Companhia Siderúrgica Nacional (CSNA3) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was R$32,395,741 thousand and net loss was R$2,575,369 thousand, versus a R$785,511 thousand loss in 9M 2025.

• Q3 revenue was R$10,485,800 thousand and net loss was R$1,247,288 thousand, versus R$11,793,868 thousand revenue and R$76,438 thousand net income in Q3 2025.

• Adjusted EBITDA was R$1.876bn in Q3, down 32.3% QoQ and 43.5% YoY; margin fell to 17.0%.

• Independent reviewers found the interim statements prepared in all material respects under applicable CPC and IAS 34 requirements; the review was not an audit opinion.

Financial highlights

• 9M net revenue was R$32,395,741 thousand versus R$33,394,783 thousand; gross profit was R$7,744,512 thousand versus R$8,725,592 thousand.

• 9M operating income before financial results was R$487,683 thousand versus R$4,253,822 thousand; net financial expense was R$4,511,333 thousand.

• 9M consolidated loss before tax was R$4,023,650 thousand; income-tax benefit was R$1,448,281 thousand, including R$1,605,378 thousand deferred tax benefit.

• Q3 gross profit was R$2.291bn; gross margin fell to 21.8% from 25.9% in Q2 and 29.4% in Q3 2025.

• Q3 net loss of R$1.247bn compared with a R$773m loss in Q2 and R$76m net income in Q3 2025.

Outlook and guidance

• 2026E net debt/Adjusted EBITDA leverage is projected at ~3.0x; the long-term target is ~1x, with potential to double EBITDA within 8 years from the 2025 base after asset sales and growth investment.

• 2026 mining production and third-party purchases guidance was revised to 39.0–41.0 Mt; C1 cost guidance increased to US$25–26/ton.

• Cement sales guidance ranges from 39–41 Mt in 2026 to 60–65 Mt in 2030; estimates are subject to external market factors, including selling prices and input costs.

• Mining margins remain exposed to iron ore prices and ocean freight; management described the downturn as temporary, with normalization potentially supporting recovery.