On Monday, October 26, 2026, Gerdau S.A. (GGBR4) released its results for the third quarter of 2026 (3Q26), reporting adjusted net income of R$ 1.5 billion and net income of R$ 1.6 billion. Net revenue totaled R$ 18.7 billion in the period and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 3.8 billion, with a margin of 20.2%.
Steel sales totaled 2.9 million tonnes in 3Q26, virtually stable compared to 2Q26 and 5.6% lower than in 3Q25. North America accounted for more than 76% of consolidated EBITDA, with adjusted EBITDA of R$ 2.9 billion and a margin of 27.7%, while Brazil reported adjusted EBITDA of R$ 741 million and South America, R$ 160 million.
In the quarter, consolidated gross profit was R$ 3.4 billion, 18.4% higher than in 2Q26 and 56.4% higher than in 3Q25. Net debt at the end of September stood at R$ 7.7 billion, with a net debt/adjusted EBITDA ratio of 0.58x, compared to 0.69x in 2Q26 and 0.81x in 3Q25. Free cash flow was positive at R$ 1.4 billion, supported by lower working capital consumption.
Based on the 3Q26 results, the board of directors approved the distribution of dividends of R$ 0.34 per share, totaling R$ 667.0 million, with payment on December 15, 2026 and record date on November 10, 2026. In the quarter, the company also advanced in the 2026 Share Buyback Program, reaching around 32% of the authorized volume and investing R$ 344.1 million by early October.
Among other 3Q26 highlights, Gerdau invested R$ 955 million in CAPEX, accumulating R$ 3.1 billion over nine months, started operations at a recycling center in Pindamonhangaba and moved into the final phase of integrated testing of the sustainable mining platform in Miguel Burnier, which remains scheduled to begin operations in 4Q26. Rating agencies Fitch and S&P Global Ratings revised the company’s rating outlook from stable to positive, while maintaining the brAAA rating on the national scale and BBB on the global scale.
