Slides
Page 1
00 3Q25 Conference Call November 5, 2025
Page 2
3Q25 Highlights Recorde de produção própriaCrescimento de 3,76 Mt 9M24 vs 9M23 Redução de custos C1 9M24 de US$ 21,1/t vs 9M23 de US$ 21,9/t E f i c i ê n c i a / r e s i l i ê n c i a o p e r a c i o n a l S ó l i d o s p r o g r a m a s d e m e l h o r i a c o n t í n u a , a u m e n t o d o r e n d i m e n t o o p e r a c i o n a l d o s a t i v o s , u s o d e t e c n o l o g i a p r e d i t i v a ( I A ) e f o r t a l e c i m e n t o d o p l a n o d e c h u v a s Maior volume de produção própria, queda no custo, eficiência e resiliência operacional New quarterly production and sales records 2 New production record (including purchases) Volume of 11.9 million tons (Mt) produced represents a growth of 4.1% vs 3Q24 New Sales Record of 12.4 Mton This was the first time the Company exceeded 12 Mt in sales in a single quarter. C1 of US$ 21.1/t The 1.4% increase in Cash Cost (C1) compared to 2Q25 is explained by the appreciation of the exchange rate. R$ 1,991 MM 3Q25 Adjusted EBITDA 45.2% 3Q25 Adjusted EBITDA Margin R$ 695 MM 3Q25 Net Income
Page 3
• The new production record (including purchases) of 11,911 thousand tons reflects the excellent operational efficiency and strong logistics performance. • Conversely, the consecutive drop in inventories over the last two quarters is a consequence of the strong sales volume recorded during that period. 2Q25 3,134 3,392 3,916 3,626 3,178 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 3Q24 4Q24 1Q25 2Q25 3Q25 11,437 11,010 10,206 11,591 11,911 -1,000 1,000 3,000 5,000 7,000 9,000 11,000 13,000 15,000 3Q24 4Q24 1Q25 2Q25 3Q25 Production Purchased 3 0 Production + Iron Ore Purchases (Thousand tons) Inventories (Thousand tons) +1.4% -12.4% +4.1% +2.8% Production Volume and Inventories
Page 4
10,778 9,677 8,600 10,765 11,419 1,106 1,054 1,040 1,067 977 11,884 10,731 9,640 11,833 12,396 -1,000 1,000 3,000 5,000 7,000 9,000 11,000 13,000 15,000 3Q24 4Q24 1Q25 2Q25 3Q25 Foreign Market Domestic Market 4 Sales and FOB Net Revenue Sales Volume (Thousand tons) Net Revenue (R$ Million and USD/t) +4.3% +4.8% 2,973 3,406 4,405 45.9 51.9 65.7 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 3Q24 2Q25 3Q25 Net Revenue Unit Net Revenue • The volume of 12.4 Mt sold corresponds to a new record, reflecting operational excellence and logistics optimization, with TECAR reaching the milestone of 4 million tons shipped in a single month for the first time. • Net revenue was 48.2% higher than in 2Q25, driven by record volumes of shipments and the improvement in realized prices. • The net unit revenue of US$ 65.7/t reflects the increase in the average iron ore price, lower demerit due to quality and the positive impact generated by cargoes exposed to future quotation periods.
Page 5
5 QPs Basket +US$ 2.1/t Provision 2Q25 PFOB 6.8Mt @ $53.05 x realization @ $60.18 6% - P62 @ $99.10 36% - P62 @ $103.09 58% - P62 @ $105.29 Provision 3Q25 PFOB 7.5Mt @ $64.1 @Platts $105.3 Price Realization Price Realization (USD/t) Note: Platts average for the quarter considering Jul -25 US$99.1/dmt; Aug-25 US$ 101.8/dmt; Sep-25 $105.3/dmt; 102.0 (14.1) (0.2) 0.4 1.9 (7.3) (21.9) (0.3) 1.2 3.9 65.7 Platts 62%Fe Premium / Demerit Lagged QP Current QP Provisioned QP Humidity Sea Freight Internal Logistics Others and Exchange variation Previous Periods QP Unitary (DM+ FM)
Page 6
1,776 2,066 2,330 0 500 1,000 1,500 2,000 2,500 3Q24 2Q25 3Q25 Posição de caixa robusta: R$ 14,5 bi (set/24) suportado por geração de caixa operacional e pré-pagamentos Dívida líquida negativa: -0,8x Remuneração ao acionista: R$ 16,9 bi desde o IPO (dividendos distribuídos/anunciados + JCP + recompra de ações) 6 Casa de Pedra +31.2% +12.8% COGS and Adjusted EBITDA COGS ex Depreciation (R$ Million) EBITDA and EBITDA Margin (R$ Million; %) 1,139 1,268 1,991 38.3% 37.2% 45.2% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 3Q24 2Q25 3Q25 Adjusted EBITDA Adjusted EBITDA Margin COGS growth of 12.8% compared to the previous quarter, reflects not only the higher pace of sales, but also the higher volume of third- party purchases. Adjusted EBITDA reached 1,991 million reais, with an expansion of 57%. This growth is the result of the resumption of iron ore prices, added to the best operating performance ever recorded by the Company, with solid management of costs and expenses.
Page 7
• The enhancement of the commercial strategy, along with the surge in iron ore prices and its favorable impact on cargoes exposed to future quotation periods, were pivotal in driving the substantial surge in EBITDA during the period, thereby counterbalancing the escalation in freight costs and third-party purchases. 7 Adjusted EBITDA Reconciliation of Adjusted EBITDA (R$ Million) 1,268 98 1,366 50 698 (116) 8 (279) 1,727 265 1,991 Adjusted EBITDA 2Q25 Price Provision Previous Quarters Subtotal Price Ex provisions Volume Ore Price Sea Freight Mix Costs and Others Subtotal Price Ex provisions Price Provision Previous Quarters Adjusted EBITDA 3Q25
Page 8
140 214 240 335 286 363 475 500 603 0 100 200 300 400 500 600 700 800 900 1,000 3Q24 2Q25 3Q25 Operational Continuity Business Expansion +20.6% +27.0% Investments CAPEX (R$ million) Capex growth reflects efforts to maintain the high level of execution of the operation, in addition to progress in expansion projects, especially those related to the P15 infrastructure works.
Page 9
9 Net Working Capital (R$ million) Net Working Capital 689 896 1,545 903 1,162 1,122 (368) (321) (188) (2,116) (2,187) (2,528) (892) (450) (49) (1,000) (900) (800) (700) (600) (500) (400) (300) (200) (100) - (3,000) (2,000) (1,000) - 1,000 2,000 3,000 3Q24 2Q25 3Q25 Accounts Recivable Inventories Others Suppliers In 3Q25, net working capital was negative by R$ 49 million, reflecting the increase in accounts receivable, resulting from the higher sales volume and iron ore prices, and despite the growth in the supplier line in response to the higher CIF sales volume, with freight payable and the higher volume of iron ore purchases from third parties.
Page 10
US$ 5.83% BRL 110.15% CDI Average Term: 52.34 months Widespread bankability (20+ bank/financial institutions) Indebtedness Profile Amortization Schedule (R$ Million) Net Debt and Leverage (R$ Million; x) 13,602 471 338 112 5 727 898 134 1,135273 1,471 1,925 471 769 769 1,198 1,236 245 1,140 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Banks Capital Market (1,740) (1,190) (1,654) (2,764) (5,310) (4,642) (4,050) (4,671) (3,924) 10,634 9,808 10,422 11,787 14,493 15,200 14,296 14,370 13,602 -0.25x -0.15x -0.24x -0.32x -0.80x -0.79x -0.43x -0.80x -0.59x -10.00x -8.00x -6.00x -4.00x -2.00x 0.00x (10,000) (5,000) - 5,000 10,000 15,000 20,000 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Net Debt Avaiabilities Leverage • CSN Mineração ended 3Q25 with R$ 13.6 billion in cash and cash equivalents, a reduction of 5.3% vs. 2Q25 due to the payment of dividends that ended up offsetting cash generation and the partial rollover of prepayment contracts. As a result, the net cash position reached R$ 3.9 billion and the leverage (Net Debt/EBITDA LTM) stood at -0.59x.
Page 11
1,991 (555) (603) (312) (237) 284 Adjusted EBITDA ∆ NWC/ Assets and Liabilities² Capex Financial Results³ Income Tax Adjusted Free Cash Flow¹ Note 1 - The concept of Adjusted Free Cash Flow is calculated based on Adjusted EBITDA, subtracting CAPEX, Income Tax, Financial Result and changes in Assets and Liabilities, excluding the effect of the advance on iron ore and energy. Note 2 - The ∆CCL/Assets and Liabilities² is composed of the variation in Net Working Capital, plus the variation in long - term assets and liabilities accounts and disregarding the net variation of income tax and CS. Note 3 Financial Result: Considers income from derivatives, financial expenses directly linked to operating activity and interest on funding for working capital 11 Adjusted Cash Flow Adjusted Cash Flow (R$ Million) • Despite higher working capital consumption, increased CAPEX, and negative financial expenses, the company still generated positive adjusted cash flow of R$ 284 million.
Page 12
12 Net Income Net Income (R$ Million) 446 116 696 - 100 200 300 400 500 600 700 800 3Q24 2Q25 3Q25 • CSN Mineração's net income reached R$ 696 million, marking a 5x increase compared to the previous quarter. This substantial growth can be attributed to a combination of factors, including operational records, favorable pricing dynamics and a reduction in financial expenses due to exchange rate variation.
Page 13
00 ESG 13
Page 14
✓ Achievement of 26.2% female representation, surpassing the target set for 2025 ✓ 6% increase in the number of women in leadership positions compared to 3Q24 GOVERNANCE SOCIAL & DEI OCCUPATIONAL HEALTH AND SAFETY TAILING DAMS ✓ Over 11 years with no fatalities at CSN Mineração. ✓ –11% in GHG emissions intensity (kgCO₂e/t of ore) compared to baseline year (2020) and -3% compared to 9M24. ESG HIGHLIGHTS ✓ Water intensity remains below 0.45 m³/t of ore, with 0.22 in 9M25. ✓ S&P ESG Score: CSN Mineração’s index improved from 55 to 62, positioning ourselves ahead of 93% of companies ✓ Publication of the 2023/2024 Climate Action Report ✓ 7th highest-rated company in the Mining and Metals sector by Sustainalytics ✓ A Expansion of the partnership with the Movement for Racial Equity (MOVER), with 1,924 participants in the CSN Group ✓ Launch of the 5th cycle of the Mentoria Cidadã project ✓ - 25% in the number of high-potential severity incidents (PSIF) compared to 9M24. ✓ Holding of another edition of SIPATMA – Internal Week for the Prevention of Occupational Accidents and Environmental Protection. ENVIRONMENTAL ✓ DCEs renewed in September 2025 with all dams considered stable. ✓ Implementation of the Climate and Nature Adaptation Plan ✓ Total recordable injury frequency rate stable in 1.0 per 1MHHt, stable in relation to 2024 and below the target set for 2030
Page 15
FAZER BEM, FAZER MAIS, FAZER PARA SEMPRE.