| Schedule of basic and diluted earnings per share |
Basic | | | | | | | | | 2025 | | | Common | | Preferred | | Total | | | | (in thousands, except share and per share data) | Basic numerator | | | | | | | Allocated net income available to common and preferred shareholders | | 497,038 | | 889,982 | | 1,387,020 | Basic denominator | | | | | | | Weighted-average outstanding shares, after deducting the
average treasury shares (Refer to Note 23 for number of shares) | | 718,139,434 | | 1,285,879,767 | | | | | | | | | | Earnings per share (in R$) — Basic | | 0.69 | | 0.69 | | |
| | | | | | | | | 2024 | | | Common | | Preferred | | Total | | | | (in thousands, except share and per share data) | Basic numerator | | | | | | | Allocated net income available to common and preferred shareholders | | 1,574,058 | | 2,992,259 | | 4,566,317 | Basic denominator | | | | | | | Weighted-average outstanding shares, after deducting the
average treasury shares (Refer to Note 23 for number of shares) | | 720,527,899 | | 1,369,712,176 | | | | | | | | | | Earnings per share (in R$) — Basic | | 2.18 | | 2.18 | | |
| | | | | | | | | 2023 | | | Common | | Preferred | | Total | | | | (in thousands, except share and per share data) | Basic numerator | | | | | | | Allocated net income available to common and preferred shareholders | | 2,576,016 | | 4,925,549 | | 7,501,565 | Basic denominator | | | | | | | Weighted-average outstanding shares, after deducting the
average treasury shares (Refer to Note 23 for number of shares) | | 720,631,731 | | 1,377,906,016 | | | | | | | | | | Earnings per share (in R$) — Basic | | 3.57 | | 3.57 | | |
Diluted | | | | | | | | | 2025 | | 2024 | | 2023 | Diluted numerator | | | | | | | Allocated net income available to Common and Preferred shareholders | | | | | | | Net income allocated to preferred shareholders | | 889,982 | | 2,992,259 | | 4,925,549 | 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 long-term incentive plans of Gerdau. | | 2,152 | | 6,853 | | 13,627 | | | 892,134 | | 2,999,112 | | 4,939,176 | | | | | | | | Net income allocated to common shareholders | | 497,038 | | 1,574,058 | | 2,576,016 | Less: | | | | | | | Adjustment to net income allocated to preferred shareholders in respect to the potential increase in number of preferred shares outstanding, as a result of long-term incentive plans of Gerdau. | | (2,152) | | (6,853) | | (13,627) | | | 494,886 | | 1,567,205 | | 2,562,389 | | | | | | | | Diluted denominator | | | | | | | Outstanding shares | | | | | | | Common Shares | | 718,139,434 | | 720,527,899 | | 720,527,899 | Preferred Shares | | | | | | | Weighted-average number of preferred shares outstanding | | 1,285,879,767 | | 1,369,712,176 | | 1,377,906,016 | Potential increase in number of preferred shares outstanding in respect of long-term incentive plan of Gerdau | | 8,713,373 | | 9,139,396 | | 11,159,835 | Total | | 1,294,593,140 | | 1,378,851,572 | | 1,389,065,851 | | | | | | | | Earnings per share — Diluted (Common and Preferred Shares) | | 0.69 | | 2.18 | | 3.56 |
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