Usiminas has one of the biggest falls on the Ibovespa after 3Q26 profit below expectations
Profit for the third quarter of 2026 was R$243 million, below consensus, and XP sees additional pressure on results in the fourth quarter.
BY THE X-TRADER NEWS NEWSROOM · REPORTING FROM SEU DINHEIRO · 2 MIN
Usiminas shares were among the biggest falls on the Ibovespa on Friday (10/30), after the steel company released results for the third quarter of 2026 below what the market expected. According to InfoMoney, at around 10:25 am the stock fell 6.95%, quoted at R$5.09.
According to Seu Dinheiro, net profit totaled R$243 million in 3Q26, against a Bloomberg consensus of R$280 million. According to Money Times, the result represents a drop of 43% compared to the second quarter. In comparison with the same period in 2025, when the company had a loss of R$3.5 billion, the balance appears as a reversal.
Operating indicators tell another part of the story. According to Money Times, adjusted EBITDA reached R$558 million, an increase of 29% in the annual comparison, and the adjusted margin reached 9%, an increase of 2 percentage points. Net revenue, however, totaled R$6.2 billion and fell 6% in the year.
The harshest reading came from XP Investimentos. Analysts Lucas Laghi, Guilherme Nippes and Fernanda Urbano consider the third quarter to be weak, according to InfoMoney. In their assessment, the Steel segment's EBITDA was below estimates and management's previous projection, and the outlook for the fourth quarter indicates additional pressure on profits compared to 3Q26.
The central point for the market is whether the improvement in EBITDA and margin can be sustained with falling revenue. The question, therefore, is no longer just one-off profits and becomes the trajectory of margins in the coming quarters.
What changes for the investor
The balance reinforces the share's sensitivity to results below expectations, and the drop recorded throughout the morning shows how the market reacted to this data. With XP pointing to additional pressure on profits in the fourth quarter, attention tends to focus on upcoming releases and the performance of the Steel segment. This article does not provide a buy or sell recommendation or price estimates: the moment calls for monitoring the numbers and management's statements.
Automatically translated from Portuguese.
