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Gerdau
Gerdau (GGBR4) investor relations material
Gerdau Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
North America delivered strong results in 2025, with EBITDA up 18.5% year-over-year, driven by resilient demand in key sectors and record shipments, while Brazil faced profitability challenges due to a surge in steel imports despite new trade defense measures.
Steel shipments reached 11.6 Mt in 2025, a 5.9% increase year-over-year, with positive performance across all regions.
The Miguel Burnier mining project achieved 91% physical progress and is set to reduce production costs at the Ouro Branco unit.
Net income was R$3.4 billion, down 21% from 2024, reflecting operational and financial dynamics and impairment losses in Brazil.
Financial highlights
2025 EBITDA reached R$10.1 billion, down 7% year-over-year, with improved North American results offsetting weaker performance in Brazil and South America.
Adjusted net income for 2025 was R$3.4 billion, a 21% decrease from the previous year, excluding R$2.0 billion in non-cash impairment losses in Brazil.
CAPEX in 2025 totaled R$6.1 billion; 2026 guidance is R$4.7 billion, reflecting a focus on free cash flow and a 24% reduction.
Free cash flow for 2025 turned positive at R$394 million, with R$1.411 billion in Q4 2025.
R$2.4 billion was returned to shareholders via dividends and buybacks in 2025.
Outlook and guidance
Moderate demand growth is expected in Brazil for 2026, with optimism around recent trade defense measures and a focus on infrastructure and civil construction.
North America is projected to maintain high steel consumption and margin growth in 2026, supported by strong order backlogs and demand in solar, data centers, and infrastructure.
CAPEX for 2026 is guided at R$4.7 billion, prioritizing competitiveness, maintenance, and cost reduction.
Brazil margins are expected to remain stable in H1 2026, with potential for double-digit EBITDA margins in H2 if market conditions and cost improvements materialize.
The startup of the Miguel Burnier mining project and Midlothian expansion are expected to lower costs and enhance capacity.
Assess impact of Brazil's new trade defense measures
What sustains North America's strong order backlog?
Detail 2026 CAPEX focus and shareholder returns
Brazil steel import trends vs. trade defense
Quantify EBITDA impact of major CAPEX projects
North America demand drivers for 2026
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Latest events from Gerdau
- Net income up, stable EBITDA, strong North America, high CAPEX, and active share buybacks.GGBR4
Q1 202513 Feb 2026 - CapEx cut by 22% for 2026, with disciplined investment and integration driving returns.GGBR4Investor Day 20253 Feb 2026
- Strong Q2 EBITDA and cash flow, with cost reduction and shareholder returns prioritized.GGBR4Q2 20242 Feb 2026
- Q3 2024 saw strong earnings, cash flow, and leverage improvement despite import headwinds.GGBR4Q3 202416 Jan 2026
- R$10.8B EBITDA, R$1.5B cost savings, and R$2.9B returned to shareholders amid import challenges.GGBR4Q4 202428 Dec 2025
- Record North America EBITDA and cash flow offset Brazil import pressure; payouts surged.GGBR4Q3 20255 Nov 2025
- North America drove record EBITDA and net income gains, offsetting Brazil's import challenges.GGBR4Q2 202530 Oct 2025
Next Gerdau earnings date
Q1 202628 Apr, 2026
Gerdau
Next Gerdau earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Gerdau S.A. is a long steel producer with operations across the Americas. The company manufactures steel products for construction, industrial, and agricultural use, and operates recycling facilities and steel mills. The company is headquartered in São Paulo, Brazil, and its shares are listed on the B3.
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