Q2 2026 Companhia Brasileira de Aluminio Earnings Call Transcript
Key Points
- Record adjusted EBITDA of $705 million with a 27% margin, the highest in company history.
- Financial leverage reduced to 1.68x, the lowest since Q4 2022, strengthening the capital structure.
- Cost of liquid aluminum production improved to $11,891 per ton, the best since Q1 2025, driven by lower alumina and energy costs.
- Strong sales volume growth of 10% year-over-year, with a record 82% of primary sales in higher value-added products.
- Favorable market fundamentals with a global aluminum deficit and reduced inventories, supporting high prices and premiums.
- Recent correction in aluminum prices due to reduced geopolitical risk premium after the US-Iran interim agreement.
- Global supply constraints, particularly from the Middle East, continue to limit availability and create market uncertainty.
- Demand in China's domestic market remains weak, especially in construction, despite export-driven recovery.
- High energy costs and ongoing Middle East conflict continue to impact demand stability in other regions.
- Brazilian civil construction segments dependent on credit are still affected by higher interest rates.
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Hello, good morning. I'm Amabadi, Investor Relations Manager at CBA. Welcome to the video conference regarding the second quarter of 2026 results, which will be attended by Luciano Alves, the company's CEO, and Camila Bell, the company's CFO in Investor Relations.
This is also available on the CBA Investor Relations website where we will also make the recording available. At the end of this presentation, we will have the Q&A session when participants will be able to ask their questions by audio or send the written questions through the Q&A button. Before proceeding, we would like to clarify that some of the statements contained in this presentation may include statements that.
Substantially depend on the macroeconomic and commercial relations between Brazil and global markets, as well as government relationships and other factors. Operational data may affect CBA's future performance and may lead to results that differ materially from those
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