Aluar Aluminio Argentino (ALUA) Q4 25/26 earnings summary

Executive summary

• FY26 profitability surged on record-high LME aluminum prices and U.S. premiums, lower alumina costs, and record export volumes; Puerto Madryn primary smelting operated at full capacity.

• Consolidated net income reached $274.0bn, including $258.7bn attributable to shareholders; prior-year consolidated net income was $17.5bn.

Financial highlights

• Consolidated net sales were $2,908.6bn vs. $2,086.6bn in FY25; gross profit was $733.3bn vs. $309.5bn.

• Consolidated operating income rose to $487.1bn from $176.2bn; income before tax was $472.5bn vs. $111.7bn.

• Parent net sales were $2,817.1bn, up 38% in constant June 2026 pesos; exports billed $1,508.4m, up 61.9% YoY.

• Operating cash flow reached $779.7bn vs. $74.3bn; cash and equivalents ended at $239.8bn vs. $84.9bn.

Outlook and guidance

• Primary aluminum production remains at full capacity; export shipment volumes are expected to stabilize at levels aligned with production if trade conditions do not materially change.

• Domestic shipments are expected to remain near FY26 levels, subject to macroeconomic conditions and external competitiveness; local demand remains weak but recovery signals vary by segment.

• Low near-term inventories may support aluminum prices, while expected global supply recovery in 2027 could moderate prices; LME prices and regional premiums are expected to remain volatile.