Slide 1: 3Q25 Earnings Release
3Q25 Earnings Release October 31, 2025
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 STEEL SHIPMENTS STEEL IMPORTS IN 3.0 Mt BRAZIL The import penetration rate QoQ and YoY growth, remains at unsustainable levels, highlighting +10% higher having reached 25% in the first nine volumes in North America YoY. months of the year, reinforcing the need for effective trade defense
Slide 4: Financial performance
Financial performance ADJUSTED EBITDA: CAPEX: R$2.7 b R$1.7 b Improved results in North and South America offset CAPEX guidance for 2026 of R$4.7 b, performance in Brazil down 22% vs. 2025 estimate NET INCOME: EARNINGS PER SHARE: FREE CASH FLOW: R$1.1 b R$0.54 R$1.0 b Growth vs. Vs. R$0.43 in Mainly
Slide 5: Outlook
Outlook* NORTH AMERICA BRAZIL 4Q25: Margins stability 4Q25: Margins squeeze ▪ Reduction in volumes due to the typical end-of-year ▪ Eventual slowdown in demand from the domestic market due seasonality; to the typical end-of-year seasonality. Higher level of exports, ▪ Metal spread expansion driven b
Slide 6: Q&A
To ask questions, please indicate your name and institution via Raise Hand icon, wait to be announced. Once announced, accept the prompt to activate your microphone and camera. Q&A 6
Slide 7: Appendices
GERDAU Shape the future Appendices
Slide 8: Workplace Safety
Workplace Safety Continued focus on people Accident Frequency Rate¹ 0.86 in 3Q25 1.28 1.16 1.10 1.08 0.99 0.87 0.83 0.86 0.76 0.71 0.70 0.59 0.61 // 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 2Q25 3Q25 Deise Nunes-Silva and Ana Flavia Reus Garcia Charqueadas Unit 1. Number of accidents p
Slide 9: Brazil quarterly overview
UTILIZATION Rolled Steel 64% Crude Steel 85% BRAZIL RATE Shipments Net Sales EBITDA (1,000 tonnes) (R$ million) (R$ million and margin) QUARTERLY OVERVIEW +5.2% ◼ Penetration rate of steel imports at +16.6 unsustainable levels, reaching 25% in the 1,582 7,900 1,590 first nine months of the year. 1,4
Slide 10: North America quarterly overview
UTILIZATION Rolled Steel 84% Crude Steel 79% NORTH AMERICA RATE Shipments Net Sales EBITDA (1,000 tonnes) (R$ million) (R$ million and margin) QUARTERLY OVERVIEW +3.0% +0.5% +11.3% 1,256 1,293 9,139 9,185 1,820 1,171 8,260 1,635 ◼ Higher shipment volume, driven by lower level of imports, due to the
Slide 11: South America quarterly overview
UTILIZATION Rolled Steel 94% Crude Steel 72% SOUTH AMERICA RATE Shipments Net Sales EBITDA (1,000 tonnes) (R$ million) (R$ million and margin) QUARTERLY OVERVIEW +0.1% +3.4% +57.2% ARGENTINA 288 289 1,452 1,376 234 263 1,331 230 ◼ Decline in volumes offset by a better sales mix (lower share of expor
Slide 12: Operational Performance
Operational Performance Importance of geographic diversification for resilient results ADJUSTED EBITDA (R$ million) and ADJUSTED EBITDA MARGIN¹ NET SALES² (R$ million) +7% +3% 3Q5 vs. 2Q25 2,561 2,737 17,526 17,983 15.2% 46 380 45 (14) 14.6% 20 185 (114) 85 9,185 9,139 1,635 -171 1,820 7,317 7,697 8
Slide 13: Cash flow & net cash variation
Cash flow & net cash variation CASH FLOW (R$ million) 305 (60) (1,713) 2,737 (107) (227) 240 (167) 1,008 3Q25 Working Income CAPEX3 Interest4 JVs Intangibles & Other7 3Q25 Free Adjusted Capital1 Tax2 Proportional leasing6 Cash Flow EBITDA EBITDA 5 NET CASH VARIATION (R$ million) 1,008 476 (462) 35 (
Slide 14: Liquidity & indebtedness
Liquidity & indebtedness CASH, DEBT AND LEVERAGE LIQUIDITY POSITION AND DEBT AMORTIZATION1 (R$ billion) (R$ billion) 0.85x 0.81x AVERAGE TERM AVERAGE COST 0.69x 0.47x 0.30x 14.6 6.9 YEARS BRL: CDI + 0.26% Y/Y USD: 5.6% Y/Y 18.1 18.6 4,7 13.6 14.5 12.5 9,0 9,9 Make-Whole 6,9 announced 8,4 9,0 9,9 0,3
Slide 15: Return to shareholders
Return to shareholders Ongoing execution of share buyback and distribution of 2025 Share Buyback Program dividends above the mandatory minimum 349.4% GGBR 73.7% 75.7% 89.9% 74.9% ◼Total program: up to 64.5 million shares 1,048 969 ◼ Financial volume repurchased by October 15, 2025: R$902.0 million G
Slide 16: CAPEX
CAPEX Investments in business growth, competitiveness and maintenance 3Q25¹ 9M25¹ 0.7 2.0 R$ 1.7 b R$ 4.7 b 1.0 2.7 Maintenance Coking plants + blast furnaces 2025e¹ Guidance 2026e¹ Competitiveness 0.2 0.6 R$ 6.0 b² 2.8 R$ 4.7 b² 2.3 3.0 1.8 -22% Miguel Burnier sustainable mining platform - filterin
Slide 17: Competitiveness CAPEX: Main Projects status 3Q25
Competitiveness CAPEX Main Projects: status 3Q25 MIDLOTHIAN EXPANSION “PHASE 1” MIGUEL BURNIER MINING SCRAP PROCESSING PHYSICAL FINANCIAL PHYSICAL FINANCIAL PHYSICAL FINANCIAL PROGRESS PROGRESS PROGRESS PROGRESS PROGRESS PROGRESS 85% 73% 90% 70% 57% 49% START-UP (PHASE 1): 2ND SEMESTER OF 2026 START
Slide 18: Contact and 4Q25 earnings release dates
inform@gerdau.com | ri.gerdau.com Earnings Release 4Q25 Videoconference February 23,2026 February 24, 2026 Follow Gerdau on social media.