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Gerdau's revenue exceeded estimates, but net income disappointed for the 3rd consecutive quarter. Resilient EBITDA margin (13.8%), but Chinese competition puts pressure on operations in Brazil. High CapEx reduced FCF, while debt and leverage increased slightly. Attractive valuation (EV/EBITDA of 3.57x), but without clear triggers for appreciation.

Gerdau S.A. (NYSE:GGB ) Q1 2025 Earnings Conference Call April 29, 2025 11:00 AM ET Company Participants Mariana Dutra - Head of IR Gustavo Werneck - CEO Rafael Japur - CFO Conference Call Participants Caio Ribeiro - Bank of America Daniel Sasson - Itau BBA Carlos de Alba - Morgan Stanley Caio Greiner - UBS Rafael Barcellos - Bradesco BBI Lucas Laghi - XP Yuri Pereira - Santander Ricardo Monegaglia - Safra Igor Guedes - Genial Mariana Dutra Good morning and welcome to Gerdau's first quarter 2025 results presentation.

SÃO PAULO, April 28, 2025 /PRNewswire/ -- 1Q25 Highlights Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of R$2.4 billion in the first quarter, in line with 4Q24. The performance of the period was influenced by better results from the North America operations, which offset the weaker performance in Brazil.

SÃO PAULO, March 14, 2025 /PRNewswire/ -- GERDAU S.A. hereby announces that the Form 20-F for the fiscal year ended December 31, 2024, has been filed with the U.S. Securities and Exchange Commission (SEC) at http://sec.gov and the Brazilian Securities and Exchange Commission (CVM) at http://cvm.gov.br.

Gerdau S.A. (NYSE:GGB ) Q4 2024 Earnings Conference Call February 20, 2025 10:00 AM ET Company Participants Mariana Dutra - Head, IR Gustavo Werneck - CEO Rafael Japur - CFO Conference Call Participants Marcio Farid - Goldman Sachs Rafael Barcellos - Bradesco BBI Daniel Sasson - Itau BBA Leonardo Correa - BTG Pactual Ricardo Monegaglia - Safra Bank Yuri Pereira - Santander Eugenia Cavalheiro - Morgan Stanley Mariana Dutra Good morning, everyone, and welcome to our Earnings Release for the Fourth Quarter 2024 of Gerdau.

SÃO PAULO, Feb. 19, 2025 /PRNewswire/ -- 4Q24 Highlights Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of R$ 2.4 billion in the fourth quarter, up 17.2% from 4Q23. Investments (CAPEX) amounted to R$2.4 billion in 4Q24, totaling R$6.2 billion for 2024.

Gerdau S.A. is rated as a Hold due to mixed market conditions and competitive pressures from imported steel products. GGB's financial outlook is stable but not exceptional, with profitability sensitive to scrap metal prices and cyclical industry factors. GGB's valuation does not present a compelling Buy case, with current market prices offering an insufficient margin of safety.

Gerdau S.A. is significantly undervalued, benefiting from the automotive industry growth, electric vehicle development, and electrical transmission renovation globally. The company has a strong financial position, with increasing tangible book value per share, positive net income, and long-term free cash flow growth. GGB's strategic asset sales and resource reallocation enhance its financials, while currency advantages from the Brazilian real's decline further improve profitability.

Gerdau S.A. (NYSE:GGB ) Q2 2024 Earnings Conference Call August 1, 2024 11:00 AM ET Company Participants Mariana Velho Dutra - Head, IR Gustavo Werneck - CEO Rafael Japur - CFO Conference Call Participants Daniel Sasson - Itau BBA Marcio Farid - Goldman Sachs Leonardo Correa - BTG Pactual Rafael Barcellos - Bradesco BBI Rodolfo De Angele - JPMorgan Carlos de Alba - Morgan Stanley Caio Ribeiro - Bank of America Ricardo Monegaglia - Safra Bank Lucas Laghi - XP Yuri Pereira - Santander Igor Guedes - Genial Mariana Velho Dutra Good morning, everyone, and welcome to Gerdau's Video Conference Call for the Second Quarter of ‘24.

SÃO PAULO, July 31, 2024 /PRNewswire/ -- 2Q24 Highlights Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of R$ 2.6 billion in the second quarter, down 6.7% compared to 1Q24. Investments (CAPEX) totaled R$ 1.4 billion in 2Q24, of which R$ 704 million was allocated to Maintenance and R$ 716 million was directed to the Competitiveness of the Business Divisions.