Usinas Siderúrgicas de Minas Gerais S.A.

Well, good afternoon.

Welcome to Usiminas Conference Call, in which we will discuss the results for the fourth quarter and full 2025. I'm Leonardo Karam. I am Director at Usiminas. To those who wish to follow us in English, a free translation of the webcast presentation is available in the Usiminas IR website. We also have an interpreter for simultaneous translation. Please choose the audio channel by clicking on the icon at the bottom of your Zoom screen. All participants are connected in listen-only mode and questions may be submitted in writing through the Zoom Q&A session. An icon on the bottom of your screen, participants listening in English may also submit their questions directly in this section. This conference call is being recorded and simultaneously broadcast on the UNIBI Musemino's YouTube channel. Please note that this conference call is intended exclusively for investors and market analysts. We kindly ask you to identify yourself so that your question can be addressed. We also request that any questions from journalists be directed directly to Usiminas Media Relations at the email imprensa.usiminas.com. Before proceeding, we would like to clarify that any statements made during this conference call regarding the company's business outlook, as well as projections and operational and financial targets regarding its growth potential, Our forward-looking statements based on the management expectations regarding the future of Uzi Minas. These expectations are highly dependent on the performance of the steel industry, the economic situation of the country, and the conditions of international markets, and therefore subject to change. Joining us are CEO Marcelo Chara, the VP of Finance and IR Diego Garcia, and Commercial Vice President Miguel Holmes. Initially, Marcelo will make some opening remarks, then Diego will present the results. After that, the questions submitted through the Q&A session will be answered. I will now turn the floor over to Marcelo. Marcelo, you have the floor. Well, thank you, Leonardo. Ladies and gentlemen, a very good afternoon to all of you. It's a pleasure to be here with you to share the results of Q4 and the full year of 2025. 2025 was a challenging year for Usiminas and for all the steel Brazilian industry, and once again the opportunity of growth and generating income and and jobs was compromised due to unfair import of steel and these were manufactured products in 2025 we reached an adjusted consolidated evita of 2 billion red with a growth of 24 percent vis-à-vis 2024 and a margin of 8%. One of the main drivers to improve the result was the cost drop of the steel units totaling minus 5% of cost to sale per ton. This was more than offset the lower net revenue per 10, that was 4%. In mineração, the highlights were a record volume of sales of iron ore, totaling 9.6 million tons. a high of 14% vis-a-vis 2024, and quality discounts that allowed us to attain better results for the first quarter of 2020. In the steel unit, the company projects stable steel unit sales. And in the domestic market, connected to seasonality, we expect a recovery of net revenue per ton driven mainly by a sales mix that is more noble and higher prices. On the other side, the cost per tonne will increase, reflecting the most favourable mix, and with this, we projected an EBITDA margin above the last quarter. Now, in the mining unit, the expectation is of lower sales volume due to the seasonality of the rainy season and prioritizing better areas of better profit. The prospect of the economic scenario is moderate for 2026, sustained by a gradual growth of 1.8% of the GDP presented in the focus report. Within this context, the expectation of the steel Brazil industry is increased. but this growth will be totally absorbed by the expected growth of imports of 4%. If we don't have effective measures of commercial defense against unloyal competition with the import volumes in the steel chain, have been investigated and conferred the urgency to implement it fast. The government has reacted as we can see in the recent anti-dumping rights into elevate the income tariffs by 9%. Now, we manifest our recognition by the serious technical work by the Ministry of Industry and Commerce in the analysis. of the commercial lawsuits. This is important to foster more competitive value. Usiminos is prepared to capture the opportunities of this new context, meeting the ever-growing demand of its customers. at the same time as we maintain attention to the market in order to curtail the possibilities of not following this that are a result of an over surplus of Chinese steel in the international markets and this impacts the national industry. Our internal agenda for 2026 will be focused on reducing costs, efficiency in our industrial operations, and a strong financial discipline and strong environmental discipline. It will be important to ramp up our priority capex like the PCI planned the coke batteries repair and a new gas meter these project will reassure the sustainable growth and the competitiveness of using minas at the long run we would also like to think of all of our employees for their effort, their engagement, as well as our suppliers, clients, shareholders, and the community for the trust and for the sound relationship that we've built throughout the years. And we are confident that 2026 will be a very good year. Thank you very much.

Leo?