Companhia Brasileira de Alumínio (CBAV3) investor relations material

Executive summary

• Adjusted EBITDA reached R$466 million with a 20% margin, the highest since Q4 2024, reflecting strong operational performance and improved market prices.

• Cost structure improved sequentially, mainly due to increased self-generation from the Serra do Tigre wind complex.

• Recognized for ESG leadership, remaining the only primary aluminum company on the CDP A List and featured in the S&P Global Sustainability Yearbook 2025, with a 36% emissions reduction since 2019.

• Votorantim agreed to sell its controlling stake to a consortium led by Chalco and Rio Tinto, pending regulatory approvals.

• Net income was R$341 million, up 1% year-over-year, reversing a net loss in 4Q25.

Financial highlights

• Net revenue reached R$2.3 billion in 1Q26, up 1% year-over-year and 5% sequentially, driven by higher aluminum prices and improved product mix.

• Adjusted EBITDA rose to R$466 million (+8% year-over-year, +45% sequentially), with a margin of 20%, the highest since Q4 2024.

• Net income: R$341 million (+1% year-over-year, reversing a loss in 4Q25).

• Free cash flow was negative, impacted by higher working capital consumption due to increased LME prices.

• Net financial income: R$122 million, a R$142 million improvement year-over-year.

Outlook and guidance

• Market remains favorable in the short term, with prices supported by low global inventories, gradual demand recovery, and expectations of continued cost reductions.

• Focus remains on deleveraging, operational efficiency, and value creation through energy generation.

• Global aluminum market expected to remain tight due to supply disruptions in the Middle East and Africa, with limited production growth in China.