Earnings release
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Qcba RESULTS 2Q26
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São Paulo, August 4, 2026 – Companhia Brasileira de Alumínio, “CBA” or “Company” (B3: CBAV3) hereby announces its results for the second quarter of 202 6 (2Q26). The Company's consolidated interim financial statements are presented in Reais (R$), in accordance with IFRS (International Financial Reporting Standards) – and the accounting practices adopted in Brazil. Totals may differ due to rounding of numbers. 2Q25 3Q25 4Q25 1Q26 2Q26 Average USD/BRL rate 5.67 5.45 5.40 5.26 5.05 Average LME USD rate 2,448 2,618 2,827 3,199 3,571 Average LME BRL rate 13,880 14,268 15,266 16,827 18,032 JUN 25 SEP 25 DEC 25 MAR 26 JUN 26 Closing USD/BRL rate 5.46 5.32 5.50 5.22 5.18 Closing LME USD rate 2,593 2,669 2,968 3,585 3,106 Closing LME BRL rate 14,158 14,199 16,324 18,714 16,076 Average aluminum price at LME (London Metal Exchange) of US$3,571/ton (+46% vs. 2Q25) Aluminum sales volume of 131,000 metric tons (+10% vs. 2Q25) Net Revenue of R$2.6 billion (+28% vs. 2Q25) Net revenue from aluminum sales of R$2.4 billion (+28% vs. 2Q25) Adjusted EBITDA of R$705 million (+273% vs. 2Q25) Adjusted EBITDA margin of 27% (+18 p.p. vs. 2Q25) Net Income of R$410 million (vs. R$73 million of loss in 2Q25) Leverage of 1.68x (vs. 2.71x in 1Q26) 2Q26 Highlights Foreign-Exchange & LME Price
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Executive Summary The second quarter of 2026 marked the strongest operational and financial performance in CBA’s history. Average aluminum prices on the LME reached USD 3,571/t, the highest quarterly level ever recorded, representing a 46% increase compared to 2Q25. The market environment was supported by supply constraints, low global inventory levels and the effects of Middle East conflict impacting aluminum supply. Another highlight was the Company’s aluminum sales volume, which reached 131 thousand metric tons, increasing 10% compared to 2Q25 and 7% compared to the previous quarter. Performance was driven by the primary aluminum segment, which posted sales of 73 tho usand metric tons, supported by record sales of value -added products (VAP), which accounted for approximately 82% of the primary aluminum sales mix. Against this backdrop, consolidated net revenue totaled R$2.6 billion in 2Q26, increasing 28% compared to 2Q25 and 11% compared to 1Q26. Consolidated adjusted EBITDA reached R$705 million, the highest in the Company’s history, 3.7 times higher than in 2Q25 and 51% above the result reported in 1Q26. Adjusted EBITDA margin reached a record 27%, reflecting a more favorable pricing environment, higher sales volumes and an improved product mix. The strong operational performance contributed to the continued reduction in financial leverage. Net debt closed the quarter at R$2.8 billion, a 10% reduction compared to March 2026. As a result, leverage, measured as the ratio of net debt to last -twelve-month adjusted EBITDA, declined to 1.68x from 2.71x at the end of 1Q26. The Company also delivered record operating performance during the period. Molten aluminum production reached 94 thousand metric tons, while the average production cost was reduced to R$11,891/t. Performance reflects the gradual normalization of the refine ry maintenance effects experienced throughout 2025, as well as lower alumina, energy and other operating input costs. On the ESG front, CBA was once again selected to compose the B3 Corporate Sustainability Index (ISE B3) portfolio, joining the group of 69 companies included in the index’s 21st portfolio, representing 38 sectors of the economy. The Company was also recognized in EXAME magazine's Best of ESG 2026 awards, ranking among the top three companies in the Mining, Steel and Metals category. Finally, the process related to the sale of Votorantim S.A.’s stake in CBA to a consortium formed by Chalco and Rio Tinto, announced in January 2026, remains ongoing. Completion of the transaction remains subject to customary closing conditions and applica ble regulatory approvals. Any relevant developments will be duly disclosed to the market.
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Global Market Overview LME aluminum prices remained at elevated levels throughout 2Q26, averaging USD 3,571/t, supported by the substantial risk premium associated with geopolitical tensions in the Middle East, supply constraints and the rapid drawdown of global inventories. Aft er reaching levels close to USD 3,800/t in June, aluminum prices underwent a correction and declined to approximately USD 3,100/t within a few days, mainly reflecting the temporary agreement reached between the United States and Iran, which significantly reduced the risk of further supply disruptions and contributed to the normalization of market expectations. In addition, higher Chinese production and signs of a gradual recovery in Middle Eastern operations reinforced the perception of lower supply risk during the quarter. In China, primary aluminum demand improved during 2Q26, driven by increased production of semi-fabricated and finished products destined for export markets. Despite weakness in the domestic real estate, automotive and photovoltaic sectors, stronger exports, supported by supply disruptions in key producing regions outside China and higher LME prices, sustained apparent consumption and contributed to lower inventory levels. Outside China, demand remained broadly stable during the quarter. Against this backdrop, the increase in Chinese exports primarily reflected market share gains and the replacement of supply from other regions. The effects of the Middle East conflict and elevated energy costs continued to weigh on industrial activity, partially offset by improving economic expectations. On the supply side, CRU estimates a 3.3% decline in ex -China global aluminum production in 2026, reflecting the ongoing impacts of geopolitical tensions on production in countries such as Qatar, Bahrain and Iran. Throughout the quarter, operations across t he Gulf region continued to be affected by capacity restrictions and logistical challenges, although alternative trade routes mitigated part of the disruptions. In China, production continued to grow moderately, supported by strong profitability levels and the ramp -up of existing capacity, although growth remains constrained by the government’s formal 45 Mt production cap and the absence of significant greenfield projects. As a result, the global aluminum market recorded a deficit of 6 47 kt in 2Q26, mainly reflecting supply constraints in the Middle East. Despite higher Chinese production, global supply remained insufficient to meet demand during the period. Regional premiums remained at historically elevated levels. In the United States, the Midwest Duty-Paid premium averaged USD 2,518/t (+9.8% compared to the previous quarter), supported by tight supply conditions and the effects of import tariffs. The Midwe st Duty-Unpaid premium reached USD 533/t (+6.2% compared to the previous quarter). In Europe, the Rotterdam Duty - Unpaid premium increased to approximately USD 509/t (+59.1% compared to the previous quarter), reflecting tighter supply conditions and lower metal flows from the Middle East.
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Brazilian Market Overview Brazil’s macroeconomic environment remained resilient during 2Q26, with industrial production increasing 1.4% year-to-date through May, according to IBGE data. Despite the recent moderation in inflation, with lower projected IPCA inflation, price levels remain above the central target and continue to require a cautious monetary policy stance. The Selic rate currently stands at 14.25% per year, remaining at a restrictive level. According to th e Monetary Policy Committee ( Copom), the convergence of inflation toward the target is expected to be slower and more uncertain than previously anticipated. In the automotive sector, light vehicle production increased from 601 thousand units in 1Q26 to 699 thousand units in 2Q26, representing growth of 16%, according to Anfavea (Brazilian National Association of Motor Vehicle Manufacturers). Part of this production consisted of electrified vehicles assembled in Brazil using imported CKD/SKD components, resulting in only partial value capture by the domestic industrial supply chain. The motorcycle segment recorded a 6% increase compared to the same period of the previous year, according to Abraciclo (Brazilian Association of Motorcycle, Moped, Motorized Bicycle and Similar Vehicle Manufacturers). In 2Q26, production remained broadly stable compared to 2Q25 (+1%) but declined 11% compared to 1Q26, reflecting inventory adjustments across the supply chain. Vehicle registrations, however, continued to grow, indicating that underlying demand remains solid. Bus body production increased from 6.2 thousand units in 1Q26 to 7.6 thousand units in 2Q26, representing growth of 23%, according to Fabus (Brazilian Bus Manufacturers Association). Performance was driven by the anticipation of orders related to the feder al government’s “Caminho da Escola” program, as well as additional purchases under the Ministry of Health’s “Caminho da Saúde” initiative. In the trailer and truck body segment, registrations increased from 30.8 thousand units in 1Q26 to 35.9 thousand units in 2Q26, up 16%, according to Anfir (National Association of Road Equipment Manufacturers). The recovery reflects the ongoing effects of the Move Brasil program and partially offset the sector’s previous downturn, which had been impacted by tighter credit conditions associated with elevated interest rates. Cement sales totaled 16.9 million metric tons in 2Q26, increasing 3% compared to 2Q25 and 6% compared to 1Q26, according to SNIC (National Cement Industry Union). Performance reflects activity related to the Minha Casa, Minha Vida housing program and the i nclusion of the new “Faixa 4” segment targeting middle -income households. Self -construction activity and medium - to-high-end real estate developments, however, continue to face challenges associated with the current macroeconomic environment. Packaging production continues to show a slight decline, down 0.9% year -to-date through May, according to IBGE data. End -market consumption remains resilient, with supermarket and hypermarket sales posting positive growth according to the Monthly Trade Sur vey (PMC). The divergence between production and consumption primarily reflects inventory adjustments throughout the supply chain.
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Operating and financial performance ¹ Recognition of the hedged item (sales revenue) in the hedge accounting relationship according to the originally forecast ca sh flows, reclassifying the exchange variance portion of the hedging instrument (Export Credit Notes – NCEs) from other comprehensive income to profit or loss. ² Elimination of energy sales for the aluminum business, also included in the COGS above. ³ Adjustments reflect equity income and dividends received from investees and nonrecurring events in profit and loss, as defined by our policy, including the Mark- to-Market (“MtM”) of future energy contracts and energy derivatives. Aluminum Sales Volume R$ million 2Q26 2Q25 2Q26 vs. 2Q25 1Q26 2Q26 vs. 1Q26 1H26 1H25 1H26 vs. 1H25 Aluminum Sales Volume (kt) 131 119 10% 122 7% 253 239 6% Primary 73 61 20% 64 14% 137 122 12% Downstream products 31 34 -9% 34 -9% 65 67 -3% Recycling 27 24 13% 24 13% 51 50 2% Net Revenue 2,568 2,005 28% 2,308 11% 4,876 4,343 12% Aluminum 2,428 1,902 28% 2,186 11% 4,614 4,167 11% Primary 1,433 1,034 39% 1,165 23% 2,598 2,151 21% Downstream products 865 817 6% 853 1% 1,718 1,640 5% Recycling 226 223 1% 195 16% 421 457 -8% Other 171 125 37% 155 10% 326 403 -19% Realization of (45) (93) -52% - - (45) (93) -52% operational hedge (222) (204) 9% (182) 22% (404) (391) 3% Energy 162 118 37% 144 13% 306 211 45% Energy Eliminations² (30) (24) 25% (25) 20% (55) (47) 17% Other 8 9 -11% 3 167% 11 12 -8% Cost of Goods Sold (2,007) (1,986) 1% (1,892) 6% (3,899) (3,898) 0% Operating Expenses (119) (129) -8% (142) -16% (261) (243) 7% Selling (9) (11) -18% (32) -72% (41) (22) 86% General and administrative (110) (118) -7% (110) 0% (220) (221) 0% Other operating income (8) 21 - 43 - 35 174 -80% Operating income 434 (89) - 317 37% 751 376 100% Depreciation, amortization and depletion 210 165 27% 188 12% 398 340 17% Other additions (exclusions) and exceptional items 61 113 -46% (39) - 22 (97) - Adjusted EBITDA³ 705 189 273% 466 51% 1,171 619 89% EBITDA Margin 27% 9% 18 p.p. 20% 7 p.p. 24% 14% 10 p.p. Sales Volume (kt)
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In 2Q26, total aluminum sales volume reached 131 thousand metric tons, representing growth of 10% compared to 2Q25 and 7% compared to 1Q26. Quarterly performance was mainly driven by the primary aluminum segment, which recorded sales of 73 thousand metric tons, up 20% compared to 2Q25 and 14% compared to 1Q26. The quarter was marked by a stronger product mix, with record sales of value-added products (VAP), which accounted for 82% of primary aluminum sales. Sales of downstream products totaled 31 thousand metric tons, declining 9% compared to both 2Q25 and 1Q26. The recycling segment closed the quarter with sales of 27 thousand metric tons, increasing 11% compared to 2Q25 and 13% compared to 1Q26. Growth was primarily concentrated in customer- owned scrap processing services. Regarding sales destination, 87% of the Company’s sales volumes were directed to the domestic market and 13% to export markets in 2Q26. Compared to 2Q25, exports increased their share of total sales from 9% to 13%, reflecting specific commercial opportunit ies and the Company’s strategy of optimizing volume allocation across markets. Net Revenue In 2Q26, CBA’s consolidated net revenue totaled R$2.6 billion, increasing 28% compared to 2Q25 and 11% compared to 1Q26. Performance in both periods mainly reflects the significant increase in LME aluminum prices, combined with higher sales volumes, partic ularly in the primary aluminum segment. In addition, the energy segment also contributed positively to the quarter’s results. The primary aluminum segment reported net revenue of R$1.4 billion in 2Q26, representing growth of 39% compared to 2Q25 and 23% compared to 1Q26. Performance was mainly driven by higher aluminum prices and record sales volumes of value-added products (VAP), which carry higher premiums, particularly aluminum-silicon ingots. Net revenue from downstream products totaled R$865 million, increasing 6% compared to 2Q25 and 1% compared to 1Q26. Performance was mainly supported by higher aluminum prices in Brazilian reais, partially offset by lower sales volumes. In the recycling segment, net revenue reached R$226 million, increasing 1% compared to 2Q25 and 16% compared to 1Q26. Quarterly performance reflects the continued recovery in aluminum % aluminum sales
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prices in Brazilian reais, combined with a 13% increase in sales volume. Compared to 2Q25, despite the 11% increase in sales volume, revenue remained broadly stable due to a mix with a higher contribution from services, which generate lower unit revenue than product sales. The “Other” segment reported net revenue of R$171 million, up 38% compared to 2Q25 and 10% compared to 1Q26. This performance was mainly driven by higher revenue from scrap sales, benefiting from stronger aluminum prices during the period. The realization of the operational hedge accounting reserve had a negative impact of R$45 million in the quarter, compared to a negative impact of R$93 million in 2Q25. This effect reflects the realization of foreign exchange variation related to instrumen ts linked to Export Credit Notes (NCEs), in line with the originally projected cash flows. The Company continues to designate hedge transactions to protect highly probable future cash flows associated with export revenues. Finally, net revenue from the energy segment reached R$162 million in 2Q26, increasing 37% compared to 2Q25 and 13% compared to 1Q26. Performance reflects improved power price negotiations executed during the period. Power Balance Historically, CBA has operated with an energy surplus relative to its consumption. In 2023, the Company entered into a swap agreement related to its main power purchase contract, replacing exposure to the IGP -M and IPCA inflation indices with fixed U.S. do llar-denominated prices through 2028. In 2025, the average cost of this contract increased from USD 45/MWh to approximately USD 100/MWh and remained at this level throughout 2026. As contractually stipulated, the contracted volume was reduced from 104 aMW to 96 aMW. In addition, the initiatives implemented throughout 2025, including the execution of long -term power supply agreements and the start-up of self-generation wind assets, continue to contribute to the Company’s energy security and cost competitiveness. Regarding the quarterly power balance, contracted energy totaled 146 aMW in 2Q26, considering the contracted volumes mentioned above. The average cost of contracts declined by 3% compared to 1Q26 and by 12% compared to 2Q25, mainly reflecting foreign exchange variation. Power Balance (aMW) 824 853 860 853 886 879 716 691 695 739 733 108 162 165 147 146 740 731 708 744 748 2024 2025 2Q25 1Q26 2Q26 Contracts Proprietary generation Avg. Cost (R$/MWh): Proprietary generation 411 107 424 100 385 111 373 114 246 99 Contracts
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During the quarter, proprietary energy generation was 5% higher than in 2Q25. Performance was mainly driven by higher generation at the Juquiá hydroelectric complex and the inclusion of the Casa dos Ventos agreement, which became effective in 4Q25. As a result, costs associated with proprietary generation increased by 14%. Compared to 1Q26, proprietary generation declined by 1%, mainly reflecting lower generation at Juquiá, which resulted in a 3% increase i n associated costs. It is worth noting that the concession agreements of the Alecrim UHE, Salto do Iporanga UHE, Itupararanga UHE and Sobragi UHE expired on June 27, 2016, November 4, 2021, February 19, 2024 and January 22, 2025, respectively. Under current legislation, CBA remains responsible for managing these assets, ensuring their continued operation and maintaining appropriate safety and operating conditions until a decision is reached by the Granting Authority. All energy costs consumed in aluminum production are allocated to the Aluminum segment and reported under the electricity line item in the Production Costs section below. Revenue and costs related to surplus energy sold are allocated to the Energy segment. Production Costs ¹ Cash cost converted at the quarter’s exchange rate. In 2Q26, the average production cost of molten aluminum was R$11,891 per metric ton, representing a 1% reduction compared to 1Q26 and a 2% decrease compared to 2Q25. Compared to the previous quarter, the reduction in production costs was mainly driven by lower electricity, alumina and other variable costs. Energy costs benefited from lower average prices under long-term power supply contracts, while alumina costs conti nued to reflect the gradual normalization of the impacts associated with the refinery maintenance carried out throughout 2025. Compared to 2Q25, the 2% reduction in alumina costs was more than offset by higher electricity and fixed costs. The Company closed the quarter with record molten aluminum production of 94 thousand metric tons, representing growth of 2% compared to 1Q26 and 9% compared to 2Q25. Molten Aluminum Production Costs (R$/t)
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Cost of Goods Sold (COGS) In 2Q26, CBA's consolidated cost of goods sold (COGS) totaled R$2.0 billion, representing an increase of 1% compared to 2Q25 and 6% versus 1Q26. Despite the continued reduction in liquid aluminum production costs, as discussed in the previous section, the increase in COGS primarily reflected the higher sales volumes recorded during the quarter. COGS in the aluminum business totaled R$1.9 billion in the period, increasing 3% compared to 2Q25 and 7% versus 1Q26. The performance was mainly driven by higher sales volumes during the quarter, particularly in primary aluminum products. COGS in the energy business amounted to R$149 million in 2Q26, remaining stable compared to 1Q26 and decreasing 14% year -over-year. The annual improvement primarily reflects the lower cost of long-term energy contracts. EBITDA 2Q26 COGS Breakdown COGS (R$ million) Adjusted EBITDA (R$ Million)
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¹Adjustments reflect equity income and dividends received from investees and nonrecurring events in profit and loss, includin g the Mark-to- Market (“MtM”) of energy contracts and hedge accounting Consolidated adjusted EBITDA reached R$705 million in 2Q26, the highest in the Company’s history, 3.7 times higher than in 2Q25 and 51% above the result reported in 1Q26. The main variation in EBITDA adjustments compared to 2Q25 relates to the realization of the operational hedge accounting reserve associated with the Export Credit Notes (NCEs), as discussed in the Net Revenue section. Compared to 1Q26, the main variation reflects the receipt of R$64 million in dividends from non - consolidated companies in the energy business, recognized as an EBITDA adjustment with no operating cash effect. As a result, adjusted EBITDA margin reached 27%, up 18 p.p. compared to 2Q25 and 7 p.p. compared to 1Q26. R$ million 2Q26 2Q25 2Q26 vs. 2Q25 1Q26 2Q26 vs. 1Q26 1H26 1H25 1H26 vs. 1H25 Net income/(Loss) 410 (73) - 341 20% 751 262 187% Finance income (costs) (41) 2 - (122) -66% (163) 22 -841% Income Tax/Social 100 11 809% 134 -25% 234 154 52% Depreciation and amortization 210 165 27% 188 12% 398 339 17% EBITDA (ICVM 156/22) 679 105 547% 541 26% 1,220 777 57% Share of profit (loss) of equity-accounted investees (35) (29) 21% (36) -3% (71) (61) 16% Energy futures contracts and energy derivatives (38) (23) 65% (27) 41% (65) (237) -73% Remeasurement of asset retirement obligations - - - 13 - 13 - - Dividends received (cash effect) from non- consolidated companies 64 64 - - - 64 64 - Realization of operational hedge accounting reserve 45 93 -52% - - 45 93 -52% Provision (reversal of) for asset impairment (10) 8 - (25) -60% (35) 12 - Provision for loss of other assets - (29) - - - - (29) - Adjusted EBITDA¹ 705 189 273% 466 51% 1,171 619 89% Adjusted EBITDA Margin 27% 9% 18 p.p. 20% 7 p.p. 24% 14% 10 p.p.
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Net Finance Results R$ million 2Q26 2Q25 2Q26 vs. 2Q25 1Q26 2Q26 vs. 1Q26 1H26 1H25 1H26 vs. 1H25 Gains on financial investments 46 19 142% 31 51% 77 45 71% Interest on borrowings and debentures 6 (87) - (93) - (87) (181) -52% Foreign exchange gains (losses), net (6) 33 - 47 - 41 50 -18% Gains (losses) on derivative financial instrument 79 59 34% 188 -58% 267 142 88% Other finance income (expenses), net (84) (25) 236% (50) 68% (134) (80) 68% Net finance results 41 (2) - 122 -66% 163 (22) - Net finance results amounted to a positive R$41 million in 2Q26, representing an improvement of R$43 million compared to 2Q25. This variation was mainly driven by (i) the impact of derivative contracts entered into in 3Q25, resulting in a R$20 million impr ovement in gains (losses) on derivative financial instruments; (ii) a R$27 million increase in gains on financial investments, reflecting the Company's higher cash position; and (iii) the capitalization of interest on borrowings and financing related to pr ojects under construction, reducing interest expenses recognized in profit or loss. In addition, other finance expenses increased by R$34 million, of which R$21 million was related to interest and inflation adjustments associated with UBP (Public Asset Use Rights). Compared to 1Q26, net finance results deteriorated by R$81 million in 2Q26, mainly reflecting the lower appreciation of the Brazilian real against the U.S. dollar during the period (5.18 in June 2026 versus 5.22 in March 2026) compared to the previous quar ter (5.22 in March 2026 versus 5.50 in December 2025). The foreign exchange movement resulted in a R$109 million unfavorable variation in gains (losses) on derivative financial instruments, as well as a R$53 million decrease in foreign exchange gains (losses), net. Net Income/Loss Net Income/Loss (R$ million)
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The Company reported net income of R$410 million in 2Q26, compared to a net loss of R$73 million in 2Q25 and net income of R$341 million in 1Q26. In 2Q26, gross profit totaled R$561 million, increasing R$145 million compared to 1Q26 and R$122 million versus 2Q25. This performance was primarily driven by higher net revenue, supported by increased aluminum sales volumes, a more favorable product mix, and stronger aluminum prices during the quarter. Among the main variations across the periods was the change in financial results, as discussed in the previous section. Compared to the previous quarter, other operating results decreased by R$52 million, mainly due to the non-recurring effect of R$36 million in retroactive PIS and COFINS tax credits related to the acquisition of recyclable inputs recognized in 1Q26. In 2Q25, other operating results were R$29 million , mainly due to the reversal of a provision for losses on receivables related to the sale of nickel assets. Finally, income tax and social contribution expenses totaled R$100 million in the quarter, compared to R$134 million in 1Q26 and R$11 million in 2Q25. The variation between 2Q26 and 1Q26 reflects the reduction in deferred tax assets related to financial re sults arising from foreign exchange fluctuations, with the Brazilian real/U.S. dollar exchange rate at 5.50 in December 2025, 5.22 in March 2026, and 5.18 in June 2026. In 2Q25, income tax and social contribution expenses totaled only R$11 million, as ther e were no significant changes in the temporary differences underlying deferred tax calculations. Free Cash Flow R$ Million ¹ Interest paid on loans and financing, public concession fees, derivative financial instruments, and lease settlements, net of interest income from cash and financial investments ² Refers to the stake in CBA Energia R$ million 2Q26 2Q25 2Q26 vs. 2Q25 1Q26 2Q26 vs. 1Q26 1H26 1H25 1H26 vs.1H25 Net Revenue 2,568 2,005 28% 2,308 11% 4,876 4,343 12% Cost of Goods Sold (2,007) (1,986) 1% (1,892) 6% (3,899) (3,898) 0% Gross profit 561 19 2853% 416 35% 977 445 120% Selling, general and administrative expenses (119) (129) -8% (142) -16% (261) (243) 7% Other operating income, net (8) 21 -138% 43 - 35 174 -80% Equity in the results of investees 35 29 21% 36 -3% 71 61 16% Net finance income/loss 41 (2) - 122 -66% 163 (22) - Income tax and social contribution (100) (11) 809% (134) -25% (234) (153) 53% Net income/Loss 410 (73) - 341 20% 751 262 187%
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Working Capital In 2Q26, the Company's working capital generated a net positive cash inflow of R$1 million. The main positive impacts were: (i) R$60 million from increased participation in the supplier financing (reverse factoring) program; (ii) R$57 million related to salaries and payroll charges; and (iii) R$17 million in advances from foreign customers. On the other hand, R$133 million was absorbed by working capital, mainly due to: (i) R$65 million in accounts receivable, reflecting higher sales volumes and invoicing during the quarter; and (ii) R$55 million in inventories, driven by the replenishment of ingot inventories and higher import volume. Capital Expenditure (CAPEX) R$ Million Total investments in 2Q26 amounted to R$136 million, representing a 31% decrease compared to 2Q25 and a 26% reduction versus 1Q26. Capital expenditures remained focused on initiatives aimed at operational reliability and risk mitigation, with 66% of CAPEX allocated to asset maintenance and 24% dedicated to furnace refurbishment. The lower level of investments during the period reflects the prioritization of the investment portfolio throughout 1H26, with a focus on initiatives critical to operations, as well as the rescheduling of part of the planned expenditures to subsequent periods. The Company continues to implement measures to strengthen governance and enhance investment execution management.
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90% 10% USD BRL 61%12% 13% 11% 3% NCE/PPE BNDES Debentures ECA FINEP 3,079 2,851 24 -2 -13 -323 - 75 111 - 50 Net Debt 1Q26 Gross Debt Exchange rate variation Cash MtM Leases Net Debt 2Q26 Indebtedness and Liquidity ¹ Last twelve months ² Considers the total cost of the debt, including the portion in BRL, converted into USD on 0 6/310/2026 CBA's debt remains predominantly U.S. dollar -denominated, accounting for 90% of total gross debt, while the remaining 10% is denominated in Brazilian reais. The U.S. dollar -denominated portion includes derivative instruments (swaps) that convert both the principal and interest of financings originally indexed to IPCA, CDI and EURIBOR into fixed - rate U.S. dollar obligations, aligning the Company's debt profile with its hard-currency exposure. Since 2020, CBA has actively accessed ESG-linked funding sources. As of June 2026, 57% of the Company's outstanding debt portfolio was linked to sustainable financing instruments, either earmarked for projects with positive environmental impacts or tied to the achievement of sustainability performance indicators through Sustainability-Linked Loans (SLLs). Debt Breakdown (R$ million) Jun/26 Mar/26 Jun/25 Current 161 120 105 Non current 4,178 4,234 3,646 Gross Debt 4,339 4,354 3,751 Cash, cash equivalents and short-term investments -1,865 -1,542 -673 Derivative financial instruments -50 24 219 Leases 378 267 178 Net Debt 2,801 3,103 3,475 Adjusted EBITDA – Last 12 months 1,663 1,147 1,515 Net debt/Adjusted EBITDA LTM¹ 1.68x 2.71x 2.29x Average cost USD (% p.a.)² 6.02% 5.99% 5.95% Average term (years) 5.18 5.40 5.12 Breakdown by Currency (%) Breakdown by Instrument (%) Net Debt (R$ million) and Leverage 2,801 Net Debt/ Adjusted EBITDA MtM 1.68x 2.71x 3,103
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Debt Amortization Schedule (R$ million) As of June 2026, CBA's gross debt totaled R$4.3 billion, remaining broadly stable compared to R$4.4 billion in March 2026. Cash and cash equivalents and financial investments totaled R$1.8 billion as of June 2026, of which 74% was denominated in Brazilian reais and 26% in U.S. dollars. The Company also has access to a Revolving Credit Facility in the amount of US$100 million. This facility is an additional source of liquidity and can be accessed at any time during the term of the agreement, although it remains undrawn to date. The mark -to-market of derivative financial instruments improved by R$75 million during the quarter, reaching a positive R$50 million as of June 2026, mainly driven by the appreciation of the Brazilian real against the U.S. dollar. Net debt totaled R$2.8 billion, representing a 10% reduction compared to March 2026 (R$3.1 billion). During the period, financial leverage, measured as the ratio of net debt to adjusted LTM EBITDA, declined to 1.68x, primarily reflecting stronger cash gene ration and a R$175 million increase in adjusted EBITDA over the last twelve months. CBA has a long‑term debt profile with no significant maturity concentration until 2031, as shown in the graph below: ¹ Revolving green credit facility of USD 100 million converted at the Ptax, closing rate of 0 6/30/2026 (R$ 5.1766) ² Includes cash, cash equivalents and short-term investments as of 06/30/2026 Derivative Operations The Company's Financial Policy allows the use of derivative instruments for non-speculative purposes, with the objective of reducing the impact of price, foreign exchange and market rate volatility on its results, thereby preserving the Company's cash flows denominated in Brazilian reais. The table below presents the position of derivative instruments: 2,383 Cash² RCF¹ 1,865 105 209 328 419 455 880 1,485 459 Cash 2026 2027 2028 2029 2030 2031 2032 2033+
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Derivative Instruments Exposure unit Notional Fair value Cash adjustment (balance in exposure unit) (R$ million) (R$ million) Jun/26 Mar/26 Jun/26 Mar/26 2Q26 1Q26 Not designated as hedge accounting: Hedging loans and borrowings Swap CDI in Reais vs. Fixed in USD R$ million 1,455 1,455 154 117 33 36 Swap IPCA in Reais vs. Fixed in USD R$ million 83 87 (21) (23) 1 0.2 Swaps EUR vs. Fixed in USD R$ million 260 263 0 0 0 0 Total R$ million 1,802 1,807 133 94 34 36 Hedging operating contracts Swap IPCA in Reais vs. Fixed USD R$ million 557 570 167 160 9 7 Designated as hedge accounting: Hedging operating contracts Swap IPCA/IGPM and Reais vs. Fixed USD R$ million 657 724 (249) (280) (27) (33) Hedging loans and borrowings CBA maintains currency and interest rate swap agreements related to certain financing contracts with the purpose of converting the principal and floating interest rates indexed to IPCA and CDI in Brazilian reais, and EURIBOR in euros, into fixed U.S. dollar rates. These transactions partially align the currency of debt service and principal repayments with the currency of the Company's revenues, reducing exposure to exchange rate fluctuations. As of June 30, 2026, the outstanding notional amount of these transactions totaled R$1.8 billion. The result from these operations was a gain of R$34 million in 2Q26, compared to a gain of R$36 million in 1Q26, mainly due to the slightly negative mark-to-market variation of the CDI-to-fixed USD swaps compared to the previous quarter, reflecting the semiannual interest payment on the related debenture. The fair value of the swap portfolio was positive R$133 million as of June 2026, representing an improvement of R$39 million compared to March 2026 (positive R$94 million), mainly driven by the appreciation of the Brazilian real against the U.S. dollar in the forward exchange curve. As these instruments have not been designated for hedge accounting purposes, gains and losses, including mark-to-market adjustments, are recognized in the Company's net finance results for the period.
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Swap IPCA and Reais vs. Fixed USD - not designated as hedge accounting Swap IPCA/IGPM and Reais vs. Fixed USD - designated as hedge accounting Hedging operating contracts CBA maintains currency and interest rate swap agreements linked to certain wind energy purchase contracts, with the objective of converting floating rates indexed to IPCA in Brazilian reais into fixed U.S. dollar rates. These transactions align the currency of these operating contracts with the currency of the Company's revenues, thereby reducing foreign exchange exposure to the U.S. dollar. As of June 30, 2026, the outstanding notional amount of these transactions totaled R$557 million, with monthly amortizations scheduled through January 2033. The result of these operations was a gain of R$9 million in 2Q26, representing an improvement of R$2 million compared to the gain of R$7 million recorded in 1Q26, reflecting the appreciation of the Brazilian real on the settlement dates of the contracts. The fair value of the swap portfolio was positive R$167 million as of June 2026, an improvement of R$7 million compared to the previous quarter (positive R$160 million). This variation mainly reflects the appreciation of the Brazilian real against the U.S. dollar, as well as changes in IPCA forward rates. As these instruments have not been designated for hedge accounting purposes, gains and losses, including mark-to-market adjustments, are recognized in the Company's net finance results for the period. CBA maintains energy swap contracts with no impact on its physical energy balance, with a six - year term and monthly amortizations through December 2028. These contracts were entered into to reduce the Company's exposure to risks associated with a power pur chase agreement by exchanging the exposure to IPCA and IGP -M (the original contract indexers) for fixed amounts denominated in U.S. dollars. As of June 30, 2026, the outstanding balance of these transactions totaled R$657 million. The result of these operations was a loss of R$27 million in 2Q26, representing an improvement of R$6 million compared to the loss of R$33 million recorded in 1Q26, primarily due to the appreciation of the Brazilian real against the U.S. dollar forward curve during the period. The fair value of the portfolio was negative R$249 million, representing an improvement of R$31 million compared to the previous quarter (negative R$280 million). This movement was mainly driven by the decline in IPCA forward rates along the yield curve. In July 2023, the Company designated these contracts under hedge accounting as cash flow hedges, aimed at mitigating the risk of cash flow mismatches between future U.S. dollar - denominated revenues and inflation-indexed electricity procurement costs.
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Capital Market As of June 30, 2026, CBAV3 closed the second quarter at R$10.77 per share. Average Daily Trading Volume (ADTV) totaled R$29.2 million in 2Q26. As disclosed in the Material Fact filed on January 29, 2026, the Company was informed by its controlling shareholder, Votorantim S.A., of the execution of a Share Purchase Agreement with Aluminum Corporation of China Limited (Chalco) and Rio Tinto for the sale of its entire equity interest in the Company, corresponding to 68.596% of CBA's total and voting share capital. The transaction, for which the agreed reference price is R$10.50 per share, remains subject to customary closing conditions, including antitrust and regulatory approvals in Brazil and other jurisdictions. Upon closing, the transaction will result in the transfer of control of the Company to the acquirers and will trigger the obligation to launch a mandatory tender offer (OPA) for the shares held by CBA's remaining shareholders. As of the date of this report, the transaction had not yet been completed. ESG In May, CBA published its Greenhouse Gas (GHG) Emissions Inventory in Brazil's Public Emissions Registry, earning the Gold Seal, awarded to organizations that achieve the highest level of qualification and transparency in emissions reporting. At the Alumínio plant (São Paulo), average freshwater consumption reached 7.37 m³/t in 2Q26, an increase of 8% compared to the previous quarter, while remaining in line with the level reported in 2Q25. The average water recirculation rate reached 45% during the quarter. During the period, CBA was featured at ICOLD 2026 (International Congress on Large Dams), held in Guadalajara, Mexico, one of the world's leading forums on dam safety and innovation. The Company presented the paper “Rehabilitation of the Santa Helena Hydro electric Power Plant Spillway”, reinforcing its commitment to operational excellence and its position as a reference in responsible dam management. In occupational health and safety, the Total Recordable Injury Frequency Rate (TRIFR), including cases with and without lost time, closed the quarter at 2.60 per million hours worked. Among the main advances during the period was the launch of training programs for specialists in Workplace Risk Observation (WRO), strengthening employees' capabilities in risk assessment and hazard identification. In parallel, the Company advanced the testing of digital safety technologies, including the implementation of int elligent onboard cameras in forklifts to monitor interactions between people and equipment. These initiatives reinforce preventive controls and contribute to the continuous development of safer workplaces. In Diversity, Equity and Inclusion, CBA ended the quarter with 19.2% women in its total workforce and 21.6% women in leadership positions. In June, during LGBTQIA+ Pride Month, the Company promoted a series of initiatives under the theme “Respect Transform s Our Culture.” Activities included film discussion sessions across operating units and workshops designed to foster respect and inclusion. These actions reflect CBA's ongoing commitment to providing a safe and respectful workplace where opportunities are accessible to everyone. In addition, CBA launched two new editions of the Empreende Mulher (Women Entrepreneurship Program) in the municipalities of Araçariguama (São Paulo) and São Sebastião da Vargem Alegre (Minas Gerais). As one of the Company's flagship social initiatives, th e program promotes local
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economic development and gender equity by providing technical training, mentoring and, in later stages, seed capital to support women -led businesses, fostering income generation, financial independence and greater female representation in the labor market. With respect to customers, CBA entered into a partnership with Embalagens Flexíveis Diadema S.A. for the use of the Alennium label, which certifies the Company's low -carbon aluminum. The initiative was showcased at Fispal Tecnologia, South America's larges t technology event for the food and beverage industry. In ESG indices and ratings, CBA was once again selected for inclusion in the B3 Corporate Sustainability Index (ISE B3). The Company was also recognized in EXAME magazine's Best of ESG 2026 awards, ranking among the top three companies in the Mining, Steel and Metals category. On the social front, CBA received recognition at the Mining & Communities Award, organized by Brasil Mineral magazine, for its Climate Action Public Management Support Program. The Company was also among the winners of the PVE 2025 – Innovate to Transform Award, promoted by Instituto Votorantim. The award recognized a public education project in the municipality of Itapissuma (Pernambuco), where CBA has operated since 2020 through the Partnership for the Advancement of Education (PVE) program. This marks th e fourth time the municipality has been recognized for its educational management practices across the five editions in which it has participated. Furthermore, in an unprecedented achievement, CBA was honored at the UN Global Compact's Ambition 2030 Forum as one of the first companies in Brazil to fulfill, as early as 2025, all five commitments established under the Transparency 100% Movement. Finall y, the Company received the 2026 Internship-Friendly Company Seal, an award based on evaluations provided by its own interns, reinforcing its commitment to talent development and employee experience.
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Balance Sheet – Assets Parent company Consolidated Assets Note 6/30/2026 12/31/2025 6/30/2026 12/31/2025 Current assets Cash and cash equivalents 9 1,471,572 974,571 1,755,418 1,268,235 Financial investments 18,586 17,489 54,596 57,157 Derivate financial instruments 23.2 (a) 148,692 138,317 156,553 144,522 Trade receivables 10 744,658 604,144 766,863 632,225 Inventory 11 1,722,912 1,696,119 2,079,886 2,046,103 Taxes recoverable 301,845 169,881 371,502 225,922 Dividends receivable 12 (d) 23,547 8,447 47,405 10,496 Other assets 58,382 75,798 63,796 83,674 4,490,194 3,684,766 5,296,019 4,468,334 Non-current assets Financial investments 55,405 52,087 55,405 52,087 Derivate financial instruments 23.2 (a) 444,043 382,431 471,317 401,817 Taxes recoverable 398,382 566,890 438,243 603,101 Deferred income tax and social contribution 19 (b) 497,628 633,580 420,464 563,555 Related parties 12 45,768 45,193 57,796 57,072 Judicial deposits 19,543 19,931 20,051 21,651 Other assets 49,448 46,968 75,872 54,262 1,510,217 1,747,080 1,539,148 1,753,545 Investments 14 (a) 1,337,065 1,234,160 193,178 221,687 Property, plant and equipment 15 (a) 5,759,822 5,639,451 6,552,139 6,448,859 Intangible assets 16 (a) 681,810 701,443 851,611 872,825 Right-of-use assets 340,994 190,159 353,118 200,767 9,629,908 9,512,293 9,489,194 9,497,683 Total assets 14,120,102 13,197,059 14,785,213 13,966,017
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Balance Sheet – Liabilities Parent company Consolidated Liabilities and equity Note 6/30/2026 12/31/2025 6/30/2026 12/31/2025 Current liabilities Trade payables 874,156 860,619 1,059,297 1,086,548 Confirming payables 18 187,569 147,602 197,336 217,879 Borrowing and debentures 17 (a) 157,377 132,573 160,896 136,193 Derivate financial instruments 23.2 (a) 152,045 138,665 152,045 138,665 Lease liabilities 88,193 44,488 96,717 50,440 Salaries and payroll charges 184,095 186,231 206,277 208,167 Taxes payable 152,585 29,188 175,934 59,584 Dividends payable 12 (c) 28,747 35,020 47,283 Use of public assets - UBP 21 77,502 75,808 85,512 83,818 Energy futures contracts 13 105,207 81,009 105,207 81,009 Provisions for lawsuits 20 (a) 172,784 158,468 172,784 158,468 Asset retirement obligation and environmental liabilities 20 (c) 34,748 48,202 37,599 51,068 Other liabilities 79,695 86,697 90,381 110,234 2,265,956 2,018,297 2,575,005 2,429,356 Non-current liabilities Borrowing and debentures 17 (a) 4,144,111 4,102,527 4,178,075 4,139,337 Derivate financial instruments 23.2 (a) 425,363 588,746 425,363 588,746 Lease liabilities 276,569 163,350 281,064 168,959 Related parties 12 22,644 56,201 22,699 64,488 Provisions for lawsuits 20 (a) 309,354 315,000 313,371 319,833 Asset retirement obligation and environmental liabilities 20 (c) 294,019 310,236 448,522 478,155 Use of public assets - UBP 21 912,140 897,736 974,970 959,600 Payables to investees 14 (a) 148,647 163,089 Energy futures contracts 13 134,019 176,066 134,019 176,066 Deferred income tax and social contribution 19 (b) 11,538 11,288 Other liabilities 122,955 113,923 129,073 115,681 6,789,821 6,886,874 6,918,694 7,022,153 Total liabilities 9,055,777 8,905,171 9,493,699 9,451,509 Equity 22 Share capital 4,510,042 4,510,042 4,510,042 4,510,042 Retained earnings 687,550 687,550 Revenue reserve 92,293 92,293 92,293 92,293 Goodwill on capital transactions (70,053) (70,053) (70,053) (70,053) Carrying value adjustments (155,507) (240,394) (155,507) (240,394) Attributable to the owners of the parent 5,064,325 4,291,888 5,064,325 4,291,888 Non-controlling interests 227,189 222,620 Total equity 5,064,325 4,291,888 5,291,514 4,514,508 Total liabilities and equity 14,120,102 13,197,059 14,785,213 13,966,017
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Statements of Profit or Loss – 2Q26 x 2Q25 Parent company Consolidated 4/1/2026 to 6/30/2026 4/1/2025 to 6/30/2025 4/1/2026 to 6/30/2026 4/1/2025 to 6/30/2025 Net revenue from goods sold and services rendered 2,291,797 1,722,585 2,568,388 2,004,973 Cost of goods sold and services rendered (1,788,836) (1,731,227) (2,006,629) (1,986,502) Gross profit (loss) 502,961 (8,642) 561,759 18,471 Operating income (expenses) Selling expenses (12,006) (9,123) (9,428) (10,772) General and administrative expenses (98,675) (106,094) (109,661) (117,909) Other operating income (expenses), net (13,415) 30,726 (8,794) 21,366 (124,096) (84,491) (127,883) (107,315) Operating profit (loss) before equity interest and finance results 378,865 (93,133) 433,876 (88,844) Equity results Equity in the results of investees 52,234 7,027 35,424 28,560 Net finance results Finance income 63,543 31,757 72,203 42,111 Finance expenses (88,360) (121,669) (103,643) (136,039) Results of derivative financial instruments 75,137 51,576 78,307 59,349 Foreign exchange gains (losses), net (5,075) 32,202 (5,259) 32,712 45,245 (6,134) 41,608 (1,867) Profit (loss) before taxes 476,344 (92,240) 510,908 (62,151) Income tax and social contribution Current (86,038) 10,198 (91,666) 132 Deferred (9,193) (12,280) (9,339) (10,799) Profit (loss) attributable to shareholders 381,113 (94,322) 409,903 (72,818) Profit (loss) attributable to the owners of the parent 381,113 (94,322) 381,113 (94,322) Profit attributable to non-controlling interests 28,790 21,504 Profit (loss) for the quarter 381,113 (94,322) 409,903 (72,818) Weighted average number of outstanding shares, in thousands 651,073 651,073 651,073 651,073 Basic net income (loss) per lot of one thousand shares 585.37 (144.87) 585.37 (144.87)
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Cash Flow – 1H26 x 1H25 Parent company Consolidated Note 1/1/2026 to 6/30/2026 1/1/2025 to 6/30/2025 1/1/2026 to 6/30/2026 1/1/2025 to 6/30/2025 Cash flow from operating activities Profit before income tax and social contribution 896,270 344,251 986,280 415,571 Adjustments to non-cash items Interest, indexation accruals and exchange variations 98,265 142,397 100,335 156,925 Equity results 14 (a) (107,639) (38,631) (71,748) (60,897) Depreciation, amortization and depletion 6 353,719 299,641 397,807 339,944 Energy futures contracts 13 (17,849) (192,125) (17,849) (192,125) Loss on sales of fixed assets 7 15,949 13,021 16,892 12,899 Provision (reversal) for impairment of assets 7 (14,594) (3,657) (35,319) 12,030 (Provision) reversal for loss on nickel assets 7 623 (29,730) 623 (29,480) Derivate financial instruments 23.2 (a) (240,842) (77,327) (253,697) (96,244) Realization of operating hedge accounting reserve 5.1 (i) 44,891 93,033 44,891 93,033 Constitution of provisions, net 30,085 42,865 29,443 43,765 1,058,878 593,738 1,197,658 695,421 Decrease (increase) in assets Trade receivables (118,864) (137,085) (101,379) (164,498) Inventory (32,206) (183,768) (38,463) (193,774) Taxes recoverable 88,107 (3,815) 97,362 6,196 Judicial deposits 1,799 18,101 3,011 18,060 Other credits and other assets 20,701 44,305 2,328 55,675 Increase (decrease) in liabilities Trade payables (48,364) (39,701) (89,152) (46,162) Confirming payables 39,967 (25,360) (20,543) (21,885) Salaries and payroll charges (2,136) (42,790) (1,890) (46,309) Taxes payable 6,899 (3,792) (18,959) (6,149) Advances from customers (16,067) 16,538 (20,353) 14,717 Payments related to tax, civil and labor proceedings 20 (a) (8,383) (6,699) (9,725) (6,711) Other obligations and other liabilities (33,190) 43,117 (45,733) 22,780 Cash provided by operating activities 957,141 272,789 954,162 327,361 Interest paid on borrowing, debentures and use of public assets (UBP) (221,278) (215,049) (226,024) (219,625) Realized interest gains on derivative financial instruments 71,905 17,900 71,905 17,900 Income tax and social contribution paid (51,563) (8,655) (78,084) (24,462) Net cash provided by operating activities 756,205 66,985 721,959 101,174 Cash flow from investing activities Financial investments (1,097) (70,265) (6,125) Redemption of financial investments 575 294,264 74,020 297,803 Acquisitions of property, plant and equipment and intangible assets (298,664) (346,220) (319,658) (378,712) Capital increase in investees 1.1 (d) (59,000) (12,500) Receipt for the sale of investment - Nickel 28,860 28,860 Capital reduction in investees 14 (b) 110,000 Proceeds from sale of PP&E and intangible assets 10,000 9 10,000 9 Dividends and interest on equity received 12 (d) 32,885 27,371 63,597 63,597 Net cash provided by (used in) investing activities (315,301) 101,784 (242,306) 5,432 Cash flow from financing activities Proceeds from borrowing and debentures 17 (c) 250,002 40,299 250,002 40,299 Borrowing and debentures costs 17 (c) (12,038) (2,769) (12,038) (2,755) Repayments of borrowing and debentures 17 (c) (21,227) (518,301) (22,881) (520,045) Realized losses on derivative financial instruments (48,931) (84,577) (45,620) (82,256) Dividends and interest on equity paid 12 (c) (28,747) (71,504) (10,748) Settlement of leases (61,897) (36,877) (67,625) (41,496) Net cash provided by (used in) financing activities 77,162 (602,225) 30,334 (617,001) Exchange variations on cash and cash equivalents (21,065) (47,053) (22,804) (51,254) Increase (decrease) in cash and cash equivalents 518,066 (433,456) 509,987 (510,395) Cash and cash equivalents at the beginning of the six-month period 974,571 817,743 1,268,235 1,141,965 Cash and cash equivalents at the end of the six-month period 1,471,572 337,234 1,755,418 580,316 Non-cash transactions New lease agreements 201,270 8,615 207,785 11,651 Acquisitions of property, plant and equipment and intangible assets (61,901) (40,738) (61,901) (62,723)
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CONTACTS ir@cba.com.br ri.cba.com.br/en