Companhia Brasileira de Alumínio (CBAV3) reported net income of R$ 410 million in the second quarter of 2026 (2Q26), reversing the loss of R$ 73 million in 2Q25 and exceeding the profit of R$ 341 million in 1Q26. Consolidated net revenue totaled R$ 2.568 billion in 2Q26, up 28% over 2Q25 and 11% compared to 1Q26.
In the period, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 705 million, 273% higher than in 2Q25 and 51% above 1Q26, with an adjusted EBITDA margin of 27%, versus 9% a year earlier and 20% in the immediately preceding quarter. Gross profit reached R$ 561.8 million, compared to R$ 18.5 million in 2Q25 and R$ 416 million in 1Q26.
Aluminum sales volume reached 131 thousand tons in 2Q26, growth of 10% year over year and 7% versus 1Q26, with a highlight on primary aluminum, which sold 73 thousand tons, an increase of 20% over 2Q25. Net revenue from the aluminum business was R$ 2.428 billion, up 28% in 12 months, while the energy segment recorded revenue of R$ 162 million, an increase of 37% compared to 2Q25.
Cost of goods sold came to R$ 2.007 billion in 2Q26, a slight increase of 1% over 2Q25, and the average production cost of liquid aluminum was R$ 11,891 per ton, down 2% year over year. Liquid aluminum production reached 94 thousand tons in the quarter, 9% above 2Q25.
CBA's net debt closed June 2026 at R$ 2.801 billion, a reduction of 10% compared to March 2026, and leverage, measured by the ratio of net debt to adjusted EBITDA for the last 12 months, fell to 1.68x, from 2.71x at the end of 1Q26. The process for the divestment of Votorantim S.A.'s stake in the company to a consortium formed by Chalco and Rio Tinto is still underway, and remains subject to precedent conditions and regulatory approvals.
