Slides
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Conference call RESULTS 3Q26
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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.
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3Q26 HIGHLIGHTS COMPETITIVENESS POSITIVE IMPACT TRANSFORMATIONGROWTH ✓Net revenue of R$2.7 billion reached the highest quarterly level in the Company's history, supported by high realized prices and a resilient mix. ✓Molten aluminum production cost reached R$11,845/t, the best result since 1Q25. ✓Record net income of R$616 million, reflecting the Company's strong operational and financial progress. ✓Adjusted EBITDA of R$565 million, more than doubling compared to 3Q25, with an adjusted EBITDA margin of 21%. ✓The early payment of the UBP (use of public assets) captures economic benefits, reduces future obligations and strengthens the Company's financial flexibility. ✓Leverage reduced to 1.38x, the lowest level since 4Q22.
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ALUMINUM Market 3Q26 Outlook
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¹ Balance adjusted for imports and exports of Primary Aluminum In 3Q26, the global aluminum deficit narrowed to 338kt, indicating a reduction in the imbalance between supply and demand. This movement reflected the gradual recovery of Chinese production and progress in the restart of operations in the Middle East. Even so, production constraints in the region and delays in new projects kept metal availability limited, sustaining a relatively tight market. Global aluminum demand remained firm in 3Q26, growing compared to 3Q25. Chinese consumption continued to be supported by the strong performance of the solar and automotive sectors, while, in the rest of the world, the gradual improvement in industrial activity supported demand growth. This scenario sustained global consumption growth and contributed to keeping the market tight, despite the gradual recovery of supply. Source: CRU Aluminum Market Outlook (Oct 2026) and Company Analysis. Note: historical numbers tend to vary according to updates of the CRU consultancy supply & demand model -93 122 670 -688 -338 3Q25 4Q25 1Q26 2Q26 3Q26 100 97 98 102103101 100 103104101 102 101102 100 100 94 102 103 104 97 106 105 105 98 107 108 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Excl. China China 100 = 3Q23 Aluminum market remains tight in 3Q26, despite gradual supply recovery PRIMARY ALUMINUM DEMANDGLOBAL BALANCE¹ (kt) – SUPPLY VS DEMAND
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Global deficit and supply constraints reduce aluminum inventories in 3Q26 LME AND SHFE WAREHOUSE STOCKS (kt) Global stocks in days of consumption fell to 44 days in 3Q26, reaching the lowest level of recent years, as a result of the aluminum market deficit and the continuous reduction of global stocks throughout the quarter. Official stocks recorded a sharp decline in 3Q26, led by the reduction of SHFE inventories. The destocking reflected strong demand in China and restocking ahead of Golden Week. With the global market still in deficit, inventory levels remained historically low. Source: CRU Aluminum Market Outlook (Oct 2026), CRU Aluminum Monitor (Oct 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) GLOBAL STOCKS IN DAYS OF CONSUMPTION¹ Equilibrium: 50 days 49 51 55 50 49 48 52 46 46 51 46 44 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 47 4Q25 1Q26 2Q26 3Q26 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 566 665 768 1,262 1,074 840 699 440 637 642 871 817 530 LME SHFE
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US$/t Expectations of improved supply push the LME down in 3Q26, while premiums diverge across regions After reaching record highs in 2Q26, the aluminum price on the LME fell sharply in 3Q26, amid high volatility. Reduced supply risks in the Middle East and signs of a gradual recovery in global production eased the perception of metal scarcity, pressuring prices compared to 2Q26 In 3Q26, regional premiums moved in different directions. In the US Midwest duty-paid market and in Rotterdam, premiums declined, following the LME correction and the gradual improvement in physical metal availability. Meanwhile, the Midwest Duty-unpaid and the Brazilian premium rose in the quarter. Despite these variations, premiums remain at historically high levels. US$/t Aluminum LME jan/25 mar/25 may/25 jul/25 sep/25 nov/25 jan/26 mar/26 may/26 jul/26 sep/26 nov/26 2,285 3,855 Maximum of the period Minimum of the period 3Q26 531 583 255 50 100 150 200 250 300 350 400 450 500 550 600 650 700 mar-25 may-25 jul-25 sep-25 nov-25 jan-26 mar-26 may-26 jul-26 sep-26 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 jan-25 484 497 148 2,563 522 155 2,532 510 2,459 585 475 295 2,467 2,383 449 300 2,410 563 443 306 610 US Midwest Duty Paid (L) US Midwest Duty Unpaid (R) Rotterdam Duty Unpaid (R) DDP SE Brazil (R) Sources: Bloomberg, CRU Aluminum Market Monitor (Oct 2026), S&P Platts and Company Analysis AVERAGE ALUMINUM LME PRICE (USD/t) 1Q26 3,199 2Q26 3,571 3Q26 3,226
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In Brazil, sectors maintain positive performance in 3Q26, but the outlook for industrial activity remains cautious INDUSTRY INDICATORS Motorcycle Production (Snic) Millions of tons(Abraciclo) Thousand units 495 502 582 3Q25 2Q26 3Q26 +17% +16% 3Q25 2Q26 3Q26 18.2 16.7 18.1 -0.4% +8% Cement Sales Light vehicle production maintains a positive trajectory, but is still concentrated in vehicles assembled via CKD/SKD. Motorcycle production continued to grow, supported by demand for lower- cost mobility and higher exports. In the energy sector, transmission remains an important demand driver, with the approval of the October auction and an expected investment of R$8.9 billion for the construction of 1,866 km of new transmission lines. Cement sales remained supported by the Minha Casa, Minha Vida (MCMV) program, with 1% growth year-to-date and an improvement over the previous quarter, which had recorded a decline. Packaging production maintains a slight downward trend (-0.9% YTD through August), while final consumption remains resilient – hyper and supermarket sales up in PMC-IBGE. 39,2 35,9 43,0 3Q25 2Q26 3Q26 +10% +20% Road Implements (Anfir) Thousand units – Registrations Light Vehicles Production (Anfavea) Thousand units 691 699 752 3Q25 2Q26 3Q26 +9% +8% The quarterly recovery in road implements reflected the effects of the Move Brasil program, although the year-to-date total remains slightly negative (-1.5%). Bus body production slowed compared to the previous quarter (-12%), pressured by the contraction of the minibus segment, but the year-to- date total remains positive (+1%).
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Operating and Financial PERFORMANCE
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Molten Aluminum Production Volume (kt)Destination of Sales (%) TotalRecyclingDownstreamPrimary Stable sales volumes, highlighted by growth in recycling % Aluminum sales 72 73 73 3Q25 2Q26 3Q26 +1% 34 31 31 3Q25 2Q26 3Q26 -9% 26 27 28 3Q25 2Q26 3Q26 +8% 132 131 132 3Q25 2Q26 3Q26 0% 88% 87% 85% 12% 13% 15% 3Q25 2Q26 3Q26 Exports Domestic Market 93 94 94 3Q25 2Q26 3Q26 Volumes in kt
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ALUMINUM PRODUCTION ENERGY SALE Power Balance - aMW CONTRACTS 99 246 108 411 107 399 PROPRIETARY GENERATION 114 373 112 381 AVG. COST: (R$ / MWh) 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 716 691 697 733 799 108 162 164 146 740 731 740 743 500 550 600 650 700 750 800 850 900 950 2024 2025 3Q25 748 146 2Q26 3Q26 824 853 861 879 945 Consumption Contracts Proprietary Generation Proprietary generation grew 15% vs. 3Q25, meeting 100% of the energy needs for aluminum production
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2,053 93% 7% 3Q25 2,007 93% 7% 2Q26 2,127 92% 8% 3Q26 +4% Aluminum EnergyR$ million -15 Other variable costs -171,403 10,488 67 Depreciation 1,470 10,375 3Q262Q26 4 Alumina 117 Anode Paste -202 Energy 11,891 11,845 Fixed costs 10,679 3Q25 12,121 1,442 Operational efficiencies and higher proprietary generation supported a competitive cost position Molten Aluminum Production Cost (R$/t) Cost of Goods Sold -4% variable costs Higher calcined petroleum coke prices increased the cost of anode paste -10% energy Ongoing operational efficiencies contributed to lower production costs +6% anode paste Higher proprietary generation reduced the energy cost of aluminum production Production cost 3Q26 vs. 2Q26 Depreciation Cash Cost ¹ Cash cost converted by the average exchange rate of the quarter. US$¹ 2,077/t US$¹ 2,018/tUS$¹ 1,959/t
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12111 3Q25 8131 2Q26 8113 3Q26 2,252 2,568 2,654 2,5332,129 2,428 +18% Aluminum 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 net revenue and robust EBITDA reflect the Company’s operational progress Adjusted¹ EBITDA and adjusted EBITDA marginNet Revenue 234 705 565 10% 3Q25 27% 2Q26 21% 3Q26 Adjusted EBITDA Margin Adjusted EBITDA 3Q262Q263Q25 Avg. USD/BRL 5.145.055.45 Avg. LME USD 3,2263,5712,618 Avg. LME BRL 16,56918,03214,268
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Capex remains concentrated on asset maintenance 130 133 127 90 133 37 46 37 33 32 39 37 19 12 10 3Q25 4Q25 1Q26 2Q26 3Q26 206 216 183 136 175 Maintenance Pot Relining Expansion & Modernization Capex– R$ million 76% 18% 6%
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SUPPLIERS AND SUPPLY CHAIN FINANCE: R$78 million due to the reduction in the balance over the quarter ACCOUNTS RECEIVABLE: R$23 million reflecting the higher volume invoiced in the period ¹ Interest paid on loans, financing, use of public assets (UBP), derivative financial instruments and lease settlements, net of interest income from cash and financial investments ² Related to the stake in CBA Energia Early payment of the UBP generated a one-off cash outflow of R$262 million and reduces future financial obligations Cash Flow 3Q26 – R$ million Working Capital INVENTORIES: R$144 million related to the inventory drawdown due to plant maintenance in the period TAXES RECOVERABLE: R$75 million driven by the sale of ICMS tax credits 565 352 -80 128 Adjusted EBITDA Working Capital -166 Taxes -175 CAPEX FCO -397 Financial¹ -35 Dividends² FCF 36 Amortization/ Loan Funding Change in cash and cash equivalents -44
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1.68x Net Debt/ LTM EBITDA 1.38x Lower leverage reinforces the strength of the capital structure Net Debt – R$ million ¹ Revolving credit facility of USD 100mm converted by Ptax from closing on 09/30/2026 (R$ 5.1809) ² Includes cash, cash equivalents and financial investments as of 09/30/2026 52 248 335 427 463 888 473 518 1,821 Cash 2026 2027 2028 2029 2030 2031 2032 2033+ 2,339 1,493 RCF¹ Cash² Debt Amortization Schedule – R$ million 4.96 years AVG. MATURITY USD 6.25% p.a. AVG. COSTBRL 10%USD 90% 2.851 -50 Net Debt 2Q26 28 Gross Debt 10 Exchange rate variation 44 Cash -142 MtM Hedge 14 Leases -192 2,947 Net Debt 3Q26 2,801 2,755 MtM
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CLOSING REMARKS ✓Aluminum market fundamentals remain supportive, with inventories at historically low levels. ✓Recordnet revenue and net income reflect the Company’s operational and financial progress ✓Early payment of the UBP demonstrates discipline in capital allocation and confidence in the Company’s cash generation capacity ✓Solid capital structure, with consistent leverage reduction
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Earnings PRESENTATION ri.cba.com.br/en ir@cba.com.br Q&A