EarningsQ2 2026 Earnings Report
MX:GGBN Q2 2026 EPS Results
Actual EPS$2.63
Consensus EPS$2.67
Beat/MissMissed by -$0.04
One Year Ago EPS$1.38
MX:GGBN Q2 2026 Revenue Results
Actual Revenue$64.23B
Expected Revenue$62.02B
Beat/MissBeat by +$2.21B
YoY Revenue Growth+14.37%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeAfter Close
Conference CallTuesday, August 4, 2026
MX:GGBN Upcoming Earnings
Gerdau SA's next earnings date is estimated for October 26, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:GGBN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a broadly positive operational and financial tone driven by strong North American volume growth (7% YoY), a consolidated adjusted EBITDA of BRL 3.4 billion, a 45% QoQ rise in adjusted net income to BRL 1.5 billion, improved H1 cash generation (+BRL 2.3 billion YoY), low leverage (0.69x), and progress on strategic projects (Miguel Burnier ramp-up, recycling center, >50% self-generated energy). Notable near-term headwinds include pressure on Brazilian margins from high imports and structural issues at Ouro Branco, a one-off Midlothian maintenance cost (BRL 100–150m), and elevated freight/energy costs. Management emphasized financial discipline, potential modest CapEx reductions, and shareholder returns (dividends, 31% complete buyback). Overall, the positives (strong NA performance, robust EBITDA/net income, cash improvements, strategic project progress, balance sheet strength) outweigh the negatives, though Brazil remains a material area for remediation.Company Guidance
North America Volume and Margin Expansion
Shipments in North America grew 7% year-over-year; adjusted EBITDA in North America increased 15% quarter-over-quarter driven by resilient demand (renewable energy, data centers) and solid plant performance.
Record Consolidated EBITDA and Strong Net Income
Consolidated adjusted EBITDA of BRL 3.4 billion (best since Q3 2023) and adjusted net income rose 45% quarter-on-quarter to BRL 1.5 billion, reflecting improved operating performance and translation into shareholder returns.
Positive Free Cash Flow and Improved H1 Cash Generation
Positive free cash flow of BRL 237 million in the quarter; first half of 2026 generated an additional BRL 2.3 billion in cash flow versus H1 2025, driven by EBITDA growth (North America) and reduced CapEx disbursement.
Conservative Balance Sheet / Low Leverage
Strong balance sheet with net debt/EBITDA of 0.69x (last 12 months); management emphasizes financial discipline and a formal leverage limit of 1.5x while preferring to stay below ~1.0x in practice.
Active Capital Returns to Shareholders
Dividend distributions announced: Gerdau S.A. BRL 0.23 per share and Metalúrgica Gerdau BRL 0.11 per share; share buyback program is 31% complete as of Q2 close.
Progress on Strategic Projects to Boost Competitiveness
Miguel Burnier mining expansion on schedule with start of operations expected in Q3 and initial ore production; management expects project benefits (cumulative project portfolio) to add roughly BRL 1.0 billion (project-level estimate) and management later noted portfolio projects could generate ~BRL 1.4–1.5 billion per annum at full run-rate. New recycling center in Pindamonhangaba and increased ownership in Dona Francisca Energética raised self-generated energy to >50% of Brazil consumption, supporting competitiveness and decarbonization.
Potential CapEx Reduction and Reinvestment Focus
CapEx guidance of BRL 4.7 billion may moderate (management cited potential reduction toward ~BRL 4.0–4.5 billion), with maintenance CapEx (~BRL 3.0 billion) expected to decline and surplus prioritized for productivity and competitiveness investments.
MX:GGBN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed