2Q26 EARNINGS RELEASE

August 12, 2026

	2Q26 RESULTS

São Paulo, August 12, 2026 - Companhia Siderúrgica Nacional (“CSN”) (B3: CSNA3; NYSE: SID) today reports its results for the second quarter of 2026 (2Q26), presented in Brazilian reais. The Company’s consolidated financial statements have been prepared in accordance with accounting practices adopted in Brazil, issued by the Brazilian Accounting Pronouncements Committee (“CPC”), approved by the Brazilian Securities and Exchange Commission of Brazil (“CVM”) and the Federal Accounting Council (“CFC”), as well as with the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”).

The comments below address the Company’s consolidated results for the second quarter of 2026 (2Q26). Comparative analyses are presented against the first quarter of 2026 (1Q26) and the second quarter of 2025 (2Q25). For reference, the U.S. dollar exchange rate was R$ 5.46 on June 30, 2025, R$ 5.22 on March 31, 2026, and R$ 5.18 on June 30, 2026.

2Q26 Operating and Financial Highlights

	2Q26 RESULTS

Consolidated Highlights

¹ Adjusted EBITDA is calculated based on net income (loss), plus depreciation and amortization, income taxes, net financial result, equity income, other operating income/expenses, and includes the proportional consolidation of 37.49% of the EBITDA of jointly controlled subsidiary MRS Logística, as well as the residual cost from the sale of assets of the Tora Group.

² Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Managerial Net Revenue.

³ Adjusted Net Debt and Adjusted Cash/Cash Equivalents consider the 37.49% stake in MRS and exclude forfaiting and supplier finance transactions.

⁴ Leverage calculation considers Usiminas.

Consolidated Results

	2Q26 RESULTS

	2Q26 RESULTS

Adjusted EBITDA

*The Company reports adjusted EBITDA excluding equity income and other operating income (expenses), as it believes these items should not be considered in the calculation of recurring operating cash generation.

	2Q26 RESULTS

Adjusted EBITDA (R$ million) and Adjusted EBITDA Margin¹ (%)

¹ Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Adjusted Net Revenue, which considers 100% consolidation of CSN Mineração and the 37.49% stake in MRS.

Free Cash Flow

Free Cash Flow was positive by R$ 808.1 million in 2Q26, representing a turnaround from the negative results seen in recent periods. This performance reflects the combination of solid operating performance, working capital release and funding transactions completed during the period, mainly related to the bridge loan. This result is in line with the trend the Company had been anticipating, with a series of initiatives being implemented not only to address the Group’s capital structure, but also to reduce inventory levels and curb the cash burn experienced in recent years. Furthermore, it is important to note that this positive result was achieved despite significant debt amortization during the period, demonstrating that the Company is already utilizing its cash to pay down gross debt.

Free Cash Flow in 2Q26 (R$ million)

² Adjusted Working Capital is composed of changes in Net Working Capital, plus changes in long-term asset and liability accounts, excluding the net change in income tax and social contribution.

³ Financial Result: considers derivatives, financial expenses directly linked to operating activity, and interest on working capital funding.

Indebtedness

As of June 30, 2026, consolidated net debt reached R$ 42,138.2 million, with the leverage ratio, measured as Net Debt/LTM EBITDA, standing at 3.49x. This represents a slight increase of 14 basis points compared to the previous quarter, driven exclusively by the amortization of prepayment contracts, the impact of foreign exchange fluctuations on foreign-currency debt, and an advance for future capital increase (AFAC) of R$ 495 million made to Transnordestina. These factors were specific to the period and ended up offsetting the cash generation recorded during the quarter. Although indebtedness increased in the period, management remains fully committed to definitively resolving the Group’s capital structure, advancing asset sale projects and initiatives aimed not only at extending its debt maturity profile, but also at generating higher cash returns in the short term. As for total cash and cash equivalents, the Company maintained its policy of preserving a robust cash position, ending the quarter with R$ 15.4 billion, an amount sufficient to cover its short-term financial obligations.

	2Q26 RESULTS

  ¹ Net Debt / EBITDA: debt is calculated using the period-end U.S. dollar exchange rate, while net debt and EBITDA use the average exchange rate for the period. ² Leverage calculation considers Usiminas shares.

CSN remains highly active in its objective of extending the debt amortization profile, with a focus on long-term transactions and the capital markets. Among the main developments over recent months were the bridge loan signed in mid-April with a banking syndicate in the amount of US$ 1.2 billion and the exchange offer for Notes announced at the end of July, aimed at extending by two years the maturity of US$ 1.3 billion originally due in 2028. These liability management initiatives are intended to address short-and-medium-term debt while easing the amortization schedule shown below. As a result, CSN was able to significantly extend the expected amortization schedule for the coming years, gaining time to execute its strategic projects without any immediate pressure.

Debt Principal Amortization Schedule (R$ million)

¹ Includes the MRS stake (37.49%).

² Managerial Gross / Net Debt considers the MRS stake (37.49%), excluding accrued interest.

³ Average term after completion of the liability management plan.

	2Q26 RESULTS

FX Exposure

The accumulated net foreign exchange exposure in the consolidated balance sheet for 2Q26 was negative by US$ 1,290.5 million, as shown in the table below, in line with the Company’s policy of minimizing the impacts of foreign-exchange volatility on earnings. The hedge accounting adopted by CSN matches projected U.S. dollar export cash flows with future maturities of debt denominated in the same currency. As a result, the foreign-exchange variation of U.S. dollar-denominated debt is temporarily recorded in shareholders’ equity and recognized in profit or loss when the related U.S. dollar export revenues occur.

Investments

Investments totaled R$ 1,414.0 million in 2Q26, representing an increase of 25.6% versus the previous quarter and 6.2% compared with the same period of 2025. This acceleration in investments is in line with the progress of strategic projects, particularly those related to P15. On the other hand, it is worth noting that, even as relevant projects move closer to completion, the Company has been able to moderate the amount invested when compared with the previous year, mainly through lower capital allocated to other segments.

CAPEX (R$ million)

Net Working Capital

Net Working Capital allocated to the business totaled R$ 3,046.4 million in 2Q26, representing a decrease of 21.8% versus the previous quarter and mainly reflecting the reduction in inventory levels, in line with the project being carried out this year to release cash and normalize operating volumes, particularly for steel products. In addition, lower accounts receivable and a higher volume of recoverable taxes also contributed to the significant change in Net Working Capital recorded during the period.

	2Q26 RESULTS

The calculation of Net Working Capital allocated to the business excludes advances under prepayment contracts, as shown in the table below:

      ¹ Other NWC Assets: includes advances granted and other receivables.

      ² Other NWC Liabilities: includes other payables, taxes payable in installments, and other provisions.

	2Q26 RESULTS

Business Segment Results

	2Q26 RESULTS

	2Q26 RESULTS

Steel Results

According to the World Steel Association (WSA), global crude steel production totaled 931.5 million tons in the first half of 2026, remaining stable compared with the same period of 2025. China remained the world’s leading crude steel producer despite a 3.0% decrease in the period, producing 500.0 million tons in the semester. By contrast, the United States posted a 6.3% increase in production versus the first half of 2025, indicating the effectiveness of the protective measures adopted in the country. In total, the United States produced 42.8 million tons in the semester. This growth trailed only the performance of India, whose production reached 87.0 million tons, corresponding to a 7.1% increase on the same comparison basis and reinforcing the expansion trend observed in the Indian steel industry.

Brazil maintained its prominent position in global crude steel production, remaining among the world’s top ten producers, with total production of 16.3 million tons in the semester. In South America, the country remained the leading regional producer, accounting for nearly 80% of the continent’s output. Despite this relevant position, Brazilian production declined 1.5% versus the first half of 2025, reflecting lower capacity utilization by domestic producers, which have been optimizing costs and adjusting operations to apparent consumption slightly below the level recorded in 2025.

OPERATING AND SALES PERFORMANCE

At Presidente Vargas Steelworks (UPV), slab production totaled 741 thousand tons in 2Q26, representing a decrease of 3.0% versus 1Q26 and 6.0% compared with the same period of the previous year, reflecting the ongoing inventory reduction project in the steel segment and the blast furnace maintenance shutdown that remains underway. By contrast, production of flat rolled steel, the Company’s main market, reached 787 thousand tons in 2Q26, corresponding to increases of 10.4% and 3.3% compared with 1Q26 and 2Q25, respectively.

Long steel production, in turn, totaled 62 thousand tons in 2Q26, remaining stable versus both the previous quarter and the same period of 2025.

Sales Volume (k tons) - Steel

Total sales reached 1,182 thousand tons in 2Q26, representing an increase of 5.9% versus 1Q26 and 16.7% compared with the same period of the previous year. This growth directly reflects the antidumping measures implemented in the Brazilian market, which led to a significant reduction in imported material at Brazilian ports, as well as a strong commercial performance in the steel segment.

Domestic market sales totaled 825 thousand tons in 2Q26, surpassing the 800-thousand-ton mark for the first time since 4Q24. This performance represented growth of 7.5% versus 1Q26 and 9.9% compared with 2Q25, reinforcing the improvement in commercial activity in the domestic market following the implementation of antidumping measures.

	2Q26 RESULTS

This growth was also observed in the foreign market, which recorded its highest sales volume since 1Q23, totaling 357 thousand tons in 2Q26, an increase of 2.5% versus the previous quarter and 36.1% compared with the same period of 2025. The result was mainly driven by sales abroad through the subsidiaries SWT, which reached 205 thousand tons, its best performance since 1Q22, and LLC, with 50 thousand tons. The volume also included 5 thousand tons exported directly, in addition to 97 thousand tons sold through Lusosider and Gramperfil.

With respect to total sales volume, the main highlight in 2Q26 was the White Goods segment, whose share increased 2.2 p.p. versus 1Q26 and 1.1 p.p. compared with the same period of the previous year, reaching 12.0% of total sales. The Automakers segment also stood out, with a 1.3 p.p. quarter-over-quarter increase, despite a 4.0 p.p. reduction versus 2Q25, reaching 11.1% of total sales. The remaining segments continued to be affected by competition from imported material, particularly Packaging, with a 6.2% share, and Civil Construction, with 19.2%, which remained among the most impacted segments over recent quarters.

In 2Q26, the Brazilian steel market remained under pressure from the competitive environment, even though imports declined 17.6% in the first half of 2026, totaling 2.9 million tons. The contraction in apparent consumption led the domestic industry to adjust production levels, which totaled 16.2 million tons in the period, a decrease of 1.5% versus the first half of the previous year. Although domestic sales remained broadly stable in the first six months of the year, totaling 10.4 million tons, the scenario reflects slightly weaker domestic demand and the need for greater discipline in capacity utilization. The main highlight of the semester was the recovery in export volumes, which totaled 5.3 million tons, representing a 3.1% increase compared to the previous six-month period.

In the automotive sector, an important steel-consuming segment, ANFAVEA reported an improvement in the semester, with production of 1,372.4 thousand vehicles, representing growth of 8.8% versus the first half of 2025. Total sales reached 1,250.1 thousand units, a year-over-year increase of 4.3%.

	2Q26 RESULTS

Adjusted EBITDA and EBITDA Margin – Steel

Mining Results

2Q26 was marked by cost pressure in the seaborne iron ore market, mainly reflecting the impact of the war in the Middle East on oil prices and, consequently, on seaborne freight costs. This backdrop initially supported benchmark iron ore prices at levels above those observed in the previous quarter. On the demand side, the period coincided with the seasonally stronger window for construction activity in China, supporting steel production at high levels. Strong apparent consumption was reinforced by China’s direct and indirect steel exports, which continued to serve as an important outlet for domestic supply and to support capacity utilization. However, in June, iron ore prices began to decline, associated with higher metallurgical coal prices following the suspension of coal mining operations in China. This movement compressed steel industry margins and added volatility to the market at the end of the period. In this context, iron ore prices were highly volatile throughout the quarter, ending 2Q26 at an average price of US$ 105.29/dmt (IODEX Fe 61% CFR North China reference), compared with US$ 103.96/dmt in 1Q26 and US$ 97.76/dmt in 2Q25 (IODEX Fe 62% CFR North China reference).

	2Q26 RESULTS

In the seaborne freight market, 2Q26 was marked by a sharp increase in freight rates, with the BCI C3 route (Tubarão–Qingdao) recording an average freight rate of US$ 33.98/t, compared with US$ 24.83/t in 1Q26 and US$ 20.85/t in 2Q25. This performance reflected the impact of the war in the Middle East, which pressured marine fuel prices, as well as strong demand for Capesize vessels, supported by high commodity shipment volumes throughout the quarter, particularly iron ore shipments from Brazil and Australia and higher bauxite exports from Guinea. In this context, the C3 index remained above US$ 30/t for nearly the entire quarter, reaching levels close to US$ 38/t at the end of May.

Total Production – Mining (thousand tons)

Sales Volume – Mining (thousand tons)

	2Q26 RESULTS

EBITDA Reconciliation Chart

Cement Results

According to the National Union of the Cement Industry (SNIC), the Brazilian cement industry sold 32.9 million tons of cement in the first half of 2026, representing growth of 2.3% compared with the same period of the previous year. This performance was supported by a combination of factors, particularly: (i) a strong labor market, (ii) high wage mass, (iii) favorable real estate market dynamics, especially the Minha Casa Minha Vida program, and (iv) progress in infrastructure projects. Despite this favorable environment, the sector continues to monitor the potential impact of high interest rates and operating cost pressures on activity.

In CSN’s case, sales volume totaled 3,123 thousand tons in 2Q26, representing growth of 1.9% versus the previous quarter, but a decrease of 9.9% compared with the same period of 2025. This result was directly impacted by the higher number of scheduled maintenance shutdowns carried out during the period and by the commercial strategy, already highlighted in the previous release, of prioritizing value over volume. This strategy has proven effective, supporting solid volumes while further improving the profitability of the operation. 

	2Q26 RESULTS

Sales Volume – Cement (thousand tons)

Energy Results

In 2Q26, Net Revenue in the Energy segment reached R$ 395.5 million, representing an increase of 95.2% versus 1Q26 and 94.5% compared with 2Q25. Adjusted EBITDA totaled R$ 246.0 million in the quarter, with an Adjusted EBITDA Margin of 62.1%.

This result, which was well above the historical average, had an exceptional effect and reflected the retroactive recognition of revenue following a favorable decision for the Company in an administrative proceeding before ANEEL related to the Jacuí Hydroelectric Plant, from CEEE-G, whose revenue from energy sales had been provisioned on the balance sheet since October 2025.

Logistics Results

In 2026, the Logistics segment remains one of the main pillars of CSN’s verticalization strategy and one of the Group’s key growth drivers. In port operations, volume handled at TECON in 2Q26 totaled 24 thousand container units, a decrease of 22.1%; 42 thousand tons of steel products, a decrease of 80.1%; 7 thousand tons of general cargo, an increase of 24.0%; and 182 thousand tons of bulk cargo, an increase of 94.9%.

	2Q26 RESULTS

Shipment Volume at TECON – Port Logistics

In financial terms, total Net Revenue in the segment reached R$ 1,213.9 million in 2Q26, representing growth of 13.4% versus 1Q26, driven by the seasonality of the drier period and the improvement in the rail and multimodal logistics subsegments. Rail Logistics posted net revenue of R$ 800.6 million, an increase of 16.2% versus 1Q26, while Multimodal Logistics recorded net revenue of R$ 348.0 million, representing an increase of 14.8% on the same comparison basis. Port Logistics, in turn, posted revenue of R$ 65.7 million in the quarter, a decrease of 16.6% versus 1Q26, due to lower shipment availability during the period.

Adjusted EBITDA, in turn, totaled R$ 548.2 million in 2Q26, a performance 22.4% higher than in 1Q26, with an Adjusted EBITDA Margin of 45.2%, representing an expansion of 3.3 p.p. in the period. The margin expansion reflected the improved performance of the rail and multimodal logistics subsegments, which posted stronger results due to seasonality, with higher cargo volumes transported by road and rail. Rail Logistics recorded Adjusted EBITDA of R$ 435.0 million, an increase of 24.7%, with a margin of 54.4%, an expansion of 3.7 p.p., while Multimodal Logistics reached Adjusted EBITDA of R$ 93.2 million, an increase of 25.3%, with a margin of 26.8%, an expansion of 2.3 p.p. By contrast, Port Logistics posted Adjusted EBITDA of R$ 20.0 million, a decrease of 18.7%, with a margin of 30.5%, a decrease of 0.8 p.p.

ESG - Environmental, Social & Governance

ESG PERFORMANCE - CSN GROUP

In recent years, CSN has adopted a separate and dedicated format for disclosing its ESG initiatives and performance, providing individual access to its ESG indicators and results. This model enables stakeholders to access the main quarterly results and indicators and monitor them more effectively and efficiently. Access is available through the results center on CSN’s IR website: https://ri.csn.com.br/informacoes-financeiras/central-de-resultados/.

The information included in this earnings release has been selected based on its relevance and materiality to the Company. Quantitative indicators are presented in comparison with the period that best reflects each metric for monitoring purposes. Accordingly, some are compared with the same quarter of the previous year, while others are compared with the average of the prior period, ensuring comparability based on seasonality and reporting frequency. Additionally, it is important to note that the ESG Performance Report also incorporates the performance indicators of CSN Cimentos assets acquired in 2022, as well as the assets of Tora Logística, Gramperfil and Galvacolor, acquired in 2025. As a result, some absolute indicators may show significant variations when compared with the previous period.

More detailed historical information on CSN’s performance and initiatives is available in the 2025 Integrated Report, published in April 2026 (https://api.mziq.com/mzfilemanager/v2/d/c13bfd26-0e38-40d4-80f7-8990c9e1d702/6a44cd74-bf97-1d51-0eee-cd27188e9f2f?origin=2). ESG indicators are reviewed annually in connection with the closing of the Integrated Report; accordingly, the information contained in quarterly earnings releases may be subject to adjustments arising from this process.

It is also possible to monitor CSN’s ESG performance in a fast and transparent manner on our website through the following address: https://esg.csn.com.br.

	2Q26 RESULTS

Capital Markets

In the second quarter of 2026, CSN shares declined 27.0%, while the Ibovespa decreased 8.2% over the same period. Average daily trading volume of CSNA3 on B3 totaled R$ 84.9 million. On the New York Stock Exchange (NYSE), the Company’s American Depositary Receipts (ADRs) declined 26.2% in 2Q26, while the Dow Jones index increased 7.9%. Average daily trading volume of the ADRs (SID) on the NYSE totaled US$ 5.0 million in 2Q26.

	2Q26 RESULTS

Some statements contained herein are forward-looking statements that express or imply expected results, performance or events. These statements include future results that may be influenced by historical results and by the statements set forth under “Outlook.” Actual results, performance and events may differ materially from the assumptions and expectations expressed herein and are subject to risks such as: general economic conditions in Brazil and other countries; interest-rate and exchange-rate levels; protective measures in the U.S., Brazil and other countries; changes in laws and regulations; and general competitive factors on a global, regional or national basis.

	2Q26 RESULTS

	2Q26 RESULTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.