Gerdau (GGBR4) Investor presentation summary

Strategic direction and business transformation

• Focus on sustainable value creation, safety, high-performance people, and financial discipline underpin the investment thesis.

• Cultural transformation emphasizes ethics, diversity, inclusion, and value creation for all stakeholders.

• Corporate governance includes a mix of independent and non-independent board members, with executive compensation tied to performance, safety, CO2 reduction, and diversity.

Operational footprint and market presence

• Operations span 7 countries with 29 steel production units and 28,000 employees, focusing on long and flat steel products.

• North America, Brazil, and South America are key markets, with North America contributing the largest share of EBITDA.

• North American operations are 100% scrap-based, with a strong presence in renewable energy and non-residential construction.

• Brazil operations focus on both integrated and mini-mill routes, with significant forest assets for charcoal production.

Financial performance and capital allocation

• Net revenue grew from R$43 billion to R$70 billion between 2014 and 2025, with EBITDA margin rising from 11.3% to 14.4%.

• Net debt/EBITDA improved to 0.76x, with strong liquidity and an average debt term of 8.5 years.

• Shareholder returns include robust dividends and share buybacks, with a new 2026 buyback program authorized.