New Estimates: CSN | Latin America

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M

Update

August 14, 2026 09:24 PM GMT

CSN | Latin America

Morgan Stanley & Co. LLC

Carlos De Alba

Equity Analyst

New Estimates

Morgan Stanley C.T.V.M. S.A.+

Henrique Braga

Research Associate

We are updating our estimates to reflect 2Q26 results. We also are marking-tomarket our commodity prices and updating our FX assumptions. We now forecast

EBITDA of R$2,292m in 3Q26 (-21% vs. our previous forecast), R$10,007m in 2026

(-4%), R$10,693m in 2027 (-4%), and R$14,491m in 2028 (-5%). Our normalized EPS

estimates are -R$0.34 in 3Q26, -R$1.74 in 2026, -R$0.80 in 2027, and R$0.24 in

2028.

CSN (CSNA3.SA, CSNA3 BZ)

Latin America Steel | Brazil

Stock Rating

Industry View

Price target

Shr price, close (Aug 13, 2026)

Mkt cap, curr (mm)

52-Week Range

No Rating

R$4.56

R$6,047

R$11.32-4.19

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

EPS (R$)**

P/E

EPS (R$)§

Div yld (%)

(0.76)

NM

(0.23)

5.9

(1.74)

NM

(0.25)

0.0

(0.80)

NM

0.16

0.0

0.24

19.3

0.03

0.0

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

++ = Stock Rating, Price Target or Estimates are not available or have been

removed due to applicable law and/or Morgan Stanley policy.

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