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Q3 & 9 Months of 2026 Financial Performance

Aluminium Bahrain B.S.C. (Alba) (Ticker Code: ALBH), the world’s largest aluminium smelter on one site, has reported a Profit attributable to Equity holders of Aluminium Bahrain B.S.C. of BD18.5 million (US$49.3 million) for the third quarter of 2026, down by 72.5% Year-over-Year (YoY), versus a Profit attributable to Equity holders of Aluminium Bahrain B.S.C. of BD67.3 million (US$178.9 million) for the same period in 2025. The Company reported Basic and Diluted Earnings per Share of fils 13 for Q3 2026 versus Basic and Diluted Earnings per Share of fils 48 in Q3 2025. The Total Comprehensive Income attributable to Equity holders of Aluminium Bahrain B.S.C. for Q3 2026 stood at BD20.5 million (US$54.5 million) versus The Total Comprehensive Income attributable to Equity holders of Aluminium Bahrain B.S.C. for the third quarter of 2025 of BD67.5 million (US$179.4 million) – down by 69.6% YoY.

As for the nine months of 2026, Alba has reported a Profit attributable to Equity holders of Aluminium Bahrain B.S.C. of BD158.7 million (US$422.1 million), up by 44.3% YoY versus a Profit attributable to Equity holders of Aluminium Bahrain B.S.C. of BD110.0 million (US$292.4 million) for the same period in 2025. The Company reported Basic and Diluted Earnings per Share of fils 112 for the 9 months of 2026 versus Basic and Diluted Earnings per Share of fils 78 for the same period in 2025. Alba’s Total Comprehensive Income attributable to Equity holders of Aluminium Bahrain B.S.C. for the 9 months of 2026 was BD161.1 million (US$428.4 million), up by 51.8% YoY, compared to a Total Comprehensive Income attributable to Equity holders of Aluminium Bahrain B.S.C. of BD106.1 million (US$282.2 million) for the same period in 2025.

Total Equity attributable to owners of Aluminium Bahrain B.S.C. as of 30 September 2026 stood at BD2,183.6 million (US$5,807.4 million), up by 4.8%, versus BD2,084.6 million (US$5,544.2 million), as of 31 December 2025. Alba’s Total Assets as of 30 September 2026 were BD2,880.1 million (US$7,659.8 million) versus BD2,623.3 million (US$6,976.8 million) as of 31 December 2025 – up by 9.8%.

Macro & Market Fundamentals | Based on Market Intelligence

Aluminium Fundamentals Remained Supportive Amid Mixed Global Conditions

• Global economic conditions remained mixed with uneven regional industrial activity and continued uncertainty across trade, energy and monetary conditions.
• Regional geopolitical disruption continued to affect aluminium supply chains and production while the progressive restoration of curtailed Middle Eastern capacity supported a gradual supply recovery.
• Demand remained resilient at ~1% YoY supported by auto, solar, renewable energy, and power transmission sectors. China demand grew ~4% YoY, while construction-related weakness continued to weigh on Europe and the US, down ~1% and ~8% YoY, respectively.
• Global supply contracted by ~1% YoY, as a ~6% decline ex-China outweighed ~3% growth in China, where production remained constrained by the capacity ceiling. Outside China, disruptions continued to weigh on output, although progressive Gulf smelter restarts and new Southeast Asian capacity began to improve availability.
• Market Balance: The global aluminium market remained in deficit at ~485 kMT, with ex-China markets also remaining in deficit at ~108 kMT.

 Aluminium Market Prices, Inventories & Premium

• LME prices averaged US$3,226/t in Q3 2026, up 23% YoY, supported by constrained supply and tight physical availability.
• Regional premiums strengthened materially, with US Midwest and DDP Rotterdam premiums supported by physical-market tightness and shifting trade flows; MJP also increased amid regional supply disruptions.
• LME inventories fell 53% YoY to 241,000 MT, reinforcing tight physical-market conditions across key consuming regions.

 9 Months of 2026 Operational Metrics

• Sales Volume stood at 800,792 MT, down 33% YoY, reflecting lower production availability and regional shipping and logistics disruptions.
• Net Finished Production stood at 709,395 MT, down 41% YoY, primarily reflecting the controlled shutdown of Reduction Lines 1, 2 and 3 amid regional disruptions.
• Value-Added Products (VAP) represented 67% of total shipments, with VAP sales of 532,591 MT, down 41% YoY, reflecting Alba’s continued focus on a value-added product mix despite lower overall volumes.

 Update on Q3 Operational Status

Q3 2026 reflected improving operational stability as Alba progressively restored production capacity following controlled adjustments to address raw-material constraints. Disciplined alumina and supply-chain management protected smelter stability and asset integrity, while Line 4 progressed towards full ramp-up.

Aluminium Market Outlook: Supportive Fundamentals Amid Easing Supply Tightness | Based on Market Intelligence

• Pricing: Constrained supply and low inventories are expected to support aluminium prices, although macroeconomic and geopolitical developments may sustain near-term volatility.
• Demand to remain resilient but uneven. Growth in China continues to benefit from solar, automotive and export-oriented manufacturing, while higher interest rates, trade tensions and geopolitical uncertainty present downside risks globally.
• Supply availability is expected to improve as Gulf smelter restarts progress and Indonesian capacity ramps up. However, China’s capacity ceiling limits incremental supply from the world’s largest producing market.
• Regional premiums are expected to remain supported by low inventories, shipment delays and changing trade flows, although additional Indonesian supply could moderate further increases, particularly in Europe.

 Alba 2026 Priorities

• Prioritise the full ramp-up of Reduction Line 4, while protecting smelter stability, asset integrity and supply-chain resilience, as well as maintaining flexibility to respond to evolving regional conditions.
• Progress the proposed Aluminium Dunkerque transaction through its remaining approvals and advance Alba-Daiki Sustainable Solutions (ADSS) construction and commissioning, supporting Alba’s longer-term growth ambitions.
• Continue advancing Alba’s decarbonisation agenda, with a focus on energy efficiency, responsible sourcing and lower-carbon aluminium production.
• Protect market access and customer relationships through differentiated, value-added and certified product offerings.

Commenting on the Company’s performance for the nine months of 2026, the Chairman of Alba’s Board of Directors, Khalid Al Rumaihi stated: “Alba’s performance through the first nine months of 2026 reflects the resilience of its business model and the discipline with which the Company has navigated an exceptional operating environment. While regional developments have affected production and logistics, supportive aluminium fundamentals and our good financial position have provided resilience.

The acquisition of Aluminium Dunkerque continues to progress through the regulatory approval process. This strategic acquisition represents an important step in Alba’s growth journey, and we remain confident in its long-term strategic rationale and value-creation potential for our shareholders and stakeholders. We remain focused on progressing the transaction towards completion, subject to the remaining regulatory approval.”

Alba’s Chief Executive Officer, Ali Al Baqali, added: “Q3 was about disciplined execution and recovery. Safety remained at the heart of our operations, with Alba surpassing 51 million safe working hours without an LTI and completing its 10^th consecutive summer free from heat-related injuries and illnesses. These milestones reflect the strength of our safety culture and the commitment of our people. Our immediate priority remains the safe full ramp-up of Reduction Line 4, while protecting smelter stability, asset integrity and supply-chain resilience.”

Alba Management will hold a conference call on Wednesday 11 November 2026 at 15:30 Bahrain Time to discuss the Company's financial and operational performance for Q3 & Nine Months of 2026 and outline its strategic priorities moving forward.

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