CBA posts record Q2’26 earnings as aluminium prices lift EBITDA 273%

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Brazilian low-carbon aluminium producer Companhia Brasileira de Alumínio (CBA) posted its best-ever quarterly result in the second quarter (Q2) of 2026, driven by record London Metal Exchange (LME) aluminium prices, increased sales volumes, better product mix and continued operational efficiencies.

CBA noted that it was back in profit, with revenue and EBITDA both registering huge year-on-year gains, highlighting the company’s recovery propelled by favourable market conditions.

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Financial highlights: Q2 2026 vs Q2 2025

Compared with the Q2 2025, CBA reported significant year-on-year improvements across nearly all key financial indicators during Q2 2026.

• Net revenue: BRL 2.57 billion (USD 501.69 million) vs BRL 2 billion (USD 390.42 million), up 28 per cent Y-o-Y
• Net revenue from aluminium sales: BRL 2.43 billion (USD 474.36 million) vs BRL 1.9 billion (USD 370.9 million), up 28 per cent Y-o-Y
• Adjusted EBITDA: BRL 705 million vs BRL 189 million, up 273 per cent Y-o-Y
• Adjusted EBITDA margin: 27 per cent vs 9 per cent, up 18 percentage points
• Net income: BRL 410 million profit vs BRL 73 million loss in Q2 2025
• Aluminium sales volume: 131,000 tonnes vs 119,000 tonnes, up 10 per cent Y-o-Y

Profitability reversed sharply in Q2, with net income swinging from a loss in the prior-year period to a profit of BRL 410 million. Adjusted EBITDA meanwhile almost quadrupled, aided by stronger pricing and better operational performance.

Quarterly progress chart: Q2 2026 vs Q1 2026

Comparing the two financial quarters 1 and 2 of 2026, quarter-on-quarter performance has clearly been on the upward trajectory.

• Net revenue: BRL 2.57 billion vs BRL 2.31 billion, up 11 per cent Q-o-Q
• Net revenue from aluminium sales: BRL 2.43 billion vs BRL 2.19 billion, up 11 per cent Q-o-Q
• Adjusted EBITDA: BRL 705 million vs BRL 466 million, up 51 per cent Q-o-Q
• Adjusted EBITDA margin: 27 per cent vs 20 per cent, up 7 percentage points
• Net income: BRL 410 million profit vs BRL 341 million in Q1 2026
• Aluminium sales volume: 131,000 tonnes vs 122,000 tonnes, up 7 per cent Q-o-Q

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H1 2026 performance: H1 2026 vs H1 2025

For the first six months (H1) of 2026, CBA maintained strong momentum, posting higher revenue, profitability and operating margins.

• Net revenue: BRL 4.88 billion vs BRL 4.34 billion, up 12 per cent Y-o-Y
• Net revenue from aluminium sales: BRL 4.61 billion vs BRL 4.17 billion, up 11 per cent Y-o-Y
• Adjusted EBITDA: BRL 1.17 billion vs BRL 619 million, up 89 per cent Y-o-Y
• Adjusted EBITDA margin: 24 per cent vs 14 per cent, up 10 percentage points
• Net income: BRL 524 million vs BRL 4 million, marking a substantial improvement
• Aluminium sales volume: 253,000 tonnes vs 239,000 tonnes, up 6 per cent Y-o-Y

The H1 performance reflects continued gains in profitability as stronger aluminium prices combined with higher sales and better operating efficiency.

What drove CBA’s Q2 output?

The company’s record quarterly results were driven by a variety of operational and market factors.

A significant driver was the LME aluminium price, with the average benchmark price up 46 per cent Y-o-Y to USD 3,571 per tonne, owing to tighter global supply conditions and geopolitical tensions.

Higher aluminium sales volumes also contributed to earnings growth. Shipments increased 10 per cent to 131,000 tonnes, supported by stronger primary aluminium demand and an improved product mix. Value-added products accounted for a record 82 per cent of the primary aluminium portfolio.

Operational efficiency further strengthened margins. CBA benefited from the gradual normalisation of refinery maintenance activities, lower raw material, aluminium and energy costs, and improved cost controls. As a result, the average production cost declined to BRL 11,891 per tonne.

The company's financial position also improved during the quarter. Net debt fell approximately 10 per cent Q-o-Q to BRL 2.8 billion, reducing the net debt-to-adjusted EBITDA ratio to 1.68x from 2.71x at the end of Q1.

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Operational update and outlook

During the quarter, molten aluminium production reached 94,000 tonnes. The improvement reflected more stable refinery operations and better cost management following maintenance-related disruptions experienced throughout 2025.

CBA's Q2 results underline the company's ability to capitalise on favourable aluminium market conditions while improving operational efficiency and strengthening its balance sheet.

With higher profitability, stronger cash generation potential and lower leverage, the company enters the remainder of 2026 in a stronger financial position, supported by robust aluminium demand and disciplined cost management.

Note: As of August 8, 2026, BRL 1 = USD 0.2