Usiminas 2Q26 Results: Softer Print, Lower Capex, Cautious On Mining

研报英文原文证据摘录

Usiminas 2Q26 Results: Softer Print, Lower Capex, Cautious On Mining

J P M O R G A N Latin America Equity Research

30 July 2026

Usiminas Overweight

USIM5.SA, USIM5 BZ

2Q26 Results: Softer Print, Lower Capex, Cautious Price (29 Jul 26):R$8.32

On Mining

LatAm Basic Materials

Our take: overall numbers were lighter than expected. Headline EBITDA of Rodolfo Angele, CFA AC

R$691M came in 4.2% below consensus expectations. While in the Steel Division (55-11) 4950-3888

we saw another subsequent quarterly improvement, adjusted EBITDA of R$618M rodolfo.r.angele@jpmorgan.com

was 10.9% below JPMe mainly on weaker volumes and higher costs. Mining LatAm Metals & Mining

EBITDA came in line with JPMe at R$71M marked by strong volumes and higher- Tathiane Martins Candini

than-expected prices, being offset by higher-than-expected costs (+4.7% JPMe). (55-11) 4950-4116

Looking forward, the company is guiding towards stable profitability for the steel tathiane.m.candini@jpmorgan.com

business on higher volumes and pricing compensated by higher costs, while Banco J.P. Morgan S.A.

mining should deteriorate on lower volumes and higher freight rates. On a positive

note, Usiminas is also lowering its capex guidance for the year from R$1.6-1.4B

to R$1.4-1.2B (in-line with JPMe at R$1.4B), which we see as a positive move. Figure 3: Comp Table

Finally, FCF was shy but positive at R$96M, implying an annualized yield of 3.7%. EV/EBITDA P/E

We expect a small negative reaction to the announced earnings. ArcelorMittal 7.4x26E 5.8x27E 14.4x26E 9.8x27E

Commercial Metals 7.6x 6.3x 10.7x 9.6x

CSN 5.7x 5.3x 16.9x 4.1x• Steel: weaker than expected on volumes and costs. Usiminas Steel Division

posted R$618M in recurring EBITDA (adjusted for R$70M in pension plan Gerdau 4.5x 4.0x 9.9x 8.4x