Usinas Siderúrgicas de Minas Gerais (USIM5) investor relations material

Executive summary

• Adjusted EBITDA reached BRL 434 million with a 6.6% margin, up 6% sequentially and 45% year-to-date, driven by operational stability, cost reduction, and higher mining sales.

• Net income was impacted by a BRL 3.6 billion non-cash impairment and deferred tax effects, resulting in a net loss of BRL 3.5 billion.

• Free cash flow reached BRL 613 million, the highest in two years, and net debt dropped 69% to BRL 327 million, with leverage at 0.16x.

• Steel and mining sales volumes grew 2% sequentially, with mining sales at their highest since 4Q21.

Financial highlights

• Net revenue was BRL 6.6 billion, stable sequentially and up year-to-date, mainly from mining.

• Accumulated nine-month EBITDA was BRL 1.6 billion, up 45% year-over-year.

• Operating cash flow rose 43% sequentially, with working capital reduced due to lower raw material inventories.

• Gross margin held at 7%, with gross profit at BRL 447 million.

• CapEx for the quarter was BRL 266 million, down 20% from 2Q25.

Outlook and guidance

• Continued cost reductions and stable net revenue per ton expected in Q4 2025, with lower volumes due to seasonality.

• Mining volumes projected slightly lower in Q4 but higher for full-year 2025 versus 2024.

• CapEx guidance remains near the lower limit of BRL 1.2 billion, with Q4 CapEx expected between BRL 400–500 million.

• Ongoing investments in steel and mining operations, including coke plant renovation, new PCI plant, and dam decharacterization, to enhance efficiency and sustainability.