Monitor the note exchange offer progress and any asset sale announcements that could reduce leverage below 3.0x. The positive free cash flow inflection is a key near-term catalyst, but the elevated financial expense drag from FX volatility remains a risk. Watch for steel pricing momentum and iron ore cost trends in 3Q26.
Price Chart
Executive Summary
CSN (SID) reported 2Q26 results with net revenue up 5.7% YoY to R$11.3B and Adjusted EBITDA up 4.8% YoY to R$2.77B, but reported a net loss of R$773M (vs R$862M loss in 1H25) driven by FX-related financial expenses. Leverage ticked up to 3.49x from 3.35x QoQ. The company completed a US$1.2B bridge loan and announced a note exchange offer to extend US$1.3B in maturities. Free cash flow turned positive at R$808M. The mixed picture of operational improvement versus rising debt costs and a net loss warrants a neutral-to-cautious read.
Key Facts
- Net revenue R$11,306M in 2Q26, +5.7% YoY and +6.6% QoQ
- Adjusted EBITDA R$2,772.6M in 2Q26, +4.8% YoY, margin 23.4%
- Net loss R$773.1M in 2Q26 vs R$862M loss in 1H25; financial result -R$1,843M
- Net debt R$42,138M, leverage 3.49x (up 14bp QoQ)
- Free cash flow positive R$808M in 2Q26
- Bridge loan US$1.2B signed; exchange offer for US$1.3B notes due 2028
- Steel segment EBITDA R$636M, +61.7% QoQ; Mining EBITDA R$930M, margin 32.0%
- Cement EBITDA record R$427M, +45.5% YoY
Financial Impact
Net loss of R$773M in 2Q26; Adjusted EBITDA R$2.77B; net debt R$42.1B at 3.49x leverage
Risk Factors
- FX volatility driving large financial expenses and net losses
- High leverage at 3.49x with rising debt costs
- Mining segment margin compression from freight and currency headwinds
- Execution risk on liability management and asset sale program
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001292814-26-004216 |
| Document: 0001292814-26-004216-index-headers.html | 0001292814-26-004216 |
| Document: 0001292814-26-004216-index.html | 0001292814-26-004216 |
| Document: 0001292814-26-004216.txt | 0001292814-26-004216 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | 6-K | $1.20 $1.10 | ▼ −8.33% | ▼ −9.15% | $1.16 (−3.33%) |
Aug 13, 2026 7w ago | 6-K | $0.8997 $0.8913 | ▼ −0.93% | ▲ +1.03% | $1.16 (+28.93%) |
Aug 11, 2026 7w ago | 6-K | $0.8700 $0.9037 | ▼ −3.87% | ▼ −4.28% | $1.16 (−33.33%) |
Aug 11, 2026 7w ago | 6-K | $0.8700 $0.9037 | ▼ −3.87% | ▼ −4.28% | $1.16 (−33.33%) |
Aug 10, 2026 7w ago | 6-K | $0.9004 $0.9001 | ▼ −0.03% | ▲ +0.01% | $1.16 (+28.83%) |
Jul 31, 2026 9w ago | 6-K | $0.9856 $0.9287 | ▲ +5.77% | ▲ +9.28% | $1.16 (−17.69%) |
May 29, 2026 18w ago | 6-K | $1.31 $1.18 | ▲ +9.92% | ▲ +7.17% | $1.16 (+11.45%) |
US Market Status
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