GERDAU S.A. (GGB) Form 6-K — Oct 26, 2026
Gerdau posted 3Q26 adjusted EBITDA of R$3.8 billion with a 20.2% margin, its highest level since 2023, up 9.9% quarter-over-quarter and 37.8% year-over-year. North America drove the quarter, contributing 76.4% of consolidated EBITDA at a 27.7% margin on stronger realized steel prices and order backlogs roughly 50% above historical averages. Adjusted net income rose 3.9% sequentially to R$1.5 billion (EPS of R$0.79), while free cash flow turned strongly positive at R$1.4 billion and net debt/EBITDA improved to 0.58x. Fitch and S&P both revised Gerdau's outlook from Stable to Positive while affirming BBB ratings.
Key figures
- Eps
- 0.79
- Revenue
- 18691
- Guidance
- Miguel Burnier mining project start-up scheduled for 4Q26; Midlothian (TX) expansion start-up late 2026, adding ~150 thousand tonnes of crude steel capacity per year
- Net Income
- 1523
- Total Debt
- 13729
- Revenue Yoy
- 3.9%
- Total Assets
- 83945525
- Cash Position
- 6043
- Shares Outstanding
- 716,698,119 common and 1,261,042,330 preferred shares after announced cancellation
- Rcf size
- US$1.125 billion (renewed 5-year term, +29%)
- Market cap
- ~R$47.6 billion
- Payout 3q26
- 47.3%
- Na ebitda share
- 76.4%
- Net debt ebitda
- 0.58x
- Buyback progress
- R$344.1 million, ~32% of 2026 program
- Na ebitda margin
- 27.7%
- Dividend per share
- R$0.34
- Adjusted ebitda yoy
- 37.8%
- Dividend rusd million
- 667
- Adjusted ebitda margin
- 20.2%
- Capex 3q26 rusd million
- 955
- Free cash flow rusd million
- 1439
- Adjusted ebitda rusd million
- 3771
AI analysis
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