NYSE$GGB
Gerdau SA-ADR · Q2 2025 earnings
Q2 2025 earnings · · After market close · Investor relations
Briefing
North America drives record 61% EBITDA mix as adjusted EBITDA hits R$2.6B on 2.8Mt shipments
Gerdau reported strong second-quarter 2025 results led by a recovery in North America, which reached an all-time high 61% share of consolidated adjusted EBITDA versus 48% in Q1. Consolidated net sales were R$17.5 billion with adjusted EBITDA of R$2.6 billion and net income of R$864 million, up 14% versus Q1. Earnings per share were R$0.43 compared with R$0.37 in the prior quarter. Steel shipments totaled 2.8 million tonnes with year-over-year growth despite oversupply and a challenging macro environment. Brazil faced record import penetration of 26% and margin pressure, while North America benefited from higher volumes, metal spread expansion, and a 75-day backlog. The company declared Q2 dividends, continued its share buyback program, and issued R$1.4 billion in debentures plus US$650 million in bonds to bolster liquidity.
- Adjusted EBITDA R$2.6B; net income R$864M (+14% vs Q1); EPS R$0.43
- Consolidated net sales R$17.5B; steel shipments 2.8Mt with YoY growth
- North America reached 61% of consolidated EBITDA on spread expansion and strong backlog
- Brazil import penetration hit a record 26%, pressuring domestic pricing and volumes
- Q2 dividends of R$0.12/share (Gerdau S.A.) and active buyback (~68% of program executed)
Headline financials
Revenue & EPS history
Gerdau · Revenue · Quarterly
R$17.5B
Revenue by segment
Gerdau · R$16.5B total across 2 segments · Q2 2025
- North AmericaR$9.14B—55.5%
- BrazilR$7.32B—44.5%
Forward guidance
Management expects North America margin expansion in H2 on robust backlogs and metal spread recovery, while Brazil targets margin upturn via cost reductions though import levels remain a risk without stronger trade defense.
Tailwinds
- North America backlog above 70 days with non-residential construction demand healthy
- Miguel Burnier mining project at 72% progress targeting 4Q25 startup
Headwinds
- Record Brazilian steel import penetration at 26% continues to pressure domestic market
- Potential ripple effects from U.S. tariffs on Brazil remain under monitoring
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2025
-0.9%
Avg return
Earnings day
-0.7%
Avg return
5 days after
+0.0%
Avg return
30 days after
36%
16 / 45 earnings
Positive
+13.8%
Q1 2021
Best reaction
-9.4%
Q2 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | -3.0% | -2.7% | +4.1% | |
| Q4 2024 | -4.9% | -6.3% | -2.6% | |
| Q4 2023 | +0.6% | -1.6% | -0.2% | |
| Q3 2023 | +0.5% | +3.2% | -2.6% | |
| Q2 2023 | -6.9% | -7.5% | -11.1% | |
| Q1 2023 | -2.5% | +2.7% | +4.4% | |
| Q4 2022 | -1.7% | -4.7% | -0.6% | |
| Q3 2022 | +0.5% | +11.1% | +13.0% | |
| Q2 2022 | -0.3% | +5.2% | -0.2% | |
| Q1 2022 | -0.7% | -8.1% | +13.4% | |
| Q4 2021 | -6.0% | -3.0% | +27.7% | |
| Q3 2021 | -3.8% | -6.6% | -9.0% | |
| Q2 2021 | -1.7% | -1.7% | -13.0% | |
| Q1 2021 | +13.8% | +15.3% | +7.3% | |
| Q4 2020 | -0.8% | +0.0% | +5.3% | |
| Q3 2020 | -6.9% | -7.4% | +0.7% | |
| Q2 2020 | +1.9% | +1.5% | +13.6% | |
| Q1 2020 | +3.7% | +3.9% | +49.8% | |
| Q4 2019 | -4.9% | -9.4% | -60.6% | |
| Q3 2019 | +2.4% | +10.6% | +23.7% | |
| Q2 2019 | +2.7% | -3.0% | -8.2% | |
| Q1 2019 | +0.7% | -3.4% | +0.0% | |
| Q4 2018 | -5.0% | -2.6% | -9.6% | |
| Q3 2018 | -4.5% | -8.2% | -11.3% | |
| Q2 2018 | -9.4% | -9.0% | -14.5% | |
| Q1 2018 | +10.3% | +6.4% | -15.2% | |
| Q4 2017 | +3.3% | +1.0% | -6.8% | |
| Q3 2017 | -0.8% | -3.7% | +8.7% | |
| Q2 2017 | -1.7% | -5.0% | +7.4% | |
| Q1 2017 | -3.4% | -1.0% | -3.4% | |
| Q4 2016 | -3.0% | -3.6% | -15.9% | |
| Q2 2016 | +9.8% | +16.3% | +7.0% | |
| Q1 2016 | -1.9% | — | — | |
| Q4 2015 | -6.2% | — | — | |
| Q3 2015 | -1.8% | — | — | |
| Q2 2015 | -3.8% | — | — | |
| Q1 2015 | -0.9% | — | — | |
| Q4 2014 | +2.6% | — | — | |
| Q3 2014 | -2.5% | — | — | |
| Q2 2014 | -4.9% | — | — | |
| Q1 2014 | +3.0% | — | — | |
| Q4 2013 | +0.4% | — | — | |
| Q3 2013 | +4.7% | — | — | |
| Q4 2010 | -2.5% | — | — | |
| Q2 2010 | -6.8% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro