Usiminas has profit below consensus in 3Q26 and shares lead Ibovespa falls
Third quarter results were R$37 million below the Bloomberg consensus, and XP sees additional pressure on profits in 4Q26.
BY THE X-TRADER NEWS NEWSROOM · REPORTING FROM MONEY TIMES · 3 MIN
Usiminas saw its shares fall on Friday, 30, after publishing a balance sheet for the third quarter of 2026 below market expectations. According to InfoMoney, at around 10:25 am the stock fell 6.95%, quoted at R$5.09, and was the biggest drop in the Ibovespa at that time. At 11:20 am, according to Money Times, the drop had decreased to 4.57%, with the share at R$5.22, but still among the biggest drops in the index.
Net profit for 3Q26 was R$243 million, according to Money Times, while the Bloomberg consensus pointed to R$280 million. Compared to the previous quarter, profit fell 43% compared to 2Q26. The same vehicle recalls that, in 3Q25, the company had recorded a loss of R$3.5 billion, which makes the annual comparison appear positive, although the current result fell short of what the market expected.
XP analysts, including Lucas Laghi, Guilherme Nippes and Fernanda Urbano, classified 3Q26 as weak, according to InfoMoney. The main point of attention was the steel division's EBITDA, which was below estimates and also below the projection that management itself had presented. Analysts' concerns go beyond the quarter: the company's outlook for 4Q26 points to additional pressure on profits compared to 3Q26.
On the same day, international news also had negative movements. According to Investing.com, pre-market trading showed declines in Intel and Amazon, and cryptocurrency stocks fell following a $6.3 billion heist on Binance. These facts do not deal with Usiminas nor are they directly related to the steel company's balance sheet.
What is at stake now is the company's ability to sustain results after a period of strong fluctuation. From what XP analysts point out, the next quarter does not suggest immediate relief in profits, and the sequence of disclosures should be closely monitored by the market.
What changes for the investor
For those who follow the steel company, the balance sheet reinforces the importance of looking beyond the quarterly results. If the pressure on steel EBITDA is confirmed, as XP's outlook for 4Q26 indicates, the short-term reading tends to remain sensitive to each release. This is a possible effect on market mood, not a price prediction. It is up to the investor to compare his thesis for the company with the numbers that are yet to come, such as the evolution of steel EBITDA and the distance between the result and the management's own projections.
Automatically translated from Portuguese.
