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Metalurgica Gerdau (GOAU4) investor relations material
Metalurgica Gerdau Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Achieved solid Q3 2025 results, with consolidated steel sales reaching 3.1 million tons, up 9% from 2Q25, and North America driving growth amid resilient demand and reduced imports, while Brazil faced challenges from high steel imports impacting domestic sales.
North America contributed 65% of consolidated EBITDA, reflecting strategic geographic diversification and achieving its highest quarterly EBITDA in two years.
Advanced the sustainable mining project in Miguel Burnier to 90% completion, with integrated operations set for early 2026.
Net income per share was R$0.54, R$0.11 above 2Q25, and free cash flow was R$1.0 billion, supported by a R$300 million release in working capital.
Dividend distribution of R$555.2 million (R$0.28/share) approved, and 56.8 million shares repurchased, representing 88% of the 2025 buyback program.
Financial highlights
Q3 2025 EBITDA reached BRL 2.7 billion, up 7% quarter-on-quarter, with North America and South America segments offsetting Brazil's decline.
Net revenue reached R$18.0 billion, up 2.6% from 2Q25 and 3.5% year-over-year.
Free cash flow was BRL 1 billion, with 37% EBITDA-to-cash conversion and a working capital release of BRL 300 million, reducing the cash conversion cycle to 78 days.
Net debt/EBITDA improved to 0.81x, aided by strong cash generation and a make-whole call on a $480 million 2030 bond.
CapEx for Q3 totaled BRL 1.7 billion, with 60% allocated to competitiveness projects, notably mining, and 77% invested in Brazil.
Dividends of BRL 0.28/share (Gerdau S.A.) and BRL 0.19/share (Metalurgica Gerdau) approved.
Q3 payout to shareholders (dividends + buybacks) reached 75% of net income.
Outlook and guidance
North America expected to maintain strong steel demand, supported by solar, data center, and infrastructure sectors, though Q4 may see seasonal shipment declines.
Brazil faces continued import pressure and uncertain outlook for 2026, with optimism tied to potential trade defense measures.
2026 CapEx guidance set at BRL 4.7 billion, a 22% reduction from 2025.
Focus remains on maintaining financial strength and flexibility to navigate challenging scenarios.
Brazil's import oversupply impact on margins?
Miguel Burnier mining project CAPEX revision
Update on 2025 share repurchase program
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Next Metalurgica Gerdau earnings date
Q4 202519 Feb, 2026
Next Metalurgica Gerdau earnings date
Q4 202519 Feb, 2026
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