Aluar Aluminio Argentino (ALUA) Q3 25/26 earnings summary

Executive summary

• 9M FY25/26 revenue was $1.941tn and net income was $160.0bn; operating income reached $268.8bn, with improved aluminum operations driving the year-over-year gain.

• Net income attributable to shareholders was $149.4bn, including $31.8bn from subsidiaries and associates; primary aluminum production was 337,968 tonnes and the plant was operating at full capacity.

Financial highlights

• 9M net sales were $1,941.0bn vs $1,526.4bn YoY; gross profit was $443.0bn vs $253.7bn and operating income was $268.8bn vs $169.0bn.

• Total net income was $160.0bn vs $69.9bn YoY; basic and diluted EPS were $53.36 vs $23.47.

• The operating result improved by $84.4bn in constant-peso terms; higher export shipments, stronger LME aluminum prices and lower alumina costs were key drivers, partly offset by weaker domestic sales and export FX settlement income.

• Net financial result was a loss of $7.1bn vs a $6.0bn loss YoY, including RECPAM and currency effects; tax expense was $104.3bn vs $92.7bn.

Outlook and guidance

• The primary aluminum plant was operating at full capacity; exports to usual destinations are expected to remain stable if global trade conditions do not materially change.

• Aluminum rose from near $3,000/t to near $3,600/t during Q3; analysts expect prices to stay elevated while supply risks persist, though prolonged disruption could weaken demand and price sustainability.

• Alumina prices were stable QoQ at historically low levels; domestic shipments remain relatively low amid short-term contraction across industrial sectors.

• The 336 MW wind expansion is on schedule for completion in Q4 2026; the 29 MWp Abasto solar project is expected in Q4 2026 and the 40 MW San Fernando battery project in H1 2027.