Companhia Brasileira de Alumínio (CBA, CBAV3) posted record net income of R$ 616 million in the third quarter of 2026 (3Q26), up 367% from 3Q25, when it was R$ 132 million. Compared with 2Q26 (R$ 410 million), the increase was 50%. The main driver was the financial result, which was positive at R$ 426 million, including recognition of a R$ 526 million discount on the early settlement of the Use of Public Asset (UBP) obligations.
Consolidated net revenue totaled R$ 2.7 billion (R$ 2,654 million), the highest quarterly level in the company's history. The figure represents an increase of 18% over 3Q25 and 3% over 2Q26. In the year-over-year comparison, the company attributes the result to higher realized aluminum prices and a sales mix with a high share of higher value-added products. The average aluminum price on the LME (London Metal Exchange) was US$ 3,226 per ton, up 23% from 3Q25. Sales volume was stable at 132 thousand tons.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, with adjustments) was R$ 565 million, up 142% from 3Q25 and down 20% from 2Q26 (R$ 705 million). The adjusted EBITDA margin was 21%, 11 percentage points above 3Q25 and 6 points below 2Q26. Gross profit was R$ 527 million, versus R$ 199 million a year earlier. The average cost of producing liquid aluminum was R$ 11,845 per ton, the lowest since 1Q25, supported by higher in-house power generation.
Net debt ended September 2026 at R$ 2.8 billion (R$ 2,755 million), compared with R$ 2,801 million in June. The ratio of net debt to adjusted EBITDA for the last 12 months was 1.38x, versus 1.68x in 2Q26 and 2.45x in September 2025. The financial settlement of the UBP renegotiation resulted in a net cash outlay of R$ 262 million, affecting free cash flow. After tax effects, the net gain from the transaction was R$ 315 million.
The sale of Votorantim S.A.'s stake (68.596% of the capital) to the consortium formed by Chalco and Rio Tinto, at a base price of R$ 10.50 per share, remains in progress. Completion depends on conditions precedent and regulatory approvals. Closing will trigger a tender offer (OPA) for the remaining shareholders.
