The company reported a net profit of R$128.7 million in the fourth quarter of 2025, compared with a net loss of R$117.2 million in the same period of the previous year and a loss of R$3.5 billion in the previous quarter. The improvement was driven by operational normalization and the absence of extraordinary expenses.
Adjusted EBITDA reached R$417 million in the fourth quarter, down 4% quarter-on-quarter and 19% year-on-year. The EBITDA margin stood at 7%. Net revenues declined by 6% compared to the previous quarter and by 5% year-on-year to R$6.2 billion, due to weaker domestic steel demand and lower selling prices.
Steel sales volume totaled 1.08 million tons in the quarter, representing a 2% decrease compared to the previous quarter but a 2% increase year-on-year. Mining sales amounted to 2.46 million tons, down 2% quarter-on-quarter and up 12% year-on-year. Higher export sales partly offset weak domestic demand.
Cash flow from operations reached R$1.1 billion, while free cash flow totaled R$744 million. The company ended the year with R$6.9 billion in cash and a net cash position of R$444 million, marking a clear improvement compared to a net debt position of R$937 million a year earlier. The net debt/EBITDA ratio declined to -0.22x.
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