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Notice to the Market Strategic Update Meeting Grupo CSN January/2026
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D I S C L A I M E R 2 In this presentation, unless the context otherwise indicates, references to “Company,” “we,” “us” and “our” refer to Companhi a Siderúrgica Nacional, its consolidated subsidiaries, its joint ventures and other affiliated companies, taken as a whole. This presentation contains forward-looking statements that are mere expectations or trends and are based on the current assumptions and opinions of the Company’s Management, as well as on current beliefs, expectations and projections based on information available as of the date hereof, such that future results, performance and events may differ materially from thos e expressed or implied in the forward-looking statements, by virtue of several factors, such as the general and economic condition s in Brazil and other countries, interest rate and exchange rate levels, future rescheduling or prepayment of debt denominated in foreign currencies, 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), as well as other relevant risks and uncertainties not describ ed in this presentation. The words “believe,” “may,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar words are intended to identify forward-looking statements. Such statements are not statements of historical facts, and reflect management’s current estimates regarding future performance, including, among other things, possible results of operations, business strategies, financing plans, competitive position, regulatory and competitive environment, industry conditions and g rowth opportunities, and shall be read as such. Certain statements in this presentation constitute forward -looking statements withing the meaning of the Private Securities Litigation Reform Act of 1995 and reflect management’s current expectations. Such statements are inherently subject to risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on these forward -looking statements, which speak only as of the date they are made and do not constitute guarantees of future performance. The Company undertakes no obligation to publicly update or revis e any forward-looking statements as a result of new information, future events or otherwise. You should consult your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent tha t you deem necessary, and you must make your own investment, hedging or trading decision based upon your own judgment and advice from such advisers, as you deem necessary, and not upon any views, data, estimates or projections expressed herein.
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1 2 3 With the goal of unlocking the enormous value potential of the CSN Group, through the development of mining and infrastructure projects under CSN's control that offer high returns, the Company obtained Board approval to begin in 2026 the strategic moves necessary to definitively balance the Group's capital structure, paving the way for a new growth cycle. To this end, CSN intends to pursue the divest of certain assets in 2026, aiming to reduce leverage by approximately R$16 to R$18 Billion. As the first step of the deleveraging actions, the Company sold 11% of MRS to CMIN for R$3.350 billion in 2025. Based on the renewed asset portfolio that CSN will focus on, the Group has the potential to double its EBITDA and profitability within 8 years, while maintaining leverage around 1x, concentrating its operations in the fastest- growing segments that generate the greatest value and synergies. Overview | Transformation and Long-Term Vision 3
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4 • 7th largest iron ore exporter worldwide • Track record of operational milestones supported by strong EBITDA generation and high profitability • Extended mine life supported by ~2.5 billion tonnes of reserves • Accelerated expansion of P15 is expected to drive margin improvement and an EBITDA uplift of approximately +R$4 billion per year • Continuation of the expansion plan: robust, mature, and highly profitable projects (high-grade products) will take CMIN to a new level. 2026-2027 2028 2029 2030 43.5-47.5 50-55 55-60 60-65 Production Ramp-up Curve¹(Mt) 65% Fe 6.7 9.8 44% 3Q25LTM 44% Long-Term Potencial EBITDA EBITDA Margin Phase 1 Projects (23.6Mtpa): - P15 - Tailings Recovery (Pires, B4, CdP and Ultrafines) ¹Includes production volume + purchases 6,033 7,863 5,895 6,701 48.5% 2022 46.1% 2023 45.3% 2024 44.3% 3Q25LTM EBITDA EBITDA Margin CSN Mineração High Performance as the Group’s Main Growth Avenue CMIN: EBITDA and Margin (R$ Million and %) ²3Q25LTM considers official numbers released by the Company. Future, pro forma vision: considers Tecar stand -alone within the logistics segment, 100% consolidation of TLSA and Nelog and entry of expansion projects (in nominal terms) 33.3% 56.8% % Net Revenue % EBITDA Breakdown Results – CSN Group (3Q25LTM) Growth of EBITDA and Margin (R$ Billion and %)²
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CSN Infra Ports Operated by CSN Other Strategic Ports Railway Maritime Terminal Suape Salvador Tubarão Açu Pecém Santos PSB Ponta da Madeira Tecar • Integrated and complementary portfolio consisting of seven best-in-class railway, port and multimodal assets, strategically located; • Unique and irreplicable infrastructure platform dedicated to the export of Brazil’s main commodities, with unmatched competitive advantages and operational scale; • Balanced growth and profitability profile, supported by mature assets and brownfield projects; • Expansion projects with a material impact on EBITDA and profitability, underpinned by proven execution capabilities and contracted and captive demand; • Strategy: Sale of a significant equity stake in 2026 5 EBITDA and Margin (R$ Million and %) World-class assets with a clear and scalable growth path aligned with market demand 8.6% 14.7% ¹3Q25LTM considers official numbers released by the Company. Future, pro forma vision: considers Tecar stand -alone within the logistics segment, 100% consolidation of TLSA and Nelog and entry of expansion projects (in nominal terms) 1,195 1,393 1,527 1,730 45.6% 2022 47.9% 2023 47.1% 2024 44.1% 3Q25LTM 44% 55%+ EBITDA Margin 1.7 3Q25LTM Tecar TLSA/ Nelog Others Long Term Potential 10+ EBITDA Growth of EBITDA and Margin (R$ Billion and %)¹ %Net Revenue % EBITDA Breakdown Results – CSN Group (3Q25LTM) EBITDA EBITDA Margin
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• Leadership in integrated cement production in Brazil, with a competitive cost structure and higher margins • Unique growth potential in the market with greenfield (+12 Mtpa) and brownfield (+1.4 Mtpa) projects in advanced-stage • Differentiated access to mining reserves and rights, energy benefits (self- sufficiency), strategic geographic footprint and efficient logistics, consolidating the best platform in the sector. • Market growth supported by price recovery expected as early as 2025 • Strategy: Sale of control in 2026 EBITDA and Margin (R$MM and %) % Net Revenue % EBITDA Breakdown Results – CSN Group (3Q25LTM) 783 975 1,361 1,308 27.8% 2022 21.6% 2023 28.5% 2024 27.1% 3Q25LTM 10.6% 11.1% 6 EBITDA EBITDA Margin Brazil’s Leading Integrated Cement Producer Distribution Centers Plants Logistics Terminals Co-processing Unit 17Mtpa Cement Installed Capacity 6 Mills 27 Centers Distribution 3 Terminals Logistics(2) 7 Integrated Plants of Cement 2.9Mt Aggregate Sales 3Q25LTM 159km3 Concrete Sales 3Q25LTM 38% CAGR Net Revenue 2021-3Q25 LTM CSN Cement
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• One of Brazil’s largest integrated flat steel producers • Irreplicable asset with a strategic positioning • Diversified portfolio with a strong focus on high value-added products and integrated solutions • Presence in key markets in Europe and the United States • Strategy: Assessment of strategic alternatives and partnerships aimed at maximizing short-term cash generation EBITDA and Margin (R$MM and %) % Net Revenue % EBITDA CSN Steel 7 6,006 1,821 1,603 2,150 20.5% 2022 8.0% 2023 6.9% 2024 9.4% 3Q25LTM 50.5% 18.2% EBITDA EBITDA Margin Ongoing recovery in profitability Breakdown Results – CSN Group (3Q25LTM)
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CSN Energy 27 Hydro Assets (1,743 MW) 3 Cogeneration Thermal Assets (267 MW) 1 Solar Project (1,200 MW) 3 Wind Projects (52 MW) 2.010 MW Installed Capacity CEEE % Net Revenue % EBITDA 1.5% 2.2% 144 143 262 4 1.2% 2022 26.3% 2023 27.4% 2024 37.5% 3Q25LT, • High-return, low-risk business profile • Self-sufficiency in renewable energy since 2023 • Support to the Group’s businesses through a material reduction in energy costs • Resilient results with strong cash generation • Free gas market: industrial competitiveness and commitment to the energy transition EBITDA EBITDA Margin One of the Largest and Most Competitive Renewable Energy Platforms in Brazil 8 EBITDA and Margin (R$MM and %) Breakdown Results – CSN Group (3Q25LTM)
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Deleveraging Roadmap | Execution Strategy Projected Timeline CSN Infra CSN Cement 9 The main strategic initiatives identified are highlighted below.: Sale of CSN's relevant stake in Newco CSN Infrastructure Start: January/26 Signing: 3Q – 4Q26 Sale of control of CSN Cement Start: January/26 Signing: 3Q - 4Q26 All transactions supported by engaged financial advisors
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1010 3Q25 2026 2.0 5.7 2027 8.1 3.0 2028 0.61.8 2029 4.5 1.3 2030 5.4 1.0 2031 4.0 Sources of Funds (Asset Divestments) 2032 0.5 0.2 1.9 2033 3.1 0.1 6.2 2034+ 15-18 8.1 7.7 11.1 2.4 5.8 6.4 4.8 0.7 3.2 0.9 Capital Market Banks Debt Reduction Focus ~R$1.5 – 1.8 billion per year reduction in interest expense 37.5 19.5 12.0 10.7 3.14x 1.83x 3Q25 Pro forma -18 -1.30 Net Debt EBITDA LTM Leverage ¹For pro forma reporting purposes, the higher value of the asset sale estimate (R$18 billion) was considered. ²Debt profile includes the outstanding gross debt of CSN Cimentos in 3Q25 of R$3 billion. Liability Management | Sources and Uses Pro-Forma Leverage (R$ Billion | x) Indebtedness Profile (R$ Billion)¹
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11 • Focus on profitability across core businesses to maximize cash flow generation • Material reduction in the CSN Group´s gross debt and leverage • Efficient and disciplined capital allocation with a strict leverage target Final Considerations
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Fazer bem, fazer mais, fazer para sempre.