Companhia Siderurgica Nacional · BMFBOVESPA:CSNA3

Companhia Siderurgica Nacional — Q4 2025 Earnings Presentation

26 slides from Companhia Siderurgica Nacional's earnings presentation, Mar 12, 2026

  1. Slide 1: Conferance Call 4Q25 | 2025

    Conferance Call 4Q25 | 2025 March 12, 2025

  2. Slide 2: 4Q25 e 2025 – Highlights

    28 4Q25 e 2025 – HIGHLIGHTS MINING STEEL CEMENT LOGISTICS 2025 was a year of operational and financial Second-highest production A new reduction in A new price increase, even records for the segment, Operational resilience and and sales volumes in the production costs (the in a seasonally weaker con

  3. Slide 3: Adjusted EBITDA and EBITDA Margin

    29 Adjusted EBITDA and EBITDA Margin EBITDA and Margin (R$ Million | %) Annual EBITDA Evolution (R$ Million) 20,000 27.8% 30.0% +15.3% 26.8% 26.8% 18,000 25.1% 23.5% 16,000 22.4% 25.0% 14,000 22.1% 11,796 20.0% 510 406 113 16 11,796 591 10,230 12,000 10,230 (70) 10,000 15.0% 8,000 10.0% 6,000 3,335

  4. Slide 4: Investments

    30 Investments CAPEX (R$ Million) +7.4% 7,000 -0.7% 5,936 6,000 5,525 1,112 5,000 847 4,000 +42.4% 1,852 2,397 3,000 2,058 1,435 2,043 341 416 2,000 672 234 2,826 900 2,427 609 1,000 1,045 592 727 0 4Q24 3Q25 4Q25 2024 2025 Steel Mining Others • The 42.4% increase in the quarter reflects the seasona

  5. Slide 5: Net Working Capital

    31 Net Working Capital Net Working Capital (R$ Million) +5.5% -21.1% 30,000 2,000 20,000 2,412 3,226 2,525 - 10,445 10,000 10,275 10,470 (2,000) - 2,901 2,706 2,397 (9,829) (9,176) (9,974) (4,000) (10,000) (1,105) (580) (369) (6,000) (20,000) (8,000) (30,000) (10,000) 4Q24 3Q25 4Q25 Accounts Recivab

  6. Slide 6: Adjusted Cash Flow

    32 Adjusted Cash Flow Adjusted Cash Flow (R$ Million) 4,000 3,500 3,325 350 3,000 ( 344 ) 2,500 2,000 1,500 1,000 ( 2,021 ) 500 - (1.415) (500) (156) (261) (1,000) Adjusted Joinly ∆ NWX/ Capex Financial Income Tax Adjusted Free EBITDA Controlled Assets and Results³ Cash Flow¹ EBITDA Liabilities² • D

  7. Slide 7: Net Debt and Leverage

    33 Net Debt and Leverage Despite the strong operational performance, leverage recorded its first increase of the year, reflecting the acceleration of investment activities and the cash consumption observed during the period. As a result, the Net Debt/LTM EBITDA ratio increased from 3.14x to 3.47x, a

  8. Slide 8: Availabilities and Indebtedness Profile

    34 Indebtedness Profile DEBT COMPOSITION Average Term: 42.40 months 36.8% 39.3% US$ 6.42% y.y. 22,000 Capital Market Banks BRL 107.55% CDI 23.8% 15,997 17,000 Bancos Debentures Bonds 11,401 DEBT BY CURRENCY Availabilities 9,427 12,000 7,806 2,717 25.0% 5,952 6,605 7,000 6,623 1,044 4,974 914 2,295 5

  9. Slide 9: Steel

    Steel

  10. Slide 10: Sales Volume

    36 Sales Volume The 7.5% decrease in Sales volume (Thousand tons) sales volumes in -7.5% 2025 compared to (-6.0% DM) 2024 reflects the 4,551 5,000 4,210 shutdown of one of 4,500 -15.3% 1,278 4,000 (-13.6% DM) the blast furnaces, 3,500 1,132 as well as pressure 3,000 from imported 2,500 -5.9% (-2.9%

  11. Slide 11: Steel Production

    37 Steel Production Slab production volume 6,000 Slab Cost (R$/ton; USD/ton) 850 (Thousand tons) 627 661 750 5,000 594 592 599 -17.7% 5,000 650 4,000 3,510 3,303 3,457 3,390 550 3,203 4,500 4,000 3,786 3,000 450 350 3,118 3,500 2,000 250 3,000 -17.6% 1,000 150 +9.3% 50 2,500 0 -50 4Q24 3Q25 4Q25 202

  12. Slide 12: Financial Performance

    38 Financial Performance Net Revenue and Average Price (DM) EBITDA and EBITDA Margin (R$ Million; %) (R$ Million) 13.4% 35,000 3,500 20.0% 5,128 5,077 5,087 10.6% 6,500 4,899 4,893 10.0% 30,000 3,000 8.1% 6.9% 10.0% 4,500 25,000 23,179 22,026 2,500 2,194 0.0% 2,500 1,603 20,000 2,000 -10.0% 500 15,0

  13. Slide 13: Mineração

    Mineração

  14. Slide 14: Production and Sales

    40 Production and Sales Production + Purchases Sales Volume (Thousand tons) (Thousand tons) +7.7% +8.5% 50,000 45,567 50,000 45,849 41,997 42,552 +11.7% 4,029 45,000 45,000 +15.8% 40,000 40,000 4,040 35,000 35,000 30,000 -0.9% 30,000 -3.3% 25,000 25,000 41,820 38,512 20,000 20,000 15,000 11,002 10,2

  15. Slide 15: Financial Performance

    41 Financial Performance The decrease in Net Revenue in 4Q25 reflects the combination of lower shipment volumes and a slight reduction in realized prices. However, the full-year results show solid growth, driven by record operational performance and the maintenance of iron ore prices at elevated lev

  16. Slide 16: EBITDA Ajustado

    42 EBITDA Ajustado Adjusted EBITDA Reconciliation (R$ million) 1,938 1,758 1,739 (265) 1,673 59 (77) 140 (14) (23) (19) 3Q25 Price Subtotal Volume Ore Price Sea Freight Mix Costs and Subtotal Price 4Q25 Adjusted Provision Price Ex Others Price Ex Provision Adjusted EBITDA Previous provisions provisi

  17. Slide 17: Cement

    Cement

  18. Slide 18: Sales Volume

    44 Sales Volume Sales volumes in 4Q25 were impacted by the typical seasonality of the period, with higher rainfall and a lower number of business days. On a full-year basis, sales volumes remained stable despite the price adjustments implemented in the second half of the year, signaling a healthy le

  19. Slide 19: Financial Performance

    45 Financial Performance Net Revenue (R$ Million) EBITDA and EBITDA Margin (R$ Million; %) 3,500 50.0% 6,000 45.0% 5,000 4,766 4,906 3,000 40.0% 2,500 32.8% 35.0% 4,000 29.1% 29.2% 28.5% 2,000 26.3% 30.0% 25.0% 1,361 3,000 1,500 1,290 20.0% 2,000 1,333 1,258 15.0% 1,177 1,000 386 388 368 10.0% 1,000

  20. Slide 20: Logistics

    Logistics

  21. Slide 21: Financial Performance

    47 Financial Performance Net Revenue (R$ Million) EBITDA and EBITDA Margin (R$ Million; %) 3,500 65.0% 5,500 47.1% 3,000 55.0% 45.2% 44.2% 4,500 4,374 2,500 40.3% 42.0% 45.0% 1,933 3,500 3,245 2,000 35.0% 1,527 1,500 25.0% 2,500 1,217 1,210 1,000 15.0% 1,500 550 509 758 500 305 5.0% 500 0 -5.0% -500

  22. Slide 22: Energy

    Energy

  23. Slide 23: Financial Performance

    49 Financial Performance Net Revenue (R$ Million) EBITDA and EBITDA Margin (R$ Million; %) 500 50.0% 800 682 450 45.0% 700 37.4% 35.0% 400 40.0% 521 600 350 35.0% 27.4% 255 500 300 30.0% 24.1% 400 250 22.2% 25.0% 200 20.0% 300 150 143 15.0% 200 163 155 145 54 100 10.0% 100 50 39 32 5.0% 0 0 0.0% 4Q2

  24. Slide 24: ESG

    ESG

  25. Slide 25: ESG Highlights

    ESG Highlights GOVERNANCE Y CSN Cimentos recognized on the CDP Climate A List OCCUPATIONAL HEALTH AND SAFETY Y 10% reduction in the number of high potential severity events (PSIF) Y Integration into the Pacto Brasil initiative of the CGU, compared to 2024 reaching 96.25% compliance Y 67% reduction i

  26. Slide 26: Fazer bem, fazer mais, fazer para sempre.

    Fazer bem, fazer mais, fazer para sempre.

Companhia Siderurgica Nacional — Q4 2025 Earnings Presentation on 6ix