Gerdau S.a. · BMFBOVESPA:GGBR3
Gerdau — Q4 2025 Earnings Presentation
19 slides from Gerdau's earnings presentation, Feb 24, 2026
Slide 1: 4Q25 Earnings Release
4Q25 Earnings Release February 24th, 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 STRONG RESULTS IN STEEL IMPORTS IN NORTH AMERICA BRAZIL Imported steel volume hit Segment’s EBITDA grew 18.5% another annual record, a 7.4% vs. 2024, reinforcing a resilient increase vs. 2024. Despite demand in key sectors in which relevant advances in trade we operate. defense measures,
Slide 4: Financial performance
Financial performance 2025 ADJUSTED EBITDA: CAPEX: R$10.1 b R$6.1 b Improved results in North America offset CAPEX guidance for 2026 of R$4.7 b, down 24% performance in Brazil and South America vs. realized in 2025 NET INCOME: FREE CASH FLOW: R$3.4 b R$394 m (2025) and R$ 1.411 m (4Q25) Reduction vs
Slide 5: Outlook
Outlook* BRAZIL NORTH AMERICA 1Q26: Margins maintenance 1Q26: Margins growth ▪ Market remains challenging, with a slight recovery expected in ▪ Seasonal improvement in shipment volumes and backlog at long steel shipment volumes in the domestic market after the high levels (~85 days); seasonal period
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 1.28 Accident Frequency Rate¹ 1.16 1.10 1.08 0.73 in 2025 0.99 0.87 0.83 0.76 0.73 0.70 0.59 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Deise Nunes-Silva & Ana Flavia Reus Garcia Unidade de Charqueadas 1 Number of accidents per Million Hours Wor
Slide 9: Brazil quarterly overview
UTILIZATION Rolled Steel 58% Crude Steel 73% BRAZIL RATE Shipments Net Sales EBITDA (1,000 tonnes) (R$ million) (R$ million and margin) QUARTERLY OVERVIEW ◼ The imported steel penetration rate +2.9% -1.8% -7.5% -6.7% -31.2% reached 21% in the quarter, 2 p.p. lower than in 3Q25, but it remains the ma
Slide 10: Lack of level playing field and ineffective trade defense measures
Lack of level playing field and ineffective Steel import penetration rate trade defense measures Steel imports may hit an all-time high in the Brazilian market 24.0% Other Flat Long Total 24% China 20.8% 20.8% Título do GráficoNew 64% 20.8% Origins ¹ Under Gerdau Portfolio 12% 5.8 18.5% 18.5% Out of
Slide 11: North America quarterly overview
UTILIZATION Rolled Steel 80% Crude Steel 79% NORTH AMERICA RATE Shipments Net Sales EBITDA (1,000 tonnes) (R$ million) (R$ million and margin) QUARTERLY OVERVIEW +9.4% +12.1% +0.7% +18.5% -5.6% -5.3% ◼ Weaker shipment volume 4Q25 (-5.6%) on a quarter-over-quarter basis (explained by 1,293 4,999 9,18
Slide 12: South America quarterly overview
UTILIZATION Rolled Steel 96% Crude Steel 65% SOUTH AMERICA RATE Shipments Net Sales EBITDA (1,000 tonnes) (R$ million) (R$ million and margin) QUARTERLY OVERVIEW +2.8% +10.0% -3.4% -25.7% -23.0% ◼ Increase shipment volumes mainly driven +8.1% by higher exports in Argentina (which 289 297 1,111 1,711
Slide 13: Operational Performance
Operational Performance Importance of geographic diversification for resilient results ADJUSTED EBITDA (R$ million) and ADJUSTED EBITDA MARGIN¹ NET SALES² (R$ million) -13% -6% 3Q25 vs. 2,737 17,983 (489) 16,974 4Q25 15.2% 2,374 (515) 112 (117) 12 (254) 14.0% (60) (61) 9,185 8,695 1,820 -171 1,832 7
Slide 14: Cash flow & net cash variation
Cash flow & net cash variation CASH FLOW (R$ million) (287) 1,368 (1,470) (863) 2,374 (27) (183) 497 1,411 4Q25 Working Income Tax2 CAPEX3 Interest4 JVs Intangibles Other7 4Q25 Free Adjusted Capital1 Proportional & Leasing6 Cash Flow EBITDA EBITDA5 NET CASH VARIATION (R$ million) 1,411 (4,486) (757)
Slide 15: Liquidity & indebtedness
Liquidity & indebtedness CASH, DEBT AND LEVERAGE LIQUIDITY POSITION AND DEBT AMORTIZATION1 (R$ billion) (R$ billion) AVERAGE TERM AVERAGE COST 11.2 8.5 YEARS BRL: CDI – 0.21% Y/Y 0.85x 0.81x USD: 6.12% Y/Y 0.69x 0.76x 0.48x 4.8 18.1 18.6 13.6 14.5 14.2 9.0 9.9 6.9 6.4 8.3 6.4 0.2 7.6 9.1 8.8 7.8 0.8
Slide 16: Return to shareholders
Return to shareholders Solid execution of share buyback and distribution of dividends above the mandatory minimum 2025 share buyback program is 182.3x concluded 37.3x 69.1x 43.7x 65.9x ◼GGBR: 64.5 million shares at the average price of R$16.26 per share, concluded on December 19, 7,156 2025. 1,073 5
Slide 17: CAPEX
CAPEX Investments in business growth, competitiveness Miguel Burnier sustainable mining platform– grinding and maintenance 4Q25¹ 2025¹ Guidance 2026e¹ 0.3 0.6 0.6 2.3 R$ 1.5 bi R$ 6.1 bi² R$ 4.7 bi² 2.3 0.9 1.8 3.5 -24% Coking plants + Maintenance Competitiveness blast furnaces 1 Does not include in
Slide 18: Competitiveness CAPEX: Main Projects status 4Q25
Competitiveness CAPEX Main Projects: status 4Q25 MIGUEL BURNIER MINING SCRAP PROCESSING MIDLOTHIAN EXPANSION PINDAMONHANGABA “PHASE 1” PHYSICAL FINANCIAL PHYSICAL FINANCIAL PHYSICAL FINANCIAL PROGRESS PROGRESS PROGRESS PROGRESS PROGRESS PROGRESS 91% 78% 75% 67% 74% 88% START-UP: 1ST SEMESTER OF 2026
Slide 19: Next earnings release 1Q26
inform@gerdau.com | ri.gerdau.com Earnings Release 1Q26 Videoconference April 27, 2026 April 28, 2026 Follow Gerdau on social media.