Financial Data and Key Metrics Changes - The company reported an EBITDA of BRL 2.6 billion with a margin of 23.5%, reflecting a 5% increase and a 1.4 percentage point expansion compared to Q1 2025 [5] - Gross debt was reduced by BRL 5.7 billion year-to-date, with a reduction of BRL 2.1 billion in the current quarter, leading to a leverage ratio decrease from 3.33x to 3.24x [5][12][13] Business Line Data and Key Metrics Changes - **Mining**: Achieved second highest sales volume in history, but EBITDA dropped by 36% due to falling iron ore prices [6][20] - **Steel**: Despite a 11.5% drop in sales volume, EBITDA increased by 79% year-on-year, with a margin of 10.08% [10][18] - **Cement**: Sales volume grew by 8% quarter-on-quarter, with a 10% increase in net revenue compared to Q1 2025, resulting in an EBITDA margin of 24% [8][23] - **Logistics**: Achieved a record EBITDA of BRL 519 million with a margin of 41.4% [9][24] Market Data and Key Metrics Changes - The steel market faced significant competition from imported materials, leading to a loss of market share for the company [16][33] - The company noted a 40-50% penetration of imported products in certain segments, particularly in tinplate and prepainted products [56][81] Company Strategy and Development Direction - The company is focusing on operational excellence, cost reduction, and enhancing productivity across all segments [31][84] - A strategy prioritizing value over volume in the steel segment has been adopted to improve profitability despite market challenges [7][57] - The company is actively seeking partnerships in infrastructure to reduce leverage and improve cash flow [42][46] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns over the chaotic influx of imported products affecting the domestic market and emphasized the need for government intervention [33][81] - The company remains optimistic about demand in Brazil, projecting a recovery in steel production and profitability in the coming quarters [58][60] Other Important Information - The company is committed to ESG initiatives, reporting a 30% reduction in occupational health and safety incidents compared to 2020 [26] - The company is also focusing on decarbonization efforts, achieving an 11% reduction in GHG emissions compared to the baseline year 2020 [28] Q&A Session Summary Question: Details on potential infrastructure partner and Usiminas stake sale - The company is in discussions regarding infrastructure assets, with potential liquidity injection of BRL 8 billion and has not yet defined the next steps for the Usiminas stake sale [42][46] Question: Impact of recent dumping decisions on margins - The company highlighted ongoing issues with imports and the need for government action on anti-dumping measures, while maintaining a focus on product diversification and higher value products [50][57] Question: Measures for cost efficiency in steel production - The company has implemented changes in production processes and is optimistic about cost reductions in the second half of the year [62][65] Question: Expectations for CapEx flexibility and asset sales - The company aims to maintain a lower CapEx focus while exploring asset monetization opportunities, including energy partnerships [66][68] Question: Long steel market dynamics and government conversations - The company noted a decline in long steel sales and emphasized the need for protective measures against imports to stabilize the market [72][78]

Financial Data and Key Metrics Changes - The company reported an EBITDA of BRL 2.6 billion with a margin of 23.5%, reflecting a 5% increase and a 1.4 percentage point expansion compared to Q1 2025 [5] - Gross debt was reduced by BRL 5.7 billion year-to-date, with a reduction of BRL 2.1 billion in the current quarter, leading to a leverage decrease from 3.33x to 3.24x [5][12][13] Business Line Data and Key Metrics Changes - **Mining**: Achieved the second highest sales volume in history with 11.8 million tons sold, but EBITDA dropped by 36% due to falling iron ore prices [6][20] - **Steel**: Despite a 10% drop in sales volume, EBITDA increased by 79% year-on-year, reaching a margin of 10.8% due to effective cost control and a focus on higher-margin products [7][18] - **Cement**: Sales volume grew by 8% quarter-on-quarter, with a 10% increase in net revenue compared to Q1 2025, resulting in an EBITDA margin of 24% [8][23] - **Logistics**: Achieved a record EBITDA of BRL 519 million with a margin of 41.4%, driven by strong performance and the incorporation of TORA [9][24] Market Data and Key Metrics Changes - The steel market faced significant competition from imported materials, leading to a loss of market share for the company, although it maintained a focus on value over volume [16][33] - The cement market showed resilience with strong demand, particularly in the housing sector, despite challenges from low pricing compared to other Latin American markets [35][91] Company Strategy and Development Direction - The company is focused on operational excellence, cost reduction, and enhancing productivity across all segments, with a commitment to deleveraging and managing cash effectively [31][37][84] - The strategy includes prioritizing high-margin products in steel and expanding logistics capabilities through acquisitions like TORA [24][40] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns over the impact of imported products on the domestic market and the need for government intervention to protect local industries [33][81] - The outlook for the steel market remains cautious, with expectations of improved margins and production levels in the coming quarters, contingent on market conditions and government actions [58][79] Other Important Information - The company is actively working on infrastructure projects, with significant investments planned to enhance operational capacity and efficiency [10][88] - ESG initiatives are progressing, with improvements in occupational health and safety metrics and a commitment to reducing carbon emissions [26][28] Q&A Session Summary Question: Details on infrastructure partner and Usiminas stake - The company is in discussions regarding infrastructure assets, with potential liquidity injection of BRL 8 billion and has not yet defined the next steps for the Usiminas stake [42][46] Question: Impact of dumping decisions on margins - The company is facing challenges due to high import penetration and is advocating for quicker government action on anti-dumping measures to protect local production [49][56] Question: Steel market and government conversations - Management highlighted ongoing discussions with the government regarding protective measures for the steel sector, emphasizing the need for decisive action to combat import pressures [72][80] Question: CapEx flexibility and asset sales - The company plans to maintain a CapEx focus on expansion and productivity, with ongoing discussions about potential asset sales to improve cash flow [66][68] Question: Long steel market dynamics - The long steel segment has seen price increases, but the company is cautious about entering this market due to previous low margins and high competition [72][76]

2Q25 Conference Call August 1, 2025 00 2Q25 – HIGHLIGHTS | | Business diversification and | Quarterly growth of 5% in | Solid cash and gross debt | | --- | --- | --- | --- | | | an assertive commercial | adjusted EBITDA in 2Q25, reaching | management resulted in | | | strategy generate resilience | | further deleveraging in the | | | and solid performance | R$ 2.6 billion | quarter | | | EBITDA growth in all segments | Adjusted EBITDA margin of 23.5% | Indicator reached 3.24x, down 9 | | | except mining due ...

[Financial and Operational Performance](index=5&type=section&id=Financial%20and%20Operational%20Performance) [Consolidated Results](index=5&type=section&id=Consolidated%20Results) CSN reported a slight 2.0% quarter-over-quarter decrease in net revenue to R$10,693 million, primarily due to lower iron ore prices, while gross profit and adjusted EBITDA increased by 7.7% and 5.3% respectively, leading to an 82.2% improvement in net loss | Indicator | 2Q25 | 1Q25 | 2Q25 vs 1Q25 | 2Q24 | 2Q25 vs 2Q24 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Revenue (R$ million)** | 10,693 | 10,908 | -2.0% | 10,882 | -1.7% | | **Gross Profit (R$ million)** | 2,726 | 2,532 | 7.7% | 2,989 | -8.8% | | **Adjusted EBITDA (R$ million)** | 2,643 | 2,509 | 5.3% | 2,645 | -0.1% | | **Adjusted EBITDA Margin %** | 23.5% | 22.1% | 1.4 p.p. | 23.2% | 0.3 p.p. | | **Net Loss (R$ million)** | (130.4) | (731.6) | -82.2% | (222.6) | -41.4% | - The **2.0% decrease in net revenue** compared to the previous quarter was primarily a result of the drop in iron ore prices, which counteracted operational improvements in mining and revenue growth in other segments[14](index=14&type=chunk) - Gross profit increased by **7.7% QoQ**, with the gross margin expanding by **2.3 percentage points to 25.5%**, mainly driven by a significant reduction in the Cost of Goods Sold (COGS), reflecting an assertive commercial strategy and lower raw material costs in the steel industry[14](index=14&type=chunk) - The net loss improved by **82.2%** compared to 1Q25, reflecting better operating results, the positive impact from the reversal of contingencies, and gains from iron ore hedging operations[18](index=18&type=chunk) [Adjusted Cash Flow and Investments](index=9&type=section&id=Adjusted%20Cash%20Flow%20and%20Investments) Adjusted Cash Flow for Q2 2025 was negative R$1,474.9 million, a significant deterioration from the previous quarter, attributed to increased investments (CAPEX) for expansion projects, higher interest rates, and increased working capital consumption - Adjusted Cash Flow was negative by **R$1,474.9 million**, worsening from the previous quarter despite higher EBITDA, due to increased investments, higher financial expenses from interest rates, and increased working capital consumption[24](index=24&type=chunk) Investment (CAPEX) | Investment (CAPEX) | 2Q25 (R$ million) | Change vs 1Q25 | Change vs 2Q24 | | :--- | :--- | :--- | :--- | | **Total CAPEX** | 1,331.3 | +18.2% | Stable | - The increase in investments was in line with seasonality and progress in the P15 mining infrastructure construction, as well as the modernization of the UPV steel mill operations[40](index=40&type=chunk) [Indebtedness and Financial Position](index=9&type=section&id=Indebtedness%20and%20Financial%20Position) CSN made progress in deleveraging, reducing its Net Debt / Adjusted EBITDA ratio to 3.24x and gross debt by R$2.1 billion in Q2, while maintaining a strong cash position and managing foreign exchange exposure Indebtedness Metric | Indebtedness Metric | 2Q25 | 1Q25 | Change | | :--- | :--- | :--- | :--- | | **Consolidated Net Debt (R$ million)** | 35,665 | 35,830 | -0.5% | | **Net Debt / Adjusted EBITDA LTM** | 3.24x | 3.33x | -0.09x | - The company is committed to reducing indebtedness, having lowered its gross debt by **R$2.1 billion** in Q2 and nearly **R$5.7 billion** in the first half of the year, also pursuing capital recycling projects like CSN Infrastructure to enhance liquidity[28](index=28&type=chunk) - Net Working Capital increased by **24.8% QoQ to R$2,853 million**, reflecting an increase in inventory and recoverable taxes, which offset a reduction in accounts receivable[42](index=42&type=chunk)[44](index=44&type=chunk) - At the end of 2Q25, the company had a net foreign exchange asset exposure of **US$1,104 million**, in line with its policy to minimize the impact of exchange rate volatility[37](index=37&type=chunk)[39](index=39&type=chunk) [Business Segments Analysis](index=13&type=section&id=Business%20Segments%20Analysis) [Steel](index=14&type=section&id=Steel%20Results) The steel segment strategically prioritized margins over volume amid import pressure, resulting in an 11.5% decrease in sales volume but a 20.0% increase in Adjusted EBITDA and a significant recovery in Adjusted EBITDA margin to 10.8% - Total sales volume decreased **11.5% QoQ to 1,013 thousand tons**, reflecting a commercial strategy to prioritize results and margins over volume amid intense competition from imported materials[57](index=57&type=chunk) Steel Segment Performance | Steel Segment | 2Q25 | 1Q25 | Change vs 1Q25 | 2Q24 | Change vs 2Q24 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Sales Volume (K Tons)** | 1,013 | 1,143 | -11.4% | 1,124 | -9.9% | | **Net Revenue (R$ million)** | 5,392 | 6,107 | -11.7% | 5,591 | -3.6% | | **Adjusted EBITDA (R$ million)** | 581 | 485 | +20.0% | 325 | +78.8% | | **Adjusted EBITDA Margin** | 10.8% | 7.9% | +2.9 p.p. | 5.8% | +5.0 p.p. | - The strong increase in profitability, with the EBITDA margin returning to double digits, highlights the success of the strategy to sustain prices and focus on higher value-added products despite challenging market conditions[65](index=65&type=chunk) [Mining](index=17&type=section&id=Mining%20Results) The mining segment achieved a record iron ore production of 11,602 thousand tons, up 13.6% QoQ, and sales volume surged 22.7%, but a 5.7% decline in iron ore prices led to stable net revenue and a 12.1% drop in Adjusted EBITDA to R$1,231.5 million - Iron ore production, including purchases, reached a new historical record of **11,602 thousand tons** in 2Q25, a **13.6% quarterly increase**, positioning the company to meet its annual guidance[72](index=72&type=chunk) Mining Segment Performance | Mining Segment | 2Q25 | 1Q25 | Change vs 1Q25 | 2Q24 | Change vs 2Q24 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Sales Volume (K Tons)** | 11,833 | 9,640 | +22.7% | 10,792 | +9.6% | | **Net Revenue (R$ million)** | 3,414 | 3,432 | -0.5% | 3,347 | +2.0% | | **Adjusted EBITDA (R$ million)** | 1,232 | 1,401 | -12.1% | 1,590 | -22.5% | | **Adjusted EBITDA Margin** | 36.1% | 40.8% | -4.7 p.p. | 47.5% | -11.4 p.p. | - The lower profitability, reflected in the reduced EBITDA margin, was solely due to the fall in iron ore prices, which was partially offset by record production, efficient logistics, and solid cost control[75](index=75&type=chunk) [Cement](index=20&type=section&id=Cement) The cement segment saw sales volume increase by 8.1% and net revenue grow 10.1% QoQ to R$1,212.7 million, driven by a resilient real estate market and solid cost control, resulting in a 21.4% increase in Adjusted EBITDA to R$293.4 million and a 2.3 percentage point margin expansion - Sales volume increased by **8.1%** compared to the previous quarter, reflecting an assertive strategy to capture market dynamism driven by the real estate sector[78](index=78&type=chunk) Cement Segment Performance | Cement Segment | 2Q25 | 1Q25 | Change vs 1Q25 | 2Q24 | Change vs 2Q24 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Revenue (R$ million)** | 1,213 | 1,102 | +10.1% | 1,238 | -2.0% | | **Adjusted EBITDA (R$ million)** | 293 | 241 | +21.6% | 346 | -15.2% | | **Adjusted EBITDA Margin** | 24.2% | 21.9% | +2.3 p.p. | 28.0% | -3.8 p.p. | - The increase in the EBITDA margin demonstrates the segment's ability to deliver robust profitability despite competitive pressures and high interest rates, supported by favorable numbers of new real estate launches[87](index=87&type=chunk) [Logistics](index=21&type=section&id=Logistics%20Results) The logistics segment's total net revenue surged 52.7% QoQ to R$1,176.9 million and Adjusted EBITDA grew 46.1% to R$519.1 million, significantly boosted by the incorporation of Tora, with strong railway performance offsetting port logistics headwinds - The segment's results were positively impacted by the incorporation of Tora and higher rail shipments, with total Net Revenue up **52.7% QoQ** and Adjusted EBITDA up **46.1% QoQ**[83](index=83&type=chunk) - Railway Logistics: Net Revenue reached **R$800.5 million (+16.8% QoQ)** with an Adjusted EBITDA of **R$426.7 million (+32.7% QoQ)**[84](index=84&type=chunk) - Port Logistics: Net Revenue was **R$57.4 million (-27.5% YoY)** and Adjusted EBITDA was **R$6.4 million**, negatively impacted by tariff disputes affecting shipments[85](index=85&type=chunk) - Logistic Multimodal (newly reported): Following the incorporation of Estrela Group, this sub-segment reported Net Revenue of **R$319.0 million** and Adjusted EBITDA of **R$86.0 million**[86](index=86&type=chunk) [Energy](index=21&type=section&id=Energy%20Results) The energy segment achieved a record performance in Q2 2025, with net revenue growing 14.0% to R$203.4 million and Adjusted EBITDA reaching R$90.0 million, driven by favorable energy prices and resulting in a strong 44.3% Adjusted EBITDA margin Energy Segment Performance | Energy Segment | 2Q25 | 1Q25 | Change vs 1Q25 | | :--- | :--- | :--- | :--- | | **Net Revenue (R$ million)** | 203.4 | 178.4 | +14.0% | | **Adjusted EBITDA (R$ million)** | 90.0 | 79.0 | +13.9% | | **Adjusted EBITDA Margin** | 44.3% | 44.2% | +0.1 p.p. | - The segment recorded its highest EBITDA ever, reflecting favorable prices during the period[82](index=82&type=chunk) [Other Information](index=22&type=section&id=Other%20Information) [ESG – Environmental, Social & Governance](index=22&type=section&id=ESG%20%E2%80%93%20Environmental%2C%20Social%20%26%20Governance) CSN has implemented a new quarterly disclosure system for its ESG performance, providing stakeholders with more agile and effective monitoring through individualized indicators available on its investor relations website - CSN adopted a new format for disclosing its ESG actions, making performance indicators available on an individualized and quarterly basis for more effective monitoring by stakeholders[88](index=88&type=chunk) - Access to the quarterly ESG results is available through the results center of CSN's IR website: https://ri.csn.com.br/informacoes-financeiras/central-de-resultados/[88](index=88&type=chunk) [Capital Markets Performance](index=23&type=section&id=Capital%20Markets) In Q2 2025, CSN's shares (CSNA3) on the B3 exchange fell by 21.4% and its ADRs (SID) on the NYSE declined by 16.2%, significantly underperforming the rising Ibovespa and Dow Jones indices Stock Performance | Stock Performance | 2Q25 Change | | :--- | :--- | | **CSN Shares (CSNA3)** | -21.4% | | **Ibovespa Index** | +6.6% | | **CSN ADRs (SID)** | -16.2% | | **Dow Jones Index** | +5.0% | | **Market Value (R$ million)** | 9,866 | [Financial Statements](index=24&type=section&id=Financial%20Statements) [Consolidated Income Statement](index=24&type=section&id=Consolidated%20Income%20Statement) Presents the company's consolidated income statement [Consolidated Balance Sheet](index=25&type=section&id=Consolidated%20Balance%20Sheet) Details the company's consolidated financial position [Consolidated Cash Flow Statement](index=26&type=section&id=Consolidated%20Cash%20Flow%20Statement) Summarizes the company's consolidated cash flow activities

Company Overview - Companhia Siderúrgica Nacional (CSN) is one of the largest steel producers in Brazil and the second largest iron ore producer, following Vale SA [1] Analyst Insights - The analyst focuses on undercovered stocks primarily in Brazil and Latin America, occasionally covering global large caps [1]

Core Viewpoint - LG Display showcases its leadership in OLED technology at SID Display Week 2025, unveiling a comprehensive OLED lineup aimed at future markets [1][2]. Group 1: OLED Technology Advancements - The exhibition features three zones: Large OLED, Automotive Display, and Sustainable Innovation, highlighting the evolution of OLED technology [3]. - LG Display's fourth-generation OLED panels utilize a proprietary Primary RGB Tandem structure, achieving a maximum luminance of 4,000 nits, the highest in the industry [4]. - The fourth-generation OLED TV panel enhances energy efficiency by approximately 20% compared to the previous generation, based on a 65-inch panel [6]. - A comparison of third-generation and fourth-generation 27-inch Gaming OLEDs demonstrates significant improvements in brightness and color gamut [7]. - The 45-inch 5K2K Gaming OLED offers the highest resolution of 5120×2160, featuring around 11 million pixels for superior picture quality [8]. - LG Display introduces Dynamic Frequency & Resolution (DFR) technology, allowing optimization for various game genres on a single monitor [9]. - The company presents blue phosphorescent OLED technology for IT devices, achieving about 15% lower power consumption than existing OLED panels [10][11]. Group 2: Automotive Display Innovations - The Automotive Display Zone features a Stretchable display and a concept car equipped with a full lineup of automotive display technologies [12]. - The concept car includes an ultra-large Pillar-to-Pillar (P2P) display and an 18-inch Slidable OLED for Rear Seat Entertainment [14]. - The 57-inch automotive P2P display is the largest single panel in the world, designed for advanced infotainment systems [15]. Group 3: Sustainable Innovations - Under the theme "Sustainable Innovation," LG Display showcases next-generation displays with low power consumption and eco-friendly components [16]. - The 16-inch Neo:LED panel for laptops achieves high color reproduction while being energy efficient, suitable for professionals [17]. - A 14-inch laptop panel incorporates 41% eco-friendly materials, with a goal to increase this to 50% by 2030 [18]. Group 4: Research and Development - LG Display presents 16 early-stage research papers on next-generation display technologies, including advancements in fourth-generation OLED [19].

Company Overview - Companhia Siderúrgica Nacional (CSN) held its Q1 2025 earnings conference call on May 9, 2025, at 10:30 AM ET, featuring key executives including the CFO, ESG Director, and CEO [1][2]. Conference Call Structure - The conference call was structured to include a presentation followed by a Q&A session, with participants initially in listen-only mode [2]. Management Expectations - The management provided forward-looking statements regarding expectations and trends, emphasizing that actual results may differ due to various factors including economic conditions and regulatory changes [3].

[1Q25 Earnings Release](index=5&type=section&id=1Q25%20Earnings%20Release) This report details CSN's financial and operational performance for the first quarter of 2025, highlighting key segment results and capital market activities [Financial and Operational Highlights](index=5&type=section&id=Financial%20and%20Operational%20Highlights) CSN's Q1 2025 saw net revenue decline QoQ due to seasonality but grow YoY, while Adjusted EBITDA decreased sequentially but increased year-over-year, and leverage improved 1Q25 Consolidated Highlights (vs. 4Q24 and 1Q24) | | 1Q25 | 4Q24 | 1Q25 vs 4Q24 | 1Q24 | 1Q25 vs 1Q24 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Steel Sales (Thousand Tons)** | 1,143 | 1,175 | -2.7% | 1,086 | 5.2% | | **Iron Ore Sales (Thousand Tons)** | 9,640 | 10,731 | -10.2% | 9,145 | 5.4% | | **Consolidated Results (R$ million)** | | | | | | | Net Revenue (R$ million) | 10,908 | 12,026 | -9.3% | 9,713 | 12.3% | | Adjusted EBITDA (R$ million) | 2,509 | 3,335 | -24.8% | 1,966 | 27.6% | | EBITDA Margin (%) | 22.1% | 26.8% | -4.7 p.p. | 19.3% | 2.8 p.p. | | Adjusted Net Debt (R$ million) | 35,830 | 35,704 | 0.4% | 33,431 | 7.2% | | Net Debt / Adjusted EBITDA (x) | 3.33x | 3.49x | -0.16x | 3.13x | 0.20x | [Consolidated Financial Performance](index=6&type=section&id=Consolidated%20Financial%20Performance) CSN reported a net loss of R$732 million in Q1 2025, significantly wider QoQ due to seasonality and negative FX impact, despite a 20.5% QoQ decrease in SG&A expenses - Net Revenue totaled **R$10,908 million**, a **9.3% decrease QoQ** due to seasonality and rain in mining, but a **12.3% increase YoY** from higher volumes and prices[16](index=16&type=chunk) - The company reported a Net Loss of **R$732 million**, a **52.3% wider loss** compared to the previous quarter, reflecting operational downturn and negative FX impact on financial expenses[19](index=19&type=chunk) - The financial result was a negative **R$1,850 million**, a **46.6% increase in expenses QoQ**, mainly due to a **R$705 million negative impact** from exchange rate variation[17](index=17&type=chunk)[18](index=18&type=chunk) - Selling, general and administrative expenses fell **20.5% QoQ** to **R$1,278 million**, demonstrating effective cost control measures despite higher sales volumes compared to 1Q24[16](index=16&type=chunk) [Adjusted EBITDA](index=8&type=section&id=Adjusted%20EBITDA) Q1 2025 Adjusted EBITDA was R$2,509 million, decreasing 24.8% QoQ due to seasonality, but growing 27.6% YoY, reflecting operational improvements and cost control Adjusted EBITDA Reconciliation (R$ Millions) | R$ Millions | 1Q25 | 4Q24 | 1Q25 vs 4Q24 | 1Q24 | 1Q25 vs 1Q24 | | :--- | :--- | :--- | :--- | :--- | :--- | | Profit (Loss) for the Period (R$ million) | (732) | (85) | 761.2% | (480) | 52.5% | | Finance Income (R$ million) | 1,850 | 1,262 | 46.6% | 1,125 | 64.4% | | EBITDA (RCVM 156/22) (R$ million) | 1,859 | 2,255 | -17.6% | 1,458 | 27.5% | | **Adjusted EBITDA (R$ million)** | **2,509** | **3,335** | **-24.8%** | **1,966** | **27.6%** | - The YoY increase in adjusted EBITDA highlights consistent operational improvement, volume growth, higher prices, and enhanced cost control, paving the way for stronger results throughout the year[22](index=22&type=chunk) [Adjusted Cash Flow](index=9&type=section&id=Adjusted%20Cash%20Flow) Q1 2025 Adjusted Cash Flow was negative R$173 million, a significant improvement from the prior quarter due to lower CAPEX and working capital recovery, despite ongoing pressure from high financial expenses - Adjusted Cash Flow was negative **R$173 million**, a substantial improvement from negative **R$1.7 billion** in 4Q24[26](index=26&type=chunk) - The improvement reflects solid operating performance, lower CAPEX, and working capital recovery, though cash flow remains pressured by high financial expenses[26](index=26&type=chunk) [Indebtedness and Capital Management](index=9&type=section&id=Indebtedness%20and%20Capital%20Management) CSN reduced its leverage ratio to 3.33x and gross debt by R$3.6 billion in Q1 2025, actively extending debt maturities, including a R$1.2 billion debenture issuance, while maintaining a strong cash position - Consolidated net debt stood at **R$35,830 million**, with the net debt/EBITDA leverage ratio decreasing to **3.33x**, a reduction of **16 basis points** from the previous quarter[29](index=29&type=chunk) - The company is actively extending debt maturities, with key movements in 1Q25 including a **R$1.2 billion**, 17-year debenture issuance by subsidiary CEEE-G. These initiatives reduced the 2025 debt tower by **66%**[36](index=36&type=chunk) - Total investments (CAPEX) in 1Q25 were **R$1,127 million**, a **45.2% decrease QoQ** but a **40.5% increase YoY**, reflecting progress on the P15 mining infrastructure and maintenance at the steel mill[43](index=43&type=chunk) [Net Working Capital](index=11&type=section&id=Net%20Working%20Capital) Net working capital applied to the business was R$2,286 million in Q1 2025, a 5.2% QoQ reduction driven by lower accounts receivable, reduced inventory, and supplier balances due to seasonality Net Working Capital (R$ Millions) | R$ Millions | 1Q25 | 4Q24 | 1Q25 vs 4Q24 | 1Q24 | 1Q25 vs 1Q24 | | :--- | :--- | :--- | :--- | :--- | :--- | | Assets (R$ million) | 14,351 | 14,975 | -4.2% | 14,679 | -2.2% | | Liabilities (R$ million) | 12,065 | 12,563 | -4.0% | 15,536 | -22.3% | | **Net Working Capital (R$ million)** | **2,286** | **2,412** | **-5.2%** | **(857)** | **-366.7%** | [Business Segments Results](index=13&type=section&id=Business%20Segments%20Results) In Q1 2025, the Mining segment was the largest contributor to Adjusted EBITDA despite a seasonal decline, while Steel's EBITDA more than doubled YoY, Logistics showed strong QoQ growth, Cement declined due to price pressure, and Energy grew significantly on better prices 1Q25 Adjusted EBITDA by Segment (R$ million) | Segment | Adjusted EBITDA (1Q25, R$ million) | Adjusted EBITDA Margin (1Q25, %) | Adjusted EBITDA (4Q24, R$ million) | Adjusted EBITDA Margin (4Q24, %) | | :--- | :--- | :--- | :--- | :--- | | Steel | 485 | 7.9% | 656 | 10.6% | | Mining | 1,401 | 40.8% | 1,972 | 50.1% | | Logistics (ports) | 34 | 39.6% | 32 | 35.4% | | Logistics (Railway) | 321 | 46.9% | 273 | 40.9% | | Energy | 79 | 44.2% | 39 | 24.1% | | Cement | 241 | 21.9% | 386 | 32.8% | | **Consolidated** | **2,509** | **22.1%** | **3,335** | **26.8%** | [Steel Results](index=15&type=section&id=Steel%20Results) The Steel segment's Q1 2025 sales volume slightly decreased QoQ but increased YoY, with net revenue stable QoQ and up YoY, while Adjusted EBITDA fell QoQ due to seasonality but more than doubled YoY - Total steel sales reached **1,144 thousand tons**, down **2.6% QoQ** but up **5.3% YoY**. Domestic sales grew **7.8% YoY** to **789 thousand tons**[64](index=64&type=chunk) - Net Revenue in Steel was **R$6,107 million**, nearly flat (**-0.9%**) QoQ but up **13.4% YoY**, as price increases almost offset lower seasonal volume[72](index=72&type=chunk) - Adjusted EBITDA reached **R$485 million**, down **26.1% QoQ** but up **107.2% YoY**. The adjusted EBITDA margin was **7.9%**, a **3.6 percentage point improvement YoY**[77](index=77&type=chunk) [Mining Results](index=17&type=section&id=Mining%20Results) Q1 2025 Mining production decreased QoQ but increased YoY, with sales volume reaching a first-quarter record, and Adjusted EBITDA growing 25.7% YoY driven by higher volumes and lower C1 costs - Iron ore production (including third-party) was **10,210 thousand tons**, down **7.2% QoQ** but up **11.8% YoY**[83](index=83&type=chunk) - Sales volume reached a record for a first quarter at **9,640 thousand tons**, up **5.4% YoY**[85](index=85&type=chunk) - Adjusted EBITDA was **R$1,401 million** with a **40.8% margin**. This was a **25.7% increase** compared to 1Q24, driven by higher volumes and lower C1 costs[90](index=90&type=chunk) - C1 cash costs reached **US$21.0/t**, a significant **10.6% decrease** compared to 1Q24, highlighting growing competitiveness[90](index=90&type=chunk) [Cement Results](index=19&type=section&id=Cement%20Results) The Cement segment's Q1 2025 sales volume grew YoY, outperforming the Brazilian market, but net revenue and Adjusted EBITDA declined QoQ due to seasonality, price pressure, and higher costs - CSN's cement sales volume grew **6.2% YoY**, slightly outpacing the Brazilian market's growth of **5.9%**[87](index=87&type=chunk)[88](index=88&type=chunk) - Net Revenue was **R$1,102 million**, down **6.4% QoQ** due to seasonality and price pressure, but up **2.1% YoY** supported by higher sales volume[95](index=95&type=chunk) - Adjusted EBITDA reached **R$241 million**, a decrease of **37.6% QoQ** and **13.3% YoY**, due to a more challenging competitive environment and higher costs[95](index=95&type=chunk) [Logistics Results](index=20&type=section&id=Logistics%20Results) The Logistics segment delivered strong Q1 2025 results with net revenue increasing QoQ, and Adjusted EBITDA growing 16.4% QoQ with margin expansion, driven by higher rail shipments - Total Net Revenue for Logistics reached **R$770.7 million**, up **1.7% QoQ**. Adjusted EBITDA rose **16.4% QoQ** to **R$355 million**[93](index=93&type=chunk) - In Railway Logistics, Adjusted EBITDA grew **17.6% QoQ** to **R$321 million**, with a margin of **46.9%**[94](index=94&type=chunk) - In Port Logistics, Net Revenue grew **1.7% YoY** to **R$85.6 million**, and Adjusted EBITDA margin increased by **7.5 p.p. YoY** to **39.6%**[96](index=96&type=chunk) [Energy Results](index=20&type=section&id=Energy%20Results) The Energy segment's Q1 2025 net revenue increased 9.3% QoQ, with Adjusted EBITDA surging by 20.2 percentage points to 44.2% due to better energy prices - Net Revenue increased **9.3% QoQ** to **R$178 million**[92](index=92&type=chunk) - Adjusted EBITDA was **R$78.9 million**, with the margin increasing by **20.2 p.p.** to **44.2%** due to better prices[92](index=92&type=chunk) [ESG – Environmental, Social & Governance](index=21&type=section&id=ESG%20%E2%80%93%20Environmental%2C%20Social%20%26%20Governance) CSN has transitioned to a new ESG disclosure format, providing individualized quarterly performance indicators on its Investor Relations website for agile monitoring, with comprehensive data available in its 2024 Integrated Report - CSN now discloses ESG performance indicators on a quarterly, individualized basis via its IR website for more agile monitoring[97](index=97&type=chunk) - Detailed historical data and initiatives are available in the 2024 Integrated Report, released in April 2025[99](index=99&type=chunk) [Capital Markets](index=22&type=section&id=Capital%20Markets) In Q1 2025, CSN's common shares appreciated 6.9% while its NYSE-listed ADRs rose 16.0%, significantly outperforming the Dow Jones Index, with the company's market capitalization at R$12.6 billion 1Q25 Stock Performance | Security | Performance in 1Q25 (%) | | :--- | :--- | | CSNA3 (BRL) | 6.9% | | SID (USD) | 16.0% | | Ibovespa (BRL) | 8.3% | | Dow Jones (USD) | -1.6% | - The average daily trading volume was **R$123.2 million** for CSNA3 on B3 and **US$3.5 million** for SID ADRs on the NYSE[102](index=102&type=chunk) [Financial Statements (Appendix)](index=23&type=section&id=Financial%20Statements%20(Appendix)) This section provides detailed unaudited consolidated financial statements for Q1 2025, including the Income Statement showing a net loss of R$732 million, the Balance Sheet with R$99.8 billion in total assets, and the Cash Flow Statement indicating a net cash outflow from operating activities of R$1.15 billion Key Financial Statement Figures (1Q25, R$ Thousands) | Statement | Metric | Value (R$ Thousands) | | :--- | :--- | :--- | | Income Statement | Net Sales Revenue | 10,907,629 | | | Net Profit (Loss) for the Period | (731,580) | | Balance Sheet | Total Assets | 99,758,272 | | | Total Liabilities | 83,498,210 | | | Equity | 16,260,062 | | Cash Flow Statement | Net Cash Flow from Operating Activities | (1,153,595) |

Core Viewpoint - LG Display is set to showcase its next-generation automotive display technologies at SID Display Week 2025, emphasizing innovations that cater to future mobility and automotive infotainment systems [1][2]. Group 1: Product Innovations - LG Display will present a Stretchable automotive display that can expand by up to 50% while maintaining a high resolution of 100 ppi, allowing for seamless integration of display and controls [3][4]. - The company will introduce a 57-inch Pillar-to-Pillar display, the largest single panel in the world, designed for Software-Defined Vehicles (SDVs) [5][6]. - A new 18-inch Slidable OLED display will be showcased, which extends downward from the ceiling only when needed, enhancing the in-vehicle entertainment experience [7]. Group 2: Safety and Functionality - LG Display will highlight its Switchable Privacy Mode (SPM) technology, which allows front passengers to enjoy entertainment content without compromising the driver's visibility [8]. - The new display solutions are designed to operate in extreme temperatures, ranging from -40°C to 85°C, ensuring reliability and durability for automotive applications [7]. Group 3: Industry Leadership - LG Display has established itself as a leader in premium automotive displays, being the first to commercialize Tandem OLED technology for automotive use in 2019 [9]. - The company aims to solidify its status as the global leader in automotive displays by showcasing differentiated technologies that create customer value [10].

Financial Performance - The steel segment contributed significantly to the company's financial performance, accounting for 66.1%, 50.0%, and 53.1% of net revenues in 2022, 2023, and 2024, respectively[548]. - In 2022, 2023, and 2024, the mining segment represented 28%, 38%, and 30% of the company's net revenues, respectively[558]. - The cement segment accounted for 6.4%, 9.9%, and 10.9% of net revenues in 2022, 2023, and 2024, respectively[564]. - Total net operating revenues for 2024 were R$43,687 million, a decrease from R$45,437 million in 2023[571]. - The company reported a net loss of R$2,592 million for 2024, compared to a net loss of R$318 million in 2023[571]. - Total net revenue decreased by R$1,751 million, or 4%, from R$45,438 million in 2023 to R$43,687 million in 2024, primarily due to lower average iron ore prices[576]. Production and Sales - Crude steel production in Brazil reached 33.7 million tons in 2024, representing a 5.4% increase compared to 2023, while apparent domestic consumption of steel products rose by 8.7% to 26.0 million tons[551]. - Domestic steel sales increased by 8.7% to 21.2 million tons in 2024, reflecting strong local demand[551]. - The company maintained self-sufficiency for iron ore used in steel production, extracting approximately 3.5 million tons in 2024[567]. - Steel net operating revenues rose by R$461 million, or 2.0%, from R$22,717 million in 2023 to R$23,179 million in 2024, with sales volume increasing by 9.2%[578]. - Cement sales volume in 2024 increased by 3.4% year-over-year, reaching 64.7 million tons[565]. Costs and Expenses - Gross profit for 2024 was R$11,696 million, down from R$11,962 million in 2023[571]. - Selling expenses increased to R$5,453 million in 2024 from R$3,729 million in 2023[571]. - Selling, general and administrative expenses surged by R$1,819 million, or 58.7%, from R$4,490 million in 2023 to R$6,309 million in 2024, mainly due to increased freight rates[596]. - Gross profit decreased by R$266 million, or 2.2%, from R$11,963 million in 2023 to R$11,697 million in 2024, reflecting a 0.5 percentage point decline in gross margin[590]. Market Dynamics - The steel prices are sensitive to supply and demand dynamics, influenced by broader economic cycles and production capacity[552]. - The Brazilian government has implemented protectionist measures, including an import quota system on alloy products, which may impact the company's operations[546]. - Global crude steel production totaled 1,882.6 million tons in 2024, a decrease of 0.81% compared to 2023, with China accounting for 53.4% of global output[549]. - China's steel production is expected to decline in the next five to ten years, impacting demand for lower-grade iron ore[672]. - The new US import policies, including tariffs on Chinese steel, may disrupt global steel supply chains and demand[674]. Financial Position - As of December 31, 2024, total debt increased to R$56,915 million, representing 368.2% of shareholders' equity[621]. - Cash and cash equivalents increased to R$23,310 million as of December 31, 2024, compared to R$16,046 million as of December 31, 2023[609]. - Cash provided by operating activities increased by R$1,358 million, or 18.6%, from R$7,293 million in 2023 to R$8,651 million in 2024[611]. - Cash used in investing activities decreased by R$3,469 million, or 75.6%, from R$4,589 million in 2023 to R$1,120 million in 2024[613]. - Cash used in financing activities varied by R$1,428 million, or 107.8%, from cash provided by financing activities of R$1,324 million in 2023 to cash used of R$104 million in 2024[614]. Strategic Initiatives - CSN Inova has 80 initiatives underway, with a 27% increase in scaled projects compared to 2023, resulting in gains of approximately R$700 million from cost reductions[659]. - New technological routes for processing steel slag and mine tailings were developed in 2024 to reduce clinker content[660]. - The company expects to fully pay or refinance portions of its indebtedness due in 2024 to 2026 using cash flows from operating activities or new financings[638]. Future Outlook - Demand for high-grade iron ore is rising due to the shift towards greener steelmaking technologies, with a focus on producing iron ore with 67% or more iron (Fe) content[676]. - Iron ore prices are expected to decline in 2025 due to an economic slowdown in China and increased supply from the upcoming Guinea Project mine[677]. - Brazilian steel production is projected to grow by 5.3% in 2024, driven by operational normalization and consumption in sectors like automotive and infrastructure[678]. - The Brazilian government is interested in strengthening federal housing programs, which may provide growth opportunities for the steel and cement segments[678].