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Companhia Brasileira de Alumínio (CBAV3) investor relations material
Companhia Brasileira de Alumínio Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Aluminum sales volume reached 128,000 tons in 4Q25, led by the primary segment and operational stability.
Pro forma Adjusted EBITDA was R$321 million, up 37% sequentially after a R$64 million CapEx to OpEx reclassification.
Votorantim agreed to sell its stake to Chalco and Rio Tinto, pending regulatory approval.
Participation at COP30 highlighted aluminum's role in the energy transition and ESG initiatives.
Progress in operational competitiveness, renewable energy expansion, and positive working capital from inventory reduction.
Financial highlights
Net revenue was R$2.2 billion, down 4% year-over-year, impacted by hedge accounting and lower energy generation.
Adjusted EBITDA was R$257 million; pro forma Adjusted EBITDA (excluding non-recurring items) was R$321 million.
Free cash flow was positive, supported by working capital divestment and inventory reduction.
Net loss of R$164 million, compared to a loss of R$56 million in 4Q24 and net income of R$131 million in 3Q25.
Net debt remained stable at R$3.1–3.3 billion, with leverage at 2.97x.
Outlook and guidance
Cost levels for 2026 expected to remain stable, with ongoing global uncertainties and normal power seasonality.
Operational recovery and renewable energy expansion to support margin improvement.
Leverage targeted below 2x net debt/EBITDA by end of 2025, prioritizing deleveraging.
Positive commercial perspectives for early 2026, with resilient domestic demand and favorable price dynamics.
Pending change in control may bring new strategic direction post-transaction approval.
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