On Wednesday, August 12, 2026, CSN Mineração (CMIN3) reported net income of R$ 219.4 million in the second quarter of 2026 (2Q26), an amount 89% higher than in 2Q25 and stable compared with 1Q26. In the same period, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, with adjustments) came to R$ 1,018.1 million, with an adjusted EBITDA margin of 35.5%.
Adjusted Net Revenue, which excludes freight and marine insurance, totaled R$ 2,867.5 million in 2Q26, down 9.4% versus 1Q26 and 15.8% compared with 2Q25. The company attributes this decline to currency appreciation and higher freight costs, pressured by the conflict between the United States and Iran, although sales volume reached 11,849 thousand tons, 23.0% above the previous quarter and in line with 2Q25.
Gross profit totaled R$ 761.6 million in 2Q26, a decrease of 32.6% versus 1Q26 and 25.9% compared with 2Q25, with a gross margin of 26.6%. Financial result was negative by R$ 491.0 million, an improvement of 21.6% over 1Q26 and 34.5% year over year, mainly reflecting a lower impact from exchange rate variation on cash in foreign currency. Equity income was positive at R$ 82.6 million, reversing the R$ 2.9 million loss in 1Q26.
Operationally, iron ore production, including purchases from third parties, was 10,880 thousand tons in 2Q26, up 8.2% over 1Q26 and down 6.1% versus 2Q25, impacted by a scheduled 15-day maintenance shutdown at the mine and the port. The company highlighted that the quarter included two months with the highest monthly production and sales results in its history. Adjusted free cash flow was positive at R$ 1.1 billion in the period, reversing the negative cash generation of the previous quarter, mainly due to the release of working capital.
On June 30, 2026, CSN Mineração had R$ 7.9 billion in cash and equivalents and net debt of R$ 1.4 billion, with leverage, measured by the Net Debt/EBITDA ratio for the last 12 months, rising from 0.11x to 0.23x, a movement linked to the amortization of prepayment contracts and share buybacks. In terms of investments, capex totaled R$ 687.0 million in 2Q26, up 59.4% versus 1Q26 and 37.4% compared with 2Q25, driven by progress in the civil works of the P15 plant and disbursements related to the major annual maintenance shutdown.
