Aluar Aluminio Argentino (ALUA) Q1 25/26 earnings summary

Executive summary

• Q1 FY25/26 revenue reached ARS 505.5bn, while the period recorded an ARS 7.8bn consolidated loss; operating results fell and financial losses deepened YoY.

• Primary aluminum shipments rose, led by exports, but lower premiums, the end of the special export-currency settlement mechanism and US tariffs weighed on operating performance.

• Cash from operations was positive and renewable-energy expansion continued, while macroeconomic, currency and trade-policy uncertainty remained significant.

Financial highlights

• Net sales were ARS 505.5bn vs ARS 473.0bn YoY; gross profit was ARS 69.7bn vs ARS 89.0bn.

• Operating income was ARS 24.9bn vs ARS 72.0bn YoY; net financial result was a loss of ARS 48.1bn vs a loss of ARS 4.1bn.

• Consolidated net loss was ARS 7.8bn vs net income of ARS 36.0bn; shareholder-attributable loss was ARS 22.0bn vs income of ARS 34.4bn.

• Basic and diluted EPS were both a loss of ARS 7.85 vs earnings of ARS 12.29 YoY.

• Income-tax benefit was ARS 15.0bn vs tax expense of ARS 31.9bn YoY, partly offsetting the pre-tax loss.

Outlook and guidance

• The Puerto Madryn primary-aluminum plant was operating at full capacity; export shipment volumes were expected to remain stable if trade conditions held, subject to US tariffs and exemptions.

• The 336 MW wind expansion was on schedule for completion in Q4 2026; 24 of 56 turbines had been installed, with total wind capacity projected to reach 582 MW.

• The Aluar-Abasto solar project is expected to cost USD 14m and finish in Q4 2026; the San Fernando battery-storage project is expected to cost USD 20m and finish in Q4 2026.