CSN Mineração (CMIN3) Posts Net Loss of R$ 356.3 Million in 3Q26

Adjusted net revenue totaled R$ 2.3 billion (R$ 2,343.9 million), down 18.3% from 2Q26 and 46.8% from 3Q25. Unit revenue declined to US$ 40.06 per ton, due to the drop in the iron ore price and higher freight costs. The average ore price (IODEX Fe 61% CFR North China) was US$ 96.92 per dry ton, compared with US$ 105.29 in 2Q26 and US$ 102.03 in 3Q25. Freight on the Tubarão–Qingdao route averaged US$ 36.79 per ton.

Adjusted EBITDA was R$ 414.3 million, down 59.3% from 2Q26, when it totaled R$ 1,018 million, with a margin of 17.7%, compared with 35.5% in 2Q26 and 45.2% in 3Q25. Gross profit was R$ 126.1 million, with a gross margin of 5.4%. Cost of goods sold totaled R$ 2,217.8 million, up 5.3% from 2Q26. C1 (cash cost) rose to US$ 26.0 per ton, compared with US$ 24.0 in 2Q26, due to lower fixed-cost dilution.

Sales totaled 11,651 thousand tons, down 1.7% from 2Q26 and 6.0% from 3Q25, supported by the reduction of inventories, which ended the quarter at 1,465 thousand tons. Production was 9,970 thousand tons, down 8.4% from 2Q26, with a temporary reduction in lower-quality ore production at the Pires Plant. The financial result was negative R$ 126.3 million and equity income was positive R$ 91.6 million.

Adjusted free cash flow was positive R$ 37 million, with a working capital release, and capital expenditures totaled R$ 639.0 million. As of September 30, 2026, cash and equivalents totaled R$ 6.3 billion and net debt was R$ 2.9 billion. Leverage (net debt/EBITDA for the last 12 months) rose from 0.23x in 2Q26 to 0.63x, reflecting lower EBITDA, the amortization of prepayments and share buybacks. In 3Q26, the company repurchased 34.9 million shares, at a cost of R$ 200 million. Since May 20, it has repurchased 64.5 million shares, or R$ 324.2 million.