Companhia Siderurgica Nacional · BMFBOVESPA:CSNA3

Companhia Siderurgica Nacional — Q2 2026 Earnings Presentation

27 slides from Companhia Siderurgica Nacional's earnings presentation, Aug 13, 2026

  1. Slide 1: Earnings Conference Call 2Q26

    Earnings Conference Call 2Q26 August 13, 2026

  2. Slide 2: 2Q26 – Highlights

    2 2Q26 – HIGHLIGHTS MINING STEEL CEMENT LOGISTICS The second best EBITDA in CSN' s EBITDA in 2Q26 showed Even with a scheduled Competitive conditions in the CSN once again recorded the the Company's history shows quarterly and annual growth maintenance shutdown of 15 domestic market changed highest

  3. Slide 3: Adjusted EBITDA and EBITDA Margin

    3 Adjusted EBITDA and EBITDA Margin EBITDA and Margin (R$ Million | %) Annual EBITDA Evolution (R$ Million) 5,000 27.8% 30.0% 26.8% +4.6% 23.9% 4,500 23.5% 23.4% 25.0% 4,000 3,319 3,325 243 3,500 20.0% 2,646 184 34 10 2,773 3,000 2,643 2,646 2,773 100 2,500 15.0% (445) 2,000 10.0% 1,500 1,000 5.0% 5

  4. Slide 4: Investments

    4 Investments CAPEX (R$ million) +6.2% +25.6% 1,331 1,414 1,126 219 289 239 507 694 438 535 448 501 2Q25 1Q26 2Q26 Steel Mining Other • The step-up in capex is in line with the progress of strategic projects, particularly those related to investments in the P15.

  5. Slide 5: Working Capital

    5 Working Capital Working Capital (R$ Million) +6.8% 30,000 5,000 25,000 -21.8% - 3,898 20,000 2,853 3,046 15,000 (5,000) 10,000 2 10,363 10,184 9,367 (10,000) 5,000 - 2,437 2,897 2,531 (15,000) (5,000) (9,719) (8,942) (8,854) (20,000) (10,000) (228) (241) (15,000) (25,000) 2Q25 1Q26 2Q26 Accounts R

  6. Slide 6: Free Cash Flow

    6 Free Cash Flow Free Cash Flow (R$ Million) 4,000 3,000 2,773 934 ()354 ()1,414 2,000 ()1,271 1,000 ()1,549 ()129 ()64 808 ()73 0 (535) (495) 6.918 (714) -1,000 -2,000 (3.932) -3,000 -4,000 -5,000 -6,000 Adjusted EBITDA ∆ Working Capex Financial Income Tax Other TLSA Capital Adjusted Free Debt Fund

  7. Slide 7: Net Debt and Leverage

    7 Net Debt and Leverage The increase in net debt in the quarter reflects specific events, such as the amortization of iron ore prepayment contracts, the FX impact on foreign currency-denominated debt and the AFAC of nearly R$ 500 million at Transnordestina, which more than offset the cash generation

  8. Slide 8: Indebtedness Profile

    8 Indebtedness Profile DEBT COMPOSITION Average Term: 42.4 months Banks Capital Markets 32.7% 20,000 US$ 7.03% p.a. 43.4% 15,898 BRL 111.46% CDI 23.9% 15,000 Banks Debentures Bonds 11,072 DEBT BY CURRENCY Availability 10,000 7,908 8,537 7,579 7,896 4,390 34.4% 1,893 4,940 5,000 4,487 4,832 5,789 864

  9. Slide 9: Debt Profile – New Bond

    9 Debt Profile – New Bond Banks Capital Markets 20,000 20,000 15,000 14,288 15,000 11,509 Availability 10,000 8,537 10,000 7,579 5,876 8,434 1,893 4,940 5,000 4,487 4,390 5,789 5,000 2,700 864 623 752 966 2,430 5,686 4,402 3,623 3,176 3,767 3,075 544 933 2,332 2,748 0 538 208 33 98 0 Liquidez 2026 2

  10. Slide 10: Steel

    Steel

  11. Slide 11: Sales Volume

    11 Sales Volume First signs of Sales volume (Thousand tons) 2,500 improvement in +16.7% the domestic (+36.1% in the FM) market after the 2,000 implementation of +5.9% (+7.5% in DM) anti-dumping 1,500 1,116 1,182 measures. 1,013 1,058 995 1,000 349 357 263 277 238 500 750 780 757 767 825 0 2Q25 3Q25

  12. Slide 12: Steel Production

    12 Steel Production 1,400 Plate production volume Cost of the Plate (R$/ton; USD/ton) 850 7,000 (Thousand tons) 614 612 663 750 6,000 650 1,200 -5.9% 5,000 550 1,000 -3.8% 4,000 3,513 3,277 3,382 450 350 3,000 786 794 764 250 800 726 741 2,000 150 1,000 50 600 0 -50 2Q25 1Q26 2Q26 400 R$/ton USD/ton

  13. Slide 13: Financial Performance

    13 Financial Performance Net Revenue and Average Price (MI) EBITDA and EBITDA Margin (R$ Million; %) (R$ million) 20.0% 10,500 1,200 10.8% 10.5% 7.0% 10.0% 5,300 6,500 8,500 4,827 4,996 1,000 0.0% 4,500 6,076 800 6,500 5,392 5,600 636 2,500 600 581 -10.0% 4,500 500 393 -20.0% 400 2,500 -1,500 -30.0%

  14. Slide 14: Mining

    Mining

  15. Slide 15: Production and Sales

    15 Production and Sales Production + Iron Ore Purchases Sales Volume (Thousand tons) (Thousand tons) 20,000 -5.5% +0.1% +8.9% +23.0% 18,000 15,000 12,396 16,000 13,000 11,833 11,982 11,849 11,928 977 14,000 11,602 11,827 1,067 945 1,346 10,959 11,000 9,636 10,063 12,000 10,000 9,000 737 8,000 7,000

  16. Slide 16: Financial Performance

    16 Financial Performance Despite solid sales volumes and iron ore prices remaining at high levels, Net Revenue was impacted by FX appreciation and higher freight rates, pressured by geopolitical tensions between the United States and Iran. Even in a quarter marked by logistics cost and FX pressures,

  17. Slide 17: Adjusted EBITDA

    17 Adjusted EBITDA Reconciliation of Adjusted EBITDA (R$ Million) 1,374 1,412 275 ()331 38 ()479 930 960 149 ()30 ()66 EBITDA 1Q26 Price Provision Subtotal ex-price Volume Ore Price Sea Freight Mix Cost & Other Subtotal ex-price Price Provision EBITDA 2Q26 Previous Quarters provisions provisions Pre

  18. Slide 18: Cement

    Cement

  19. Slide 19: Sales Volume

    19 Sales Volume The Company remains committed to a commercial strategy that prioritizes value over volume, while the higher number of scheduled maintenance events in the quarter explains the YoY decline in sales. This strategy continues to prove effective, delivering solid volumes with an increasing

  20. Slide 20: Financial Performance

    20 Financial Performance Net Revenue (R$ million) EBITDA and EBITDA Margin (R$ Million; %) 3,500 50.0% 3,000.0 45.0% 3,000 2,500.0 +10.3% 40.0% 2,500 31.2% 30.8% 35.0% 2,000.0 +14.3% 30.0% 2,000 24.2% 1,386 25.0% 1,500.0 1,213 1,256 1,500 20.0% 1,000.0 15.0% 1,000 392 427 10.0% 500.0 500 293 5.0% 0.

  21. Slide 21: Logistics

    Logistics

  22. Slide 22: Financial Performance

    22 Financial Performance Net Revenue (R$ million) EBITDA and EBITDA Margin (R$ Million; %) 2,200 65.0% 2,000.0 +3.1% 55.0% +13.4% 1,700 44.1% 45.2% 41.8% 1,500.0 1,177 1,214 45.0% 1,071 1,200 35.0% 1,000.0 548 25.0% 700 519 448 500.0 15.0% 200 5.0% 0.0 2Q25 1Q26 2Q26 -300 2Q25 1Q26 2Q26 -5.0% Adjust

  23. Slide 23: Energy

    Energy

  24. Slide 24: Financial Performance

    24 Financial Performance Net Revenue (R$ million) EBITDA and EBITDA Margin (R$ Million; %) 700 70.0% 700.0 62.1% +94.5% 600 60.0% 600.0 500.0 +95.2% 500 44.3% 50.0% 396 400 40.0% 400.0 30.5% 300.0 300 246 30.0% 203 203 200 20.0% 200.0 90 100.0 100 62 10.0% 0.0 0 0.0% 2Q25 1Q26 2Q26 2Q25 1Q26 2Q26 Ad

  25. Slide 25: ESG

    ESG

  26. Slide 26: Highlights of the Quarter

    26 GOVERNANCE • Evolution in FTSE ratings from 3.7 to 4.2 in the CSN Group, and from 3.4 to 3.9 in the CMIN • Recognition of CSN and CSMIN as Industry Leaders in Sustainalytics' ESG Risk Rating 2025 • Evolution in the Ecovadis score from 74 to 80 points DAMS • Decharacterization of the Lagarto Dam r

  27. Slide 27: Do well, do more, do forever.

    == CSN Companhia Sidertrgica Nacional Do well, do more, do forever.

Companhia Siderurgica Nacional — Q2 2026 Earnings Presentation on 6ix