Slides
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00 3Q25 Conference Call November 5, 2025
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3Q25 HIGHLIGHTS MINING New production and sales record with more than 12Mt sold in 3Q25 EBITDA of R$ 1.9 billion STEEL CEMENT LOGISTICS Record EBITDA of R$ 550 MM Increased profitability resulting from MRS's excellent performance. Lower energy availability for commercialization prevents the segment from benefiting the high prices charged. EBITDA reached R$ 54mm in 3Q25 with a margin of 35% Solid efficiency in terms of costs and expenses Greater dilution of fixed costs and improvements in the freight strategy guarantee Sales growth across all segments and a series of operational records boosted the quarter's results R$ 3.3 billion Adjusted EBITDA margin of 26.8% (+3.3 p.p. compared to 2Q25) After growing 25.6% in the quarter, CSN achieved the highest EBITDA of the year: Third consecutive quarter of decline in leverage reinforces financial discipline and commitment to debt reduction. Indicator reached 3.14x, a drop of 35 bps against 4Q24 Improvement in the price outlook for the coming quarters The readjustment that was implemented in October, as well as the anti-dumping measures that were put in place, may have a positive impact on future results. Adjusted EBITDA margin of 43.9% (+7.8 p.p. compared to 2Q25) The 5% increase in sales volume when compared to 2Q25 is indicative of the efficacy of our logistics strategy. A change in commercial strategy yielded results, and CSN expanded sales by 4.4% The previous focus on prioritizing value was effective but has only temporary effectiveness. Sales expansion occurs even with pressure from imports. Cement market shows resilience: improved prices and strong commercial performance drive results. Record EBITDA of R$ 388 MM Adjusted EBITDA margin of 29.1% (+4.9 p.p. compared to 2Q25) is significantly higher than the industry average. Second highest cement sales volume in CSN's history Lowest production cost in the last four years The result reflects efficiency gains in operations and optimization of inputs. ENERGY
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2,643 (153) 707 31 (36) 94 33 3,319 2Q25 Adjusted EBITDA Steel Mining Logistics Energy Cement Eliminations 3Q25 Adjusted EBITDA ¹ 37.49% Stake in MRS +25.6% Adjusted EBITDA and EBITDA Margin EBITDA and Margin¹ (R$ Million | %) Quarterly EBITDA Evolution (R$ Million) 2,284 3,335 2,509 2,643 3,31919.7% 26.8% 22.1% 23.5% 26.8% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 3Q24 4Q24 1Q25 2Q25 3Q25 • Best result of the year with strong profitability growth reflects the operational excellence recorded in the quarter. • EBITDA grew by 25.6% in 3Q25, boosted by robust performance in the mining segment, which achieved record volumes, cost control and favorable price dynamics. Additionally, record results in cement and logistics also contributed positively to this performance.
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631 535 592 488 507 609 190 289 234 1,309 1,331 1,435 0 500 1,000 1,500 2,000 2,500 3Q24 2Q25 3Q25 Steel Mining Others 4 Investments CAPEX (R$ Million) +7.8% +9.6% • The 7.8% growth compared to the previous quarter and 9.6% annual increase reflect efforts to maintain a 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 mining infrastructure works.
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Arcos, MG 5 Net Working Capital Net Working Capital (R$ Million) 2,318 2,437 2,706 10,538 10,363 10,275 (10,858) (9,719) (9,176) (527) (228) (580) 1,471 2,853 3,226 (200,000) (150,000) (100,000) (50,000) - (30,000) (20,000) (10,000) - 10,000 20,000 30,000 3Q24 2Q25 3Q25 Accounts Recivable Inventories Suppliers Others +119.3% +13.1% • A 13.1% increase compared to 2Q25, resulting from stronger commercial activity impacting accounts receivable, as well as a reduction in the supplier line due to the settlement of drawn risk operations.
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6 Alhandra 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 Adjusted Cash Flow Adjusted Cash Flow (R$ Million) 3,319 ( 374 ) ( 852 ) ( 1,435 ) (1.235) (238) (815) Adjusted EBITDA Joinly Controlled EBITDA ∆ NWX/ Assets and Liabilities² Capex Financial Results³ Income Tax Adjusted Free Cash Flow¹ • Despite a 44.7% improvement compared to the second quarter of 2025, the negative cash flow is attributable to financial expenses, increased investment activities and the consumption of working capital.
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35,655 815 (573) (303) 442 1,552 (43) 37,545 2Q25 Free Cash Flow MPE Pre Pay Exchange Variation Acquisition Estrela Group ∆ Net Debt. MRS/Others Others Sale of equity interest 3Q25 7 +5.3% ¹ Leverage calculation considers Tora’s LTM EBITDA Net Debt and Leverage Net Debt and Leverage (R$ Billion | x) Build-up Net Debt (R$ Billion) 29.939 30.686 33.431 37.156 35.164 35.704 35.830 35.655 37.545 15.991 17.349 16.045 16.573 19.322 24.916 21.230 19.274 18.803 2.63x 2.58x 3.12x 3.36x 3.34x 3.49x 3.33x 3.24x 3.14x >3.00x -1.00x -0.50x 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 3.00x 3.50x 4.00x 0.000 10.000 20.000 30.000 40.000 50.000 60.000 70.000 80.000 90.000 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 2025 Net Debt Avaiabitities Leverage The leverage ratio decreased by 10 basis points during the quarter, from 3.24x to 3.14x, demonstrating the company's dedication to maintaining a robust capital structure and reducing its debt level. This positive outcome was driven by the robust operating performance during the period, which effectively counterbalanced the negative cash flow and the distribution of dividends to CSN Mineração's minority shareholders.
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Indebtedness Profile US$ 6.51% BRL 110% CDI Average Term: 44.98 months DEBT COMPOSITION DEBT BY CURRENCY 39.2% 24.6% 36.2% Banks Debentures Bonds 37.5% 62.5% R$ USD 18,803 0 0 0 0 0 0 0 0 0 011 1,894 1,951 8,135 650 4,469 5,414 3,967 542 3,1381,368 6,215 5,708 2,978 1,727 1,318 1,009 873 153 851,379 8,109 7,659 11,113 2,377 5,787 6,423 4,840 695 3,223 -3,000 2,000 7,000 12,000 17,000 22,000 Availabilities(2) 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+ Capital Market Banks CSN remains very active in its objective of extending the amortization period, focusing on long-term operations and the local capital market. Among the main actions of 3Q25, the Company carried out new fundraising and refinanced bilateral contracts, extending amortization flows until 2030.
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Steel 00 Usina Presidente Vargas, Volta Redonda/RJ 9
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867 876 789 750 780 300 299 355 263 277 1,166 1,175 1,144 1,013 1,058 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 3Q24 4Q24 1Q25 2Q25 3Q25 Domestic Market Foreign Market 10 Volta Redonda/RJ Sales Volume Sales volume (Thousand tons) -9.3% +4.4% The 4.4% increase in sales volume reflects the change in commercial strategy adopted throughout the quarter in order to strengthen sales channels. The domestic market continues to be heavily impacted by strong pressure from imported materials, evidenced by the annual reduction in sales. Tariff disputes and the application of anti-dumping measures around the world continue to present challenges to the foreign market.
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11 Steel Production Slab production volume (Thousand tons) Slab Cost (R$/ton; USD/ton) Performance per ton (R$/ton) 995 963 812 786 726 0 500 1,000 1,500 2,000 2,500 3Q24 4Q24 1Q25 2Q25 3Q25 -7.6% -27.0% 3,366 3,509 3,303 622 613 594 -50 50 150 250 350 450 550 650 750 850 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 3Q24 2Q25 3Q25 R$/ton USD/ton 333 574 405 0 100 200 300 400 500 600 700 800 900 1,000 3Q24 2Q25 3Q25 -29.4% +21.6% In 3Q25, CSN's Slab Production continued to be affected by the previously scheduled maintenance shutdown of blast furnace 2 and reduced purchase volumes. This strategic initiative enabled the Company to achieve the lowest slab cost in the past four years, with a 5.9% reduction compared to the 2Q25 period.
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12 Financial Performance Net Revenue and Average Price (MI) (R$ million) EBITDA and EBITDA Margin (R$ Million; %) 6,041 5,392 5,294 5,092 5,300 4,899 -5,500 -3,500 -1,500 500 2,500 4,500 6,500 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 Average Domestic Price 389 581 428 6.4% 10.8% 8.1% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 0 100 200 300 400 500 600 700 800 900 1,000 3Q24 2Q25 3Q25 Adjusted EBITDA Adjusted EBITDA Margin • The reduction in the average price in the domestic market is a direct result of the pressure from imported materials, which reached record levels of market penetration this quarter. Nevertheless, the drop in CSN's average price was less than the average for the Brazilian market. • EBITDA in 3Q25 contracted quarterly due to a highly competitive market, which more than offset the period's significant cost reduction. In this regard, it is worth highlighting the growth in profitability when compared to 3Q24.
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Mining 00 13
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14 Iron Ore Production + Purchases (Thousand tons) Sales Volume (Thousand tons) Production and Sales 11,438 11,002 10,210 11,602 11,928 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 3Q24 4Q24 1Q25 2Q25 3Q25 Own Production Purcheses From Third Parties +4.3% +2.8% +4.8% +4.3% 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 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 3Q24 4Q24 1Q25 2Q25 3Q25 Foreign Market Domestic Market • The 3Q25 was characterized by unprecedented levels of production and purchasing activity. This performance is indicative of the operational efficiency and consistency that the Company has been able to demonstrate. • The 12.4 million tons sold represents the best result in the Company's history and highlights the significant efficiency gains in the flow of production, with Tecar having reached the mark of 4 million tons shipped in a single month for the first time.
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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) 15 Casa de Pedra Financial Performance Net Revenue (R$ million) EBITDA and EBITDA Margin (R$ Million; %) 1,123 1,232 1,938 37.6% 36.1% 43.9% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 3Q24 2Q25 3Q25 Adjusted EBITDA Adjusted EBITDA Margin 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 80.0 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 growth in Net Revenue in 3Q25 is the result of a combination of record volumes of shipments and improved realized prices, in line with the favorable demand trend seen in the Chinese market. Adjusted EBITDA amounted to R$ 1,938 million, with a margin expansion of 7.8 p.p.. This positive growth is attributable to the resumption of iron ore prices above US$ 100/t, complemented by the most efficient operating performance in the Company's history and effective cost management.
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16 Projeto P - 15 Adjusted EBITDA Builld-up Adjusted EBITDA (R$ Million) 1,232 98 1,329 50 698 (116) (8) (296) 1,674 265 1,938 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 • 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.
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Cement 00 Alhandra, Paraíba 17
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Sales Volume Sales volume (Thousand tons) 3,650 3,249 3,204 3,465 3,623 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 3Q24 4Q24 1Q25 2Q25 3Q25 -0.7% +4.6% CSN is reporting another quarter of solid results, with the second-best sales performance in its history. This outcome underscores the efficacy of the commercial strategy to capitalize on the market's positive momentum, with particular emphasis on the more favorable pricing dynamics observed during the period.
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350 293 388 27.5% 24.2% 29.1% 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 3Q24 2Q25 3Q25 Adjusted EBITDA Adjusted EBITDA Margin 19 Financial Performance Net Revenue (R$ million) EBITDA and EBITDA Margin (R$ Million; %) 1,272 1,213 1,333 0 500 1,000 1,500 2,000 2,500 3Q24 2Q25 3Q25 In 3Q25, the highest EBITDA in history was achieved, a result of competitive advantages in operations, combined with an assertive commercial strategy and favorable demand in the cement sector.
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00 Logistics 20
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21 Financial Performance Net Revenue (R$ million) EBITDA and EBITDA Margin (R$ Million; %) 892 1,177 1,217 0 500 1,000 1,500 2,000 2,500 3Q24 2Q25 3Q25 429 519 550 48.1% 44.1% 45.2% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 0 500 1,000 1,500 2,000 2,500 3Q24 2Q25 3Q25 Adjusted EBITDA Adjusted EBITDA Margin In another quarter of record results, the Logistics segment surprised with a growing dynamic of cargo handling and efficiency. As a result, the segment recorded the highest EBITDA ever recorded by CSN, with a growth of 5.0% compared to the previous quarter.
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00 ESG 22
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✓ +80% increase of feminine representation at CSN Group, compared to 2020 (base-year), +454 woman in relation to 3Q24 ✓ - 33% in the number of high-potential severity incidents (PSIF) compared to 3Q24 ✓ -11% in kgCO₂e / t of ore emissions compared to the target baseline year (2020) GOVERNANCE SOCIAL AND DEI ENVIRONMENTAL OCCUPATIONAL HEALTH AND SAFETY TAILINGS DAMS ✓ DCEs renewed in september/25 with all dams considered stable ESG HIGHLIGHTS ✓ S&P ESG Score: score improvement from 47 to 56 at CSN, and from 55 to 62 at CMIN ✓ -3% in kgCO₂e / t of cementitious material emissions compared to the target baseline year (2020)✓ 5% increase in the number of women leadership positions compared to 3Q24 ✓ Lauch of the 5th cycle of the Mentoria Cidadã project ✓ ECOVADIS: score improvement from 63 to 74 and achievement of the Silver Medal ✓ Expansion of the partnership with the Movement for Racial Equity (MOVER), engaging 1,924 participants at CSN Group ✓ Publication of the 2023/2024 Climate Action Report and Implementation of the Climate and Nature Adaptation Plan ✓ Modern dust control emissions at our Sintering plant – Over R$500 million already invested in modernizing particulate emission control systems at UPV. ✓ We held another edition of SIPATMA – the Internal Week for Workplace Accident and Environmental Prevention” ✓ CSN is recognized as one of the “Transformative Companies” at the 22nd Sourcing and Procurement Forum ✓ -8% in tCO₂e / t steel emissions compared to the target baseline year (2018) ✓ Total recordable injury frequency of 1.9 per 1M HHt, stable compared to 2024
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FAZER BEM, FAZER MAIS, FAZER PARA SEMPRE.