Companhia Siderurgica Nacional · BMFBOVESPA:CSNA3
Companhia Siderurgica Nacional — National Steel — Q3 2026 Earnings Presentation
29 slides from Companhia Siderurgica Nacional's earnings presentation, Nov 13, 2026
Slide 1: 3Q26 Earnings Release
3Q26 EARNINGS RELEASE November 12, 2026
Slide 2: For more information, visit our IR website
For more information, visit our IR website: https://ri.csn.com.br/ 2
Slide 3: Consolidated Results
¹ Adjusted EBITDA is calculated based on net income (loss), plus depreciation and amortization, income taxes, net financial result, equity income, other operating income/expenses, and includes the proportional consolidation of 37.49% of the EBITDA of jointly controlled subsidiary MRS Logística, as w
Slide 4: Equity Income
· Equity Income increased 19.3% versus 2Q26 and 5.3% compared with 3Q25. This performance mainly reflects the reversal of provisions for civil contingencies recorded by TLSA in September, as well as the contribution from other holdings, particularly the indirect stake in affiliates held by the subsi
Slide 5: Net Loss in 3Q26
· In 3Q26, CSN reported a Net Loss of R$ 1,247.3 million, representing a 61.3% deterioration versus the previous quarter and a reversal from the net income recorded in the same period of last year. In addition to the weaker operating performance in the period, mainly related to the softer mining res
Slide 6: Adjusted EBITDA
*The Company reports Adjusted EBITDA excluding equity income and other operating income (expenses), as it believes these items should not be considered in the calculation of recurring operating cash generation. · In 3Q26, Adjusted EBITDA totaled R$ 1,875.9 million, representing a decrease of 32.3% v
Slide 7: Adjusted EBITDA Margin
¹ Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Adjusted Net Revenue, which considers 100% consolidation of CSN Mineração and the 37.49% stake in MRS. For more information, visit our IR website: https://ri.csn.com.br/ 5
Slide 8: Indebtedness
² Adjusted Working Capital is composed of changes in Net Working Capital, plus changes in long-term asset and liability accounts, excluding the net change in income tax and social contribution. ³ Financial Result: considers derivatives, financial expenses directly linked to operating activity, and i
Slide 9: Build-up Net Debt (R$ Billion)
Build-up Net Debt (R$ Billion)
Slide 10: Net Debt / EBITDA
¹ Net Debt / EBITDA: debt is calculated using the period-end U.S. dollar exchange rate, while net debt and EBITDA use the average exchange rate for the period. ² Leverage calculation considers Usiminas share since 2026 For more information, visit our IR website: https://ri.csn.com.br/ 6
Slide 11: Net foreign exchange exposure
At the end of 3Q26, the net foreign exchange exposure in the consolidated balance sheet was negative by US$ 2,952.1 million, as shown in the table below. Through Hedge Accounting, CSN matches projected U.S. dollar-denominated export cash flows with the future maturities of its debt in the same curre
Slide 12: For more information, visit our IR website: https://ri.csn.com.br/ 7
For more information, visit our IR website: https://ri.csn.com.br/ 7
Slide 13: Net Working Capital
Net Working Capital Net Working Capital allocated to the business totaled R$ 2,202.0 million in 3Q26, representing a decrease of 27.7% versus the previous quarter. This change mainly reflects the inventory reduction strategy adopted by the Company throughout the year, aimed at optimizing operations
Slide 14: Net Working Capital notes
¹ Other NWC Assets: includes advances granted and other receivables. ² Other NWC Liabilities: includes other payables, taxes payable in installments, and other provisions. For more information, visit our IR website: https://ri.csn.com.br/ 9
Slide 15: For more information, visit our IR website: https://ri.csn.com.br/ 10
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Slide 16: For more information, visit our IR website: https://ri.csn.com.br/ 11
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For more information, visit our IR website: https://ri.csn.com.br/ 12
Slide 18: Steel Net Revenue
· Net Revenue in the Steel segment reached R$ 5,752.1 million in 3Q26, a decrease of 5.3% versus 2Q26, but an increase of 8.6% compared with 3Q25. The quarter-over-quarter performance mainly reflected lower sales volumes in the foreign market, combined with a lower value-added product mix in the dom
Slide 19: Production Cost – 3Q26 – Steel
Production Cost – 3Q26 – Steel
Slide 20: Steel Adjusted EBITDA
· Adjusted EBITDA in the Steel segment reached R$ 576.1 million in 3Q26, with an Adjusted EBITDA margin of 10.0%. However, the quarter's result was affected by non-recurring events related to production idleness associated with the restart of the stripping line, which had been operating at partial c
Slide 21: Mining Results
Mining Results 3Q26 was marked by persistently high logistics costs in the transoceanic iron ore market, in an environment still influenced by geopolitical tensions in the Middle East. In addition, global iron ore supply throughout the year was higher than in the previous year, adding pressure on sp
Slide 22: Iron Ore Production
· Iron Ore Production (including third-party purchases) totaled 9,973 thousand tons in 3Q26, a decrease of 9.0% versus 2Q26 and 16.4% compared with 3Q25. Although the third quarter is seasonally strong in terms of production, increased rainfall this year partly explains the lower production levels.
Slide 23: Mining Sales Volume
· Sales Volume totaled 11,651 thousand tons in 3Q26, a slight decrease of 1.7% versus 2Q26 and 6.0% compared with 3Q25. Despite lower production during the period, the Company advanced its inventory reduction efforts, helping sustain sales volumes. TECAR, in turn, maintained a high level of efficien
Slide 24: Cement Results
Cement Results According to the National Union of the Cement Industry (SNIC), the Brazilian cement industry sold 50.8 million tons of cement in the first nine months of 2026, representing growth of 0.9% compared with the same period of the previous year. This performance was supported by a combinati
Slide 25: For more information, visit our IR website: https://ri.csn.com.br/ 16
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Slide 26: For more information, visit our IR website: https://ri.csn.com.br/ 17
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Slide 27: For more information, visit our IR website: https://ri.csn.com.br/ 20
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Slide 28: For more information, visit our IR website: https://ri.csn.com.br/ 21
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Slide 29: Signature and Forward-Looking Statements
For more information, visit our IR website: https://ri.csn.com.br/ 22 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: November 12, 2026 COMPANHIA