Companhia Brasileira de Alumínio (CBAV3) Q2 2026 earnings summary

Executive summary

• Achieved record adjusted EBITDA of R$705 million with a 27% margin in 2Q26, driven by high aluminum prices, volume growth, and operational efficiency.

• Leverage improved to 1.68x, the lowest since Q4 2022, reflecting strong EBITDA expansion and a robust capital structure.

• Net income reached R$410 million in 2Q26, reversing a prior year loss, and comprehensive income for the first half totaled R$836 million.

• Recognized for ESG performance, included in ISE B3, and received multiple sustainability awards.

• Major shareholder agreement signed for sale of 68.6% stake to Chalco and Rio Tinto, pending regulatory approval.

Financial highlights

• Net revenue for 2Q26 was R$2.6 billion, up 28% year-over-year, with adjusted EBITDA of R$705 million and a 27% margin.

• Free cash flow totaled R$334 million after R$136 million in investments; cash and equivalents at period-end were R$1.8 billion.

• Gross profit for 2Q26 was R$561 million, up 2853% year-over-year.

• Net finance results improved, with finance income of R$122 million and finance expenses of R$267 million.

Outlook and guidance

• Market fundamentals remain favorable despite volatility, with aluminum prices above US$3,000/t and ongoing supply constraints.

• Operational competitiveness and energy efficiency improvements are expected to continue.

• The company is monitoring global market volatility due to Middle East conflicts but has not observed material impacts on costs or operations.