Companhia Brasileira de Alumínio (CBAV3) investor relations material

Executive summary

• Aluminum sales volume reached 128,000 tons in 4Q25, led by the primary segment and operational stability.

• Pro forma Adjusted EBITDA was R$321 million, up 37% sequentially after a R$64 million CapEx to OpEx reclassification.

• Votorantim agreed to sell its stake to Chalco and Rio Tinto, pending regulatory approval.

• Participation at COP30 highlighted aluminum's role in the energy transition and ESG initiatives.

• Progress in operational competitiveness, renewable energy expansion, and positive working capital from inventory reduction.

Financial highlights

• Net revenue was R$2.2 billion, down 4% year-over-year, impacted by hedge accounting and lower energy generation.

• Adjusted EBITDA was R$257 million; pro forma Adjusted EBITDA (excluding non-recurring items) was R$321 million.

• Free cash flow was positive, supported by working capital divestment and inventory reduction.

• Net loss of R$164 million, compared to a loss of R$56 million in 4Q24 and net income of R$131 million in 3Q25.

• Net debt remained stable at R$3.1–3.3 billion, with leverage at 2.97x.

Outlook and guidance

• Cost levels for 2026 expected to remain stable, with ongoing global uncertainties and normal power seasonality.

• Operational recovery and renewable energy expansion to support margin improvement.

• Leverage targeted below 2x net debt/EBITDA by end of 2025, prioritizing deleveraging.

• Positive commercial perspectives for early 2026, with resilient domestic demand and favorable price dynamics.

• Pending change in control may bring new strategic direction post-transaction approval.