Gerdau shares are moving higher as the market continues to digest the company’s late-April earnings and capital-return disclosures, which provided a stronger profitability snapshot and tangible near-term cash-return catalysts. The latest 1Q26 release highlighted adjusted EBITDA of R$3.0 billion, up 25% versus 4Q25, with North America contributing 75% of consolidated EBITDA, while the board approved a R$0.18 per-share dividend payable June 9, 2026 and reiterated ongoing buyback execution.

The dividend setup adds a near-term calendar catalyst: the dividend was approved at R$0.18 per common and preferred share, with shareholders of record as of May 13, 2026, an ex-dividend date of May 14, 2026, and payment on June 9, 2026. On buybacks, Gerdau’s 6-K disclosed the 2026 repurchase authorization (up to 55.0 million preferred shares and up to 1,441,120 common shares), progress to roughly 21% of the program, and board-approved share cancellations that reduce outstanding shares—supportive for per-share metrics.

The earnings mix matters because Gerdau’s results are currently heavily levered to North America, where profitability accounted for roughly three-quarters of consolidated EBITDA in 1Q26, making U.S./Canada demand and pricing especially important for the ADR. Separately, industry commentary has pointed to improving sentiment in the U.S. rebar market entering Q2 2026, which can help explain why investors are willing to pay up for the name when profitability momentum and capital returns align.

Key near-term signposts are (1) trading behavior around the May 14, 2026 ex-dividend date, (2) any incremental disclosures on the pace of repurchases and further share cancellations, and (3) updates on North America shipments, spreads, and order/backlog conditions that would confirm whether the 1Q EBITDA step-up is sustainable.