2026

301035

110100+130+

370+5100+9100+3808

2026202520242023

35.00

30.4730.8630.8630.2930.13

30.0028.4328.62

27.4827.64

26.1726.9327.2425.47

24.8625.1824.92

25.0025.01

24.4825.19

22.3323.1124.0622.21

22.9922.99

18.9021.83

22.54

20.0019.75

19.57

17.4318.7719.25

17.2117.10

14.39

15.0015.41

14.43

11.95

10.00

123456789101112

*20261380814.46%3808

2026202520242023

10.00

9.10

9.008.808.798.84

8.127.918.18

8.007.697.647.717.857.677.887.44

7.277.28

7.267.657.71

7.006.657.027.156.75

6.946.326.92

6.586.656.66

6.006.416.075.425.536.125.90

5.60

5.005.414.94

4.59

4.00

3.00

2.00

123456789101112

*20261380814.36%3808

USD/Kg 2026 2025 2024 2023

5.00

4.57

4.50

4.134.17

4.003.88

3.59

3.50

3.153.263.273.17

2.983.043.073.043.08

3.002.872.792.922.812.973.14

3.013.00

2.863.053.03

2.872.81

3.022.96

2.852.852.922.922.962.86

2.502.672.692.75

2.60

2.00

1.50

1.00

0.50

-

123456789101112

USD/Kg

* 2026 1 3808 1 USD2.86/Kg 3 USD2.60/KgQ1

EBITDA

31.91 +18.80% 23.79% EBITDA 4.70

+4.5269.35%

1.6535.61%

TO0CQ1

18.80%

0

31.91

26.86

+18.80%

2025 Q1 2026 Q1Q1

4.52

1. Model C 10.36pct

38.39%48.75%

23.79% 2. 1.91pct

28.47%30.38%

19.27%

3./

+4.52 p.p.

4.+

2025 Q1 2026 Q1Q1

EBITDA EBITDA%

16.00%14.72%

13.99%14.13%

13.57%

14.00%

4.70

12.00%

10.00%

2.77+69.35%10.33%+4.39%

8.00%

6.00%

4.00%

2.00%

0.00%

2025 Q1 2026 Q1 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1Q1

2.83

2025 Q1 2026 Q1

1.631.18

2.57

-35.61%1.65

0.94+202.15%

2025 Q1 2026 Q1 2025 Q1 2026 Q12026

20262025

3191190916.592686285834.3918.80%

TO C

Model C

23.79% 19.27% 452bps

4.52

EBITDA EBITDA469860615.15 277450873.51 69.35%

EBITDA 14.72% 10.33% 439bps

EBITDA

165306122.47256742629.50-35.61%1.18

-642151749.16-66760267.05-861.88%

20261.65+1.182.83

20252.57+1.630.942026

20262025

183659614.79160867196.0714.17%

131284737.32126256414.433.98%

46388919.1541478564.7911.84%2026

31.91

2026/

1-316.06%16.92%7.61%8.02%23.60%10.53%17.26%

2025

1-3 24.73% 11.10% 6.64% % 24.42% 9.10% 16.04%Mode C

Mode C

38.39%

48.75%

Mode A + Mode A +

Mode B Mode B

61.61%51.25%

2025 Q1 2026 Q135.00% 32.86%

30.00%28.17%

25.00%

20.00%

15.16%

15.00%13.72%

10.00%

5.00%

0.00%

Mode A + Mode B Mode C

2025Q1 2026Q11.19% 2.49%

10.78%

11.74%

16.50%

16.15%

71.53%69.62%

2025 Q1 2026 Q135.00%

30.20%

30.00%28.26%

26.91%

25.00%

20.56%21.10%

20.00%

17.26%

15.00%

10.00%

5.00%

0.00%

2025Q1 2026Q1