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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.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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