CSN Mineração (CMIN3) Q3 2026 earnings summary

Executive summary

• Sales remained resilient at 11.65 Mt, but lower iron ore prices, higher freight and reduced fixed-cost dilution drove adjusted EBITDA down 59.3% QoQ to R$414.3 million.

• Adjusted free cash flow stayed positive at R$37 million; net debt/EBITDA rose to 0.63x from 0.23x in 2Q26.

Financial highlights

• Adjusted net revenue on an FOB basis was R$2,343.9 million, down 18.3% QoQ and 46.8% YoY.

• Adjusted gross profit was R$126.1 million, down 83.4% QoQ and 92.8% YoY; adjusted gross margin fell to 5.4%.

• Adjusted EBITDA was R$414.3 million, down 59.3% QoQ and 79.2% YoY; margin was 17.7%, versus 35.5% and 45.2%.

• Net loss was R$356.3 million, versus net income of R$219.4 million in 2Q26 and R$696.3 million in 3Q25.

• Net financial expense was R$126.3 million, improving from R$490.6 million in 2Q26 and R$566.6 million in 3Q25, mainly reflecting foreign-exchange variation on foreign-currency cash.

Outlook and guidance

• Adjusted operating margins remain sensitive to exogenous iron ore prices and freight; a correction in either could support recovery.

• Lower-grade ore production at the Pires dry-processing plant was temporarily reduced amid deteriorating market economics.

• Rainy-season planning was underway to mitigate Super El Niño impacts and prepare operations.