Usinas Siderurgicas De Minas Gerais Sa-usiminas · BMFBOVESPA:USIM3
Usinas Siderurgicas De Minas Gerais Sa-usiminas — Usinas Siderúrgicas de Minas Gerais — Q1 2026 Earnings Presentation
39 slides from Usinas Siderurgicas De Minas Gerais Sa-usiminas's earnings presentation, Apr 24, 2026
Slide 1: 1Q26 Results Webcast and Institutional Presentation
1Q26 Results 1Q26 Webcast Institutional Presentation April 24, 2026 1
Slide 2: Summary
1Q26 Results SUMMARY WEBCAST....................................................03 INSTITUTIONAL PRESENTATION...............13 April 24, 2026 2
Slide 3: Results 1Q26
USIMINAS Results 1Q26
Slide 4: Highlights
1Q26 Results 2025 Highlights Steel Sales Iron Ore Sales Adjusted Consolidated EBITDA 1.0mt 1.9mt 653mi -7% vs 4Q25 -20% vs 4Q25 +56% vs 4Q25 Steel Net Revenues Steel COGS per ton Steel Adjusted EBITDA per ton +4.9% -1.8% 544mi vs 4Q25 vs 4Q25 +140% vs 4Q25 April 24, 2026 4
Slide 5: Consolidated
1Q26 Consolidated NET REVENUES ADJUSTED EBITDA NET INCOME R$ millions R$ millions R$ millions 11% 11% 896 6,858 7% 7% 6% 337 6,626 6,604 128 129 6,175 5,871 733 653 408 434 417 (3,503) 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 5
Slide 6: Steel Unit
1Q26 Steel Unit STEEL SALES NET REVENUES ADJUSTED EBITDA (Kt) R$ millions and per tonne (R$/t) R$ millions ∆Domestic Market ∆4Q25 Domestic 4Q25: -2% Market (R$/t): +4% ∆4Q25: +140% 10% 9% 1,093 1,079 1,104 1,081 5,570 1,007 5,432 5,206 5% 5% 92 112 5,240 4,962 4% 106 122 Exports 69 6,089 5,862 5,784
Slide 7: Steel Unit: Adjusted EBITDA Variation
1Q26 Steel Unit ADJUSTED EBITDA VARIATION R$ millions 15 3 544 71 245 (16) 227 Price/MIX COGS* Others 4Q25 Volume Operating Revenues and 1Q26 Expenses* April 24th, 2026 → 7
Slide 8: Mining Unit
1Q26 Mining Unit IRON ORE SALES NET REVENUES ADJUSTED EBITDA (Kt) R$ millions and per tonne (US$/t) R$ millions and per tonne (US$/t) ∆4Q25: -21% ∆4Q25: -40% ∆4Q25: -21% 22% $87 $87 19% 2,458 2,503 2,463 $78 $79 13% 14% 14% 2,218 $71 1,946 16 14 1,846 1,846 1,684 Exports 1,652 10 1,355 8 11 917 910
Slide 9: Financial indicators 1Q26
1Q26 Financial indicators 1Q26 9
Slide 10: Consolidated: Cash Flow and CAPEX
1Q26 Consolidated Working Capital Variation and CAPEX FREE CASH FLOW** Operational Cash Flow * R$ millions R$ millions R$ millions 1,117 744 878 372 613 615 586 334 575 47 454 40 285 281 370 266 84 219 19 75 29 325 (120) 294 247 189 210 (431) (260) (778) 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25
Slide 11: Consolidated: Cash, Debt and Leverage
1Q26 Consolidated CASH, GROSS DEBT, NET DEBT, AND LEVERAGE GROSS DEBT AMORTIZATION PROFILE – ONLY PRINCIPAL R$ billions R$ million Net Debt/EBITDA 0.71x 0.50x 0.16x -0.22x -0.20x Gross Debt (Only principal) 6,691 Debt Maturity: R$: 34 months US$: 58 months 7.9 7.8 6.4 6.5 6.3 3,007 1.4 1.0 0.3 2,680
Slide 12: 1Q26 Institutional Presentation
1Q26 Institutional Presentation
Slide 13: Usiminas Culture of social, environmental and employee responsibility
1 Usiminas 2 Culture of social, environmental and employee responsibility 3 Governance and Highlights
Slide 14: Usiminas at a Glance
Usiminas at a Glance COMPANY OVERVIEW GEOGRAPHIC FOOTPRINT ✓ The largest producer of flat-rolled products in Brazil 1, with operations in various segments of the value chain, such as mining and logistics, steelmaking and steel processing; ✓ Two steel mills strategically located on Brazil's main indu
Slide 15: Complete Solutions in Products and Services
Complete Solutions in Products and Services Mining Steel Unit Ipatinga | Cubatão | Unigal | Mineração Usiminas Soluções Usiminas o Soluções Usiminas was incorporated into the Steel unit as of 4Q23. Created in 2009, it has a broad portfolio of products and services for the transformation and distribu
Slide 16: Usiminas Steel Operation
Usiminas Steel Operation COMPANY OVERVIEW OVERVIEW OF STEEL OPERATION ✓ One of the largest producers of flat rolled steel in Brazil ✓ Two industrial plants in Ipatinga (MG) and Cubatão (SP) ✓ Owns 70% of Unigal Usiminas, a JV with Nippon Steel engaged in steel hot-dip galvanizing, ROLLING enhancing
Slide 17: Steel Unit
Steel Steel Unit Net Revenue (R$ Million) Net Revenue (R$ Million) 1,093 1,079 1,104 1,081 6,089 5,862 5,784 1,007 5,364 5,241 92 106 112 122 539 570 552 69 570 351 1,002 973 991 959 938 5,550 5,291 5,232 4,793 4,890 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 Domestic Exports EBITDA (R$ mm) a
Slide 18: Diversification of products and markets – 1Q26
Diversification of products and markets – 1Q26 We have the capacity to produce a wide variety of steels, allowing us the flexibility to adjust our production according to market demands, both nationally and internationally SALES BY SEGMENT (1Q26 - DOMESTIC MARKET, STEEL) EXPORT SALES VOLUME BY COUNT
Slide 19: +R$ 3.5 Billion: Key investments to enhance competitiveness
Key investments to enhance competitiveness Coke Plant: Hot repair of Battery 3 & Partial reconstruction of battery 4 New PCI grinding and injection plant New Gasometer +R$ 3.5 Billion
Slide 20: Coke Plant: Hot repair of Battery
Coke Plant 2 Hot repair of Battery 3 Increase in volume of in-house coke Maintenance of the battery's service life production Process control to reduce high- Operational safety and compliance with 2028 ~R$ 978 million temperature impacts environmental parameters
Slide 21: Coke Plant: Partial reconstruction of battery
Coke Plant 2 Partial reconstruction of battery 4 Operational safety and Increase in coke and ~R$ 1.7 billion Reduction in third-party compliance with coke oven gas 2029 coke purchases environmental production capacity parameters
Slide 22: New PCI grinding and injection plant
New PCI grinding and injection plant Maximization of PCI injection as a Improved transportation systems substitute for coke in the blast furnace 2026 ~R$ 597 million Greater energy and cost efficiency Reduction of GHG emissions
Slide 23: New Gasometer
New Gasometer Greater storage capacity, compatible Improved operational conditions for with gas recovery/consumption capacity LDG gas recovery storage Optimal conditions for preventive and Cost reduction, increased energy 2027 ~R$ 233 million generation, enhanced safety, and lower corrective mainten
Slide 24: R&D Center: The most complete in the Steel Industry in Latin America
R&D Center The most complete in the Steel Industry in Latin America +500 +80 Patents registered in Dedicated professionals, including Brazil and abroad researchers, technicians and laboratory techicians From 2021 to 2025 R$117M Invested in R&D 1,773 Completed research and 77 Types of steel improved
Slide 25: Main Products
Main Products Automotive Oil and Gas Industry ❖ ❖ ❖ ❖ ❖ ❖ ❖ ❖ ❖
Slide 26: Steel Unit: Production Capacity
Steel Unit Steel The total crude steel generation capacity is 5 million tons and is located in Ipatinga. Current capacity for generating finished products, considering the galvanizing lines (EG and HDG) and heavy plates at their maximum capacities. Galvanized Heavy Plates Hot Rolled Cold Rolled Elec
Slide 27: Usiminas Iron Ore Operation (MUSA)
Usiminas Iron Ore Operation (“MUSA”) COMPANY OVERVIEW ✓ Mineração Usiminas, a joint-venture between Usiminas (70%) and Sumitomo Corporation (30%) LOGISTICS OVERVIEW ✓ Open pit iron ore mining company operating in the Serra Azul region ✓ 9.6 million tons sold in 2025. ✓ Strategically located in the I
Slide 28: Mining Unit
Mining Mining Unit Iron Ore Sales (thousand tons) Iron Ore Sales (thousand tons) $87 $87 $78 $79 $71 2,458 2,503 2,463 2,218 1,946 917 910 950 988 1,846 1,846 1,684 781 1,652 1,355 Exports 139 134 170 186 108 Domestic 3rd parties 426 478 486 592 484 Usiminas 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4
Slide 29: Dry Stacking
ITM CENTRAL Mineração Dry Stacking ITM FLOTAÇÃO Dewatering and dry tailings disposal solution as a Dewatered Tailings Stack ITM OESTE replacement for the conventional dam-based method. ITM SAMAMBAIA Watch how Usiminas’ Dry Stacking process works. Inauguration: December 2021 Dewatered Tailings Stack
Slide 30: Main investments in progress - Mining
Main investments in progress - Mining Decharacterization of the Samambaia Dam 2026 ❖ ❖ ❖ ❖ ❖
Slide 31: Main Consolidated Figures (1/2)
Main Consolidated Figures (1/2) RECEITA Net LÍQUIDA Revenue (R$ MILHÕES) (R$ millions) Domestic Market Exports 6,858 6,626 6,604 6,175 5,871 1,289 1,316 1,351 1,359 970 5,569 5,310 5,253 4,816 4,901 1Q25 2Q25 3Q25 4Q25 1Q26 EBITDA (R$ Million) e EBITDA Margin (%) EBITDA (R$ MILHÕES) E MARGEM EBITDA
Slide 32: Main Consolidated Figures (2/2)
Main Consolidated Figures (2/2) CAPEX (R$ Million) Mining Steel 372 334 40 266 47 285 219 19 75 29 294 325 247 210 189 1Q25 2Q25 3Q25 4Q25 1Q26 Working Capital (R$ Billion) 7.6 7.2 6.6 6.0 6.1 1Q25 2Q25 3Q25 4Q25 1Q26
Slide 33: Solid financial discipline
Solid financial discipline CASH, GROSS DEBT, NET DEBT AND LEVERAGE (R$ BILLION) GROSS DEBT AMORTIZATION PROFILE - PRINCIPAL ONLY (R$ BILLION) Net Debt/EBITDA 6,691 Gross Debt (principal only) Debt Maturity: R$: 34 months 0.71x 0.50x 0.16x -0.22x -0.20x US$: 58 months 7.9 7.8 3,007 6.4 6.5 6.3 2,680
Slide 34: Usiminas Culture of social, environmental and employee responsibility
1 Usiminas 2 Culture of social, environmental and employee responsibility 3 Governance and Highlights
Slide 35: Culture of Social, Environmental, and Employee Responsibility
Culture of Social, Environmental, and Employee Responsibility Employees Social Ambiental Investments in training and The company’s sponsorship We believe that innovation and safety reflect our continuous policy, planned and executed sustainability are essential to commitment to the growth, by the In
Slide 36: Governance and Highlights
1 Usiminas 2 Culture of social, environmental and employee responsibility 3 Governance and Highlights
Slide 37: Shareholders and management of renowned
Shareholders and management of renowned Usiminas' corporate governance model meets government and market requirements for publicly traded companies, preserving and encouraging transparency Total Shares Shares with voting rights (ON) 56% Preferred shares (PN) 44% Board of Directors 1.253.079.108 Elia
Slide 38: Corporate Governance
Governança Corporativa (Continuação) Corporate Governance Policies in place that guarantee investor security, transparency of actions, management control and clear communication Integrity Program Other policies to support governance Corporate Governance P Code of Ethics and Conduct P Profit Allocati
Slide 39: USIMINAS
USIMINAS
Usinas Siderúrgicas de Minas Gerais — Q1 2026 Earnings Presentation on 6ix