Usiminas (USIM5) reported net income of R$ 243.441 million in the third quarter of 2026 (3Q26), down 43% versus 2Q26, when profit was R$ 428.182 million. In the period, net sales revenue totaled R$ 6.202 billion, up 1% from the previous quarter, and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) came to R$ 558.017 million, a 27% decrease, with a margin of 9% versus 12% in 2Q26.
Operating income in 3Q26 was R$ 352.382 million, 39% below that recorded in 2Q26, with an operating margin of 6%. The financial result was a negative R$ 21.770 million, an improvement of 51% compared to the previous quarter, driven by net foreign-exchange gains of R$ 16.751 million, versus an FX loss of R$ 13.870 million in 2Q26.
In the first nine months of 2026 (9M26), Usiminas posted net revenue of R$ 18.205 billion, down 9% compared to 9M25, and net income of R$ 1.568 billion, versus a loss of R$ 3.039 billion in the same period of the prior year. Adjusted EBITDA between January and September 2026 reached R$ 1.972 billion, growth of 25% over 9M25, with an adjusted EBITDA margin of 11%, three percentage points higher than a year earlier.
In the Steel division, adjusted EBITDA for 3Q26 was R$ 538 million, with a 10% margin, while steel sales totaled 1.034 million tonnes, up 5% versus 2Q26. In Mining, adjusted EBITDA came to R$ 19 million, with a 3% margin, amid an 18.4% drop in iron ore sales, to 2.014 million tonnes, reflecting lower international prices and the temporary shutdown of one of the plants.
At the end of September 2026, the company had cash and investments of R$ 6.747 billion and gross debt of R$ 6.277 billion, resulting in a negative net debt position (net cash) of R$ 470.669 million. The net debt/adjusted EBITDA ratio ended the quarter at -0.20x, compared with 0.16x in September 2025.
