Gerdau S.a. · BMFBOVESPA:GGBR3
Gerdau — Q3 2026 Earnings Presentation
20 slides from Gerdau's earnings presentation, Oct 27, 2026
Slide 1: 3Q26 Earnings Release
3Q26 Earnings Release October 27th, 2026
Slide 2: Disclaimer
DISCLAIMER This document may contain forward-looking statements. These statements are based on estimates, information or methods that may be incorrect or inaccurate and that may not occur. These estimates are also subject to risks, uncertainties, and assumptions that include, among other factors, ge
Slide 3: Highlights
Highlights SHIPMENTS STRONG RESULTS IN 2.9 Mt OF STEEL NORTH AMERICA Stable vs. 2Q26 EBITDA accounted for 76% of Performance supported by consolidated EBITDA, with a resilient demand in our main markets 27.7% margin, the highest level in four years GRADUAL IMPROVEMENT PROJECTS PROGRESS IN BRAZIL Rec
Slide 4: Financial performance
Financial performance ADJUSTED EBITDA 3Q26: 9M26 CAPEX INVESTMENTS: R$ 3.8 billion R$ 3.1 billion +10% vs. 2Q26, driven by improved results in North 66% of total Capex planned for the year invested America and Brazil 3Q26 ADJUSTED EARNINGS PER 3Q26 FREE CASH FLOW: NET INCOME: SHARE1: R$ 1.4 billion
Slide 5: Outlook
Outlook* NORTH AMERICA BRAZIL 4Q26: Stable margin 4Q26: Margin compression ▪ Lower volumes and higher scrap costs, reflecting typical ▪ Seasonal slowdown in domestic demand and higher exports, seasonality for the period; negatively impacting the sales mix; ▪ Solid orders backlog, mainly driven by de
Slide 6: Q&A
To ask questions, please indicate your name and institution via Raise Hand icon, wait to be announced. Once announced, accept the prompt to activate your microphone and camera. Q&A
Slide 7: Appendices
GERDAU Shape the future Appendices
Slide 8: Workplace Safety
Workplace Safety Continued focus on people Accident Frequency Rate¹ 1.28 0.69 in 3Q26 1.16 1.10 1.08 0.99 0.87 0.84 0.83 0.76 0.73 0.70 0.69 0.59 0.57 // 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26 2Q26 3Q26 Deise Nunes-Silva & Ana Flavia Reus Garcia Charqueadas Unit 1 Number of acci
Slide 9: Brazil quarterly overview
UTILIZATION Crude Steel 77% BRAZIL Rolled Steel 67% RATE QUARTERLY OVERVIEW Shipments Net Sales EBITDA (1,000 tonnes) (R$ million) (R$ million and margin) ◼ Shipments stable in 3Q26 vs. 2Q26. The 5.9% increase in the domestic market, mainly in flat steel, offset lower exports. +5.2% +3.9% -0.1% 1,58
Slide 10: Imports slowdown, but remain at high levels
Imports slowdown, but remain at high levels Steel import penetration rate China 24.0% New Origins ¹ 25% Flat Long Total 41% Other 21.6% 7.0 20.8% 20.8% Outside the Gerdau Portfolio 34% 12% 20.8% Within the Gerdau Portfolio 5.8 6.0 5.0 23% 18.5% 18.5% 18.5% 4.8 65% 16.3% 5.0 4.4 40% 32% 15.4% 4.0 0.8
Slide 11: North America quarterly overview
UTILIZATION Crude Steel 83% NORTH AMERICA Rolled Steel 87% RATE QUARTERLY OVERVIEW Shipments Net Sales EBITDA (1,000 tonnes) (R$ million) (R$ million and margin) ◼ Shipments 2.5% lower than in 2Q26, which had posted record volume under the +3.8% +12.0% current operational configuration. -2.5% 1,293
Slide 12: South America quarterly overview
UTILIZATION Crude Steel 54% SOUTH AMERICA Rolled Steel 78% RATE QUARTERLY OVERVIEW Shipments Net Sales EBITDA (1,000 tonnes) (R$ million) (R$ million and margin) ◼ Shipments 9.7% higher than in 2Q26, driven by the civil construction market in Peru, which posted record sales in August. +12.6% +9.7% -
Slide 13: Operational performance
Operational performance Importance of geographic diversification for resilient results ADJUSTED EBITDA (R$ million) and ADJUSTED EBITDA MARGIN ¹ NET SALES² (R$ million) +10% +5% 2Q26 vs. 18,691 3,771 17,871 11 3Q26 3,430 20.2% 386 262 161 19.2% 312 36 (45) 38 10,126 10,512 2,600 -171 2,912 6,686 6,9
Slide 14: Cash flow & net cash variation
Cash flow & net cash variation CASH FLOW (R$ million) (272) (548) (1,101) 3,771 (69) (189) (179) 27 1,439 3Q26 Working Income Tax 2 CAPEX3 Interest4 JVs Intangibles Other 7 3Q26 Free Adjusted Capital 1 Proportional and Leasing 6 Cash Flow EBITDA EBITDA 5 NET CASH VARIATION (R$ million) (127) (426) (
Slide 15: Liquidity & indebtedness
Liquidity & indebtedness CASH, DEBT, AND LEVERAGE LIQUIDITY POSITION AND DEBT AMORTIZATION1 (R$ billion) (R$ billion) RCF renewal AVERAGE TERM AVERAGE COST (+29%) 7.5 years BRL: CDI – 0.21% Y/Y 11.8 USD: 6.13% Y/Y 0.81x 0.76x 0.74x 0.69x 1.3 0.58x 18.6 4.5 14.2 13.8 13.6 13.7 9.9 6.4 5.6 5.4 6.0 0.3
Slide 16: Return to shareholders
Return to shareholders Continued share buyback and distribution of dividends above the mandatory minimum 2026 Share Buyback Program Gerdau S.A. 74.9% 58.8% 47.3% ◼Total program: Repurchased 40.3% up to 56.4 million shares; -30.9% ◼ Financial volume repurchased 32% 769 until October 9, 2026: R$344.1
Slide 17: CAPEX
CAPEX Investments in growth, competitiveness and maintenance Miguel Burnier sustainable mining platform – grinding GUIDANCE 2026: R$ 4.7 bn1 | 66% executed in 9M26 3Q262 9M262 R$ 0.9 0.4 R$ 3.1 1.4 0.5 billion 1.7 billion Coking plants + Maintenance Competitiveness blast furnaces 1 Exposure by curre
Slide 18: Competitiveness CAPEX
Competitiveness CAPEX Main Projects: 3Q26 status MIGUEL BURNIER MINING RECYCLING CENTER MIDLOTHIAN EXPANSION PINDAMONHANGABA "PHASE 1" PHYSICAL FINANCIAL PHYSICAL FINANCIAL PHYSICAL FINANCIAL PROGRESS PROGRESS PROGRESS PROGRESS PROGRESS PROGRESS 99% 92% 98% 89% 93% 96% START-UP: 2H26 START-UP: 2H26
Slide 19: Gerdau investor event announcement
GERDAU INVESTOR DINE: DECEMBER 4" Sao Paulo © apimec Go GERDAU Shape the future
Slide 20: Contact and next earnings release
inform@gerdau.com | ri.gerdau.com Earnings Release Videoconference 4Q26 February 17, 2027 February 16, 2027 Follow Gerdau on social media.