Gerdau S.A.

Bem-vindos à divulgação de resultados do primeiro trimestre de 2026 da Gerdau. Eu sou a Arianna Pereira, especialista da área de relações com investidores, e hoje eu me junto ao nosso CEO Gustavo Werner, que é o CFO Rafael Japur, nessa videoconferência. Lembremos que essa transmissão está sendo feita com tradução simultânea para o inglês, e você pode escolher o idioma de preferência clicando no ícone do globo na parte inferior da tela. During the presentation, all participants will be only as listeners and then we will start the question and answer session. Analysts and investors will be able to enter the line through the Raise Hand button. It is worth noting that the perspectives presented here constitute beliefs and premises of the company based on information currently available. Future considerations do not constitute a guarantee of performance and depend on circumstances that may or may not occur. I pass the floor to Gustavo to start the presentation.

Hello everyone, good afternoon. I hope you are well. I would like to thank you for the opportunity to be together in another publication of results. We will briefly comment on the highlights of the first quarter of 2026, the perspectives for our operations, and then we will continue, in a way, for our question and answer session. We had, for another period, a strong result in North America. We recorded, between January and March of this year, the best adjusted EBITDA for a first quarter since 2022 in our North American operation, which was responsible for 75% of the EBITDA consolidated by the company. This performance is the result of the continuity of the demand for local steel at a good level, leveraged by the consumption of segments such as data centers, infrastructure and solar energy. and a solid operational performance of our operations in the region. On the other hand, here in Brazil, the domestic market continued to be pressured by the excessive input of steel imports, whose volume rose 4.2% in the first quarter of 2026 in relation to the same period of the previous year, reaching a penetration rate of 22.7%. In this context, we continue to closely monitor the possible unfoldings of anti-dumping analyzes on long and flat steel that should be updated in the coming months. This unloyal import scenario has impacted the profitability of our operations in the Brazilian market. I reinforce that we are investing in initiatives that strengthen the competitiveness and profitability of our operations here in Brazil. We have even seen a recovery of the EBITDA of the operation in this first quarter as a result of this strategy. Finally, I would like to highlight that we recently presented to the market the Gerdau Unioeco, a steel solution with low carbon emission, developed to support customers who seek to advance in their decarbonization journeys and strengthen their competitiveness in a transition scenario for a low-carbon economy. With the launch of the new line, we began to offer a full portfolio of products with a lower carbon footprint for steel consumers in general, such as automotive and construction. I will now pass the word to Japur, who is here next to me, who will detail the financial highlights and the impacts of this current scenario on our results. I'll come back to make some very brief comments and we'll move on to our Q&A session. Japur, it's your turn. Thank you, Gustavo.

Good morning, good afternoon, everyone. It's always a pleasure to be here with you in another disclosure of results from Gerdau. We started the year of 2026 with a consolidated liquid profit of R$ 1 billion, 51% higher than the last quarter, sequentially, and 34% above the same period of 2025. This result was boosted by the sequential growth of the results in all our business segments, with a highlight for North America, which continues to gain relevance, as Gustavo highlighted earlier. In Brazil, on the other hand, even with a weaker apparent consumption in long-term assets, our main market, we had an EBITDA margin higher than last quarter, much depending on our discipline in costs. Thus, we generated an EBITDA of R$ 3 billion in the first quarter. So, guys, we talked a little bit about our operation in Brazil, that even with the apparent consumption of the Brazilian market, weaker in long assets, which is typically our main market, we obtained an EBITDA margin higher than last quarter, much in line with our discipline in costs. So, consolidated, we generated an EBITDA of R$ 3 billion in the first quarter, with an almost 18% margin. We ended March with a leverage of 0.74 times the liquid debt by EBITDA, an extremely solid level aligned with our policy and financial strategy. In the first quarter of 2026, we registered a cash flow of R$ 16 million. even in a period that typically consumes turnover by seasonality, the return of business after the maintenance stops at the end of the year. In comparison with the first quarter of 2025, we generated in this quarter, now in 2026, R$ 1.3 billion more in cash. This reflects not only the improvement of our EBITDA, but also the important reduction in the rate of CAPEX payments compared to previous years. But this does not mean that we are not investing in our future. Until the end of this year, in 2026, I would like to remember, if we resume what we have to disclose in the latest results, in our Investor Day, that Gerdau should complete in 2026 three very significant projects. The expansion of mining in Mingueburguê, the Sukata Processing Center in Pinambangaba, and the first phase of the expansion of Middle Oafing in Texas. Together, these projects have the potential to add almost R$ 1.5 billion of annual EBITDA when they have their ramp-ups fully completed. Finally, we remain firm with our commitment to generate value for our shareholders. In this quarter, Agredal S.A. will distribute 18 cents as dividends per share, while Agredal Metallurgical will distribute 8 cents per share. In addition, speaking of Metalúrgica Gerdau, we approved the opening of a new purchase program for the company of up to 10 million preferential shares, which today, due to the value of the quotation, approaches an investment close to R$ 100 million. I stop here and come back later in the part of questions and answers.