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CSN Mineração (CMIN3) investor relations material
CSN Mineração Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved record iron ore sales of 12.4 million tons in 3Q25, surpassing 12 million tons for the first time, with production reaching 11.9 million tons, up 4.1% year-over-year.
Net income reached R$696 million, a fivefold increase sequentially, driven by operational records, higher prices, and lower financial expenses.
Adjusted EBITDA rose to R$1.991 billion, up 57% sequentially and 74% year-over-year, with a margin of 45.2%.
Maintained a strong net cash position despite distributing over R$1.5 billion in dividends and interest on equity.
ESG milestones included a 3% reduction in carbon emission intensity, 26.2% female workforce representation, and over 11 years without fatalities.
Financial highlights
Net revenue was R$4.41 billion, up 48.2% from 2Q25, driven by record shipments and improved realized prices.
Gross profit reached R$1.76 billion, up 71.1% sequentially and 93.4% year-over-year; gross margin improved to 39.9%.
Adjusted EBITDA margin was 45.2%.
Free cash flow was R$284 million, down 63% from the previous quarter due to higher working capital needs and increased investments.
Net cash position reached R$3.9 billion; net debt/EBITDA ratio at -0.59x.
Outlook and guidance
Guidance for 2025 sales volume maintained at 42–45 million tons, with potential to exceed if current pace continues.
2026 volume target set at 43.5–47.5 million tons, representing growth over 2025.
Dividend payout policy of 80–100% of net income to be maintained.
Iron ore prices expected to remain around $110/ton in 2026, with strong demand for Brazilian ore.
Confident in meeting annual production and purchasing guidance, expecting to reach the upper end of the 42–43.5 million ton range.
P15 ramp-up timeline and full operation
Future leverage post-P15 completion
Iron ore price outlook for 2026
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Next CSN Mineração earnings date
Investor Day 202510 Dec, 2025
Next CSN Mineração earnings date
Investor Day 202510 Dec, 2025
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Frequently asked questions
CSN Mineração SA is a Brazilian mining company engaged in the extraction, processing, and export of iron ore. It operates mines in the state of Minas Gerais and serves customers in the steel, construction, and infrastructure sectors. The company is a subsidiary of Companhia Siderúrgica Nacional and manages logistics through rail and port assets. The company is headquartered in São Paulo, Brazil, and its shares are listed on the B3.
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