Aluar Aluminio Argentino (ALUA) Q2 24/25 earnings summary

Executive summary

• Six-month period ended Dec. 31, 2024: consolidated net income was $27.4bn, with $25.8bn attributable to shareholders; reported in closing-date homogeneous pesos.

• Operations generated $32.6bn more in constant-peso results YoY, despite lower operating income; a substantial improvement in financial results was the main offset.

Financial highlights

• Net sales were $794.4bn vs. $762.4bn YoY; cost of sales was $667.3bn vs. $625.9bn, and gross profit was $127.0bn vs. $136.6bn.

• Operating income was $85.6bn vs. $125.3bn; financial result improved to a loss of $14.0bn from a loss of $152.8bn.

• Profit before tax was $71.5bn vs. a loss of $27.6bn; income tax expense was $44.1bn vs. a $29.9bn benefit, yielding net income of $27.4bn vs. $2.3bn.

• Operating cash flow was a $25.9bn use vs. $123.2bn generated; investing used $114.2bn, financing generated $30.3bn, and cash decreased $109.7bn.

Outlook and guidance

• Primary aluminum production is operating at full capacity; exports remain on plan, with shipments to established destinations expected to continue subject to potential U.S. tariff and quota changes.

• Aluminum pricing rose from ~$2,200/tonne in early August to ~$2,600 in November and remained at that level; alumina costs are still historically high, with gradual supply normalization expected during 2025.

• Domestic demand remains markedly lower amid weak local competitiveness, although some sectors showed early recovery signs in the latest quarter.

• Wind farm expansion Phase II–IV is on schedule for completion in Q4 2026; planned 336 MW of added self-generation capacity would bring total nominal renewable capacity to 582 MW.