Earnings release
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GO GERDAU Shape the future 2026 Results Gerdau S.A. Videoconference August 5 ( Wednesday ) 12:00 p.m. BRT Click here to access the videoconference RI.GERDAU.COM PD
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Quarterly Results 2Q26 | Gerdau S.A. 2 São Paulo, August 4, 2026 – Gerdau S.A. (B3: GGBR / NYSE: GGB) announces its results for the second quarter of 2026. The consolidated financial statements of the Company are presented in Brazilian Reais (R$), in accordance with International Financial Reporting Standar ds (IFRS) an d the accounting practices adopted in Brazil. The information in this report does not include the data of associates and joint cont rolled entities, except when stated otherwise. GERDAU ENDS 2Q26 WITH IMPROVED RESULTS, REFLECTING A COMBINATION OF OPERATIONAL STRENGTH AND A FOCUS ON PROFITABILITY MAIN INDICATORS 1 - Includes iron ore and co-products sales. 2 - Non-accounting measurement calculated by the Company. The Company presents Adjusted EBITDA to provide additional information on cash generated in the period. 3- Measurement calculated based on Gerdau S.A.'s Net income. Steel shipments totaled 2.9 million tonnes in 2Q26, up 3% from 1Q26; Net sales totaled R$17.9 billion in 2Q26, up 7% from 1Q26; Adjusted net income of R$1.5 billion in 2Q26, up 45% from 1Q26; Adjusted EBITDA of R$3.4 billion in 2Q26, up 16% from 1Q26; Adjusted EBITDA Margin of 19.2%, 1.5p.p. and 4.6p.p. higher than in 1Q26 and 2Q25, respectively; Positive Free Cash Flow of R$237 million, despite working capital consumption and payment of interest and income tax; Based on the 2Q26 results, the Company has approved R$451.3 million as dividends (R$0.23 per share), to be paid as of September 11, 2026; 2026 Share Buyback Program advances, with the acquisition of 31% of the authorized shares in Gerdau S.A.; CAPEX of R$1.0 billion in 2Q26, reaching 6M26, 45% of R$4.7 billion guidance for 2026. In May 2026, Gerdau released its 2025 Annual Report, which details the Company’s environmental, social, and financial performance and highlights its commitment to sustainable practices; Gerdau has made progress in the acquisition of Dona Francisca Energética (DFESA) entering into agreements that could result in 100% ownership of the asset and increase the Company’s self-generated energy to more than 50% of its energy consumption in Brazil. CONSOLIDATED 2Q26 1Q26 ∆ 2Q25 ∆ 6M26 6M25 ∆ Shipments of steel (1,000 tonnes) 2,908 2,811 3.4% 2,823 3.0% 5,719 5,682 0.7% Net sales1(R$ million) 17,871 16,716 6.9% 17,526 2.0% 34,586 34,901 -0.9% Adjusted EBITDA2(R$ million) 3,430 2,958 15.9% 2,561 33.9% 6,388 4,963 28.7% Adjusted EBITDA Margin2(%) 19.2% 17.7% 1.5 p.p 14.6% 4.6 p.p 18.5% 14.2% 4.2 p.p Adjusted net income² (R$ million) 1,466 1,013 44.7% 864 69.7% 2,479 1,622 52.8% Earnings per share (R$) ³ 0.74 0.51 44.4% 0.43 71.3% 1.25 0.79 58.2% Net debt/Adjusted EBITDA 0.69x 0.74x -0.05x 0.85x -0.16x 0.69x 0.85x -0.16x Free cash flow (R$ million) 237 16 221 (772) 1,009 253 -2,025 2,278 EXCHANGE RATE (USD x BRL) Average USD 5.0494 5.2591 -4.0% 5.6661 -10.9% 5.1543 5.7591 -10.5% USD at the end of the period 5.1766 5.2194 -0.8% 5.4571 -5.1% 5.1766 5.4571 -5.1%
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Quarterly Results 2Q26 | Gerdau S.A. 3 MESSAGE FROM MANAGEMENT The Company saw a marked improvement in its results in 2Q26, driven by a combination of enhanced sales mix, higher realized prices, and initiatives aimed at bolstering its business competitiveness. On a consolidated basis, we reported an Adjusted EBITDA of R$3.4 billion and an Adjusted EBITDA margin of 19.2%, with sequential growth across all the Company’s reportable segments. Adjusted net income totaled R$1.5 billion, and steel shipments reached 2.9 million tonnes. In 2Q26, North America operations remained among the quarter’s key highlights. The region continued to benefit from a favorabl e demand environment, supported by strategic segments such as renewable energy, data centers, and manufacturing. Additionally, ongoing productivity gains and high asset utilization rates contributed to another quarter of improved performance. We ended 2Q26 with an Adjusted EBITDA of R$2.6 billion, up 15% from 1Q26, underscoring North America’s significant contribution to the Company’s consolidated Adjusted EBITDA. In Brazil, improved results were driven by a better sales mix - a greater share of shipments to the domestic market - and by higher realized prices in certain product lines. Even amid a scenario of still -moderate demand, the operational advancements achieved throughout the quarter helped offset part of the cost pressures associated with input inflation and rising logistics costs. In 2Q26, we recorded an A djusted EBITDA of R$705 million, up 22% from 1Q26, reflecting the gradual recovery trend in results of our Brazilian operations. In South America, results were boosted by increased capacity utilization and improved sales mix. In Peru, operations continue d to be supported by resilient demand and prices, particularly in the civil construction s ector. In Argentina and Uruguay, shipment volumes gradually recovered throughout the quarter, still reflecting competitive market conditions and weaker demand. As a result, the segment recorded an Adjusted EBITDA of R$205 million, 10% higher than in 1Q26. The quarter’s performance improvement has contributed to maintaining solid cash generation, enabling the Company to continue executing its capital allocation strategy in a balanced manner. We invested a total of R$1.0 billion in CAPEX during the period, reaching in 6M26, 45% of the total planned for 2026, while advancing our key strategic projects. At the same time, we approved a dividend distribution of R$0.23 per share in 2Q26, totaling R$451.3 million, and continued to execute the 2026 Share Buyback Program, investing R$334 million and representing 31% of the authorized repurchase volume. With 125 years of history, we remain firmly committed to enhancing the Company’s competitiveness, swiftly adapting to market changes, and generating a positive impact in the regions where we operate. We would like to thank our employees, customers, suppliers, partners, shareholders and other stakeholders for their trust and support in building our history and continuously creati ng value. THE MANAGEMENT
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Quarterly Results 2Q26 | Gerdau S.A. 4 PERFORMANCE BY BUSINESS SEGMENT BRAZIL – includes the long, flat, and special steel operations and the iron ore operation located in Brazil, as well as jointly -controlled and associated companies located in Brazil; NORTH AMERICA – includes the long and special steel operations in Canada and United States, as well as jointly controlled companies in Canada and Mexico; SOUTH AMERICA – includes the operations in Argentina, Peru and Uruguay. Valuation Guide ADJUSTED EBITDA3F0F0F 1 (R$ MILLION) AND ADJUSTED EBITDA MARGIN (%) BRAZIL NORTH AMERICA SOUTH AMERICA 1 Non-accounting measurement calculated by the Company. The Company states Adjusted EBITDA to provide additional information on cash generated in the period. The percentage of Adjusted EBITDA from business segments is calculated considering the total Adjusted EBITDA of the three business segments. Annual Report
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Quarterly Results 2Q26 | Gerdau S.A. 5 BRAZIL PRODUCTION & SHIPMENTS ▪ In 2Q26, crude steel production was 6.2% and 10.0% higher than in 1Q26 and 2Q25, respectively, driven by increased utilization rates at mini mills. As a result, the segment’s capacity utilization rate rose by 5 p.p. and 6 p.p. versus 1Q26 and 2Q25, respectively; ▪ According to Brazil Steel Institute data, steel imports decreased by more than 30% in 2Q26 versus 1Q26 and 2Q25, a trend observed mostly in flat steel segment. This was the first decline in steel imports since 2022; nevertheless, we believe the sector continues to face significant challenges, as the average steel import penetration rate stood at 22.5% in 1H26; ▪ In this context, we highlight the renewal of the tariff quota system for steel products, including a 30% reduction in the annual quota volume for certain NCMs (Mercosur Common Nomenclature), including wire rod, seamed tubing, hot-rolled coils, and cold -rolled coils. This measure, renewed in June 2026, covers approximately 30% of the volumes sold by Gerdau in Brazil; ▪ During the quarter, demand for ste el remained moderate. The civil construction sector performed relatively steadily, while some industrial sectors continued to face greater pressure. In the automotive industry, a key market for Gerdau’s special steel, we observed signs of upturn in the heavy vehicle segment throughout the quarter. Nevertheless, according to data from the Nation al Association of Motor Vehicle Manufacturers (ANFAVEA), heavy vehicle production in the first half of 2026 was 11% lower than in the same period of the previous year; ▪ In 2Q26, total shipments were 2.1% higher than in 1Q26, fueled by increased domestic shipments. Growth for the quarter reflected an upturn in flat steel volumes, supported by a decline in imports and a gradual rebound in demand from the wind and shipbuilding sectors, as well as special steel shipment growth. In the common long steel segment, despite higher domestic shipments, the market remained under greater pressure from local competition. Year -over-year, total shipments remained stable, though with a greater share of exports (18% in 2Q26 versus 14% in 2Q25). BRAZIL 2Q26 1Q26 ∆ 2Q25 ∆ 6M26 6M25 ∆ Volumes (1,000 tonnes) Production of crude steel 1,560 1,469 6.2% 1,4 19 10.0% 3,029 2,864 5.8% Shipments of steel 1,352 1,324 2.1% 1,356 -0.3% 2,676 2,788 -4.0% Domestic market 1,113 1,036 7.5% 1,163 -4.3% 2,149 2,242 -4.1% Exports 239 288 -17.3% 194 23.3% 527 546 -3.4% Shipments of long steel 961 947 1.5% 940 2.3% 1,908 1,912 -0.2% Domestic market 739 704 5.0% 822 -10.1% 1,443 1,602 -10.0% Exports 222 243 -8.6% 118 88.7% 465 310 50.3% Shipments of flat steel 391 378 3.5% 4 17 -6.2% 768 876 -12.2% Domestic market 374 332 12.8% 341 9.8% 706 639 10.5% Exports 16 46 -63.8% 76 -78.3% 62 237 -73.9%
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Quarterly Results 2Q26 | Gerdau S.A. 6 OPERATING RESULT 1- Includes iron ore and co-products sales. 2- Non-accounting measurement reconciled with information stated in the Note 22 to the Company’s Financial Statements, as set forth by CVM Resolution No. 156 of June 23, 2022. ▪ In 2Q26, Net sales went up 6.6% versus 1Q26, reflecting the slight improvement in realized prices across some product lines a nd better sales mix. Year-over-year, Net sales declined 8.6%, still impacted by lower realized prices compared to the previous year; ▪ The Cost of goods sold came 5.0% higher than in 1Q26, explained by increased shipments of higher value -added products and pressures on production costs resulting from rising metal input prices, in addition to higher logistics and freight costs. Nevertheless, the operating gains achieved during the quarter, mainly boosted by higher production volumes, helped to partially offset these effects. Year -over-year, the Cost of goods sold went down 6.4%, benefiting from lower cost per tonne due to productivity gains and greater dilution of fixed costs in the comparable period, when the Ouro Branco unit underwent structural and operational adjustments aimed at preparing for new investments; ▪ As a result, Adjusted EBITDA was 22.0% higher than in 1Q26 and 19.6% lower than in 2Q25. Although 6M26 EBITDA remained lower in the year-over-year comparison, we have observed a gradual improvement in results over the past few quarters, driven by enhanced operating profitability. BRAZIL 2Q26 1Q26 ∆ 2Q25 ∆ 6M26 6M25 ∆ Results (R$ million) Net sales¹ 6,686 6,271 6.6% 7,317 -8.6% 12,957 14,811 -12.5% Domestic market 5,816 5,269 10.4% 6,345 -8.3% 11,085 12,522 -11.5% Exports 870 1,002 -13.2% 972 -10.5% 1,871 2,289 -18.2% Cost of goods sold (6,356) (6,053) 5.0% (6,794) -6.4% (12,410) (13,493) -8.0% Gross profit 329 218 51.0% 522 -37.0% 547 1,317 -58.5% Gross margin (%) 4.9% 3.5% 1.4 p.p 7.1% -2.2 p.p 4,2% 8.9% -4.7 p.p Selling, general and administrative expenses (221) (222) -0.5% (255) -13.2% (444) (481) -7.7% Other operating income (expenses) (25) (16) 52.3% (2) 956.2% (41) (7) 463.6% Depreciation and amortization 574 550 4.2% 546 5.1% 1,124 1,035 8.6% Proportional EBITDA of associated companies and jointly controlled entities2 48 48 0.5% 67 -27.4% 96 109 -11.4% Adjusted EBITDA² 705 578 22.0% 877 -19.6% 1,283 1,973 -35.0% Adjusted EBITDA Margin² (%) 10.5% 9.2% 1.3 p.p 12.0% -1.4 p.p 9.9% 13.3% -3.4 p.p
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Quarterly Results 2Q26 | Gerdau S.A. 7 NORTH AMERICA PRODUCTION & SHIPMENTS ▪ In 2Q26, crude steel production came 1.3% lower than in 1Q26, reflecting maintenance shutdowns carried out throughout the quarter and the completion of the restocking of billet inventories in line with the schedule of planned shutdowns for the second half of 2026. Year-over-year, production remained at similar levels. It is worth noting that from 2Q25 onward, the Section 232 tariff adjustments have contributed to a more favorable environment for local producers; ▪ In 2Q26, steel shipments went up 5.5% and 7.3% versus 1Q26 and 2Q25, respectively. In the common long steel segment, the order backlog remained above 100 days, the highest level since 2021, contributing to the highest quarterly shipment volume since th e Company’s current industrial structure; ▪ In the special steel segment, tighter supply, driven by a decline in imports and industry consolidation, sustained a gradual recovery in the operation’s shipment volume, which hit its highest level since the second quarter of 2019. Nevertheless, demand levels remain below historical averages, particularly in the non-automotive sectors. OPERATING RESULT 1- Non-accounting measurement reconciled with information stated in the Note 22 to the Company’s Financial Statements, as set forth by CVM Resolution No. 156 of June 23, 2022. ▪ In 2Q26, Net sales was 8.3% and 10.8% higher than in 1Q26 and 2Q25, respectively, fueled by increased shipment volume, higher realized prices and a greater share of higher value -added products in the sales mix. The price adjustments implemented over the past few quarters contributed to the Net sales growth per tonne; however, the U.S. dollar depreciation against the Brazilian real partially mitigated these gains in both comparisons; ▪ Cost of sales per tonne was 5.0% higher than in 1Q26, driven by increased shipment volume and pressures related to rising production costs, such as maintenance, fuel, and electricity. Nevertheless, the cost per tonne decreased quarter -over-quarter, mainly driven by the U.S. dollar depreciation against the Brazilian real. Year -over-year, the Cost of goods sold remained stable, as the positive foreign exchange effect (-10.9%) offset shipment growth and production costs; ▪ As a result, Adjusted EBITDA came 15.4% and 59.0% higher than in 1Q26 and 2Q25, respectively. In 6M26, incremental EBITDA totaled roughly R$2.0 billion year -over-year, primarily driven by improved results in the long steel operations and by the positive contribution from jointly controlled entities in Mexico. NORTH AMERICA 2Q26 1Q26 ∆ 2Q25 ∆ 6M26 6M25 ∆ Volumes (1,000 tonnes) Production of crude steel 1,493 1,513 -1.3% 1,485 0.5% 3,006 2,880 4.4% Shipments of steel 1,347 1,276 5.5% 1,256 7.3% 2,623 2,485 5.6% Bars 569 546 4.3% 544 4.7% 1,115 1,056 5.6% Shapes 697 668 4.4% 647 7.8% 1,366 1,310 4.3% Downstream 80 62 28.3% 65 23.4% 142 119 19.4% NORTH AMERICA 2Q26 1Q26 ∆ 2Q25 ∆ 6M26 6M25 ∆ Results (R$ million) Net sales 10,126 9,349 8.3% 9,139 10.8% 19,476 17,907 8.8% Cost of goods sold (7,798) (7,430) 5.0% (7,744) 0.7% (15,227) (15,518) -1.9% Gross profit 2,328 1,920 21.3% 1,395 66.9% 4,248 2,390 77.8% Gross margin (%) 23.0% 20.5% 2.5 p.p 15.3% 7.7 p.p 21.8% 13.3% 8.5 p.p Selling, general and administrative expenses (181) (188) -3.5% (204) -11.1% (369) (417) -11.4% Other operating income (expenses) 15 11 30.9% 31 -53.0% 26 31 -17.0% Depreciation and amortization 273 282 -3.2% 317 -13.9% 554 627 -11.6% Proportional EBITDA of associated companies and jointly controlled entities 166 227 -27.1% 96 72.0% 393 202 95.1% Adjusted EBITDA1 2,600 2,252 15.4% 1,635 59.0% 4,852 2,833 71.3% Adjusted EBITDA Margin1 (%) 25.7% 24.1% 1.6 p.p 17.9% 7.8 p.p 24.9% 15.8% 9.1 p.p
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Quarterly Results 2Q26 | Gerdau S.A. 8 SOUTH AMERICA PRODUCTION & SHIPMENTS 1- Includes resale of products imported from the Brazil Segment. ▪ In 2Q26, the growth in crude steel production mainly reflected the sustained level of asset utilization in Peru, along with the steady recovery of activities in Argentina and Uruguay. As a result, the segment’s capacity utilization rate increased by 4 p.p. and 12 p.p. versus 1Q26 and 2Q25, respectively; ▪ Steel shipments came 7.8% lower than in 1Q26, driven by weaker volumes in Peru following the shipment anticipation observed in the previous quarter. In Argentina and Uruguay, despite the quarter -over-quarter decline in volumes, we saw a higher share of shipments destined for the domestic market, contributing to a more favorable mix. Year -over-year, shipments were down 2.2%, mainly impacted by weaker demand in the key sectors served in Argentina and Uruguay. OPERATING RESULT 1- Non-accounting measurement reconciled with information stated in the Note 22 to the Company’s Financial Statements, as set forth by CVM Resolution No. 156 of June 23, 2022. ▪ In 2Q26, Net sal es went down 8.4% from 1Q26, mainly reflecting weaker shipment volumes and the impact of the U.S. dollar depreciation against the Brazilian real (-4.0%). Conversely, Net sales per tonne remained stable, benefiting from an improved sales mix in Argentina, with a higher share of the domestic market, and prices remaining at healthy levels in Peru. Year -over-year, Net sales was 3.9% lower, mainly impacted by the foreign exchange effect (-10.9%), which more than offset the benefits resulting from the improved sales mix; ▪ Cost of goods sold came 10.7% lower than in 1Q26, also driven by weaker shipment volumes and foreign exchange effects during the quarter. Meanwhile, the cost per tonne in U.S. dollars remained stable, benefiting from higher capacity utilization in Argentina and Uruguay and the ongoing implementation of operational efficiency initiatives in Peru. Year -over-year, the Cost of goods sold was 9.1% lower, with Peru operation standing out, as it benefited from productivity gains in both the melt shop and rolling mills, in addition to greater fixed costs dilution; ▪ As a result, Adjusted EBITDA came 10.4% and 37.4% higher than in 1Q26 and 2Q25, respectively. In 6M26, incremental EBITDA totaled roughly R$53 million year-over-year, mainly boosted by shipment growth. SOUTH AMERICA 2Q26 1Q26 ∆ 2Q25 ∆ 6M26 6M25 ∆ Volumes (1,000 tonnes) Production of crude steel 175 167 4.4% 148 18.1% 342 292 16.9% Shipments of steel¹ 282 306 -7.8% 288 -2.2% 588 525 11.9% SOUTH AMERICA 2Q26 1Q26 ∆ 2Q25 ∆ 6M26 6M25 ∆ Results (R$ million) Net sales 1,279 1,396 -8.4% 1,331 -3.9% 2,675 2,697 -0.8% Cost of goods sold (1,108) (1,241) -10.7% (1,219) -9.1% (2,349) (2,425) -3.1% Gross profit 171 155 10.5% 112 52.5% 326 272 19.8% Gross margin (%) 13.4% 11.1% 2.3 p.p 8.4% 5.0 p.p 12.2% 10.1% 2.1 p.p Selling, general and administrative expenses (43) (42) 0.4% (42) 1.4% (85) (87) -2.6% Other operating income (expenses) 2 3 -31.5% 1 146.2% 5 5 -9.5% Depreciation and amortization 75 70 5.7% 78 -4.7% 145 148 -1.9% Adjusted EBITDA1 205 186 10.4% 149 37.4% 391 338 15.7% Adjusted EBITDA Margin1 (%) 16.0% 13.3% 2.7 p.p 11.2% 4.8 p.p 14.6% 12.5% 2.1 p.p
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Quarterly Results 2Q26 | Gerdau S.A. 9 CONSOLIDATED RESULTS The consolidated results for 2Q26 highlighted the Company’s enhanced profitability, driven by a favorable combination of price movements, an improved sales mix, and ongoing advances in operational efficiency initiatives. Although Brazil and North America accounted for similar shares of consolidated steel shipments in 2Q26, our North America operations accounted for roughly 56% of consolidated Net sales and 74% of consolidated Adjusted EBITDA, evidencing its greater contribution to the Company’s value creation. At the same time, the operational progress observed across all regions reinforces the pillars underpinning Gerdau’s strategy, which combines a diversified geographic presence, production flexibility, and operational discipline. We remain focused on sustainable value creation and our ability to adapt to changes in the markets where we operate, enhancing our position to tap long -term growth opportunities. PRODUCTION & SHIPMENTS CONSOLIDATED 2Q26 1Q26 ∆ 2Q25 ∆ 6M26 6M25 ∆ Volumes (1,000 tonnes) Crude steel production 3,228 3,149 2.5% 3,052 5.8% 6,377 6,037 5.6% Shipments of steel 2,908 2,811 3.4% 2,823 3.0% 5,719 5,682 0.7% In 2Q26, crude steel production was 2.5% and 5.8% higher than in 1Q26 and 2Q25, respectively, boosted by higher capacity utilization at mini -mills in Brazil and South America, as well as sustained high production levels in North America. As a result, the capacity utilization rate reached 82% in 2Q26, up 2 p.p. from 1Q26 and 4 p.p. higher than in 2Q25. Steel shipments totaled 2.9 million tonnes in 2Q26, 3.4% and 3.0% higher than in 1Q26 and 2Q25, respectively, notably North America, which recorded the highest shipment volume of common long steel under the current operational structure. STEEL SHIPMENTS (1,000 TONNES) BY SEGMENT (%) BRAZIL NORTH AMERICA SOUTH AMERICA
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Quarterly Results 2Q26 | Gerdau S.A. 10 GROSS PROFIT Net sales totaled R$17.9 billion in 2Q26, 6.9% higher than in 1Q26, mainly fueled by increased shipment volumes and a more fa vorable pricing environment in North America. Year-over-year, Net sales came 2.0% higher, reflecting improved results in North America, which more than offset the decline in Net sales in Brazil and South America, as well as the impact of the U.S. dollar depreciation against the Brazilian real during th e period ( - 10.9%). Cost of goods sold came 4.3% higher than in 1Q26, driven by increased shipment volumes, pressures on production and logistics costs, and greater share of value-added products in the sales mix. These impacts were partially offset by operating gains and higher asset utilization throughout the quarter. Year -over-year, Cost of goods sold went down 2.9%, benefiting from the U.S. dollar depreciation against the Brazilian real and the decline in the cost per tonne in Brazil. As a result, Gross profit totaled R$2.8 billion in 2Q26, 23.3% and 39.3% higher than in 1Q26 and 2Q25, respectively, reflecti ng the Company's enhanced operating profitability. NET SALES (R$ MILLION) SHARE BY SEGMENT (%) CONSOLIDATED 2Q26 1Q26 ∆ 2Q25 ∆ 6M26 6M25 ∆ Results (R$ million) Net sales 17,871 16,716 6.9% 17,526 2.0% 34,586 34,901 -0.9% Cost of goods sold (15,041) (14,422) 4.3% (15,495) -2.9% (29,463) (30,924) -4.7% Gross profit 2,829 2,294 23.3% 2,031 39.3% 5,123 3,977 28.8% Gross margin 15.8% 13.7% 2.1 p.p 11.6% 4.2 p.p 14.8% 11.4% 3.4 p.p BRAZIL NORTH AMERICA SOUTH AMERICA
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Quarterly Results 2Q26 | Gerdau S.A. 11 SELLING, GENERAL & ADMINISTRATIVE EXPENSES Selling, general & administrative expenses (SG&A) totaled R$517 million in 2Q26, 0.9% and 7.1% lower than in 1Q26 and 2Q25, respectively, reflecting ongoing efforts of expenses control and discipline, also the impact of the U.S. dollar depreciation against the Brazilian real on overseas operations. As a percentage of Net sales, SG&A decreased 0.2 p.p. versus 1Q26 and 0.3 p.p. versus 2Q25, ending the quarter at 2.9% in the Net sales ratio. ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN 1 – Non-accounting measurement calculated in accordance with CVM Resolution No. 156 of June 23, 2022. 2 – Non-accounting measurement reconciled with information stated in the Company’s Financial Statements, as set forth by CVM Resolution No. 156 of June 23, 2022. (a) Amounts composed of the lines “Proportional operating income before financial result and taxes of associated companies and jointly controlled entities” and “Proportional depreciation and amortization of associated companies and jointly controlled entities" in Note 22 to the Company’s Financial Statements. Gerdau ended 2Q26 with an Adjusted EBITDA of R$3.4 billion and an Adjusted EBITDA Margin of 19.2%. Quarter-over-quarter, Adjusted EBITDA went up 15.9%, mainly reflecting a strong performance in North America, volumes recovery and improved sales mix in Bra zil. Year-over-year, Adjusted EBITDA came 33.9% higher, driven by the relevant growth in North America’s EBITDA, which more than offset the decline in Brazil’s EBITDA. In 6M26, incremental EBITDA totaled roughly R$1.4 billion year -over-year, fueled by the more favorable demand environment in North America and productivity gains across all reportable segments. CONSOLIDATED 2Q26 1Q26 ∆ 2Q25 ∆ 6M26 6M25 ∆ Results (R$ million) SG&A (517) (522) -0.9% (557) -7.1% (1,039) (1,100) -5.5% Selling expenses (189) (186) 2.0% (205) -7.9% (375) (399) -6.2% General and admininstrative expenses (328) (336) -2.5% (352) -6.7% (664) (700) -5.2% %SG&A/Net Sales 2.9% 3.1% -0.2 p.p 3.2% -0.3 p.p 3.0% 3.2% -0.1 p.p BREAKDOWN OF CONSOLIDATED EBITDA - (R$ million) 2Q26 1Q26 ∆ 2Q25 ∆ 6M26 6M25 ∆ Net income 1,466 1,013 44.7% 864 69.7% 2,479 1,622 52.8% Net financial result 308 321 -4.1% 335 -8.2% 629 643 -2.3% Provision for income and social contribution taxes 559 500 11.8% 286 95.5% 1,059 606 74.8% Depreciation and amortization 921 902 2.0% 937 -1.7% 1,823 1,810 0.7% EBITDA - CVM Instruction¹ 3,254 2,736 18.9% 2,422 34.3% 5,990 4,682 27.9% Equity in earnings of unconsolidated companies (55) (82) -32.9% (26) 108.0% (137) (36) 283.6% Proportional EBITDA of associated companies and jointly controlled entities (a) 214 276 -22.5% 163 31.3% 490 310 57.9% Losses due to non-recoverability of financial assets 17 28 -39.3% 3 546.0% 45 7 584.0% Adjusted EBITDA² 3,430 2,958 15.9% 2,561 33.9% 6,388 4,963 28.7% Adjusted EBITDA margin 19.2% 17.7% 1.5 p.p 14.6% 4.6 p.p 18.5% 14.2% 4.2 p.p CONCILIATION OF CONSOLIDATED EBITDA - (R$ million) 2Q26 1Q26 ∆ 2Q25 ∆ 6M26 6M25 ∆ EBITDA - CVM Instruction¹ 3,254 2,736 18.9% 2,422 34.3% 5,990 4,682 27.9% Depreciation and amortization (921) (902) 2.0% (937) -1.7% (1,823) (1,810) 0.7% OPERATING INCOME BEFORE FINANCIAL RESULT AND TAXES 2,332 1,834 27.2% 1,485 57.1% 4,167 2,871 45.1%
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Quarterly Results 2Q26 | Gerdau S.A. 12 QUARTERLY CHANGE IN ADJUSTED EBITDA (R$ MILLION) ADJUSTED EBITDA (R$ MILLION) AND ADJUSTED EBITDA MARGIN (%) FINANCIAL RESULT CONSOLIDATED (R$ million) 2Q26 1Q26 ∆ 2Q25 ∆ 6M26 6M25 ∆ Financial result (308) (321) -4.1% (335) -8.2% (629) (643) -2.3% Financial income 112 126 -10.8% 141 -20.3% 238 295 -19.2% Financial expenses (453) (443) 2.2% (457) -0.9% (896) (894) 0.2% Exchange variation 86 81 6.4% 88 -2.1% 167 164 1.9% Inflation adjustments in Argentina (55) (66) -16.1% (60) -7.7% (121) (129) -5.9% Financial expenses from Bonds buybacks - - - (40) - - (40) - Gains on financial instruments, net 2 (19) - (7) - (17) (39) -56.4% The Financial result was negative R$308 million in 2Q26, down 4.1% from 1Q26, due to the lesser effect of inflation adjustments in Argentina. Year -over-year, the Financial result came 8.2% lower than in the previous period, when it was primarily impacted by expenses related to the Bonds buyback.
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Quarterly Results 2Q26 | Gerdau S.A. 13 ADJUSTED NET INCOME 1– Accounting measurement disclosed in the Company’s Income Statement. 2 - Non-accounting measurement calculated by the Company to state the Net income adjusted for non-recurring items that influenced results, if applicable. 3 - Measurement calculated based on Net income of Gerdau S.A. Adjusted Net income totaled R$1.5 billion, up 44.7% and 69.7% from 1Q26 and 2Q25, respectively. Both variations are explained by the dynamics of the Company’s operating and financial results, as detailed in the explanations of Adjusted EBITDA and Financial result. ADJUSTED NET INCOME (R$ MILLION) AND ADJUSTED NET MARGIN (%) CONSOLIDATED (R$ million)(R$ milhões) 2Q26 1Q26 ∆ 2Q25 ∆ 6M26 6M25 ∆ Operating Income before Financial Result and Taxes¹ 2,332 1,834 27.2% 1,485 57.1% 4,166 2,871 45.1% Financial result (308) (321) -4.1% (335) -8.2% (629) (643) -2.3% Income before taxes¹ 2,025 1,513 33.8% 1,150 76.1% 3,538 2,228 58.8% Income and social contribution taxes (559) (500) 11.8% (286) 95.5% (1,059) (606) 74.8% Net income¹ 1,466 1,013 44.7% 864 69.7% 2,479 1,622 52.8% Earnings per share (R$) ³ 0.74 0.51 44.4% 0.43 71.3% 1.25 0.79 58.2%
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Quarterly Results 2Q26 | Gerdau S.A. 14 The Net debt/Adjusted EBITDA ratio ended the quarter at 0.69x, a healthy leverage level and below the debt policy, reiterating the Company's capacity to execute its investments commitments necessary for its business’ developments. CAPITAL STRUCTURE AND INDEBTEDNESS DEBT BREAKDOWN (R$ million) 2Q26 1Q26 ∆ 2Q25 ∆ Short term 630 910 -30.8% 2,553 -75.3% Long term 12,928 12,925 0.0% 15,537 -16.8% Gross debt 13,558 13,834 -2.0% 18,090 -25.1% Gross debt / Total capitalization¹ 20.2% 20.8% -0.7 p.p 24.8% -4.6 p.p Cash, cash equivalents and short-term investments 5,440 5,590 -2.7% 8,974 -39.4% Net debt 8,118 8,245 -1.5% 9,116 -11.0% Net debt ² (R$) / Adjusted EBITDA ³ (R$) 0.69x 0.74x -0.05x 0.85x -0.16x 1- Total capitalization = Shareholders’ equity + Gross debt – Interest on debt. 2- Net debt = Gross debt – Interest on debt – Cash, cash equivalents, and financial investments. 3- Adjusted EBITDA in the last 12 months. On June 30, 2026, Gross debt totaled R$13.6 billion, 2.0% lower than in 1Q26, reflecting the interest payment on loans, and the U.S. dollar depreciation against the Brazilian real (-0.8%). Year-over-year, Gross debt was 25.1% lower due to loan settlements and the impact of the U.S. dollar depreciation against the Brazilian real (-5.1%). In terms of cash position, we ended the quarter with R$5.4 billion in available cash, resulting in a Net debt of R$8.1 billion for the period and a Net debt/EBITDA ratio of 0.69x, a lower level versus 1Q26 and 2Q25, mainly reflecting the Adjusted EBITDA growth during the comparable periods. At quarter-end, the Gross debt exposure by currency was nearly 53% denominated in U.S. dollars, 46% in Brazilian reais and 1% in other currencies. In relation to the average payment term, we ended at 7.6 years, and the weighted average nominal cost was 6.13% per annum for U.S. dollar-denominated debts and CDI –0.15% for Brazilian reais- denominated debts. On June 30, 2026, the Company’s Global Revolving Credit Facility (RCF) totaling US$875 million (equivalent to R$4.5 billion), was fully available. DEBT (R$ BILLION) & LEVERAGE RATIO LIQUIDITY POSITION AND DEBT AMORTIZATION (R$ BILLION)
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Quarterly Results 2Q26 | Gerdau S.A. 15 INVESTMENTS (CAPEX) CAPEX totaled R$1.0 billion in 2Q26, and in 6M26 reached 45% of the total planned for the year. Of the amount invested i n the quarter, 44% was allocated to Maintenance and 56% to Competitiveness, in line with the Company’s strategy to boost efficiency and reduce its operating costs. In 2Q26, 80% of the CAPEX were allocated to operations in Brazil. We continue to make progress toward completing the integrated testing phase of the Miguel Burnier sustainable mining platform, which is scheduled to begin operations in the third quarter of 2026. In addition, we have advanced the scrap processing project in Pindamonhangaba, reaching 90% of physical progres s at the quarter-end and remaining on track to begin operations in the third quarter of 2026. In North America, the investment to expand capacity at the Midlothian (TX) unit continues to evolve, with 80% of physical progress and remains on track to begin operations in the second half of 2026. Phase 1 of expansion project will add 150 thousand tonnes of crude steel per year to our largest North American asset, while also improving productivity and operational efficiency. As the investment will require a relatively short maintenance shutdown—of less than two months—limited to the melt shop area, the Company does not expect any material impact on shipment volumes, supported by the use of semi-finished product inventories built up over recent quarters. TOTAL CAPEX (R$ MILLION) WORKING CAPITAL & CASH CONVERSION CYCLE Working capital ended 2Q26 totaling R$15.9 billion, 5.4% and 9,5% higher than in 1Q26 and 4Q25, respectively. These changes are in line with the Net sales growth , shipment volumes, and steel production during the comparable periods, reflecting increased Accounts receivable and Inventory. The financial cycle ( Working capital divided by Net sales in the quarter) decreased 1 day vs. 1Q26 and increased 3 days vs. 4Q25. Detailed information on Working capital accounts is presented in Notes 5, 6 and 11 to the Financial Statements.
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Quarterly Results 2Q26 | Gerdau S.A. 16 FREE CASH FLOW CONSOLIDATED (R$ million) 2Q26 1Q26 ∆ 2Q25 ∆ 6M26 6M25 ∆ Adjusted EBITDA 3,430 2,958 471 2,561 868 6,388 4,963 1,425 Working capital¹ (933) (980) 47 (286) (647) (1,913) (1,053) (860) Income tax² (657) (93) (564) (458) (199) (750) (774) 24 CAPEX³ (1,064) (1,168) 104 (1,659) 595 (2,232) (3,498) 1,266 Interest4 (630) (71) (559) (499) (131) (701) (614) (87) Proportional EBITDA of JVs5 56 (258) 314 (156) 212 (202) (284) 82 Intangibles and leasing6 (171) (149) (22) (159) (12) (320) (309) (11) Others7 206 (223) 429 (117) 323 (17) (455) 438 Free cash flow 237 16 221 (772) 1,009 253 (2,025) 2,278 1- Includes the cash effect of customers, inventories, and suppliers accounts. 2- Includes the cash effect of income tax on the Company’s several subsidiaries, as well as the portion accrued in previous periods and due in the current period. 3- Includes the addition of R$1.0 billion in CAPEX investments in 2Q26, adjusted for the cash effect of the change in accounts payable to property, plant, and equipment suppliers related to acquisitions from previous periods, paid in the current period. 4- Includes the payment of interest on loans and financing and interest on lease. 5- Proportional EBITDA of associated companies and joint controlled entities (joint ventures), net of dividends received from these JVs. 6- Disbursements for other intangible assets and lease payments. 7- Other changes include the Other Assets and Liabilities accounts. RECONCILIATION OF ADJUSTED EBITDA TO FREE CASH FLOW (R$ MILLION) Free cash flow was positive R$237 million in 2Q26, R$220 million higher than in 1Q26, primarily driven by Adjusted EBITDA growth and the effect of the joint ventures’ pro rata EBITDA, partially offset by interest payments on loans, as set forth in the debt amortization schedule. Year -over-year, Fr ee cash flow increased R$1.0 billion, mainly reflecting Adjusted EBITDA growth and lower disbursements of CAPEX, partially offset by higher working capital consumption. RECONCILIATION OF FREE CASH FLOW WITH THE CASH FLOW STATEMENT 1 – Non-accounting measurement calculated by the Company to state Free cash flow. 2 – Accounting measurement disclosed in the Company’s Cash flow statement. CONSOLIDATED (R$ million) 2Q26 1Q26 ∆ 2Q25 ∆ 6M26 6M25 ∆ Free cash flow¹ 237 16 221 (772) 1,009 253 (2,025) 2,278 (+) Purchases of property, plant and equipment 1,064 1,168 (104) 1,659 (595) 2,232 3,498 (1,266) (+) Additions in other intangibles 38 37 1 41 (3) 75 74 1 (+) Leasing payment 133 111 22 118 15 245 235 10 (-) Short-term investments (94) (3) (91) (352) 259 (97) (490) 393 (+) Proceeds from maturities and sales of short-term investments 156 179 (23) 321 (164) 336 622 (286) Net cash provided by operating activities² 1,535 1,509 26 1,014 521 3,044 1,915 1,129
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Quarterly Results 2Q26 | Gerdau S.A. 17 NET CASH VARIATION (R$ MILLION) We ended 2Q26 with a cash balance of R$5.4 billion, a reduction of R$150 million versus 1Q26, mainly driven by the dividend payments and the share buyback program. This result was partially offset by positive Free cash flow, evidencing the Company’s operations s trength and capital management efficiency. RETURN TO SHAREHOLDERS DIVIDENDS On August 4, 2026, the Board of Directors of Gerdau S.A. approved the distribution of dividends in the amount of R$0.23 per s hare, equivalent to R$451.3 million. The payment will be made on September 11, 2026, based on shareholders of record on August 19, 2026, with ex-dividend date on August 20, 2026. The Company maintains its policy of distributing the minimum amount of 30% of parent company Gerdau S.A.’s corporate annual Net income after recording the reserves provided for in its Bylaws. SHARE BUYBACK PROGRAM As released in the M aterial Fact of February 23, 2026, the Board of Directors approved a new share buyback program (“2026 Buyback Program”) issued by Gerdau S.A., with an amount of up to 55,000,000 preferred shares to be repurchased, representing approximately 4.4% of outstanding preferred shares (GGBR4) and/or ADRs backed by outstanding preferred shares (GGB) and up to 1,441,120 common shares, representing approximately 10% of outstanding common shares (GGBR3). As of June 30, 2026, the Company had repurchased 353,000 common shares and 16,013,200 preferred shares under the 2026 Buyback Program, totaling R$311.3 million. In addition, during July 1F 2, 35,100 common shares and 1,020,900 preferred shares were repurchased, equivalent to R$22.5 million. As a result, Gerdau S.A. has reached approximately 31% of the 2026 Buyback Program, nearly 17.4 million shares (including GGBR3 and GGBR4), totaling an in vestment of R$334.0 million in referred program. Management points out that the current share buyback plan remains in effect. In addition, on August 4, 2026, the Board of Directors approved the cancellation of 163,100 common shares and 6,975,000 prefe rred shares issued by the Company. After the cancellation of shares, the Company’s share capital will consist of 716,975,719 common shares and 1,261,042,330 preferred shares, with no par value. Maintaining the consistency of returns to shareholders through the payment of dividends in line with the policy and the solid execution of the share buyback program, the Company distributed R$555.9 million in 2Q26, or a payout of 40.3%. 2 Considers buybacks made through July 17, 2026.
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Quarterly Results 2Q26 | Gerdau S.A. 18 RETURN TO SHAREHOLDERS 1 – Dividends consider the amounts resolved to be paid on September 11, 2026, and buyback considers operations carried until June 30, 2026. 2 – Measurement calculated considering payout and shares repurchased divided by the parent company’s Net income after recording the reserves provided for in its Bylaws. CAPITAL MARKETS On June 30, 2026, Gerdau S.A. shares were priced at R$20.78/share (GGBR4), R$17.84/share (GGBR3) and US$4.04/share (GGB). The Company voluntarily complies with the standards of the Level 1 Corporate Governance listing segment of B3 S.A., the Brazilian stock exchange, where its shares are traded, with high standards in information disclosure, transparency, and corporate governance. In the U.S. market, Gerdau S.A. shares have been traded in the New York Stock Exchange since 1999 through the issuance of Level II A DRs, which requires compliance with all the registrations set forth in the Securities Act, of 1933, and information di sclosure requirements in the Securities Exchange Act, of 1934. SHARE PERFORMANCE VS. IBOVESPA (BASE 100) Source: Bloomberg
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Quarterly Results 2Q26 | Gerdau S.A. 19 GGBR4 LIQUIDITY GGB LIQUIDITY Source: Bloomberg On June 30, 2026, the Company’s share capital comprised 717,138,819 common shares and 1,268,017,330 preferred shares, of whic h 128,000 common shares and 21,847,510 preferred shares were held in treasury. On the same date, Gerdau S.A.’s market cap 4F2F 3 totaled approximately R$40.8 billion. In 2Q26, the free float of common and preferred shares accounted for nearly 63.5% of total shares, reaching 1,259,790,542 shares. FREE FLOAT DISTRIBUTION (GGBR4): B3 + NYSE REFERENCE DATE 06/30/2026 OWNERSHIP STRUCTURE (GGBR3 + GGBR4) REFERENCE DATE 06/30/2026 RATINGS Credit Rating Agencies Reports 3 The market cap considers only outstanding shares, not including shares held in treasury. AGENCY NATIONAL SCALE GLOBAL SCALE OUTLOOK LAST UPDATE Standard & Poors brAAA BBB Stable May, 2026 Fitch Ratings brAAA BBB Positive July, 2026 Moody’s - Baa2 Stable March, 2026
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Quarterly Results 2Q26 | Gerdau S.A. 20 APPENDICES ASSETS GERDAU S.A. CONSOLIDATED BALANCE SHEETS In thousands of Brazilian reais (R$) 06/30/2026 12/31/2025 CURRENT ASSETS Cash and cash equivalents 5,155,232 5,929,170 Short-term investments 285,262 445,627 Trade accounts receivable - net 5,999,384 4,810,640 Inventories 16,099,611 14,731,081 Tax credits 976,030 1,282,249 Income and social contribution taxes recoverable 292,107 685,811 Dividends receivable 4,875 4,981 Fair value of derivatives 20,965 36,623 Other current assets 605,183 678,899 29,438,649 28,605,081 NON-CURRENT ASSETS Tax credits 1,464,650 1,429,324 Deferred income taxes 2,590,506 2,561,980 Judicial deposits 170,028 150,893 Other non-current assets 346,099 387,708 Prepaid pension cost 9,328 9,328 Investments in associates and joint ventures 3,700,806 3,944,474 Goodwill 11,279,805 11,995,727 Right of use 1,485,416 1,271,462 Other Intangibles 689,658 691,365 Property, plant and equipment, net 30,797,768 30,640,833 52,534,064 53,083,094 TOTAL ASSETS 81,972,713 81,688,175
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Quarterly Results 2Q26 | Gerdau S.A. 21 LIABILITIES GERDAU S.A. CONSOLIDATED BALANCE SHEETS In thousands of Brazilian reais (R$) 06/30/2026 12/31/2025 CURRENT LIABILITIES Trade accounts payable - domestic market 4,371,025 3,641,918 Trade accounts payable - debtor risk 427,181 381,415 Trade accounts payable - imports 1,383,765 986,338 Short-term debt 587,576 897,295 Debentures 42,174 44,609 Taxes payable 389,171 400,293 Income and social contribution taxes payable 104,032 289,862 Payroll and related liabilities 840,963 915,508 Leasing payable 478,164 386,472 Employee benefits 679 594 Environmental liabilities 234,572 382,800 Fair value of derivatives 967 3,306 Other current liabilities 1,397,422 1,557,010 10,257,691 9,887,420 NON-CURRENT LIABILITIES Long-term debt 8,564,420 8,877,457 Debentures 4,363,919 4,362,790 Deferred income taxes 399,746 353,828 Provision for tax, civil and labor liabilities 2,383,460 2,292,412 Environmental liabilities 326,507 237,865 Employee benefits 355,120 404,085 Leasing payable 1,134,181 1,002,689 Other non-current liabilities 452,921 471,140 17,980,274 18,002,266 EQUITY Capital 24,273,225 24,273,225 Capital reserves 11,597 11,597 Treasury stocks (514,193) (520,067) Retained earnings 22,587,280 23,054,501 Transactions with non-controlling interests without change of control (2,904,670) (2,904,670) Other reserves 10,091,315 9,670,807 EQUITY ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE PARENT 53,544,554 53,585,393 NON-CONTROLLING INTERESTS 190,194 213,096 EQUITY 53,734,748 53,798,489 TOTAL LIABILITIES AND EQUITY 81,972,713 81,688,175
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Quarterly Results 2Q26 | Gerdau S.A. 22 INCOME STATEMENT GERDAU S.A. CONSOLIDATED STATEMENTS OF INCOME In thousands of Brazilian reais (R$) For the three-month period ended For the six-month period ended 06/30/2026 06/30/2025 06/30/2026 06/30/2025 NET SALES 17,870,632 17,525,750 34,586,293 34,901,086 Cost of sales (15,041,444) (15,495,203) (29,463,238) (30,923,986) GROSS PROFIT 2,829,188 2,030,547 5,123,055 3,977,100 Selling expenses (189,195) (205,407) (374,758) (399,319) General and administrative expenses (328,059) (351,505) (664,371) (700,463) Other operating income 30,774 77,346 87,512 101,721 Other operating expenses (47,661) (89,456) (96,086) (136,930) Impairment of financial assets (17,318) (2,631) (45,731) (6,579) Equity in earnings of unconsolidated companies 54,632 26,443 136,695 35,713 INCOME BEFORE FINANCIAL INCOME (EXPENSES) AND TAXES 2,332,361 1,485,337 4,166,316 2,871,243 Financial income 112,333 140,766 238,214 294,848 Financial expenses (452,705) (456,639) (895,496) (893,288) Buyback of bonds - (39,646) - (39,646) Exchange variations, net 30,779 28,074 46,167 34,315 Income and social contribution taxes 1,854 (7,294) (17,121) (38,856) INCOME BEFORE TAXES 2,024,622 1,150,598 3,538,080 2,228,616 Current (559,231) (348,373) (1,023,997) (623,193) Deferred 655 62,272 (34,682) 16,878 Income and social contribution taxes (558,576) (286,101) (1,058,679) (606,315) NET INCOME 1,466,046 864,497 2,479,401 1,622,301
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Quarterly Results 2Q26 | Gerdau S.A. 23 CASH FLOW GERDAU S.A. CONSOLIDATED STATEMENTS OF CASH FLOW In thousands of Brazilian reais (R$) For the three-month period ended For the six-month period ended 06/30/2026 06/30/2025 06/30/2026 06/30/2025 Cash flows from operating activities Net income for the period 1,466,046 864,497 2,479,401 1,622,301 Adjustments to reconcile net income for the period to net cash provided by operating activities: Depreciation and amortization 920,775 936,543 1,823,169 1,810,379 Equity in earnings of unconsolidated companies (54,632) (26,443) (136,695) (35,713) Exchange variation, net (30,779) (28,074) (46,167) (34,315) (Gains) Losses on derivative financial instruments, net (1,854) 7,294 17,121 38,856 Post-employment benefits 63,321 67,717 138,675 145,762 Long-term incentive plans 35,418 41,330 75,023 82,232 Income tax 558,576 286,101 1,058,679 606,315 Losses on disposal of property, plant and equipment 8,702 11,669 13,918 20,260 Impairment of financial assets 17,318 2,631 45,731 6,579 Provision (Reversal) of tax, civil, labor and environmental liabilities, net 40,907 (54,987) 91,299 (27,370) Interest income on short-term investments (31,832) (30,702) (76,964) (72,693) Interest expense on debt and debentures 269,107 314,435 551,371 573,375 Interest expense on lease liabilities 39,703 33,226 71,368 66,391 Reversal of net realizable value adjustment in inventory, net (8,398) (9,981) (33,655) (7,454) 3,292,378 2,415,256 6,072,274 4,794,905 Changes in assets and liabilities (Increase) Decrease in trade accounts receivable (31,944) 256,365 (1,273,725) (938,903) (Increase) Decrease in inventories (995,524) 170,341 (1,870,511) (333,718) Increase (Decrease) in trade accounts payable 94,886 (712,356) 1,231,795 219,511 Increase in other receivables (13,427) (5,353) (18,467) (10,538) Increase (Decrease) in other payables 143,472 (128,890) (173,709) (587,477) Dividends from associates and joint ventures 269,612 7,486 287,866 27,103 Purchases of short-term investments (93,680) (352,381) (96,773) (489,680) Proceeds from maturities and sales of short-term investments 156,369 320,664 335,866 622,257 Cash provided by operating activities 2,822,142 1,971,132 4,494,616 3,303,460 Interest paid on loans and financing (590,646) (465,351) (629,614) (547,286) Interest paid on lease liabilities (39,703) (33,226) (71,368) (66,391) Income and social contribution taxes paid (656,777) (458,083) (749,311) (774,451) Net cash provided by operating activities 1,535,016 1,014,472 3,044,323 1,915,332 Cash flows from investing activities Purchases of property, plant and equipment (1,064,263) (1,659,430) (2,232,238) (3,498,150) Proceeds from sales of property, plant and equipment, investments and other intangibles 5,223 16,287 9,538 30,066 Additions in other intangibles (38,275) (41,000) (75,450) (74,388) Payment for acquisition of company control - (240,093) - (673,272) Capital increase in joint ventures - - (89) (88,800) Net cash used in investing activities (1,097,315) (1,924,236) (2,298,239) (4,304,544) Cash flows from financing activities Purchases of treasury stocks (104,882) (491,612) (311,273) (772,504) Dividends and interest on capital paid (363,012) (260,767) (550,053) (463,399) Proceeds from loans and financing 226,763 6,894,932 308,206 8,144,166 Repayment of loans and financing (164,726) (2,852,773) (464,726) (2,907,289) Leasing payment (133,153) (118,125) (244,545) (234,908) Net cash (used) provided in financing activities (539,010) 3,171,655 (1,262,391) 3,766,066 Exchange variation on cash and cash equivalents (19,344) (240,502) (257,631) (643,734) (Decrease) Increase in cash and cash equivalents (120,653) 2,021,389 (773,938) 733,120 Cash and cash equivalents at beginning of period 5,275,885 6,479,544 5,929,170 7,767,813 Cash and cash equivalents at end of period 5,155,232 8,500,933 5,155,232 8,500,933
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Quarterly Results 2Q26 | Gerdau S.A. 24 RESULTS BY BUSINESS SEGMENT GERDAU S.A. INFORMATION BY BUSINESS SEGMENT In thousands of Brazilian reais (R$) Brazil North America South America Eliminations Consolidated 2Q26 RESULTS Shipments (tonnes) 1,351,937 1,346,828 282,010 (72,866) 2,907,909 Net revenues 6,685,729 10,126,084 1,279,042 (220,223) 17,870,632 Cost of goods sold (6,356,498) (7,797,952) (1,107,970) 220,976 (15,041,444) Gross Profit 329,231 2,328,132 171,072 753 2,829,188 Gross Margin 4.9% 23.0% 13.4% - 15.8% SG&A (221,426) (181,357) (42,610) (71,861) (517,254) Other operating (expenses) revenue (24,758) 14,719 1,925 (8,773) (16,887) Depreciation and amortization 573,601 272,643 74,531 - 920,775 Proportional EBITDA from operations with jointly controlled entities 48,323 165,700 - - 214,023 Adjusted EBITDA 704,971 2,599,837 204,918 (79,881) 3,429,845 Adjusted EBITDA Margin 10.5% 25.7% 16.0% - 19.2% EBITDA/tonelada - R$/ton 521 1,930 727 - 1,179 Brazil North America South America Eliminations Consolidated 1Q26 RESULTS Shipments (tonnes) 1,324,392 1,276,212 305,723 (95,355) 2,810,972 Net revenues 6,271,107 9,349,474 1,396,003 (300,923) 16,715,661 Cost of goods sold (6,053,064) (7,429,536) (1,241,250) 302,056 (14,421,794) Gross Profit 218,043 1,919,938 154,753 1,133 2,293,867 Gross Margin 3.5% 20.5% 11.1% - 13.7% SG&A (222,473) (187,875) (42,452) (69,075) (521,875) Other operating (expenses) revenue (16,253) 11,242 2,810 10,514 8,313 Depreciation and amortization 550,303 281,608 70,483 - 902,394 Proportional EBITDA from operations with jointly controlled entities 48,106 227,233 - - 275,339 Adjusted EBITDA 577,726 2,252,146 185,594 (57,428) 2,958,038 Adjusted EBITDA Margin 9.2% 24.1% 13.3% - 17.7% EBITDA/tonne - R$/ton 436 1,765 607 - 1,052 Brazil North America South America Eliminations Consolidated 2Q25 RESULTS Shipments (tonnes) 1,356,471 1,255,518 288,432 (77,198) 2,823,223 Net revenues 7,316,603 9,139,026 1,331,189 (261,068) 17,525,750 Cost of goods sold (6,794,331) (7,744,464) (1,219,042) 262,634 (15,495,203) Gross Profit 522,272 1,394,562 112,147 1,566 2,030,547 Gross Margin 7.1% 15.3% 8.4% - 11.6% SG&A (255,018) (203,979) (42,003) (55,912) (556,912) Other operating (expenses) revenue (2,344) 31,325 782 (41,873) (12,110) Depreciation and amortization 545,917 316,785 78,192 (4,351) 936,543 Proportional EBITDA from operations with jointly controlled entities 66,424 96,603 - - 163,027 Adjusted EBITDA 877,251 1,635,296 149,118 (100,570) 2,561,095 Adjusted EBITDA Margin 12.0% 17.9% 11.2% - 14.6% EBITDA/tonne - R$/ton 647 1,302 517 - 907
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Quarterly Results 2Q26 | Gerdau S.A. 25 Brazil North America South America Eliminations Consolidated RESULTS 6M26 Shipments (tonnes) 2,676,329 2,623,041 587,732 (168,221) 5,718,881 Net revenues 12,956,836 19,475,558 2,675,045 (521,146) 34,586,293 Cost of goods sold (12,409,562) (15,227,488) (2,349,220) 523,032 (29,463,238) Gross Profit 547,274 4,248,070 325,825 1,886 5,123,055 Gross Margin 4.2% 21.8% 12.2% - 14.8% SG&A (443,899) (369,232) (85,062) (140,936) (1,039,129) Other operating (expenses) revenue (41,011) 25,961 4,735 1,741 (8,574) Depreciation and amortization 1,123,904 554,251 145,014 - 1,823,169 Proportional EBITDA from operations with jointly controlled entities 96,429 392,933 - - 489,362 Adjusted EBITDA 1,282,697 4,851,983 390,512 (137,309) 6,387,883 Adjusted EBITDA Margin 9.9% 24.9% 14.6% - 18.5% EBITDA/tonne - R$/ton 479 1,850 664 - 1,117 Brazil North America South America Eliminations Consolidated RESULTS 6M25 Shipments (tonnes) 2,787,585 2,484,550 525,328 (115,771) 5,681,692 Net revenues 14,810,821 17,907,219 2,696,697 (513,651) 34,901,086 Cost of goods sold (13,493,414) (15,517,701) (2,424,828) 511,957 (30,923,986) Gross Profit 1,317,407 2,389,518 271,869 (1,694) 3,977,100 Gross Margin 8.9% 13.3% 10.1% - 11.4% SG&A (480,806) (416,907) (87,359) (114,710) (1,099,782) Other operating (expenses) revenue (7,276) 31,263 5,230 (64,426) (35,209) Depreciation and amortization 1,035,283 627,240 147,856 - 1,810,379 Proportional EBITDA from operations with jointly controlled entities 108,625 201,902 - - 310,527 Adjusted EBITDA 1,973,233 2,833,016 337,596 (180,830) 4,963,015 Adjusted EBITDA Margin 13.3% 15.8% 12.5% - 14.2% EBITDA/tonne - R$/ton 708 1,140 643 - 874
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Quarterly Results 2Q26 | Gerdau S.A. 26 WHO WE ARE LARGEST BRAZILIAN STEEL PRODUCER With 125 years of history, Gerdau is Brazil’s largest producer of steel, and a leading supplier of long and special steel glo bally. In Brazil, Gerdau also produces flat steel and iron ore. Dedicated to empowering individuals who shape the future, the Company is a benchmark for internationalization in the Brazilia n industrial sector. It is present in several countries in the Americas and relies on 30,000 employees across all its operations. Gerdau has 29 steel production units, including 13 industrial units in North America. Recognized as the largest recycler in Latin America, Gerdau utilizes scrap as a significant raw material, with nearly 70% of its steel production derived from scrap. Annually, it transforms 10 million tonnes of scrap into a diverse range of steel products. As a result of its sustainable production matrix, Gerdau currently has one of the lowest average greenhouse gas (CO ₂e) emissions, accounting for half the global average for the sector. Gerdau shares are listed on the São Paulo (B3) and New York (NYSE) stock exchanges (NYSE). For more information, visit the Investor Relations website: https://ri.gerdau.com/
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Rafael Japur Vice President and Investor Relations Officer Mariana Velho Dutra IR Manager Ariana Pereira Renata Albuquerque Arthur Alves Trovo Adriana Costa Adriana Costa Follow Gerdau on Social Media IR CONTACTS Investor Relations website: http://ri.gerdau.com/ IR e-mail: inform@gerdau.com Press e-mail: atendimentogerdau.br@bcw-global.com