$GGB

GERDAU S.A.

CIK:0001073404|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF INCOME
NET SALES	R$ 69,858,532	R$ 67,026,656	R$ 68,916,447
Cost of sales	(61,891,039)	(57,823,416)	(57,583,992)
GROSS PROFIT	7,967,493	9,203,240	11,332,455
Selling expenses	(782,351)	(762,560)	(716,195)
General and administrative expenses	(1,338,443)	(1,404,059)	(1,491,441)
Other operating income	164,476	306,426	1,033,506
Other operating expenses	(392,976)	(999,002)	(522,476)
Recovery of Eletrobras Compulsory Loan		100,860
Results in operations with subsidiary and joint ventures		808,367
Impairment of financial assets	(10,249)	(30,910)	(10,728)
Impairment of assets	(1,964,504)	(199,627)
Equity in earnings of unconsolidated companies	95,622	464,467	827,606
INCOME BEFORE FINANCIAL INCOME (EXPENSES) AND TAXES	3,739,068	7,487,202	10,452,727
Financial income	693,610	726,154	903,019
Financial expenses	(2,073,372)	(1,508,339)	(1,396,789)
Exchange variations, net	210,767	(1,064,401)	(850,375)
Tax credits monetary update			253,002
(Losses) Gains on financial instruments, net	(45,626)	(176,901)	(14,979)
INCOME BEFORE TAXES	2,524,447	5,463,715	9,346,605
Current	(1,119,427)	(1,159,640)	(1,810,459)
Deferred	13,418	294,987	837
Income and social contribution taxes	(1,106,009)	(864,653)	(1,809,622)
NET INCOME	1,418,438	4,599,062	7,536,983
ATTRIBUTABLE TO:
Owners of the parent	1,387,020	4,566,317	7,501,565
Non-controlling interests	31,418	32,745	35,418
NET INCOME	1,418,438	4,599,062	7,536,983
Preferred shares
ATTRIBUTABLE TO:
Owners of the parent	R$ 889,982	R$ 2,992,259	R$ 4,925,549
EARNINGS PER SHARE
Basic earnings per share - (R$)	R$ 0.69	R$ 2.18	R$ 3.57
Diluted earnings per share - (R$)	R$ 0.69	R$ 2.18	R$ 3.56
Common shares
ATTRIBUTABLE TO:
Owners of the parent	R$ 497,038	R$ 1,574,058	R$ 2,576,016
EARNINGS PER SHARE
Basic earnings per share - (R$)	R$ 0.69	R$ 2.18	R$ 3.57
Diluted earnings per share - (R$)	R$ 0.69	R$ 2.18	R$ 3.56

CONSOLIDATED STATEMENTS OF CASH FLOWS - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income for the year	R$ 1,418,438	R$ 4,599,062	R$ 7,536,983
Adjustments to reconcile net income for the year to net cash provided by operating activities
Depreciation and amortization	3,683,585	3,126,247	3,047,212
Impairment of assets	1,964,504	199,627
Equity in earnings of unconsolidated companies	(95,622)	(464,467)	(827,606)
Exchange variation, net	(210,767)	1,064,401	850,375
Losses on derivative financial instruments, net	45,626	176,901	14,979
Post-employment benefits	271,217	257,359	235,977
Long-term incentive plans	149,210	152,414	157,979
Income tax	1,106,009	864,653	1,809,622
Losses on disposal of property, plant and equipment	75,397	45,859	27,525
Gain from a bargain purchase	(41,306)
Results in operations with subsidiary and joint ventures		(808,367)
Impairment of financial assets	10,249	30,910	10,728
Provision of tax, civil, labor and environmental liabilities, net	(40,432)	210,305	160,245
Tax credits recovery		(100,860)	(1,098,218)
Interest income on short-term investments	(166,307)	(274,291)	(481,624)
Interest expense on debt and debentures	1,274,472	796,933	840,069
Interest expense on leases liabilities	122,321	129,137	127,787
(Reversal) Provision for net realizable value adjustment in inventory, net	23,472	(33,137)	12,036
Cash flows from operations before changes in working capital	9,590,066	9,972,686	12,424,069
Changes in assets and liabilities
Decrease (Increase) in trade accounts receivable	149,592	549,548	(294,509)
Decrease in inventories	956,924	542,496	1,305,424
Decrease in trade accounts payable	(486,382)	(1,192,990)	(355,416)
Decrease (Increase) in other receivables	197,222	1,881,763	(107,171)
Decrease in other payables	(203,599)	(407,073)	(434,100)
Dividends from associates and joint ventures	235,327	414,653	461,292
Purchases of short-term investments	(362,906)	(924,686)	(7,223,644)
Proceeds from maturities and sales of short-term investments	616,006	3,020,432	7,908,990
Cash provided by operating activities	10,692,250	13,856,829	13,684,935
Interest paid on loans and financing	(1,461,147)	(946,936)	(858,301)
Interest paid on lease liabilities	(122,321)	(129,137)	(127,787)
Income and social contribution taxes paid	(1,121,328)	(1,399,513)	(1,560,137)
Net cash provided by operating activities	7,987,454	11,381,243	11,138,710
Cash flows from investing activities
Purchases of property, plant and equipment	(6,681,620)	(5,778,381)	(5,209,128)
Proceeds from sales of property, plant and equipment, investments and other intangibles	69,729	1,559,697	40,661
Additions in other intangibles	(171,221)	(168,036)	(127,195)
Shares repurchase from joint venture			47,006
Payment for acquisition of company control	(699,118)	(455,683)
Capital increase in associate and joint venture	(91,436)	(191,947)	(524,185)
Net cash used by investing activities	(7,573,666)	(5,034,350)	(5,772,841)
Cash flows from financing activities
Purchases of Treasury stocks	(1,169,314)	(1,194,726)
Dividends and interest on capital paid	(1,285,673)	(1,656,414)	(2,683,328)
Proceeds from loans and financing	9,221,436	3,918,019	1,776,684
Payment of loans and financing	(7,994,826)	(3,269,587)	(2,830,684)
Leasing payment	(487,784)	(459,504)	(388,202)
Intercompany loans, net		(24,992)	102
Net cash used in financing activities	(1,716,161)	(2,687,204)	(4,125,428)
Exchange variation on cash and cash equivalents	(536,270)	1,102,479	(710,659)
(Decrease) Increase in cash and cash equivalents	(1,838,643)	4,762,168	529,782
Cash and cash equivalents at beginning of year	7,767,813	3,005,645	2,475,863
Cash and cash equivalents at end of year	R$ 5,929,170	R$ 7,767,813	R$ 3,005,645

CONSOLIDATED BALANCE SHEETS - BRL (R$) R$ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS
Cash and cash equivalents	R$ 5,929,170	R$ 7,767,813
Short-term investments	445,627	509,030
Trade accounts receivable - net	4,810,640	5,176,958
Inventories	14,731,081	16,504,911
Tax credits	1,282,249	1,153,122
Income and social contribution taxes recoverable	685,811	914,395
Dividends receivable	4,981	125
Fair value of derivatives	36,623	16,921
Other current assets	678,899	626,148
TOTAL CURRENT ASSETS	28,605,081	32,669,423
NON-CURRENT ASSETS
Tax credits	1,429,324	1,744,387
Deferred income taxes	2,561,980	2,427,648
Judicial deposits	150,893	332,560
Other non-current assets	387,708	358,806
Prepaid pension cost	9,328	9,716
Fair value of derivatives		35,947
Investments in associates and joint ventures	3,944,474	4,222,317
Goodwill	11,995,727	13,853,114
Leasing	1,271,462	1,168,694
Other intangibles	691,365	400,567
Property, plant and equipment, net	30,640,833	29,591,314
TOTAL NON-CURRENT ASSETS	53,083,094	54,145,070
TOTAL ASSETS	81,688,175	86,814,493
CURRENT LIABILITIES
Trade accounts payable	5,009,671	5,718,104
Short-term debt	897,295	697,049
Debentures	44,609	37,988
Taxes payable	400,293	411,420
Income and social contribution taxes payable	289,862	346,208
Payroll and related liabilities	915,508	918,612
Leasing payable	386,472	430,727
Employee benefits	594	186
Environmental liabilities	382,800	245,429
Fair value of derivatives	3,306	1,747
Other current liabilities	1,557,010	2,043,921
TOTAL CURRENT LIABILITIES	9,887,420	10,851,391
NON-CURRENT LIABILITIES
Long term debt	8,877,457	9,110,972
Debentures	4,362,790	3,790,475
Deferred income taxes	353,828	163,138
Provision for tax, civil and labor liabilities	2,292,412	2,328,849
Environmental liabilities	237,865	413,653
Employee benefits	404,085	545,206
Leasing payable	1,002,689	849,942
Other non-current liabilities	471,140	587,081
TOTAL NON-CURRENT LIABILITIES	18,002,266	17,789,316
EQUITY
Capital	24,273,225	24,273,225
Capital reserves	11,597	11,597
Treasury stocks	(520,067)	(734,278)
Retained earnings	23,054,501	24,238,217
Transactions with non-controlling interests without change of control	(2,904,670)	(2,904,670)
Other reserves	9,670,807	13,064,668
EQUITY ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE PARENT	53,585,393	57,948,759
NON-CONTROLLING INTERESTS	213,096	225,027
EQUITY	53,798,489	58,173,786
TOTAL LIABILITIES AND EQUITY	81,688,175	86,814,493
Trade accounts payable - domestic market
CURRENT LIABILITIES
Trade accounts payable	3,641,918	3,892,296
Trade accounts payable - debtor risk
CURRENT LIABILITIES
Trade accounts payable	381,415	459,899
Trade accounts payable - import
CURRENT LIABILITIES
Trade accounts payable	R$ 986,338	R$ 1,365,909