Accessible version Samarco 2Q26: sales recover, guidance holds; carry still attractive Earnings Review Sales normalize, validating 1Q timing call Samarco's 2Q26 confirmed the resilience of its post-Phase 2 platform, as production was stable YoY at 3.9Mt (+4% QoQ), while sales reached 3.9Mt (-1% YoY; +23% QoQ), reversing 1Q shipment delays and validating management's prior explanation. Mix shifted back toward pellets which rose +21% YoY (+37% QoQ) to 3.5Mt, while fines fell -66% YoY (-41% QoQ) to 0.4Mt. 1H26 ...