Research analysts who have asked questions during GERDAU earnings calls.
Caio Ribeiro
Bank of America
3 questions for GGB
Also covers: CSNA3.SA, PBR, SID +3 more
Carlos de Alba
Morgan Stanley
3 questions for GGB
Also covers: AA, AR, BVN +13 more
Daniel Sasson
Itaú BBA
3 questions for GGB
Also covers: CSNA3.SA, CX, SID +2 more
Ricardo Monegaglia Neto
Safra
3 questions for GGB
Also covers: SID, SUZ, VALE
LL
Lucas Laghi
XP Inc.
2 questions for GGB
Also covers: ERJ, IOCJY, SUZ
MF
Marcio Farid Filho
Goldman Sachs
2 questions for GGB
Also covers: CSNA3.SA, ERO, SCCO +5 more
Rafael Barcellos
Bradesco BBI
2 questions for GGB
Also covers: CSNA3.SA, SCCO, SUZ +2 more
RD
Rodolfo De Angele
JPMorgan Chase & Co.
2 questions for GGB
Also covers: PBR, SUZ, UGP +2 more
YP
Yuri Pereira
Santander Bank
2 questions for GGB
Also covers: CSNA3.SA, SID, SUZ +1 more
CG
Caio Greiner
BTG Pactual
1 question for GGB
Also covers: SID, SUZ, TX +1 more
CA
Camilla Analyst
Banco Bradesco S.A.
1 question for GGB
DS
Daniel Sassoon
Itau BBA
1 question for GGB
GB
Gabriel Baja
Citigroup
1 question for GGB
Also covers: BAK, SID
Igor Guedes
Genial Investimentos
1 question for GGB
Also covers: JBS, JBSAY, SID +1 more
LK
Leo Koheja
BTG Pactual
1 question for GGB
Leonardo Correa
BTG Pactual
1 question for GGB
Also covers: SUZ, VALE
LL
Lukas Lage
XP Inc.
1 question for GGB
RM
Rafael Marcellus
Bradesco BBI
1 question for GGB
Recent press releases and 8-K filings for GGB.
Gerdau S.A. concludes 2025 Share Buyback Program
GGB
Share Buyback
- GERDAU S.A. concluded its 2025 Share Buyback Program on December 19, 2025.
- The company acquired 1,500,000 common shares (GGBR3) at an average price of R$15.65 per share.
- Additionally, 63,000,000 preferred shares (GGBR4 and/or ADRs GGB) were acquired at an average price of R$16.27 per share.
- This completion represents 100% of the program.
Dec 19, 2025, 9:08 PM
Gerdau S.A. Subsidiary Prepays Bonds
GGB
Debt Issuance
- GERDAU S.A. announced that its subsidiary, GUSAP III LP, completed the financial settlement for the prepayment of all its issued Bonds on December 2, 2025.
- The Bonds had a principal amount of US$ 500,000,000.00, an interest rate of 4.25%, and a maturity date in 2030.
- The total amount paid for the redemption, including accrued interest, was US$ 509,710,576.46.
Dec 2, 2025, 10:22 PM
Gerdau S.A. Reports Strong Q3 2025 Results and Updates 2026 CAPEX Guidance
GGB
Earnings
Guidance Update
New Projects/Investments
- Gerdau S.A. reported Adjusted EBITDA of R$2.7 billion and Earnings per share of R$0.54 in Q3 2025, with Net sales totaling R$18.0 billion.
- The North America segment was a key driver, contributing 65% of the consolidated EBITDA in Q3 2025, supported by demand resilience and metal spread expansion.
- The company approved dividends of R$0.28 per share for Gerdau S.A. and has repurchased 88% of its 2025 Share Buyback Program, representing 2.9% of outstanding shares.
- Gerdau maintained a healthy leverage level with a Net debt/Adjusted EBITDA ratio of 0.81x at the end of Q3 2025.
- The 2026 CAPEX guidance was set at R$4.7 billion, a 22% reduction compared to the 2025 estimate, with strategic projects like the Miguel Burnier Mining platform being 90% physically complete and expected to start up in 4Q25.
Oct 31, 2025, 5:07 PM
Gerdau Reports Strong Q3 2025 Performance Driven by North America, Advances Mining Project
GGB
Earnings
New Projects/Investments
Guidance Update
- Gerdau reported Q3 2025 EBITDA of BRL 2.7 billion, a 7% increase quarter-on-quarter, and generated BRL 1 billion in free cash flow, reducing its net debt/EBITDA ratio to 0.81 times.
- The North America segment delivered a solid performance, accounting for 65% of consolidated EBITDA and seeing over 10% increase in total shipments, while the Brazilian market continued to be negatively impacted by a 29% steel import penetration rate.
- The sustainable mining project in Miguel Burnier reached 90% physical completion and is scheduled for integrated operation in early 2026, with an anticipated BRL 400 million benefit in year one.
- The company invested BRL 1.7 billion in CapEx during Q3 2025 and announced a 2026 CapEx guidance of BRL 4.7 billion, representing a 22% reduction from the 2025 forecast.
Oct 31, 2025, 3:00 PM
Gerdau S.A. announces Q3 2025 financial results, strategic acquisitions, and capital allocation plans
GGB
Earnings
M&A
Dividends
- Gerdau S.A. reported net sales of R$17,983,143 thousand and net income of R$1,089,880 thousand for the three-month period ended September 30, 2025, with basic earnings per share of R$0.54.
- For the nine-month period ended September 30, 2025, the company recorded net sales of R$52,884,229 thousand and net income of R$2,712,181 thousand, resulting in basic earnings per share of R$1.33.
- As of September 30, 2025, Gerdau S.A. maintained a strong liquidity position with cash and cash equivalents of R$9,389,572 thousand.
- The company completed several strategic acquisitions in 2025, including Gerdau Summit Aços Fundidos e Forjados S.A. for approximately US$32.6 million, Rio do Sangue Energia S.A. for R$244.5 million, and Comercial Gerdau Aços Planos Ltda. for approximately R$42.9 million.
- Gerdau's Board of Directors approved an advance payment of mandatory minimum dividend totaling R$555.2 million (R$0.28 per share) for payment on December 11, 2025, and also approved the early redemption of bonds with a principal amount of up to US$500 million due in 2030.
Oct 30, 2025, 9:17 PM
Gerdau S.A. Subsidiary to Redeem $500 Million Bonds
GGB
Debt Issuance
- Gerdau S.A. announced that its subsidiary, GUSAP III LP, has been authorized to proceed with the redemption of Bonds.
- These bonds have a principal amount of US$500,000,000.00, an interest rate of 4.25%, and a maturity date in 2030.
- The redemption, referred to as a "Make-Whole," is expected to take place on December 2, 2025.
Oct 30, 2025, 9:14 PM
Gerdau Announces 2026 CapEx Reduction and Strategic Project Updates
GGB
Guidance Update
New Projects/Investments
Share Buyback
- Gerdau announced a 22% reduction in CapEx disbursement for 2026, totaling BRL 4.7 billion, with BRL 2.9 billion allocated for maintenance and BRL 1.8 billion for competitive edge and return. The BRL 16 billion CapEx guidance for 2025 remains unchanged.
- The company maintains a strong financial position with a net debt over EBITDA ratio of 0.85x, significantly below its internal covenant of 1.5x, and generates over 100% of its free cash flow in US dollars. Share buybacks are identified as a priority and are ongoing.
- Key strategic projects include the expansion of the Midlothian, Texas plant and the Miguel Burnier mining project, which is projected to generate a potential gain of BRL 400 million by next year and BRL 1.1 billion in 2027 upon full ramp-up.
- Operational efficiencies include postponing blast furnace maintenance from 2027 to 2028 and extending the lifespan of coke plant number two to 2038. Investments in self-generation assets are expected to reduce electricity costs by 60% and yield a return of IPCA +16%.
Oct 1, 2025, 1:00 PM
Gerdau Provides Updates on Key Investments and Market Outlook
GGB
New Projects/Investments
Guidance Update
Revenue Acceleration/Inflection
- Gerdau updated its mining project investment to BRL 3.6 billion, with ramp-up expected in early 2026 and an anticipated BRL 1.1 billion EBITDA a year once fully operational, contributing to an estimated BRL 400 million gain in 2026 from internal ore consumption.
- The new hot coil mill in Ouro Branco, an investment of BRL 1.5 billion, has expanded coil production by over 30% to 1.1 million tons per year and reached 100% production capacity in the last quarter, with 80% of its benefit derived from revenue.
- The company provided a 2026 committed CapEx guidance of BRL 1.8 billion, with an overall CapEx guidance of BRL 4.7 billion for the year, which includes an average of BRL 3 billion for maintenance and BRL 800 million for three major projects.
- In North America, Gerdau is benefiting from increased tariffs and strong growth in the solar power sector, which represents a market of about 1 million tons a year for the company, where it holds approximately 30% market share. Additionally, investments in self-generation assets in Brazil are expected to reduce the electricity bill by 60% and have yielded a return of IPCA plus 16%.
Oct 1, 2025, 1:00 PM
Gerdau Outlines Strategic CapEx, Financial Strength, and Shareholder Return Priorities at Investor Day
GGB
New Projects/Investments
Share Buyback
Dividends
- Gerdau has streamlined its strategic capital expenditure portfolio to three priority projects: the expansion of its Midlothian, Texas plant, a state-of-the-art recycling center in Pindamonhangaba, and mining investments, with the latter's cost updated to approximately BRL 3.6 billion. The mining project is anticipated to generate BRL 1.1 billion in annual EBITDA and contribute BRL 400 million in benefits to the Brazil operation by next year.
- The company maintains a robust financial position, with a net debt over EBITDA ratio of 0.85x, significantly below its internal covenant cap of 1.5x, allowing for potential additional debt of BRL 6 billion to BRL 8 billion without affecting its credit rating.
- Gerdau prioritizes shareholder returns, consistently distributing more than the 30% minimum of net income since 2018 and returning 75% of its free cash flow through dividends and share buybacks. The 2025 share buyback program is 85% executed as of September 30, having reduced the share count by 7% since its start.
- Management asserts that Gerdau is substantially undervalued, trading at approximately BRL 16 per share with an EV/EBITDA multiple of 4 times, compared to an implicit equity value of BRL 22 per share or a book value of BRL 28 per share.
- Strategically, Gerdau is verticalizing its Ouro Branco assets to ensure a 40-year iron ore supply, expanding its flat steel portfolio for the domestic market, and optimizing mini mills for regional competitiveness and scrap recovery.
Oct 1, 2025, 1:00 PM
Gerdau S.A. Updates CAPEX Plan and Main Projects Projections
GGB
New Projects/Investments
Guidance Update
Share Buyback
- Gerdau S.A. and Metalúrgica Gerdau S.A. announced a CAPEX investment plan of R$6.0 billion for 2025 and R$4.7 billion for 2026, with the 2026 figure representing a significant reduction from prior years.
- The companies project R$5.2 billion for Main Projects, with R$4.0 billion already invested and an additional R$1.2 billion to be invested by 2027, anticipating these projects to generate R$1.5 billion in annual EBITDA after ramp-up.
- The Miguel Burnier Mining Project is specifically estimated to contribute R$1.1 billion in annual EBITDA after its ramp-up.
- By September 30, 2025, the company's share buyback program had repurchased R$852.5 million, resulting in a ~7% reduction in outstanding shares since the program's start.
Oct 1, 2025, 12:57 PM
Quarterly earnings call transcripts for GERDAU.
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