Accessible version Minerva Luxembourg SA Pricing holds, but FCF deferred to 2H26; move 33s & 36s to MW Earnings Review Pricing supports revenue, but margins keep under pressure Minerva delivered a sequentially better 2Q26, although YoY profitability remained under pressure. Net revenue increased +1% YoY to R$14.1bn despite broadly flat sales volumes of 506kt, as export prices rose +15% to US$6.1/kg and domestic pricing increased +3% to R$28.6/kg. Export volumes declined -6%, partly offset by an +8% increase ...