EX-99.3 4 tm2527696d1_ex99-3.htm EXHIBIT 99.3

Exhibit 99.3

AGENDA Opening Gustavo Werneck CAPEX and Financial Management Rafael Japur Brazil Maurício Metz North America Chia Wang Q&A Miguel Burnier sustainable mining platform - screening 2

Path to sustainable value creation and the key themes in Gerdau’s investment thesis Safety and high - performance people Steel industry outlook Structural competitiveness and diversification Financial discipline and excellence in capital allocation

Workplace Safety Continued focus on people ’ s safety Accident Frequency Rate¹ 0.71 in 2Q25 0.99 1.16 1.28 1.10 1.08 0.87 0.83 0.76 0.70 0.59 0.61 0.71 // 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1T25 2T25 1. Number of Accidents per Million Hours Worked per each Gerdau Employee.

CAPEX Rafael Japur Continous casting – Gerdau Pindamonhangaba (SP)

CAPEX 6 2026e¹ 2.8 3.0 Investments in growth, competitiveness and maintenance 2025e¹ 0.2 Maintenance Coking plants +blast furnaces Competitiveness R$6.0 b² 2.3 1.8 0.6 R$4.7 b² 1 Does not include investments in joint ventures and affiliates. 2 Exposure by currency: 2025 ~60% in US$ and ~40% in R$; 2026, ~55% in US$ and ~45% in R$. 20% 76% 2025e 4% 22% 76% 2026e 2% Sustainable mining platform Miguel Burnier – filtration Guidance

Competitiveness CAPEX Investments in business growth and competitiveness 7 NORTH BRAZIL TOTAL AMERICA MAIN PROJECTS (R$ billion) NORTH AMERICA BRAZIL TOTAL STRATEGIC CAPEX (R$ billion) Midlothian Expansion Downstream Scrap Processing in Pindamonhangaba Miguel Burnier Mining Hot - Rolled Coil Expansion Rolling capacity Forest Expansion MG Total BEFORE... TODAY... 2H26 2H26 4Q25 Midlothian Expansion Scrap Processing in Pindamonhangaba Miguel Burnier Mining Total variation 8SGDWH ࡳ ([FKDQJH UDWH ࡳ 3URMHFW VFRSH POTENTIAL EBITDA¹ START - UP R$275 m R$100 m R$1.1 b 150 4.0 1.2 0.4 3.6 5.2 500 250 6.1 3.1 0.5 0.4 3.2 1.5 1.8 0.3 9.2 8SGDWH ࡳ &RQVLGHUV 3KDVH 250 To invest Already invested Capacity addition 1 (kt/year) On stand - by due to local market perspective Concluded 1 After investment ramp - up.

NORTH AMERICA BRAZIL TOTAL 0.9 0.1 1.2 3.1 0.1 3.6 0.5 0$,1 352-(&76 5 ELOOLRQ EXECUTION SCHEDULE FINANCIAL PROGRESS (R$ billion) Competitiveness CAPEX Of the total estimated for 2026, ~45% corresponds to 3 main projects 1 After investment matures. 150 Midlothian Expansion Scrap Processing in Pindamonhangaba Miguel Burnier Mining 7RWDO 1.2 0.4 3.6 5.2 To invest Already invested (until 2Q25) Capacity addition ¹ (kt/year) 8QWLO H 0.2 2026e 2027e 0.4 Total 4.4 5.2 0LJXHO %XUQLHU 8 Midlothian Scrap Processing 0.8 4.0 1.2

Maintenance CAPEX 2026 - 2030 2027 2028 Maintenance Coking plant 2029 Blast furnaces 2030 5 - year average R$ 3 bi %ODVW IXUQDFH 9 Blast furnace 2 2028 2027 2029 Overhaul 10 years (2038) 10 years (2039) 6HUYLFH OLIH H[WHQVLRQ ~R$2.3 b ~R$1.2 b Disbursement 2026 - 2030 Coking Plants 1 and 2 Until Cok 1 ~ 2030 Cok 2 ~ 2038 ~ 2034 Continuous service life extension program Annual expenditure schedule $YHUDJH PDLQWHQDQFH &$3(; LQ a5 E ï RYHU WKH QH[W \HDUV ZLWK IOXFWXDWLRQV LQ \HDUV RI EODVW IXUQDFHV DQG FRNLQJ SODQWV RYHUKDXO 1 Subject to exchange rate fluctuations and inflation.

Self - production of energy in Brazil : Low - carbon economy and cost - savings 10 Typical energy bill breakdown: 6HOI SURGXFWLRQ EHQHILWV JHQHUDWH DQ DSSUR[LPDWH UHGXFWLRQ LQ ELOOV ࡳ &KDUJHV H[HPSWLRQ SS UHGXFWLRQ ࡳ (QHUJ\ DW FRVW SS UHGXFWLRQ ࡳ 1HWZRUN HFRQRP\ SS UHGXFWLRQ 30% 50% Demand (distribution network/ transmission) Charges Energy Self - production representativeness in WRWDO FRQVXPSWLRQ 11% 8% 10% 13% Current SHP¹ $ULQRV 6RODU IDUP %DUUR $OWR 6RODU IDUP 2026+ 2025 2026 Energy accounts for ~4% of Brazil's production costs Average return on Gerdau’s own projects expected upon project’s approval ,3&$ a 6PDOO +\GURSRZHU 3ODQWV SHP Garganta da Jararaca

Rafael Japur 11 FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT

Liquidity and Indebtedness Financial Management Metrics 2Q25 Net Debt / EBITDA <= 1.5x 0.85x Cash,Equiv. Invest. RCF ¹ Bonds Debentures 1 Global Revolving Credit Facility | 2 Calculated as Adjusted EBITDA - Capex. Bank loans Liquidity 2025 2026 2027 2028 2029 2030 2032 2035 2036 onwards 13.8 AVERAGE COST BRL: CDI + 0.49% P.A. USD: 5.6% P.A. AVERAGE TERM 7.2 YEARS 88% 9% 3% USD BRL Other TYPE OF FINANCING 2% 22% 76% Capital Market Bank Loans Other DEBT BY CURRENCY COMPROMISED CREDIT FACILITY CASH BY CURRENCY 59% 40% 1% USD BRL Other Available Balance Utilized R$ 4.8 b 27.6% 21.2% 29.4% 55.1% 76.9% 86.2% 112.8% 2019 2020 2021 2022 2023 2024 1H25 North America Cash (% on consolidated cash generation) Strong liquidity in US$ North America with a growing share of cash generation 2 7.2 years > 6 years $YHUDJH 7HUP R$18.1 b <=R$ 12 b Gross Debt 5 E Cash R$9.1 b Net Debt Liquidity position and debt amortization (R$ billion) 9.0 2.0 0.4 1.0 1.5 1.5 2.7 1.4 3.5 2.9 4.8 0.8 12

Bonds & Debentures Local and offshore fixed income portfolio 149 283 155 275 187 133 144 185 243 112 194 111 195 112 67 79 95 162 112 194 223 186 111 201 112 70 79 95 177 200.0 150.0 100.0 50.0 0.0 300.0 268 250.0 Last Analysis of G - Spread volatility during the year¹ (bps) G - spread difference between 10 years / 30 years¹ 5bps 4bps 4bps 13bps 30bps 39bps 21bps 25bps 28bps Average: 19bps Nucor Glencore Steel Arcelor Mittal Brasil Dynamics JBS Raízen Vale Accumulated volume in 1 trading month (US$ million)¹ Issuance outstanding balance 650 500 600 300 500 600 862 1,000 63 50 58 4 19 12 46 34 Gerdau '35 Nucor '35 Steel Dynamics '35 CMC '32 Votorantim '34 Nexa '34 Vale '36 Raízen '35 Average: US$36m 2Q25 Coupon Bond (US$ million) 180 4.88% 2027 498 4.25% 2030 650 5.75% 2035 481 7.25% 2044 2Q25 Coupon Debentures (R$ million) 1,500 CDI+0.50% 2028 1,500 CDI+0.60% 2029 1,375 CDI+0.65% 2032 1 Information as at 09/12/2025 | 2 Proxy of a 30 - year bond issuance, compared to other peers’ issuances. Gerdau 2035 Brazil 2035 Raizen 2035 JBS Petrobras Embraer 2035 2035 2035 Nucor 2035 Steel Dynamics 2035 Mittal NEXA 2034 2034 Max Min Latest Gerdau (10 - year vs. 30 - year) 2 13

2.72x 4.24x 3.49x 2.98x 1.71x 1.67x 1.25x 0.30x 0.33x 0.40x 0.48x 0.85x 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 3.00x 3.50x 4.00x 4.50x 5.00x Indebtedness Leverage¹ consistently below policy over the past 5 years Flexibility in capital allocation Limit for rating maintenance by agencies CURRENT RATINGS: BBB STABLE 14 BBB STABLE Baa2 STABLE 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2Q25 1 Net debt/EBITDA .

Return to Shareholders Distribution of dividends above the mandatory minimum and solid implementation of the share buyback program Free Cash Flow Shareholder remuneration Buybacks Dividends Shareholder remuneration (R$ billion) from 1Q18 to 2Q25 ~ 75% of free cash flow generation in the period was allocated for shareholders 765 6,083 1,664 484 243 1,073 1,195 773 1,008 356 715 5,355 7,156 2,641 2,859 1,257 46.4% 33.5% 34.3% 37.3% 69.1% 41.2% 65.9% 77.5% Dividendos Recompra Payout 30% Minimum payout set forth in the Company's bylaws 2018 2019 2020 2021 2022 2023 2024 1H25 Dividends Buybacks (R$ million) 27.6 17.4 3.3 20.7 15

Share buyback 2025 Share buyback program GGBR Total program: up to 64.5 million shares Financial amount repurchased by September 30, 2025: R$852.5 million GGBR4/GGBR3/GGB (2.8% of outstanding shares) Cancellation of 71.2% of the total repurchased 85% To repurchase 15% Repurchased 100 16 98 98 95 93 2021 1H25 2022 2023 2024 Since the onset of the share buyback program, share count went down ~7%². Ongoing buyback program as an alternative for capital allocation Number of outstanding shares¹ (100 basis) GGBR 1 Number of outstanding shares of GGBR3 and GGBR4 at each year’s closing. 2 Adjusted for bonuses in 2023 and 2024.

Revaluation potential: sum of parties vs. peers Based on 2Q25 EBITDA (US$ million) EV/EBITDA 2Q25: 5.4X ~38% Median EV/EBITDA 2Q25 of comparables¹ 4.0x 6.6x 4.2x 861 14.6% 45.9% 139 13.6% 7.4% Brazil North America Implicit Enterprise Value Net Debt and Other Implicit Equity Value Market Cap 06/30/2025 South America 1,876 ² 15.0% 100.0% EV/EBITDA 2Q25: 6.5X EBITDA 2Q25 LTM EBITDA Margin % Total EBITDA 3,541 5,655 578 9,775 (1,671) 8,104 5,857 10,064 875 16.4% 46.7% Book Value 06/30/2025 ~75% R$28 p/share R$16 p/share R$22 p/share Note: BRL/USD exchange rate: R$5.46. GGBR4 price on June 30, 2025: R$16.00. 17 EV/EBITDA GERDAU 2Q25: 4.0X Implicit sum of parties: 1 Brazilian peers: Ternium, CSN, Usiminas and Metallus | U.S. peers: CMC, Steel Dynamics, Nucor and Metallus | Latam peers: Ternium. 2 Considers US$101 million in eliminations and adjustments. The 6.6x EV/ EBITDA 2Q25 LTM for North America, the market seems to attach little value to other segments. 6.6 EV/EBITDA 2Q25 North America 861 EBITDA Gerdau North America 2Q25 LTM 5,655 Implicit FV Gerdau North America 7,528 ( - ) Gerdau current FV (@4.0x EV/EBITDA 2Q25 LTM) 1,873 (=) Other segments valuation

BRAZIL Mauricio Metz Miguel Burnier sustainable mining platform - crushing

13 industrial units throughout Brazil Regional presence and competitive advantage in customer service Wide portfolio of products and services Operating in more than 30 market segments: construction, industry, retail and others Production: 50% integrated route and 50% mini mills Flexibility and steel production strategy Crude steel capacity: ~7.8Mt/year Rolling capacity: ~8.2Mt/year Flat Steel Long Steel 30% 70% 30% 20% 10% Rebar and Reinforced concrete 40% Bars, Beams SBQ and Others Hot Coils and Plates Slabs and Others 23 downstream units Units focused on downstream products that build more efficient solutions for customers 74 Comercial Gerdau branches National reach and coverage with relevant and competitive distribution from north to south of Brazil 74 branches 8 distribution centers 5 service centers Competitive advantages of our business in Brazil Presence from north to south of the country, flexible production, and tailored solutions in long and flat steel 19

Moderate growth prospects for the segments in which we operate Sector trend in 2026 Automotive 4 +1.4% ~15% Road implements Heavy Vehicles Light Vehicles Auto parts Industry, Agriculture and Other² ³ ~45% +1.7% Retail Agribusiness Oil & Gas / Naval Wind Energy Solar Energy Energy Transmission Machinery / Agricultural Impl. Machinery and Equipment Manufacturing Industry Yellow Line Civil Construction¹ +0.5% ~40% Retail Construction MAP Residential Business HIS Residential Private Infrastructure(concessions) Public infrastructure Source: 1 Tendências – IBGE/ Production of Building Materials - (latest projection Aug/25) | 2 Tendências – IBGE/ Industrial Activity - (latest projection Aug/25) | 3 Tendências – IBGE/PIM – (latest projection Aug/25) | 4 S&P – Anfavea/ Heavy Vehicle Production - (latest projection Sep/25) / Gerdau Marketing. 20

Moderate growth prospects for the segments in which we operate Automotive 4 +1.4% ~15% Implementos Rodoviários Pesados Leves Industry, Agriculture and Other ² ³ ~45% +1.7% Transmissão de Energia Máquinas / Impl. Agrícolas Óleo & Gás / Naval Energia Eólica Energia Solar Varejo Agro Sector trend in 2026 Civil Construction¹ +0.5% ~40% Infra. Privada Infraestrutura Residencial MAP Varejo Construção Comercial (concessões) Pública Residencial HIS Segments with greater exposure to U.S. tariffs Auto parts Machinery and Equipment Manufacturing Industry Yellow Line Source: 1 Tendências – IBGE/ Production of Building Materials - (latest projection Aug/25) | 2 Tendências – IBGE/ Industrial Activity - (latest projection Aug/25) | 3 Tendências – IBGE/PIM – (latest projection Aug/25) | 4 S&P – Anfavea/ Heavy Vehicle Production - (latest projection Sep/25) / Gerdau Marketing. 21

Lack of competitive isonomy and ineffective trade defense measures Steel imports could reach all - time high in the Brazilian market for the second consecutive year 0.6 0.4 1.4 0.9 1.6 1.7 1.2 0.9 1.5 1.5 2.6 2.2 2.8 3.1 2.5 1.7 2.2 2.0 4.0 3.1 4.4 4.8 6.3 2019 2020 2021 2022 2023 2024 Inside Gerdau Portfolio Outside Gerdau Portfolio Source: Comexstat 2025e Jan - Jul/25 annualized 11.2% 10.9% 16.3% 15.4% 20.8% 20.8% 26.3% 9.2% 7.1% 13.9% 11.2% 15.2% 15.0% 17.5% 10.4% 9.3% 15.3% 13.6% 18.5% 18.5% 22.9% 2021 2022 2023 2024 7M25 Flat Steel Long Steel Total Import penetration rate 2019 2020 Source: Instituto Aço Brasil China 65% New 11% Others 24% AçoBrasil quota - tariff system Quota + 25% tariff 16 NCMs for flat, long steel, and seamed tubing Antidumping Slabs with renewal claim; Hot coils and wire rod with investigations opened in Jun/25. Estimate: 18 months Sicetel drawn steel surcharge 25% tariff 6 NCMs for drawn steel Production chain mobilization Higher number of industry sectors working on trade defense issues Surcharge claim: bolts / automotive (for hybrid and electric vehicles/ wind turbines) TRADE DEFENSE 1 New Origins: Egypt, Peru, Russia, Vietnam, India, Indonesia, Hong Kong, Thailand, Malaysia and Singapore 22 Origins ¹ 4.2 2.1

Key strategic drivers to leverage the transformation of our business over upcoming years Strategic optimization of mini mills 23 Flat steel growth Verticalization of Ouro Branco's assets ࡳ 1HZ KRW FRLO UROOLQJ FDSDFLW\ ‡ 7RWDO DYDLODEOH FDSDFLW\ LQ 4 RI W\HDU ‡ 4XDOLW\ JDLQV ‡ 3RWHQWLDO (%,7'$ RI 5 0\HDU ࡳ 'HYHORSPHQW RI QHZ SURGXFWV DQG DFFHVV WR QHZ PDUNHWV ࡳ 6HUYLFH DQG SURFHVVLQJ FHQWHU ࡳ 5REXVW RZQ GLVWULEXWLRQ QHWZRUN &RPHUFLDO *HUGDX ࡳ 0LJXHO %XUQLHU VXVWDLQDEOH PLQLQJ SODWIRUP ‡ 3K\VLFDO SURJUHVV ‡ (VWLPDWHG UDPS XS PRQWKV ‡ ,50$ FHUWLILFDWLRQ ‡ 3RWHQWLDO (%,7'$ RI 5 E\HDU ࡳ ([WHQVLRQ RI VHUYLFH OLIH ‡ %ODVW )XUQDFH UHQRYDWLRQ IURP WR ‡ &RNLQJ SODQW IURP WR ࡳ $VVHW RSWLPL]DWLRQ JUHDWHU XWLOL]DWLRQ ࡳ 6FUDS DFTXLVLWLRQ VWUDWHJ\ ZLWK ZLGH FRYHUDJH DQG SURFHVVLQJ H[FHOOHQFH ࡳ &RPSHWLWLYH HQHUJ\ SRUWIROLR ࡳ &$3(; VXLWHG WR UHJLRQDO DQG SURGXFW QHHGV

Key strategic drivers to leverage the transformation of our business over upcoming years Strategic optimization of mini mills Flat steel growth Verticalization of Ouro Branco's assets ࡳ 1HZ KRW FRLO UROOLQJ FDSDFLW\ ‡ 7RWDO DYDLODEOH FDSDFLW\ LQ 4 RI W\HDU ‡ 4XDOLW\ JDLQV ‡ 3RWHQWLDO (%,7'$ RI 5 0\HDU ࡳ 'HYHORSPHQW RI QHZ SURGXFWV DQG DFFHVV WR QHZ PDUNHWV ࡳ 6HUYLFH DQG SURFHVVLQJ FHQWHU ࡳ 5REXVW RZQ GLVWULEXWLRQ QHWZRUN &RPHUFLDO *HUGDX ࡳ 0LJXHO %XUQLHU VXVWDLQDEOH PLQLQJ SODWIRUP ‡ 3K\VLFDO SURJUHVV ‡ (VWLPDWHG UDPS XS PRQWKV ‡ ,50$ FHUWLILFDWLRQ ‡ 3RWHQWLDO (%,7'$ RI 5 E\HDU ࡳ ([WHQVLRQ RI VHUYLFH OLIH ‡ %ODVW )XUQDFH UHQRYDWLRQ IURP WR ‡ &RNLQJ SODQW IURP WR ࡳ $VVHW RSWLPL]DWLRQ JUHDWHU XWLOL]DWLRQ ࡳ 6FUDS DFTXLVLWLRQ VWUDWHJ\ ZLWK ZLGH FRYHUDJH DQG SURFHVVLQJ H[FHOOHQFH ࡳ &RPSHWLWLYH HQHUJ\ SRUWIROLR ࡳ &$3(; VXLWHG WR UHJLRQDO DQG SURGXFW QHHGV

Miguel Burnier sustainable mining platform Transformational investment to position Ouro Branco as Brazil’s most competitive integrated industrial unit 25 IRMA standard, reinforcing its commitment to sustainability and business integrity. &$3(; RI 5 ELOOLRQ EHWZHHQ DQG ï 0WSD of high - grade ore (pellet feed 65%) Integrated logistics (ore pipeline) \HDUV RI FHUWLILHG UHVHUYHV GU\ ZDVWH GLVSRVDO Potential EBITDA gain/year ~ R$1.1 b New iron ore treatment unit 1 On a wet basis, considering an average humidity of 10% 2 This estimate is indicative and should not be interpreted as a projection or guidance. 5.5 Iron ore processing capacity (Mt) 30.0 Cash cost (US$/t) 3.0 Ore consumption in Ouro Branco (Mt) 2.5 Volume available for sale (Mt) $IWHU UDPS XS &DSDFLW\ XWLOL]DWLRQ FXUYH ð 5DPS XS VWDUW After ramp - up (12 months)

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Mining: estimated gains Supply to Ouro Branco unit 3RWHQWLDO (%,7'$ JDLQ\HDU ï ([SHFWHG JDLQ DIWHU LQYHVWPHQW PDWXUHV $VVXPHV D ORQJ WHUP LURQ RUH SULFH RI 86 W &,) &KLQD IRU )H DGMXVWHG IRUIUHLJKW DQG )H TXDOLW\ ~ R$ 1.1 b Cash cost of iron ore basket US$ 55/t US$ 60/t 86 W 6.0 5.7 5.7 50% 62% 64% 2025e 2026e H ,URQ RUH FRQVXPSWLRQ 0W ,URQ RUH FRQWHQW 2026 potential EBITDA gain ~ R$400 million (from cost reduction and quality improvement) 60% 40% Cost and quality improvement in Ouro Branco ,URQ RUH VDOHV ð

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Flat steel growth End - to - end operation improvement, with capacity, quality and competitiveness gains 1HZ FDSDFLW\ DQG TXDOLW\ JDLQV Solid own distribution network and service centers Development of new products and access to new markets

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Flat steel growth Expansion of hot coil rolling capacity by 250kt/year 15% Potential EBITDA R$400 M/year¹ 5% 5HYHQXH 3HUIRUPDQFH &RVW UHGXFWLRQ $FKLHYHPHQW RI QRPLQDO FDSDFLW\ LQ 4 NW 161 184 191 4 4 4 H 4Q25e ([SHFWHG JDLQ DIWHU LQYHVWPHQW PDWXUHV Ramp up Evolution of hourly productivity (tonnes per hour)

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U.S. steel demand: end - market outlook Impact on Gerdau Demand drivers Sector 3URGXFW VERY POSITIVE Impacts demand for beams and processed solar piles. One Big Beautiful Bill (OBBB) expected to accelerate renewable energy spending (changes in tax incentives); Renewable energy is still competitive without incentives. Renewable energy DOWNSTREAM (5% of portfolio) VERY POSITIVE Impacts demand for beams. Strongest sector in the market; Data Center CPIP YoY: 43% up¹. Data centers SHAPES (50% of portfolio) FLAT TO SLIGHTLY NEGATVE Impacts demand for beams, merchants, rebar and piling. Slower activity outside of data centers and manufacturing plants; Warehouses starting to rebound; Interest rates contributing to reduced non - res project starts; Non - res CPIP excluding data centers: - 4.4% YoY¹. Non - res construction SLIGHTLY POSITIVE Impacts demand for beams, piling and rebar. 60.8% of funds destined to roads and bridges from IIJA are still available²; Slower approval of projects and release of funds. Infrastructure BARS (45% of portfolio) SLIGHTLY POSITIVE Impacts demand for SBQ. North American Light Vehicle Production down 1.9% in 2025³; Reduction of steel / parts imports. New on - shoring projects; Potential car price increases impacting vehicle sales. Automotive FLAT Impacts demand for SBQ and merchants. Industrial sector activity remains stagnant; ISM PMI Index has spent 31 of last 33 months in contractionary territory. Manufacturing 6RXUFH 86 &HQVXV %XUHDX &RQVWUXFWLRQ 3XW LQ 3ODFH &3,3 86 'HSDUWPHQW RI 7UDQVSRUWDWLRQ 6 3 *OREDO

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Midlothian capacity increase Higher competitiveness of our largest asset in North America WŽǁĞƌĞĚ ďǇ ŝŶŐ Ξ 'ĞŽEĂŵĞƐ͕ DŝĐƌŽƐŽĨƚ͕ dŽŵdŽŵ 0LGORWKLDQ 5HGXFWLRQ RI LQWHUQDO WUDQVIHUV ,PSURYLQJ SURGXFWLYLW\ LQ PHOW VKRS WR PHHW ELOOHW UHTXLUHPHQWV ZLOO UHGXFH WKH QHHG IRU LQWHUQDO WUDQVIHUV WR IXOILOO SODQW GHPDQG 2SHUDWLRQDO HIILFLHQF\ ,PSURYHV WKH SURGXFWLYLW\ DQG HIILFLHQF\ RI WKH PHOW VKRS DQG UROOLQJ PLOO 3URGXFW UDQJH H[SDQVLRQ Unlocking capacity through a better production mix increases plant flexibility for market growth &RVW RSWLPL]DWLRQ 8SJUDGHV DQG LQFUHDVHG FDSDFLW\ HQKDQFH FRVW HIILFLHQF\ WKURXJK IL[HG FRVW GLOXWLRQ DQG IHZHU PDLQWHQDQFH RXWDJHV 6XSSOLHG E\ JUHHQ HQHUJ\ IURP VRODU SDUN 3KDVH ,QYHVWPHQW 5 ELOOLRQ DOUHDG\ LQYHVWHG Potential EBITDA: R$275 million/year Capacity increase: 150 kt Melt shop capacity Start - up: 2H26 3KDVH 7%'

Q&A 47

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