Gerdau S.A.

Bom dia e bem-vindos à divulgação de resultados do terceiro trimestre de 2026 da Gerdau. Sou Mariana Dutra, Head de Relações com Investidores e hoje me junto ao nosso CEO, Gustavo Werneck, e ao CFO, Rafael Japur, nessa videoconferência. Lembramos que essa transmissão está sendo feita com tradução simultânea para inglês e você pode escolher o idioma de preferência clicando no ícone do globo, na parte inferior da tela. Durante a apresentação, todos os participantes estarão apenas como ouvintes e, em seguida, daremos início à sessão de perguntas e respostas. Analistas e investidores poderão entrar na fila através do botão Raise Hand. Vale ressaltar que as perspectivas aqui apresentadas constituem-se em crenças e premissas da companhia, com base em informações atualmente disponíveis. Considerações futuras não constituem garantia de desempenho e dependem de circunstâncias que podem ou não vir a ocorrer. I pass the floor to Gustavo to begin the presentation. Please, Gustavo, you may proceed.

Hello, everyone. Good afternoon to everyone. I hope you are well. And I thank you for the opportunity to be here with us once again in our presentation of results. We will briefly comment on the highlights of the third quarter of 2026 and the perspectives for our operations, and then we will move on to the Q&A session. In the third quarter, once again, we recorded a strong result in North America. The resilient demand in the main markets we operate in and the solid operational performance of our units in the region resulted in an EBITDA margin of 27.7%, the highest level in four years. In turn, here in Brazil, we continue to report a slight recovery in results, Apesar do cenário de uma pressão contínua das importações e da sobreoferta de aço no mercado local. Esse desempenho é fruto de uma série de iniciativas focadas na ampliação da produtividade e rentabilidade dos nossos ativos no país. Nesse sentido, eu comento que a gente iniciou a operação no centro de reciclagem em Pindamonhangaba, em São Paulo. Estamos conduzindo os testes integrados finais For the expansion of the new capacity of iron ore in our mine called Miguel Bournier, in Ouro Preto, there in Minas Gerais, whose start-up is planned for this fourth quarter. I will now pass the word to Japur, who is here by my side, to detail the financial highlights and the impacts of this current scenario on our results.

Hello everyone, thank you very much for receiving us here once again in our results disclosure, now from the third quarter of 2026. In this quarter, we ended with a dividend generation of R$ 3.8 billion, with a margin of 20.2%, the largest since the second quarter of 2023. Adjusted liquid profit also grew, reaching R$ 1.5 billion, while the profit per share rose from R$ 0.74 per share to R$ 0.79 per share. Convertimos, nesse trimestre, uma parcela significativa do nosso EBITDA em flux de caixa livre, com uma geração de 1 bilhão e 400 milhões de reais, seis vezes acima daquilo que a gente tinha registrado no trimestre passado. Quando a gente avalia os nove meses de 2026, geramos um flux de caixa livre de 1 bilhão e 700 milhões de reais, contra um consumo In the same period of 2025. This difference stands out a lot due to the expansion of our EBITDA, mainly due to North America, but also due to the reduction of our consolidated CAPEX, with lower investments in relation to what we have practiced in recent years. Reflecting on the resilience and quality of our results, Gerdau S.A. will distribute 34 cents per share in the form of dividends in this quarter, while Gerdau Metallurgica will pay 16 cents per share. If we add up the dividends and the resumptions of shares that Gerdau S.A. has executed throughout 2026, We have already returned more than R$ 1.8 billion to our shareholders, demonstrating that, in a very concrete way, the commitment we have to the generation of value for our shareholders is not just words, but we sedimentate and build it with actions. When we think about our patrimonial balance, we closed With a leverage indicator of 0.58 times liquid debt by EBITDA, it is an extremely solid and robust balance. In addition, throughout the third quarter, we renewed for another 5 years our global credit line, the REVOLVER line, which we have the faculty to draw in different countries that Gerdau operates. We raised it by 29% and today we have a line of 1 billion, 125 million dollars that is now fully available for sale, which even more reinforces our liquidity and the company's financial flexibility. Talking about the previous topic, I would like to highlight that now, on October 22, the S&P rating agency announced the change in the perspective of our rating on a global scale, from neutral to positive. So we now have a triple B rating, with a positive outlook. Very similar to the movement that the Fitch agency had also done at the beginning of this third quarter, in July. We understand that these evaluations reflect not only the resilience of our businesses, but also our financial discipline, levers that we understand as absolutely fundamental for our ability to invest and continue to generate value over the next few years for our shareholders. I stop here and join you in the part of questions and answers together with Gustavo.