31 slides from Companhia Siderurgica Nacional's earnings presentation, Mar 12, 2026
Slide 1: 4Q25 and 2025 Earnings Release
4Q25 AND 2025 EARNINGS RELEASE March 11, 2026 CSN ‘Companhia Siderdrgica Nacional
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Slide 3: Consolidated Results
¹ Adjusted EBITDA is calculated from net income (loss) plus depreciation and amortization, income taxes, net financial income, income from investments, income from other operating income/expenses and includes the proportional 37.49% share of EBITDA of the jointly owned subsidiary MRS Logística. ² Th
Slide 4: Equity income
· Equity income decreased by 25.4% in 4Q25, totaling R$ 116.9 million, mainly reflecting the lower contribution from MRS during the period, in line with the seasonality of its operations. Nevertheless, when considering full-year of 2025, the equity income increased 15.9%, reaching R$ 518.8 million,
Slide 5: CSN recorded a Net Loss
· CSN recorded a Net Loss of R$ 721.2 million in 4Q25, reversing the net profit observed in the previous quarter, mainly due to the impact of operational idleness and inventory losses associated with the blast furnace shutdown during the period. On the other hand, when analyzing the 2025 result, net
Slide 6: Adjusted EBITDA
*The Company discloses its adjusted EBITDA excluding participation in investments and other operating income (expenses) as it believes that they should not be considered in the calculation of recurring operating cash generation. · Adjusted EBITDA reached R$ 3,325.0 million in 4Q25, with an Adjusted
Slide 7: Indebtedness
¹ The concept of adjusted cash flow is calculated from Adjusted EBITDA, subtracting EBITDA of Jointly Controlled Companies, CAPEX, Income Tax, Financial Result and changes in Assets and Liabilities², excluding the effect of the Glencore advance. ² Adjusted Working Capital is made up of the variation
Slide 8: Net Debt Build-up (R$ Billion)
Net Debt Build -up (R$ Billion )
Slide 9: Amortization Schedule (R$ Million)
¹Net Debt / EBITDA: Debt is calculated using the final dollar of each period and net debt and EBITDA are calculated using the average dollar of the period. 2 Leverage calculation considers Tora's UDM EBITDA CSN remains very active in its objective of extending the amortization period, focusing on lo
Slide 10: FX Exposure
The accumulated net foreign exchange exposure in the consolidated balance sheet for 4Q25 was negative at US$ 372.7 million, as shown in the table below, in line with the company's policy of minimizing the impacts of exchange rate volatility on results. The hedge accounting adopted by CSN correlates
Slide 11: Investments - CAPEX (R$ Million)
In 4Q25, investments totaled R$ 2,043.0 million, representing an increase of 42.4% compared to the previous quarter, reflecting the seasonal concentration of disbursements at the end of the fiscal year and the progress of ongoing strategic projects. The period was marked by the continued execution o
Slide 12: Net Working Capital
Net Working Capital Net Working Capital allocated to the business totaled R$ 2,524.6 million in 4Q25, representing a decrease of 21.7% compared to the previous quarter. This variation was mainly driven by seasonality, with lower commercial activity in the Steel and Cement segments impacting accounts
Slide 13: Net Working Capital notes
¹ Other NWC Assets: Considers advances and other accounts receivable. ² Other NWC Liabilities: Considers other accounts payable, taxes paid in installments and other provisions. ³ Inventories: Does not take into account the effect of the provision for inventory losses. Warehouse stock balances are n
Slide 14: 4Q25 Net Revenue by Segment
4Q25 Net Revenue by Segment (R$ Million - before eliminations)
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Slide 18: Steel
Steel According to the World Steel Association (WSA), global crude steel production in 2025 totaled 1,849.4 million tons, representing a slight decrease of 2.0% compared to 2024. China remained the leading global producer with 960.8 million tons produced in the year, representing a 4.4% drop compare
Slide 19: Steel sales volumes
Total sales reached 995 thousand tons in 4Q25, representing a 5.9% decrease compared with the previous quarter and a 15.3% decline compared to 4Q24. In addition to the typical seasonality of the period, the reduction in sales reflects high inventory levels among local distributors, as well as the co
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Slide 21: Production Cost - 4Q25 - Steel
Production Cost - 4Q25 - Steel
Slide 22: Steel Adjusted EBITDA
· In 4Q25, Adjusted EBITDA in the Steel totaled R$ 700.2 million, representing an increase of 63.5% compared to 3Q25 and 6.8% compared to 4Q24. Adjusted EBITDA margin reached 13.4% during the period. However, the quarterly result was impacted by non-recurring events related to production idleness re
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Slide 24: Iron ore production
· Iron ore production (including third-party purchases) recorded the best fourth-quarter performance in the Company’s history, totaling 11,827 thousand tons in 4Q25, representing a growth of 7.5% compared to the same period of the previous year and only 0.9% below 3Q25, which was the strongest quart
Slide 25: Sales volume
· Sales volume also recorded the best fourth-quarter performance in the Company’s history, reaching 11,981 thousand tons in 4Q25, representing a growth of 11.7% compared to 4Q24 and only 3.3% below 3Q25, which was the strongest quarter ever recorded. TECAR once again stood out in the shipment of pro
Slide 26: Cement
Cement According to the National Cement Industry Association (SNIC), the Brazilian cement industry sold 67 million tons of cement in 2025, representing growth of 3.7% compared to the previous year, even in a high interest rate environment, highlighting the sector’s resilience and the favorable dynam
Slide 27: Cement Net Revenue
· In 4Q25, Net Revenue totaled R$ 1,258.1 million, representing a 5.7% decrease compared to the previous quarter, but a 6.9% increase compared to 4Q24. On a quarter-over-quarter basis, the performance reflects the seasonality of the operation, with lower sales volumes more than offsetting the price
Slide 28: Logistics Net Revenue
In financial terms, total Net Revenue from the Logistics segment reached R$ 1,210.0 million in 4Q25, representing a slight decrease compared to 3Q25, mainly due to seasonal effects and higher rainfall, which particularly impacted rail operations. Rail Logistics recorded net revenue of R$ 796.6 milli
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Slide 31: Signature and Forward-Looking Statements
For more information, please visit our website: https://ri.csn.com.br/ 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: March 11, 2026 COMPANHIA SI