Companhia Siderurgica Nacional · BMFBOVESPA:CSNA3
Companhia Siderurgica Nacional — National Steel — Q2 2025 Earnings Presentation
28 slides from Companhia Siderurgica Nacional's earnings presentation, Aug 1, 2025
Slide 1: 2Q25 Earnings Release
2Q25 EARNINGS RELEASE July 31, 2025
Slide 2: For more information, visit our website: https://ri.csn.com.br/ 3
For more information, visit our website: https://ri.csn.com.br/ 3
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 grew 112.7% in 2Q25, reaching R$ 166.8 million, reflecting the natural seasonality of operations and increased cargo handling at MRS. It is important to emphasize that this was one of MRS's strongest results, reinforcing the company's high level of efficiency.
Slide 5: Net Loss
· In 2Q25, CSN recorded a Net Loss of R$ 130.4 million, representing an 82.2% improvement compared to the net loss recorded in the previous quarter, reflecting not only the improvement in operating results, but also the positive impact of the reversal of contingencies and iron ore hedging operations
Slide 6: Adjusted EBITDA
*The Company discloses its adjusted EBITDA excluding the 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. · In 2Q25, Adjusted EBITDA was R$ 2,643.0 million, with an adjusted
Slide 7: Adjusted EBITDA Margin
¹ The Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Adjusted Net Revenue, which takes into account CSN Mineração's 100% stake in consolidation and 37.49% in MRS. For more information, visit our website: https://ri.csn.com.br/ 6
Slide 8: Adjusted Cash Flow and 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 9: Net Debt Build-Up (R$ Billion)
Net Debt Build-Up (R$ Billion)
Slide 10: Amortization Principal Schedule
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 achieving its goal of extending its amortization term by focusing
Slide 11: FX Exposure
¹ IFRS: consider stake in MRS (37.49%). ² Gross Debt/Management Net Debt considers stake in MRS (37.49%), without accrued interest. 3 Average time after completion of the Liability Management Plan. FX Exposure At the end of 2Q25, CSN’s consolidated balance sheet showed a net foreign exchange exposur
Slide 12: Investments
Investments In 2Q25, R$ 1,331.3 million was invested, representing an 18.2% increase compared to the previous quarter, in line with seasonality and the progress made in the construction of P15 mining infrastructure, in addition to investments related to the overall modernization of UPV (steel mill)
Slide 13: Net Working Capital
Net Working Capital The Net Working Capital applied to the business was R$ 2,853 million in 2Q25, representing a 24.8% increase compared to the previous quarter, reflecting the increase in inventory volume and recoverable taxes, which offset the reduction in accounts receivable. When compared to the
Slide 14: 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 15: For more information, visit our website: https://ri.csn.com.br/ 11
For more information, visit our website: https://ri.csn.com.br/ 11
Slide 16: Steel Results
Steel Results According to the World Steel Association (WSA), global crude steel production totaled 934.3 million tonnes (Mt) in the first six months of the year, a volume 2.2% lower than in the same period in 2024, with Germany (-11.6%), Iran (-10.3%) and Japan (-5.0%) showing the largest declines
Slide 17: Steel Sales Volume
Total sales in 2Q25 reached 1,013 thousand tons, representing an 11.5% decrease compared to the previous quarter, even considering the period's positive seasonality. This demonstrates the commercial strategy adopted during the period of prioritizing results and margins over volume, especially in a m
Slide 18: For more information, visit our website: https://ri.csn.com.br/ 13
For more information, visit our website: https://ri.csn.com.br/ 13
Slide 19: Production Cost - 2Q25 - Steel
Production Cost - 2Q25 - Steel
Slide 20: Steel Segment Adjusted EBITDA
· In 2Q25, Adjusted EBITDA in the Steel Segment reached R$ 581.3 million, a performance 20.0% higher than in the previous quarter and 70.0% higher than in the same period of 2024. The adjusted EBITDA margin, in turn, once again exceeded the 2-digit level, reaching 10.8%, which represents a gain of 2
Slide 21: Mining Results
Mining Results 2Q25 experienced an increase in iron ore supply due to favorable seasonal climate conditions in Brazil and the conclusion of the typhoon season in Australia, in addition to being a period with high shipment volumes by Australian mining companies with the closing of their fiscal year.
Slide 22: Iron Ore Production
· Iron Ore Production (including purchases from third parties) reached a volume of 11,602 thousand tons in 2Q25, which represents a new historical record for the Company and corresponds to a quarterly growth of 13.6% or 11.3% when compared to the same period in 2024. This excellent result reflects n
Slide 23: Mining Sales Volume and Revenue
· Sales Volume, in turn, reached 11,833 thousand tons in 2Q25, 22.7% above the volume recorded in the first quarter of 2025, in line with expected seasonal trends and operational excellence during this period. Compared to 2Q24, sales volume increased by 9.6%, due to higher purchase volumes and great
Slide 24: Cement
Cement According to the National Cement Industry Union (SNIC), the real estate market remained hot in the first half of 2025, with cement sales in Brazil up 3.5% compared to the same period in 2024, totaling 32.0 million tons. While it is true that there was a slowdown in growth in 2Q25, it is also
Slide 25: For more information, visit our website: https://ri.csn.com.br/ 18
For more information, visit our website: https://ri.csn.com.br/ 18
Slide 26: For more information, visit our website: https://ri.csn.com.br/ 22
For more information, visit our website: https://ri.csn.com.br/ 22
Slide 27: For more information, visit our website: https://ri.csn.com.br/ 23
For more information, visit our website: https://ri.csn.com.br/ 23
Slide 28: Signature and Forward-Looking Statements
For more information, visit our website: https://ri.csn.com.br/ 24 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: July 31, 2025 COMPANHIA SIDERÚR