Investment Rating - The industry rating is "Recommended" [8] Core Insights - In 2025, total aluminum sales are expected to increase by 2% to 2.83 million tons, with net profit projected to grow by 16% to 4.93 billion AED [3][5] - The company achieved a revenue of 31.98 billion AED in 2025, reflecting a 14% year-on-year increase [4][9] - The EBITDA for 2025 is forecasted at 9.28 billion AED, a 7% increase from the previous year, with an EBITDA margin of 29%, slightly down from 31% in 2024 [6][9] Production and Operational Highlights - Alumina production is expected to be 2.40 million tons in 2025, a decrease of 5% compared to 2024 [9] - The cast metal production is projected to reach 2.84 million tons, an increase of 2% from 2024 [2][9] - High-value products, referred to as "premium aluminum," are expected to account for 81% of total production in 2025, down from 82% in 2024 [2][9] - The company has diversified its supply chain for bauxite, sourcing from Australia, Ghana, and Brazil after the termination of a basic agreement with the Guinean government [1]