Gerdau pays net R$300M for remaining DFESA stake

Gerdau says it now uses DFESA's 65.94 average MW of firm energy for self-production, increasing self-generation to more than 50% of energy consumption.

Rhea-AI Filing Summary

Gerdau S.A. completed the acquisition of the remaining interests in Dona Francisca Energética S.A. (DFESA), paying R$300 million in cash with its own funds, net of proportional consolidated cash. On July 20, 2026 and August 6, 2026, it acquired a 23.03% interest from each of Centrais Elétricas de Santa Catarina S.A. and Companhia Paranaense de Energia, bringing its ownership to 100% and DFESA into consolidation. Gerdau recorded a R$243.8 million gain from remeasuring its previously held interest. Gerdau now uses DFESA's entire 65.94 average MW of firm energy for self-production; the company says the acquisition increases self-generation to more than 50% of its energy consumption.

For the nine months ended September 30, 2026, net sales were R$53.277 billion, compared with R$52.884 billion a year earlier; net income was R$4.042 billion versus R$2.712 billion, and net cash provided by operating activities was R$5.741 billion versus R$4.840 billion. As of September 30, 2026, cash and cash equivalents were R$5.696 billion, and loans and financing totaled R$9.164 billion.

2 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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How the balance works

Positive

• Moderate pointNine-month net income: R$4.042 billion versus R$2.712 billion.
• Moderate pointNine-month operating cash flow: R$5.741 billion versus R$4.840 billion.

Negative

• None.

Filing Explained

At September 30, 2026, Gerdau’s renewed US$1.125 billion global credit line, due August 2031, was wholly undrawn: it provides borrowing capacity, not cash received or borrowing outstanding under that line, and is guaranteed by Gerdau S.A., Gerdau Açominas S.A. and Gerdau Aços Longos S.A.

Key Figures

Net sales: R$53.277 billion Net income: R$4.042 billion Net cash provided by operating activities: R$5.741 billion +5 more

8 metrics

Net sales R$53.277 billion Nine months ended September 30, 2026; R$52.884 billion for the same period in 2025

Net income R$4.042 billion Nine months ended September 30, 2026; R$2.712 billion for the same period in 2025

Net cash provided by operating activities R$5.741 billion Nine months ended September 30, 2026; R$4.840 billion for the same period in 2025

DFESA acquisition price R$300 million Paid in cash with Gerdau's own funds, net of proportional consolidated cash

Gain on remeasurement R$243.8 million Gain from remeasuring Gerdau's previously held interest in DFESA

Firm energy allocated to DFESA 65.94 average MW Used by Gerdau for self-production

Cash and cash equivalents R$5.696 billion As of September 30, 2026

Loans and financing R$9.164 billion As of September 30, 2026

Key Terms

equity method, fair value, net investment hedge, firm energy output

4 terms

equity method financial

"accounted for under the equity method"

An equity method investment is an accounting approach used when a company owns enough of another business to influence its decisions but not control it (commonly around 20–50% ownership). Instead of counting only dividends, the investor records its share of the other company’s profits and losses on its own income statement and adjusts the investment’s value on the balance sheet—like tracking a friend’s joint project by noting your share of their gains or setbacks. For investors, this matters because it can significantly affect reported earnings, asset values, and the apparent strength of a company’s financial results.

fair value financial

"measured at fair value"

Fair value is an estimate of what an asset or company is really worth today, derived from expected future earnings, comparable market prices and other relevant facts—like agreeing a price for a used car after checking mileage, condition and similar listings. Investors use fair value to decide whether a stock looks overpriced or undervalued, which helps guide buy, hold or sell decisions and sets expectations for potential returns and risk.

net investment hedge financial

"Net investment hedge"

firm energy output technical

"firm energy output of 72.5 average MW"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did GGB pay to acquire DFESA?

Gerdau paid R$300 million in cash using its own funds, net of proportional consolidated cash, to acquire DFESA. It acquired a 23.03% interest from each of Centrais Elétricas de Santa Catarina S.A. and Companhia Paranaense de Energia on July 20, 2026 and August 6, 2026, bringing its ownership to 100%.

What were GGB's nine-month results?

For the nine months ended September 30, 2026, Gerdau reported net sales of R$53.277 billion, net income of R$4.042 billion, and net cash provided by operating activities of R$5.741 billion. The comparable 2025 figures were R$52.884 billion, R$2.712 billion, and R$4.840 billion, respectively.

What is the capacity of DFESA's hydroelectric plant?

The Dona Francisca Hydroelectric Power Plant has an installed capacity of 125 MW and firm energy output of 72.5 average MW. Of that output, 65.94 average MW are allocated to DFESA, and Gerdau says it uses the entire allocation for self-production.

What are the terms of Gerdau's global credit line?

Gerdau completed renewal of a US$1.125 billion global credit line in August 2026, with maturity in August 2031. It was equivalent to R$5.828 billion as of September 30, 2026; Gerdau S.A., Gerdau Açominas S.A. and Gerdau Aços Longos S.A. provide guarantees, and no amount was used as of that date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →

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Available on EDGAR 10/26/2026 - 05:15 PM EDT Accepted by SEC EDGAR 10/26/2026 - 05:15 PM EDT Learn about SEC filing dates

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

Dated October 26, 2026

Commission File Number 1-14878

GERDAU S.A.

(Translation of Registrant’s Name into English)

Av. Dra. Ruth Cardoso, 8,501 – 8° andar

São Paulo, São Paulo - Brazil CEP 05425-070

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  x Form 40-F  ¨

Exhibit Index

Exhibit	Description of Exhibit
99.1	GERDAU S.A. Condensed consolidated interim financial statements as of September 30, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: October 26, 2026

	GERDAU S.A.
	By:	/s/ Rafael Dorneles Japur
	Name:	Rafael Dorneles Japur
	Title:	Executive Vice President Investor Relations Director

Exhibit 99.1

GERDAU S.A.

Condensed consolidated interim financial statements

as of September 30, 2026

GERDAU S.A.

CONSOLIDATED BALANCE SHEETS

In thousands of Brazilian reais (R$)

(Unaudited)

		Note			September 30, 2026				December 31, 2025
CURRENT ASSETS
Cash and cash equivalents		4				5,695,892				5,929,170
Short-term investments		4				347,571				445,627
Trade accounts receivable - net		5				6,227,263				4,810,640
Inventories		6				16,490,132				14,731,081
Tax credits						789,335				1,282,249
Income and social contribution taxes recoverable						276,835				685,811
Dividends receivable						4,875				4,981
Fair value of derivatives		14				17,128				36,623
Other current assets						796,638				678,899
						30,645,669				28,605,081
NON-CURRENT ASSETS
Tax credits						1,453,777				1,429,324
Deferred income taxes		7				2,542,755				2,561,980
Judicial deposits		15				145,750				150,893
Other non-current assets						336,336				387,708
Prepaid pension cost						9,326				9,328
Investments in associates and joint ventures		8				3,526,013				3,944,474
Goodwill		10				11,289,391				11,995,727
Right of use						1,612,352				1,271,462
Other Intangibles						1,269,957				691,365
Property, plant and equipment, net		9				31,114,199				30,640,833
						53,299,856				53,083,094
TOTAL ASSETS						83,945,525				81,688,175

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements

GERDAU S.A.

CONSOLIDATED BALANCE SHEETS

In thousands of Brazilian reais (R$)

(Unaudited)

		Note			September 30, 2026				December 31, 2025
CURRENT LIABILITIES
Trade accounts payable - domestic market		11				4,454,549				3,641,918
Trade accounts payable - debtor risk		11				384,289				381,415
Trade accounts payable - imports		11				1,718,612				986,338
Short-term debt		12				354,214				897,295
Debentures		13				200,531				44,609
Taxes payable						429,796				400,293
Income and social contribution taxes payable						147,804				289,862
Payroll and related liabilities						1,033,182				915,508
Leasing payable						510,647				386,472
Employee benefits						586				594
Environmental liabilities						265,960				382,800
Fair value of derivatives		14				16,147				3,306
Other current liabilities						1,057,602				1,557,010
						10,573,919				9,887,420
NON-CURRENT LIABILITIES
Long-term debt		12				8,809,959				8,877,457
Debentures		13				4,364,522				4,362,790
Deferred income taxes		7				410,401				353,828
Provision for tax, civil and labor liabilities		15				2,413,087				2,292,412
Environmental liabilities						327,750				237,865
Employee benefits						357,976				404,085
Leasing payable						1,240,544				1,002,689
Other non-current liabilities						599,123				471,140
						18,523,362				18,002,266
EQUITY		17
Capital						24,273,225				24,273,225
Capital reserves						11,597				11,597
Treasury stocks						(407,333	)			(520,067	)
Retained earnings						22,449,653				23,054,501
Transactions with non-controlling interests without change of control						(2,904,670	)			(2,904,670	)
Other reserves						11,232,548				9,670,807
EQUITY ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE PARENT						54,655,020				53,585,393
NON-CONTROLLING INTERESTS						193,224				213,096
EQUITY						54,848,244				53,798,489
TOTAL LIABILITIES AND EQUITY						83,945,525				81,688,175

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements

GERDAU S.A.

CONSOLIDATED STATEMENTS OF INCOME

In thousands of Brazilian reais (R$)

(Unaudited)

					For the three-month period ended								For the nine-month period ended
		Note			September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
NET SALES		24				18,690,518				17,983,143				53,276,811				52,884,229
Cost of sales		20				(15,339,568	)			(15,841,051	)			(44,802,806	)			(46,765,037	)
GROSS PROFIT						3,350,950				2,142,092				8,474,005				6,119,192
Selling expenses		20				(199,595	)			(196,012	)			(574,353	)			(595,331	)
General and administrative expenses		20				(333,059	)			(316,376	)			(997,430	)			(1,016,839	)
Other operating income		20				283,501				36,748				371,013				138,469
Other operating expenses		20				(402,704	)			(96,497	)			(498,790	)			(233,427	)
Impairment of financial assets		20				(12,981	)			50				(58,712	)			(6,529	)
Equity in earnings of unconsolidated companies		8				29,528				88,744				166,223				124,457
INCOME BEFORE FINANCIAL INCOME (EXPENSES) AND TAXES						2,715,640				1,658,749				6,881,956				4,529,992
Financial income		21				121,807				191,628				360,021				486,476
Financial expenses		21				(476,747	)			(536,289	)			(1,372,243	)			(1,429,577	)
Buyback of bonds		21				-				-				-				(39,646	)
Exchange variations, net		21				(70,018	)			150,616				(23,851	)			184,931
Gains (Losses) on financial instruments, net		21				(5,701	)			(28,740	)			(22,822	)			(67,596	)
INCOME BEFORE TAXES						2,284,981				1,435,964				5,823,061				3,664,580
		7
Current		7				(664,936	)			(153,729	)			(1,688,933	)			(776,922	)
Deferred		7				(56,948	)			(192,355	)			(91,630	)			(175,477	)
Income and social contribution taxes						(721,884	)			(346,084	)			(1,780,563	)			(952,399	)
NET INCOME						1,563,097				1,089,880				4,042,498				2,712,181
ATTRIBUTABLE TO:
Owners of the parent						1,554,156				1,079,395				4,009,996				2,685,174
Non-controlling interests						8,941				10,485				32,502				27,007
						1,563,097				1,089,880				4,042,498				2,712,181
Basic earnings per share - preferred - (R$)		18				0.79				0.54				2.04				1.33
Basic earnings per share - common - (R$)		18				0.79				0.54				2.04				1.33
Diluted earnings per share - preferred - (R$)		18				0.79				0.54				2.03				1.33
Diluted earnings per share - common - (R$)		18				0.79				0.54				2.03				1.33

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements

GERDAU S.A.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

In thousands of Brazilian reais (R$)

(Unaudited)

		For the three-month period ended								For the nine-month period ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Net income for the period			1,563,097				1,089,880				4,042,498				2,712,181
Items that may be reclassified subsequently to profit or loss
Other comprehensive income from associates and joint ventures			(86,032	)			(2,981	)			(178,618	)			(88,727	)
Cumulative translation adjustment			100,617				(1,155,463	)			(1,713,847	)			(4,831,278	)
Recycling of cumulative translation adjustment to net income
Unrealized (Losses) Gains on net investment hedge			(2,780	)			113,742				207,468				397,763
			11,805				(1,044,702	)			(1,684,997	)			(4,522,242	)
Items that will not be reclassified subsequently to profit or loss
Remeasurement of defined benefit pension plan, net of tax			-				-				5,010				-
			-				-				5,010				-
Total comprehensive income for the period, net of tax			1,574,902				45,178				2,362,511				(1,810,061	)
Total comprehensive income attributable to:
Owners of the parent			1,566,645				36,371				2,343,487				(1,821,622	)
Non-controlling interests			8,257				8,807				19,024				11,561
			1,574,902				45,178				2,362,511				(1,810,061	)

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements

GERDAU S.A.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

in thousands of Brazilian reais (R$)

(Unaudited)

		Attributed to parent company's interest																										Total parent company's interest		Non-controlling interests		Total Shareholder's Equity
								Retained earnings										Other Reserves
		Capital		Treasury stocks		Capital Reserve		Legal reserve		Tax Incentives Reserve		Investments and working capital reserve		Retained earnings		Operations with non- controlling interests		Gains and losses on net investment hedge		Gains and losses on financial instruments		Cumulative translation adjustment		Pension plan		Long term incentive plan
Balance as of January 1, 2025		24,273,225		(734,278	)	11,597		2,756,989		2,914,226		18,567,002		-		(2,904,670	)	(9,389,675	)	(12,734	)	22,055,099		215,370		196,608		57,948,759		225,027		58,173,786
2025 Changes in Equity
Net income		-		-		-		-		-		-		2,685,174		-		-		-		-		-		-		2,685,174		27,007		2,712,181
Other comprehensive income (loss) recognized in the period		-		-		-		-		-		-		-		-		397,763		-		(4,904,559	)	-		-		(4,506,796	)	(15,446	)	(4,522,242	)
Total comprehensive income (loss) recognized in the period		-		-		-		-		-		-		2,685,174		-		397,763		-		(4,904,559	)	-		-		(1,821,622	)	11,561		(1,810,061	)
Effects of the share buyback program		-		(985,822	)	-		-		-		-		-		-		-		-		-		-		-		(985,822	)	-		(985,822	)
Cancellation of treasury stocks		-		1,118,437		-		-		-		(1,118,437	)	-		-		-		-		-		-		-		-		-		-
Long term incentive plan cost recognized in the period		-		-		-		-		-		-		-		-		-		-		-		-		31,757		31,757		(30	)	31,727
Long term incentive plan exercised during the period		-		52,098		-		-		-		(2,352	)	-		-		-		-		-		-		-		49,746		10		49,756
Effects of interest changes in subsidiaries		-		-		-		-		-		-		-		-		-		-		-		-		-		-		(7,712	)	(7,712	)
Dividend in excess of the minimum estatutory undistributed in 2024		-		-		-		-		-		(203,272	)	-		-		-		-		-		-		-		(203,272	)	-		(203,272	)
Dividends/interest on equity		-		-		-		-		-		-		(480,383	)	-		-		-		-		-		-		(480,383	)	(29,983	)	(510,366	)
Balance as of September 30, 2025		24,273,225		(549,565	)	11,597		2,756,989		2,914,226		17,242,941		2,204,791		(2,904,670	)	(8,991,912	)	(12,734	)	17,150,540		215,370		228,365		54,539,163		198,873		54,738,036
Balance as of December 31, 2025 (Note 17)		24,273,225		(520,067	)	11,597		2,826,340		2,914,226		17,313,935		-		(2,904,670	)	(9,142,979	)	(12,734	)	18,302,496		267,210		256,814		53,585,393		213,096		53,798,489
2026 Changes in Equity
Net income		-		-		-		-		-		-		4,009,996		-		-		-		-		-		-		4,009,996		32,502		4,042,498
Other comprehensive income (loss) recognized in the period		-		-		-		-		-		-		-		-		207,468		-		(1,878,983	)	5,006		-		(1,666,509	)	(13,478	)	(1,679,987	)
Total comprehensive income (loss) recognized in the period		-		-		-		-		-		-		4,009,996		-		207,468		-		(1,878,983	)	5,006		-		2,343,487		19,024		2,362,511
Effects of the share buyback program		-		(342,833	)	-		-		-		-		-		-		-		-		-		-		-		(342,833	)	-		(342,833	)
Cancellation of treasury stocks		-		416,014		-		-		-		(416,014	)	-		-		-		-		-		-		-		-		-		-
Long term incentive plan cost recognized in the period		-		-		-		-		-		-		-		-		-		-		-		-		23,717		23,717		(3	)	23,714
Long term incentive plan exercised during the period		-		39,553		-		-		-		9,057		-		-		-		-		-		-		-		48,610		19		48,629
Effects of interest changes in subsidiaries		-		-		-		-		-		-		-		-		-		-		-		-		-		-		(9,129	)	(9,129	)
Dividend in excess of the minimum estatutory undistributed in 2025		-		-		-		-		-		(197,891	)	-		-		-		-		-		-		-		(197,891	)	-		(197,891	)
Dividends/interest on equity		-		-		-		-		-		-		(805,463	)	-		-		-		-		-		-		(805,463	)	(29,783	)	(835,246	)
Balance as of September 30, 2026 (Note 17)		24,273,225		(407,333	)	11,597		2,826,340		2,914,226		16,709,087		3,204,533		(2,904,670	)	(8,935,511	)	(12,734	)	16,423,513		272,216		280,531		54,655,020		193,224		54,848,244

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements

GERDAU S.A.

CONSOLIDATED STATEMENTS OF CASH FLOWS

In thousands of Brazilian reais (R$)

(Unaudited)

					For the nine-month period ended
		Note			September 30, 2026				September 30, 2025
Cash flows from operating activities
Net income for the period						4,042,498				2,712,181
Adjustments to reconcile net income for the period to net cash provided by operating activities:
Depreciation and amortization		20				2,761,070				2,747,933
Equity in earnings of unconsolidated companies		8				(166,223	)			(124,457	)
Exchange variation, net		21				23,851				(184,931	)
Losses on derivative financial instruments, net		21				22,822				67,596
Post-employment benefits						203,076				217,330
Long-term incentive plans						109,085				120,110
Income tax		7				1,780,563				952,399
Losses on disposal of property, plant and equipment						27,330				14,990
Gain on remeasurement of previously held equity interest		3.4				(243,754	)			-
Impairment of financial assets						58,712				6,529
Provision for tax, civil, labor and environmental liabilities, net						120,627				1,756
Interest income on short-term investments						(104,274	)			(119,024	)
Interest expense on debt and debentures		21				840,040				931,744
Interest expense on lease liabilities						114,330				98,068
(Reversal) Provision of net realizable value adjustment on inventories, net		6				(29,208	)			2,108
						9,560,545				7,444,332
Changes in assets and liabilities
Increase in trade accounts receivable						(1,500,539	)			(1,057,770	)
(Increase) Decrease in inventories						(2,268,903	)			162,314
Increase in trade accounts payable						1,584,649				147,156
Decrease (Increase) in other receivables						5,143				(13,090	)
Decrease in other payables						(82,059	)			(482,974	)
Dividends from associates and joint ventures						291,579				26,222
Purchases of short-term investments						(140,029	)			(354,277	)
Proceeds from maturities and sales of short-term investments						358,162				523,818
Cash provided by operating activities						7,808,548				6,395,731
Interest paid on loans and financing						(655,770	)			(622,744	)
Interest paid on lease liabilities						(114,330	)			(98,068	)
Income and social contribution taxes paid						(1,297,208	)			(834,539	)
Net cash provided by operating activities						5,741,240				4,840,380
Cash flows from investing activities
Purchases of property, plant and equipment		9				(3,333,013	)			(5,211,509	)
Proceeds from sales of property, plant and equipment, investments and intangible assets, net of deconsolidated cash						17,755				65,719
Additions in other intangibles						(124,783	)			(124,092	)
Payment for acquisition of control of a company, net of cash acquired		3.4				(300,000	)			(673,272	)
Capital increase/Additional acquisition of interest in joint ventures and associates		8				(89	)			(91,436	)
Net cash used in investing activities						(3,740,130	)			(6,034,590	)
Cash flows from financing activities
Purchases of treasury stocks						(342,833	)			(985,822	)
Dividends and interest on capital paid						(976,269	)			(711,686	)
Proceeds from loans and financing						564,276				8,902,761
Repayment of loans and financing						(847,487	)			(3,190,133	)
Leasing payments						(374,250	)			(352,346	)
Net cash (used) provided in financing activities						(1,976,563	)			3,662,774
Exchange variation on cash and cash equivalents						(257,825	)			(846,805	)
(Decrease) Increase in cash and cash equivalents						(233,278	)			1,621,759
Cash and cash equivalents at beginning of period						5,929,170				7,767,813
Cash and cash equivalents at end of period						5,695,892				9,389,572

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

NOTE 1 - GENERAL INFORMATION

Gerdau S.A. is a publicly traded corporation (sociedade anônima) with its corporate domicile in the city of São Paulo, Brazil. Gerdau S.A and subsidiaries (collectively referred to as the “Company”) is a leading producer of long steel in the Americas and one of the largest suppliers of special steel in the world. In Brazil, the Company also produces flat steel and iron ore for its own consumption. The Company believes it is the largest recycler in Latin America and around the world it transforms each year millions of tons of scrap into steel, reinforcing its commitment to sustainable development of the regions where it operates. Gerdau is listed on the São Paulo and New York stock exchanges.

The Condensed Consolidated Interim Financial Statements of the Company were approved by the Management on October 26, 2026.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES

2.1 - Basis of Presentation

The Company's Condensed Consolidated Interim Financial Statements for the three-month and nine-month periods ended on September 30, 2026 have been prepared in accordance with International Accounting Standard (IAS) Nº 34, which establishes the content of condensed interim financial statements. These Condensed Consolidated Interim Financial Statements should be read in conjunction with the Consolidated Financial Statements of Gerdau S.A., as of December 31, 2025, which were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board - IASB.

The preparation of the Condensed Consolidated Interim Financial Statements in accordance with IAS 34 requires Management to make accounting estimates. The Condensed Consolidated Interim Financial Statements have been prepared using the historical cost as its basis, except for the valuation of certain financial instruments, which are measured at fair value.

The accounting policies applied in this Condensed Consolidated Interim Financial Statements are the same as those applied in the Consolidated Financial Statements for the year ended December 31, 2025.

2.2 – New accounting standards

The issued and/or reviewed IFRS standards made by the IASB that are effective for the year started in 2026 had no impact on the Company's Financial Statements. In addition, the IASB issued/reviewed some IFRS standards, which have mandatory adoption for the year 2027 and/or after, and the Company is assessing the adoption impact of these standards in its Consolidated Financial Statements.

- Issuance of IFRS 18 – Presentation and Disclosure in Financial Statements. It will replace IAS 1 – Presentation of Financial Statements, introducing new requirements that will help achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Although IFRS 18 does not impact the recognition or measurement of items in financial statements, its impacts on presentation and disclosure are expected to be widespread, in particular those related to the demonstration of financial performance and the provision of performance measures defined by management within the financial statements. This standard is effective for years beginning on/or after January 1, 2027. The Company is evaluating the impacts on its Financial Statements of adopting this standard.

- Issuance and amendment of IFRS 19 – Subsidiaries without Public Accountability: Disclosures. This standard allows certain eligible subsidiaries of parent entities reporting under IFRS to apply reduced disclosure requirements. The standard is effective for annual reporting periods beginning on or after January 1, 2027. The Company does not expect material impacts on its Financial Statements, as this standard applies only to the financial statements of eligible subsidiaries.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

- Amendment to IAS 21 – Translation to a Hyperinflationary Presentation Currency. Changes treatment and disclosure requirements originally set forth in this standard. This amendment is effective for fiscal years beginning on or after January 1, 2027. The Company does not expect significant impacts on its Financial Statements.

- Amendment to the Illustrative Examples of IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36 and IAS 37 – Disclosures about Uncertainties in the Financial Statements. Changes disclosure requirements originally set forth in these standards. This amendment is effective for fiscal years beginning on or after January 1, 2027. The Company does not expect significant impacts on its Financial Statements.

- Issuance of IFRS 20 – Regulatory Assets and Regulatory Liabilities. This new accounting standard establishes requirements for the recognition, measurement, presentation and disclosure of regulatory assets, regulatory liabilities, regulatory income and regulatory expenses arising from regulatory tariff arrangements. The standard aims to provide more relevant information about the effects of regulatory mechanisms on the financial position, financial performance and future cash flows of entities subject to rate regulation. This standard introduces specific criteria for the recognition of regulatory rights and obligations, as well as additional presentation and disclosure requirements in the financial statements. This standard is effective for fiscal years beginning on or after January 1, 2029. Early adoption of this standard is permitted; however, the Company has elected not to early adopt it. The Company is evaluating the impacts of adopting this standard on its financial statements.

- Amendment to IAS 28 – Investments in Associates and Joint Ventures. This amendment clarifies the eligibility criteria for applying the option to measure investments in associates and joint ventures at fair value through profit or loss in accordance with IFRS 9, aligning such requirements with the concepts introduced by IFRS 18. The amendment is applicable upon adoption of IFRS 18. The Company does not expect significant impacts on its Financial Statements arising from the adoption of this amendment.

NOTE 3 – CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

3.1 - Subsidiaries

The Company did not have material changes of interest in subsidiaries for the period ended on September 30, 2026, when compared to those existing on December 31, 2025, except for the acquisition of control of Dona Francisca Energética S.A., as described in Note 3.4.

3.2 - Joint Ventures

Listed below are the interests in joint ventures:

				Equity Interests
				Total capital(*)
Joint ventures		Country		September 30, 2026				December 31, 2025
MRM Guide Rail		Canada			50.00				50.00
Gerdau Corsa S.A.P.I. de CV		Mexico			75.00				75.00
Juntos Somos Mais Fidelização S.A.		Brazil			27.50				27.48
Addiante S.A		Brazil			50.00				50.00
Brasil ao Cubo S.A.		Brazil			44.66				44.66
MRS Logística S.A.		Brazil			1.32				1.32

(*) The voting capital is substantially equal to the total capital. The interests reported represent the ownership percentage held directly and indirectly held in the joint venture.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

Although the Company owns more than 50% of Gerdau Corsa S.A.P.I. de C.V., it does not consolidate the financial statements of this joint venture entity, due to joint control agreements with the other shareholders that prevent the Company from controlling the decisions in conducting the joint venture’s business. The Company owns 1.32% of MRS Logística S.A. and due to the existence of a shareholders' agreement, a joint venture business and the existence of significant influence provided for in the accounting standard for the application of the equity method is characterized.

The Company presents the joint venture information in aggregate, since the investments in these entities are not individually material. The financial information of these joint ventures, accounted for under the equity method, is shown below:

		Joint ventures
Joint ventures		September 30, 2026				December 31, 2025
Cash and cash equivalents			4,941,297				5,268,140
Total current assets			7,816,823				8,204,754
Total non-current assets			25,987,280				24,726,193
Short-term debt			935,402				1,363,974
Total current liabilities			4,467,495				4,760,141
Long-term debt			10,998,669				9,796,171
Total non-current liabilities			15,283,932				14,146,451

		Joint ventures
		For the three-month period ended								For the nine-month period ended
Joint ventures		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Net sales			3,498,999				3,395,984				10,258,013				9,586,715
Cost of sales			(2,295,650	)			(2,108,826	)			(6,822,707	)			(6,238,283	)
Income before financial income (expences) and taxes			948,754				1,017,609				2,685,439				2,597,889
Financial income			485,174				460,277				1,574,717				1,055,174
Financial expenses			(797,497	)			(629,850	)			(2,499,661	)			(1,663,804	)
Income and social contribution taxes			(236,581	)			(264,544	)			(677,817	)			(552,654	)
Net income			399,851				583,054				1,082,679				1,436,167
Depreciation and amortization			(415,517	)			(383,806	)			(1,223,815	)			(1,089,445	)
Total comprehensive income for the period, net of tax			399,851				583,054				1,082,679				1,436,167

3.3 — Associate companies

Listed below is the interest in associate companies:

				Equity interests
				Total capital (*)
Associate companies		Country		September 30, 2026				December 31, 2025
Dona Francisca Energética S.A. (Note 3.4)		Brazil			-				53.94
Newave Energia S.A.		Brazil			40.00				40.00

(*) The voting capital is substantially equal to the total capital. The interests reported represent the ownership percentage held directly and indirectly.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

The summarized financial information of the associate companies, accounted for under the equity method, is shown as follows:

		Associate companies
Associate companies		September 30, 2026				December 31, 2025
Cash and cash equivalents			10,516				19,489
Total current assets			137,293				159,054
Total non-current assets			1,161,250				1,330,910
Total current liabilities			143,746				156,974
Total non-current liabilities			152,441				131,565

		Associate companies
		For the three-month period ended								For the nine-month period ended
Associate companies		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Net sales			142,910				239,368				518,097				520,133
Cost of sales			(129,880	)			(203,808	)			(472,784	)			(516,164	)
Income before financial income (expences) and taxes			5,193				27,529				27,974				(24,035	)
Financial income			4,007				6,105				12,325				9,896
Financial expenses			(36,147	)			(29,520	)			(103,370	)			(75,152	)
Income and social contribution taxes			(192	)			(6,249	)			(58	)			21,426
Net income			(27,139	)			(2,134	)			(63,130	)			(67,865	)
Depreciation and amortization			(18,529	)			(13,694	)			(54,744	)			(41,526	)
Total comprehensive income for the period, net of tax			(27,139	)			(2,134	)			(63,130	)			(67,865	)

3.4 Acquisition of equity interest in companies

Dona Francisca Energética S.A. (DFESA)

On July 20, 2026 and August 6, 2026, the Company completed the acquisition of the entire equity interests in DFESA, each corresponding to 23.03% of its share capital, held by Centrais Elétricas de Santa Catarina S.A. (CELESC) and Companhia Paranaense de Energia (COPEL), respectively. The transactions were completed after the fulfillment of the conditions precedent established for the operation, including approval by the Brazilian antitrust authority. Upon completion of the acquisition, the Company came to hold 100% of DFESA’s share capital and, therefore, began to consolidate this now subsidiary. The acquisition price, paid in cash with the Company’s own funds, was R$ 300 million (net of the proportional consolidated cash) and, as a result of the acquisition, the Company recognized a gain of R$ 243.8 million on the remeasurement of the previously held equity interest, due to the difference between the carrying amount and the fair value of the previously held interest, and the gain was recognized in profit or loss for the period, under Other operating income, as detailed below.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

The Company performed the initial assessment of the fair value of DFESA’s assets and liabilities, and the table below summarizes the fair value of the assets and liabilities, preliminarily determined, as of the date of acquisition of control:

		Book value				Acquisition adjustments				Fair value at acquisition
Cash and cash equivalents			1,828				-				1,828
Trade accounts receivable - net			6,624				-				6,624
Other current assets			3,444				-				3,444
Property, plant and equipment, net			106,763				-				106,763
Other intangibles			40,300				508,050				548,350
Current liabilities			(4,409	)			-				(4,409	)
Non-current liabilities			(1,227	)			-				(1,227	)
Assets (liabilities)			153,323				508,050				661,373
Gain on remeasurement of previously held equity interest			-				(243,754	)			(243,754	)
Deferred income and social contribution taxes			-				82,876				82,876
Net assets (liabilities)			153,323				347,172				500,495

The amount of R$ 508,050 allocated to Other intangible assets in the table above refers to the fair value surplus of the concession. Net sales and net income attributable to DFESA, included in the Company’s Consolidated Financial Statements since the acquisition date, amounted to R$ 16.8 million and R$ 7.9 million, respectively. In addition, had control been obtained at the beginning of the year, DFESA’s net sales and net income for the nine-month period ended September 30, 2026 would have amounted to R$ 49.9 million and R$ 22.1 million, respectively.

DFESA is a privately held corporation engaged in electric power generation through its 85% ownership interest in the consortium holding the concession for the Dona Francisca Hydroelectric Power Plant, located on the Jacuí River, in the State of Rio Grande do Sul, between the municipalities of Agudo and Nova Palma. The plant has an installed capacity of 125 MW and a firm energy output of 72.5 average MW, of which 65.94 average MW are allocated to DFESA. The Company now utilizes the entire 65.94 average MW of firm energy available through DFESA for self-production purposes.

The acquisition is aligned with the Company’s capital allocation discipline, enhancing the cost competitiveness of its operations by increasing self-generation to more than 50% of its energy consumption, with a focus on renewable energy and in line with the decarbonization strategy previously disclosed by the Company.

NOTE 4 – CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

Cash and cash equivalents

		September 30, 2026				December 31, 2025
Cash			12,835				14,710
Banks and immediately available investments			5,683,057				5,914,460
Cash and cash equivalents			5,695,892				5,929,170

Immediately available investments include investments with maturity of up to 90 days or readily redeemable, that means, those that have immediate liquidity and low risk of fair value variation.

Short-term investments

		September 30, 2026				December 31, 2025
Short-term investments			347,571				445,627

Short-term investments include securities held for immediate trading or available for future sale and substantially include amounts in investment funds, whose portfolio is composed of Bank Deposit Certificates, government bonds, financial bills and debentures, among others, which are used to manage the cash from the Company’s operating activities and recorded at fair value. Income generated by these investments is recorded as financial income.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

NOTE 5 – ACCOUNTS RECEIVABLE

		September 30, 2026				December 31, 2025
Trade accounts receivable - in Brazil			2,057,355				1,912,129
Trade accounts receivable - exports from Brazil			444,423				718,930
Trade accounts receivable - foreign subsidiaries			3,844,576				2,271,451
(-) Impairment of financial assets			(119,091	)			(91,870	)
			6,227,263				4,810,640

Accounts receivable by aging are as follows:

		September 30, 2026				December 31, 2025
Current			5,875,591				4,326,579
Past-due:
Up to 30 days			319,740				369,766
From 31 to 60 days			28,210				100,422
From 61 to 90 days			15,498				14,946
From 91 to 180 days			40,453				50,845
From 181 to 360 days			19,238				14,326
Above 360 days			47,624				25,626
(-) Impairment on financial assets			(119,091	)			(91,870	)
			6,227,263				4,810,640

NOTE 6 - INVENTORIES

		September 30, 2026				December 31, 2025
Finished products			7,510,908				6,903,389
Work in progress			4,313,358				3,255,250
Raw materials			3,149,275				3,085,485
Storeroom supplies			1,014,521				1,054,641
Imports in transit			524,739				484,408
(-) Allowance for adjustments to net realizable value			(22,669	)			(52,092	)
			16,490,132				14,731,081

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

The allowance for adjustment to net realizable value of inventories, on which the provision and reversal of provision are registered with impact on cost of sales, is as follows:

Balance as of January 01, 2025			(29,558	)
Provision for the year			(59,291	)
Reversal of adjustments to net realizable value			35,819
Acquisition of company control			(746	)
Exchange rate variation			1,684
Balance as of December 31, 2025			(52,092	)
Provision for the year			(13,860	)
Reversal of adjustments to net realizable value			43,068
Exchange rate variation			215
Balance as of September 30, 2026			(22,669	)

NOTE 7 – INCOME AND SOCIAL CONTRIBUTION TAXES

In Brazil, income taxes include federal income tax (IR) and social contribution (CS), which represents an additional federal income tax. The statutory rates for income tax and social contribution are 25% and 9%, respectively, and are applicable for the periods ended on September 30, 2026 and 2025. The foreign subsidiaries of the Company are subject to taxation at rates ranging between 23% and 35%, however, there are foreign subsidiaries—primarily engaged in financial activities—that are subject to tax rates as low as zero percent. The differences between the Brazilian tax rates and the rates of other countries are presented under “Difference in tax rates in foreign companies” in the reconciliation of income tax and social contribution below. The uncertain tax positions related to corporate income tax (IR) and social contribution (CS) are disclosed in Note 15.

a) Reconciliations of income and social contribution taxes at statutory rates to amounts presented in the Statement of Income are as follows:

		For the three-month period ended								For the nine-month period ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Income before income taxes			2,284,981				1,435,964				5,823,061				3,664,580
Statutory tax rates			34	%			34	%			34	%			34	%
Income and social contribution taxes at statutory rates			(776,894	)			(488,228	)			(1,979,841	)			(1,245,957	)
Tax adjustment with respect to:
- Difference in tax rates in foreign companies			190,414				131,601				468,010				255,262
- Equity in earnings of unconsolidated companies			10,040				30,173				56,516				42,315
- Deferred tax assets not recognized			(158,454	)			(1,156	)			(379,173	)			(14,371	)
- Interests on tax lawsuits			7,774				11,169				25,667				31,736
- Interest on equity			-				-				-				65
- Tax credits and incentives			-				3,426				17				7,770
- Other permanent differences, net			5,236				(33,069	)			28,241				(29,219	)
Income and social contribution taxes			(721,884	)			(346,084	)			(1,780,563	)			(952,399	)
Current			(664,936	)			(153,729	)			(1,688,933	)			(776,922	)
Deferred			(56,948	)			(192,355	)			(91,630	)			(175,477	)

b) Tax assets not recognized:

Due to the lack of expectation to use tax losses and negative social contribution base, the Company did not recognize a portion of tax assets of R$ 1,291,507 (R$ 907,295 on December 31, 2025), which do not have an expiration date. The subsidiaries abroad had R$ 781,461 (R$ 701,413 as of December 31, 2025) of tax credits on capital losses for which deferred tax assets have not been recognized and which expire between 2027 and 2032 and also several Unrecognized tax loss carryforwards from state credits in the United States in the amount of R$ 211,593 (R$ 291,979 as of December 31, 2025), which expire at various dates between 2031 and 2038.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

NOTE 8 – INVESTMENTS

		September 30, 2026				December 31, 2025
Opening balance			3,944,474				4,222,317
Equity in earnings			166,223				95,622
Cumulative Translation Adjustment			(178,619	)			22,101
Capital increase			-				91,436
Acquisition of company control			-				25,846
Additional share purchase			89				-
Disposal in acquisition of company control (Note 3.4)			(114,575	)			(277,521	)
Dividends/Interest on equity			(291,579	)			(235,327	)
Ending balance			3,526,013				3,944,474

NOTE 9 – PROPERTY, PLANT AND EQUIPMENT

a) Summary of changes in property, plant and equipment – during the three-month period ended on September 30, 2026, acquisitions amounted to R$ 955,123 (R$ 1,670,807 as of September 30, 2025), and disposals amounted to R$ 21,495 (R$ 25,665 as of September 30, 2025). During the nine-month period ended on September 30, 2026, acquisitions amounted to R$ 3,061,082 (R$ 4,647,841 as of September 30, 2025), and disposals amounted to R$ 44,952 (R$ 56,537 as of September 30, 2025).

The additions to property, plant and equipment in the nine-month period ended on September 30, 2026 include a non-cash effect amounted to R$ 271,931 (R$ 563,668 as of September 30, 2025).

b) Capitalized borrowing costs – borrowing costs capitalized during the three-month period ended on September 30, 2026 amounted to R$ 28,192 (R$ 61,558 as of September 30, 2025). Borrowing costs capitalized during the nine-month period ended on September 30, 2026 amounted to R$ 109,466 (R$ 150,664 as of September 30, 2025).

c) Guarantees – no property, plant and equipment were pledged as collateral for loans and financing on September 30, 2026 and December 31, 2025.

NOTE 10 – GOODWILL

The changes in goodwill are as follows:

		Goodwill				Accumulated impairment losses				Goodwill after Impairment losses
Balance as of January 1, 2025			25,832,460				(11,979,346	)			13,853,114
(+) Acquisition of company			11,024				-				11,024
(+/-) Foreign exchange effect			(2,963,431	)			1,468,155				(1,495,276	)
Impairment of assets			-				(373,135	)			(373,135	)
Balance as of December 31, 2025			22,880,053				(10,884,326	)			11,995,727
(+/-) Foreign exchange effect			(1,323,246	)			616,910				(706,336	)
Balance as of September 30, 2026			21,556,807				(10,267,416	)			11,289,391

The goodwill balances are allocated to the North American segment.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

NOTE 11 – TRADE ACCOUNTS PAYABLE (domestic market, debtor risk and imports)

		September 30, 2026				December 31, 2025
Trade accounts payable - domestic market			4,454,549				3,641,918
Trade accounts payable - debtor risk			384,289				381,415
Trade accounts payable - imports			1,718,612				986,338
			6,557,450				5,009,671

Under “Trade Accounts Payable - Domestic Market”, the Company presents balances payable arising from the acquisition of goods and services in the domestic markets of each of the countries where the Company and its subsidiaries operate.

The Company has contracts with financial institutions in order to allow its suppliers to anticipate their receivables through an operation called “Trade Accounts Payable – Debtor Risk”. In this operation, suppliers can transfer, at their discretion, the right to receive the securities to a financial institution, which, in turn, becomes the holder of the rights of the suppliers’ receivables. The average discount rate on risk transactions carried out by our suppliers with financial institutions in Brazil and with United States subsidiaries was based on market conditions. The transfer of the right to receive the Company’s securities, at the supplier’s discretion, does not change the payment term, nor does it imply the payment of interest by the Company, as the financial cost of such transfer is the responsibility of the supplier. Therefore, the payment term for suppliers at risk drawn varies between 7 and 132 days, with the same payment term for suppliers who do not choose to advance their receivables through the operation called “Trade Accounts Payable – Debtor Risk”.

		September 30, 2026				December 31, 2025				January 01, 2025
Trade accounts payable - debtor risk			384,289				381,415				459,899
Amounts received by suppliers from financial institutions that are part of the financing agreement - debt risk, in relation to the outstanding balance mentioned above			376,622				373,172				451,420

The amounts of liabilities under the supplier financing arrangement are considered to be reasonable approximations of their fair values, due to their short-term nature.

The balances presented as “Trade Accounts Payable - Imports” substantially refer to the purchase of coal and other raw materials abroad, where in commercial transactions the supplier may require the issuance of a letter of credit or similar risk mitigation instrument to ship the products. On September 30, 2026 and December 31, 2025, contracts negotiated via letter of credit had a payment term of up to 180 days and rates that also varied, depending on market conditions.

The Company permanently monitors the composition of the portfolio and the conditions established with suppliers, which have not undergone significant changes in relation to what had been practiced historically.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

NOTE 12 – LOANS AND FINANCING

Loans and financing are as follows:

		September 30, 2026				December 31, 2025
Ten/Thirty Years Bonds			7,188,848				7,514,045
Other financing			1,975,325				2,260,707
Total financing			9,164,173				9,774,752
Current			354,214				897,295
Non-current			8,809,959				8,877,457
Principal amount of the financing			8,933,876				9,656,888
Interest amount of the financing			230,297				117,864
Total financing			9,164,173				9,774,752

As of September 30, 2026, the nominal weighted average cost of debts denominated in US dollars is 6.13% p.a. (6.12% p.a. on December 31, 2025), for debts denominated in Brazilian Real is CDI -2.15% p.a. (CDI -2.11% p.a. on December 31, 2025), and for other currencies 2.64% p.a. (3.64% p.a. on December 31, 2025).

Loans and financing, denominated in Reais, are substantially indexed to the CDI (Interbank Deposit Certificates).

Summary of loans and financing by currency:

		September 30, 2026				December 31, 2025
Brazilian Real (R$)			1,927,740				1,789,242
U.S. Dollar (US$)			7,186,974				7,837,820
Other currencies			49,459				147,690
			9,164,173				9,774,752

The amortization schedules of long-term loans and financing are as follows:

		September 30, 2026				December 31, 2025
2027(*)			1,770,204				1,778,633
2028			120,969				55,811
2029			117,736				51,438
2030			117,012				46,755
2031 on			6,684,038				6,944,820
			8,809,959				8,877,457

(*) On September 30, 2026, the amounts represent dates from October 1, 2027 to December 31, 2027.

a) Credit Lines

In August 2026, the Company completed the renewal of the Global Credit Line in the total amount of US$ 1,125 million (equivalent to R$ 5,828 million as of September 30, 2026) with maturity in August 2031. The transaction aims to provide liquidity to operations in North America and Latin America, including Brazil. The companies Gerdau S.A., Gerdau Açominas S.A. and Gerdau Aços Longos S.A. provide guarantee for this transaction. As of September 30, 2026, no amount of this credit line was used.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

The Company and its subsidiaries are not subject to default clauses (covenants) linked to financial ratios. Non-financial performance clauses have been complied with.

b) Main amortization

In February 2026, the subsidiaries Gerdau Açominas S.A. and Gerdau Aços Longos S.A. fully settled debts contracted with a top-tier institution in the total amount of R$ 300 million, plus approximately R$ 18.6 million in interest.

In August 2026, the subsidiary Gerdau Açominas S.A. fully settled a debt, including principal and charges, in the approximate amount of R$ 162.3 million. In the same period, Gerdau S.A. fully settled a financial obligation in the approximate amount of R$ 185.1 million.

c) Main debt raisings

During the quarter, the subsidiary Gerdau Açominas S.A. received partial disbursements related to previously contracted financing, totaling approximately R$ 75.4 million. Additionally, in August 2026, the Company and Gerdau Açominas S.A. jointly obtained new funds through working capital, export working capital and investment facilities from top-tier banks, in the approximate amount of R$ 200 million.

NOTE 13 – DEBENTURES

					Quantity as of September 30, 2026
Issuance			General Meeting		Issued				Held in treasury					Maturity			September 30, 2026				December 31, 2025
14th			Aug 26, 2014			20,000				1,145				Aug 30, 2034				-				-
17th			May 29, 2024			1,500,000				-				May 29, 2029				1,568,887				1,514,441
18th			December 10, 2024			1,500,000				-				December 10, 2028				1,562,256				1,508,060
19th			June 05, 2025			1,375,000				-				June 04, 2032				1,433,910				1,384,898
Total Consolidated																		4,565,053				4,407,399
Current																		200,531				44,609
Non-current																		4,364,522				4,362,790

Maturities of long-term amounts are as follows:

			September 30, 2026				December 31, 2025
2028				1,496,826				1,496,022
2029				1,496,846				1,496,222
2031 on				1,370,850				1,370,546
				4,364,522				4,362,790

The debentures are denominated in Brazilian Reais, unsecured, nonconvertible, and pay variable interest as a percentage of the CDI – Interbank Deposit Certificate. The Company and its subsidiaries are not subject to default clauses (covenants) linked to financial indexes.

As of September 30, 2026 and December 31, 2025, the weighted average interest rate of the instruments listed above was CDI + 0.58% p.a. and CDI + 0.67% p.a., respectively.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

NOTE 14 - FINANCIAL INSTRUMENTS

a) General considerations - Gerdau S.A. and its subsidiaries enter into transactions with financial instruments whose risks are managed through market strategies discussed and shared with senior management and in accordance with internal guidelines and control systems for exposure limits to them. All financial instruments are recorded in the accounting books and presented as short-term investments, trade accounts receivable, related parties (assets and liabilities), fair value of derivatives (assets and liabilities), other current assets, other non-current assets, trade accounts payable – domestic market, trade accounts payable – debtor risk, trade accounts payable - imports, loans and financing, debentures, other current liabilities and other non-current liabilities.

The Company has derivatives and non-derivative instruments, such as the hedge for some operations under hedge accounting. These operations are intended to protect the Company against exchange rate fluctuations on foreign currency loans, interest rate and commodity prices fluctuations. These transactions are carried out considering direct active or passive exposures, without leverage.

b) Fair Value — the Fair Value of the financial instruments is as follows:

		September 30, 2026								December 31, 2025
		Book				Fair				Book				Fair
		value				value				value				value
Assets
Short-term investments			347,571				347,571				445,627				445,627
Trade accounts receivable - net			6,227,263				6,227,263				4,810,640				4,810,640
Fair value of derivatives			17,128				17,128				36,623				36,623
Other current assets			796,638				796,638				678,899				678,899
Other non-current assets			336,336				336,336				387,708				387,708
Liabilities
Trade accounts payable - domestic market			4,454,549				4,454,549				3,641,918				3,641,918
Trade accounts payable - debtor risk			384,289				384,289				381,415				381,415
Trade accounts payable - imports			1,718,612				1,718,612				986,338				986,338
Loans and Financing			9,164,173				9,163,443				9,774,752				10,311,438
Debentures			4,565,053				4,583,973				4,407,399				4,403,314
Fair value of derivatives			16,147				16,147				3,306				3,306
Other current liabilities			1,057,602				1,057,602				1,557,010				1,557,010
Other non-current liabilities			599,123				599,123				471,140				471,140

The fair values of Loans and Financing and Debentures are based on market premises, which may take into consideration discounted cash flows using equivalent market rates and credit rating. All other financial instruments, which are recognized in the Consolidated Financial Statements at their carrying amount, are substantially similar to those that would be obtained if they were traded in the market. However, because there is no active market for these instruments, differences could exist if they were settled in advance.

c) Risk factors that could affect the Company’s and its subsidiaries’ businesses:

Price risk of commodities: this risk is related to the possibility of changes in prices of the products sold by the Company or in prices of raw materials and other inputs used in the productive process. Since the Company operates in a commodity market, net sales and cost of sales may be affected by changes in the international prices of their products or materials. In order to minimize this risk, the Company constantly monitors the price variations in the domestic and international markets. Furthermore, the Company may contract derivatives in order to reduce this risk.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

Interest rate risk: this risk arises from the effects of fluctuations in interest rates applied to the Company’s financial liabilities or assets and future cash flows and income. The Company evaluates its exposure to these risks: (i) comparing financial assets and liabilities denominated at fixed and floating interest rates and (ii) monitoring the variations of interest rates like Secured Overnight Financing Rate (SOFR) and CDI. Accordingly, the Company may enter into interest rate swaps in order to reduce this risk.

Exchange rate risk: this risk is related to the possibility of fluctuations in exchange rates affecting the amounts of financial assets or liabilities or of future cash flows and income. The Company assesses its exposure to the exchange rate by measuring the difference between the amount of its assets and liabilities in foreign currency. The Company understands that the accounts receivables originated from exports, its cash and cash equivalents denominated in foreign currencies and its investments abroad are more than equivalent to its liabilities denominated in foreign currency. Since the management of these exposures occurs at each operation level, if there is a mismatch between assets and liabilities denominated in foreign currency, the Company may contract derivative financial instruments in order to mitigate the effect of exchange rate fluctuations.

Credit risk: this risk arises from the possibility of the Company not receiving amounts arising from sales to customers or investments made with financial institutions. In order to minimize this risk, the Company adopt the procedure of analyzing in details of the financial position of their customers, establishing a credit limit and constantly monitoring their balances. Regarding financial investments, the Company only carries out transactions with first-rate institutions and with low credit risk, as assessed by rating agencies and risk mitigation parameters defined in the Company’s internal guidelines.

Capital management risk: this risk comes from the Company’s choice in adopting a financing structure for its operations. The Company manages its capital structure, which consists of a ratio between the financial debts and its own capital (Net Equity) based on internal policies and benchmarks. The Key Performance Indicators (KPI) related to the “Capital Structure Management” objective are: WACC (Weighted Average Cost of Capital), Net Debt/EBITDA (Earnings before interest, income tax, depreciation and amortization), Coverage Ratio of Net Financial Expenses (EBITDA/Net Financial Expenses) and Debt/Total Capitalization Ratio. Net Debt is formed by the principal of the debt reduced by cash, cash equivalents and short-term investments (notes 4, 12 and 13). Total Capitalization is formed by the Total Debt (composed of the principal of the debt) and the Net Equity (Note 17). The Company may change its capital structure, according to economic and financial conditions, in order to optimize its financial leverage and debt management. At the same time, the Company seeks to improve its ROCE (Return on Capital Employed) through the implementation of working capital management and an efficient program of investments in property, plant and equipment. In the long term, the Company seeks to remain within the parameters below, admitting occasional variations in the short term:

Net debt/EBITDA		Less or equal to 1.5 times
Gross debt limit		R$ 12 billion
Average maturity of debt		more than 6 years

These key indicators are used to monitor objectives described above and may not necessarily be used as indicators for other purposes, such as impairment tests.

Liquidity risk: The Company’s management policy of indebtedness and cash on hand is based on using the committed lines and the currently available credit lines with or without a guarantee in export receivables for maintaining adequate levels of short, medium, and long-term liquidity. The maturity of long-term loans and financing, and debentures are presented in Notes 12 and 13, respectively.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

Sensitivity analysis:

The Company performed a sensitivity analysis, which can be summarized as follows:

Impacts on Statements of Income
Assumptions		Percentage of change				September 30, 2026				September 30, 2025
Foreign currency sensitivity analysis - Loans and financing			5	%			2,375				14,096
Foreign currency sensitivity analysis - Imports/Exports			5	%			63,709				84,863
Interest rate sensitivity analysis			10	bps			40,228				47,930
Sensitivity analysis of changes in prices of products sold			1	%			186,905				179,831
Sensitivity analysis of changes in raw material and commodity prices			1	%			107,815				114,105
Currency forward contracts			5	%			33,434				2,631
Commodity derivates			5	%			734				4,535
Swaps USD x DI			5	%			-				8,344
Swaps IPCA x DI			5	%			-				37
Swaps EUR x DI			5	%			-				20,758

Foreign currency sensitivity analysis: As of September 30, 2026, the Company is mainly exposed to variations between the Real and the Dollar. The sensitivity analysis carried out by the Company considers the effects of a 5% increase or decrease between the Real and the Dollar in its non-hedged debts (loans and financing), trade accounts receivable - exports from Brazil and trade accounts payable – imports (imports/exports). Variations between the local currencies of other countries and the Dollar do not represent material exposures. In this analysis, a 5% depreciation of the Brazilian Real against the U.S. Dollar would result in a loss of R$ 2,375 for the nine-month period ended September 30, 2026 (loss of R$ 14,096 for the nine-month period ended September 30, 2025). Conversely, a 5% appreciation of the Brazilian Real against the U.S. Dollar would result in financial income of the same amount. Regarding net import and export transactions, a 5% depreciation of the Brazilian Real against the U.S. Dollar would result in a loss of R$ 63,709 for the nine-month period ended September 30, 2026 (loss of R$ 84,863 for the nine-month period ended September 30, 2025). Conversely, a 5% appreciation of the Brazilian Real against the U.S. Dollar would produce the opposite effect, resulting in gain of the same amount. The net amounts of other assets and other liabilities denominated in foreign currencies do not present significant risks of impact arising from fluctuations in exchange rates.

Interest rate sensitivity analysis: The interest rate sensitivity analysis made by the Company considers the effects of an increase or reduction of 10 basis point (bps) on the average interest rate applicable to the floating part of its debt. The calculated impact, considering this variation in the interest rate totals R$ 40,228 for the nine-month period ended on September 30, 2026 (R$ 47,930 for the nine-month period ended on September 30, 2025) and would impact the Financial expenses account in the Consolidated Statements of Income. The specific interest rates to which the Company is exposed are related to the loans, financing, and debentures presented in Notes 12 and 13, and are mainly comprised by SOFR and CDI — Interbank Deposit Certificate.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

Sensitivity analysis of changes in sales price of products and price of raw materials and other inputs used in production: The Company is exposed to changes in the price of its products. This exposure is associated with the fluctuation of the sales price of the Company’s products and the price of raw materials and other inputs used in the production process, mainly for operating in a commodity market. The sensitivity analysis made by the Company considers the effects of an increase or of a reduction of 1% on both prices. The impact measured considering this variation in the price of products sold, considering the revenues and costs for the nine-month period ended on September 30, 2026, totals R$ 186,905 (R$ 179,831 for the nine-month period ended on September 30, 2025) and the variation in the price of raw materials and other inputs totals R$ 107,815 for the nine-month period ended on September 30, 2026 (R$ 114,105 for the nine-month period ended on September 30, 2025). The impact in the price of products sold and raw materials would be recorded in the accounts Net Sales and Cost of Sales, respectively, in the Consolidated Statements of Income. The Company does not expect to be more vulnerable to a change in one or more specific product or raw material.

Sensitivity analysis of currency forward contracts: as of September 30, 2026, the Company has exposure to Dollar forward contracts for some of its assets and liabilities. The sensitivity analysis performed by the Company considers the effects of a 5% increase or decrease in the Dollar against the Real, and its effects on the mark-to-market valuation of these derivatives. A 5% increase in the Dollar against the Real represents a loss of R$ 33,434 for the nine-month period ended on September 30, 2026 (loss of R$ 2,631 for the nine-month period ended on September 30, 2025), and a 5% decrease in the Dollar against the Real represents a gain of the same value. The Dollar/Real forward contracts were intended to hedge asset and liability positions in Dollars, and the mark-to-market effects of these contracts were recorded in the Consolidated Income Statement.

Sensitivity analysis of commodity forward contracts: As of September 30, 2026, the Company has exposure to commodity derivatives (coal and energy). The sensitivity analysis performed by the Company considers the effects of a 5% increase or decrease in the price of commodities, and their effects on the mark-to-market valuation of these derivatives. A 5% increase in the price of commodities represents a loss of R$ 734 for the nine-month period ended on September 30, 2026 (loss of R$ 4,535 for the nine-month period ended on September 30, 2025), and a 5% decrease in the price of commodities represents a gain of the same amount. The mark-to-market effects of these derivatives were recorded in the Consolidated Income Statement. The commodity derivatives to which the Company is exposed are presented in Note 14.e.

Sensitivity analysis of USD x DI swaps: the Company has USD x DI swaps to protect some of its loans and financing. The sensitivity analysis carried out by the Company considers the impact on the fair value of the derivative instruments of a 5% increase in the Dollar against Real for all vertices of the respective operations. As of September 30, 2026, the Company did not have any USD x DI swaps designated to hedge a portion of its loans and financing. During the same period in 2025, the outstanding balance of these transactions amounted to R$ 8,344.

Sensitivity analysis of IPCA x DI swaps: the Company has IPCA x DI swaps to protect some of its loans and financing. The sensitivity analysis carried out by the Company considers the impact on MTM of a 5% increase in the IPCA rate for all vertices of the respective operations. As of September 30, 2026, the Company did not have any IPCA x DI swaps designated to hedge a portion of its loans and financing. During the same period in 2025, the outstanding balance of these transactions amounted to R$ 37.

Sensitivity analysis of EUR x DI swaps: During the nine-month period ended September 30, 2026, the Company did not have any EUR x DI swaps designated to hedge a portion of its loans and financing. During the same period in 2025, the outstanding balance of these transactions amounted to R$ 20,758.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

d) Financial Instruments per Category

Summary of the financial instruments per category:

September 30, 2026 Assets		Financial asset at amortized cost				Financial asset at fair value through profit or loss				Total
Short-term investments			-				347,571				347,571
Trade accounts receivable			6,227,263				-				6,227,263
Fair value of derivatives			-				17,128				17,128
Other current assets			783,570				13,068				796,638
Other non-current assets			336,336				-				336,336
Total			7,347,169				377,767				7,724,936
Financial income (expenses) for the three-month period ended on September 30, 2026			86,676				82,900				169,576
Financial income (expenses) for the nine-month period ended on September 30, 2026			140,520				203,616				344,136

Liabilities			Financial liability at fair value through profit or loss				Financial liability at amortized cost				Total
Trade accounts payable - domestic market			-				4,454,549				4,454,549
Trade accounts payable - debtor risk			-				384,289				384,289
Trade accounts payable - imports			-				1,718,612				1,718,612
Loans and financing			-				9,164,173				9,164,173
Debentures			-				4,565,053				4,565,053
Fair value of derivatives			16,147				-				16,147
Other current liabilities			-				1,057,602				1,057,602
Other non-current liabilities			-				599,123				599,123
Total			16,147				21,943,401				21,959,548
Financial income (expenses) for the three-month period ended on September 30, 2026			(30,198	)			(570,037	)			(600,235	)
Financial income (expenses) for the nine-month period ended on September 30, 2026			(63,838	)			(1,339,193	)			(1,403,031	)

December 31, 2025 Assets			Financial asset at amortized cost				Financial asset at fair value through profit or loss				Total
Short-term investments			-				445,627				445,627
Trade accounts receivable			4,810,640				-				4,810,640
Fair value of derivatives			-				36,623				36,623
Other current assets			665,020				13,879				678,899
Other non-current assets			387,708				-				387,708
Total			5,863,368				496,129				6,359,497
Financial income (expenses) for the three-month period ended on September 30, 2025			88,274				87,900				176,174
Financial income (expenses) for the nine-month period ended on September 30, 2025			2,479				214,557				217,036

Liabilities			Financial liability at fair value through profit or loss				Financial liability at amortized cost				Total
Trade accounts payable - domestic market			-				3,641,918				3,641,918
Trade accounts payable - debtor risk			-				381,415				381,415
Trade accounts payable - imports			-				986,338				986,338
Loans and financing			-				9,774,752				9,774,752
Debentures			-				4,407,399				4,407,399
Fair value of derivatives			3,306				-				3,306
Other current liabilities			-				1,557,010				1,557,010
Other non-current liabilities			-				471,140				471,140
Total			3,306				21,219,972				21,223,278
Financial income (expenses) for the three-month period ended on September 30, 2025			(31,228	)			(367,731	)			(398,959	)
Financial income (expenses) for the nine-month period ended on September 30, 2025			(73,154	)			(1,009,294	)			(1,082,448	)

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

e) Operations with derivative financial instruments

Risk management objectives and strategies: In order to execute its strategy of sustainable growth, the Company implements risk management strategies in order to mitigate market risks.

The objective of derivative transactions is always related to mitigating market risks as stated in our policies and guidelines. All derivative instruments in force are monthly reviewed by the Financial Risk Committee, which validates the fair value of such instruments. All gains and losses on derivative instruments are recognized at their fair value in the Company’s consolidated financial statements in the line of Gains (Losses) on financial instruments, net.

Policy for use of derivatives: The Company is exposed to various market risks, including changes in exchange rates, commodities prices and interest rates. The Company uses derivatives and other financial instruments to reduce the impact of such risks on the fair value of its assets and liabilities or in future cash flows and income. The Company has established policies to evaluate the market risks and to approve the use of derivative transactions related to these risks. The Company enters into derivative financial instruments solely to manage the market risks mentioned above and never for speculative purposes. Derivative financial instruments are used only when they have a related position (asset or liability exposure) resulting from business operations, investments and financing.

Policy for determining fair value: the fair value of derivative financial instruments is determined using models and other valuation techniques, including future prices and market curves.

Derivative transactions may include interest rate and/or currency swaps, currency futures contracts and currency options contracts.

Currency forward contracts: The Company may contract forward contract operations, through which it receives/pays a fixed Dollar amount and receives/pays a fixed Real/Argentinian Peso amount. Counterparties are always top-tier financial institutions with low credit risk.

Swap Contracts: The Company may contract a swap contract operation, through which it exchanges interest rate indices or local and/or foreign currency. Counterparties are always top - tier financial institutions with low credit risk.

The derivatives instruments can be summarized and categorized as follows:

				Notional value						Amount receivable								Amount payable
Contracts		Position		September 30, 2026			December 31, 2025			September 30, 2026				December 31, 2025				September 30, 2026				December 31, 2025
Currency forward contracts
Maturity in 2026		sold in US$		US$ 123.8 million			-				16,684				-				40				-
Commodity derivatives
Maturity in 2026		bought in US$		US$ 3.9 million			-				444				-				-				-
Commodity contracts
Maturity in 2026		-		-			-				-				20,113				16,107				-
Swaps USD x DI
Maturity in 2026		107.9% of CDI		-			US$ 30.6 million				-				16,510				-				-
Swaps IPCA x DI
Maturity in 2026		CDI - 1.10%		-			-				-				-				-				2,192
Maturity in 2026		CDI - 0.90%		-			-				-				-				-				1,114
Total fair value of financial instruments											17,128				36,623				16,147				3,306

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

		September 30, 2026				December 31, 2025
Fair value of derivatives
Current assets			17,128				36,623
			17,128				36,623
Fair value of derivatives
Current liabilities			16,147				3,306
			16,147				3,306

		For the nine-month period ended
Net Income		September 30, 2026				September 30, 2025
Gains on financial instruments			41,004				5,557
Losses on financial instruments			(63,826	)			(73,153	)
			(22,822	)			(67,596	)

f) Net investment hedge

The Company designated as hedge of part of its net investments in subsidiaries abroad the operations of Ten Years Bonds. Consequently, the effect of exchange rate changes on these debts on the amount of US$ 0.8 billion (equivalent to R$ 4.3 billion on September 30, 2026) (designated as a hedge) has been recognized in the Statement of Comprehensive Income.

The Company demonstrated effectiveness of the hedge as of its designation dates and demonstrated the high effectiveness of the hedge from the contracting of each debt for the acquisition of these companies abroad, whose effects were measured and recognized directly in the Statement of Comprehensive Income as an unrealized loss, net of taxes, in the amount R$ 2,780 for the three-month period ended on September 30, 2026 (gain of R$ 113,742 for the three-month period ended on September 30, 2025), and an unrealized gain, net of taxes, in the amount R$ 207,468 for the nine-month period ended on September 30, 2026 (gain of R$ 397,763 for the nine-month period ended on September 30, 2025).

The objective of the hedge is to protect, during the existence of the debt, the amount of part of the Company’s investment in the subsidiaries mentioned above against positive and negative changes in the exchange rate. This objective is consistent with the Company’s risk management strategy. Prospective and retrospective tests demonstrated the effectiveness of these instruments.

g) Measurement of fair value:

The Company’s financial assets and liabilities, both at the parent company and consolidated levels, measured at fair value on a recurring basis, are valued using valuation techniques that rely exclusively on observable market data.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

h) Changes in liabilities from cash flow from financing activities:

As required by IAS 7, the Company has summarized below the changes in the liabilities of cash flow from financing activities, from its Statement of Cash Flows:

						Cash effects								Non-cash effects
		January 01, 2026				Received/(Paid) from financing activities				Interest Payment				Interest on loans, financing and loans with related parties				Exchange Variance and others				September 30, 2026
Leasing payable			117,699				(374,250	)			(114,330	)			114,330				395,390				138,839
Loans and Financing, Debentures and Fair value of derivatives			14,148,834				(283,211	)			(655,770	)			840,040				(321,648	)			13,728,245

						Cash effects								Non-cash effects
		January 01, 2025				Payments from financing activities				Interest Payment				Interest on loans, financing and loans with related parties				Exchange Variance and others				September 30, 2025
Leasing payable			1,280,669				(352,346	)			(98,068	)			98,068				(546,040	)			382,283
Loans and Financing, Debentures and Fair value of derivatives			13,585,363				5,712,628				(622,744	)			931,744				(970,543	)			18,636,448

NOTE 15 – TAX, CIVIL AND LABOR CLAIMS AND CONTINGENT ASSETS

The Company and its subsidiaries are party in judicial and administrative proceedings involving tax, civil and labor matters. Based on the opinion of its legal advisors, Management believes that the provisions recorded for these judicial and administrative proceedings is sufficient to cover probable and reasonably estimable losses from unfavorable court decisions and that the final decisions will not have significant effects on the financial position, operational results and liquidity of the Company and its subsidiaries.

For claims whose expected loss is considered probable, the provisions have been recorded considering the judgment of the Management of the Company with the assistance of its legal advisors and the provisions are considered enough to cover expected probable losses. The provisions balances are as follows:

I) Provisions

		September 30, 2026				December 31, 2025
a) Tax provisions			2,035,528				1,928,918
b) Labor provisions			339,473				326,315
c) Civil provisions			38,086				37,179
			2,413,087				2,292,412

a) Tax Provisions

Tax provisions refer mainly to discussions related to ICMS, IPI, Income tax and social contribution, social security contributions, offsetting of PIS and COFINS credits and incidence of PIS and COFINS on other revenues.

b) Labor Provisions

The Company is party to a group of individual and collective labor and/or administrative lawsuits involving various labor amounts and the provision arises from unfavorable decisions and/or the probability of loss in the ordinary course of proceedings with the expectation of outflow of financial resources by the Company.

c) Civil Provisions

The Company is party to a group of civil, arbitration and/or administrative lawsuits involving various claims and the provision arises from unfavorable decisions and/or probable losses in the ordinary course of proceedings with the expectation of outflow of financial resources for the Company.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

The changes in the tax, civil and labor provisions are shown below:

		September 30, 2026				December 31, 2025
Balance at the beginning of the year			2,292,412				2,328,849
(+) Additions			104,009				165,196
(+) Monetary correction			111,056				137,637
(-) Reversal of accrued amounts			(94,438	)			(343,266	)
(+) Acquisition of company control			309				3,969
(+) Foreign exchange effect on provisions in foreign currency			(261	)			27
Balance at the end of period			2,413,087				2,292,412

II) Contingent liabilities for which provisions were not recorded as of September 30, 2026

Considering the opinion of legal advisors and management’s assessment, contingencies listed below have the probability of loss considered as possible (but not likely) and due to this classification, accruals have not been made in accordance with IFRS Accounting Standards.

a) Tax contingencies

a.1) The Company and its subsidiaries Gerdau Aços Longos S.A. and Gerdau Açominas S.A. have lawsuits related to the ICMS (state VAT) which are mostly related to credit rights and rate differences, whose demands totaled R$ 1,094,486 (R$ 999,844 as of December 31, 2025).

a.2) The Company and its subsidiaries in Brazil are parties to claims related to: (i) Imposto sobre Produtos Industrializados - IPI, substantially related to IPI credit on inputs, whose demands total the updated amount of R$ 588,516 (R$ 571,299 as of December 31, 2025); and (ii) social security contributions in the total of R$ 151,389 (R$ 172,301 as of December 31, 2025).

a.3) The Company and its subsidiaries in Brazil are parties to claims related to (i) PIS and COFINS, substantially related to disallowance of credits on inputs totaling R$ 2,015,143 (R$ 2,126,191 as of December 31, 2025); and (ii) other taxes, whose updated total amount is currently R$ 1,242,402 (R$ 854,422 as of December 31, 2025).

a.4) Gerdau S.A. and its subsidiary Gerdau Aços Longos S.A. are parties to administrative proceedings related to Withholding Income Tax (IRRF) levied on interest remitted abroad in connection with export financing arrangements formalized through Prepayment of Exports Agreements (PPE) or Advance Export Receipt Agreements (RAE), in the updated amount of R$ 1,651,921 (R$ 1,643,601 as of December 31, 2025), of which: (i) R$ 805,037 (R$ 759,834 as of December 31, 2025) correspond to four administrative proceedings involving the subsidiary Gerdau Aços Longos S.A. In one proceeding, the Company filed a Voluntary Appeal, which was unanimously ruled in its favor by the Administrative Council of Tax Appeals (CARF), fully canceling the IRPJ and CSLL tax assessment; the Motion for Clarification filed by the National Treasury was rejected, and the admissibility review of the National Treasury’s Special Appeal is pending. In the remaining three proceedings, the Company filed Special Appeals, which are pending judgment by the Superior Chamber of Tax Appeals (CSRF), following the dismissal of Motions for Clarification filed against decisions that, by a casting vote, denied the Voluntary Appeals filed by the Company; and (ii) R$ 846,884 (R$ 883,767 as of December 31, 2025) correspond to three proceedings involving Gerdau S.A. Two of these proceedings have been concluded at the administrative level, and the Company has filed annulment actions before the Judiciary to challenge the assessments, which are pending judgment in the trial court. In the third proceeding, the Voluntary Appeal filed by the Company was denied by CARF through a casting vote, and the Company filed a Motion for Clarification, which was rejected, with the Special Appeal, partially admitted, pending judgment by the Superior Chamber of Tax Appeals (CSRF).

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

a.5) Gerdau S.A. is a party to administrative proceedings related to the disallowance of the deductibility of goodwill generated pursuant to Articles 7 and 8 of Law No. 9,532/97 from the tax base of Corporate Income Tax (IRPJ) and Social Contribution on Net Profit (CSLL) arising from a corporate restructuring carried out in 2010. The updated total amount of the assessments is R$ 663,864 (R$ 628,534 as of December 31, 2025), of which: (i) R$ 36,405 (R$ 34,406 as of December 31, 2025) corresponds to a case in which the decision on the merits favorable to the National Treasury prevailed by casting vote, followed by a new decision recognizing the extinguishment of the assessed tax credit (composed exclusively of stand-alone penalties) pursuant to Law No. 14,689/2023, with the mandatory appeal still pending judgment; (ii) R$ 305,297 (R$ 289,734 as of December 31, 2025) corresponds to a proceeding in which, in a new trial determined by the CSRF, the deductibility of the Villares goodwill was recognized by majority vote, with the Company’s appeal being granted, and a possible new Special Appeal by the National Treasury is pending; (iii) R$ 100,125 (R$ 94,941 as of December 31, 2025) corresponds to a proceeding in which a new trial was held to review the mandatory appeal and other matters not addressed in the Company’s voluntary appeal, as determined by the CSRF when it partially granted, by casting vote, the Special Appeal filed by the National Treasury Attorney’s Office, with the panel ordering additional fact-finding procedures, and the Company is awaiting formal notification of the decision; and (iv) R$ 222,037 (R$ 209,453 as of December 31, 2025) corresponds to a proceeding in which the Special Appeal filed by Gerdau S.A. was partially admitted and was subsequently denied, and the Company is awaiting formal notification of this judgment.

a.6) Gerdau S.A. (as successor to Gerdau Aços Especiais S.A.) and its subsidiary Gerdau Internacional Empreendimentos Ltda. – Gerdau Group are parties to legal proceedings regarding Corporate Income Tax (IRPJ) and the Social Contribution on Net Income (CSLL), with an updated value of R$ 1,635,800 (R$ 1,568,352 as of December 31, 2025). These proceedings concern profits generated abroad, of which: (i) R$ 1,346,295 (R$ 1,289,971 as of December 31, 2025) relates to two legal proceedings involving the subsidiary Gerdau Internacional Empreendimentos Ltda. – Gerdau Group. One proceeding is pending at the first-instance level, awaiting a ruling on the objections to tax enforcement filed by the Company; the other involves a special appeal filed by the Federal Government that was admitted, while the Company’s special appeal was denied admission—both filed against an appellate decision that had unanimously granted Gerdau’s appeal to dismiss the tax enforcement action—and the case has been forwarded to the Superior Court of Justice (STJ) for a merits review of the Federal Government’s special appeal and awaits judgment; (ii) R$ 289,505 (R$ 278,381 as of December 31, 2025) relates to a proceeding involving Gerdau S.A. (as successor to Gerdau Aços Especiais S.A.), in which an appeal filed by the Federal Government against the judgment upholding the objections to tax enforcement filed by the Company is pending a decision.

a.7) The subsidiary Gerdau Internacional Empreendimentos Ltda. (Gerdau Group) is a party to an administrative proceeding regarding Corporate Income Tax (IRPJ) and the Social Contribution on Net Income (CSLL). The updated amount involved is R$ 2,745,498 (R$ 2,550,462 as of December 31, 2025), relating to a tax assessment notice demanding IRPJ and CSLL for the 2021 calendar year due to alleged non-compliance with rules concerning worldwide taxation; an administrative challenge was filed but ruled unfounded, and a Voluntary Appeal was filed with the Administrative Council of Tax Appeals (CARF);

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

a.8) Gerdau S.A. (on its own behalf and as successor to Gerdau Aços Especiais S.A.) and its subsidiaries, Gerdau Aços Longos S.A. and Gerdau Açominas S.A., are parties to administrative and judicial proceedings regarding the disallowance of the deductibility—from the calculation base for Corporate Income Tax (IRPJ) and the Social Contribution on Net Profit (CSLL)—of the goodwill generated pursuant to Articles 7 and 8 of Law No. 9.532/97, arising from the corporate reorganization carried out in 2004/2005. The total updated value of the assessments amounts to R$ 8,149,616 (R$ 8,545,810 as of December 31, 2025), of which: (i) R$ 4,388,118 (R$ 4,971,219 as of December 31, 2025) relates to four proceedings involving Gerdau S.A. (as successor to Gerdau Aços Especiais S.A.) and its subsidiaries Gerdau Aços Longos S.A. and Gerdau Açominas S.A., currently in the judicial collection phase; the Companies have posted judicial guarantees—by means of surety insurance—within the scope of precautionary measures and have initiated judicial proceedings via Objections to Execution; regarding the Objections to Execution filed by Gerdau S.A. (as successor to Gerdau Aços Especiais S.A.), the Special Appeal lodged by the National Treasury—challenging the appellate decision by the Federal Regional Court of the 4th Region that had upheld the judgment in the Company’s favor—was not heard, and a monocratic decision was issued by the Supreme Federal Court (STF) denying the Extraordinary Appeal lodged by the National Treasury, with the judgment of the National Treasury’s Regimental Interlocutory Appeal before the STF currently pending; regarding the objections to the tax enforcement action filed by the subsidiary Gerdau Aços Longos S.A. (as successor to Gerdau Comercial de Aços S.A.), the Federal Regional Court of the 2nd Region denied the appeals filed by Gerdau and the National Treasury, as well as the mandatory review, and partially admitted the Company’s motion for clarification while refusing to admit the Union’s motion for clarification, thereby upholding the judgment in favor of the Company regarding the objections to the tax enforcement action; both parties filed a Special Appeal and the Union filed an Extraordinary Appeal, which are suspended and pending a determination of admissibility, and the Company filed an Internal Interlocutory Appeal seeking to lift the suspension of the appeals to the superior courts, which is pending judgment; regarding the proceedings involving the subsidiary Gerdau Aços Longos S.A., also heard by the Federal Regional Court of the 2nd Region, the appeal filed by the National Treasury was denied, the Company’s motion for clarification was partially admitted, and the Union’s motion for clarification was not admitted, maintaining the judgment favorable to the Company; both parties filed a Special Appeal and the Union filed an Extraordinary Appeal, pending a determination of admissibility, and the Company filed an Internal Interlocutory Appeal seeking to lift the suspension of the appeals to the superior courts, which is pending judgment; and furthermore, the objections to the tax enforcement action filed by the subsidiary Gerdau Açominas S.A. are pending judgment at the trial court level; (ii) R$ 426,073 (R$ 408,042 as of December 31, 2025) relate to a lawsuit involving the subsidiary Gerdau Aços Longos S.A. concerning a debt contested at the administrative level; the Federal Regional Court of the 2nd Region unanimously denied the appeal filed by the National Treasury against the judgment that upheld the Objections to Execution and recognized the invalidity of the tax assessment, and also denied the Motions for Clarification filed by both parties as well as the Union’s Internal Interlocutory Appeal; the admissibility review and judgment regarding the Union’s Special and Extraordinary Appeals and the Company’s Special Appeal were suspended, and the Company filed an Internal Interlocutory Appeal seeking to lift the suspension in order to proceed with the admissibility review of the appeals, which has not yet been conducted; (iii) R$ 401,435 (R$ 383,502 as of December 31, 2025) relate to a lawsuit involving the subsidiary Gerdau Aços Longos S.A. concerning a debt contested at the administrative level; the Federal Regional Court of the 2nd Region unanimously granted the Company’s appeal to overturn the judgment that had dismissed the Objections to Tax Execution and recognized the nullity of the enforceable instruments underlying the Tax Execution; Motions for Clarification filed by the Union and the Company were partially granted, the Company’s Special Appeal was admitted, and the Union’s Special Appeal was denied admission; a judgment is pending regarding the Union’s Interlocutory Appeal against the decision denying admission of its Special Appeal, and the case records have been forwarded to the Superior Court of Justice (STJ) awaiting judgment; (iv) R$ 6,930 (R$ 6,636 as of December 31, 2025) relate to a proceeding involving the subsidiary Gerdau Aços Longos S.A., for which the administrative phase has concluded and which is currently pending a ruling at the trial court level regarding the Objection to Tax Execution filed by the Company (proceedings currently suspended); (v) R$ 803 (R$ 741 as of December 31, 2025) relate to a judicial proceeding involving the subsidiary Gerdau Aços Longos S.A., concerning a tax assessment upheld at the administrative level a decision was issued granting the request to terminate the Tax Enforcement proceeding following the approval of the Company's request to review the active debt registration—which resulted in the total extinguishment of the debts due to the exclusion of fines and, consequently, default interest and legal charges, pursuant to Article 25, § 9-A of Decree No. 70.235/72 in conjunction with Article 15 of Law No. 14.689/2023; the Company filed an appeal that was granted, ordering the Federal Government to pay attorney's fees; this decision was the subject of Motions for Clarification filed by both parties, which were not admitted; the admissibility review for the Special Appeals filed by both parties and the Extraordinary Appeal filed by the Federal Government is currently pending, with the Company having filed an Internal Interlocutory Appeal seeking to lift the suspension status, which was dismissed, and the admissibility review of the appeals to the superior courts remains suspended pursuant to STF Topic 1255; (vi) R$ 135,431 (R$ 129,629 as of December 31, 2025) relates to a lawsuit involving Gerdau S.A. (as successor to Gerdau Aços Especiais S.A.) for which the administrative proceedings have concluded; Gerdau S.A. posted advance judicial security to enable judicial dispute via Objections to Tax Enforcement, which have already been filed and are pending judgment at the trial court level; (vii) R$ 302,621 (R$ 286,671 as of December 31, 2025) relates to a lawsuit involving the subsidiary Gerdau Aços Longos S.A. concerning a tax assessment upheld at the administrative level; the Company filed an objection to the tax foreclosure proceedings (*Embargos à Execução Fiscal*), which was ruled against the Company at the first judicial instance, and the Company filed the respective appeal for a collegiate ruling by the Regional Federal Court of the 2nd Region (pending judgment); (viii) R$ 186,287 (R$ 176,793 as of December 31, 2025) relates to a lawsuit involving Gerdau S.A. (as successor to Gerdau Aços Especiais S.A.) concerning a tax assessment upheld at the administrative level; the Company filed an objection to the tax foreclosure proceedings, which is pending judgment at the first judicial instance; (ix) R$ 817,928 (R$ 775,120 as of December 31, 2025) relates to a lawsuit involving the subsidiary Gerdau Aços Longos S.A. in which, following the partial granting of the voluntary appeal and the refusal to admit the National Treasury’s special appeal, we were notified of the appellate decision and filed a special appeal that is pending admissibility review and judgment; (x) R$ 729,118 (R$ 689,134 as of December 31, 2025) relate to a proceeding involving the subsidiary Gerdau Aços Longos S.A., currently pending before the Administrative Council of Tax Appeals (CARF), in which, via a tie-breaking vote, the Voluntary Appeal filed by the Company regarding the merits was denied, while the Special Appeal filed by the National Treasury was admitted and granted, and the Special Appeal filed by the Subsidiary was partially admitted and partially granted, which is the subject of a Motion for Clarification pending judgment; (xi) R$ 199,932 (R$ 190,252 as of December 31, 2025) relate to a proceeding involving the subsidiary Gerdau Aços Longos S.A., which was severed from the proceeding mentioned in item (vi) above and is currently in the judicial collection phase, with a pending appeal against the judgment that dismissed the Company’s Objections to Tax Execution; and (xii) R$ 554,940 (R$ 528,071 as of December 31, 2025) relate to a proceeding involving the subsidiary Gerdau Aços Longos S.A., which was severed from the proceeding mentioned in item (vi) above and is currently under judicial dispute; the Federal Regional Court of the 2nd Region denied the appeals filed by the parties, partially admitted the Company’s Motion for Clarification, and did not admit the Union’s Motion for Clarification, thereby upholding the judgment in favor of the Company’s Objections to Tax Execution; the Union filed Special and Extraordinary Appeals and the Company filed a Special Appeal, which are pending admissibility review, and the Company filed an Internal Interlocutory Appeal seeking to lift the suspension of the appeals to the superior courts, which is pending judgment.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

b) Civil contingencies

The subsidiary Dona Francisca Energética S.A. (DFESA) is a party to a lawsuit filed against the Electric Energy Trading Chamber (CCEE), the National Electric Energy Agency (ANEEL) and the Federal Government. The lawsuit challenges the validity of ANEEL Order No. 288/2002, which cancelled credits and recorded a debit against DFESA in the settlement of the former Wholesale Electric Energy Market (MAE). The Federal Regional Court of the 1st Region reversed the judgment that had dismissed the claim and declared the charge null. In September 2026, the Second Panel of the Superior Court of Justice (STJ) granted the internal interlocutory appeals filed by the Federal Government, ANEEL and CCEE and reinstated the judgment dismissing the claim. DFESA filed Motions for Clarification against this decision, with a request for suspensive and modifying effects, which are pending judgment. The decision had not become final and unappealable as of September 30, 2026. As a result of this decision, the likelihood of loss, previously assessed as remote, was reassessed as possible in the Company’s Interim Financial Information as of September 30, 2026. The estimated amount under discussion is up to R$ 3.9 billion. The Company understands that its maximum exposure in this lawsuit is the amount of its investment in DFESA, totaling R$ 666 million.

Other demands of a civil nature of the Company and its subsidiaries collectively have a discussion amount of approximately R$ 1,043,895 (R$ 1,006,450 as of December 31, 2025). For these demands, no accounting provision was recorded, since they were considered as possible losses, based on the opinion of its legal counsel.

c) Labor Contingencies

The Company and its subsidiaries are parties to other labor claims that together have an amount of R$ 1,599,155 (R$ 1,443,044 as of December 31, 2025). For these claims, no accounting provision was made, since these were considered as possible losses, based on the opinion of its legal counsel.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

III) Judicial deposits

The Company has judicial deposits related to tax, labor and civil lawsuits as listed below:

		September 30, 2026				December 31, 2025
Tax			90,238				89,046
Labor			30,913				36,149
Civil			24,599				25,698
			145,750				150,893

NOTE 16 - RELATED-PARTY TRANSACTIONS

a) Operations with related parties

During the three-month and nine-month periods ended on September 30, 2026, the Company, through its subsidiaries, performed commercial operations with some of its associate companies, joint ventures and other related parties in sales of R$ 11,220 and R$ 46,749, respectively (R$ 10,753 and R$ 65,347 for the three-month and nine-month periods ended on September 30, 2025, respectively) and purchases in the amounts of R$ 5,834 and R$ 42,398, respectively (R$ 18,477 and R$ 85,547 for the three-month and nine-month periods ended on September 30, 2025, respectively).

The Company and its subsidiaries recorded revenues of R$ 248 in the three-month period ended on September 30, 2026 (R$ 229 for the three-month period ended on September 30, 2025), and R$ 677 in the nine-month period ended on September 30, 2026 (R$ 686 for the nine-month period ended on September 30, 2025), derived from rental agreement.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

Guarantees granted

Related Party		Relationship		Object		Original Amount				Maturity				Balance as of September 30, 2026				Balance as of December 31, 2025
Gerdau Aços Longos S.A.		Subsidiary		Commercial Contract			1,372				Jan/26				-				1,484
Gerdau Aços Longos S.A.		Subsidiary		Commercial Contract			10,670				Jan/26				-				11,536
Gerdau Aços Longos S.A.		Subsidiary		Commercial Contract			2,004				Jan/26				-				2,167
Gerdau Aços Longos S.A.		Subsidiary		Commercial Contract			551				Jan/26				-				563
Gerdau Aços Longos S.A. and Gerdau Açominas S.A.		Subsidiaries		Commercial Contract			2,492				Jan/26				-				2,694
Gerdau Aços Longos S.A.		Subsidiary		Commercial Contract			446				Feb/26				-				483
Gerdau Aços Longos S.A. and Gerdau Açominas S.A.		Subsidiaries		Commercial Contract			45,658				Mar/26				-				2,219
Gerdau Aços Longos S.A. and Gerdau Açominas S.A.		Subsidiaries		Commercial Contract			993				Mar/26				-				1,073
Gerdau Corsa S.A.P.I. de C.V.		Joint Venture		Commercial Contract			4,451,507				Dec/26				77,714				-
Gerdau Aços Longos S.A. and Gerdau Açominas S.A.		Subsidiaries		Commercial Contract			312				Jan/27				155				337
Gerdau Aços Longos S.A. and Gerdau Açominas S.A.		Subsidiaries		Commercial Contract			11,951				Jan/27				11,680				11,680
Gerdau Aços Longos S.A. and Gerdau Açominas S.A.		Subsidiaries		Commercial Contract			3,235				Jan/27				3,368				3,497
Gerdau Aços Longos S.A. and Gerdau Açominas S.A.		Subsidiaries		Commercial Contract			7,109				Jan/27				3,220				7,686
Gerdau Aços Longos S.A. and Gerdau Açominas S.A.		Subsidiaries		Commercial Contract			9,432				Jan/27				3,394				10,198
Gerdau Aços Longos S.A. and Gerdau Açominas S.A.		Subsidiaries		Commercial Contract			2,594				Jan/27				8,131				2,805
Gerdau Aços Longos S.A. and Gerdau Açominas S.A.		Subsidiaries		Commercial Contract			2,813				Jan/27				2,813				-
Gerdau Aços Longos S.A. and Gerdau Açominas S.A.		Subsidiaries		Commercial Contract			2,226				Jan/27				2,226				-
Gerdau Aços Longos S.A.		Subsidiary		Commercial Contract			680				Jan/27				680				-
Gerdau Aços Longos S.A.		Subsidiary		Commercial Contract			188				Jan/27				188				-
Gerdau Aços Longos S.A.		Subsidiary		Commercial Contract			144				Jan/27				144				-
Gerdau Aços Longos S.A. and Gerdau Açominas S.A.		Subsidiaries		Commercial Contract			394,793				May/27				390,000				390,000
Gerdau Trade Inc.		Subsidiary		Financing Agreements			2,056,535				Oct/27				930,640				988,391
Gerdau Corsa S.A.P.I. de C.V.		Joint Venture		Financing Agreements			10,000				Jun/28				1,251				26,923
Gerdau Corsa S.A.P.I. de C.V.		Joint Venture		Financing Agreements			591,588				Jun/28				-				216,100
Gerdau S.A., Gerdau Açominas S.A. and Gerdau Aços Longos S.A. (Note 12.a)		Subsidiaries		Financing Agreements			5,828,300				Aug/31				-				-
Gerdau Açominas S.A.		Subsidiary		Commercial Contract			50,000				Aug/31				50,000				-
Gerdau Açominas S.A.		Subsidiary		Commercial Contract			49,227				Aug/31				49,227				-
Gerdau Aços Longos S.A. and Gerdau Açominas S.A.		Subsidiaries		Commercial Contract			75,584				Dec/34				84,878				81,723
UFV Barro Alto V Geração de Energia SPE S.A.		Associate		Financing Agreements			100,496				Mar/35				100,496				100,496
UFV Barro Alto VI Geração de Energia SPE S.A.		Associate		Financing Agreements			100,496				Mar/35				100,496				100,413
UFV Barro Alto VII Geração de Energia SPE S.A.		Associate		Financing Agreements			100,496				Mar/35				100,496				100,580
Gerdau Trade Inc.		Subsidiary		Financing Agreements			3,547,115				Jun/35				3,367,585				3,576,560
Gerdau Aços Longos S.A. and Gerdau Açominas S.A.		Subsidiaries		Commercial Contract			50,581				Mar/36				11,133				-
Gerdau Aços Longos S.A. and Gerdau Açominas S.A.		Subsidiaries		Commercial Contract			50,581				Mar/36				11,133				-
Gerdau Aços Longos S.A. and Gerdau Açominas S.A.		Subsidiaries		Commercial Contract			50,581				Mar/36				11,133				-
Gerdau Aços Longos S.A. and Gerdau Açominas S.A.		Subsidiaries		Commercial Contract			50,581				Mar/36				11,133				-
Gerdau Ameristeel US Inc.		Subsidiary		Financing Agreements			103,505				Oct/37				264,226				280,622
Gerdau Aços Longos S.A.		Subsidiary		Financing Agreements			12,834				Jun/38				6,630				8,967
Gerdau Açominas S.A.		Subsidiary		Financing Agreements			353,000				Oct/41				217,118				217,118
Gerdau Aços Longos S.A.		Subsidiary		Financing Agreements			4,137				Oct/41				4,137				-
GUSAP III LP		Subsidiary		Financing Agreements			1,117,100				Apr/44				2,492,236				2,646,891

b) Price conditions and charges

Loan agreements between related parties are updated by fixed and/or market rates, such as SOFR, plus exchange rate variation, where applicable. Sales of products and purchases of inputs are made under terms and conditions agreed between the parties.

c) Management compensation

		For the three-month period ended								For the nine-month period ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Cost of salaries, variable compensation and benefits			11,833				9,591				31,095				29,088
Cost of contributions to management's defined contribution pension plans			552				510				1,589				1,507
Cost of long-term incentive plans			8,127				8,039				23,131				23,795
			20,512				18,140				55,815				54,390
Cost of social charges			5,215				4,341				14,634				12,870

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

e) Other information from related parties

Contributions to the assistance entities Fundação Gerdau, Instituto Gerdau and Fundação Ouro Branco, classified as related parties, amounted R$ 128,627 on September 30, 2026 (R$ 160,433 on December 31, 2025). The defined benefit pension plans and the post-employment health care benefit plan are related parties of the Company and the details of the balances and contributions have been presented in the Employee Benefit Note in the Company's annual Financial Statements.

NOTE 17 – EQUITY

a) Capital

Ownership of the shares is presented below:

		Shareholders
		September 30, 2026																								December 31, 2025
Shareholders		Common				%				Pref.				%				Total				%				Common				%				Pref.				%				Total				%
Metalúrgica Gerdau S.A.*			702,952,615				98.0				-				-				702,952,615				35.5				702,952,615				97.9				-				-				702,952,615				35.1
Brazilian institutional investors			1,441,538				0.2				126,021,428				10.0				127,462,966				6.4				649,134				0.1				119,648,519				9.3				120,297,653				6.0
Foreign institutional investors			1,107,276				0.2				586,964,303				46.5				588,071,579				29.7				1,024,037				0.1				597,823,780				46.6				598,847,817				29.9
Other shareholders			11,254,990				1.6				531,995,489				42.2				543,250,479				27.6				12,738,033				1.8				540,307,773				42.1				553,045,806				27.7
Treasury stock			219,300				0.0				16,061,110				1.3				16,280,410				0.8				418,800				0.1				25,317,258				2.0				25,736,058				1.3
			716,975,719				100.0				1,261,042,330				100.0				1,978,018,049				100.0				717,782,619				100.0				1,283,097,330				100.0				2,000,879,949				100.0

* Metalurgica Gerdau S.A. is the controlling shareholder and Indac - Ind. Adm. e Com. S.A. (holding of Gerdau's family) is the utltimate controlling shareholder of the Company.

The movement in the number of common and preferred shares at the beginning and end of the periods, as well as the reconciliation of outstanding shares, is presented below:

		September 30, 2026								December 31, 2025
		Common				Pref.				Common				Pref.
Balance at the beginning of the period			717,782,619				1,283,097,330				719,956,830				1,358,848,730
Cancellation of treasury stocks			(806,900	)			(22,055,000	)			(2,174,211	)			(75,751,400	)
Balance at the end of the period			716,975,719				1,261,042,330				717,782,619				1,283,097,330
(-) Treasury stocks			(219,300	)			(16,061,110	)			(418,800	)			(25,317,258	)
Balance of shares in circulation			716,756,419				1,244,981,220				717,363,819				1,257,780,072

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

b) Treasury stocks

Changes in treasury stocks are as follows:

		September 30, 2026
		Common shares				R$				Preferred shares				R$
Opening balance			418,800				6,960				25,317,258				513,107
Share buyback program - approved on February 23, 2026			607,400				11,677				17,234,300				331,156
Exercise of long-term incentive plan			-				-				(4,435,448	)			(39,553	)
Cancellation of treasury stocks			(806,900	)			(14,610	)			(22,055,000	)			(401,404	)
Closing balance			219,300				4,027				16,061,110				403,306

		December 31, 2025
		Common shares				R$				Preferred shares				R$
Opening balance			1,093,011				20,214				36,419,068				714,064
Share buyback program - approved on July 31, 2024			-				-				6,843,700				121,110
Share buyback program - approved on January 20, 2025			1,500,000				23,476				63,000,000				1,024,728
Exercise of long-term incentive plan			-				-				(5,194,110	)			(53,278	)
Cancellation of treasury stocks			(2,174,211	)			(36,730	)			(75,751,400	)			(1,293,517	)
Closing balance			418,800				6,960				25,317,258				513,107

These shares are held in treasury for subsequent cancellation, selling in the market or to be granted under the long-term incentive plan of the Company.

On February 23, 2026, the Board of Directors approved a new share buyback program with the objective of: (i) maximizing long-term shareholder value generation through efficient management of the capital structure and meeting the long-term incentive programs of the Company and its subsidiaries; (ii) retention in treasury; (iii) cancellation; or (iv) subsequent sale on the market. The number of shares to be acquired is up to 55,000,000 preferred shares, representing approximately 4.4% of the outstanding preferred shares (GGBR4) and/or ADRs backed by preferred shares (GGB), and up to 1,441,120 common shares, representing approximately 10% of the outstanding common shares (GGBR3). The acquisition period began on February 24, 2026, with a maximum term of 18 months, i.e., until August 24, 2027, inclusive. As of September 30, 2026, the Company had already acquired 607,400 common shares and 17,234,300 preferred shares, representing an amount of R$ 342,833. Additionally, between October 1, 2026, and the date of approval of this Interim Information by Management, the Company acquired 58,300 common shares, representing an amount of R$ 1,286.

On February 23, 2026, the Company’s Board of Directors approved the cancellation of 418,800 common shares (GGBR3) and 7,700,000 preferred shares (GGBR4) issued by the Company, with no par value and without a reduction in share capital.

On April 27, 2026, the Company’s Board of Directors approved the cancellation of 225,000 common shares (GGBR3) and 7,380,000 preferred shares (GGBR4) issued by the Company, with no par value and without a reduction in share capital.

On August 4, 2026, the Company’s Board of Directors approved the cancellation of 163,100 common shares (GGBR3) and 6,975,000 preferred shares (GGBR4) issued by the Company, with no par value and without a reduction in share capital.

On October 26, 2026, the Company’s Board of Directors approved the cancellation of 277,600 common shares (GGBR3) issued by the Company, with no par value and without a reduction in share capital.

As a result of the share cancellations approved at the Board of Directors meetings detailed above, the Company’s capital is now divided into 716,698,119 common shares and 1,261,042,330 preferred shares, all with no par value. The corresponding amendment to Article 4 of the Company's bylaws, to reflect the new number of shares, is subject to resolution at a General Meeting to be convened in due course.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

c) Capital reserves — consists of premium on issuance of shares.

d) Retained earnings

I) Legal reserves - under Brazilian Corporate Law, the Company must transfer 5% of the annual net income determined on its statutory books in accordance with Brazilian accounting practices to the legal reserve until this reserve equals 20% of the paid-in capital. The legal reserve can be utilized to increase capital or to absorb losses but cannot be used for dividend purposes.

II) Tax incentives reserve — under Brazilian Corporate Law, the Company may transfer to this account part of net income resulting from government benefits which can be excluded from the basis for dividend calculation.

III) Investments and working capital reserve - consists of earnings not distributed to shareholders and includes the reserves required by the Company’s by-laws. The Board of Directors may propose to the shareholders the transfer of at least 5% of the profit for each year determined in its statutory books in accordance with accounting practices adopted in Brazil to this reserve. Amount can be allocated to the reserve only after the minimum dividend requirements have been met and its balance cannot exceed the amount of paid-in capital. The reserve can be used to absorb losses, if necessary, for capitalization, for payment of dividends or for the repurchase of shares.

e) Operations with non-controlling interests — Corresponds to amounts recognized in equity from changes in non-controlling interests.

f) Other reserves - Include: gains and losses on net investment hedge, gains and losses on derivatives accounted as cash flow hedge, pension plan, cumulative translation adjustments and expenses of long-term incentive plans.

g) Dividends - the Company credited dividends to shareholders in the amount presented below:

Dividends and interest on capital

Period

Nature

R$ /share

Outstanding shares

Credit

Payment

2026

1st quarter

Dividends

0.18

1,967,728

5/13/2026

6/9/2026

354,191

2nd quarter

Dividends

0.23

1,962,052

8/19/2026

9/11/2026

451,272

Proposed Dividends

805,463

Credit per share (R$)

0.41

NOTE 18 – EARNINGS PER SHARE (EPS)

Basic

		For the three-month period ended on
		September 30, 2026												September 30, 2025
		Common				Preferred				Total				Common				Preferred				Total
		(in thousands, except share and per share data)												(in thousands, except share and per share data)
Basic numerator
Allocated net income available to Common and Preferred shareholders			567,811				986,345				1,554,156				389,045				690,350				1,079,395
Basic denominator
Weighted-average outstanding shares, after deducting the average of treasury shares			716,894,344				1,245,317,405								717,989,469				1,274,053,011
Earnings per share (in R$) – Basic			0.79				0.79								0.54				0.54

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

		For the nine-month period ended on
		September 30, 2026												September 30, 2025
		Common				Preferred				Total				Common				Preferred				Total
		(in thousands, except share and per share data)												(in thousands, except share and per share data)
Basic numerator
Allocated net income available to Common and Preferred shareholders			1,465,053				2,544,943				4,009,996				958,766				1,726,408				2,685,174
Basic denominator
Weighted-average outstanding shares, after deducting the average of treasury shares			716,894,344				1,245,317,405								718,312,199				1,293,433,008
Earnings per share (in R$) – Basic			2.04				2.04								1.33				1.33

Diluted

		For the three-month period ended on
		September 30, 2026				September 30, 2025
Diluted numerator
Allocated net income available to Common  and Preferred shareholders
Net income allocated to preferred shareholders			986,345				690,350
Add:
Adjustment to net income allocated to preferred shareholders in respect to the potential increase in number of preferred shares outstanding, as a result of the long term incentive plan			2,575				1,600
			988,920				691,950
Net income allocated to common shareholders			567,811				389,045
Less:
Adjustment to net income allocated to common shareholders in respect to the potential increase in number of preferred shares outstanding, as a result of the long term incentive plan			(2,575	)			(1,600	)
			565,236				387,445
Diluted denominator
Weighted - average number of shares outstanding
Common Shares			716,894,344				717,989,469
Preferred Shares
Weighted-average number of preferred shares outstanding			1,245,317,405				1,274,053,011
Potential increase in number of preferred shares outstanding due to the long term incentive plan			8,939,768				8,225,286
Total			1,254,257,173				1,282,278,297
Earnings per share – Diluted (Common and Preferred Shares) - in R$			0.79				0.54

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

		For the nine-month period ended on
		September 30, 2026				September 30, 2025
Diluted numerator
Allocated net income available to Common  and Preferred shareholders
Net income allocated to preferred shareholders			2,544,943				1,726,408
Add:
Adjustment to net income allocated to preferred shareholders in respect to the potential increase in number of preferred shares outstanding, as a result of the long term incentive plan			6,966				4,218
			2,551,909				1,730,626
Net income allocated to common shareholders			1,465,053				958,766
Less:
Adjustment to net income allocated to common shareholders in respect to the potential increase in number of preferred shares outstanding, as a result of the long term incentive plan			(6,966	)			(4,218	)
			1,458,087				954,548
Diluted denominator
Weighted - average number of shares outstanding
Common Shares			716,894,344				718,312,199
Preferred Shares
Weighted-average number of preferred shares outstanding			1,245,317,405				1,293,433,008
Potential increase in number of preferred shares outstanding due to the long term incentive plan			9,374,271				8,889,644
Total			1,254,691,676				1,302,322,652
Earnings per share – Diluted (Common and Preferred Shares) - in R$			2.03				1.33

NOTE 19 – LONG-TERM INCENTIVE PLANS

Restricted Shares and Performance Shares Summary:

Balance as of January 01, 2025			16,283,225
Granted			8,028,770
Cancelled			(1,320,055	)
Exercised			(6,018,081	)
Balance as of December 31, 2025			16,973,859
Granted			6,748,853
Forfeited			(1,416,288	)
Exercised			(5,150,178	)
Balance as of September 30, 2026			17,156,246

The Company recognizes the cost of the long-term incentive plan through Restricted Shares and Performance Shares based on the fair value of the options granted on the grant date over the grace period for exercising each grant. The fair value of the options granted is equivalent to the fair value of the services rendered to the Company, being R$ 20.83 for the 2026 grant (R$ 18.32 for the 2025 grant). The vesting period for the year is 3 years for grants made from 2017 onwards. The cost of the long-term incentive plan recognized in income, in the three-month period ended on September 30, 2026, was R$ 34,063 (R$ 37,878 for the three-month period ended on September 30, 2025) and in the nine-month period ended on September 30, 2026 was R$ 109,085 (R$ 120,110 for the nine-month period ended on September 30, 2025).

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

As presented in Note 17, the Company holds preferred shares in treasury stocks, which may be used to meet these plans.

NOTE 20 – EXPENSES BY NATURE

The Company opted to present its Consolidated Statement of Income by function. As required by IAS 1, the Consolidated Statement of Income by nature is as follows:

		For the three-month periods ended								For the nine-month periods ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Depreciation and amortization			(937,901	)			(937,554	)			(2,761,070	)			(2,747,933	)
Labor expenses			(2,354,688	)			(2,266,581	)			(6,920,390	)			(6,833,865	)
Raw material and consumption material			(10,785,044	)			(11,451,961	)			(31,489,995	)			(33,685,312	)
Freight			(1,261,933	)			(1,184,955	)			(3,631,350	)			(3,497,927	)
Other income			283,501				36,748				371,013				138,469
Other expenses			(948,341	)			(608,835	)			(2,129,286	)			(1,852,126	)
			(16,004,406	)			(16,413,138	)			(46,561,078	)			(48,478,694	)
Classified as:
Cost of sales			(15,339,568	)			(15,841,051	)			(44,802,806	)			(46,765,037	)
Selling expenses			(199,595	)			(196,012	)			(574,353	)			(595,331	)
General and administrative expenses			(333,059	)			(316,376	)			(997,430	)			(1,016,839	)
Other operating income			283,501				36,748				371,013				138,469
Other operating expenses			(402,704	)			(96,497	)			(498,790	)			(233,427	)
Impairment of financial assets			(12,981	)			50				(58,712	)			(6,529	)
			(16,004,406	)			(16,413,138	)			(46,561,078	)			(48,478,694	)

NOTE 21 – FINANCIAL INCOME (EXPENSES), NET

		For the three-month periods ended								For the nine-month periods ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Income from short-term investments			58,403				85,412				162,600				209,000
Interest income and other financial incomes			63,404				106,216				197,421				277,476
Financial income total			121,807				191,628				360,021				486,476
Interest on debts			(288,669	)			(358,369	)			(840,040	)			(931,744	)
Monetary variation and other financial expenses			(188,078	)			(177,920	)			(532,203	)			(497,833	)
Financial expenses total			(476,747	)			(536,289	)			(1,372,243	)			(1,429,577	)
Hyperinflation adjustments in Argentina			(36,272	)			(27,821	)			(157,521	)			(157,520	)
Other exchange variations			(33,746	)			178,437				133,670				342,451
Exchange variations, net			(70,018	)			150,616				(23,851	)			184,931
Buyback of bonds			-				-				-				(39,646	)
Gains and Losses on derivatives, net			(5,701	)			(28,740	)			(22,822	)			(67,596	)
Financial result, net			(430,659	)			(222,785	)			(1,058,895	)			(865,412	)

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

NOTE 22 – SEGMENT REPORTING

The chief operating decision maker, responsible for making operational decisions, allocating resources, and evaluating performance include the Executive Board and the Board of Directors, which evaluate the performance of their business segments using Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization). The information presented to senior management, including the respective performance of each segment, is derived from records maintained in accordance with accounting practices, with some reallocations between segments.

Starting with the disclosure of the results of 2025, the Company began to disclose the information and results of its business segments as follows:

· Brazil Segment: includes the long, flat and special steel operations and the iron ore operation located in Brazil and joint ventures (note 3.2) and associates (note 3.3) companies located in Brazil.

· North America Segment: includes the long and specialty steel operations located in Canada and the United States and the joint venture (note 3.2) located in Canada and Mexico;

· South America Segment: includes the operations in Argentina, Peru and Uruguay.

Information by business segment:

		For the three-month periods ended
		Brazil Segment						North America Segment						South America Segment						Eliminations and Adjustments						Consolidated
		September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Net sales		6,948,113			7,696,303			10,512,390			9,184,613			1,439,580			1,376,294			(209,565	)		(274,067	)		18,690,518			17,983,143
Cost of sales		(6,508,451	)		(7,293,943	)		(7,765,719	)		(7,642,618	)		(1,303,821	)		(1,180,402	)		238,423			275,912			(15,339,568	)		(15,841,051	)
Gross profit		439,662			402,360			2,746,671			1,541,995			135,759			195,892			28,858			1,845			3,350,950			2,142,092
Selling, general and administrative expenses		(244,983	)		(245,203	)		(194,724	)		(186,252	)		(44,804	)		(36,939	)		(48,143	)		(43,994	)		(532,654	)		(512,388	)
Other operating income (expenses)		(85,797	)		(25,556	)		(63,849	)		(3,198	)		(6,843	)		6,717			37,286			(37,712	)		(119,203	)		(59,749	)
Depreciation and amortization		581,505			556,271			280,635			312,545			75,761			68,738			-			-			937,901			937,554
Adjusted EBITDA proportional to joint ventures and associate companies*		51,035			74,492			142,559			154,857			-			-			-			-			193,594			229,349
Credit recoveries / provisions**		-			-			-			-			-			-			(60,412	)		-			(60,412	)		-
Adjusted EBITDA		741,422			762,364			2,911,292			1,819,947			159,873			234,408			(42,411	)		(79,861	)		3,770,176			2,736,858
*Adjusted EBITDA proportional to joint ventures and associate companies
Operational income (Loss) before financial income (expenses) and taxes proportional to Joint Ventures and associate companies		23,419			48,384			99,602			113,634			-			-			-			-			123,021			162,018
Depreciation and amortization proportional to joint ventures and associate companies		27,616			26,108			42,957			41,223			-			-			-			-			70,573			67,331
Adjusted EBITDA proportional to joint ventures and associate companies		51,035			74,492			142,559			154,857			-			-			-			-			193,594			229,349
** Credit recoveries / provisions: includes other non-recurring items adjusted in EBITDA.
Supplemental information:
Net sales between segments		209,565			274,067			-			-			-			-			-			-			209,565			274,067

Information by business segment:

		For the nine-month periods ended
		Brazil Segment						North America Segment						South America Segment						Eliminations and Adjustments						Consolidated
		September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Net sales		19,904,949			22,507,124			29,987,948			27,091,832			4,114,625			4,072,991			(730,711	)		(787,718	)		53,276,811			52,884,229
Cost of sales		(18,918,013	)		(20,787,357	)		(22,993,207	)		(23,160,319	)		(3,653,041	)		(3,605,230	)		761,455			787,869			(44,802,806	)		(46,765,037	)
Gross profit		986,936			1,719,767			6,994,741			3,931,513			461,584			467,761			30,744			151			8,474,005			6,119,192
Selling, general and administrative expenses		(688,882	)		(726,009	)		(563,956	)		(603,159	)		(129,866	)		(124,298	)		(189,079	)		(158,704	)		(1,571,783	)		(1,612,170	)
Other operating income (expenses)		(126,808	)		(32,832	)		(37,888	)		28,065			(2,108	)		11,947			39,027			(102,138	)		(127,777	)		(94,958	)
Depreciation and amortization		1,705,409			1,591,554			834,886			939,785			220,775			216,594			-			-			2,761,070			2,747,933
Adjusted EBITDA proportional to joint ventures and associate companies*		147,463			183,117			535,492			356,760			-			-			-			-			682,955			539,877
Credit recoveries / provisions**		-			-			-			-			-			-			(60,412	)		-			(60,412	)		-
Adjusted EBITDA		2,024,118			2,735,597			7,763,275			4,652,964			550,385			572,004			(179,720	)		(260,691	)		10,158,058			7,699,874
*Adjusted EBITDA proportional to joint ventures and associate companies
Operational income (Loss) before financial income (expenses) and taxes proportional to Joint Ventures and associate companies		64,252			113,823			407,079			236,725			-			-			-			-			471,331			350,548
Depreciation and amortization proportional to joint ventures and associate companies		83,211			69,294			128,413			120,035			-			-			-			-			211,624			189,329
Adjusted EBITDA proportional to joint ventures and associate companies		147,463			183,117			535,492			356,760			-			-			-			-			682,955			539,877
** Credit recoveries / provisions: includes other non-recurring items adjusted in EBITDA.
Supplemental information:
Net sales between segments		730,711			787,718			-			-			-			-			-			-			730,711			787,718

		September 30, 2026			December 31, 2025			September 30, 2026			December 31, 2025			September 30, 2026			December 31, 2025			September 30, 2026			December 31, 2025			September 30, 2026			December 31, 2025
Investments in associates and joint ventures		794,289			1,029,852			2,731,724			2,914,622			-			-			-			-			3,526,013			3,944,474
Total assets		36,696,797			35,798,486			36,070,674			35,468,282			5,006,530			4,943,445			6,171,524			5,477,962			83,945,525			81,688,175
Total liabilities		6,137,990			6,016,546			4,058,199			3,674,907			1,437,088			1,209,590			17,464,004			16,988,643			29,097,281			27,889,686

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

		For the three-month periods ended								For the nine-month periods ended
Reconciliation of income before taxes to adjusted EBITDA for the year.		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Income before taxes			2,284,981				1,435,964				5,823,061				3,664,580
Financial result, net			430,659				222,785				1,058,895				865,412
Income before financial result and taxes			2,715,640				1,658,749				6,881,956				4,529,992
Depreciation and amortization			937,901				937,554				2,761,070				2,747,933
Impairment of financial assets			12,981				(50	)			58,712				6,529
Equity in earnings of unconsolidated companies			(29,528	)			(88,744	)			(166,223	)			(124,457	)
Operational income (Loss) before financial income (expenses) and taxes proportional to Joint Ventures and associate companies			123,021				162,018				471,331				350,548
Depreciation and amortization proportional to joint ventures and associate companies			70,573				67,331				211,624				189,329
Credit recoveries / provisions			(60,412	)			-				(60,412	)			-
Adjusted EBITDA			3,770,176				2,736,858				10,158,058				7,699,874

The main products by business segment are:

- Brazil Segment: rebar, bars (including special bar quality), wide flange beams, wires, plates, hot rolled plates, billets, blooms, slabs, wire rod and structural shapes.

- North America Segment: rebar, bars (including special bar quality), structural shapes, wide flange beams and billets.

- South America Segment: rebar, bars, wires, wide flange beams and billets.

The column of eliminations and adjustments includes the elimination of sales and intercompany loans between segments in the context of the Consolidated Interim Financial Statements. This column also includes amounts that are not part of operational results of a specific segment, such as selling, general and administrative expenses of corporate employees, other operating income and expenses and the related income tax effects of these amounts.

The Company's geographic information with net sales classified according to the geographical region where the products were shipped is as follows:

Information by geographic area:

For the three-month periods ended

Brazil

North America

South America (1)

Consolidated

September 30, 2026

September 30, 2025

September 30, 2026

September 30, 2025

September 30, 2026

September 30, 2025

September 30, 2026

September 30, 2025

Net sales

6,738,548

7,422,236

10,512,390

9,184,613

1,439,580

1,376,294

18,690,518

17,983,143

Information by geographic area:

For the nine-month periods ended

Brazil

North America

South America (1)

Consolidated

September 30, 2026

September 30, 2025

September 30, 2026

September 30, 2025

September 30, 2026

September 30, 2025

September 30, 2026

September 30, 2025

Net sales

19,174,238

21,719,406

29,987,948

27,091,832

4,114,625

4,072,991

53,276,811

52,884,229

		September 30, 2026				December 31, 2025				September 30, 2026				December 31, 2025				September 30, 2026				December 31, 2025				September 30, 2026				December 31, 2025
Non-current assets (2)			26,156,172				24,280,744				22,472,791				24,042,986				2,118,812				2,188,056				50,747,775				50,511,786

⁽¹⁾ Does not include operations of Brazil

⁽²⁾ Does not include Deferred income taxes, Fair value of derivatives and Prepaid pension cost

IFRS requires the Company to disclose revenues from external customers for each product and service, or each group of similar products and services, unless the necessary information is not available and the cost to develop it would be excessive. Management does not consider this information useful for its decision-making process, because it would aggregate sales in different markets and in different currencies, subject to the effects of changes in exchange rates. Furthermore, the trends of steel consumption and the price dynamics of each product or group of products in different countries and different markets within these countries are poorly correlated and, as a result, the information would not be useful and would not serve to reach any conclusions about historical trends. Considering this scenario and considering that the information of revenue from external customers by product and service is not maintained by the Company on a consolidated basis and the cost to obtain this information would be excessive compared to the benefits of the information, the Company does not present revenue by product and service.

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

NOTE 23 – IMPAIRMENT OF ASSETS

The impairment test of goodwill and other long-lived assets is tested based on the analysis and identification of facts or circumstances that may involve the need to perform the impairment test. The Company performs impairment tests of goodwill and other long-lived assets, based on projections of discounted cash flows, which take into account assumptions such as: cost of capital, growth rate and adjustments applied to flows in perpetuity, methodology for working capital determination, investment plans, and long-term economic-financial forecasts.

To determine the recoverable amount of each business segment, the Company uses the discounted cash flow method, taking as basis, financial and economic projections for each segment. The projections are updated to take into consideration any observed changes in the economic environment of the market in which the Company operates, as well as premises of expected results and historical profitability of each segment.

The impairment test of goodwill allocated to the business segments is carried out annually in December and it is anticipated if events or circumstances indicate that it is necessary. In the test carried out in the year 2025, the Company carried out a sensitivity analysis of the discount rate and perpetuity growth rate as well as a combination of both, given their potential impacts on cash flows, where an increase of 0.5 percentage points in the discount rate of each segment’s cash flow would result in a recoverable amount that exceeded book value as shown below: a) North America: R$ 7,465 million; and b) South America: R$ 724 million. In the Brazil segment, the recoverable amount would be below the book value by R$ 3,456 million. On the other hand, a decrease of 0.5 percentage points in the perpetuity growth rate of the cash flow of each business segment would result in a recoverable amount that exceeded book value as shown below: a) North America: R$ 8,046 million; and b) South America: R$ 790 million. In the Brazil segment, the recoverable amount would be below the book value by R$ 3,008 million. A combination of the above-mentioned sensitivities in the cash flow of each segment would result in a recoverable amount exceeding the book value as follows: a) North America: R$ 6,130 million and b) South America: R$ 614 million. In the Brazil segment, the recoverable amount would be below the book value by R$ 4,374 million.

The Company concluded that there are no indications that demand the performance of the impairment test of goodwill and other long-lived assets for the period ended on September 30, 2026.

The Company will maintain over 2026 its constant monitoring of the steel market in order to identify any deterioration, significant drop in demand from steel consuming sectors (notably automotive and construction), stoppage of industrial plants or activities relevant changes in the economy or financial market that result in increased perception of risk or reduction of liquidity and refinancing capacity. Although the projections made by the Company provide a challenging scenario, events that impact economic environment and business, if manifested in a greater intensity than that anticipated in the assumptions made by management, may lead the Company to revise its projections of value in use and eventually result in impairment losses.

NOTE 24 – NET SALES

Net sales for the three-month and nine-month periods ended September 30, 2026 and 2025 are composed as follows:

		For the three-month periods ended								For the nine-month periods ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Gross sales revenue			20,529,783				19,955,647				58,401,775				58,683,442
Taxes on sales			(1,342,763	)			(1,429,301	)			(3,758,703	)			(4,236,281	)
Discounts			(496,502	)			(543,203	)			(1,366,261	)			(1,562,932	)
Net sales			18,690,518				17,983,143				53,276,811				52,884,229

GERDAU S.A.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

as of September 30, 2026

(In thousands of Brazilian Reais – R$, unless otherwise stated)

(Unaudited)

NOTE 25 - SUBSEQUENT EVENTS

I) On October 23, 2026, the Executive Board made a proposal regarding the advance payment of the minimum mandatory dividend stipulated in the Bylaws for the current fiscal year—to be paid as dividends calculated and credited based on shareholdings as of November 10, 2026, in the amount of R$ 667.0 million (R$ 0.34 per common and preferred share) with payment scheduled for December 15, 2026—which was submitted to and approved by the Board of Directors on October 26, 2026.

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