Metalurgica Gerdau (GOAU4) Q3 2026 earnings summary

Executive summary

• Q3 adjusted EBITDA was R$3.770bn, up 9.9% QoQ and 37.8% YoY; the 20.2% margin was the highest since Q2 2023.

• Steel shipments totaled 2.914 Mt, virtually flat QoQ; net sales were R$18.7bn, up 4.6% QoQ.

• North America delivered 76.4% of adjusted EBITDA at a four-year-high 27.7% margin; Brazil improved modestly amid import and supply pressure.

Financial highlights

• Net sales were R$18.691bn, up 4.6% QoQ and 3.9% YoY; gross profit was R$3.351bn, up 18.4% QoQ and 56.4% YoY.

• Adjusted net income was R$1.523bn, up 3.9% QoQ and 39.7% YoY; reported net income was R$1.563bn.

• EPS was R$0.79, up 6.7% QoQ and 45.2% YoY.

• Free cash flow was R$1.439bn; 9M26 free cash flow was R$1.7bn versus R$1.0bn consumed in 9M25.

• 9M26 net sales were R$53.277bn, adjusted EBITDA R$10.159bn and adjusted net income R$4.003bn.

Segment performance

• North America adjusted EBITDA was R$2.912bn, up 12.0% QoQ and 60.0% YoY; margin reached 27.7%, with backlog above historical averages.

• Brazil adjusted EBITDA was R$741m, with a 10.7% margin; domestic shipment growth offset lower exports, while imports and elevated input costs remained pressures.

• South America adjusted EBITDA was R$160m, down 22.0% QoQ, with an 11.1% margin; Argentine shutdowns and weak demand weighed on results.