Earnings release
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Ferbasa 2026 EARNINGS Release FESA B3 LISTED N1 5 ANOS Fundação José Carvalho
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2of 23 Index 1. HIGHLIGHTS OF THE CONSOLIDATED RESULTS ................................................................... 3 2. Corporate Profile .............................................................................................................. 4 3. MARKET ENVIRONMENT .................................................................................................. 5 4. Operational Results .......................................................................................................... 7 4.1 Production of ferroalloys ................................ ................................ ................................ ................................ ................. 7 4.2 Electric Power Generation – BW Guirapá ................................ ................................ ................................ ................... 7 5. SALES ............................................................................................................................... 9 5.1 Sales Volume ................................ ................................ ................................ ................................ ................................ ........ 9 5.2 Net Revenue ................................ ................................ ................................ ................................ ................................ .......... 9 5.3 Net Revenue by Product and Market ................................ ................................ ................................ .......................... 10 6. COST OF GOODS SOLD ................................................................................................... 11 7. EXPENSES ...................................................................................................................... 11 7.1 Sales Expenses ................................ ................................ ................................ ................................ ................................ ... 11 7.2 General and Administrative Expenses ................................ ................................ ................................ ....................... 11 7.3 Other Operating Expenses / Revenues ................................ ................................ ................................ ...................... 12 8. ADJUSTED EBITDA ............................................................................................................ 12 9. FINANCIAL STRUCTURE ................................................................................................. 13 9.1 Cash Flow and Cash Consumption ................................ ................................ ................................ .............................. 13 9.2 Net Financial Result ................................ ................................ ................................ ................................ ......................... 13 10. CAPEX ............................................................................................................................ 14 10.1 Operational ................................ ................................ ................................ ................................ ................................ ........ 14 10.2 Obligations related to the acquisition of subsidiaries ................................ ................................ ......................... 14 11. NET PROFIT (LOSS) ......................................................................................................... 14 12. DEMONSTRATION OF ADDED VALUE .............................................................................. 15 13. CAPITAL MARKETS AND INVESTOR RELATIONS ............................................................... 16 13.1 Share Buyback Program ................................ ................................ ................................ ................................ ................ 16 13.2 Earnings ................................ ................................ ................................ ................................ ................................ .............. 16 13.3 FESA4 Performance on B3 ................................ ................................ ................................ ................................ ............. 16 13.4 Investor Profile ................................ ................................ ................................ ................................ ................................ .. 17 14. GLOSSARY ...................................................................................................................... 18 15. MAIN CONSOLIDATED FINANCIAL STATEMENTS (in R$ thousand) ................................... 19
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3of 23 1. HIGHLIGHTS OF CONSOLIDATED RESULTS The table below highlights the quarterly (2Q26 vs. 2Q25) and semi-annual (1H26 vs. 1H25) financial performance: Highlights (R$ millions) 2Q26 1T26 Δ% 2Q25 Δ% 1S26 1S25 Δ% average dollar exchange rate 5.07 5.30 -4.3% 5.70 -11.1% 5.19 5.81 -10.7% Net revenue 523.5 506.4 3.4% 639.5 -18.1% 1,029.9 1,189.3 -13.4% Cost of goods sold 465.2 458.6 1.4% 551.3 -15.6% 923.8 1,026.9 -10.0% Cost over revenue 88.9% 90.6% 86.2% 89.7% 86.3% Adjusted EBITDA 50.3 44.1 14.1% 67.6 -25.6% 94.4 128.7 -26.7% EBITDA Margin 9.6% 8.7% 10.6% 9.2% 10.8% Net Profit (Loss) 4.5 (2,4) - 18.7 -75.9% 2.1 42.9 -95.1% Profit margin (loss) 0.9% -0.5% 2.9% 0.2% 3.6% PRODUCTION – Ferroalloy production reached 80,400 tons in Q2 2026. The 10.8% growth compared to Q1 2026 is due to the expansion in the production of chromium alloys (+10.1%) and silicon alloys (+12.7%). In the first half of 2026, production remained stable (+1.2%) comp ared to the first half of 2025, resulting from the combination of a 6.7% increase in chromium alloys and a 10.2% decrease in silicon alloys. SALES VOLUME – Ferroalloy sales totaled 66,600 tons in Q2 2026. The 4.1% growth compared to Q1 2026 stems from a 17% increase in domestic sales and an 11.8% decrease in exports. Conversely, the volume traded in the first half of 2026 was 12.1% lower than in the first hal f of 2025, with a slight reduction of 1.5% in domestic sales and a 23.8% drop in exports, due to protectionist measures. adopted across various continents, which have been expanding in recent years, in addition to congestion in the flow of some ports . NET REVENUE – Consolidated net revenue totaled R$ 523.5 million in 2Q26, representing a 3.4% increase compared to 1Q26. This increase reflected a 4.1% rise in sales volume and a 0.9% increase in the average dollar price , which offset the depreciation of the average dollar (-4.3%). Compared to 1H25, 1H26 revenue showed a 13.4% decline, pressured by SHARES B3: FESA3 & FESA4 Free float: 45.1% Market cap: R$ 2.6 billion INVESTOR RELATIONS Silvano Andrade CEO, CFO, IRO Carlos H. Temporal IR Manager +55 71 3404 3065 / 3066 www.ferbasa.com.br/investidores dri@ferbasa.com.br SCHEDULE Earnings Call August 12, 2026 3:00 P.M. (Brasilia time) 2:00 P.M. (NY time, USA) Access: clique aqui Cia de Ferro Ligas da Bahia – FERBASA (B3: FESA3 and FESA4), Brazil’s leading ferroalloys s upplier and the only integrated ferrochrome producer in the Americas, announces its e conomic and financial performance results for the second quarter of 2026. The interim quarterly information—both at the parent company and consolidated levels —was prepared in accordance with accounting practices adopted in Brazil, based on the Brazilian Corporation Law and the standards and pronouncements of the Brazilian Securities and Exchange Commission (CVM), the Accounting Pronouncements Committee (CPC), and IAS 34 – Interim Financial Reporting issued by the International Accounting Standards Board (IASB). This document contains forward -looking statements and information regarding FERBASA, based on assumptions and expectations that may or may not materialize; therefore, they do not constitute a guarantee of the Company's future performance. Although FERBASA believes the assumptions and expectations used are reasonable, we caution investors that such information is and will be subject to risks and other factors related to the Company's operations and business environments, such that actual results may differ from the projections—whether express or implied—contained in this material. Accordingly, FERBASA expressly disclaims any obligation to update the statements, projections, and expectations contained in this document.
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4of 23 a 14% drop in ferroalloy revenue. This result reflects the lower total sales volume ( -12.1%) and the decrease in the average dollar exchange rate (-10.7%), mitigated by a 9.7% increase in average dollar prices. COST OF GOODS SOLD – In the second quarter of 2026, consolidated COGS reached R$ 465.2 million. The stability (+1.4%) compared to the first quarter of 2026 is due to the 2.6% increase in COGS in the ferroalloy segment, justified by the 4.1% rise in sales. Compared to the first half of 2025, the COGS of alloys in the first half of 2026 fell by 10.2% - an effect of the 12.1% decrease in sales volume, which offset the pressure on input costs, observed mainly in FeSiCr and, consequently, in FeCrBC. SALES AND GENERAL/ADMINISTRATIVE EXPENSES – In Q2 2026, sales expenses totaled R$ 5.1 million – a decrease of 1.9% compared to Q1 2026, while in the first half of 2026, these expenses showed a decrease of 20.2% compared to the first half of 2025. Both movements are explained by the lower volume of exports in the periods. In turn, general/administrative expenses reached R$ 38.5 million in Q2 2026 – a decrease of 9.4% compared to Q1 2026 – driven by reduced costs for IT services, consulting, and advisory services. In the first half of 2026 , this amount accumulated a decrease of 14.3% compared to the first half of 2025 . OTHER OPERATING REVENUES/EXPENSES – Operating expenses totaled R$ 21.4 million in Q2 2026 and accumulated R$ 35.4 million in the first half of 2026. The 26.1% savings compared to the first half of 2025 was due to reduced spending on geological research, consulting, and energy concessions. ADJUSTED EBITDA – Operating cash generation, measured by Adjusted EBITDA, totaled R$ 50.3 milli on in 2Q26, with an EBITDA margin of 9.6%, a 14.1% increase compared to 1Q26. On the other hand, in the first half of this year, Adjusted EBITDA fell 26.7% when compared to 1H25 due to still adverse market conditions. CASH GENERATION/CONSUMPTION – Consolidated cash, cash equivalents, and financial investments totaled R$ 191.6 million in 1H26. As a result, the consolidated financial reserve ended the period at R$ 893.7 million. Deducting the consolidated debt of R$ 355.7 million from this amount, the Company 's net cash position was R$ 538.0 million in 2Q26, an amount R$ 180.4 million lower than that recorded in 4Q25. It is worth noting that, in 2Q26, FERBASA credited the payment of R$ 131.0 million (net of withholding tax) in dividends in the form of interest on equity, related to the 4Q25 resolution. FINANCIAL RESULTS – The Company achieved a financial result of R$ 22.1 million i n 2Q26 (19.5% higher than 1Q26). During the period, the negative effects of financial income and expenses were offset by the positive fluctuation of the net exchange rate variation. Conversely, between 1H26 and 1H25, the 35.1% decrease in financial results was marked by the negative effect of exchange rate variation, since, in absolute terms, the 8.8% reduction in financial income was almost entirely offset by the 19.5% decrease in financial expenses . CAPEX – Investments totaled R$ 64.0 million in Q2 2026 – a 57.6% increase compared to Q1 2026. In contrast, CAPEX of R$ 104.6 million for the first half of 2026 was 8.7% lower than the same period of the previous year. The most significant investments in the current semester were allocated to Forest Resources (41%), especially for the maintenance of biological assets, and to Mining (36%), with emphasis on mine development. NET PROFIT/LOSS – Consolidated net profit for Q2 2026 was R$ 4.5 million (0.9% margin) compared to a net loss of R$ 2.4 million (negative margin of 0.5%) in Q1 2026. For the first half of 2026, the profit of R$ 2.1 million (0.2% margin) reflects a 95.1% decrease compared to R$ 42.9 million (3.6% margin) in the first half of 2025 . 2. CORPORATE PROFILE FERBASA, with its solid 65 -year history, is a national leader in the production of ferroalloys and the only producer of ferrochrome in the Americas. The company has traditionally ranked among the largest companies in Bahia and, in 2025, remained among the top 10 industries in the state, according to the annual Valor 1000 ranking. With an integrated and vertically structured production cycle in the areas of metallurgy, mining, forestry resources, and renewable energy, its
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5of 23 operations are supported by a robust Integrated Management System, c ertified in accordance with ISO 9001, 14001, and 45001 standards. The company's portfolio, comprised of high -carbon ferrochrome alloys (FeCrAC), low -carbon ferrochrome alloys (FeCrBC), ferrosilicon 75 (FeSi 75), high -purity ferrosilicon 75 (FeSi HP), and f errosilicon chromium (FeSiCr), is primarily intended for the steel industry and the manufacture of stainless and special steels, aimed at serving the domestic market, the European Union, and countries such as Japan, China, and the United States. The mining segment comprises two chrome ore extraction units (one underground and one open -pit), two quartz mines, and a quicklime production plant, located in the Central -North and Northeast regions of the state. Almost all ore production is directed to the metallu rgical unit in Pojuca/BA, where ferroalloys are produced in 14 electric furnaces equipped with bag filters capable of neutralizing the release of particulate matter into the atmosphere. The total forest area comprises 64,000 hectares, of which approximatel y 25,000 are used for planting renewable eucalyptus forests, subsequently converted into bio -reducing agent – the raw material for ferrosilicon. The remaining extent of the forest asset includes areas of legal reserve, firebreaks, native forests, Private N atural Heritage Reserve (RPPN), among other characteristics. Guided by sustainability and the vertical integration of its production model, the Company's strategy was strengthened with the incorporation of the BW Guirapá Wind Complex, located in the munici palities of Caetité and Pindaí/BA. The 7 parks will have their clean and renewable energy available to integrate into FERBASA's supply mix from 2036 onwards, either for its own consumption or for the sale of the energy generated. The Corporate Office locat ed in Salvador/BA centralizes services for all of the group's operational units, present in 18 municipalities in Bahia. 3. MARKET ENVIRONMENT PROTECTIONIST MEASURES : Since 2025, protectionist measures have directly impacted FERBASA's exports. In the first half of 2026, ferrosilicon alloys accumulated a 29% surcharge in the US, referring to the sum of 19% from the "Antidumping" tariff (Mar/25) and 10% from " Section 1 22 " (Feb/26 to Jul/26). In July/26, before " Section 122 " expired, " Section 301 " was enacted , adding another 25% tariff in Brazil. Therefore, from August/26 onwards, the Company's silicon alloys will accumulate a 44% surcharge – "Antidumping" and " Section 301 " – while chromium alloys, included in the list of exempt products, have maintained a zero tariff since February/26. In turn, sales destined for the European Union have also been impacted since 2025 by the environment of regulatory uncertainty in the bloc, due to the uncertainties surrounding the final format of the "Safeguards" for silicon alloys and the definitive phas e of the CBAM for chromium alloys. Regarding Brazilian FeSi , the safeguards stipulated a quarterly quota of approximately 6,000 tons. Once this limit is reached, The minimum price of EUR 2,408/t will now be in effect for transactions. According to sector data, Brazil and India lead in the rate of consumption of FeSi 75 quotas. Regarding CBAM, since Q1 2026, CO2 emissions related to products imported by the bloc must be certified by an external audit. This is because the respective tariff will be defined by the direct emissions (Scope 1 ) of each plant, and the charge will begin in 2027. According to an independent analyst, FERBASA 's direct emissions are among the lowest in the market. Furthermore , the high participation of renewable sources in the Brazilian energy matrix should favor the company's competitiveness as the other scopes are incorporated into the emissions calculation. CRUDE STEEL : According to data from the World Steel Association (WSA), global crude steel production, a significant driver of ferrosilicon consumption, reached 472.3 Mt in Q2 2026, a 2.9% increase compared to Q1 2026. China, responsible for 53% of the gl obal volume in the period, grew 1.9% compared to the previous quarter. In the first half of the year, the global steel industry produced 931.5 Mt – remaining stable ( -0.7%) compared to the first half of 2025. Among the largest global producers in the first half of 2026, the best performances compared to the first half of 2025
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6of 23 were: Vietnam (+26.9%), Germany (+8.9%), Turkey (+8.1%), India (+7.1%), USA (+6.3%) and South Korea (+2.1%). The worst performances were recorded by: Russia (-8.4%), China (-3%), Brazil (-1.5%) and Japan (-0.4%). South America produced 20.5 Mt in the first half of 2026, a similar amount ( -0.8%) to that of the first half of 2025. Of this total, 16.3 Mt came from Brazil. According to statistics from the Brazilian Steel Institute (IABr), t he relative stability (-1.5%) in national steelmaking activity between the first half of 2025 and the first half of 2026 can be attributed to lower apparent consumption ( -5.3%), coupled with a slight improvement of 3.1% in exports and a reduction of 17.6% in imports. FeSi : In China, which accounts for approximately 70% of the world's supply of silicon alloys, 1.44 Mt of FeSi were produced in Q2 2026, a 12.8% increase compared to Q1 2026, according to specialized reports. This increase is attributed to improved global demand (domestic and international) for Chinese FeSi, as well as price increases during the period. Looking at the year -to-date figures, the Asian country produced 2.71 Mt of silicon alloys, indicating stability (+0.8%) compared to the first half of 2025. Regarding prices in China, between the 1st and 2nd quarters of 2026, FeSi reached its highest quarterly price in both domestic and international markets since the 1st quarter of 2025. In contrast, the European price returned to the same level as before the announ cement of the "Safeguards" (4th quarter of 2025). In the US, the price of ferrosilicon remained stable throughout the first half of 2026. The escalation of geopolitical tensions in the Middle East boosted the prices of all commodities between Q1 2026 and Q2 2026. Energy costs —oil, natural gas, and coal —rose from 4% to 30%, according to the World Bank. The exception was the 38% drop in the price of natural gas in the US, which contrasted with the increases in gas prices in Europe ( + 14 % ) and Japan ( + 21 % ), justified by record domestic production and bottlenecks in its export. This scenario maintains the global trend of increasing expenses for coke and electricity, important components in the formation of production costs and, consequently, the prices of ferroalloys, especially silicon-based ones. STAINLESS STEELS : Specialized reports indicate that global stainless steel production, a benchmark for FeCr demand , reached 17.1 Mt in Q2 2026 – a 6.2% increase compared to the previous quarter. China's produc tion, responsible for 64% of the global volume, led the global performance, growing 8.2% and reaching a new quarterly record. During the same period, it is estimated that US production jumped 17%, reaching its highest quarterly level since 2021 (573,000 tons), while in Brazil the expansion was 6.5% (89,000 tons). In contrast, European production shrank by 3% (1.6 Mt ). In the first six months of this year, global stainless steel production totaled 33.2 Mt (+2.7% vs. 1H25), driven by the 21 Mt manufactured in China (+3.4% vs. 1H25). FeCr: Global FeCrAC production, which tends to remain in line with stainless steel production volumes, totaled 4.4 Mt in Q2 2026 (+6.1% vs. Q1 2026), according to estimates from specialized publications. China accounted for 63% of the global volume, increasing its domestic production by 2.8% compared to Q1 2026. Regarding South Africa – which represented approximately 6% of global supply in Q2 2026 – chromium alloy production jumped 118% compared to Q1 2026, the highest level in the last four quarters. Also in Q2 2026, an agreement was reached between producers and the South African government, granting a further 30% discount on energy tariffs starting June 1, 2026. This scenario indicates potential for productive recovery in South Africa, which ended the first half of 2026 approximately 70% below the first half of 2025. If this trend continues, the rate of expansion of Chinese supply — which increased by 32% between the first half of 2025 and the first half of 2026 — should slow down. Between Q1 2026 and Q2 2026, the average spot price of FeCrAC in China increased. However, a gradual decrease in price has been observed since May 2026. Similarly, there was also an increase in FeCrAC prices in the US and Europe. Chromium ore, which represents about 50% of the FeCrAC production cost , was s lightly increased between Q1 2026 and Q2 2026 in China; however, its price has also been declining since May 2026 due to high inventories in the country. It is worth highlighting that the prices charged by FERBASA are based on a "basket" of international p rices, including those practiced in the European, North American, and especially Asian markets.
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7of 23 4. OPERATIONAL RESULTS 4.1 Production of ferroalloys In the second quarter of 2026, 80,400 tons of ferroalloys were produced. The 10.8% increase compared to the p revious quarter resulted from increases of 10.1% in chromium alloys and 12.7% in silicon alloys. Between the first half of 2025 and 2026, ferroalloy production remained stable (+1.2%). It is important to note that a portion of the ferroalloys manufactured is consumed domestically as an input in other production chains. Production (tons) 2Q26 1T26 Δ% 2Q25 Δ% 1S26 1S25 Δ% Chromium Alloys 56,726 51,536 10.1% 51.051 11.1% 108,262 101,423 6.7% Silicon Alloys 23,705 21.039 12.7% 24,355 -2.7% 44,744 49,804 -10.2% Total 80.431 72,575 10.8% 75,406 6.7% 153.006 151,227 1.2% Utilization of installed capacity (MWh) % 85.5% 77.9% 83.7% 81.7% 83.9% Installed capacity, measured based on the amount of electrical energy that can be consumed in MWh, assumes the daily and uninterrupted operation of furnaces at normal power (without power reduction or shutdowns of any kind) and a product mix that enables f urnace operation at maximum power. The utilization of installed capacity, in turn, may be affected by: (i) furnace shutdown or power reduction for maintenance, repair, or operational intervention; (ii) production of alloys that require power reduction ; and (iii) sale of part of the contracted energy in the Free Market. In the second quarter of 2026, FERBASA utilized 85.5% of the installed capacity of its metallurgical plant, an increase of 7.6 percentage points compared to the first quarter of 2026, due to the increased production volume of both alloys. The analysis between the first half of 2025 and the first half of 2026, however, indicates a contraction of 2.2 percentage points in the utilization of installed capacity due to the production mix, which reduced the share of more electron - intensive silicon alloys in this year's total production. 4.2 Electric Power Generation – BW Guirapá In the second quarter of 2026, net power generation at the BW Guirapá wind farms averaged 51.9 MW, a volume 22.2% lower than in the second quarter of 2025, periods with similar seasonal characteristics. The main influence on the 51.30 50.07 48.50 51.51 50.37 51.05 52.65 54.40 51.54 56.73 25.49 24.68 27.79 21.87 25.45 24.36 23.04 20.38 21.04 23.71 76.79 74.75 76.29 73.38 75.82 75.41 75.69 74.77 72.58 80.43 0 20 40 60 80 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Tonns (t) Chrome Alloys Silicon Alloys Total
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8of 23 performance of the wind farm complex during this period was , once again, the restrictions imposed by the National Electric System Operator (ONS). Most of these restrictions stemmed from the need to balance the transmission system during periods of high power generation relative to grid consumption, and from unavailability in facilities outside of BW . Without these restrictions, the net generation of the wind farms would have exceeded the contracted energy by an average of 0.7 MW. In summary, the main factors influencing the energy generation of BW Guirapá are (i) the operational availability of the entire Wind Complex, which, in the case of the wind turbine, is related to the available operating time and the time relative to effective generation; (ii) the performance of the wind turbines, measured by the association between actual and expected generation, based on the turbine's theoretical power curve; (iii) atmospheric weather conditions, which are reflected in wind quality (speed and density); (iv) systemic restrictions imposed by the National Electric System Operator - ONS; and (v) internal and external electrical losses. The difference between the contracted generation of 68 MW on average for Q2 2026 and the net generation achiev ed, of 51.9 MW on average, can be explained as follows: 2Q26 – Manageable factors (- 3.7 MW average) : ▪ The realized availability of 97.8% caused a decrease of 1.5 MW on average in energy generation, a result mainly related to damage to wind turbines . ▪ The average performance achieved of 97.1% resulted in a decrease of 2.2 MW on average, as a consequence of the calibration of the equipment that guides the wind turbines. 2Q26 – Unmanageable factors (-12.3 MW average) : ▪ The weather positively impacted net contracted generation by an average of 8.2 MW , as the average wind speed exceeded what was expected. Estimated for achieving the contracted generation. ▪ The persistence of a fairly high level of restrictions imposed by the ONS (National System Operator) in its management of the National Interconnected System (SIN) thwarted an average generation of 16.7 MW from the Park. ▪ Internal and external electrical los ses related to equipment and the transmission system (external systemic losses – allocated by the ONS), respectively, reduced the contracted generation by an average of 3.8 MW . 58.3 68.0 90.3 77.1 58.3 68.0 90.3 77.1 58.3 68.0 38.8 60.2 66.7 56.0 36.2 66.7 74.8 53.8 29.5 51.9 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Quarterly Electricity Contracted (aMW) Quarterly Electricity Generation (aMW) Energia líquida Contratada anual (quadriênio 2022-2026): 73,5 MW médios
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9of 23 The excessive restrictions imposed by the ONS (National System Operator) conti nue to impact BW Guirapá's results and are challenging the entire wind power generation segment, especially projects located in the North and Northeast of the country. 5. SALES 5.1 Sales Volume In the second quarter of 2026, 66,600 tons of ferroalloys were s old. The 4.1% increase compared to the first quarter of 2026 resulted from a combination of a 17% increase in the domestic market (MI) and an 11.8% decrease in the export market (ME). Comparing the first half of 2026 to the first half of 2025, the decrease in sales volume was 12.1%. In the ME (Metropolitan Region), the drop in exported volume of chromium alloys compared to the first half of 2025 reflects delays caused by congestion at destination port terminals. Regarding silicon alloys, despite the recovery in the second quarter of 2026, exports continue to be impacted by safeguard restrictions in the European Union and increased competition from other markets, including alternative materials. Uncertainties surrounding the conflict in the Middle East maintain an unstable scenario in global logistics and energy commodity prices. Despite efforts aimed at replenishing the sector's steel stocks, national steel production remained stable, which was reflected in the accumulated sales volume for the first half of 2026, which was in line with the first half of 2025. Sales (tons) 2Q26 1T26 Δ% 2Q25 Δ% 1S26 1S25 Δ% DOMESTIC MARKET Chromium Alloys 36,569 31,709 15.3% 34,503 6.0% 68,278 67,641 0.9% Silicon Alloys 4,746 3.606 31.6% 4.608 3.0% 8.352 10.152 -17.7% Total MI 41.315 35.315 17.0% 39.111 5.6% 76,630 77,793 -1.5% FOREIGN MARKET Chromium Alloys 6,860 12,577 -45.5% 16,491 -58.4% 19,437 27,346 -28.9% Silicon Alloys 18,392 16.046 14.6% 23,375 -21.3% 34,438 43,371 -20.6% Total ME 25,252 28,623 -11.8% 39,866 -36.7% 53,875 70.717 -23.8% TOTAL (MI + ME) 66,567 63,938 4.1% 78,977 -15.7% 130.505 148,510 -12.1% 5.2 Net Revenue Consolidated net revenue for Q2 2026 totaled R$ 523.5 million, an increase of 3.4% compared to Q1 2026, despite the stability (+0.5%) in revenue from ferroalloys. This variation reflects the 4.1% increase in sales volume and the stability (+0.9%) in the average price of alloys, in dollars, combined with the 4.3% devaluation in the average dollar exchange rate. Compared to the same period in 2025, consolidated net revenue for the first half of 2026 fell 13.4% as a result of a 14.0% decrease in revenue from f erroalloys. This result reflects the declines in the average dollar exchange rate ( - 10.7%) and sales volume (-12.1%), mitigated by a 9.7% increase in the average dollar price of ferroalloys. Net Revenue (R$ millions) 2Q26 1T26 Δ% 2Q25 Δ% 1S26 1S25 Δ% DOMESTIC MARKET Ferroalloys 297.2 256.5 15.9% 293.2 1.4% 553.7 568.4 -2.6% Wind energy 27.8 14.7 89.1% 30.1 -7.6% 42.5 50.4 -15.7% Other Products (*) 16.3 14.8 10.1% 12.9 26.4% 31.1 27.1 14.8%
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10of 23 Total MI 341.3 286.0 19.3% 336.2 1.5% 627.3 645.9 -2.9% FOREIGN MARKET Ferroalloys 182.2 220.4 -17.3% 303.3 -39.9% 402.6 543.4 -25.9% Total ME 182.2 220.4 -17.3% 303.3 -39.9% 402.6 543.4 -25.9% TOTAL (MI+ME) 523.5 506.4 3.4% 639.5 -18.1% 1,029.9 1,189.3 -13.4% Average exchange rate (BRL/USD) 5.07 5.30 -4.3% 5.70 -11.1% 5.19 5.81 -10.7% (*) includes recipe with chromite sand, lime, microsilica, wood and slag. 5.3 Net Revenue by Product and Market Net revenue by product is shown in the chart below: The performance of the global steel industry remained modest at the beginning of 2026, a market condition similar to that recorded at the end of 2025. South Africa remains under pressure due to high energy and logistics costs, despite the momentary relief in e lectricity tariffs following the agreement signed between the government and South African FeCrAC producers . In China, ferrochrome production reached a new record in June 2026, after the period of lower commercial activity at the beginning of the year. Re garding FeSi, the scenario is still one of caution due to protective measures in the US and Europe . Ferroalloys 94.2% Wind energy 2.9% Other Products 2.9% Sales mix - 1Q26 311.7 342.0 339.9 275.4 241.1 256.6 332.8 303.1 309.7 336.2 338.4 324.8 286.0 341.3 404.7 284.1 211.0 266.3 268.4 265.4 264.9 304.4 240.1 303.3 204.2 277.8 220.4 182.2 - 50.00 100.00 150.00 200.00 250.00 300.00 350.00 400.00 1Q23 2Q22 3Q22 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Distribution of net revenue by market (in millions of reais) Domestic Market Foreign Market Ferroalloys 91.6% Wind energy 5.3% Other Products 3.1% Sales mix - 2Q26
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11of 23 6. COST OF GOODS SOLD The consolidated cost of goods sold (COGS) totaled R$ 465.2 million in Q2 2026 – a stable level (+1.4%) compared to Q1 2026. This is due to the balance between higher sales volume and lower production costs. In the semester -on-semester comparison, the cons olidated COGS for the first half of 2026 decreased by 10% compared to the first half of 2025, in line with the 10.2% drop in COGS for ferroalloys. This variation is largely justified by the 12.1% decrease in sales volume, in addition to higher production c osts. Regarding the cost of electricity consumed in the production of ferroalloys, an increase of 3% was recorded between the first half of 2025 and the first half of 2026. Considering the comparison between 1S26 and 1S25, the reduction in production costs of high -carbon ferrochrome (FeCrAC) was mainly due to lower coke costs and a slight decrease in the cost of chromium ore. Conversely, low -carbon ferrochrome ( FeCrBC ) saw an increase, primarily driven by higher costs for refined chromium ore (produced sp ecifically for FeCrBC) and reducing agent (FeSiCr). Ferrosilicon (FeSi) also experienced cost increases, driven by higher electricity and quartz costs, and to a lesser extent, furnace inputs such as electrode liners and lining paste. percentage points is observed between 1H25 and 1H26, mainly due to increased production costs and a contraction in revenue, triggered by factors such as a drop in sales volume and the devaluation of the dollar during the analyzed period. Finally, the "Wind Energy" line, present ed in the table below, refers to the CPV (Cost Per Sale) of the BW Guirapá wind farm complex and covers the main cost components associated with the operation of the wind turbines, such as equipment maintenance, power transmission, and depreciation. CPV (R$ millions) 2Q26 %RL(*) 1T26 %RL(*) 2Q25 %RL(*) 1S26 %RL(*) 1S25 %RL(*) Ferroalloys 429.4 89.6% 418.5 87.8% 511.3 85.7% 847.9 88.7% 943.9 84.9% Wind energy 22.5 80.9% 25.0 170.1% 23.4 77.7% 47.5 111.8% 48.2 95.6% Other products (**) 11.9 73.0% 10.7 72.3% 10.3 79.8% 22.6 72.7% 20.8 76.8% Subtotal products 463.8 454.2 545.0 918.0 1,012.9 Idle capacity 3.3 5.8 5.2 9.1 12.0 Others (1,9) (1,4) 1.1 (3,3) 2.0 Other subtotal 1.4 4.4 6.3 5.8 14.0 Grand total 465.2 458.6 551.3 923.8 1,026.9 %Net revenue 88.9% 90.6% 86.2% 89.7% 86.3% (*) considers the percentages of COGS by Net Revenue (NR) for each product line. (**) Includes costs for the following products: chromite sand, lime, microsilica, wood and slag. 7. EXPENSES 7.1 Sales Expenses Sales expenses totaled R$ 5.1 million in Q2 2026, a decrease of 1.9% compared to the R$ 5.2 million recorded in Q1 2026. In the first half of this year, expenses decreased by 20.2% compared to the first half of 2025. In both analyses, the reductions are mainly due to the lower volume of exports in the periods. Regarding net revenue, the percentage share of sales expenses was 1.0% in the first half of 2026 and 1.1% in the first half of 2025. 7.2 General and Administrative Expenses
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12of 23 administrative expenses include amounts related to salaries, benefits, management fees, social security contributions, consulting services, and the provision for profit sharing. In the second quarter of 2026, these expenses totaled R$ 38.5 million (R$ 2.2 million related to BWG), r epresenting a decrease of 9.4% compared to the R$ 42.5 million of the first quarter of 2026 (R$ 2.5 million related to BWG), with a notable reduction in IT services, consulting, and advisory services. For the full year 2026, general and administrative expenses decreased by 14.3% compared to the same period in 2025, largely due to a reduction in profit -sharing expenses as a result of decreased profit during the period. 7.3 Other Operating Expenses / Revenues Total operating expenses reached R$ 21.4 million in Q2 2026, totaling R$ 35.4 million in H1 2026, representing a 26.1% saving compared to H1 2025, notably due to reduced spending on geological research, consulting, and energy concessions. In H1 2026, the main expenditures occurred in the lines related to Corporate Social Responsibility (R$ 8.8 million), other taxes and fees (R$ 10.0 million), expenses with geological research and consulting (R$ 12.0 million), and other expenses (R$ 4.6 million). 8. ADJUSTED EBITDA EBITDA is not a measure defined by Brazilian and international accounting standards, representing the profit for the period before interest, income tax, social contribution, depreciation, amortization, and depletion. FERBASA discloses its adjusted EBITDA i n accordance with CVM Resolution 156/22, that is, excluding the net effect of the fair value of biological assets, the provision for contingencies, and other non -recurring effects. Adjusted EBITDA reached R$ 50.3 million in 2Q26, with an EBITDA margin of 9.6% , 14.1% higher than in 1Q26 . In 1H26, operational cash generation of R$ 94.4 million, with an EBITDA margin of 9.2%, was 26.7% lower than in 1H25. EBITDA - Consolidated (R$ millions) 2Q26 1T26 Δ% 2Q25 Δ% 1S26 1S25 Δ% Net Profit (Loss) 4.5 (2,4) - 18.7 -75.9% 2.1 42.9 -95.1% (+/-) Net financial result (22.1) (18.5) 19.5% (23.9) -7.5% (40.6) (62.6) -35.1% (+/-) Corporate Income Tax/Social Contribution on Net Profit 11.0 7.0 57.1% 11.3 -2.7% 18.0 26.8 -32.8% (+/-) Depreciation, amortization, depletion and capital gains 1 59.5 55.1 8.0% 57.8 2.9% 114.6 117.4 -2.4% EBITDA 52.9 41.2 28.4% 63.9 -17.2% 94.1 124.5 -24.4% (+/-) Provision for contingencies and other (5,2) 0.4 1.2 (4,8) 0.8 (+/-) Tax credit recovery 2 - - - - (1.5) (+/-) Other effects 3 2.6 2.5 2.5 5.1 4.9 Adjusted EBITDA 50.3 44.1 14.1% 67.6 -25.6% 94.4 128.7 -26.7% EBITDA Margin 9.6% 8.7% 10.6% 9.2% 10.8% 1) The capital gain refers to the effect of realizing the assets valued at their fair value, reflecting the acquisition of BWG. 2) Establishment of tax credits for federal taxes (does not include monetary adjustment). 3) Includes consolidated actuarial liabilities and other non-recurring effects.
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13of 23 9. FINANCIAL STRUCTURE 9.1 Cash Flow and Cash Consumption In the first half of 2026, according to the Statement of Cash Flows (CPC 03 -R2), which only considers the variation in cash and cash equivalents accounts, the amount consumed by operating, investing, and financing activities was ( -) R$ 96.7 million, mainly impacted by: (+) R$ 37.5 million in operating profit, including changes in working capital, interest payments and taxes. (+) R$ 33.5 million from investment activities, influenced by: (i) transfer of financial investments to Cash and Cash Equivalents in the amount of (+) R$ 141.7 million; (ii) acquisitions for fixed assets and biological assets which together totaled ( -) R$ 104.6 million; (iii) payment of the remaining balance of the acquisition of BW Guirapá in the amount of ( -) R$ 5.0 million; and (iv) others, amounting to (+) R$ 1.4 million. (-) R$ 167.7 million from financing activities, whose impacts were: (i) payment of interest on equity in the amount of (-) R$ 131.0 million; (ii) payment of leases/rents that totaled (-) R$ 23.0 million; and (iii) amortization of consolidated loans and financing in the amount of ( -) R$ 13.7 million relating to BWG's debt to BNDES. Considering Cash, Cash Equivalents, and Financial Investments, there was a cash outflow of R$ 191.6 million in 1H26, totaling a consolidated financial reserve of R$ 893.7 million at the end of the period. Consolidated debt in 1H26 was R$ 355.7 million (of which R$ 155.2 million relates to BWG's debt with BNDES). Thus, FERBASA ended 1H26 with a net cash position of R$ 538.0 million. It i s worth noting that, in 2Q26, FERBASA credited the payment of R$ 131.0 million in dividends in the form of JCP (interest on equity), referring to the 2nd installment of the resolution passed in 4Q25. Net Cash Flow - Consolidated (R$ millions) 06/30/2026 12/31/2025 Δ . Cash and cash equivalents 276.0 372.7 (96.7) Financial investments 617.7 712.6 (94.9) Total Financial Reserve 893.7 1,085.3 (191.6) Loans and financing* (355.7) (366.9) 11.2 Cash (Debt) Net (a) 538.0 718.4 (180.4) (*) The IOF value on the fundraising is R$ 2.4 million and R$ 2.7 million for 06/30/26 and 12/31/25, respectively. 9.2 Net Financial Result The Company generated R$ 22.1 million in financial results in Q2 2026, an amount 19.5% higher than in Q1 2026. This performance was influenced by the negative effects of a 3% decrease in financial revenue and an 8.7% increase in financial expenses, plus a positive effect of R$ 5.8 million related to net exchange rate variation. In the first half of 2026, the financial result showed a decrease of 35.1% compared to the first half of 2025. This decrease stems from the negative net exchange rate impact of R$ 21 .4 million and the 8.8% reduction in financial média B3 R$/USD 4,2045 média NDF contratada R$/USD 4,0790
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14of 23 income — caused by higher cash consumption and lower interest rates. This movement was partially mitigated by a 19.5% decrease in financial expenses, favored by the reduction in the Company's debt. Financial result (R$ millions) 2Q26 1T26 Δ% 2Q25 Δ% 1S26 1S25 Δ% Financial performance Financial revenue 35.5 36.6 -3.0% 37.5 -5.3% 72.1 79.1 -8.8% Financial expense (13.8) (12.7) 8.7% (16.9) -18.3% (26.5) (32.9) -19.5% Net exchange rate variation 0.4 (5.4) - 3.3 - (5.0) 16.4 - Grand total 22.1 18.5 19.5% 23.9 -7.5% 40.6 62.6 -35.1% 10. CAPEX 10.1 Operational The Company invested R$ 104.6 million in CAPEX in the first half of the year, an amount 8.7% lower than that invested in the first half of 2025. The figures broken down by business unit are presented below: CAPEX (R$ millions) Metallurgy Mining Forest Wind energy 1S26 1S25 Machinery and equipment 10.7 13.4 0.2 4.5 28.8 55.5 Biological asset - - 26.8 - 26.8 28.1 Mines - 20.1 - - 20.1 10.2 Buildings 9.0 4.1 13.8 - 26.9 14.1 Land - - - - - 1.2 Vehicles and tractors - - - - - 0.8 Furniture and utensils 0.1 0.1 - - 0.2 0.4 Other (i) - 0.1 1.7 - 1.8 4.3 Total 19.8 37.8 42.5 4.5 104.6 114.6 (i) These include: advances, IT, intangible assets, and others. You The most significant investments in the first half of 2026 were allocated to the acquisition of machinery and equipment (27.5%), mostly in Metallurgy and Mining; to the maintenance of biological assets (25.6%), in Forestry; to mine development (19.2%), in Mining; and to buildings (25.7%), in the three units mentioned. Together, these expenditures represented 98.1% of the CAPEX incurred. 10.2 Obligations related to the acquisition of subsidiaries The Company paid R$ 7.2 million (of which R$ 5.0 million was principal) in Q1 2026, relating to the updated residual balance of the acquisition of the BW Guirapá Wind Farm Complex. With this, the debt to Santander and Brazil Wind was fully settled. 11. NET PROFIT (LOSS ) Consolidated net income in Q2 2026 was R$ 4.5 million (0.9% margin), compared to a net loss of R$ 2.4 million (negative margin of 0.5%) in Q1 2026. Therefore, accumulated profit for the first half of 2026 was R$ 2.1 million (0.2% margin), a 95.1% reduction compared to R$ 42.9 million (3.6% margin) in the first half of 2025. The main factors influencing the variation in results between the first half of 2025 and the first half of 2026 were:
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15of 23 (i) A 9.7% increase in the average price of ferroalloys in dollars; (ii) A 10.7% devaluation in the average dollar exchange rate; (iii) A 12.1% reduction in the total sales volume of ferroalloys; (iv) A 10.2% decrease in the cost of goods sold (COGS) for ferroalloys; (v) a 35.1% reduction in financial results; and Also noteworthy in 1S26 are: (i) BW Guirapá reported a loss of R$ 13.2 million in the first half of 2026, compared to a loss of R$ 9.3 million in the first half of 2025. (ii) Considering cash, cash equivalents, and financial investments, FERBASA recorded a consolidated cash outflow of R$ 191.6 million. The following chart shows the evolution of EBITDA, EBITDA margin, and net income since Q1 2023 . 12. STATEMENT OF ADDED VALUE The table below demonstrates the wealth generated by the Company and its respective distribution. In the first half of 2026, R$ 358.6 million was generated, an amount 14.9% lower than in the first half of 2025: DVA (R$ millions) 1S26 1S25 Δ% Collaborators 217.4 221.1 -1.7% Government 98.2 112.5 -12.7% Other (1) 40.9 44.8 -8.7% Net Profit (2) 2.1 42.9 -95.1% Total 358.6 421.3 -14.9% (1) These refer to interest, rent, leases, financial expenses, passive exchange rate variation, and others . (2) Shareholders and retained earnings. 187 144 76 47 78 100 127 47 61 68 51 4 44 50 132 122 75 55 41 57 104 126 24 19 46 100 -2 5 26% 23% 14% 9% 15% 19% 21% 8% 11% 11% 9% 1% 9% 10% -25% -15% -5% 5% 15% 25% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 -50 0 50 100 150 200 250 300 350 400 Adjusted EBITDA (R$ MM) Net Profit (R$ MM) EBITDA Margin
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16of 23 13. CAPITAL MARKETS AND INVESTOR RELATIONS In line with best practices in information disclosure, FERBASA maintains its Investor Relations (IR) website as a central communication channel, holds quarterly earnings conferences, and an annu al public meeting. Below is a summary of the main relevant information for investors and the market in general, pertinent to the period. 13.1 Share Buyback Program FERBASA released a Material Fact notice on May 28, 2026, informing of the renewal of the "Share Buyback Program," initiated on May 29, 2025, and valid until May 28, 2027. The acquisition operations will continue to be carried out on the B3 stock exchange, with the intermediation of the financial institutions ITAÚ CORRETORA DE VALORES S/A and BTG PACTUAL CTVM, and will remain limited to 3,200,000 (three million and two hundred thousand) preferred shares – FESA4. In accordance with the premises established by the Program, the Company acquired 1,519,200 (one million, five hundred and nineteen thousand and two hundred) preferred shares (FESA4), until the end of the first half of 2026. 13.2 Earnings The chart below shows the historical series of FERBASA's profit distribution, reinforcing its position as a regular dividend payer. In October 2025, R$ 240 million in dividends were approved in the form of Interest on Equity – JCP, resulting in a payout of 127%. Of this total, a portion of R$ 140 million (R$ 131.0 million net of withholding tax) was credited this year, in Q2 2026, as per the decision made in October of last year. 13.3 FESA4 Performance on B3 The following table shows some indicators about the behavior of FERBASA's preferred shares in Q2 2026. Capital Market Indicators 2Q26 1T26 Δ% Volume of shares traded (thousands) 49,347 53,432 -7.6% Transaction value (R$ thousand) 337.001 409.227 -17.6% Market value (R$ thousand) (1) 2,645,281 3,403,430 -22.3% Shares in circulation – Free Float (thousands) (2) 159,317 160.030 -0.4% Weighted average of the share price during the period (PN R$) 6.83 7.66 -10.8% Last price quote for the period (R$ PN) 5.91 8.21 -28.0% Book value per share (R$) 9.69 9.68 0.1% 70 270 309 222 70 643 1.063 383 328 189 79 90 97 111 77 117 400 226 174 240 112% 33% 31% 50% 109% 18% 38% 68% 53% 127% -700% -600% -500% -400% -300% -200% -100% 0% 100% - 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 1,600.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Lucro Líquido consolidado (R$ MM) Total de Proventos (R$ MM) Payout do Lucro Líquido (%)
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17of 23 26.7% 6.0% 49.5% 17.8% Controller Treasury Corporate Individual Notes: (1) Total number of shares (by class ON and PN) multiplied by their respective prices on the dates of 06/30/2026 and 03/31/2026; (2) Total number of shares, excluding those held by the Treasury , the Controller , and the Directors . The performance of the Brazilian capital market in Q2 2026 was more unstable, influenced by the outflow of foreign capital and the disappointment of expectations regarding a reduction in the domestic interest rate. These factors, combined with global macroeconomic volatility, re sulted in less investor exposure to risk, reducing the overall liquidity of the capital market. The following graph shows the evolution of the shareholder base, by shareholder type, and liquidity as measured by ADTV. In the second quarter of 2026, the Company's average daily trading volume (ADTV) reached R$ 5.5 million, a decrease of 17.6% compared to the first quarter of 2026. This result was impacted by a 7.6% decrease in the average volume of preferred shares traded and a 10.8% contraction in the average share price between the periods, suggesting market pricing due to uncertainties related to both the reduction in steelmaking activity in China and the results presented by FERBASA in recent quarters. On the other han d, in the first half of 2026, ADTV registered R$ 6.2 million, an increase of 76.4% compared to the first half of 2025. 13.4 Investor Profile The shareholding profile of FERBASA's preferred shares (FESA4), taking the shareholding base as of June 30, 2026, is configured as follows: 8078.0 9595.0 20483.0 24248.0 23053.0 24295.0 32473.0 39818.0 38900.0 38950.0 38416.0 39296.0 38703.0 42415.0 328.0 379.0 348.0 336.0 443.0 543.0 489.0 447.0 420.0 443.0 432.0 453.0 458.0 448.0 R$ 2.4 R$ 5.0 R$ 4.7 R$ 5.3 R$ 22.7 R$ 15.1 R$ 10.1 R$ 5.5 R$ 2.9 R$ 4.0 R$ 3.6 R$ 4.7 R$ 6.7 R$ 5.5 (12.00) (7.00) (2.00) 3.00 8.00 13.00 18.00 23.00 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Qty. of Corporate Investors Qty. of Individual Investors FESA4's ADTV (Average Dayly Trading Volume) in millions of reais 88% 12% National Foreign
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18of 23 14. GLOSSARY High Carbon Ferrochrome (FeCrAC) - An iron and chromium alloy containing carbon, also known as " Charge Chrome ," is used in the manufacture of stainless steels and special alloys. Stainless steels are used in the food, chemical, pulp and paper, and petr oleum industries, as well as in the production of white goods, household appliances, construction, and other industries. Low Carbon Ferrochrome (FeCrBC) - An iron-chromium alloy with a maximum carbon content of 0.15%, used in steel production to correct chromium levels without causing undesirable variations in carbon content. Industrially, it serves the same purpose as high carbon ferrochrome, being used in the production of stainless steels with wide application in the consumer goods industry. Ferrosilicon Chromium (FeSiCr) - Reducing element in the manufacture of low -carbon ferrochrome and in steels, for the additi on of chromium and silicon. Ferrosilicon 75 (FeSi75) - In steel production, Standard Ferrosilicon 75 is used as a deoxidizer and alloying element; in the foundry industry it serves as a graphitizing agent. High Purity (HP) Ferrosilicon is used in the manuf acture of steels intended for the production of transformers, hydroelectric plants, freezers, hermetic compressors for refrigerators, and others. Millions of tons (Mt) - According to the International System of Units (SI), the prefix that designates millio n (mega) can be represented by the capital letter M. In the case of tons, its representation in the SI is the lowercase letter t. Therefore, for millions of tons, the abbreviation Mt can be adopted. (conversion: 1 Mt = 1,000,000 t).
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19of 23 15. MAIN CONSOLIDATED FINANCIAL STATEMENTS (in R$ thousand) 16.1 Balance Sheet ACTIVE 1S26 2025 1S25 Current 1,657,124 1,785,074 1,797,892 Cash and cash equivalents 276.057 372,724 390.550 Financial investments 520.330 616,873 581,368 Accounts receivable from customers 218,123 198.179 224.176 Stocks 525.082 486,996 508.502 Taxes to be recovered/refunded 85,478 83.050 69,780 Prepaid expenses 7,670 4.001 3.929 Other assets 24,384 23,251 19,587 Non-Current 2,679,023 2,674,406 2,478,542 Financial investments 97,384 95,753 92.126 Stocks 8.987 8.987 3.396 Taxes to be recovered 8.455 10.104 7,842 Judicial deposits 10.347 10.013 10,570 Other credits 1,000 1,000 724 Investments 84,334 82.011 85.183 Fixed and intangible assets 1,832,639 1,834,599 1,765,970 Right of use under lease 64.087 73,153 73,352 Biological asset 571,790 558,786 439.379 Total Assets 4,336,147 4,459,480 4,276,434
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20of 23 The financial statements, parent company and consolidated, including explanatory notes and the audit opinion of Pricewaterhou secoopers Auditores Independentes, are available on the websites www.cvm.gov.br , www.b3.com.br and www.ferbasa.com.br . LIABILITIES AND EQUITY 1S26 2025 1S25 Current 459.256 582,545 519,761 Suppliers 148,349 175.163 126,358 Customer advances 57.173 9.923 8.910 Loans and financing 55,844 32.087 151,534 Cost of raising financing (455) (455) (455) Labor and actuarial obligations 59,427 93.063 67,557 Taxes and social security contributions 30,539 31,000 32,750 CCEE reimbursement account 77.179 73,392 85,270 Proposed dividends and interest on equity. 75 131.060 62 Rents to be paid 21,942 29.186 32,679 Other liabilities 9.183 8.126 15.096 Non-Current 587,910 590.895 385,761 Loans and financing 299,840 334,842 149.121 Cost of raising financing (1993) (2.221) (2.449) Obligations related to the acquisition of a subsidiary - 4,978 4,978 Labor and actuarial obligations 77,612 72,409 75,798 Taxes and social security contributions 21,828 21,828 3,587 Deferred taxes and social security contributions 16,338 7,782 21,152 CCEE reimbursement account 53,416 26,745 13,911 Provision for contingencies 57,791 61,263 62,760 Provision for environmental liability 46,721 45.034 42,960 Rents to be paid 16,357 18.235 13,943 Total Net Worth 3,288,981 3,286,040 3,370,912 Equity of Controlling Shareholders 3,287,151 3,284,363 3,369,258 Share capital 1,470,396 1,470,396 1,470,396 Profit reserve 1,814,211 1,814,211 1,859,894 Asset valuation adjustments 35,555 35,555 34,573 Treasury shares (35,799) (35,799) (29.404) Long-term incentive plan 851 - - Accumulated profits (losses) 1,937 - 33,799 Non-controlling interest 1,830 1,677 1,654 Total Liabilities and Equity 4,336,147 4,459,480 4,276,434
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21of 23 The financial statements, parent company and consolidated, including explanatory notes and the audit opinion of Pricewaterhou secoopers Auditores Independentes, are available on the websites www.cvm.gov.br , www.b3.com.br and www.ferbasa.com.br . 1 6.2 Demonstration of Results 1S26 1S25 2Q26 2Q25 R$ thousand %RL R$ thousand %RL R$ thousand %RL R$ thousand %RL GROSS REVENUE 1,185,048 100.0 1,341,732 100.0 606,841 100.0 717.667 100.0 Domestic market 782,399 66.0 798,349 59.5 424,588 70.0 414,348 57.7 Foreign market 402,649 34.0 543,383 40.5 182,253 30.0 303.319 42.3 Sales taxes (155.133) (13,1) (152,442) (11,4) (83.298) (13,7) (78.226) (10,9) NET RECIPE 1,029,915 100.0 1,189,290 100.0 523.543 100.0 639,441 100.0 Cost of goods sold (923.773) (89.7) (1,026,889) (86.3) (465.127) (88,8) (551.323) (86.2) GROSS PROFIT 106.142 10.3 162,401 13.7 58,416 11.2 88.118 13.8 Operating expenses With sales (10.303) (1,0) (12.923) (1,1) (5.098) (1,0) (5.795) (0.9) Administrative (63.664) (6,2) (66.089) (5,6) (29.344) (5,6) (32,639) (5,1) Compensation for Management and Profit Sharing (17.289) (1,7) (28,410) (2,4) (9.118) (1,7) (15.459) (2,4) Other (expenses) operating revenues (35,443) (3,4) (47,917) (4.0) (21,444) (4,1) (28.187) (4,4) Operating profit (loss) before financial results (20.557) (2.0) 7.062 0.6 (6.588) (1,3) 6.038 0.9 Financial revenue 72.071 7.0 79.149 6.7 35,428 6.8 37,499 5.9 Financial expense (26,485) (2,6) (32,968) (2,8) (13,782) (2,6) (16,951) (2,7) Net exchange rate variation (4.979) (0.5) 16,449 1.4 463 0.1 3.364 0.5 Financial Result 40.607 3.9 62,630 5.3 22.109 4.2 23,912 3.7 Profit before Corporate Income Tax/Social Contribution on Net Profit 20.050 1.9 69,692 5.9 15,521 3.0 29,950 4.7 Corporate Income Tax/Social Contribution on Net Profit (17,960) (1,7) (26,755) (2,2) (10.983) (2,1) (11.261) (1,8) Net profit for the period 2.090 0.2 42,937 3.6 4,538 0.9 18,689 2.9
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22of 23 The financial statements, parent company and consolidated, including explanatory notes and the audit opinion of Pricewaterhou secoopers Auditores Independentes, are available on the websites www.cvm.gov.br , www.b3.com.br and www.ferbasa.com.br . 1 6.3 Cash Flow Statement (Indirect) CASH AND CASH EQUIVALENTS 1S26 2025 1S25 Cash flow from operating activities Profit (Loss) for the period 2.090 188,676 42,937 Adjustments to net profit (loss) Interest and net monetary and exchange rate variations (24,877) (83.135) (29.602) Depreciation, amortization, and depletion 98,611 202.201 100,971 Depletion of biological asset 13,767 75,699 14,279 Fair value variation of biological assets - (143.401) - Residual value of a written-off fixed asset - 792 686 Deferred taxes 8,556 (1.221) 12,654 Rent update due 3,941 11,720 (1.975) Provision for profit sharing 431 - 10.028 Post-employment benefit update 5.061 3.012 4,914 Establishment (reversal) of provision for contingencies (4.696) (3.685) (878) Provision for CCEE reimbursement accounts 26,700 24,865 15,456 Others 4.178 7,886 2,432 133,762 283,409 171,902 Reduction (increase) in asset accounts: Accounts receivable from customers (24,968) (1.288) (37,727) Stocks (40.818) 66,551 46,951 Taxes to be recovered (914) 65,809 53,149 Other assets (5.713) (6.270) (3.731) Increase (decrease) in liability accounts: Suppliers (26,531) 49.026 (38) Taxes and social security contributions (2.081) 10,200 (11.413) Income tax and social security contributions payable 9.404 1,456 14.102 Labor and actuarial obligations (33,925) (8.413) (43,947) CCEE reimbursement accounts - (10.431) - Other liabilities 47.083 (3.814) (2.833) Income tax and social security contributions paid. (7.506) (16,750) (9.242) Interest paid in the fiscal year (10.296) (26.299) (13,890) Net cash generated from operating activities 37,497 403.186 163,283 Cash flow from investing activities Capex (104,562) (300.116) (114,640) Sale of fixed assets 1.374 1.285 892 Transactions in financial investments 141,651 44.155 39.985 Investment in equity stakes (4,978) (16.325) (16.325) Cash flow applied to investing activities 33,485 (271.001) (90.088) Cash flow from financing activities Loan and financing amortization (13,688) (236,983) (96.977) Loans and financing (ACC) - 200,000 - Rent amortization (22,976) (67,732) (37,556) Treasury stock buyback - (10.193) (3.198) Dividends and interest on equity paid (130.985) (108.639) (9,000) Net cash applied to financing activities (167.649) (223,547) (146,731) Increase (decrease) in cash and cash equivalents (96.667) (91.362) (73,536) Cash and cash equivalents at the beginning of the period 372,724 464,086 464,086 Cash and cash equivalents at the end of the period 276.057 372,724 390.550
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23of 23 Net increase (decrease) in cash and cash equivalents balance (96.667) (91.362) (73,536) Net increase (decrease) in the balance of financial investments (94.912) 43.056 3,924 Net increase (decrease) in financial reserves (191.579) (48.306) (69.612) The financial statements, parent company and consolidated, including explanatory notes and the audit opinion of Pricewaterhou secoopers Auditores Independentes, are available on the websites www.cvm.gov.br , www.b3.com.br and www.ferbasa.com.br .