Companhia Siderúrgica Nacional (CSNA3) Q4 2025 earnings summary

Executive summary

• Achieved record annual Adjusted EBITDA of R$11.8 billion in 2025, up 15% year-over-year, driven by strong mining, logistics, and cement performance despite challenging market conditions and negative seasonality in Q4.

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

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

• New strategic plan and operational efficiencies support a positive outlook for 2026.

Financial highlights

• Full-year Adjusted EBITDA 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.

• Adjusted cash flow for Q4 was negative R$261 million to R$282 million, a significant improvement from the previous quarter.

• Leverage ratio increased to 3.47x at year-end due to concentrated investments and cash flow timing.

• Net loss of R$1.5 billion for 2025, mainly due to non-recurring operational idleness and inventory losses from blast furnace shutdown.

Outlook and guidance

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

• Strategic asset sales (notably cement and infrastructure) targeted for Q3 2026 to reduce leverage and support growth.

• Flexibility in CAPEX and OpEx to support liquidity and deleveraging; further deleveraging alternatives are in place.

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