CSN Mineração (CMIN3) Q4 2025 earnings summary

Executive summary

• Achieved record production and sales volumes in 2025, surpassing annual guidance by 4.6% and reaching over 45 million tons for the first time, with operational excellence and logistics improvements driving results.

• Net income for 2025 was R$1.65 billion, down 63.6% year-over-year due to adverse FX impacts, while 4Q25 net income rose 72% sequentially to R$1.2 billion.

• Adjusted EBITDA for 2025 reached R$6.448 billion, up 9.4% year-over-year, with a margin of 42.1%.

• Since IPO in 2021, sales volume CAGR is 8.4%, reflecting operational and logistics improvements.

• Audited financial statements for 2025 received an unqualified opinion under Brazilian and IFRS standards.

Financial highlights

• Net revenue for 2025 was R$18.0 billion, up from R$16.5 billion in 2024, with gross profit at R$8.17 billion and a gross margin of 45.4%.

• Adjusted EBITDA in 4Q25 was R$1.76 billion, with a 42.9% margin; annual EBITDA margin was 42.1%.

• COGS rose 23.3% in 2025, reflecting higher sales and third-party purchases; C1 cash cost was US$21.5/t.

• Cash and cash equivalents at year-end were R$8.9 billion, down 34.6% from Q3 due to the MRS Logística stake acquisition.

• Net debt at year-end was R$725 million, with leverage at 0.11x.

Outlook and guidance

• 2025 production and purchase guidance was exceeded by 4.6%, reaching 45.5 million tons; 2026 guidance is 45–47 million tons.

• Cost guidance for 2026 is $22–$23.5/ton, slightly higher due to transportation and diesel costs.

• Management is monitoring tax reforms and will adopt new IFRS sustainability standards from 2026.

• Optimism for continued improvements in production, shipments, and cost control in 2026.