Earnings release
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3Q25 EARNINGS RELEASE November 4, 2025
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2 3Q25 RESULTS For more information, visit our IR website https://ri.csnmineracao.com.br/en São Paulo, November 4, 2025 - CSN Mineração ("CMIN") (B3: CMIN3) announces its results for the third quarter of 2025 (3Q25) in Brazilian Reais, with its financial statements being consolidated in accordance with the accounting practices adopted in Brazil issued by the Brazilian Accounting Pronouncements Committee ("CPC"), approved by the Brazilian Securities and Exchange Commission ("CVM") and the Federal Accounting Council ("CFC") and in accordance with the International Financial Reporting Standards ("IFRS"), issued by the International Accounting Standards Board ("IASB"). The comments address the consolidated results of the Company in the third quarter of 2025 (3Q25) and the comparisons are relative to the second quarter of 2025 (2Q25) and the third quarter of 2024 (3Q24). The dollar exchange rate was R$ 5.44 on 09/30/2024; R$ 5.46 on 06/30/2025 and R$ 5.32 on 09/30/2025. 3Q25 Operational and Financial Highlights NET INCOME OF R$ 696 MILLION REPRESENTS A GROWTH OF 500% IN THE QUARTER The Company recorded a net income of R$ 696 million in 3Q25, a result 5x higher than that recorded in the previous quarter. This was driven by the combination of operational records in the period with a favorable price scenario and lower financial expenses due to the lower exchange rate variation. SOLID NET CASH POSITION EVEN WITH DIVIDEND PAYMENTS IN THE PERIOD Despite the distribution of more than R$ 1.5 billion in dividends and interest on equity throughout the quarter, the Company maintained a strong net cash position in 3Q25. This was aided by the rollover of prepayment contracts that are maturing this year and the excellent operating results observed during the period, which supported solid cash generation. Consequently, the leverage indicator, as measured by the Net Debt/EBITDA LTM ratio, reached -0.59x. ANOTHER PRODUCTION AND SALES RECORD SET IN 3Q25 CSN Mineração achieved a new sales record in 3Q25 with 12.4 million tons sold, supported by Tecar's best shipment performance to date, with over 4 million tons shipped in a single month for the first time. The combination of the excellent operating performance and higher iron ore prices observed in the period resulted in a 57% growth in adjusted EBITDA compared to the previous quarter. Adjusted EBITDA reached R$ 1.9 billion in 3Q25, with an Adjusted EBITDA margin of 45.2%. ESG In the third quarter of 2025, the Company achieved several notable Environmental, Social, and Governance (ESG) milestones. These include (i) being ranked as the 7th best-rated company in the mining and metals sector by Sustainalytics; (ii) a 3% reduction in carbon emission intensity compared to 9M24; (iii) a 25% reduction in the number of events with high potential for severity compared to 9M24; and (iv) achieving 26. 2% female representation in the workforce, exceeding the target set for 2025. DIVIDENDS AND INTEREST ON EQUITY The Company approved the payment of dividends and interest on equity in the amount of R$ 903.2 million, divided as follows: (i) R$ 424.2 million (corresponding to a value per share of R$ 0.0780931987417) in the form of interim dividends, and (ii) R$ 479.0 million (corresponding to a gross value per share of R$ 0.0881804257401) in the form of interest on equity.
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3 3Q25 RESULTS For more information, visit our IR website https://ri.csnmineracao.com.br/en Consolidated Table - Highlights 1 Adjusted Net Revenue is calculated by eliminating the portion of revenue attributable to freight and marine insurance. 2 Adjusted EBITDA is calculated from net income plus depreciation and amortization, income taxes, net financial income, other operating income/expenses and equity income. Operational Results 3Q25 was marked by a recovery in iron ore prices, which rose by US$4.3/dmt compared to the previous quarter, driven by strong demand in China. Steel production in the country remained at high levels, favored by better margins in steel mills as a result of reduced metallurgical coal costs. In this context, Brazilian ores benefite d, with an improvement in the premium for low alumina and a reduction in penalties related to silica. Furthermore, high volumes of Chinese steel exports consolidated as one of the main drivers of production, totaling 88 million tons in the first nine months of the year, an annual growth of 9.2%. The quarter also presented high volatility, influenced by geopolitical factors such as the trade war between the United States and China, and the announcement of "anti- involution" policies aimed at curbing excessive price competition. As a result, iron ore (IODEX, Fe62%, North China) reached an average price of US$ 102.03/dmt in 3Q25, representing an increase of 4.4% compared to 2 Q25 (US$ 97.76/dmt) and 2.3% above that recorded in 3Q24 (US$ 99.69/dmt). Regarding the sea freight market, the BCI C3 (Tubarão–Qingdao) route maintained an upward trend throughout the 3Q25, with an average sea freight rate of US$ 23.36/t, compared to an average rate of US$ 20.85/t in the previous quarter. This growth is linked to record iron ore export volumes in the Atlantic Ocean, which kept sea freight demand firm throughout the period. Meanwhile, Australian volumes and freight in the Pacific Ocean (C5) remained high, even after reaching peaks at the end of the fiscal year. T his helped offset the reduction in bauxite exports caused by the rainy season. This scenario, coupled with geopolitical uncertainties and the imminent threat of new sanctions, kept fuel prices at high levels (around US$ 500/t), putting pressure on maritime freight throughout the period.
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4 3Q25 RESULTS For more information, visit our IR website https://ri.csnmineracao.com.br/en Total Production thousand tons) • Iron Ore Production (including purchases from third parties) reached a new record high of 11,911 thousand tons in the third quarter of 2025. This represents a growth of 2.8% compared to the previous quarter and 4.1% compared to last year. This performance reinforces the company's excellent operational momentum, with increasingly efficient management in mine and logistics, as well as growing results in cargo handling. Based on this performance, the company is confident it will meet its annual production and purchasing guidance a nd expects to reach the upper end of its projected estimate of 42 to 43.5 million tons. • Sales Volume, in turn, reached 12,396 thousand tons in the third quarter of 2025, representing an increase of 4.8% compared to the previous quarter and 4.3% compared to the same period in 2024. This was the first time in history that the Company managed to exceed 12 million tons of sales in a single quarter, highlighting the significant efficiency gains in the flow of production, with Tecar (our bulk terminal) having reached the mark of 4 million tons shipped in a single month for the first time. Sales volume (thousand tons) Consolidated Results • Adjusted Net Revenue in 3Q25 totaled R$ 4,405 million, showing a solid growth of 29.3% when compared to the previous quarter and 48.2% year-on-year. This result reflects record shipment volumes combined with an improvement in realized prices, in line with the favorable demand trend observed in the Chinese market. In this sense, Net Unit Revenue was US$ 65.7 per ton in 3Q25, a level 26.5% and 43.1% above those recorded in 2Q25 and 3Q24, respectively. This is due to the increase in the average price of iron ore and the positive impact generated by cargoes with exposure to future quotation periods. • The cost of goods sold was R$ 2,645 million in the third quarter of 2025 , which is a 11.3% increase compared to the previous quarter, reflecting the higher pace of production, the volume of purchases from third parties,
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5 3Q25 RESULTS For more information, visit our IR website https://ri.csnmineracao.com.br/en and the volume of sales. Meanwhile, the C1 cost reached US$ 21.1/t in 3Q25, representing a 1.4% growth compared to the previous quarter and 9.9% growth compared to 3Q24, a result solely caused by the exchange rate variation which more than offset the greater dilution of fixed costs due to volume growth. • Gross Profit reached R$ 1,760 million in 3Q25, marking a 71.1% growth compared to the previous quarter. The Gross Margin stood at 39.9%, an increase of 9.8 p.p. from 2Q25. This improvement in profitability reflects the operational excellence achieved during the period, which saw record volumes combined with improved price realization, following the favorable trend of Platts during the period . Compared to the third quarter of 2024, profitability growth remained consistent, with gross margin increasing by 9.3 percentage points, reflecting the stronger revenue growth seen in the quarter. • In the third quarter of 2025, General and Administrative Selling Expenses amounted to R$ 86.6 million, marking a 13.5% growth compared to the previous quarter as a result of the increase in commercial activity during the period and higher expenses related to port services. • The equity result in 3Q25 was R$ 60.4 million, a performance 18.1% below that of the previous period, reflecting a lower contribution from MRS's result. In comparison to the third quarter of 2024, there was a 20.1% increase in equity result, which aligns with the higher volume of cargo handling during the period. • In turn, the Financial Result was negative at R$ 566.6 million in 3Q25, which represents a reduction of 24.5% compared to the previous quarter, as a consequence of better returns from financial investments, in addition to lower exchange rate variation. • CSN Mineração recorded a net income of R$ 696 million in 3Q25 compared to a net profit of only R$ 116 million in the previous quarter, representing a 500% increase compared to the performance in 2Q25. This result reflects the operational records registered during the period, improved prices, and lower financial expenses.
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6 3Q25 RESULTS For more information, visit our IR website https://ri.csnmineracao.com.br/en • Adjusted EBITDA in 3Q25 reached R$ 1,991 million, with a quarterly Adjusted EBITDA margin of 45.2%, which represents an increase of 8.0 p.p. and 6.9 p.p. when compared to 2Q25 and 3Q24, respectively. This increase in profitability is a result of the resumption of iron ore prices to levels above US$ 100/t, along with the best operating performance ever recorded in the Company's history and efficient cost management. Year-to-date, the Company's adjusted EBITDA reached R$ 4.7 billion, with an adjusted EBITDA margin of 41.8%. Adjusted EBITDA and EBITDA Margin (R$ million and %) ¹The Company discloses its Adjusted EBITDA excluding other operating income (expenses) and equity income (expense) because it believes that they should not be considered in the calculation of recurring operating cash generation. ² The Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Adjusted Net Revenue.
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7 3Q25 RESULTS For more information, visit our IR website https://ri.csnmineracao.com.br/en Build -up Adjusted EBITDA (R$ Million) Adjusted Cash Flow¹ In 3Q25, Adjusted Cash Flow totaled R$ 284 million, which represents a 63.0% reduction compared to the previous quarter, even with the significant operational improvement observed during the period, which can be explained by the higher consumption of working capital due to the recovery in iron ore prices that boosted the accounts receivable, in addition to increased investments. 3Q25 Free Cash Flow (R$ Million) ¹ The concept of adjusted cash flow is calculated from Adjusted EBITDA, subtracting CAPEX, IR, Financial Result and variations in Assets and Liabilities², excluding the effect of prepayments entered into. ² The∆ CCL/Assets and Liabilities is made up of the variation in Net Working Capital, plus the variation in long-term asset and liability accounts and disregards the net variation in IR and CS. ³ Financial Result: Considers results from derivatives, financial expenses directly linked to operating activities and interest on working capital borrowings. Indebtedness As of September 30, 2025, CSN Mineração had a total of R$ 13.6 billion in cash and cash equivalents, representing a 5.3% reduction compared to the previous quarter due to dividend payments made during the period, which offset cash generation and the rollover of part of the maturities of prepayment contracts. Consequently, CSN Mineração's net cash position stood at R$ 3.9 billion, with the leverage indicator measured by the Net Debt/EBITDA LTM ratio at -0.59x.
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8 3Q25 RESULTS For more information, visit our IR website https://ri.csnmineracao.com.br/en Indebtedness (R$ Billion) and Net Debt/EBITDA (x) Debt Principal Amortization Schedule (R$ Billion) Note: ¹ Cash and cash equivalents taken together with short-term investments Investments In the third quarter of 2025, Capex reached R$ 603 million, marking a 20.6% increase compared to the previous quarter, as a result of all efforts to maintain the high level of operational execution and achieve the operational records observed during the period, in addition to progress in expansion projects, mainly those related to the P15 infrastructure works. *Investments include acquisitions through loans and financing (amounts in R$ MM).
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9 3Q25 RESULTS For more information, visit our IR website https://ri.csnmineracao.com.br/en CAPEX (R$ Million) Net Working Capital In 3Q25, the Net Working Capital applied to the business was negative by R$ 49 million, representing a reduction of 89.2% compared to the previous quarter, as a result of the increase in accounts receivable due to the intense commercial activity of the period, which helped to mitigate the growth in the supplier line, in response to (i) the higher volume of CIF sales with freight payable and (ii) the higher volume of purchases of iron ore from third parties. NOTE: The calculation of Net Working Capital applied to the business disregards prepayment contracts and the respective amortizations ¹Other CCL Assets: Considers advances to employees and other accounts receivable ²Other CCL Liabilities: Considers other accounts payable, taxes paid in installments and other provisions Inventories: Does not take into account the effect of the provision for inventory losses.
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10 3Q25 RESULTS For more information, visit our IR website https://ri.csnmineracao.com.br/en Dividends On November 4, 2025, the Company approved the payment of dividends and interest on equity in the amount of R$ 903.2 million, divided as follows: (i) R$ 424.2 million (corresponding to a value per share of R$ 0.0780931987417) in the form of interim dividend s, and (ii) R$ 479.0 million (corresponding to a gross value per share of R$ 0.0881804257401) in the form of interest on equity. Payment of dividends will happen on November 19, 2025. ESG - Environmental, Social & Governance ESG PERFORMANCE Since the beginning of 2023, CSN Mineração has adopted a new format for disclosing its ESG actions and performance, making its performance in ESG indicators available on an individualized basis. The new model allows stakeholders to have quarterly access to key results and indicators and to monitor them in an effective and even more agile way. Access can be made through the results center of CSN's IR website : https://ri.csnmineração.com.br/informacoes-financeiras/central-de-resultados/. The information included in this release has been selected based on its relevance and materiality to the company. Quantitative indicators are presented in comparison with the period that best represents the metric for monitoring them. Thus, some are compar ed with the same quarter of the previous year, and others with the average of the previous period, ensuring a comparison based on seasonality and periodicity. More detailed historical data on CSN Mineração's performance and initiatives can be found in the 2024 Integrated Report, released in April 2025 ( https://esg.csn.com.br/nossa-empresa/relatorio-integrado-gri ). The review of ESG indicators occurs annually for the closing of the Integrated Report, so the information contained in the quarterly releases is subject to adjustments resulting from this process. It is also possible to follow CSN Mineração's ESG performance in an agile and transparent manner, on our website, through the following electronic address: https://esg.csn.com.br/en
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11 3Q25 RESULTS For more information, visit our IR website https://ri.csnmineracao.com.br/en Capital Markets In the third quarter of 2025, CSN Mineração shares appreciated by 11.5%, while the Ibovespa rose by 5.3%. The average daily volume of CMIN3 shares traded on B3 was R$ 43.4 million in 3Q25. 3Q25 No. of shares in thousands 5,485,339 Closing Price (R$/share) 5.53 Market Cap (R$ million) 30,334 Change over the period CMIN3 (BRL) 11.5% Ibovespa (BRL) 5.3% Volume Daily average (thousand shares) 4,696 Daily average (R$ thousand) 24,004 Fonte: Bloomberg Earnings Conference Call 3Q25 Results Presentation Webinar Investor Relations Team Conference call in Portuguese with simultaneous translation into English Pedro Oliva - CFO and IR Executive Director Pedro Gomes de Souza (pedro.gs@csn.com.br) Mayra Favero Celleguin (mayra.celleguin@csn.com.br) November 05, 2025 10:00 a.m. (Brasília time) 08:00 a.m. (New York time) Webinar: clique aqui Some of the statements contained herein are forward -looking statements that express or imply expected results, performance or events. These outlooks include future results that may be influenced by historical results and by the statements made under 'Outlook'. Actual results, performance and events may differ materially from the assumptions and outlook and involve risks such as: general and economic conditions in Brazil and other countries; interest rate and exchange rate levels; protectionist measures in the US, Brazil and other countries; changes in laws and regulations; and general competitive factors (on a global, regional or national basis).
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12 3Q25 RESULTS For more information, visit our IR website https://ri.csnmineracao.com.br/en
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13 3Q25 RESULTS For more information, visit our IR website https://ri.csnmineracao.com.br/en The purpose of the table below is to present the Company’s income statement entirely on a FOB basis in thousands of reais:
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14 3Q25 RESULTS For more information, visit our IR website https://ri.csnmineracao.com.br/en
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15 3Q25 RESULTS For more information, visit our IR website https://ri.csnmineracao.com.br/en