On Wednesday, August 12, 2026, Companhia Siderúrgica Nacional (CSNA3) reported a net loss of R$ 773.1 million in the second quarter of 2026 (2Q26), a result mainly impacted by higher financial expenses related to exchange rate fluctuations. In the period, net revenue totaled R$ 11,306.2 million and Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 2,772.6 million, with an adjusted EBITDA margin of 23.4%.
Compared to the first quarter of 2026, net revenue grew 6.6% and gross profit reached R$ 2,930.9 million, with a gross margin of 25.9%, an increase of 2.1 percentage points. In relation to 2Q25, revenue rose 5.7% and gross margin increased 0.43 percentage point. In the first half of 2026, net revenue came to R$ 21.9 billion and net loss totaled R$ 1.3 billion, compared to a loss of R$ 862 million in the same period of 2025.
Free cash flow in 2Q26 was a positive R$ 808.1 million, reversing negative results from previous periods, driven by a combination of operating performance, working capital release and funding transactions, mainly the bridge loan. As of June 30, 2026, consolidated net debt stood at R$ 42,138.2 million, with leverage, measured by net debt/EBITDA for the last 12 months, at 3.49x, while cash and cash equivalents totaled R$ 15.4 billion.
By segment, steel posted Adjusted EBITDA of R$ 636.3 million in 2Q26, with a margin of 10.5%, supported by higher volumes and better prices in both the domestic and foreign markets after antidumping measures. Mining reported Adjusted EBITDA of R$ 929.7 million, with a margin of 32.0%, pressured by freight costs and currency appreciation, despite sales of 11,849 thousand tons of iron ore. The cement segment delivered record Adjusted EBITDA of R$ 426.9 million, with a margin of 30.8%, and the logistics segment reached Adjusted EBITDA of R$ 548.2 million, with a margin of 45.2%.
Investments (CAPEX) in 2Q26 totaled R$ 1,414.0 million, up 25.6% versus the previous quarter, focused on strategic projects such as P15. Net working capital tied up in the business was R$ 3,046.4 million, down 21.8% compared to 1Q26, mainly reflecting lower inventories, reduced accounts receivable and a higher amount of taxes recoverable.
