Bradespar (BRAP3) investor relations material

Executive summary

• Net income for 2Q26 was R$252.3 million, with 1H26 net income at R$805.8 million, reflecting a 4.9% increase year-over-year, mainly due to the performance of the investee VALE.

• Investments are concentrated in VALE, with a representative on its Board and committees.

• Market value of assets totaled R$12.7 billion at the end of 2Q26.

• Operating revenue for 2Q26 was R$251.9 million, down 42.1% from 2Q25, but 1H26 operating revenue rose 7.4% year-over-year to R$805.0 million.

• Financial results remained positive, with no financial debt and a net cash position.

Financial highlights

• Total assets increased to R$8,098 million as of 06/30/2026, up from R$7,999 million at year-end 2025.

• Equity rose to R$8,049.6 million from R$7,647.8 million at 12/31/2025.

• Cash and cash equivalents surged to R$254.5 million from R$18.4 million at year-end.

• Earnings per share (basic, 1H26): R$1.925 for common shares, R$2.1175 for preferred shares.

• Dividends and interest on equity paid in 1H26 totaled R$337 million.

Outlook and guidance

• Management highlights continued focus on shareholder returns and disciplined capital allocation, with future impacts expected from regulatory and tax changes.

• VALE announced a new share buyback program for up to 100 million shares over 18 months, signaling confidence in future prospects.

• VALE to distribute US$1.7 billion in interest on equity and dividends, reflecting disciplined capital allocation.