# Earnings call transcript: Ma’aden Q3 2026 profit mix offsets phosphate pressure

> Saudi miner Ma’aden reported Q3 2026 revenue up 11% year on year to SAR 3.0 billion, while EBITDA fell 24% to SAR 870 million. Higher sulfur costs and phosphate shipping delays squeezed phosphate margins, partly offset by record results in its aluminum and gold businesses.

- Date: 2026-11-09 · published 2026-11-09T15:14:04.520Z
- Category: logistics · region Saudi Arabia · magnitude low
- Page: https://feedsoft.ai/events/89734-earnings-call-transcript-ma-aden-q3-2026-profit-mix-offsets-phosphate-pressure
- Commodities: [Phosphate Rock](https://feedsoft.ai/c/PHOSROCK.md), [TSP](https://feedsoft.ai/c/TSP.md), [DAP](https://feedsoft.ai/c/DAP.md)

## Why it matters

Higher sulfur costs and shipping disruptions can raise phosphate fertilizer production and delivery costs, lending modest support to phosphate fertilizer prices. The reported impact is company-specific, with no quantified change in wider supply.

## Read by commodity

- DAP: bullish ▲
- TSP: bullish ▲
- PHOSROCK: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DAP | 2020-04-21 | [Article: Measuring Phosphate Markets in Weeks](https://feedsoft.ai/events/53563-article-measuring-phosphate-markets-in-weeks.md) | 0.0% | -7.1% |
| DAP | 2026-07-29 | [Strait of Hormuz pressure on fertilizers: sulfur rises 322% in one year, phosphates lose demand and urea advances again](https://feedsoft.ai/events/18694-strait-of-hormuz-pressure-on-fertilizers-sulfur-rises-322-in-one-year.md) | +1.6% | +1.6% |
| DAP | 2021-02-19 | [More Than Farm Demand: Why Phosphate and Potash Fertilizer Prices are Surging - ProAg](https://feedsoft.ai/events/12869-more-than-farm-demand-why-phosphate-and-potash-fertilizer-prices-are-surging.md) | -1.5% | -1.7% |
| DAP | 2023-12-11 | [Diammonium Phosphate Prices Surge Globally Amidst Supply Chain Constraints](https://feedsoft.ai/events/33031-diammonium-phosphate-prices-surge-globally-amidst-supply-chain-constraints.md) | +0.9% | +3.9% |
| DAP | 2026-07-28 | [Urea's cheap but farmers urged to act on phosphate as prices soar \| Farm Online \| ACT](https://feedsoft.ai/events/18656-urea-s-cheap-but-farmers-urged-to-act-on-phosphate-as-prices-soar-farm-online.md) | +1.7% | +1.3% |

## Sources

- ca.investing.com: https://ca.investing.com/news/stock-market-news/earnings-call-transcript-maaden-q3-2026-profit-mix-offsets-phosphate-pressure-93CH-4942996
- uk.investing.com: https://uk.investing.com/news/stock-market-news/earnings-call-transcript-maaden-q3-2026-profit-mix-offsets-phosphate-pressure-93CH-4968229
- investing.com: https://www.investing.com/news/transcripts/earnings-call-transcript-maaden-q3-2026-profit-mix-offsets-phosphate-pressure-93CH-5011832

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.