The company's results were affected by one-time impairment charges totaling R$2.0 billion recorded in its Brazilian units, but this had no impact on cash. Excluding one-time effects, Gerdau's 2025 net income amounted to R$3.4 billion.
Fourth quarter performance
In the last quarter of 2025, the company reported adjusted EBITDA of R$2.4 billion and an EBITDA margin of 14.0%. Net sales reached R$17.0 billion, while steel shipments totaled 2.9 million tons. Adjusted net income for the fourth quarter was recorded at R$670 million.
Gustavo Werneck, CEO of Gerdau, stated, “Throughout 2025, we benefited from our business model based on geographic diversity and production flexibility. Strong demand in the North American market and the performance of our operations in the region enabled us to achieve solid results at the end of the year, despite the seasonal slowdown.” In the Brazilian market, however, the impact of unfair imports caused final product shipments to reach 6 million tons, negatively affecting profitability in the domestic market.
Investments and future plans
The company invested a total of R$6.1 billion in 2025, with 41% allocated to maintenance and 59% to expansion and technological improvement projects. The investment amount forecast for 2026 was announced as R$4.7 billion.
Gerdau CFO Rafael Japur stated that investments in the sustainable mining platform at the Ouro Preto Miguel Burnier mine in Minas Gerais are progressing, adding, "This platform will contribute a potential EBITDA of R$1.1 billion per year starting in 2027. In addition, the share buyback program completed in December 2025 and the new program starting in 2026 are important in terms of shareholder value and capital structure optimization."
Gerdau's 2025 financial results and investment moves reflect the company's strategy to increase its competitiveness in both the Brazilian domestic market and international markets.
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