Companhia Brasileira de Aluminio
BOVESPA:CBAV3
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Companhia Brasileira de Aluminio
BOVESPA:CBAV3
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Companhia Brasileira de Aluminio
Companhia Brasileira de Alumínio engages in mining bauxite for aluminum production. The company is headquartered in Sao Paulo, Sao Paulo. The company went IPO on 2021-07-15. The firm has a strategy focused on the segments of high added value products and on the production of low carbon aluminum and low production cost. Self-sufficiency in bauxite and alumina and the ability to supply virtually all its electricity consumption through a portfolio of renewable energy generation assets ensure cost competitiveness and flexibility in the mix of products offered to adjust to different market dynamics. The firm is controlled by Votorantim SA.
Companhia Brasileira de Alumínio engages in mining bauxite for aluminum production. The company is headquartered in Sao Paulo, Sao Paulo. The company went IPO on 2021-07-15. The firm has a strategy focused on the segments of high added value products and on the production of low carbon aluminum and low production cost. Self-sufficiency in bauxite and alumina and the ability to supply virtually all its electricity consumption through a portfolio of renewable energy generation assets ensure cost competitiveness and flexibility in the mix of products offered to adjust to different market dynamics. The firm is controlled by Votorantim SA.
Volumes: Total sales were 128,000 tonnes in Q4'25, roughly flat year-on-year with primary aluminum up (71,000 t) while processed and recycling declined.
Profitability: Reported adjusted EBITDA was BRL 257 million; management presented a pro forma adjusted EBITDA of BRL 321 million after a BRL 64 million CapEx-to-OpEx reclassification.
Costs: Cost of liquid aluminum rose to BRL 12,847/ton (up 6% QoQ, 13% YoY) driven by higher alumina and energy costs and lower own-generation seasonality.
Liquidity & leverage: Cash generation was BRL 168 million; cash of BRL 1.2 billion; net debt roughly stable with reported leverage of 2.97x and average debt tenor 5.2 years at 5.8% (USD).
Strategic / M&A: Votorantim signed an agreement to sell its stake in CBA to Chalco and Rio Tinto; closing timing depends on regulator approvals across jurisdictions.
Market backdrop: Global market near-balanced (Q4 surplus 35,000 t), yearly deficit of 241,000 t; LME averaged $2,827/t in Q4 supporting premiums (Midwest duty-paid ~ $1,900/t).
Analyst focus: Questions centered on refinery cost trajectory, energy-seasonality and PPAs, recycling-market dynamics, and the timing of the control transaction and deleveraging plan.
