On Thursday, July 30, 2026, Usiminas (USIM5) reported net income of R$ 428.2 million in the second quarter of 2026 (2Q26), a 52% drop compared to 1Q26, when profit was R$ 896.2 million, and an increase of 236% versus 2Q25, at R$ 127.6 million. The company attributed the quarterly decline mainly to the recognition of deferred tax credits in 1Q26, in addition to a deterioration in financial results in the current period.
In 2Q26, net sales revenue totaled R$ 6.1 billion, up 4% quarter over quarter and down 7% from 2Q25. Gross profit came to R$ 806.5 million, with a gross margin of 13%, versus 12% in 1Q26 and 7% in 2Q25. Total steel sales reached 989 thousand tonnes, a 2% decrease from the previous quarter, while iron ore sales were 2.5 million tonnes, an increase of 26.9% on the same comparison basis.
Consolidated adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 761.3 million in 2Q26, an increase of 17% compared to the R$ 653.2 million in 1Q26 and 86% versus the R$ 408.4 million in 2Q25, with an adjusted EBITDA margin of 12.4%, compared with 11.1% in the previous quarter and 6.2% a year earlier. In the steel segment, adjusted EBITDA was R$ 688 million, 26% above 1Q26, with a margin of 12.8%, while mining posted adjusted EBITDA of R$ 71 million, a 35.9% drop on the same basis.
In terms of capital structure, Usiminas ended 2Q26 with cash and investments of R$ 6.8 billion and gross debt of R$ 6.3 billion, resulting in a negative net debt position (net cash) of R$ 499 million, compared with negative R$ 391 million in 1Q26. The net debt/adjusted EBITDA ratio stood at -0.22x, slightly below the -0.20x recorded in the previous quarter.
In the first half of 2026 (1H26), the company reported net revenue of R$ 12.0 billion, down 11% from 1H25, and net income of R$ 1.3 billion, up 185% on the same comparison. Adjusted EBITDA for the half-year totaled R$ 1.4 billion, an increase of 24% over 1H25, with a margin of 12%.
