Usinas Siderurgicas De Minas Gerais Sa-usiminas · BMFBOVESPA:USIM3
Usinas Siderurgicas De Minas Gerais Sa-usiminas — Usinas Siderúrgicas de Minas Gerais — Q4 2025 Earnings Presentation
40 slides from Usinas Siderurgicas De Minas Gerais Sa-usiminas's earnings presentation, Feb 13, 2026
Slide 1: 4Q25 Webcast Institutional Presentation
2025 4Q25 Results 2025 4Q25 Webcast Institutional Presentation February 13, 2026 1
Slide 2: Summary
2025 4Q25 Results SUMMARY WEBCAST....................................................03 INSTITUTIONAL PRESENTATION...............13 February 13, 2026 2
Slide 3: Results 4Q25
2025 4Q25 Results 2025 4Q25 → 3
Slide 4: 2025 and 4Q25 Results Highlights
2025 4Q25 and 4Q25 Results 2025 Highlights Steel Sales Iron Ore Sales Adjusted Consolidated EBITDA 4.4Mt 9.6Mt 2.0 Bn +2% vs 2024 +14% vs 2024 +24% vs 2024 Free Cash Flow Cash Position* Leverage 1.0 Bn 444M -0.22x +R$1.1 Bn vs 2024 +R$1.4 Bn vs 2024 0.81x better vs 2024 * Cash and Cash Equivalents e
Slide 5: Consolidated: Net Revenue, Adjusted EBITDA, Net Income
2025 4Q25 Consolidated NET REVENUE ADJUSTED EBITDA NET INCOME R$ million R$ million R$ million 8% 8% 6% 26,263 7% 7% 25,870 1,993 1,608 3 129 6,480 6,604 (117) 518 6,175 434 417 (2,910) (3,503) 4Q24 3Q25 4Q25 2024 2025 4Q24 3Q25 4Q25 2024 2025 4Q24 3Q25 4Q25 2024 2025 * In 3Q25, an impairment of fix
Slide 6: Steel: Sales, Net Revenue, Adjusted EBITDA
2025 4Q25 Steel STEEL SALES NET REVENUE ADJUSTED EBITDA (Kt) R$ million per ton (R$/t) R$ million ➢ ➢ ➢ ➢ 4,262 4,357 6% ∆Domestic 3Q25 (R$/t): -5% 5,525 5,302 ∆3Q25: -26% 5% ∆Domestic 3Q25: -3% 337 432 Exports 1,350 5,523 6% 5,240 23,549 23,098 5% 1,147 4,962 4% 1,057 1,104 1,081 1,920 2,232 Export
Slide 7: Steel EBITDA Variation
2025 4Q25 Steel EBITDA Variation R$ million 308 253 227 (29) (6) (300) 3Q25 Price/MIX Volume COGS Operating Income and 4Q25 Expenses* * Excluding the effect of impairment in the amount of R$2.2 billion February, 13 2026 → 7
Slide 8: Mining: Iron Ore Sales, Net Revenue, Adjusted EBITDA
2025 4Q25 Mining IRON ORE SALES NET REVENUE ADJUSTED EBITDA (Kt) R$ million per ton (US$/t) R$ million and per ton (US$/t) ∆3Q25: 42% 15% 17% ∆3Q25: 4% ∆3Q25: -2% 9,641 $87 $78 20% 19% 8,468 $79 $70 14% 12 2,503 2,463 $68 2,202 10 14 7,029 12 5,757 Exports 1,846 1,684 10 636 1,551 3,766 950 988 2,96
Slide 9: Financial indicators 4Q25
2025 4Q25 Financial indicators 2025 4Q25 → 9
Slide 10: Consolidated Operating Cash Flow, CAPEX and Free Cash Flow
2025 4Q25 Consolidated Working Capital Variation and CAPEX FREE CASH FLOW** Operating Cash Flow* R$ million R$ million R$ million 1,191 2,180 1,083 135 744 1,117 382 613 372 249 878 47 163 266 586 576 19 989 838 1,055 989 121 325 834 247 219 49 (142) (260) (89) 4Q24 3Q25 4Q25 2024 2025 4Q24 3Q25 4Q2
Slide 11: Cash, Gross Debt, Net Debt and Leverage
2025 4Q25 Consolidated CASH, GROSS DEBT, NET DEBT AND LEVERAGE AMORTIZATION PROFILE OF GROSS DEBT- PRINCIPAL ONLY R$ billion R$ million Net Debt/EBITDA Gross Debt (Only Principal) 0.58x 0.71x 0.51x 0.16x -0.22x 6,943 2,446 6.9 7.9 7.8 6.4 6.5 2,819 0.9 1.4 1.0 2,168 0.3 4,497 (0.4) 6.0 6.6 6.7 6.0 6
Slide 12: 4Q25 Institutional Presentation
4Q25 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: Net Revenue and EBITDA
Steel Siderurgia Net Revenue (R$ Million) 28,357 29,703 6,089 5,840 5,862 5,784 2,824 3,842 24,622 23,549 23,098 539 5,364 520 570 552 2,343 1,920 2,232 570 25,533 25,861 22,279 5,320 5,550 5,291 5,232 21,629 20,867 4,793 2021 2022 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Domestic Exports EBITDA (R$
Slide 18: Diversification of products and markets - 2025
Diversification of products and markets - 2025 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 (2025 - DOMESTIC MARKET, STEEL) EXPORT SALES VOLUME BY COUNT
Slide 19: Diversification of products and markets – 4Q25
Diversification of products and markets – 4Q25 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 (4T25 - DOMESTIC MARKET, STEEL) EXPORT SALES VOLUME BY COUNT
Slide 20: 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 21: 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 22: 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 23: 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 24: 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 25: R&D Center
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$117M Invested in R&D 1,773 Completed research and 77 Types of steel improved
Slide 26: Principais Produtos
Principais Produtos Automotive Oil and Gas Industry ❖ ❖ ❖ ❖ ❖ ❖ ❖ ❖ ❖
Slide 27: Steel Siderurgia: Production Capacity
Siderurgia Steel The total crude steel generation capacity is 5 million tons and is located in Ipatinga. Current capacity for generating finished products, considering the galvanizing lines (EG and HDG) and heavy plates at their maximum capacities. Galvanized Heavy Plates Hot Rolled Cold Rolled Elec
Slide 28: Usiminas Iron Ore Operation (MUSA)
Usiminas Iron Ore Operation (“MUSA”) COMPANY OVERVIEW ✓ Mineração Usiminas, a joint-venture between Usiminas (70%) and Sumitomo Corporation (30%) LOGISTICS OVERVIEW ✓ Open pit iron ore mining company operating in the Serra Azul region ✓ 9.6 million tons sold in 2025. ✓ Strategically located in the I
Slide 29: Mining Unit: Iron Ore Sales and EBITDA
Mining Mining Unit Iron Ore Sales (thousand tons) 9,023 9,055 9,641 8,641 8,468 2,503 2,458 2,463 2,202 2,218 6,785 5,822 6,616 7,029 5,757 Exports 1,846 1,684 1,551 1,652 1,846 439 560 669 630 Domestic 186 1,048 3rd parties 174 139 134 170 1,799 2,259 1,391 2,042 1,983 Usiminas 477 426 478 486 592
Slide 30: Mineração Dry Stacking
ITM CENTRAL Mineração Dry Stacking ITM FLOTAÇÃO Dewatering and dry tailings disposal solution as a Dewatered Tailings Stack ITM OESTE replacement for the conventional dam-based method. ITM SAMAMBAIA Watch how Usiminas’ Dry Stacking process works. Inauguration: December 2021 Dewatered Tailings Stack
Slide 31: Main investments in progress - Mining
Main investments in progress - Mining Decharacterization of the Samambaia Dam 2026 ❖ ❖ ❖ ❖ ❖
Slide 32: Main Consolidated Figures (1/2)
Main Consolidated Figures (1/2) RECEITA Receita LÍQUIDA Líquida (R$ MILHÕES) (R$ Milhões) Domestic Market Exports 33,737 32,471 27,638 25,870 26,263 6,480 6,858 6,626 6,604 7,546 6,499 6,175 5,205 4,160 5,315 1,139 1,289 1,316 1,351 1,359 26,191 25,972 22,433 21,709 5,341 5,569 20,949 5,310 5,253 4,
Slide 33: Main Consolidated Figures (2/2)
Main Consolidated Figures (2/2) CAPEX (R$ Million) Steel Mining 3000 382 372 2184 346 334 47 163 40 266 1483 364 219 19 1083 1191 29 306 2654 135 294 325 1820 249 247 219 189 1177 1055 834 2021 2022 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Working Capital (R$ Billion) 10.6 7.8 6.9 6.8 7.6 7.2 6.6 6.8
Slide 34: 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 6,944 Gross Debt (principal only) Debt Maturity: R$: 39 months 0.58x 0.71x 0.51x 0.16x -0.22x US$: 63 months 2,853 6.9 7.9 7.8 6.4 6.5 2,819 0
Slide 35: Usiminas Culture of social, environmental and employee responsibility
1 Usiminas 2 Culture of social, environmental and employee responsibility 3 Governance and Highlights
Slide 36: 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 37: Governance and Highlights
1 Usiminas 2 Culture of social, environmental and employee responsibility 3 Governance and Highlights
Slide 38: 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 39: 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 40: USIMINAS
USIMINAS
Usinas Siderúrgicas de Minas Gerais — Q4 2025 Earnings Presentation on 6ix