Usiminas stock enters results watch with EBITDA at BRL 761 million

Published on 10/07/2026 at 03:52 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Usiminas stock carries a BRL 8.51 average analyst target from 14 analysts, while Q2 adjusted EBITDA reached BRL 761 million. Revenue rose 4 percent sequentially.

Usiminas, BRUSIMACNOR3, Illustration mit AI erstellt.

Usiminas (ISIN BRUSIMACNOR3) reported adjusted EBITDA of BRL 761 million and a 12 percent margin for the second quarter of 2026. According to the Yahoo Finance transcript of the July 30, 2026 earnings call, the steel unit and improved product mix supported the result, while mining margins faced higher freight costs.

Q2 revenue rises sequentially

Consolidated revenue advanced 4 percent from the first quarter of 2026, according to the same Yahoo Finance transcript. Steel revenue increased 5 percent sequentially, and iron ore sales volume rose 27 percent after the rainy season affected the previous quarter.

The improvement was not uniform. Net income declined 52 percent from the prior quarter, while management said higher coal, coke, slab and maritime freight costs would pressure the next quarter.

CapEx guidance narrows the range

Usiminas reduced its 2026 capital expenditure guidance to a range of BRL 1.2 billion to BRL 1.4 billion, the earnings-call transcript said. The company also reported positive free cash flow of BRL 35 million and net cash of nearly BRL 500 million at the end of the quarter.

The operating trade-off is clear: the completed pulverized coal injection project is intended to improve efficiency, but raw-material inflation remains a direct test of the steel division's margin. Management expects the project to deliver its full contribution in the third quarter of 2026.

Analyst targets remain divided

According to TraderNews on September 25, 2026, a consensus of 14 analysts carried a Buy label, with an average target of BRL 8.51, a median of BRL 8.50 and a range from BRL 5.00 to BRL 12.00. Eight of the 14 recommendations were holds, showing that the average target masks a divided view.

Safra kept a Neutral recommendation and cut its target from BRL 9.20 to BRL 8.30 for the end of 2027, according to Safra on September 10, 2026. The bank cited steel-market pressure and elevated input costs as the main constraint on its outlook.

Market value and next date

Usiminas had a market capitalization of BRL 8.5 billion and a 52-week range of BRL 4.23 to BRL 10.95 as of October 6, 2026. The next scheduled checkpoint is the third-quarter results release on October 30, 2026, according to TraderNews.