24 slides from Companhia Siderurgica Nacional's earnings presentation, May 14, 2026
Slide 1: 1Q26 Conference Call
1Q26 Conference Call May 14, 2026
Slide 2: 1Q26 – Highlights
2 1Q26 – HIGHLIGHTS MINING STEEL CEMENT LOGISTICS The Logistics segment The EBITDA in 1Q26 posted Record own production for Despite a challenging start to CSN achieved its highest remains one of the main year-over-year growth of a first quarter, with year-over- the year, March posted one EBITDA ever
Slide 3: Adjusted EBITDA and EBITDA Margin
3 Adjusted EBITDA and EBITDA Margin EBITDA and Margin (R$ Million | %) Quarter EBITDA Evolution (R$ Million) -20.3% 5,000 27.8% 30.0% 26.8% 4,500 23.5% 23.9% 25.0% 4,000 22.1% 3,500 3,319 3,325 3,325 20.0% 3,000 2,643 2,646 30 25 2,646 2,509 (307) 2,500 15.0% (61) (1) 2,000 (364) 10.0% 1,500 1,000 5
Slide 4: Investments
4 Investments CAPEX (R$ Million) 3,000 -0.1% -44,.% 2,500 2,043 2,000 416 1,500 1,127 1,126 900 1,000 173 239 381 438 500 573 727 448 0 1Q25 4Q25 1Q26 Steel Mining Others • The sharp quarterly drop in Capex seen in Q1 2026 reflects the Company's history of concentrating its investments at the end of
Slide 5: Working Capital
5 Working Capital Working Capital (R$ Million) 70.5% 54.4% 30,000 5,000 3,898 2,525 20,000 2,286 - 10,000 9,928 10,470 10,184 (5,000) - 2,511 2,397 2,897 (10,000) (9,613) (9,974) (8,942) (10,000) (541) (369) (241) (15,000) (20,000) (20,000) (30,000) (25,000) 1Q25 4Q25 1Q26 Accounts Receivable Invent
Slide 6: Free Cash Flow
6 Free Cash Flow Free Cash Flow (R$ Million) 2,646 2,500 (300) 1,500 ( 1,340 ) 500 (1.126) (500) (1,236) (103) 418 (1,041) (402) (1,500) 778 (1,598) (2,500) (2,793) 1.860 (3,500) (4,500) Adjusted Joinly ∆ Working Capex Financial Income Tax Others Adjusted Free Debt Borrowings Iron Ore FX Variation F
Slide 7: Net Debt and Leverage
7 Net Debt and Leverage Following the increase observed in the prior quarter, leverage declined again at the beginning of the year, reaching 3.36x compared to 3.47x recorded in 4Q25. Contributing to this performance was the new iron ore prepayment contract entered into to cover part of the scheduled
Slide 8: Indebtedness
8 Indebtedness DEBT COMPOSITION Average Maturity: 41,50 months Capital Markets Banks 40.2% 34.6% US$ 6.40% p.a. 22,000 20,879 BRL 110,08% CDI 25.2% Bridge Loan 17,000 6,264 Banks Debentures Bonds 11,748 DEBT BY CURRENCY Cash & Cash 12,000 Equivalents 8,188 14,615 3,771 6,614 5,803 6,401 7,000 667 4,
Slide 9: Steel
Steel
Slide 10: Sales Volume
10 Sales Volume 2,500 Sales volume (Thousand tons) The 12.1% growth -2,5% in sales volume 2,000 (-2.8% in DM) reflects the strong +12,1% momentum of the 1,500 (+46.8% in EM) export market, 1,144 1,058 1,116 1,013 995 while domestic 1,000 355 349 263 277 238 sales were slow to gain traction. 500 789
Slide 11: Steel Production
11 Steel Production Slab Production Volume Slab Cost (R$/ton; USD/ton) (Thousand tons) 7,000 850 612 750 594 592 6,000 1,200 650 -5,9% 5,000 550 1,000 -3,8% 4,000 3,315 3,203 3,277 450 812 350 3,000 786 794 764 726 250 800 2,000 150 1,000 50 600 0 -50 1Q25 4Q25 1Q26 400 R$/ton USD/ton 200 Performanc
Slide 12: Financial Performance
12 Financial Performance Net Revenue and Average Price (DM) EBITDA and EBITDA Margin (R$ Million; %) (R$ Million) 10,000 5,252 1,400 4,893 6,500 13.4% 9,000 4,827 20.0% 8,000 4,500 1,200 7.9% 7.0% 10.0% 6,107 7,000 5,600 1,000 6,000 5,233 2,500 7.4% 0.0% 5,000 500 800 700 -10.0% 485 4,000 600 3,000
Slide 13: Mining
Mining
Slide 14: Production and Sales
14 Production and Sales Ore Production + Purchases Sales Volume (Thousand tons) 20,000 (Thousand tons) 18,000 20,000 -1,4% 0,0% 18,000 -14,9% 16,000 -19,6% 12,396 14,000 11,833 11,981 16,000 14,000 11,928 11,827 12,000 1,067 977 945 11,602 9,640 9,636 10,210 10,063 12,000 10,000 10,000 1,040 737 8,0
Slide 15: Financial Performance
15 Financial Performance The decline in Net Revenue in 1Q26 reflects the seasonality of operations combined with the FX impact in the period. Unit Net Revenue remained virtually stable, demonstrating the resilience of iron ore prices over recent months. Adjusted EBITDA in 1Q26 reached R$ 1,374 Milli
Slide 16: Adjusted EBITDA
16 Adjusted EBITDA Adjusted EBITDA Reconciliation (R$ Million) 1,739 1,758 19 (389) 1,412 1,374 95 (17) (14) (20) (38) EBITDA 4Q25 Price Provision Subtotal Price Ex Volume Ore Price Sea Freight Mix Costs and Others Subtotal Price Ex Price Provision EBITDA 1Q26 Previous Quarters provisions provisions
Slide 17: Cement
Cement
Slide 18: Sales Volume
18 Sales Volume Sales Volume in 1Q26 was impacted by the typical seasonality of the period combined with higher rainfall, in addition to the strategy of prioritizing value over volume in order to capture the favorable market dynamics. Sales Volume (Thousand tons) -4,4% 4,500 -1,2% 4,000 3,465 3,623
Slide 19: Financial Performance
19 Financial Performance Net Revenue (R$ Million) EBITDA and EBITDA Margin (R$ Million; %) 2,500.0 1,500 50.0% +14,0% 1,300 45.0% 2,000.0 40.0% -0,2% 1,100 31.2% 35.0% 29.2% 1,258 1,256 1,500.0 900 30.0% 1,102 700 21.9% 25.0% 1,000.0 392 20.0% 368 500 241 15.0% 500.0 300 10.0% 100 5.0% 0.0 1Q25 4Q25
Slide 20: Logistics
Logistics
Slide 21: Financial Performance
21 Financial Performance Net Revenue (R$ Million) EBITDA and EBITDA Margin (R$ Million; %) 3,500 65.0% 5,500.0 3,000 55.0% 46.1% 4,500.0 2,500 42.0% 41.8% 45.0% 3,500.0 +38,9% 2,000 35.0% -11,5% 1,500 25.0% 2,500.0 1,210 1,000 15.0% 1,500.0 1,071 509 771 500 355 448 5.0% 500.0 0 -5.0% -500.0 1Q25 4Q
Slide 22: ESG
ESG
Slide 23: Quarter Highlights
23 GOVERNANCE • MSCI rating upgraded from BB to BBB • CSN Mineração joined the Brazil Pact for Business Integrity of the CGU • Publication of the 2025 Integrated Report | CSN and CSN Mineração TAILING DAMS • In March, ANM renewed stability declarations for all CSN dams QUARTER • No events related to
Slide 24: Do well, do more, do forever.
== CSN Companhia Sidertrgica Nacional Do well, do more, do forever.