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Companhia Siderúrgica Nacional (CSNA3) investor relations material
Companhia Siderúrgica Nacional Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
EBITDA grew in all segments except mining, which was impacted by lower iron ore prices, reflecting strong cost management, business diversification, and a value-over-volume strategy.
Steel and logistics segments drove EBITDA growth, with logistics achieving record results aided by the Tora integration.
Mining posted record production and the second-highest sales volume, but EBITDA declined due to iron ore price drops and higher freight costs.
Cement segment saw 8% sequential sales growth and a 24% EBITDA margin, offsetting raw material cost pressures.
Net loss narrowed to R$130.4 million, an 82.2% improvement from the previous quarter, aided by reversal of contingencies and iron ore hedging gains.
Financial highlights
Adjusted EBITDA reached R$2.6 billion with a 23.5% margin, up 5% sequentially and 1.4 p.p. higher than the previous quarter.
Net revenue was R$10.7 billion, down 2% sequentially and 1.7% year-over-year, mainly due to lower iron ore prices.
Capex increased 18.2% sequentially, focused on mining infrastructure and steel mill modernization.
Adjusted cash flow was negative due to higher investments, financial expenses, and increased working capital consumption.
Net working capital rose 25% year-over-year and 24.8% sequentially due to higher inventories.
Outlook and guidance
Management expects to meet year-end guidance, continuing debt reduction and capital recycling, and targets leverage below 3x by year-end.
Ongoing infrastructure projects, especially in mining, are expected to drive future EBITDA growth.
Confident in achieving full-year mining production guidance of 42–43.5 million tons.
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