Companhia Siderúrgica Nacional (CSNA3) Q3 2025 earnings summary

Executive summary

• Achieved record operational and financial performance in 3Q25, with historical highs in production, sales, and EBITDA across all segments, driven by efficiency, logistics, and strict financial discipline.

• Diversified and vertically integrated operations enabled resilience and strong results despite challenging market conditions, including high import penetration and global competition.

• Net revenue for the nine months ended September 30, 2025, reached R$33.4 billion, up 5.5% year-over-year, with gross profit of R$8.7 billion and a consolidated net loss of R$785.5 million, a significant improvement from the prior year.

• Comprehensive income for the period was R$2.2 billion, driven by strong cash flow hedge gains and positive translation adjustments, despite the net loss.

• The company completed the acquisition of Grupo Estrela, expanding its logistics and vehicle fleet management operations.

Financial highlights

• Consolidated EBITDA grew 25.6% sequentially and 26% year-over-year to R$3.3 billion, with an EBITDA margin of 26.8%–27%.

• Mining EBITDA surged 57% quarter-on-quarter to over R$1.94 billion, with a gross margin of 43.9%.

• Cement segment posted its highest-ever EBITDA at R$388 million and a margin of 29.1%.

• Logistics segment achieved record EBITDA of R$550 million, margin above 35%.

• Adjusted cash flow was negative R$815 million, an improvement of 44.7% quarter-on-quarter, reflecting high financial expenses and investment activities.

Outlook and guidance

• Expectation of continued strong operational results in mining, steel, and cement, with further cost reductions and price recoveries.

• Guidance to reach leverage of 3x by year-end, supported by organic results and upcoming capital recycling projects.

• Annual iron ore production is expected to reach the upper end of the 42–43.5 million ton guidance.

• Anticipate positive impact from anti-dumping measures and improved domestic market conditions in steel.