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Companhia Brasileira de Alumínio (CBAV3) investor relations material

Companhia Brasileira de Alumínio Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Liquid aluminum production recovered post-refinery maintenance, improving KPIs and reducing alumina costs, with operational efficiency gains and resumed output supporting results.

  • Acquisition and integration of wind power assets secured 60 aMW for 2025, diversifying the energy matrix and reinforcing the renewable energy strategy without additional costs.

  • ESG initiatives advanced, scoring 74/100 in S&P Global Corporate Sustainability Assessment and maintaining inclusion in the IDIVERSA B3 index for diversity, equity, and inclusion.

  • Debt profile improved with a second debenture issuance, early settlements, and extended average term, reducing average cost and optimizing capital structure.

  • Strategy focuses on sustainable growth, maximizing asset value, and maintaining a leading position in low-carbon aluminum production.

Financial highlights

  • Consolidated net revenue reached R$2.3 billion, up 5% year-over-year, driven by higher sales volumes and improved pricing.

  • Aluminum business revenue was R$2.1 billion, with sales volume at 132,000 tons (+2% YoY); average LME aluminum price was USD 2,618/ton (+10% YoY).

  • Adjusted EBITDA was R$234 million (10% margin), down 43% year-over-year but up 24% sequentially.

  • Net income was R$131 million, up 51% year-over-year, reversing a loss in 2Q25.

  • Free cash flow was positive, supported by divestment in working capital.

Outlook and guidance

  • Expect further cost reductions, especially in alumina, with normalization anticipated by early 2026; maintenance capex to remain concentrated in the next quarter.

  • CapEx flexibility maintained, with sustaining CapEx at R$500 million and expansion/modernization at R$300 million, adjustable based on market conditions.

  • Aluminum demand outlook remains favorable, with expected consumption growth supporting prices; LME prices continue upward amid market resilience.

  • Surplus energy from new wind assets may be available for commercialization, subject to market prices.

  • Residual effects from refinery maintenance shutdown expected to impact next quarter.

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