Companhia Siderúrgica Nacional (CSNA3) Q3 2025 earnings summary

Executive summary

• Achieved record operational and financial performance in Q3 2025, with historical highs in production and sales across all segments, especially mining and cement, driven by efficiency, logistics, and strict financial discipline.

• Diversified and vertically integrated operations enabled resilience and strong results despite market pressures and high import penetration, particularly in steel.

• EBITDA reached R$3.3 billion, up 25.6% from 2Q25 and 26% year-over-year, with a margin of 26.8%, reflecting operational excellence and cost efficiency.

• Net income was R$76 million in Q3 2025, reversing a net loss in the previous quarter.

• The acquisition of Grupo Estrela expanded logistics and vehicle fleet management operations.

Financial highlights

• Net revenue reached R$11.8 billion in Q3 2025, up 10.3% from 2Q25 and 6.6% year-over-year, with mining, cement, and logistics segments posting record results.

• Consolidated EBITDA grew to R$3.3 billion, with an EBITDA margin of 26.8%–27%, up 3.3 p.p. sequentially.

• Net debt stood at R$37.5 billion, with a net debt/EBITDA ratio of 3.14x, down from 3.24x in 2Q25.

• Working capital increased 13% sequentially, mainly due to higher accounts receivable from increased commercial activity.

• Investments rose 7.8% quarter-on-quarter, focused on modernization, mining expansion, and efficiency projects.

Outlook and guidance

• Management expects continued strong operational results in Q4 2025, with positive trends in steel and cement prices and robust demand.

• Deleveraging to continue, supported by organic results and upcoming capital recycling projects, notably the CSN Infrastructure initiative.

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

• Anticipate double-digit EBITDA margins in steel and cement margins above 30% in Q4, aided by anti-dumping measures and cost reductions.

• Ongoing focus on operational efficiency, cost control, and leveraging favorable market conditions, especially in mining and cement.