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Gerdau (GGBR4) investor relations material
Gerdau Investor Day 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Strategic priorities and business outlook
Focus on safety, talent retention, and education to ensure long-term sustainability and competitiveness.
Emphasis on vertical integration in Brazil, especially through mining investments and flat steel expansion to secure iron ore supply, reduce costs, and boost competitiveness.
Continued expansion in flat steel and downstream products, with new recycling and processing centers and recent acquisitions to enhance competitiveness and value chain.
North American operations benefit from trade defense measures, high asset utilization, targeted downstream investments, and strong presence in solar and data center markets.
Ongoing evaluation of corporate structure and potential for further mining expansion, but no immediate plans for major M&A or domicile changes.
Financial guidance, capital allocation, and investment plans
2025 CapEx guidance is BRL 16 billion, with a 22% reduction to BRL 4.7 billion planned for 2026 as major projects conclude; R$6.0 billion CAPEX planned for 2025, with 76% for competitiveness.
Maintenance CapEx will average BRL 3 billion annually, with peaks during blast furnace and coking plant overhauls from 2026–2030.
Major projects include Midlothian expansion, scrap processing, and Miguel Burnier mining platform, with 45% of 2026 CapEx allocated to three main projects.
CapEx for competitiveness projects targets 15–20% IRR, with flexibility to adjust future disbursements based on market conditions.
Shareholder returns prioritized: over 75% of free cash flow returned via dividends and buybacks since 2018, with ongoing buyback programs reducing share count by 7%.
Financial management and balance sheet
Net debt/EBITDA at 0.85x, well below policy limits, with strong liquidity, long average debt term (7.2 years), and investment-grade ratings from Fitch, S&P, and Moody’s.
Over 100% of free cash flow generated in USD, supporting ongoing buybacks and shareholder returns.
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