By Brazil Stock Guide – Usiminas (B3: USIM3, USIM5 e USIM6) reported a net profit of R$128.7 million in the fourth quarter of 2025, reversing a R$117.2 million loss a year earlier and a R$3.5 billion loss in the previous quarter, when results were hit by impairments. The turnaround reflects operational normalization and the absence of extraordinary charges that distorted earlier periods.
Adjusted EBITDA reached R$417 million in 4Q25, down 4% quarter-on-quarter and 19% year-on-year, with margins stable at 7%. Net revenue totaled R$6.2 billion, declining 6% versus 3Q25 and 5% from 4Q24, amid softer domestic steel demand and lower realized prices.
Steel sales volumes totaled 1.08 million tonnes in the quarter, down 2% sequentially but up 2% year-on-year. Mining sales reached 2.46 million tonnes, also down 2% from the third quarter, though 12% higher versus 4Q24. Export sales gained relevance, partially offsetting weaker internal demand.
Despite margin pressure, cash generation improved. Operating cash flow reached R$1.1 billion in the quarter, driving free cash flow of R$744 million. The company ended December with R$6.9 billion in cash and a net cash position of R$444 million, compared with net debt of R$937 million a year earlier. Net debt-to-EBITDA improved to negative 0.22x, the strongest leverage profile in recent years.
For full-year 2025, adjusted EBITDA totaled R$2.0 billion, up 24% year-on-year, supported by stronger mining performance and cost discipline. Still, the company posted a net loss of R$2.9 billion for the year, largely reflecting impairments and one-off effects earlier in 2025.
Leave a Reply