Companhia Brasileira de Alumínio (CBAV3) Q3 2026 earnings summary

Executive summary

• 3Q26 net revenue reached a quarterly record R$2.654bn, up 18% YoY; net income was a record R$616m, up 367% YoY.

• Adjusted EBITDA was R$565m, up 142% YoY, with a 21% margin; reported EBITDA under ICVM 156/22 was R$612m.

• Molten aluminum production was 94kt; average cost fell to R$11,845/t, the lowest since 1Q25.

• 9M26 revenue was R$7.530bn, net income R$1.368bn and adjusted EBITDA R$1.736bn; net debt/ LTM adjusted EBITDA fell to 1.38x.

Financial highlights

• 3Q26 consolidated revenue was R$2,654,278 thousand versus R$2,251,954 thousand; gross profit was R$526,946 thousand versus R$198,509 thousand.

• 3Q26 profit before taxes was R$825,108 thousand versus R$195,944 thousand; net income attributable to owners was R$579,210 thousand versus R$103,556 thousand.

• 9M26 consolidated revenue was R$7,530,253 thousand versus R$6,594,758 thousand; gross profit was R$1,504,416 thousand versus R$643,032 thousand.

• 9M26 adjusted EBITDA was R$1,736,230 thousand, with a 23.06% margin, versus R$853,507 thousand and 12.94% in 9M25.

• 3Q26 aluminum sales totaled 132kt, flat YoY; 9M26 sales were 385kt, up 4%, with primary volume up 8% and downstream volume down 5%.

Outlook and guidance

• Aluminum market fundamentals were expected to remain supportive, with historically low inventories; market supply recovery remained gradual.

• The controlling-shareholder sale remained subject to customary conditions and regulatory approvals; closing would trigger a mandatory tender offer for remaining shares.

• Expansion into Africa and Europe was supported by positioning as an alternative supplier amid constrained Middle East aluminum supply.