Gerdau S.A. (GGB) Earnings
Gerdau S.A. is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $0.13. GGB has beaten EPS estimates in 4 of its last 12 reported quarters (average surprise -25.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $0.15 | $0.10 | -33.3% | $3.3B | -0.6% |
| Oct 30, 2025 | $0.11 | $0.10 | -9.1% | $3.4B | +9.1% |
| Jul 31, 2025 | $0.09 | $0.08 | -11.1% | $3.2B | -1.6% |
| Feb 19, 2025 | $0.12 | $0.06 | -50.0% | $2.7B | -12.7% |
| Jul 31, 2024 | $0.07 | $0.09 | +28.6% | $3.0B | -1.9% |
| May 3, 2024 | $0.09 | $0.12 | +33.3% | $3.2B | +0.3% |
| Feb 20, 2024 | $0.59 | $0.41 | -30.5% | $3.0B | -3.9% |
| May 3, 2023 | $0.27 | $0.29 | +7.4% | $3.7B | -2.0% |
| Mar 1, 2023 | $1.37 | $0.12 | -91.1% | $3.4B | -8.2% |
| Nov 9, 2022 | $0.29 | $0.27 | -6.9% | $3.9B | -2.0% |
| Aug 3, 2022 | $0.34 | $0.40 | +17.6% | $4.4B | +2.5% |
| May 5, 2022 | $0.36 | $0.26 | -27.8% | $4.3B | +18.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### North America - Best adjusted EBITDA for first quarter since 2022 in North American operation, driven by strong local steel demand in segments like data centers, infrastructure, and solar energy, and solid operational performance. ### Brazil - Domestic market pressured by excessive steel imports, with import volume up 4.2% in first quarter of 2026 and penetration rate at 22.7%. Monitoring anti - dumping analyzes. Investing in initiatives to strengthen competitiveness and profitability. Saw recovery of EBITDA in first quarter due to these strategies. ### New Product - Launched Gerdau Unioeco, a low - carbon emission steel solution to support customers' decarbonization journeys. ### Financials - Consolidated liquid profit in 2026 first quarter was R$1 billion, 51% higher sequentially and 34% above same period 2025. EBITDA in first quarter was R$3 billion with almost 18% margin. Cash flow in first quarter of 2026 was R$16 million, R$1.3 billion more than first quarter of 2025. Will complete three significant projects by end of 2026: expansion of mining in Mingueburguê, Sukata Processing Center in Pinambangaba, and first phase of expansion of Middle Oafing in Texas. Agredal S.A. and Agredal Metallurgical will distribute dividends, and Metalúrgica Gerdau approved new purchase program for preferential shares.
Guidance
### North America - Stable steel consumption at high levels with backlog of orders above historical average. Continue to follow developments of section 232 and USMCA review. ### Brazil - Continue to closely monitor anti - dumping analyzes on long and flat steel. Invest in initiatives to strengthen competitiveness and profitability. Expect gradual return of domestic demand, especially in construction and infrastructure industries. Regarding CAPEX for 2027, too early to give clarity; mentioned average CAPEX of close to 3 billion reais in next 5 years on average with fluctuations. ### Projects - Anticipated Miguel Brunier project may not fully generate expected R$400 million EBITDA this year due to civil work and electromechanical assembly productivity issues, but expect normal ramp - up curve in 2027.
Segment performance
In North America, between January and March 2026, the best adjusted EBITDA for a first quarter since 2022 was recorded, responsible for 75% of the company's consolidated EBITDA. In Brazil, the domestic market was pressured by excessive steel imports, but EBITDA of the operation recovered in the first quarter due to investment initiatives. Gerdau Unioeco, a low - carbon emission steel solution, was launched.
Risks & headwinds
### Brazil - Excessive input of steel imports impacting profitability. Uncertainties regarding freight and impacts on coal and international freight affecting cost of metal coal in Brazil. Difficulties in civil construction and electromechanical assembly productivity in Miguel Brunier project causing delays. ### General - Global cost pressures from various supply providers and complex global themes affecting cost structure.
Analyst Q&A
Q: Praised margin performance in Brazil, asked about main levers for efficiency gains and capital allocation.
A: In Brazil, opportunities in logistics, amelioration, mega - burner, mix, industrial productivity. For CAPEX, too early to give 2027 guidance, mentioned average CAPEX of close to 3 billion reais in next 5 years on average with fluctuations.
Q: Discussed situation in US and Brazil.
A: In US, demand resilient with segments like data centers, no new capacities in next few years, robust business model, favorable trade defense measures. In Brazil, apparent consumption of long - term assets down, potential risks in special steel sales, but March saw resumption of heavy vehicle production, and projects to improve cost structure in second semester.
Q: Explored top line in Brazil and commercial defense.
A: Price pressure in Brazil, expectation of cost reviews, optimistic about commercial defense in Brazil with anti - dumping investigations having clear evidence and likely expansion.
Q: Asked about Miguel Borrinha ramp up and cash generation from real estate.
A: Miguel Brunier project delayed due to civil work and electromechanical assembly productivity issues. Regarding real estate, continue internal analysis, not to make forced sales, and follow capital allocation line of distributing dividends and repurchasing shares when appropriate.
Q: Follow - up on Brazil asset optimization and CAPEX.
A: Brazil's asset configuration will change, focusing on competitive factories, transformation of business model, CAPEX for maintenance to create cushion for transformational investments.
Q: Talked about anti - dumping and competitive dynamics.
A: Anti - dumping investigations maturing in Brazil, more propitious environment for implementation. Competitive dynamics in Brazil, market share stable with opportunity to improve efficiency of serving that share.
Q: Commented on cash regeneration and projects.
A: Expect normalization of tax and cash flow in second quarter, double benefit from EBITDA and CAPEX reduction. Delays in Miguel Brunier due to civil and electromechanical assembly productivity issues, and investing in iron ore for third - party shipments may be explored after success of current project