Pricing Dynamics Moderated by Volume & Product Mix Impact Q1 2026 vs. Q1 2025 Premium Above LME Trend US$/MT Sales by Product-Line Bridge (MT’000) 400 43 6 13 450 30% 200 375 313 250 405 311 0 50 Sales Value Liqu
Slide 22: Direct Cost Reduction Driven by Raw Material Prices
Aluminium Market: Strong Pricing Environment with Regional Disruption Impact Direct Cost Reduction Primarily Driven by Raw Material Prices, Supported by Lower Consumption Q1 2025 vs Q1 2026 - Direct Cost Bridge (US$M) 900 210 35 66 29 17 33 77 600 19 875 749 300 0 Direct Cost Major RM Major RM Energ
Slide 23: EBITDA Growth Driven by Pricing Strength and Lower Input Costs
Aluminium Market: Strong Pricing Environment with Regional Disruption Impact EBITDA Growth Driven by Pricing Strength and Lower Input Costs Q1 2026 vs. Q1 2025 - EBITDA Bridge (US$M) 500 400 EBITDA 30% 6 300 125 EBITDA 16% 200 47 336 19 100 177 - EBITDA Metal Other Direct Selling EBITDA Q1 2025 Sale
Slide 24: Strong Cash Generation Supported by Working Capital Discipline
Aluminium Market: Strong Pricing Environment with Regional Disruption Impact Strong Cash Generation Supported by Working Capital Discipline Q4 2025 to Q1 2026 Cash-Flow Bridge (US$M) Free Cash Flow (US$M) 1000 176 400 73 80 33 359 300 500 918 200 333 100 409 0 0 -97 Cash CF Pricing WC CAPEX Financin
Slide 25: Key Financial Indicators Q1 2026
Key Financial Indicators Q1 2026 Particulars Q1 2026 Q1 2025 Variance (%) Revenue1 (US$M) 1,116 1,088 2.6% EBITDA (US$M) 336 177 90% EBITDA% 30% 16% Profit (US$M) 200 48 316% (Loss) Unrealised 900% (10) (1) Derivatives (US$M) Adjusted Profit2 (US$M) 210 49 329% AVG Cash LME (US$/MT) 3,195 2,629 22%
Slide 26: Industry Perspectives in 2026
04 INDUSTRY PERSPECTIVES1 IN 2026 1 Industry Perspectives are based on CRU Market Intel Page 26
Slide 27: Aluminium Market Outlook Amid Global and Regional Uncertainty
Aluminium Market Outlook Amid Global and Regional Uncertainty Pricing: Aluminium prices are expected to remain supported by tightening supply conditions, with upward pressure reflecting the imbalance between constrained supply and relatively resilient demand Demand: Global demand growth is likely to
Slide 28: Input Material Markets (Al2O3, AlF3 and GPC)
Input Material Markets (Al₂O₃, AlF3 and GPC) Alumina: Alumina markets remain relatively weak, reflecting Asian oversupply and softer near-term demand, with demand also exposed to disruption risks linked to the Middle East conflict Carbon: Prices gained upward momentum during the period, supported by
Slide 29: 2026 Alba Priorities
05 2026 ALBA PRIORITIES1 1 Based on Alba’s 5-Year Strategic Initiatives Page 29
Slide 30: Resilience and Strategic Progress Amid Regional Disruptions
Resilience and Strategic Progress Amid Regional Disruptions Operational Resilience Prioritise safe and reliable operations, with continued focus on employee safety and operational continuity Maintain flexibility to adapt to evolving regional disruptions Strategic Execution & Future Growth Progress A
Slide 31: Appendix Q1 2026
06 Appendix Q1 2026 Page 31
Slide 32: 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 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, Fils 0.879 on 31 March 2026] 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. — Q1 2026 Earnings Presentation on 6ix