Gerdau (NYSE: GGB) EVP details RSU awards and 135,199-share stake

Rhea-AI Filing Summary

GERDAU S.A. Executive Vice President Rafael Gamboa Lopes filed an initial ownership report showing direct holdings of 135,199 preferred shares plus multiple grants of restricted stock units (RSUs) tied to preferred shares.

The RSUs cover 3,570, 25,646, 5,540, 4,987, 34,356 and 6,683 underlying preferred shares at exercise prices of 18.3200–20.8300, denominated in Brazilian reais. Footnotes state these RSUs vest on February 12, 2027, February 22, 2027, April 1, 2027, February 12, 2028, February 21, 2028 and February 12, 2029, illustrating his future equity-based compensation schedule.

Insider Trade Summary

7 transactions reported

Mixed 7 txns

Insider Lopes Rafael Gamboa

Role Insider

Type	Security	Shares	Price	Value
holding	Restricted Stock Units	--	--	--
holding	Restricted Stock Units	--	--	--
holding	Restricted Stock Units	--	--	--
holding	Restricted Stock Units	--	--	--
holding	Restricted Stock Units	--	--	--
holding	Restricted Stock Units	--	--	--
holding	Preferred shares	--	--	--

Holdings After Transaction: Restricted Stock Units — 3,570 shares (Direct); Preferred shares — 135,199 shares (Direct)

Footnotes (1)

1. Restricted stock units vest on February 12, 2027. Exercise price denominated in Brazilian reais (R$). Restricted stock units vest on February 22, 2027. Exercise price denominated in Brazilian reais (R$). Restricted stock units vest on April 1, 2027. Exercise price denominated in Brazilian reais (R$). Restricted stock units vest on February 12, 2028. Exercise price denominated in Brazilian reais (R$). Restricted stock units vest on February 21, 2028. Exercise price denominated in Brazilian reais (R$). Restricted stock units vest on February 12, 2029. Exercise price denominated in Brazilian reais (R$).

Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
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hours per response:			0.5

1. Name and Address of Reporting Person^*

Lopes Rafael Gamboa

(Last) (First) (Middle)

AVENUE DOUTORA RUTH DE CARDOSO, 8501

8TH FLOOR, PINHEIROS

(Street)

SAO PAULO SAO PAULO 05425-070

(City) (State) (Zip)

BRAZIL

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/17/2026

3. Issuer Name and Ticker or Trading Symbol
GERDAU S.A. [ GGB ]

3a. Foreign Trading Symbol
[GGBR]

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Executive Vice President

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Preferred shares	135,199	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	02/12/2027	Preferred shares	3,570	$19.5	D
Restricted Stock Units	(2)	02/22/2027	Preferred shares	25,646	$19.5	D
Restricted Stock Units	(3)	04/01/2027	Preferred shares	5,540	$18.32	D
Restricted Stock Units	(4)	02/12/2028	Preferred shares	4,987	$18.32	D
Restricted Stock Units	(5)	02/21/2028	Preferred shares	34,356	$18.32	D
Restricted Stock Units	(6)	02/12/2029	Preferred shares	6,683	$20.83	D

Explanation of Responses:

1. Restricted stock units vest on February 12, 2027. Exercise price denominated in Brazilian reais (R$).

2. Restricted stock units vest on February 22, 2027. Exercise price denominated in Brazilian reais (R$).

3. Restricted stock units vest on April 1, 2027. Exercise price denominated in Brazilian reais (R$).

4. Restricted stock units vest on February 12, 2028. Exercise price denominated in Brazilian reais (R$).

5. Restricted stock units vest on February 21, 2028. Exercise price denominated in Brazilian reais (R$).

6. Restricted stock units vest on February 12, 2029. Exercise price denominated in Brazilian reais (R$).

	Rafael Gamboa Lopes	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does the Form 3 filing for GERDAU S.A. (GGB) show about Rafael Gamboa Lopes?

The Form 3 shows Rafael Gamboa Lopes, an Executive Vice President, reporting his initial ownership in GERDAU preferred shares and restricted stock units. It details his direct stake and several RSU awards that vest between 2027 and 2029 at specified exercise prices.

How many GERDAU (GGB) preferred shares does Rafael Gamboa Lopes directly hold?

He directly holds 135,199 preferred shares of GERDAU S.A. This position is reported as of the Form 3 date and represents his current direct equity stake, separate from additional exposure through restricted stock units that may settle into more preferred shares in future years.

What restricted stock units are reported for Rafael Gamboa Lopes in GERDAU (GGB)?

The filing lists RSUs over 3,570, 25,646, 5,540, 4,987, 34,356 and 6,683 underlying preferred shares. These RSUs provide future share-based compensation, contingent on vesting dates ranging from 2027 to 2029 and exercise prices set in Brazilian reais.

When do Rafael Gamboa Lopes’s GERDAU (GGB) restricted stock units vest?

The RSUs vest on February 12, 2027, February 22, 2027, April 1, 2027, February 12, 2028, February 21, 2028 and February 12, 2029. These staggered vesting dates outline when units may convert into preferred shares, assuming applicable conditions are satisfied.

In what currency are the GERDAU (GGB) RSU exercise prices for Rafael Gamboa Lopes set?

The RSU exercise prices are denominated in Brazilian reais (R$), with disclosed prices including 18.3200, 19.5000 and 20.8300. This means any eventual share acquisition from these units is priced in Brazil’s local currency rather than U.S. dollars.

Does the GERDAU (GGB) Form 3 indicate recent insider buying or selling by Rafael Gamboa Lopes?

No buy or sell transactions are indicated; the entries are coded as holdings with unknown transaction codes. The Form 3 primarily establishes his existing preferred share ownership and outlines RSU awards, rather than reporting new market purchases or sales.