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    Lukas Lage

    Research Analyst at XP Inc.

    Lukas Lage is an Equity Research Analyst at XP Inc., specializing in coverage of the Brazilian banking and financial services sector with a particular focus on major institutions such as Itaú Unibanco, Banco do Brasil, and Bradesco. Since joining XP Inc. in 2021, he has developed a reputation for in-depth financial analysis and robust stock recommendations, contributing to the firm's standing in the LATAM equities market. Prior to XP Inc., Lukas gained experience as a buy-side analyst at Fator Administração de Recursos, and he holds the CFA Charterholder designation, underlining his expertise in securities analysis and financial markets. His rigorous research and analytical approach have led to well-regarded investment calls, although third-party rankings or performance metrics such as TipRanks success rates are not currently public.

    Lukas Lage's questions to GERDAU (GGB) leadership

    Lukas Lage's questions to GERDAU (GGB) leadership • Q2 2025

    Question

    Lukas Lage inquired about Gerdau's capital expenditure plans, asking for specifics on the mining project's expected EBITDA contribution and the company's broader capital allocation strategy given the contrasting business environments in Brazil and North America.

    Answer

    CEO Gustavo Ferneki stated that due to the challenging regulatory environment in Brazil, Gerdau will reduce its global CapEx from 2026 onwards, primarily by cutting investments in Brazil while maintaining its North American projects. CFO Rafael Japur confirmed the mining project's BRL 1.1 billion incremental EBITDA guidance remains robust and noted the project is 72% complete.

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