What smart money is saying about Gerdau

Position history

Between Q2 2026 and Q3 2026, 2 fund letters reported a position in Gerdau, with 1 sell (trimmed or exited).

Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.

Fund activity · 2 positions · 1 move

• ExitedIndie FIC FIA

  September 2026

  “Financing a greater exposure to domestic assets, we closed the position in Gerdau.”

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  Gerdau
• HoldsGuepardo Investimentos

  June 2026

  “Gerdau Gerdau delivered a quarter of strong operational evolution, with sequential growth in results across all segments. Net revenue reached R$ 17.9 billion, up 6.9% compared to 1Q26, while adjusted EBITDA reached R$ 3.4 billion, growth of 15.9%, with a 1.5 percentage point expansion in the EBITDA margin, to 19.2%. Adjusted net income totaled R$ 1.5 billion, an advance of 45% in the quarterly comparison. The result was driven by higher volumes sold, improved realized prices and product mix, in addition to operational efficiency gains. North America continued to be the company's main highlight and the largest driver of results generation. The operation benefited from a favorable demand environment, supported by segments such as renewable energy, data centers and manufacturing, as well as continuous productivity gains and high plant utilization. The region's net revenue grew 8.3% compared to the previous quarter, while EBITDA advanced 15.4%. Although Brazil and North America had similar shares in consolidated steel sales, the North American operation accounted for approximately 56% of net revenue and 74% of consolidated EBITDA in the quarter, evidencing the strategic importance of Gerdau's geographic diversification and the higher profitability of its assets in the region. In Brazil, we also observed a sequential recovery in results. Adjusted EBITDA reached R$ 705 million, growth of 22% compared to 1Q26, supported by the improvement in the sales mix, the increase in the share of the domestic market and the recovery of volumes in some products. A particularly relevant factor was the reduction in steel imports, which fell more than 30% both compared to the previous quarter and to the same period last year, representing the first contraction in imports since 2022. Although the penetration of imported products remains high, the renewal of the quota-tariff system and the reduction of quotas for certain products represent positive signs for the domestic industry. The strong operational generation also allowed the company to maintain a quite conservative capital structure. Net debt ended the quarter at R$ 8.1 billion and the net debt/EBITDA ratio was reduced to just 0.69 times. Gerdau invested R$ 1.0 billion in CAPEX in the quarter and continued advancing in its main projects, including investments aimed at strengthening competitiveness and at the Guepardo Investimentos | Av. Brigadeiro Faria Lima, 3015, 8th floor – São Paulo, SP – Brazil 01452-000 | +55 (11) 3103-9200 11 Letter to Investors – No. 118 2nd Quarter of 2026 expansion of its energy self-production capacity. At the same time, the company maintained its shareholder remuneration policy, approving R$ 451 million in dividends and continuing its share buyback program. We remain confident in Gerdau's investment thesis.”

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  Gerdau