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RESULTS CONFERENCE CALL 3Q25
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This presentation was prepared by CBA, based on the Financial Statements, market analysis and the Company's own assessments, and may include statements representing expectations about future events or results and may not consider all aspects impacting the industry. Future considerations substantially depend on general economic, political, and trade conditions in Brazil and global markets, as well as existing and future government regulations, among other factors. Operational data may affect CBA's future performance and may lead to results that materially differ from those expressed in such future considerations. The information herein may be rounded or contain variations with updates from third-party information. The Company does not assume any obligation to update any forecasts, which are only meaningful as of the date they were made. The Company's shareholders and potential investors should always read this presentation together with the Financial Statements and the Earnings Release. DISCLAIMER
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3Q25 HIGHLIGHTS COMPETITIVENESS POSITIVE IMPACT TRANSFORMATIONGROWTH Resumption of liquid aluminum production, improvement of production KPIs, and reduction of alumina costs with gradual operational recovery Improvement in the debt profile, such as the Company’s second debenture issuance and early settlements, reducing the average cost and extending the term CBA scored 74/100 points in S&P Global’s Corporate Sustainability Assessment (CSA) in 2025, two points higher than in 2024 and well above the industry average of 32 points For the third consecutive year, CBA is part of the IDIVERSA B3 index, which recognizes companies committed to valuing diversity, equity, and inclusion of gender and race Completion of the acquisition of a stake in wind assets for proprietary generation, with an anticipated supply of 60 aMW by 2025, strengthening the competitiveness of CBA’s portfolio and further diversifying its energy matrix
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ALUMINUM MARKET OUTLOOK 3Q25
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Global demand slowdown creates surplus market in 3Q25 ¹ Balance adjusted for imports and exports of primary aluminum PRIMARY ALUMINUM DEMAND After a significant deficit in 2Q25, the aluminum market returned to a surplus level in 3Q25, due to a slowdown in demand combined with stable supply. After reaching record levels in 2Q25, aluminum demand in China declined but still recorded the highest volume ever observed for a third quarter. July and August experienced a slowdown due to the seasonal summer halt and reduced activity in industrial sectors. Demand in the rest of the world also decelerated after reaching the highest value since 2022 in 2Q25. Source: CRU Aluminium Market Outlook Oct 2025 and Company Analysis. Note: Historical figures are subject to change according to updates in the CRU consultancy's supply & demand model. -110 -67 342 -621 123 3Q24 4Q24 1Q25 2Q25 3Q25 GLOBAL BALANCE¹ (kt) – SUPPLY VS DEMAND 100 95 97 99 98 95 97 100101 98 99 102100 100101 90 104106106 100 108109110 113111 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 103 1Q25 2Q25 3Q25 Excl. China China 100 = 3Q22
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Despite the increase in official stocks, total stocks remain below the equilibrium level LME AND SHFE WAREHOUSES (kt) Despite the slight increase recorded in 3Q25, inventory levels in days of consumption remain at historically low levels. After four consecutive quarters of decline, official inventories reversed the trend in 3Q25. Small metal inflows throughout the period increased inventory levels on the LME, which remain below those recorded in the same period last year. Source: CRU Aluminium Market Outlook Oct 2025, CRU Aluminium Monitor (Oct 2025), and Company Analysis. Note: Historical figures are subject to change according to updates in the CRU supply & demand model. ¹Days of consumption = total inventories / (period demand / days in period) | ²Unofficial stocks*: total inventories (-) LME (-) SHFE GLOBAL STOCKS IN DAYS OF CONSUMPTION¹ Equilibrium: 50 days 48 50 56 49 51 54 50 49 49 51 46 48 3Q22 4Q22 1Q23 48 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 505 543 810 640 566 665 768 1,262 1,074 840 699 440 637 LME SHFE
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US$/t LME aluminum prices continued their upward trend, reaching the highest value in the last 3 years in October The price of aluminum on the LME followed the upward trend that began in April, closing the quarter with the second highest average since 2022. In October, it reached the highest value in the past three years. These results demonstrate the market's resilience amidst uncertainties and the tariff war. Sources: Bloomberg, CRU Aluminium Market Monitor Oct 2025, S&P Platts and Company Analysis AVERAGE ALUMINUM LME PRICE (US$/t) 3Q24 2,382 2Q25 2,448 3Q25 2,618 The Midwest premium remained strong with the tariffs under the Trump administration, surpassing USD 1,600/t, a point considered as the "breakeven" against the 50% import tax. Rotterdam also appreciated, driven by anticipation of local demand ahead of the start of the first phase of CBAM in January 2026. US$/t Aluminum LME price Jan/25 Jan/24 Feb/25 Feb/24 Mar/25 Mar/24 Apr/25 Apr/24 May/25 May/24 Jun/25 Jun/24 Jul/24 Aug/24 Aug/25 Sep/24 Sep/25 Oct/24 Jul/25 Nov/24 Dec/24 Oct/25 2,110 2,892 Period Max Period Low 3Q25 856 200 88 193 180 142 266 251 0 100 200 300 400 500 600 700 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Oct-24 281 833 277 1,269 153 231 166 220 157 257 239 270 1,496 1,571 1,632 160 US Midwest Duty Paid (E) US Midwest Duty Unpaid (D) Rotterdam Duty Unpaid (D) DDP SE Brazil (D)
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3Q25 maintains strong performance in light vehicles, with exports remaining robust (+51.6% YTD); in motorcycles, there is stabilization in the quarter, sustaining annual growth (+13%), which supports the consumption of castings. Brazil shows progress in quarterly comparison; energy investments drive aluminum growth Cement sales exceeded expectations in 3Q25 and remain high for the year (+3% YTD); the outlook stays positive with the new housing credit model (SFH/FGTS) and updates in the MCMV. INDUSTRY INDICATORS Bus Body Production Buses closed the 3Q25 above the previous quarter (+5%), and trailers showed a slight recovery (+7%), despite the challenges of a high-interest rate environment. Both markets have a direct relationship with the consumption of laminates and extrusions. (SNIC) Million Tons (Fabus ex. Volare) Thousand Units 692 619 690 3Q24 2Q25 3Q25 0% +11% October auction is confirmed by ANEEL, with an expected investment of R$ 5.53 billion, driving the advance purchase of cables, and distributors investing in renewal and improvement projects. The USA maintains aluminum under Section 232 at 50% for most origins, and the EU is considering adopting a 30% tax on scrap exports. Brazil has been sanctioned with 'reciprocal tariffs,' raising the rate to 50% on most goods, including scrap, but there are advances in bilateral negotiations. Light Vehicles Production (Anfavea) Thousand Units 3Q24 2Q25 3Q25 6.3 6.1 6.4 +1% +5% 17,9 16,4 18,1 3Q24 2Q25 3Q25 +2% +10% Domestic Cement Sales
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OPERATING AND FINANCIAL PERFORMANCE
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TotalPrimary Downstream Recycling Destination of Sales (%) Molten Aluminum Production Volume (kt) Volumes in kt % Aluminum sales 67 61 72 3Q24 2Q25 3Q25 +7% 33 34 34 3Q24 2Q25 3Q25 +3% 29 24 26 3Q24 2Q25 3Q25 129 119 132 3Q24 2Q25 3Q25 +2% 93 86 93 3Q24 2Q25 3Q25 89% 91% 88% 11% 9% 12% 3Q24 2Q25 3Q25 Exports Domestic Market Increase in total sales volume between the compared periods, driven by the primary segment
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Contracts Proprietary generation Energy Sale The energy that is not consumed for aluminum production is sold as surplus and, therefore, the revenue is allocated to the energy segment The energy consumed for aluminum production that comes from CBA’s proprietary generation is allocated to the aluminum segment Aluminum Production Avg. Cost (R$ / MWh) Power Balance - aMW Higher energy consumption due to increased aluminum production, resulting in greater utilization of contracts 756 716 716 695 697 169 108 108 165 164 701 740 747 708 740 500 550 600 650 700 750 800 850 900 950 2023 2024 3Q24 2Q25 3Q25 925 824 824 860 861 Consumption Contracts Proprietary generation 97 263 99 246 107 254 99 419 107 399
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Molten Aluminum Production Cost (R$/t) Cost of Goods Sold R$ million Production Cost 3Q25. vs. 2Q25 ¹ Cash cost converted by the average exchange rate of the quarter. -3% alumina Increased internal alumina production and lower need for market purchases -17% variable costs Greater cost dilution due to higher production in the quarter +12% energy Higher consumption of higher-cost contracts due to higher aluminum production and lower proprietary generation 1,772 99% 1% 3Q24 1,986 92% 8% 2Q25 2,053 93% 7% 3Q25 +16% Aluminum Energy -86 Other variable costs -751,359 10,793 83 Depreciation 1,442 10,679 3Q252Q25 -125 Alumina -59 Anode Paste 231 Energy 12,152 12,121 Fixed Costs Depreciation Cash Cost US$¹ 1,904/t US$¹ 1,959/tUS$¹ 1,739/t 1,168 9,651 3Q24 10,819 Restart of the alumina refinery reduces aluminum production costs, offsetting the rise in energy prices
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Adjusted¹ EBITDANet Revenue 3Q252Q253Q24 Avg. USD/BRL Avg. LME USD Avg. LME BRL ¹ Adjustments reflect equity income and dividends received from investees and nonrecurring events in profit and loss, as defined by policy, including the Marking-to-Market (“MtM”) of energy contracts and energy derivatives. 5.455.675.55 2,6182,4482,382 14,26313,88013,220 441 2Q24 994 2Q25 12111 3Q25 2,135 2,005 2,252 2,090 1,902 2,129 +5% Aluminum Energy Others 409 189 235 19% 3Q24 9% 2Q25 10% 3Q25 EBITDA Margin Net revenue increased in 3Q25, reflecting higher sales volumes and improved pricing compared to 3Q24 and 2Q25
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Capex - R$ million in cash basis CBA's project pipeline ✓ Smelter Technology Upgrade ✓ Paste Plant Upgrade ✓ Foil Capacity Expansion ✓ Recycling ✓ Refinery Liquor Purification ✓ Potroom 1 Restart 51 89 84 105 12424 37 31 34 37 60 80 66 58 39 3Q24 4Q24 1Q25 2Q25 3Q25 135 206 181 197 200 Maintenance Pot Relining Expansion and Modernization Increase in maintenance capex, reflecting the scheduled maintenance shutdown of the alumina refinery
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Free Cash Flow 3Q25 – R$ million Working Capital INVENTORIES: R$119 million due to inventory reduction driven by higher sales in the quarter RECOVERABLE TAXES: R$71 million as a result of actions to realize ICMS credits and the use of PIS/COFINS credits to offset other federal taxes SUPPLIERS: reduction in the net balance of suppliers by R$93 million, mainly due to payment for alumina purchase 234 217 195 FCF -570 Adjusted EBITDA Working Capital 1,063 Loan funding 535 Change in cash and cash equivalents -6 Taxes -206 CAPEX FCO -127 Financial¹ -48 Dividends² 42 Loan amortization Divestment in working capital resulted in positive cash generation ¹ Interest paid on loans, financing, use of public assets, derivative financial instruments, and lease settlements ² Related to the stake in CBA Energia
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Net Debt 2.29x Net Debt/ LTM EBITDA 2.45x R$ million Gross debt reflects funding raised during the period totaling R$1.1 billion, but these were partially offset by early debt repayments amounting to R$563 million Financial leverage reached 2.45x, mainly reflecting the R$175 million reduction in the last twelve months accumulated EBITDA The appreciation of the Brazilian real against the U.S. dollar benefited net debt through the mark-to-market of derivative instruments and foreign exchange variation 511 219 3,256 Net Debt 2Q25 Gross Debt -73 Exchange rate variation -535 Cash -106 Hedge Mtm 7 Leases 113 3.165 Net Debt 3Q25 3,475 3,279 MtM The appreciation of the Brazilian real against the U.S. dollar resulted in a reduction of net debt
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Debt Amortization Schedule R$ million ➢ Debt predominantly in U.S. dollars, aligned with the Company’s revenue ➢ Reduction in average cost and extended maturity reflect ongoing debt management ➢ CBA carried out several actions to improve its debt profile, all of which are linked to ESG goals for emissions reduction: ✓ Second debenture issuance, with part of the proceeds used for the early redemption of the first issuance ✓ Raising funds through export financing backed by SACE guarantee ✓ New US$100 million revolving credit facility, replacing the existing line ✓ Early settlement of R$332 million in export financing during the period BRL 4%USD 96% 5.5 years AVG. MATURITY USD 5,7% p.a. AVG. COST 52 82 214 305 463 452 877 532 1,209 Cash 2025 2026 2027 2028 2029 2030 2031 2032+ 1,741 1,745 RFC¹ Cash² ¹ Revolving green credit facility of USD 100mm converted by Ptax from closing on 09/30/2025 (R$ 5.3186) ² Includes cash, cash equivalents and financial investments as of 09/30/2025 Ongoing debt management enables cost reduction and extension of debt maturities
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CLOSING REMARKS OPPORTUNITIES IMPORTANT CONSIDERATIONS The outlook for aluminum demand remains favorable, with an expected increase in consumption, which strengthens fundamentals and tends to support prices. Aluminum LME continues its upward trend, highlighting the market’s resilience in the face of uncertainties and the tariff war. Resumption of liquid aluminum production with improved KPIs in manufacturing and, consequently, cost reduction. There are still residual effects from the refinery maintenance shutdown through the next quarter, such as higher maintenance capex. The increase in global energy and input costs is putting pressure on the industry’s average cost for the quarter. For CBA, the depreciation of the U.S. dollar against the Brazilian real is another factor impacting costs. The tariff war between the U.S. and China continues to drive volatility in regional premiums, affecting trade flows and influencing the premiums applied by CBA.
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Q&A ri.cba.com.br/en ir@cba.com.br