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Metalurgica Gerdau (GOAU4) investor relations material
Metalurgica Gerdau Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
North America delivered strong results in 2025, with EBITDA up 18.5% year-over-year and record shipments, while Brazil faced challenges from increased steel imports and competition.
Geographic diversification and production flexibility supported resilience, with consolidated steel shipments reaching 11.6 Mt, up 5.9% year-over-year.
The Miguel Burnier mining project achieved 91% physical progress and is set to reduce production costs at Ouro Branco.
Fourth quarter 2025 results showed North America contributed 73% of consolidated EBITDA, offsetting seasonal and competitive pressures in Brazil.
Financial highlights
2025 EBITDA reached R$10.1 billion, down 7% year-over-year, mainly due to Brazil's competitive environment, while North America offset weaker results elsewhere.
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 for 2025 totaled R$6.1 billion; 2026 guidance is R$4.7 billion, a 24% reduction.
Free cash flow for Q4 2025 was R$1.4 billion; annual cash flow turned positive at R$394 million.
Dividends and share buybacks in 2025 totaled R$2.4 billion.
Outlook and guidance
2026 CapEx guidance set at R$4.7 billion, focusing on maintenance, competitiveness, and enhancing free cash flow flexibility.
Moderate demand growth expected in Brazil for 2026, with optimism around new trade defense measures and infrastructure focus.
North America expected to maintain high steel consumption and strong order backlogs, with margin growth supported by demand in solar, data centers, and infrastructure.
The startup of the Miguel Burnier mining project and Midlothian expansion are expected to contribute to cost reductions and capacity.
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