Slides
Page 1
Qcba RESULTS Conference call 2Q26
Page 2
DISCLAIMER 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. 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.
Page 3
✓Adjusted EBITDA reached R$705 million, with an adjusted EBITDA margin of 27%, the highest level in the Company's history, driven by the appreciation of aluminum on the LME, which reached the highest quarterly average price ever, at US$ 3,571/t. ✓Driven by the strong EBITDA expansion, leverage was reduced to 1.68x in 2Q26, reaching the lowest level since 4Q22 and further strengthening the Company's capital structure. ✓Molten aluminum production costs improved sequentially, reaching R$11,891/t, the best result since 1Q25, evidencing the Company's consistent operational recovery. ✓CBA was once again selected for the Corporate Sustainability Index (ISE B3) portfolio, among the 69 companies that make up the index's 21st portfolio, representing 38 sectors of the economy. ✓The Company was also recognized in the “Melhores do ESG 2026” edition of EXAME magazine, one of the country’s leading corporate sustainability awards, ranking among the three best companies in the Mining, Steel and Metallurgy category. 2Q26 HIGHLIGHTS COMPETITIVENESS POSITIVE IMPACT TRANSFORMATIONGROWTH
Page 4
Apresentação DERESULTADOS ALUMINUM Market 2Q26 Outlook
Page 5
¹ Balance adjusted for imports and exports of Primary Aluminum In 2Q26, global aluminum demand exceeded supply more significantly, resulting in a deficit of 647kt. This movement mainly reflects the persistent impacts of production disruptions in the Middle East, which kept metal availability restricted even with the advancement of Chinese production and the gradual adaptation of global supply chains. The recovery of Chinese demand for primary aluminum was driven by the growth of exports of semi-finished and finished products, which offset the weakness of the domestic market and reduced local inventories. While demand in the rest of the world remained stable, the increase in Chinese shipments allowed the country to gain market share, while global supply remained constrained by production disruptions. Source: CRU Aluminum Market Outlook (Jul 2026) and Company Analysis. Note: historical numbers tend to vary according to updates of the CRU consultancy supply & demand model -576 -98 89 607 -647 2Q25 3Q25 4Q25 1Q26 2Q26 100 99 96 97 100102 99 99 102102100100100 100102102 96 104104106 98 108107107 109 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 100 Excl. China China 100 = 2Q23 Aluminum market records sharper deficit in 2Q26 due to supply constraints PRIMARY ALUMINUM DEMANDGLOBAL BALANCE¹ (kt) – SUPPLY VS DEMAND
Page 6
Global deficit and supply constraints reduce aluminum inventories in 2Q26 LME AND SHFE WAREHOUSE STOCKS (kt) Global stocks in days of consumption fell to 46 days in 2Q26, matching the lowest level in recent years, as a result of the aluminum market deficit and the continuous reduction of global stocks throughout the quarter. Official stocks showed mixed movement in 2Q26, with reduction of volumes in the LME and increase of stocks in the SHFE. This dynamic reflected the greater availability of metal in China and the continuous decline of international stocks, in a context of global deficit and supply restrictions in the Middle East. Source: CRU Aluminum Market Outlook (July 2026), CRU Aluminum Monitor (July 2026) and Company analysis. Note: Historical data may vary according to updates to CRU’s supply & demand model. ¹ Days of consumption = total inventories / (period demand / days in the period)² Unofficial inventories = total inventories (-) LME (-) SHFE GLOBAL STOCKS IN DAYS OF CONSUMPTION¹ Equilibrium: 50 days 49 49 51 55 50 49 49 52 46 46 51 46 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 47 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 640 566 665 768 1,262 1,074 840 699 440 637 642 871 817 LME SHFE
Page 7
USD/t Agreement in the Middle East reduces aluminum prices, while supply constraints continue to support premiums The aluminum price on the LME maintained its upward trajectory, supported by the supply shock in the Middle East and the reduction of global inventories. However, the provisional agreement between the United States and Iran significantly reduced the market risk premium, leading to a sharp price correction, which fell to levels close to US$ 3,100/t at the end of the quarter. Sources: Bloomberg, CRU Aluminum Market Monitor (Jul 2026), S&P Platts and Company Analysis AVERAGE ALUMINUM LME PRICE (USD/t) 2Q25 2,447 1Q26 3,199 2Q26 3,571 During 2Q26, global aluminum premiums remained at elevated levels. The Midwest premium in the United States and the Rotterdam premium in Europe continued reflecting supply constraints and lower metal availability in the international market, despite partial relief of tensions in the Middle East at the end of the quarter. USD/t Aluminum LME Jan/25 Dec/25 Feb/25 Jan/26 Mar/25 Feb/26 Apr/25 Mar/26 May/25 Apr/26 Jun/25 Jul/25 Aug/25 Jun/26 Oct/25 Jul/26 Sep/25 Aug/26 Nov/25 May/26 2,285 3,855 Maximum of the period Minimum of the period 2Q26 544 531 289 255 50 100 150 200 250 300 350 400 450 500 550 600 650 700 Mar-25 Apr-25 May-25 Jan-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 Feb-25 230 294 223 446 380 242 484 497 148 522516 2,532 583 510 2,188 2,292 2,401 2,459 2,563 155 US Midwest Duty Paid (L) US Midwest Duty Unpaid (R) Rotterdam Duty Unpaid (R) DDP SE Brazil (R)
Page 8
In Brazil, sectors show positive performance in 2Q26, but expectations for industrial activity remain moderate INDUSTRY INDICATORS Motorcycle Production (Snic) Millions of tons(Abraciclo) Thousand units 499 561 502 2Q25 1Q26 2Q26 +1% -11% 2Q25 1Q26 2Q26 16.4 15.9 16.9 +3% +6% Cement Sales Increase in road implements reflects effect of the Move Brasil program, which softened a -7% decline in the year-to-date total. The production of bus bodies showed a variation of +5% in the YTD total, driven by the Caminho da Escola program. Light vehicle production was impacted by EVs, which at this moment are imported via CKD/SKD and assembled in Brazil, with partial value capture in the national chain. Motorcycle production lost momentum in June, but registrations maintain positive variation. In the energy sector, transmission remains a relevant demand driver, with the schedule of auctions proceeding as planned for the year and with an expected investment of R$11 billion to support the construction of 2,069 km of new transmission lines in the second half. Growth in cement sales in 2Q26 supported by MCMV’s Faixa 4 Program starting in April. Self- construction and real estate launches for the middle and high standard face the challenges of still high interest rates. Packaging production showed a slight decline (-0.9% accumulated until May), reflecting possible inventory adjustments in the chain, since final consumption remains resilient – hypermarket and supermarket sales showing positive variation in PMC-IBGE. 2Q25 1Q26 2Q26 36.5 30.8 35.9 -2% +16% Road Implements (Anfir) Thousand units – Registrations Light Vehicles Production (Anfavea) Thousand units 620 601 699 2Q25 1Q26 2Q26 +13% +16%
Page 9
Apresentação DERESULTADOS Operating and Financial PERFORMANCE
Page 10
Molten Aluminum Production Volume (kt)Destination of Sales (%) TotalRecyclingDownstreamPrimary Higher demand for primary and recycled products supported sales growth % Aluminum sales 61 64 73 2Q25 1Q26 2Q26 +20% 34 34 31 2Q25 1Q26 2Q26 -9% 24 24 27 2Q25 1Q26 2Q26 +11% 119 122 131 2Q25 1Q26 2Q26 +10% 91% 94% 87% 9% 6% 13% 2Q25 1Q26 2Q26 Exports Domestic Market 86 92 94 2Q25 1Q26 2Q26 Volumes in kt
Page 11
ALUMINUM PRODUCTION ENERGY SALE Power Balance - aMW CONTRACTS 99 246 108 411 100 424 PROPRIETARY GENERATION 111 385 114 373 AVG. COST: (R$ / MWh) The energy that is not consumed for molten aluminum production is sold as surplus and, therefore, the revenue is allocated to the energy segment The energy consumed in production that comes from CBA's proprietary generation is part of the aluminum cost and, therefore, is allocated to the aluminum segment 716 691 695 739 733 108 162 165 147 146 740 731 708 744 748 600 800 450 500 550 650 700 750 850 900 950 2024 2025 2Q25 1Q26 2Q26 824 853 860 886 879 Proprietary GenerationConsumption Contracts Higher proprietary generation and lower contract costs reinforce energy competitiveness
Page 12
91% 9% 2Q25 92% 8% 1Q26 93% 7% 2Q26 1,986 1,892 2,007 +1% Aluminum EnergyR$ million Other variable costs 36 Fixed costs 1Q26 Depreciation 2Q26 -58 Alumina -23 Anode Paste -56 Energy -32 12,046 11,891 10,621 1,425 1,403 10,488 -22 10,793 2Q25 12,152 1,359 Production cost reaches its lowest level since 1Q25, reflecting efficiency gains Molten Aluminum Production Cost (R$/t) Cost of Goods Sold -8% variable costs Optimization of operating costs -1% energy Reduction in the average prices of the long- term contracts used in aluminum production -1% alumina Reflecting lower caustic soda prices already incorporated into inventories Production cost 2Q26. vs. 1Q26 Depreciation Cash Cost ¹ Cash cost converted by the average exchange rate of the quarter. US$¹ 2,290/t US$¹ 2,364/tUS$¹ 2,143/t
Page 13
994 1,902 2Q25 3119 2,186 1Q26 8131 2,428 2Q26 2,005 2,308 2,568 +28% Aluminium Energy Others ¹Adjustments refer to the results from equity investments and dividends received from investees, as well as non-recurring events in earnings as defined by policy, including the mark-to-market (“MtM”) of energy futures contracts and energy derivatives. Record EBITDA driven by higher aluminum prices, volume growth and a better mix Adjusted¹ EBITDA and adjusted EBITDA marginNet Revenue 189 466 705 9% 2Q25 20% 1Q26 27% 2Q26 Margin Ebitda Adjusted EBITDA 2Q261Q262Q25 Avg. USD/BRL 5.055.265.67 Avg. LME USD 3,5713,1992,448 Avg. LME BRL 18,03216,82713,880
Page 14
Capital allocation focused on asset maintenance and operational sustainability, with temporary shifts 105 130 133 127 90 34 37 46 37 33 58 39 37 19 12 2Q25 3Q25 4Q25 1Q26 2Q26 197 206 216 183 136 Maintenance Pot Relining Expansion & Modernization Capex – R$ million 70% 20% 10%
Page 15
ACCOUNTS RECEIVABLE: R$65 million reflecting the higher volume invoiced in the period INVENTORIES: R$55 million related to the rebuilding of ingot inventories and higher imports 705 511 334 323 Adjusted EBITDA 1 Working Capital -59 Taxes -136 CAPEX FCO -124 Financial¹ -53 Dividends² FCF -11 Amortization/ Loan Funding Change in cash and cash equivalents ¹ Interest paid on loans, financing, use of public assets, derivative financial instruments and lease settlements, net of interest income from cash and financial investments ² Related to the stake in CBA Energia Strong operating performance supported cash generation in 2Q26 Cash Flow 2Q26 – R$ million Working Capital SUPPLY CHAIN FINANCE: R$60 million resulting from higher adherence to the program in the quarter PAYROLL AND CHARGES: R$57 million, mainly reflecting the reduction in profit sharing (PLR) payments made in 1Q26
Page 16
2.71x Net Debt/ LTM EBITDA 1.68x Lower leverage and extended average maturity Net Debt – R$ million ¹ Revolving credit facility of USD 100mm converted by Ptax from closing on 06/30/2026 (R$ 5.1766) ² Includes cash, cash equivalents and financial investments as of 06/30/2026 105 209 328 419 455 880 459 518 1,865 Cash 2026 2027 2028 2029 2030 2031 2032 2033+ 2,383 1,485 RCF¹ Cash² Debt Amortization Schedule – R$ million 5.18 years AVG. MATURITY USD 6.02% p.a. AVG. COSTBRL 10%USD 90% 24 Net Debt 1Q26 -2 Gross Debt -13 Exchange rate variation -323 Cash -75 MtM Hedge 111 Leases -50 Net Debt 2Q26 3,103 2,801 3,079 2,851 MtM
Page 17
CLOSING REMARKS ✓Aluminum market fundamentals remain favorable ✓Greater operational competitiveness ✓Record adjusted EBITDA and EBITDA margin expansion ✓Stronger capital structure
Page 18
Apresentação DERESULTADOS ri.cba.com.br/en ir@cba.com.br Q&A