Investment Rating - Industry Rating: Recommended [5] Core Insights - The report indicates a strong production momentum in the phosphate segment, with DAP production expected to be between 5.9 to 6.2 million tons in 2025. Market conditions for DAP improved in Q2 2025 due to stable demand and supply constraints from China [7] - The aluminum segment maintains its production guidance for 2025, with primary aluminum production expected between 850,000 to 1,150,000 tons. However, aluminum prices are under pressure due to geopolitical tensions and changing trade flows [7] - The gold segment is projected to meet its production guidance for 2025, with production expected between 475,000 to 560,000 ounces. The gold price remains high, supported by geopolitical uncertainties and demand from global central banks [7] Financial Performance - Q2 2025 revenue reached 94.16 billion Saudi Riyals, an 11% increase quarter-on-quarter, driven by overall sales volume growth across all business segments [3] - Q2 2025 EBITDA was 37.85 billion Saudi Riyals, reflecting a 9% quarter-on-quarter growth [3] - Q2 2025 net profit was 19.22 billion Saudi Riyals, marking a 24% increase quarter-on-quarter [3] - Q2 2025 earnings per share (EPS) stood at 0.51 Saudi Riyals, also a 24% increase quarter-on-quarter [3] Production and Sales Overview - Phosphate segment: Q2 2025 DAP production was 1.705 million tons, an 8% increase quarter-on-quarter, with sales volume at 1.761 million tons, a 15% increase [11] - Aluminum segment: Q2 2025 alumina production was 461,000 tons, a 4% decrease quarter-on-quarter, with aluminum production at 247,000 tons, a 1% decrease. Average realized price for alumina was $381 per ton, down 32% [12] - Gold segment: Q2 2025 gold production was 108,000 ounces, a 12% decrease quarter-on-quarter, while sales volume increased by 6% to 118,000 ounces. Average realized price for gold was $3,316 per ounce, a 16% increase [13] 2025 Outlook - The company maintains a capital expenditure guidance range of $7.55 billion to $9.55 billion for 2025, with approximately 70% allocated for growth capital expenditures [9] - The company is advancing its long-term growth objectives, aiming for an 8 to 10 times increase in EBITDA by 2040 [9] - Recent strategic acquisitions and partnerships are expected to strengthen the company's market position and capitalize on regional demand growth opportunities [9]