Brazil · Delayed Price · Currency is BRL Metalurgica Gerdau Earnings Call Transcripts
Fiscal Year 2026
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Q3 EBITDA was BRL 3.8b with a 20.2% margin, while North America delivered a four-year-high 27.7% margin. Brazil remained pressured by imports and oversupply; lower 2026 CapEx and 2027 project ramp-ups shape the outlook.
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Adjusted EBITDA reached BRL 3.4 billion, with net income up 45% sequentially, driven by strong North American demand and operational improvements. CapEx is trending lower, and shareholder returns remain a priority amid a solid balance sheet and ongoing transformation projects.
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Strong Q1 2026 results driven by North America, with record adjusted EBITDA and robust cash flow. Brazil faced import pressures but improved margins through cost discipline. Major projects and trade defense measures are expected to further boost performance in the coming quarters.
Fiscal Year 2025
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2025 saw strong North American results and resilient cash flow, offset by Brazilian margin pressure from imports and costs. CapEx is shifting to cost reduction, with optimism for trade defense measures and Miguel Burnier's ramp-up to support future margins.
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Q3 2025 saw strong North American performance and improved cash flow, offsetting Brazil's import-driven challenges. Capital allocation favored buybacks, with major mining and HRC projects advancing and a cautious outlook for Brazil pending trade defense measures.
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North American operations drove record EBITDA share amid strong demand, while Brazil faced import-driven challenges, prompting reduced future investments. CapEx will decrease after 2026, with capital allocation focused on share buybacks and maintaining essential projects.