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 strengthened capital structure.

• Net revenue for Q2 2026 was R$2.6 billion, up 28% year-over-year, with net income of R$410 million, reversing a prior-year loss.

• Molten aluminum production cost dropped to R$11,891/t, the lowest since 1Q25, with production reaching a record 94,000 tons.

• Recognized for ESG performance, included in ISE B3, awarded Best ESG by Exame, and honored by the UN Global Compact.

Financial highlights

• Net revenue for Q2 2026 was R$2.6 billion (+28% year-over-year), driven by higher LME prices and sales volume.

• Adjusted EBITDA set a record at R$705 million, with a 27% margin (+18 p.p. vs. 2Q25).

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

• Net debt closed at R$2.8 billion, with leverage at 1.68x.

• Gross profit reached R$561 million (+2853% vs. 2Q25).

Outlook and guidance

• Market fundamentals remain favorable despite volatility, with prices and premiums above historical levels and supply constraints supporting the market.

• 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.