Gerdau S.a. · BMFBOVESPA:GGBR3
Gerdau — Q1 2026 Earnings Presentation
20 slides from Gerdau's earnings presentation, Apr 28, 2026
Slide 1: 1Q26 Earnings Release
1Q26 Earnings Release April 28th, 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 COMPETITIVE NORTH AMERICA PRESSURE IN BRAZIL Best EBITDA (Adj.) for a first High import levels and stronger quarter since 2022, accounting seasonality in the first quarter for 75% of consolidated EBITDA. increased competitive pressure on the domestic market. BARRO ALTO L
Slide 4: Financial performance
Financial performance ADJUSTED EBITDA : FREE CASH FLOW: R$ 3.0 b R$ 16 m 25% quarterly growth with a positive performance Positive Free cash flow in a quarter typically across all reportable segments. characterized by higher working capital. ADJUSTED EARNINGS PER 1Q26 DIVIDENDS: Payment as of June 9
Slide 5: Outlook
Outlook* BRAZIL NORTH AMERICA 2Q26: Slight margin recovery 2Q26: Margin growth ▪ Signs of a gradual recovery in domestic demand amid a still ▪ Robust order backlog (~90 days) should sustain shipment challenging environment; volumes at a healthy level; ▪ Slight upward trend in prices across certain p
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 0.84 in 1Q26 0.99 0.87 0.84 0.83 0.76 0.73 0.70 0.59 // 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26 Deise Nunes-Silva & Ana Flavia Reus Garcia Unidade de Charqueadas 1 Number of accidents per Mill
Slide 9: Brazil quarterly overview
UTILIZATION Crude Steel 74% BRAZIL Rolled Steel 60% RATE QUARTERLY OVERVIEW Shipments Net Sales EBITDA (1,000 tonnes) (R$ million) (R$ million and margin) ◼ Imported steel penetration reached 27% in the quarter, up 2 p.p. versus 4Q25, and remained the main pressure on the domestic market; -9.5% -12.
Slide 10: Lack of level playing field and ineffective trade defense measures
Lack of level playing field and Steel import penetration rate ineffective trade defense measures Steel imports remain on Others 23% track to reach a new China Flat Long Total 26.8% record in 2026 9.0 New 65% Origens¹ 24.0% 8.0 12% Under Gerdau Portfolio 20.8% 20.8% 22.7% 7.0 6.3 Out of Gerdau Portfo
Slide 11: North America quarterly overview
UTILIZATION Crude Steel 88% NORTH AMERICA Rolled Steel 89% RATE QUARTERLY OVERVIEW Shipments Net Sales EBITDA (1,000 tonnes) (R$ million) (R$ million and margin) ◼ Shipment volume was 5% higher than in 4Q25, driven by the typical recovery following year-end seasonality, driven by +4.5% +7.5% +22.9%
Slide 12: South America quarterly overview
UTILIZATION Crude Steel 73% SOUTH AMERICA Rolled Steel 97% RATE QUARTERLY OVERVIEW Shipments Net Sales EBITDA (1,000 tonnes) (R$ million) (R$ million and margin) ◼ Steel shipments up 3% versus 4Q25, driven by higher volumes in Peru, supported by +3.0% +6.6% stronger construction demand; -6.2% 297 30
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) +25% -2% 4Q25 vs. 2,958 16,974 16,716 1Q26 17.7% 654 (910) (92) 90 2,374 84 14.0% 69 12 420 8,695 9,349 -171 2,252 1,832 7,181 6,27
Slide 14: Cash flow & net cash variation
Cash flow & net cash variation CASH FLOW (R$ million) (980) (93) 2,958 (1,168) (71) (258) (149) (223) 16 1Q26 Working Income Tax 2 CAPEX3 Interest4 JVs Intangibles Other 7 1Q26 Free Adjusted Capital 1 Proportional and Leasing 6 Cash Flow EBITDA EBITDA 5 NET CASH VARIATION (R$ million) 16 (218) (187)
Slide 15: Liquidity & indebtedness
Liquidity & indebtedness CASH, DEBT, AND LEVERAGE LIQUIDITY POSITION AND DEBT AMORTIZATION1 (R$ billion) (R$ billion) AVERAGE TERM AVERAGE COST 10.2 7.8 years BRL: CDI – 0.18% Y/Y USD: 6.12% Y/Y 0.85x 0.81x 0.76x 0.74x 0.69x 4.6 18.1 18.6 14.5 14.2 13.8 9.0 9.9 6.9 6.4 5.6 5.6 0.3 7.6 9.1 8.8 7.8 8.
Slide 16: Return to shareholders
Return to shareholders Continued share buyback and distribution of dividends 2026 Share Buyback Program above the mandatory minimum - Gerdau S.A. ◼Total for the program: up to 56.4 Repurchased 89.9% 73.7% 74.9% million shares 58.8% 21% ◼Financial volume repurchased as -30.9% of April 10, 2026: R$210
Slide 17: CAPEX
CAPEX Investments in business growth, competitiveness, and maintenance Miguel Burnier sustainable mining platform– grinding 1Q26¹ 2026e¹ 0.6 0.5 R$1.1 b R$4.7 b² 2.3 0.6 1.8 Coking plants + Maintenance Competitiveness blast furnaces 1 Does not include investments injointly-controlled entitiesand ass
Slide 18: Competitiveness CAPEX
Competitiveness CAPEX Main Projects: status 1Q26 MIGUEL BURNIER MINING SCRAP PROCESSING MIDLOTHIAN EXPANSION PINDAMONHANGABA “PHASE 1” PHYSICAL FINANCIAL PHYSICAL FINANCIAL PHYSICAL FINANCIAL PROGRESS PROGRESS PROGRESS PROGRESS PROGRESS PROGRESS 94% 87% 82% 77% 75% 91% START-UP: SECOND SEMESTER OF 2
Slide 19: Barro Alto Solar Complex
Barro Alto Solar Complex START-UP March 2026 Reinforces the renewable energy matrix, competitiveness, and regional development INSTALLED CAPACITY ESTIMATED GENERATION 452 MWp Average 111 MWm Largest photovoltaic generation Sufficient to supply a city of project in the state of Goiás 350,000 inhabita
Slide 20: Next earnings release 2Q26
inform@gerdau.com | ri.gerdau.com Earnings Videoconference Release 2Q26 August 5,2026 August 4,2026 Siga a Gerdau nas redes sociais.