Gerdau released its results for the first quarter of 2026 (Q1 26), showing a dynamic of "two speeds" between its main operations. While the domestic scenario in Brazil faces headwinds due to import pressure, the North American operation consolidated itself as the group’s main profitability driver, delivering a historic performance.
North America: Best Q1 since 2022
The North American division was the highlight of the quarter, accounting for 75% of Gerdau’s total adjusted EBITDA. The result of R$ 2.5 billion (+88.1% YoY) marks the best first quarter for the region since 2022, supported by resilient demand and operational excellence.
- New Demand Drivers: Steel consumption in the U.S. remains robust, driven by strategic sectors such as Data Centers, infrastructure, and solar energy.
- Backlog and Demand: Apparent demand remains stable at high levels, and the company maintains a solid backlog, ensuring visibility of results for upcoming periods.
- Regional Strengths and Trade Defense: The operation benefits from strong trade defense measures (Section 232), protecting the domestic market. Global dynamics also favored the region, with Turkey losing competitiveness against China, raising international prices and allowing for more favorable spreads in North America.
- Maximum Efficiency: Operating lean since the 2018 plan, the unit reported few maintenance stoppages. The strategy is clear: no new greenfield capacities, focusing instead on profitability of existing assets.
Brazil: Import Pressure and Cost Focus
In Brazil, Net Revenue fell 16.3% YoY (R$ 6.2 billion), reflecting a more complex and competitive market environment.
- Import Challenge: Imported steel inflows (32% higher than Q4 25) created oversupply, limiting price recovery, even though construction remained the main driver of long steel consumption.
- Margin Recovery: Despite the annual decline, Brazil’s EBITDA (R$ 578 million) rose 13.3% QoQ, benefiting from cost reductions after scheduled maintenance stoppages and productivity efforts.
Capital Allocation and Strategic Transformation
- Capex Reduction: Investment projection for 2026 reaffirmed at R$ 4.7 billion (versus R$ 6 billion previously).
- Strategic Projects: The Miguel Burnier (MG) project is expected to add R$ 400 million to EBITDA in 2026, prioritizing long-term efficiency over rapid ramp-up.
- Portfolio Optimization: Monetization of unused real estate and mining assets in Brazil, focusing investments only on “winning mills” and reviewing low-competitiveness operations.
Shareholder Return and Strength
With controlled leverage of 0.74x Net Debt/EBITDA, Gerdau maintains a solid balance sheet. In the quarter, it approved the distribution of R$ 354 million in dividends (R$ 0.18 per share) and invested R$ 211 million in its share buyback program, reinforcing its commitment to shareholder value creation.
Summary of Financial Indicators (Q1 26)
| Indicator | Q1 26 | Q4 25 | Var. QoQ | Q1 25 | Var. YoY |
|---|---|---|---|---|---|
| Net Revenue (R$ million) | 16,716 | 16,974 | -1.5% | 17,375 | -3.8% |
| Adjusted EBITDA (R$ million) | 2,958 | 2,374 | +24.6% | 2,402 | +23.2% |
| Adjusted EBITDA Margin (%) | 17.7% | 14.0% | +3.7 p.p | 13.8% | +3.9 p.p |
| Adjusted Net Income (R$ million) | 1,013 | 670 | +51.2% | 758 | +33.6% |
| Net Debt / EBITDA | 0.74x | 0.76x | -0.02x | 0.69x | +0.04x |
| Free Cash Flow (R$ million) | 16 | 1,411 | -1,395 | -1,252 | +1,269 |
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