2026

301035

110100+140+

380+5000+9400+20263808

2026202520242023

40.00

36.17

33.89

35.00

33.71

30.86

30.2930.13

30.0030.4728.4330.86

27.4828.6227.6425.4726.1726.9327.2425.18

24.4824.9225.0025.0125.19

23.11

22.3324.8622.2124.06

22.9922.9922.54

20.0018.9021.8319.75

17.4319.57

18.7719.25

17.21

14.3917.1015.00

15.41

11.9514.43

10.00

123456789101112

2026380815.66%

2026380816.65%3808

2026202520242023

12.00

11.0010.95

10.13

10.009.77

9.10

9.008.808.798.84

8.12

7.918.18

8.007.857.887.697.647.717.67

7.027.447.277.28

7.267.657.71

7.006.657.156.756.66

6.946.326.92

6.586.65

6.006.416.07

5.425.536.125.90

4.945.60

5.005.41

4.59

4.00

3.00

2.00

123456789101112

2026380818.75%

2026380822.26%3808

2026202520242023

USD/Kg

5.00

4.57

4.50

4.134.17

4.003.88

3.59

3.50

3.17

3.253.15

3.263.27

2.983.043.033.043.013.07

3.08

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2.862.812.99

2.692.852.852.92

3.022.962.922.96

2.872.862.75

2.502.672.602.70

2.00

1.50

1.00

0.50

-

USD/Kg 1 2 3 4 5 6 7 8 9 10 11 12

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50.0050.00

42.50

38.44

40.0040.00

30.0030.00

20.0020.00

10.0010.00

0.000.00

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24.29%24.67%

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11.7313.57%

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6.006.005.38

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4.004.00

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

2025 H1 2026 H1 2025 Q2 2026 Q2-9.67%

6.005.566.008.008.007.36

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5.005.00

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6.006.00

4.004.00

3.375.005.004.52

2.99

3.003.004.004.00

3.34

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2.002.002.40

2.002.00

1.001.00

1.001.00

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2025 H1 2026 H1 2025 Q2 2026 Q2 2025 H1 2026 H1 2025 Q2 2026 Q22026 ( ) ( )

20262025

7441632955.926530775333.2113.95%

Model C

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2.87

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125085693.78893182242.16-86.00%

20265.022.347.36

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20262025

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20262025

4250442039.333844489498.8210.56%

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16.54% 13.99% 255bps

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20263.371.154.52

20252.990.592.402026()()

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2025 H1 2026 H1 2025 Q2 2026 Q235.00%

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30.21%31.54%

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25.00%25.00%

20.00%20.00%

16.36%16.84%17.23%

15.52%

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Model A + Model B Model C Model A + Model B Model C

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10.33%10.02%10.01%10.75%

16.26%16.10%16.20%

16.18%

72.05%71.14%

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2025 H1 2026 H1 2025 Q2 2026 Q235.00% 35.00%

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30.00%29.65%

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28.18%30.00%29.09%

27.25%

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21.30%21.83%

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