Companhia Siderúrgica Nacional (CSNA3) Q4 2025 earnings summary

Executive summary

• Achieved record annual EBITDA of R$11.8 billion in 2025, up 15% year-over-year, driven by strong mining, logistics, cement, and energy performance despite challenging market conditions and seasonality.

• Operational excellence in mining and logistics, with mining volumes and profitability at historical highs, and cement segment EBITDA margin approaching or above 30% in 4Q25.

• Strategic asset sales and deleveraging initiatives announced to raise up to R$18 billion, aiming to address a temporary leverage increase and optimize capital structure.

• Operational resilience and extraordinary effects led to the highest quarterly EBITDA of the year in 4Q25.

• ESG achievements include CDP Climate A List recognition, fully certified dams, reduced accident rates, R$750 million invested in environmental improvements, and progress in diversity goals.

Financial highlights

• EBITDA for 2025 reached R$11.8 billion, up 15% from the previous year; Q4 EBITDA margin at 30%.

• Net revenue for 2025 grew 2.5% to R$44.8 billion; logistics net revenue rose 34.8% year-over-year, and cement segment posted its highest-ever net revenue.

• Net debt increased due to concentrated year-end investments and prepayment amortizations; leverage ratio rose to 3.47x.

• CAPEX totaled R$5.9 billion for the year, mainly in infrastructure and mining, in line with expansion plans.

• Adjusted cash flow was negative in Q4 but improved sequentially; working capital release supported cash flow.

Outlook and guidance

• Expect continued growth in cement and steel for 2026, with mining and logistics benefiting from operational efficiency.

• Asset sales, especially in cement and infrastructure, targeted for completion in Q3 2026 to reduce leverage.

• Anticipate margin recovery in steel as anti-dumping measures take effect and imports decline.

• Cash flow outlook is more favorable for 2026, with operational improvements, lower inventory, and declining interest rates expected to boost cash conversion.

• Strategic partnerships and asset sales planned to strengthen liquidity and reduce leverage.