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

Adjusted EBITDA falls 59.3% from 2Q26 to R$ 414.3 million; margin stands at 17.7%

Editorial Team Visno InvestPublished 11/13/2026 00:06

CMIN3CSN MineraçãoR$ 5.08as of 11/11/2026Price, ratios and dividends

CSN Mineração (CMIN3) posted a net loss of R$ 356.3 million in the third quarter of 2026 (3Q26), compared with net income of R$ 219.4 million in 2Q26 and R$ 669.3 million in 3Q25. According to the company, the result reflects weaker operating performance, with a drop in EBITDA (earnings before interest, taxes, depreciation and amortization) due to worsening market conditions, as well as a provision related to an arbitration proceeding. These factors offset the positive result from iron ore hedge operations.

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 iron ore prices 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, with a margin of 17.7%, compared with 35.5% in 2Q26. 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 dilution of fixed costs.

Sales totaled 11,651 thousand tons, down 1.7% from 2Q26 and 6.0% from 3Q25. Production was 9,970 thousand tons, down 8.4% from 2Q26, with a temporary reduction in the production of lower-grade ore 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 investments of 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. 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.