Usinas Siderúrgicas de Minas Gerais (USIM5) investor relations material

Executive summary

• 3Q26 Adjusted EBITDA was R$558m, down 27% QoQ and up 29% YoY; 9M Adjusted EBITDA rose 25%. Net cash was R$471m at quarter-end.

• Steel sales rose 5% QoQ to 1.034 Mt, while iron ore sales fell 18% to 2.014 Mt; priorities include restoring steel profitability, reducing costs and disciplined mining output.

Financial highlights

• 3Q26 net revenue was R$6.202bn, up 1% QoQ and down 6% YoY; 9M revenue was R$18.205bn versus R$20.088bn in 9M25.

• 3Q26 net income was R$243m, down 43% QoQ, versus a R$3.503bn loss in 3Q25; 9M net income was R$1.568bn versus a R$3.039bn loss in 9M25.

• 3Q26 free cash flow was negative R$36m as higher working capital partly offset EBITDA generation; 9M operating cash flow was R$977m versus R$1.063bn.

Outlook and guidance

• 4Q26 steel exports are expected to rise and offset seasonal domestic sales declines; mix may lower revenue per ton, while higher raw-material, input and energy costs pressure margins.

• Steel Unit operating results are expected to decline modestly in 4Q26, and iron ore sales are expected to decrease; higher mining production may resume as prices and freight normalize.

• Brazilian steel consumption is expected to decline in 2027 amid high interest rates and capital costs; management cited a challenging macroeconomic and geopolitical backdrop.