Companhia Brasileira de Alumínio (CBAV3) Q1 2026 earnings summary

Executive summary

• Net revenue reached R$2.3 billion in 1Q26, stable year-over-year and up 5% sequentially, driven by higher aluminum prices, improved sales mix, and energy segment contribution.

• Adjusted EBITDA rose to R$466 million with a 20% margin, the highest since Q4 2024, reflecting strong operational performance, favorable pricing, and improved cost structure from increased self-generation.

• Net income was R$341 million, up 1% year-over-year, reversing a net loss in 4Q25.

• ESG leadership recognized with inclusion in CDP A-list and S&P Global Sustainability Yearbook, and a 36% emissions reduction since 2019.

• Votorantim agreed to sell its controlling stake to a consortium led by Chalco and Rio Tinto at R$10.50/share, pending regulatory approvals.

Financial highlights

• Net revenue: R$2.3 billion (-1% year-over-year, +5% sequentially).

• Adjusted EBITDA: R$466 million (+8% year-over-year, +45% sequentially); margin 20%.

• Net income: R$341 million (+1% year-over-year, reversing a loss in 4Q25).

• Gross profit: R$416 million (-2% year-over-year, +320% sequentially).

• Net debt stood at R$3.1 billion as of March 31, 2026, with leverage ratio improved to 2.71x net debt/EBITDA.

Outlook and guidance

• Market remains favorable in the short term, with prices supported by low global inventories, supply disruptions, and gradual demand recovery.

• Company expects continued value creation through operational efficiency, energy generation, and cost reductions.

• Monitoring input cost volatility due to geopolitical conflicts, but no significant operational impacts observed.