6-K

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 March 2, 2023

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 Form 20-F or Form 40-F.

Form 20-F    X        Form 40-F       

Exhibit Index

Exhibit	Description of Exhibit
99.1	Material Fact, March 1, 2023
99.2	Material Fact, March 1, 2023
99.3	Notice to Shareholders, March 1, 2023
99.4	Gerdau S.A. Quarterly Results 4Q22
99.5	Management Report 2022

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:  March 2, 2023

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

EX-99.1

Exhibit 99.1

GERDAU S.A. Corporate Tax ID (CNPJ/MF): 33.611.500/0001-19 Company Registry (NIRE): 35300520696 METALÚRGICA GERDAU S.A. Corporate Tax ID (CNPJ/MF): 92.690.783/0001-09 Company Registry (NIRE): 35300520751

MATERIAL FACT

Gerdau S.A. (B3: GGBR / NYSE: GGB) and Metalúrgica Gerdau S.A. (B3: GOAU) (jointly “Companies”) hereby inform their shareholders and the market of the Management’s projections for its Investment Plan for 2023.

On February 28, 2023, the Board of Directors of Gerdau S.A. approved the projected disbursements related to the Investment Plans for 2023, in the amount of R$ 5 billion ^(*). The amount refers to CAPEX projects for Maintenance and Technological Expansion and Updating. This projection considers the following factors:

i. The Maintenance projects are associated with extending the useful life of, and making operational improvements to, equipment to ensure the adequate performance of plants.

ii. Expansion & Technological Updating projects are related to growing production, increasing profitability and modernizing plants, with a focus on improving Environmental, Social and Governance (ESG) practices and the sustainable and economic development of the business.

iii. Some projects require the granting of environmental permits and may be subject to reevaluations.

Of the total planned for 2023, investments that return environmental benefits will surpass R$ 830 million. These investments include expanding forest assets, updating and improving environmental controls, reducing greenhouse gas emissions and improving technology, which result in an increase in energy efficiency.

Approximately 70% of the Investment Plan is intended for modernization, growth and technological updating in the region of Minas Gerais, where Gerdau operates, reinforcing its commitment to the state’s development.

The Companies have been demonstrating their capacity to adjust to different scenarios. The aforementioned disbursements of the Investment Plan will be directly related to the pace of demand in Gerdau’s markets, as well as based on criteria involving the return on capital invested and the consequent cash generation, balancing the sustainable and economic development of the business.

The information disclosed in this document are mere estimates, hypothetical data, which in no way constitute a promise of performance. The projections presented involve market factors that are outside the Companies’ control and, therefore, are subject to change.

^(*) The investments do not include contributions made by Gerdau Next in other companies, as established in the International Financial Reporting Standards (IFRS), only the results of subsidiaries are consolidated in the Financial Statements of the Companies.

São Paulo, March 1, 2023

Rafael Dorneles Japur

Executive Vice-President and Investor Relations Officer

EX-99.2

Exhibit 99.2

GERDAU S.A.

Tax ID (CNPJ/ME) 33.611.500/0001-19

Registry (NIRE): 35300520696

material fact

Gerdau S.A. (B3: GGBR / NYSE: GGB), in accordance at CVM Resolution 44, from August 23, 2021, announces to its stockholders and the general market that the Company’s Board of Directors, at a meeting held on this date, has resolved to increase the Company’s capital to R$ 20.289.409.000,00 through the capitalization of its reserves of R$ 966.162.334,00 with the issue of 83.669.860 new book-entry shares, with no par value, of which 28.596.497 will be common and 55.073.363 will be preferred shares, to be assigned free of charge to stockholders, as bonus, in the proportion of 1 (one) new share for every 20 (twenty) shares of the same type held at the final stockholding position on March 21, 2023.

The new shares will be included in the stockholders’ positions on March 24, 2023, and will be entitled to any dividends and/or interest on capital that may be declared after March 2, 2023 (including). Bonus shares will be always granted in whole numbers, and for this reason any stockholders who wish to transfer fractions of their shares (which result in one share of the same class) may do so in the period from March 27, 2023 to April 26, 2023 as follows:

(i) through accounts of the same ownership in different brokers, and/or

(ii) through trading in a private environment of the non-organized over-the-counter market (operations not registered on the Stock Exchange).

After this period elapses, any remaining amounts of these fractions will be separated, grouped in whole numbers and sold at auction on B3. The net proceeds from such sale will be made available to the holders of these fractions at a date to be informed in due course by the Company.

The cost attributed to bonus shares is R$11.54731631 per share, for the purposes of the provision in paragraph 1 of Article 58 of the Brazilian Federal Revenue Service’s Regulatory Instruction No. 1585/15.

São Paulo, March 1, 2023

Rafael Dorneles Japur

Executive Vice-President

Investor Relations Officer

EX-99.3

Exhibit 99.3

GERDAU S.A.

Tax ID (CNPJ/ME) 33.611.500/0001-19

Registry (NIRE): 35300520696

NOTICE TO SHAREHOLDERS

CAPITAL INCREASE THROUGH CAPITALIZATION OF REVENUE
RESERVES WITH 5% BONUS SHARES AS RESOLVED BY THE BOARD
OF DIRECTORS ON FEBRUARY 28, 2023
(ATTACHMENT C of CVM Resolution 81/22)

1. Inform the amount of the increase and new capital

Increase of capital by R$ 966,162,334.00, from R$ 19,323,246,666.00 to R$ 20,289,409,000.00.

2. Inform whether this increase will be made through:

(a) conversion of debentures into shares or other debt securities into shares;

(b) exercise of subscription rights or warrants;

(c) capitalization of profits or reserves; or

(d) subscription of new shares

Capital will be increased with capitalization of revenue reserves with 5% bonus shares.

3. Explain in detail the reasons for such increase and its legal and economic consequences

Capital increase with capitalization of revenue reserves with bonus shares will provide:

i) observe the limit of the balance of the Profit Reserves in relation to the Capital Stock, established by Article 199, of Law No. 6404/76; and

ii) trading at a more accessible, combined with a higher number of outstanding shares, with the potential to generate more business and greater financial volume, and result in stockholder value creation.

We foresee no legal consequences arising from such capital increase. Regarding economic consequences the cost attributed to bonus shares is R$ 11.54731631 per share, generating fiscal benefits to stockholders, in accordance with paragraph 1 of Article 58 of Federal Revenue Service’s Regulatory Instruction No. 1585/15.

4. Provide a copy of the Opinion of the Fiscal Council, if applicable:

OPINION OF THE FISCAL COUNCIL: The members of the Fiscal Council of Gerdau S.A., em cumprimento ao disposto no art. 166, parágrafo 2º, da Lei 6.404/1976, have examined the Management’s

proposal as of this date, related to the increase of subscribed and paid-up capital in the amount of R$ 966,162,334.00 (nine hundred and sixty-six million, one hundred and sixty-two thousand, three hundred and thirty-four reais), within the limit of the authorized capital as set forth in the Company’s Bylaws, trough capitalization part of the balance of the Profit Reserve account - Investment and Working Capital Reserve, existing on 12/31/2022, through the issuance of 83,669,860 (eighty-three million, six hundred and sixty-nine thousand, eight hundred and sixty) new shares, being 28,596,497 (twenty-eight million, five hundred ninety-six thousand, four hundred ninety-seven) common shares and 55,073,363 (fifty-five million, seventy-three thousand, three hundred and sixty-three) preferred shares, all book-entry, no par value, to be distributed to the shareholders as bonus, in the proportion of one (1) new share for every twenty (20) shares of the same type held on March 21, 2023 and unanimously opined that the referred to capital increase proposal is in conditions to be deliberated upon by the Company's Board of Directors. 2. Closure: There being nothing more to register, these minutes were drawn up, read, approved, and signed by all the fiscal council members. São Paulo, February 28, 2023. (aa) Bolívar Charneski, Aramis Sá de Andrade e Tarcisio Beuren – Councilors

5. In case of capital increase through capitalization of profits or reserves:

I. Inform whether it will imply change in the par value of shares, if any, or distribution of new shares among stockholders

Capital increase through capitalization of revenue reserves will be carried out with the distribution of new shares to stockholders (5% bonus shares assigned to holders of common and/or preferred shares), as the company’s capital is represented by shares with no par value

II. Inform whether the capitalization of profits or reserves will be made with or without a change in the number of shares in the companies with shares with no par value

Capital increase through capitalization of revenue reserves will be carried out with a change in the number of shares (5% bonus shares assigned to holders of common and/or preferred shares), as the company’s capital is represented by shares with no par value.

III. In case of distribution of new shares:

a. Inform the number of shares of each type and class issued

83,669,860 book-entry shares with no par value will be issued, of which 28,596,497 common and 55,073,363 preferred.

b. Inform the percentage that stockholders will receive in shares

Stockholders will receive 5% in shares of the same type, to be assigned as bonus, in the proportion of one new share for every ten common and/or preferred shares held at the final stockholding position of March 21, 2023. Bonus shares will be credited to stockholders on March 24, 2023.

c. Describe the rights, advantages and restrictions ascribed to the shares to be issued

Shares received as bonus shares will be entitled to receive full dividends and/or interest on capital to be declared after 02/03/2023 (including).

d. Inform the cost of acquisition, in Brazilian reais per share, to be set so that stockholders can comply with Article 10 of Law No. 9249 of December 26, 1995

The cost attributed to bonus shares is R$ 11.54731631

e. Inform the treatment of fractions, if applicable

Bonus shares will be always granted in whole numbers, and for this reason any stockholders who wish to transfer fractions of their shares (which result in one share of the same class) may do so in the period mentioned in item IV below as follows:

(i) through accounts of the same ownership in different brokers, and/or

(ii) through trading in a private environment of the non-organized over-the-counter market (operations not registered on the Stock Exchange).

After this period mentioned in item IV below, any remaining amounts of these fractions will be separated, grouped in whole numbers and sold at auction on B3, and the net proceeds from such sale will be made available to the holders of these fractions at a date to be informed in due course by the Company.

IV. Inform the term provided for in paragraph 3 of Article 169 of Law No. 6404/76

Stockholders may transfer the fractions of shares arising from the bonus shares from March 27, 2023 to April 26, 2023, as per item III (e) above.

São Paulo, March 1, 2023.

Rafael Dorneles Japur

Executive Vice-President

Investor Relations Officer

EX-99.4

Exhibit 99.4

This content is Confidential. SOLAR AND WIND FARM They integrateGerdau's energy matrix GERDAU S.A. QUARTERLY RESULTS 4Q22 Videoconference March 1 (Wednesday) 2 p.m. BRT | 12 p.m. NY CLICK HERE to access the videoconference RI.GERDAU.COM

This content is Confidential. 2 São Paulo, March 1, 2023 – Gerdau S.A. (B3: / NYSE: GGB) announces its results for the fourth quarter and year of 2022. The consolidated financial statements of the Company are presented in Brazilian real (R$), in accordance with International Financial Reporting Standards (IFRS) and the accounting practices adopted in Brazil. The information in this report does not include the data of associates and jointly controlled entities, except where stated otherwise. EBITDA OF R$ 21.5 BILLION IN 2022 AND DISCIPLINED CAPITAL ALLOCATION LED TO HIGHEST FREE CASH FLOW EVER BY THE COMPANY HIGHLIGHTS QUARTERLY RESULTS - 4Q22 MAIN INDICATORS ■ Keeping the focus on people's safety, we recorded an Accident Frequency Rate of 0.76 in 2022, the lowest historical level; ■ Shipments amounted to 11.9 million tonnes of steel in 2022. ■ Adjusted EBITDA of R$ 21.5 billion in 2022, with EBITDA margin of 26.1%; ■ Debt indicators in compliance with Company’s policy: Gross Debt of R$ 12.6 billion and Net Debt/EBITDA of 0.33 times; ■ Free Cash Flow generation of R$ 10.5 billion, the highest record; ■ In the North America BD, EBITDA in 2022 was R$ 10,0 billion, with margin of 32.0%; ■ In the Special Steel BD, EBITDA in 2022 was R$ 2.8 billion, with margin of 20.4%; ■ 44.5 million preferred shares repurchased (GGBR4) during 2022, at an average price of R$ 24.08, corresponding to 81.0% of the Repurchase Program announced, which were all cancelled in November 2022. ■ Another year of strong distribution of shareholder payments:   R$ 6.1 billion (+13.6% vs. 2021), with yield of 13.5% and payout of approximately 70%3 .. CONSOLIDATED 4Q22 3Q22 ∆ 4Q21 ∆ 12M22 12M21 ∆ Shipments of steel (1,000 tonnes) 2,672 2,930 -8,8% 3,165 -15,6% 11,902 12,722 -6,4% Net Sales1 (R$ million) 17,964 21,149 -15,1% 21,555 -16,7% 82,412 78,345 5,2% Adjusted EBITDA2 (R$ million) 3,630 5,369 -32,4% 5,983 -39,3% 21,508 23,222 -7,4% Adjusted EBITDA Margin2 (%) 20,2% 25,4% -5,2 p.p 27,8% -7,6 p.p 26,1% 29,6% -3,5 p.p Adjusted Net Income3 (R$ million) 1,333 3,022 -55,9% 3,479 -61,7% 11,595 13,879 -16,5% Adjusted Net Margin3 (%) 7,4% 14,3% -6,9 p.p 16,1% -8,7 p.p 14,1% 17,7% -3,6 p.p Gross Debt (R$ million) 12,607 12,856 -1,9% 14,040 -10,2% 12,607 14,040 -10,2% Net Debt/EBITDA 0,33x 0,16x 0,17x 0,30x 0,03x 0,33x 0,30x 0,03x CAPEX (R$ million) 1,684 1,056 59,5% 1,216 38,5% 4,292 3,000 43,1% Free Cash Flow (R$ million) 1,124 3,093 -63,7% 3,400 -66,9% 10,457 9,589 9,1% 1. Includes iron ore sales. 2. Non-accounting measure calculated by the Company. The Company presents Adjusted EBITDA to provide additional information on cash generation in the period. ■ R$ 4.3 billion of CAPEX performed in 2022. For 2023, the CAPEX plan approved is estimated at R$ 5 billion. ■ Gerdau Next and Newave Energia S.A. entered into an agreement for the foundation of the company with the aim of developing power generation greenfield projects, exclusively from solar or wind sources; ■ Siderperu and Gerdau Summit (joint venture aimed at supplying parts for wind power generation), become the first two steel producers in the world to be B Company.

QUARTERLY RESULTS - 4Q22 This content is Confidential. 3 MESSAGE FROM MANAGEMENT The year 2022 will be marked as one of the best in Gerdau's history, because of the consolidation experienced by the Company in recent years, which transformed it into an organization even more focused on people, innovative, digital, sustainable, diverse and inclusive, with a solid financial performance, which allows us to share more and more value with our shareholders, investors and other stakeholders. Last year, the Company recorded the highest Net Revenue in its history, the second best annual Adjusted EBITDA and an exceptional Cash Flow, even in the face of the challenges faced in the international market, such as those caused by the conflict between Russia and Ukraine, the pressures inflationary pressures and economic uncertainties in our main markets. At 122 years old, we remain prepared to act as resilience in the face of the international macroeconomic scenario, delivering innovative products and solutions to our customers from our operations in the nine countries where we are present in the Americas. We have invested in initiatives for the modernization and technological updating of our plants, seeking continuous improvement in the profitability and productivity of these assets. The strong results delivered in 2022 confirm the assertiveness of the strategic decisions taken a few years ago, especially the process of cultural and digital transformation and the disinvestments made in some of our operations between 2014 and 2018. Since then, we have maintained the focus of our business in the Americas, through a management that has been proving capable of adapting to different scenarios, living our culture intensely and allocating capital efficiently. The fourth quarter was marked by lower sales volume. In addition to the typical seasonality of this period of the year, other factors, such as the elections in Brazil and the World Cup, hampered economic activity in some of our markets. We ended 4Q22 with an EBITDA of R$3.6 billion, 39% lower than the same period of the previous year and an Adjusted Net Income of R$1.3 billion, totaling R$11.6 billion in 2022. Ending 2022 with a generation of Free Cash Flow of R$ 10.5 billion, the highest value in the historical series. In the fourth quarter, we approved the distribution of dividends of R$ 333 million, which, added to other shareholder payments already distributed during the year, amounted to R$ 6.1 billion. Considering all payments distributed, plus the shares repurchased and later cancelled (Share Buyback Program), we reached a payout of approximately 70%, reaffirming once again our commitment to consistently creating value for our shareholders. In our Business Divisions (BD), the highlight was the extraordinary results of the North America BD in 2022, which set new records for Net Sales and EBITDA. The approval of important government packages, such as IRA and CHIPS, as well as the reshoring process, reinforce our positive outlook for the coming years in the region. In the Special Steel BD, we observed a gradual recovery in sales of light vehicles, supported by the higher supply of semiconductors in the international market, as well as increased activity in the oil and gas industry in the United States. Lastly, both the Brazil and South America BDs demonstrated resilience over the course of the year, with economic activity stronger than before the pandemic, especially in the construction and manufacturing sectors. We continue to advance in our sustainability strategy, seeking to make Gerdau part of the solutions to society's problems and dilemmas. We highlight Newave Energia, a partnership between Gerdau Next and Newave Capital. The operation, which took place in November 2022, aims to generate competitive and renewable energy to supply our steel production units, also contributing to the achievement of our goals for reducing greenhouse gases. Regarding the investments in CAPEX, in 2022 we allocated BRL 4.3 billion in projects aimed at the Maintenance, Expansion and Technological Update fronts. For the year 2023, the Company expects to invest R$5.0 billion on the same fronts, within our philosophy of discipline and efficiency in capital allocation. Investments are mainly concentrated in the region of Minas Gerais, where Gerdau operates, confirming the Company's commitment to the development of that state. In addition, we reinforce that part of the investments are focused on generating environmental benefits, whether with the improvement of environmental controls, reduction of greenhouse gas emissions and forest formation. As for our ESG agenda, in 2022 we continued to increase the percentage of women, people of color and people with disabilities in our workforce, and we continued working to be an increasingly inclusive and diverse steel producer, engaging the entire ecosystem in that we are present. We also achieved certification for our second operation as a B Corp. As a result, Siderperu and Gerdau Summit (a joint venture focused on supplying parts for generating wind energy) become the first two steel producers in the world to be B Corp. The new certification reflects the Company's commitment to the 'B Movement Builders' program and our ambition to certify all our operations by 2025. With 122 years of history, we continue to advance in our business, creating an increasingly profitable steel chain company admired across the world and one of the leading players in the Americas. All these results were achieved thanks to a transformation journey guided by excellence in the value chain and supported by digital transformation as a key pillar and reflect the benefits we deliver to our clients and the society, showing that it is possible to change people’s lives by fostering development while at the same time consistently generating returns for our shareholders. We currently are the largest recycler of ferrous scrap in Latin America and we continue shaping the Company for a sustainable and innovative future. We thank our employees, clients, suppliers, partners, shareholders and other stakeholders for their confidence. THE MANAGEMENT We are creating an increasingly profitable, sustainable and customer-centered steel chain company.

QUARTERLY RESULTS - 4Q22 This content is Confidential. 4 CONSOLIDATED RESULTS OPERATIONAL PERFORMANCE PRODUCTION & SHIPMENTS CONSOLIDATED 4Q22 3Q22 ∆ 4Q21 ∆ 12M22 12M21 ∆ Volumes (1,000 tonnes) Crude Steel Production 2,866 2,965 - 3,3% 3,279 -12,6% 12,666 13,294 -4,7% Shipments of Steel 2,672 2,930 - 8,8% 3,165 -15,6% 11,902 12,722 -6,4% In 4Q22, Gerdau's crude steel production was 2.9 million tonnes, down 3.3% from 3Q22 and 12.6% from the same period last year. The production capacity utilization rate of 68% reflects the expected seasonally weaker quarter, especially in the domestic market of the Brazil and North America BDs, as well as the scheduled maintenance stoppages typically carried out at some units of the Company during this time of year. Compared to 2022, crude steel production was 12.7 million tonnes, down 4.7% from 2021. Despite the slowdown in Brazil and North America BDs, the Special Steel and South America BDs registered growth in crude steel production compared to 2021. Shipments in 4Q22 were 2.7 million tonnes, down 8.8% and 15.6% in relation to 3Q22 and 4Q21, respectively. Although the fourth quarter typically registers lower shipments than other quarters, note that the elections in Brazil and the World Cup affected amplified the typical seasonality in the Brazil BD. Shipments in 2022 came to 11.9 million tonnes, down 6.4% from the previous year. However, sales in sectors served by the Company, mainly construction and industry, remained resilient, with a gradual recovery in the automotive sector, which benefitted from the normalization of supply of chips and semiconductors, a sector highly affected during the Covid-19 pandemic.

QUARTERLY RESULTS - 4Q22 This content is Confidential. 5 FINANCIAL PERFORMANCE NET SALES In 4Q22, net sales totaled R$ 18.0 billion, down 15.0% from 3Q22 and 16.7% from 4Q21, explained by the decline in shipments between periods. In 2022, net sales came to R$ 82.4 billion, up 5.2% from the previous year, supported by resilient demand in the Company’s main markets. GROSS PROFIT In 2022, Cost of Goods Sold increased 10.7% in relation to 2021, due to higher costs with energy and reducing agents, notably coal (+50%), coke (+47%) and natural gas (+26%), in addition to the 24% increase in metal alloy costs, especially in the North America and Special Steel operations. As a result, Gross Profit in 4Q22 was R$ 2.9 billion, down 38.2% and 43.5% compared to 3Q22 and 4Q21, respectively. In 2022, gross profit was R$ 18.8 billion, decreasing 9.9% from 2021, also due to the lower shipments. SELLING, GENERAL & ADMINISTRATIVE EXPENSES Selling, general and administrative (SG&A) expenses amounted to R$ 622 million in 4Q22, up 12.1% from 3Q22 and down 1.7% from 4Q21. However, as a ratio of net sales, SG&A expenses increased 0.8% and 0.6% in relation to 3Q22 and 4Q21, respectively, also due to the lower net sales. Despite the inflationary pressures over the year, the results once again show Gerdau’s commitment to maintaining its expenses at healthy levels. CONSOLIDATED 4Q22 3Q22 ∆ 4Q21 ∆ 12M22 12M21 ∆ Results (R$ million) Net Sales 17,964 21,149 -15,0% 21,555 -16,7% 82,412 78,345 5,2% Cost of Goods Sold (15,036) (16,411) -8,4% (16,368) -8,1% (63,661) (57,528) 10,6% Gross Profit 2,928 4,738 -38,2% 5,187 -43,5% 18,751 20,817 -9,9% Gross Margin 16,3% 22,4% -6,1 p.p 24,1% -7,8 p.p 22,8% 26,6% -3,8 p.p CONSOLIDATED 4Q22 3Q22 ∆ 4Q21 ∆ 12M22 12M21 ∆ Results (R$ million) SG&A (622) (555) 12,1% (633) -1,7% (2,188) (2,106) 3,9% Selling expenses (203) (184) 10,3% (204) -0,5% (733) (716) 2,4% General and admininstrative expenses (419) (371) 12,9% (428) -2,1% (1,455) (1,390) 4,7% %SG&A/Net Sales -3,5% -2,6% 0,9 p.p -2,9% 0,6 p.p -2,7% -2,7% 0,0 p.p

QUARTERLY RESULTS - 4Q22 This content is Confidential. This content is Confidential. 6 EBITDA & EBITDA MARGIN BREAKDOWN OF CONSOLIDATED EBITDA (R$ million) 4Q22 3Q22 ∆ 4Q21 ∆ 12M22 12M21 ∆ Net Income 1,218 3,022 -59,7% 3,560 -65,8% 11,480 15,559 -26,2% Net financial result 498 530 -6,0% 615 -19,0% 1,892 750 152,3% Provision for income and social contribution taxes 769 910 -15,5% 338 127,5% 4,379 4,714 -7,1% Depreciation and amortization 769 738 4,2% 707 8,8% 2,867 2,659 7,8% EBITDA - CVM Instruction¹ 3,254 5,200 -37,4% 5,220 -37,7% 20,619 23,681 -12,9% Equity in earnings of unconsolidated companies (a) (175) (281) -37,7% 94 - (1,152) (563) 104,6% Proportional EBITDA of associated companies and jointly controlled entities (b) 372 457 -18,6% 308 20,8% 1,867 1,302 43,4% Losses due to non-recoverability of financial assets (c) 5 (6) - (7) - (0) 0 - Non-recurring items (d) 174 - - 367 52,6% 174 (1,199) - Compulsory loan recovery - - - - - - (1.391) - Results in operations with subsidiary and joint ventures - 163 - - 163 - Credit recovery / Provisions 174 - - 204 -14,7% 174 29 500,0% Adjusted EBITDA² 3,630 5,369 -32,4% 5,983 -39,3% 21,508 23,222 -7,4% Adjusted EBITDA Margin 20,2% 25,4% -5,2 p.p 27,8% -7,6 p.p 26,1% 29,6% -3,5 p.p CONCILIATION OF CONSOLIDATED EBITDA (R$ million) 4Q22 3Q22 ∆ 4Q21 ∆ 12M22 12M21 ∆ EBITDA - CVM Instruction ¹ 3,254 5,200 -37,4% 5,220 -37,7% 20,619 23,681 -12,9% Depreciation and amortization (769) (738) 4,2% (707) 8,8% -2,867 -2,659 7,8% OPERATING INCOME BEFORE FINANCIAL RESULT AND TAXES 2,485 4,463 -44,3% 4,514 -44,9% 17,751 21,023 -15,6% 1 – Non-accounting measure calculated in accordance with CVM Instruction 156 of June 23, 2022. 2 - Non-accounting measure reconciled with information presented in the Company's Financial Statements, as established by CVM Resolution 156 of June 23, 2022. (a) Amounts presented in " Equity in earnings of unconsolidated companies" line in Note 28 of the Company's Financial Statements. (b) Amounts composed by the lines “Proportional operating income before financial result and taxes of associated companies and jointly controlled entities” and “Proportional depreciation and amortization of associated companies and jointly controlled entities" lines in Note 28 of Company's Financial Statements. (c) Amounts presented in "Losses due to non-recoverability of financial assets" line in Note 28 of Company's Financial Statements. (d) Amounts composed of “Recovery of mandatory loans – Eletrobras,” “Result in operations with subsidiary and joint ventures” and “Recovery of credits/provisions” lines of Note 28 in Company's Financial Statements. In 4Q22, Adjusted EBITDA was R$ 3.6 billion, down 32.4% from previous quarter, with Margin of 20.2% in the period (-5.2% compared to 3Q22). In 2022, Adjusted EBITDA totaled R$ 21.5 billion, down 7.4% from previous year, representing the second highest annual EBITDA ever reported by the Company. Despite the reductions, the results in the periods ratify the success of Gerdau’s business model, the resilience of its markets and the focus on operations in the Americas.

QUARTERLY RESULTS - 4Q22 8 ADJUSTED EBITDA (R$ MILLION) AND ADJUSTED EBITDA MARGIN (%) FINANCIAL RESULT CONSOLIDATED (R$ million) 4Q22 3Q22 ∆ 4Q21 ∆ 12M22 12M21 ∆ Financial Result (498) (530) -6,0% -615 -19,0% (1.892) (750) 152,3% Financial income 218 159 37,1% 87 150,6% 606 249 143,4% Financial expenses (363) (388) -6,4% (421) -13,8% (1,563) (1,433) 9,1% Exchange variation 23 (2) - 43 -46,8% 49 186 -73,1% Exchange variation (other currencies) (394) (313) 25,9% (57) 591,2% (1,025) (294) 248,6% Inflation adjustment on tax credits (1) - - - - - - 789 - Bond repurchase expenses (1) - - - (265) - - (265) - Gains on financial instruments, net 19 14 35,7% (2) - 39 18 116,7% 1 Nonrecurring items The Financial Result was negative R$ 498 million in 4Q22, decreasing 6.0% and 19.0% in 3Q22 and 4Q21, respectively. The result is due to the reduction in gross debt and the increase in Financial Income, as well as the 13.8% decrease in Financial Expenses in relation to 4Q21.

QUARTERLY RESULTS - 4Q22 8 ADJUSTED NET INCOME Adjusted Net Income was R$ 1.3 billion in the quarter, decreasing 55.9% in relation to 3Q22 and 61.7% in relation to 4Q21. In 2022, Adjusted Net Income was R$ 11.6 billion, down 16.5% from 2021, due to higher costs and mainly the strong comparison base in 2021, when the Company registered its highest Adjusted Net Income ever. CONSOLIDATED (R$ million) 4Q22 3Q22 ∆ 4Q21 ∆ 12M22 12M21 ∆ Operating Income before Financial Result and Taxes¹ 2,485 4,463 -44,3% 4,514 -45,0% 17,751 21,023 -15,6% Financial Result (498) (530) -6,0% (615) -19 (1,892) (750) 152,3% Income before Taxes¹ 1.987 3,932 -49,5% 3,898 -49,0% 15,859 20,272 -21,8% Income and social contribution taxes (769) (910) -15,5% (338) 127,5% (4,379) (4,714) -7,1% Exchange variation (45) 58 - 5 - (164) (4) 4000,0% Other lines (665) (968) -31,3% (1,057) -37,1% (4,156) (4,666) -10,9% Non-recurring items (59) - - 713 - (59) (43) 37,2% Consolidated Net Income¹ 1,218 3,022 -59,7% 3,560 -65,8% 11,480 15,559 -26,2% Non-recurring items 115 - - (81) - 115 -1,680 - Compulsory loan recovery - - - - - -1,391 - Results in operations with subsidiary and joint ventures - - 163 - - 163 - Bonds repurchases expenses - - 365 - - 265 - Credit recovery / Provisions 174 - - 204 -14,7% 174 (760) - Income tax and social contribution - non-recurring items (59) - - (713) -91,7% (59) 43 - Consolidated Adjusted Net Income ² 1,333 3,022 -55,9% 3,479 -61,7% 11,595 13,879 -16,5% 1 - Accounting measure disclosed in the Company’s Income Statement. 2 - Non-accounting measure calculated by the Company to show net profit adjusted by non-recurring events that influenced the result. ADJUSTED NET INCOME (R$ MILLION) AND NET MARGIN (%)

QUARTERLY RESULTS - 4Q22 9 CAPITAL STRUCTURE AND INDEBTEDNESS 1 Total capitalization = shareholders' equity + gross debt – interest on debt. 2 Net debt = gross debt – interest on debt – cash, cash equivalents and financial investments. 3 Adjusted EBITDA in the last 12 months. The Company maintains its long debt maturity profile, with 75% of its liabilities coming due in the long term. On December 31, 2022, Gross Debt stood at R$ 12.6 billion, stable sequentially and down 10% on the same period of 2021. The cash position ended the quarter at R$ 5.4 billion, resulting in Net Debt of R$ 7.2 billion and a Net Debt/EBITDA ratio of 0.33x, similar to 4Q21. The increase in net debt was due to the large dividend payment declared in 3Q22, which totaled R$ 3.6 billion. INDEBTEDNESS (R$ BILLION) & LEVERAGE RATIO The weighted average nominal cost of gross debt was 7.25% p.a. and the average debt term of 7.4 years attests to a debt maturity schedule that is well balanced and well distributed over the coming years. Note that we renewed in 2022 our global Credit Facility of up to US$ 875 million for a five-year period, which reinforces the Company’s financial liquidity. DEBT BREAKDOWN (R$ million) 2022.12.31 2022.09.30 ∆ 2021.12.31 ∆ Short Term 3,121 3,886 -19,7% 1,767 76,6% Long Term 9,486 8,970 5,8% 12,273 -22,7% Gross Debt 12,607 12,856 -1,9% 14,040 -10,2% Gross Debt / Total Capitalization ¹ 21,2% 20,0% 25,0% Cash, cash equivalents and short-term investments 5,434 8,590 -36,7% 6,787 -19,9% Net Debt 7,173 4,266 68,1% 7,253 -1,1% Net Debt ² (R$) / EBITDA ³ (R$) 0,33x 0,16x 0,17x 0,30x 0,03x ¹ Global Revolving Credit Facility

QUARTERLY RESULTS - 4Q22 10 INVESTMENTS (CAPEX) Capital expenditures amounted to R$ 1,684 million in 4Q22, with R$ 837 million allocated to Maintenance and R$ 847 million to Expansion and Technological Updating. Of the total expenditures in 4Q22, R$ 156 million was invested in implementing technologies to improve the environmental control and performance of existing facilities. On February 28, 2023, the Board of Directors of Gerdau S.A. approved the projection of disbursements related to the investment plan for the current year in the amount of R$ 5 billion*. The amount refers to CAPEX projects for Maintenance, Expansion and Technological Updating. This projection considers the following factors: i. Maintenance projects are associated with the extension of useful life and operating improvements of equipment to ensure the good functioning of plants. ii. Expansion and Technological Updating projects are related to the production growth, higher profitability and modernization of plants, with a focus on improving Environmental, Social and Governance (ESG) practices and sustainable and economic development of the business. iii. Some projects are conditioned upon environmental permits, which are subject to reevaluations. Of the total planned for 2023, investments that return environmental benefits surpassed R$ 830 million. These include expansion of forest assets, updating and improvement of environmental controls, reduction in greenhouse gas emissions and technological improvements – which result in energy efficiency. Approximately 70% of the investment plan focuses on modernization, growth and technological updating in the Minas Gerais region, where Gerdau has operations, reinforcing the company’s commitment to the state’s development. The Company has been demonstrating its capacity to adapt to changing scenarios, and the expenditures in its investment plan, mentioned above, will be directly related to the pace of demand in our markets, as well as based on criteria involving the return on capital invested and the consequent cash generation, providing an adequate balance between the sustainable and economic development of the business. *The investment plan does not include contributions made by Gerdau Next in other companies as, as established by international accounting standards (IFRS), only controlled companies are consolidated in the Companies' Financial Statements.

QUARTERLY RESULTS - 4Q22 This content is Confidential. FREE CASH FLOW Free Cash Flow in 4Q22 was R$ 1,124 million, which marks the tenth straight quarter in which the Company has delivered positive free cash flow. In the year, the Company registered its highest Free Cash Flow ever, which amounted to R$ 10.5 billion. The result reflects the significant contribution from EBITDA, which was above historical levels, combined with disciplined CAPEX and working capital, as well as the consistent decrease in our debt. WORKING CAPITAL & CASH CONVERSION CYCLE The Cash Conversion Cycle (working capital divided by daily net revenue in the quarter) increased from 70 days in 3Q22 to 81 days in 4Q22, due to seasonal adjustments in demand and the lower net sales in the period. In 4Q22, Working Capital was R$16.2 billion, down 1.0% from 4Q21, due to the decrease in suppliers of R$ 1.4 billion, with a shorter payment term and higher inventory costs in the period. Detailed information on Working Capital accounts is presented in Notes 5, 6 and 14 of the Financial Statements. RETURN ON CAPITAL EMPLOYED (ROCE) The methodology used to calculate ROCE considers the division of Profit before Interest and Taxes, of EBIT, by Capital Invested in the business. The variation in the Company’s efficiency, measured by ROCE in each of the years, reflects its efficiency gains and higher value creation, with return exceeding its cost of capital. R$ MILLIONS

QUARTERLY RESULTS - 4Q22 This content is Confidential. GOVERNANCE & CAPITAL MARKETS DIVIDENDS On February 28, 2023, the Board of Directors of Gerdau S.A. approved the distribution of dividends amounting to R$ 332,7 million (R$ 0.20 per share). Payment will be made as from March 23, 2023, based on shareholders of record on March 14, 2023, with the ex-dividend date March 15, 2023. Note that, in 2022, the Company is distributing the total amount of R$ 6,083 million, 58.7% of its adjusted net income, which reinforces its commitment to providing adequate financial returns for its shareholders. Management reaffirms its understanding that the best way to increase absolute dividends is through strong cash generation, which it has been delivering, enabling it to maintain its policy of distributing at least 30% of adjusted net income. This flexibility, including in the regularity of distributions, enables the Company to deliver value in different scenarios in order to increasingly create value for shareholders. SHARE BUYBACK PROGRAM On May 5, 2022, Gerdau S.A. announced a share buyback program for the acquisition of up to 55,000,000 preferred shares, representing approximately 5% of the free-float preferred shares, with maximum duration of 18 months. During 2022, the Company repurchased 44,564,000 preferred shares at an average price of R$ 24.08/ share, corresponding to 81.0% of the buyback program. All shares repurchased were cancelled in November 2022, which included cancelling an additional 1,697,538 common shares that were held in treasury. Return for Shareholders CAPITALIZATION OF PROFIT RESERVES, WITH ISSUE OF BONUS SHARES The Company’s Board of Directors approved a capital increase, through of the Profit Reserve, in the amount of R$ 966 million, with the issue of 28,596,497 common shares and 55,073,363 preferred shares as bonus shares. The proportion of the bonus will be one new share for each twenty shares of the same kind, with bonus shares being credited on March 21, 2023, and credit in the shareholding position on March 24, 2023. The ex-bonus date will be March 22, 2023.

QUARTERLY RESULTS - 4Q22 This content is Confidential. 13 PERFORMANCE BY BUSINESS DIVISIONS (BD) Gerdau presents its results in four Business Divisions (BD). BRAZIL BD – includes the operations in Brazil (except special steel) and the iron ore operation in Brazil; NORTH AMERICA BD – includes all operations in North America (Canada and United States), except special steel, as well as the jointly controlled company in Mexico; SPECIAL STEEL BD – includes the special steel operations in Brazil and the United States, as well as the jointly controlled company in Brazil; SOUTH AMERICA BD– includes all operations in South America (Argentina, Peru and Uruguay), except the operations in Brazil, and the jointly controlled companies in Colombia and the Dominican Republic. NET SALES EBITDA & EBITDA MARGIN * The percentage of EBITDA from business operations is calculated considering the total EBITDA of the 4 (four) operations. O percentual do EBITDA das operações de negócios é calculado considerando o EBITDA total das 4 operações.

QUARTERLY RESULTS - 4Q22 14 BRAZIL BD PRODUCTION & SHIPMENTS BRAZIL BD 4Q22 3Q22 ∆ 4Q21 ∆ 12M22 12M21 ∆ Volumes (1,000 tonnes) Crude Steel Production 1,251 1,281 -2,3% 1,458 -14,2% 5,634 6,051 -6,9% Total shipments 1,151 1,331 -13,5% 1,448 -20,5% 5,394 5,755 -6,3% Domestic Markets 962 1,205 -20,2% 1,084 -11,2% 4,438 5,042 -12,0% Exports 188 126 49,2% 364 -48,3% 956 714 33,9% Shipments of long steel 723 869 -16,8% 999 -27,7% 3,605 4,057 -11,1% Domestic Markets 556 747 -25,6% 686 -18,9% 2,714 3,422 -20,7% Exports 167 121 38,0% 314 -46,8% 892 635 40,4% Shipments of flat steel 428 462 -7,4% 449 -4,7% 1,789 1,698 5,3% Domestic Markets 406 457 -11,2% 399 1,9% 1,724 1,620 6,5% Exports 21 5 320,0% 50 -57,5% 65 79 -17,7% A Crude Steel Production at the Brazil BD came to 1.3 million tonnes in 4Q22, decreasing 2.3% in relation to 3Q22 and 14.2% from 4Q21.In 2022, crude steel production contracted 6.9%, accompanying the lower shipments in relation to 2021. Total Shipments in 4Q22 decreased 13.5% on 3Q22 and 20.5% compared to 4Q21. Shipments to the domestic market declined in the comparison periods, mainly due to the effects of the World Cup and the elections in Brazil, which exacerbated the decline, as well as the typical seasonality of the quarter. Shipments in 2022 was 5.4 million tonnes, down 6.3% from 2021. Shipments in the year were leveraged by the construction and manufacturing sectors, with levels above the historical average. Export shipments increased 40.4% in relation to 2021 due to favorable international prices. In flat steel, shipments grew 5.3% in relation to 2021, with the highlight the demand for heavy plates to serve the wind power and infrastructure markets. In 4Q22, 135,000 tonnes of iron ore were sold to third parties and 947,000 tonnes were consumed internally.

QUARTERLY RESULTS - 4Q22 14 OPERATING RESULT BRAZIL BD 4Q22 3Q22 ∆ 4Q21 ∆ 12M22 12M21 ∆ Results (R$ million) Net Sales¹ 6,877 8,484 -18,9% 8,874 -22,5% 32,971 34,758 -5,1% Domestic Market 6,088 7,856 -22,5% 7,364 -17,3% 28,903 31,825 -9,2% Exports 789 628 25,6% 1,510 -47,7% 4,068 2,933 38,7% Cost of Goods Sold (6,275) (7,101) -11,6% (6,347) -1,1% (27,083) (22,496) 20,4% Gross Profit 602 1,383 -56,5% 2,528 -76,2% 5,888 12,262 -52,0% Gross Margin (%) 8,8% 16,3% -7,5 p.p 28,5% -19,7 p.p 17,9% 35,3% -17,4 p.p Adjusted EBITDA² 757 1,563 -51,6% 2,796 -72,9% 6,559 12,972 -49,4% Adjusted EBITDA Margin (%) 11,0% 18,4% -7,4 p.p 31,5% -20,5 p.p 19,9% 37,3% -17,4 p.p 1 – Includes iron ore sales. 2 - Non-accounting measure reconciled with information presented in Note 23 of Company's Financial Statements, as established by CVM Resolution 156 of June 23, 2022. Net Sales in 4Q22 were R$ 6.9 billion, down 18.9% from 3Q22 and 22.5% compared prior-year quarter. The lower sales is basically explained by the lower shipments in the domestic market. In 2022, Net Sales decreased 5.1% from previous year, ending the period at R$ 33.0 billion. Cost of Goods Sold decreased 11.6% in the quarter in relation to 3Q22, explained by the lower shipments and lower raw material costs. In 2022, the increase in Cost of Goods Sold is due to the higher costs with energy and reducing agents, mainly coal, coke and natural gas. As a result, Gross Profit in 4Q22 stood at R$ 602 million, down 56.5% compared to the previous quarter and 76.2% in relation to 4Q21. In the year, Gross Profit decreased 52.0% from the previous year, due to the aforementioned reasons. As a result, the Brazil BD registered Adjusted EBITDA of R$ 757 million in 4Q22 and R$ 6.6 billion in 2022. Note that analysis of the comparisons in the table above should take into account the strong comparison base of 2021, when the operation registered its highest EBITDA ever.

QUARTERLY RESULTS - 4Q22 16 NORTH AMERICA BD PRODUCTION & SHIPMENTS NORTH AMERICA BD 4Q22 3Q22 ∆ 4Q21 ∆ 12M22 12M21 ∆ Volumes (1.000 tonnes) Crude Steel Production 1,022 1,127 -9,3% 1,249 -18,2% 4,507 4,998 -9,8% Shipments of Steel 887 988 -10,2% 1,054 -15,8% 4,090 4,451 -8,1% In 4Q22, Crude Steel Production was 1.0 million tonnes, down 9.3% from 3Q22. In 2022, steel production was 4.5 million tonnes, down 9.8% from 2021, explained by the lower demand for products. Steel Shipments were 887,000 tonnes in the quarter, down 10.2% and 15.8% from 3Q22 and 4Q21, respectively. In the year, steel shipments totaled 4.1 million tonnes, down 8.1% from previous year. The rolled steel capacity utilization rate stood at 92%, with a high level of production to serve the non-residential construction, manufacturing and distribution markets, which remain resilient. OPERATING RESULT NORTH AMERICA BD 4Q22 3Q22 ∆ 4Q21 ∆ 12M22 12M21 ∆ Results (R$ million) Net Sales 6,472 7,832 -17,4% 7,893 -18,0% 31,099 27,838 11,7% Cost of Goods Sold (5,106) (5,608) -8,9% (6,058) -15,7% (22.691) (22,417) 1,2% Gross Profit 1,366 2,224 -38,6% 1,835 -25,6% 8,408 5,421 55,1% Gross Margin (%) 21,1% 28,4% -7,3 p.p 23,2% -2,1 p.p 27,0% 19,5% 7,5 p.p EBITDA¹ 1,824 2,579 -29,3% 2,162 -15,6% 9,951 6,249 59,2% EBITDA Margin (%) 28,2% 32,9% -4,7 p.p 27,4% -0,8 p.p 32,0% 22,4% 9,6 p.p 1 - Non-accounting measure reconciled with information presented in Note 23 of Company's Financial Statements, as established by CVM Resolution 156 of June 23, 2022. In 4Q22, Net Sales totaled R$ 6.5 billion, down 17.4% from 3Q22, due to lower shipments, and 18.0% from 4Q21. In 2022, Net Sales were R$ 31.1 billion, up 11.7% from the previous year, influenced by the metals spread and the increase in Net Sales per tonne. The decline in Costs of Goods Sold in 4Q22 compared to 3Q22 was influenced by the prices in raw materials and the lower dilution of costs, which affected gross profit directly. In 2022, costs with energy and natural gas increased since the start of the conflict between Russia and Ukraine, registering a 1.2% increase in relation to the previous year. Gross Profit was R$ 1.4 billion in the quarter, 38.6% lower than in 3Q22 and 25.6% lower than in 4Q21. In 2022, gross profit increased 55.1% in relation to 2021, explained by the strong increase in Net Sales compared to Cost of Goods Sold in the period. Adjusted EBITDA in 2022 was R$ 10 billion, the operation’s best result ever. Adjusted EBITDA Margin stood at 32.0%, 9.6 p.p. higher than in 2021. This result reflects the market’s favorable moment for the Company in its ongoing segmentation strategy and cost control efforts.

QUARTERLY RESULTS - 4Q22 17 SPECIAL STEEL BD PRODUCTION & SHIPMENTS SPECIAL STEEL BD 4Q22 3Q22 ∆ 4Q21 ∆ 12M22 12M21 ∆ Volumes (1.000 tonnes) Crude Steel Production 406 383 6.0% 427 -4.9% 1,790 1,654 8.2% Shipments of Steel 401 403 -0.5% 404 -0.7% 1,657 1,654 0.2% In the quarter, Crude Steel Production was 406 million tonnes, up 6.1% from 3Q22, but down 4.9% from the same period last year. Special Steel Shipments came to 401,000 tonnes, in line with 3Q22 and 4Q21. In the year, steel production totaled 1.8 million tons, up 8.2% from 2021, while shipments remained at similar levels in relation to the previous year. The results reinforce the outlook for the operation’s growth and gradual recovery during the year. The highlight in the quarter was the ongoing recovery in the light vehicle segment, although below historical levels, as well as the good performance of the heavy vehicle and oil and gas sectors, supported by fuel prices in the international market. OPERATING RESULT SPECIAL STEEL BD 4Q22 3Q22 ∆ 4Q21 ∆ 12M22 12M21 ∆ Results (R$ million) Net Sales 3,274 3,477 -5.8% 3,029 8.1% 13,626 10,980 24.1% Cost of Goods Sold (2,855) (2,917) -2.1% (2,634) 8.4% (11,181) (9,427) 18.6% Gross Profit 419 560 -25.2% 395 6.0% 2,446 1,553 57.5% Gross Margin (%) 12.8% 16.1% -3.3 p.p 13.0% -0.2 p.p 17.9% 14.1% 3.8 p.p EBITDA¹ 525 631 -16.8% 540 -2.8% 2,776 1,983 40.0% EBITDA Margin (%) 16.0% 18.2% -2.2 p.p 17.8% -1.8 p.p 20.4% 18.1% 2.3 p.p 1 - Non-accounting measure reconciled with information presented in Note 23 of Company's Financial Statements, as established by CVM Resolution 156 of June 23, 2022. In the quarter, Net Sales were R$ 3.3 billion (-5.8% vs. 3Q22 and +8.1% vs. 4Q21). Gross Profit was R$ 419 billion in the quarter (-25.2% vs. 3Q22 and +6.0% vs. 4Q21). The results were mainly influenced by the application of a surcharge (mechanism used to adjust raw materials prices) in the North America Special Steel operation due to the variation in scrap prices during the periods. The operation’s Adjusted EBITDA accompanied the performance of Gross Profit, decreasing 25.2% sequentially and increasing 6.0% year over year. In 2022, Adjusted EBITDA was R$ 2.8 billion (+40.0% vs. 2021) with Adjusted EBITDA Margin of 20.4% (+2.3 p.p. vs. 2021).

QUARTERLY RESULTS - 4Q22 18 SOUTH AMERICA BD PRODUCTION & SHIPMENTS SOUTH AMERICA BD 4Q22 3Q22 ∆ 4Q21 ∆ 12M22 12M21 ∆ Volumes (1.000 tonnes) Crude Steel Production 187 175 6.9% 145 29.0% 735 591 24.4% Shipments of Steel 290 297 -2.4% 372 -22.0% 1,212 1,255 -3.4% Crude Steel Production at the South America BD was 187,000 tonnes in the quarter, up 6.9% from 3Q22 and 29.0% on the same quarter last year. Steel Shipments in the quarter decreased slightly in relation to 3Q22, with resilient volume in the construction sector in Argentina. In relation to the prior year, shipments decreased by 3.4%, reflecting the slightly weaker demand in all countries of the operation. In 2022, 735,000 tonnes of steel were produced, 24.4% more than in 2021, and 1,212 thousand tonnes of steel were sold in the period, or 3.4% lower year over year. OPERATING RESULT SOUTH AMERICA BD 4Q22 3Q22 ∆ 4Q21 ∆ 12M22 12M21 ∆ Results (R$ million) Net Sales 1,561 1,972 -20.8% 2,240 -30.3% 7,180 6,857 4.7% Cost of Goods Sold (1,241) (1,511) -17.9% (1,831) -32.2% (5,532) (5,333) 3.7% Gross Profit 319 461 -30.8% 409 -22.0% 1,648 1,524 8.1% Gross Margin (%) 20.5% 23.4% -2.9 p.p 18.3% 2.2 p.p 22.9% 22.2% 0.7 p.p EBITDA¹ 354 573 -38.2% 521 -32.1% 2,149 2,167 -0.8% EBITDA Margin (%) 22.7% 29.0% -6.3 p.p 23.2% -0.5 p.p 29.9% 31.6% -1.7 p.p 1 - Non-accounting measure reconciled with information presented in Note 23 of Company's Financial Statements, as established by CVM Resolution 156 of June 23, 2022. In 4Q22, the South America BD delivered Net Sales of R$ 1.6 billion, representing decreases of 20.8% sequentially and 30.3% year over year. In 2022, Net Sales were R$ 7.2 billion, up 4.7% from the previous year. Cost of Goods Sold was R$ 1.2 billion in the quarter, decreasing 17.9% and 32.2% in relation to 3Q22 and 4Q21, respectively. These variations reflect the lower price of raw materials consumed in the period, mainly natural gas and oxygen. Cost of Goods Sold in 2022 increased 3.7% in relation to prior year, due to the increase in metals and energy used in production. Given the lower shipments and variation in Cost of Goods Sold, Gross Profit was R$ 319 million in the quarter, down 30.8% from 3Q22 and 22.0% from 4Q21. In 2022, Gross Profit was R$ 1.6 billion, increasing 8.1% in relation to 2021. The BD's Adjusted EBITDA was R$ 354 million, down 38.2% and 32.1% from 3Q22 and 4Q21, respectively. Adjusted EBITDA Margin was 22.7% in the quarter and 29.9% in 2022. Despite reductions between periods, note that these variations consider the tough comparison base of 2021, when the operation registered one of its best results ever.

QUARTERLY RESULTS - 4Q22 19 APPENDICES ASSETS GERDAU S.A. CONSOLIDATED BALANCE SHEETS In thousands of Brazilian reais (R$) December 31, 2022 December 31, 2021 CURRENT ASSETS Cash and cash equivalents 2,475,863 4,160,654 Short-term investments 2,959,135 2,626,212 Trade accounts receivable - net 4,999,004 5,414,075 Inventories 17,817,585 16,861,488 Tax credits 1,392,417 2,083,885 Income and social contribution taxes recoverable 815,197 804,053 Dividends receivable 5,048 7,671 Fair value of derivatives 3,272 3,246 Other current assets 789,901 679,193 31,257,422 32,640,477 NON-CURRENT ASSETS Tax credits 511,547 124,600 Deferred income taxes 2,164,477 2,929,308 Related parties - 2,678 Judicial deposits 1,825,899 1,659,379 Other non-current assets 700,377 571,637 Prepaid pension cost 9,179 4,942 Investments in associates and joint ventures 3,896,518 3,340,775 Goodwill 11,634,464 12,427,527 Leasing 960,876 861,744 Other intangibles 415,159 509,760 Property, plant and equipment, net 20,422,734 18,741,786 42,541,230 41,174,136 TOTAL ASSETS 73,798,652 73,814,613

QUARTERLY RESULTS - 4Q22 20 LIABILITIES GERDAU S.A. CONSOLIDATED BALANCE SHEETS In thousands of Brazilian reais (R$) 2022 2021 CURRENT LIABILITIES Trade accounts payable - domestic market 4,241,819 5,277,867 Trade accounts payable - debtor risk 653,085 807,915 Trade accounts payable - imports 1,724,019 1,931,358 Short-term debt 2,492,262 234,537 Debentures 628,886 1,531,956 Taxes payable 395,212 548,173 Income and social contribution taxes payable 497,243 863,136 Payroll and related liabilities 1,056,325 1,199,143 Leasing payable 275,934 275,086 Employee benefits 516 39 Environmental liabilities 262,018 231,711 Fair value of derivatives 19,056 - Obligations with FIDC - 45,497 Other current liabilities 1,216,206 1,090,396 13,462,581 14,036,814 NON-CURRENT LIABILITIES Long-term debt 8,687,355 10,875,249 Debentures 798,887 1,397,951 Related parties 24,890 24,648 Deferred income taxes 96,341 98,975 Provision for tax, civil and labor liabilities 2,026,003 1,741,026 Environmental liabilities 222,634 343,998 Employee benefits 893,378 1,415,151 Leasing payable 754,709 643,279 Other non-current liabilities 533,681 421,873 14,037,878 16,962,150 EQUITY Capital 19,249,181 19,249,181 Treasury stocks (179,995) (152,409) Capital reserves 11,597 11,597 Retained earnings 22,172,561 17,838,494 Transactions with non-controlling interests without change of control (2,904,670) (2,870,825) Other reserves 7,767,520 8,528,244 EQUITY ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE PARENT 46,116,194 42,604,282 NON-CONTROLLING INTERESTS 181,999 211,367 EQUITY 46,298,193 42,815,649 TOTAL LIABILITIES AND EQUITY 73,798,652 73,814,613

QUARTERLY RESULTS - 4Q22 21 INCOME STATEMENT * *Adjusted net income is a non-accounting indicator prepared by the Company, reconciled with the financial statements and consists of net income adjusted for extraordinary events that influenced the net income, without cash effect. GERDAU S.A. CONSOLIDATED STATEMENTS OF INCOME In thousands of Brazilian reais (R$) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 NET SALES 17,964,045 21,554,924 82,412,210 78,345,081 Cost of sales (15,035,778) (16,367,809) (63,661,156) (57,527,721) GROSS PROFIT 2,928,267 5,187,115 18,751,054 20,817,360 Selling expenses (203,082) (204,234) (733,026) (715,830) General and administrative expenses (419,144) (428,383) (1,454,592) (1,390,121) Other operating income 77,024 268,007 246,313 979,760 Other operating expenses (68,419) (58,573) (210,042) (460,029) Eletrobras compulsory loan recovery - - - 1,391,280 Results in operations with subsidiary and joint ventures - (162,913) - (162,913) Impairment of financial assets (4,786) 6,556 (81) 357 Equity in earnings of unconsolidated companies 174,914 (93,899) 1,151,827 563,158 INCOME BEFORE FINANCIAL INCOME (EXPENSES) AND TAXES 2,484,774 4,513,676 17,751,453 21,023,022 Financial income 218,002 86,904 606,362 249,024 Financial expenses (363,044) (421,481) (1,563,158) (1,433,087) Bonds repurchase expenses - (264,687) - (264,687) Tax credits monetary update - - - 788,741 Exchange variations, net (371,270) (14,299) (974,709) (108,373) Gains and losses on derivative financial instruments, net 18,543 (1,634) 39,079 17,928 INCOME BEFORE TAXES 1,987,005 3,898,479 15,859,027 20,272,568 Current (654,643) (806,799) (3,709,414) (4,306,223) Deferred (113,940) 468,304 (670,061) (407,407) Income and social contribution taxes (768,583) (338,495) (4,379,475) (4,713,630) NET INCOME 1,218,422 3,559,984 11,479,552 15,558,938 (-) Eletrobras compulsory loan recovery - - - (1,391,280) (-) Credit recovery / Provisions 173,854 204,386 173,854 (759,177) (-) Results in operations with subsidiary and joint ventures - 162,913 - 162,913 (+) Bonds repurchases expenses - 264,687 - 264,687 (+) Income tax of extraordinary items (59,110) (713,360) (59,110) 43,195 (=) Total of extraordinary items 114,744 (81,374) 114,744 (1,679,662) ADJUSTED NET INCOME* 1,333,166 3,478,610 11,594,296 13,879,276 For the three-month period ended on For the year ended on

QUARTERLY RESULTS - 4Q22 22 CASH FLOW GERDAU S.A. CONSOLIDATED STATEMENTS OF CASH FLOWS In thousands of Brazilian reais (R$) December 31 , 2022 December 31 , 2021 December 31 , 2022 December 31 , 2021 Ca sh f lows f rom opera ting a ctivities Net income for the year 1,218,422 3,559,984 11,479,552 15,558,938 Adjustments to reconcile net income for the year to net cash provided by operating activities Depreciation and amortization 769,165 706,559 2,866,699 2,658,561 Equity in earnings of unconsolidated companies (174,914) 93,899 (1,151,827) (563,158) Exchange variation, net 371,270 14,299 974,709 108,373 Gains and losses on derivative financial instruments, net (18,543) 1,634 (39,079) (17,928) Post-employment benefits 56,814 59,554 246,958 255,477 Long-term incentive plans 35,457 20,286 104,714 65,289 Income tax 768,583 338,495 4,379,475 4,713,630 Gains on disposal of property, plant and equipment (7,066) (73,670) (25,579) (77,417) Results in operations with subsidiary and joint ventures - 162,913 - 162,913 Impairment of financial assets 4,786 (6,556) 81 (357) Provision (reversal) of tax, civil, labor and environmental liabilities, net 169,820 32,863 295,021 125,641 Tax credits recovery - - - (1,182,082) Interest income on short-term investments (108,128) (59,032) (309,782) (170,671) Interest expense on loans 161,860 353,849 964,607 1,059,841 Interest on loans with related parties 60 (1,147) 199 (6,089) Provision (Reversal) for net realisable value adjustment in inventory 22,166 3,386 43,843 (2,812) 3,269,752 5,207,316 19,829,591 22,688,149 Cha nges in a ssets a nd lia bilities Decrease (Increase) in trade accounts receivable 1,497,439 939,038 290,579 (1,614,047) Decrease (Increase) in inventories 615,039 (1,287,349) (2,039,135) (7,704,329) (Decrease) Increase in trade accounts payable (2,116,223) 896,761 (995,598) 2,534,329 (Increase) Decrease in other receivables (16,851) 1,693,359 (284,826) 290,658 (Decrease) Increase in other payables (336,370) 386,180 (1,509,232) (317,658) Dividends from joint ventures 319,029 96,838 425,493 117,438 Purchases of short-term investments (1,790,647) (649,814) (3,588,529) (3,010,084) Proceeds from maturities and sales of short-term investments 1,237,803 2,535,257 3,434,859 3,595,212 Ca sh provided by opera ting a ctivities 2,678,971 9,817,586 15,563,202 16,579,668 Interest paid on loans and financing (350,195) (501,771) (968,851) (1,100,826) Interest paid on lease liabilities (28,861) (21,054) (88,370) (68,789) Income and social contribution taxes paid (575,574) (1,473,010) (3,355,643) (2,893,120) Net ca sh provided by opera ting a ctivities 1,724,341 7,821,751 11,150,338 12,516,933 Ca sh f lows f rom investing a ctivities Purchases of property, plant and equipment (1,684,120) (1,214,945) (4,291,873) (3,026,023) Proceeds from sales of property, plant and equipment, investments and other intangibles 11,665 60,143 48,322 82,635 Additions in other intangibles (61,045) (58,288) (189,382) (166,310) Capital decrease (increase) in joint venture - 113,595 (26,751) 113,595 Net ca sh used by investing a ctivities (1,733,500) (1,099,495) (4,459,684) (2,996,103) Ca sh f lows f rom f ina ncing a ctivities Acquisition of interest in subsidiary - - (46,153) - Purchase of treasury shares (156,979) - (1,073,124) - Dividends and interest on capital paid (3,483,499) (3,279,539) (5,891,690) (5,339,426) Proceeds from loans and financing 1,820,784 5,063 2,263,311 609,703 Repayment of loans and financing (1,533,838) (3,316,870) (3,201,126) (5,116,621) Leasing payment (64,114) (70,595) (310,226) (275,854) Intercompany loans, net (5,978) 123,887 2,721 139,556 Net ca sh used in f ina ncing a ctivities (3,423,624) (6,538,054) (8,256,287) (9,982,642) Exchange variation on cash and cash equivalents (277,005) 375 (119,158) 5,262 Decrease in cash and cash equivalents (3,709,788) (456,550) (1,684,791) (456,550) Cash and cash equivalents at beginning of year 6,185,651 3,976,077 4,160,654 4,617,204 Ca sh a nd ca sh equiva lents a t end of yea r 2,475,863 4,160,654 2,475,863 4,160,654 For the three-month period ended on For the yea r ended on

QUARTERLY RESULTS - 4Q22 This content is Confidential. WHO WE ARE LARGEST BRAZILIAN STEEL PRODUCER COMPANY Gerdau is Brazil's largest producer of steel, a leading producer of long steel in the Americas and one of the world’s leading suppliers of special steel. In Brazil, Gerdau also produces flat steel and iron ore, activities that expand its product mix and leverage the competitive advantages of its operations. Gerdau also is the largest recycler in Latin America and, around the world, transforms each year millions of tonnes of scrap into steel, underlining its commitment to the sustainable development of the regions where it operates. The shares of Gerdau companies are listed on the São Paulo (B3), New York (NYSE) and Madrid (Latibex) stock exchanges. For more information, go to the Investor Relations website: https://ri.gerdau.com/ BUSINESS OPERATIONS (BD) GERDAU PRESENTS ITS RESULTS IN FOUR BUSINESS DIVISIONS (BD): Brazil BD – includes the operations in Brazil (except special steel) and the iron ore operation in Brazil; North America BD – includes all operations in North America (Canada and United States), except special steel, as well as the jointly controlled company in Mexico; South America BD – includes all operations in South America (Argentina, Peru and Uruguay), except the operations in Brazil, and the jointly controlled companies in the Dominican Republic and Colombia; Special Steel BD – includes the special steel operations in Brazil and the United States, as well as the jointly controlled company in Brazil. ESTADOS UNIDOS CANADÁ MÉXICO REPÚBLICA DOMINICANA COLÔMBIA PERU BRASIL URUGUAI

QUARTERLY RESULTS - 4Q22 IN ADDITION, THE COMPANY HAS NEW BUSINESS ARMS, IS A LEADING RECYCLER, HAS FORESTS AND INVESTS IN ENVIRONMENTAL AND SOCIAL PROJECTS: Gerdau Next holds interests or controls companies engaged in construtech, logistics, metal foundations and construction marketplaces and is a startup accelerator. Created in 2020, Gerdau Next is our business arm dedicated to diversifying Gerdau’s product and service portfolio in segments adjacent to steel that are strategic, profitable and undergoing transformation on paths to sustainability, mobility and productivity in the construction industry. In connection with the entrepreneurship ecosystem, we have a startup accelerator, Gerdau Next Ventures, with professionals based in Silicon Valley, California, whose mission is to foster shared experiences and partnerships with the region’s innovation ecosystem. Gerdau has two iron ore mines located in the state of Minas Gerais, which supply the integrated mill of Ouro Branco-MG and sell a portion of the volume produced. We are Latin America’s largest recycler of steel scrap, transforming 11 million tonnes Every year, with 73% of our steel made from the material. We have 250,000 hectares of renewable eucalyptus forests in Minas Gerais. Of this total, 91,000 hectares are set aside for the conservation of native forests, which is an area larger than the city of São Paulo. Currently, Gerdau is the world’s largest producer of charcoal, which is used as bioreducer to manufacture pig iron. Aware of our social and environmental responsibility, our investments include contributions to 456 projects in housing, recycling and entrepreneurship education, with around 2,000 volunteer employees. Shell Brasil Petróleo Ltda. (Shell) and Gerdau signed a binding agreement for the formation of a joint venture, with equal participation of the two companies in the business, for the development, construction and operation of a new solar park in the State of Minas Gerais, to be built in 2023, after the final investment decision is made. The agreement, which still depends on the approval of conditions precedent, among them the approval of the Brazilian regulatory and antitrust authorities, which establishes the guidelines for the joint venture’s operations in the generation and long-term contracting of clean energy.

QUARTERLY RESULTS - 4Q22 26 IR CHANNELS Investor Relations website: http://ri.gerdau.com/ IR e-mail: inform@gerdau.com PRESS: Press e-mail: atendimentogerdau.br@bcw-global.com ∙ Rafael Japur Vice-President and Investor Relations Officer ∙ Renata Oliva Battiferro IR Manager ∙ Cristiene Baldoino da Costa ∙ Sergio Tonidandel Jr. ∙ Ariana de Cesare Pereira ∙ Gustavo Alves ∙ Flavia Alves Costa 25

EX-99.5

Exhibit 99.5

This content is Public. PALCO MUNDO FEITO COM AÇO GERDAU Rock In Rio Brasil 2022 GERDAU S.A. MANAGEMENT REPORT 2022 RI.GERDAU.COM

MANAGEMENT REPORT - 2022 This content is Public. This content is This content is Public. Public. 3 Dear Shareholders, The year 2022 will go down as one of the best in Gerdau's history, as a result of the consolidation experienced by the Company in recent years, which transformed it into an organization even more focused on people, innovative, digital, sustainable, diverse and inclusive, with a solid financial performance, which allows us to share more and more value with our shareholders, investors and other stakeholders. The Company recorded, last year, the highest Net Revenue in its history, the second best annual Adjusted EBITDA and an exceptional Cash Flow, even in the face of the challenges faced in the international market, such as those caused by the conflict between Russia and Ukraine, such as the psychological inflationary and the compulsory compulsory ones in our main markets. At 122 years old, we remain prepared to act as resilience in the face of the international macroeconomic scenario, delivering innovative products and solutions to our customers from our operations in the nine countries where we are present in the Americas. We have been investing in initiatives to update and technologically update our plants, seeking continuous improvement in the profitability and productivity of its assets. The strong results delivered in 2022 confirm the success of the strategic decisions taken a few years ago, mainly the process of cultural and digital transformation due to the divestments made in some of our operations between 2014 and 2018. Since then, we remain focused on our businesses in the Americas, supported by management that has shown the capacity to adapt to varying scenarios, living our culture intensely and allocating capital efficiently. We ended 2022 with Free Cash Flow generation of R$10.5 billion, the highest value in the historical series, and Adjusted Net Income of R$11.6 billion for the period. For the year, R$ 6.1 billion were distributed in the form of dividends and interest on equity. Thus, considering the total approved proceeds, added to the shares repurchased and subsequently canceled (Share Buyback Program), we obtained a payout of approximately 70%, once again reaffirming our commitment to consistently generate value for our shareholders. In our Business Divisions (BD), the highlight was the extraordinary results of the North America BD in 2022, which set new records for Net Sales and EBITDA. The approval of important government packages, such as IRA and CHIPS, as well as the reshoring process, reinforce our positive outlook for the coming years in the region. In the Special Steel BD, we observed a gradual recovery in sales of light vehicles, supported by the higher supply of semiconductors in the international market, as well as increased activity in the oil and gas industry in the United States. Lastly, such the Brazil as South America BDs demonstrated resilience over the course of the year, with economic activity stronger than before the pandemic period, especially in the construction and manufacturing sectors. The development of higher value-added products and businesses adjacent to steel are other factors that helped us to deliver the results achieved in this year. We continue to advance in our sustainability strategy, seeking to make Gerdau part of the solutions to society's problems and dilemmas and investing in our operations and to develop projects that can create value, such as Gerdau Next, the new business arm that offers solutions in construction, sustainability, mobility, digital sales, etc., that is absorbing opportunities in an ever more dynamic market. Early in the year, Gerdau Next presented to the market Ubiratã, a joint venture with SpaceTime Labs, in which each holds a 50% interest. The new company is specialized in high technology and the creation of platforms that integrate with the daily industrial activities through artificial intelligence, autonomous systems and robotics. In September, Gerdau and Empresas Randon, a manufacturer of semi-trailers, brakes and suspensions, announced a joint venture to offer rental services of trucks, semi-trailers and other products related to cargo transportation and handling. With the name Addiante, the new company already has an agreement signed and started operating in early 2023. We continue to advance in our sustainability strategy, seeking to make Gerdau part of the solutions to society's problems and dilemmas. A highlight is Newave Energia, a joint venture between Gerdau Next and Newave Capital. The operation which occurred in November 2022 and aims to generate competitive and renewable energy to supply our steel producers units, while also helping us reach our goals of reducing greenhouse gases. Regarding CAPEX investments, in 2022, we allocated R$ 4.3 billion to projects aimed at the Maintenance, Expansion and Technological Updating fronts. For 2023, the Company expects to invest R$5.0 billion on the same fronts, on an equal basis, within our philosophy of discipline and efficiency in capital allocation. Investments are mainly concentrated in the region of Minas Gerais, where Gerdau operates, confirming the Company's commitment to the development of that state. In addition, we reinforce that part of the investments are focused on generating environmental benefits, whether with the improvement of environmental controls, reduction of greenhouse gas emissions and forest formation. As for our ESG agenda, in 2022 we continued to increase the percentage of women, people of color and people with disabilities in our workforce, and we continued working to be an increasingly inclusive and diverse steel producer, engaging the entire ecosystem in that we are present. We also achieved certification for our second operation as a B Corp. As a result, Siderperu and Gerdau Summit (a joint venture focused on supplying parts for generating wind energy) become the first two steel producers in the world to be B Corps. The new certification reflects the Company's commitment to the 'B Movement Builders' program and our ambition to certify all our operations by 2025. Lastly, advancing in the Company’s digital transformation journey and ensuring the excellence of our services, in 2022 we launched Gerdau Mais, a new digital platform to serve our clients with the aim of offering easier ways to relate, interact and evolve the brand experience. With 122 years of history, we continued advancing in our business, creating an increasingly profitable steel chain company, strengthening our presence and relevance in the Americas. All these results were achieved thanks to a transformation journey guided by excellence in the value chain and supported by digital transformation as a key pillar, and reflect the benefits we deliver to our clients and the society, showing that it is possible to change people’s lives by fostering development while at the same time generating returns for our shareholders. We currently are the largest recycler of ferrous scrap in Latin America and we continue shaping the Company for a sustainable and innovative future. THE MANAGEMENT We are creating an increasingly profitable, sustainable and customer-centered steel chain company

MANAGEMENT REPORT - 2022 This content is Public. This content is This content is Public. Public. 3 PROFILE Gerdau is Brazil's largest producer of steel, a leading producer of long steel in the Americas and one of the world’s leading suppliers of special steel. In Brazil, Gerdau also produces flat steel and iron ore for its own use. In January 2023, Gerdau completed 122 years of a history of strength and innumerous contributions to development of a society in constant evolution. Guided by its purpose of empowering people who build the future, the Company has operations in nine countries and over 30,000 direct and indirect employees in all its operations. Gerdau is the largest recycling company in Latin America and uses scrap as an important input, with 73% of the steel it produces made from scrap. Every year, Gerdau transforms 11 million tonnes of scrap into a variety of steel products. Gerdau’s shares are listed on the São Paulo (B3), New York (NYSE) and Madrid (Latibex) stock exchanges. GERDAU’S PERFORMANCE IN 2022 OPERATING PERFORMANCE PRODUCTION & SHIPMENTS CONSOLIDATED 2022 2021 ∆ Volumes (1,000 tonnes) Crude teel Production 12,666 13,294 -4.7% Shipments of Steel 11,902 12,722 -6.4% Compared to 2022, crude steel production was 12.7 million tonnes, down 4.7% from 2021. Despite the slowdown on Brazil and North America BDs, the Special Steel and South America BDs registered growth in crude steel production compared to 2021. Shipments in 2022 came to 11.9 million tonnes, down 6.4% from the previous year. However, sales in sectors served by the Company, mainly construction and industry, remained resilient, with a gradual recovery in the automotive, which benefitted from the normalization of supply of chips and semiconductors, a sector highly affected during the Covid-19 pandemic.

MANAGEMENT REPORT - 2022 5 FINANCIAL PERFORMANCE NET SALES In 2022, Net Sales came to R$ 82.4 billion, up 5.2% from the previous year, supported by resilient demand in the Company’s main markets. GROSS PROFIT In 2022, cost of goods sold increased 10.7% in relation to 2021, due to higher costs with energy and reducing agents, notably coal (+50%), coke (+47%) and natural gas (+26%), in addition to the 24% increase in metal alloy costs, especially in the North America and Special Steel operations. Gross Profit was R$ 18.8 billion, decreasing 9.9% from 2021, also due to the lower shipments. SELLING, GENERAL & ADMINISTRATIVE EXPENSES Selling, general and administrative (SG&A) expenses amounted to R$ 2.2 billion in 2022, up 3.9% from 2021. However, these expenses as a ratio of net sales remained stable. Despite the inflationary pressures over the year, the results once again show Gerdau’s commitment to maintaining its expenses at healthy levels. CONSOLIDATED 12M22 12M21 ∆ Results (R$ million) SG&A (2.188) (2.106) 3.9% Selling expenses (733) (716) 2.4% General and admininstrative expenses (1.455) (1.390) 4.7% %SG&A/Net Sales -2.7% -2.7% 0.0 p.p CONSOLIDATED 12M22 12M21 ∆ Results (R$ million) Net Sales 82,412 78,345 5.2% Cost of Goods Sold (63,661) (57,528) 10.6% Gross Profit 18,751 20,817 -9.9% Gross Margin 22.8% 26.6% -3.8 p.p R$ Milhões

MANAGEMENT REPORT - 2022 This content is Public. 6 EBITDA & EBITDA MARGIN BREAKDOWN OF CONSOLIDATED EBITDA (R$ million) 12M22 12M21 ∆ Net Income 11,480 15,559 -26.2% Net financial result 1,893 750 152.3% Provision for income and social contribution taxes 4,379 4,714 -7.1% Depreciation and amortization 2,867 2,659 7.8% EBITDA - CVM Instruction¹ 20,619 23,681 -12.9% Equity in earnings of unconsolidated companies (a) (1,152) (563) 104.6% Proportional EBITDA of associated companies and jointly controlled entities (b) 1,867 1,302 43.4% Losses due to non-recoverability of financial assets (c) - - - Non-recurring items (d) 174 (1,199) - Recovery of Compulsory Loans - (1,391) - Corporate Reorganization Mexico - 163 - Credit recovery / Provisions 174 29 500% Adjusted EBITDA² 21,508 23,222 -7.4% Adjusted EBITDA Margin 26.1% 29.6% -3.5 p.p CONCILIATION OF CONSOLIDATED EBITDA (R$ million) 2022 2021 ∆ EBITDA - CVM Instruction ¹ 20,619 23,681 -12.9% Depreciation and Amortization (2,867) (2,659) 7.8% OPERATING INCOME BEFORE FINANCIAL RESULT AND TAXES 17,751 21,023 -15.6% 1 – Non-accounting measure calculated in accordance with CVM Instruction 156 of June 23, 2022. 2 - Non-accounting measure reconciled with information presented in the Company's Financial Statements, as established by CVM Resolution 156 of June 23, 2022. (a) Amounts presented in "Equity income (loss)" line in Note 28 of the Company's Financial Statements. (b) Amounts composed by the lines “Proportional operating income before financial result and taxes of associated companies and jointly controlled entities” and “Proportional depreciation and amortization of associated companies and jointly controlled entities" lines in Note 28 of Company's Financial Statements. (c) Amounts presented in "Losses due to non-recoverability of financial assets" line in Note 28 of Company's Financial Statements. (d) Amounts composed of “Recovery of mandatory loans – Eletrobras,” “Result in operations with subsidiary and joint ventures” and “Recovery of credits/provisions” lines of Note 28 in Company's Financial Statements. In 2022, adjusted EBITDA totaled R$ 21.5 billion, down 7.4% from previous year, representing the second highest annual EBITDA ever reported by the Company. Despite the reductions, the results in the periods ratify the success of Gerdau’s business model, the resilience of its markets and the focus on operations in the Americas.

MANAGEMENT REPORT - 2022 This content is Public. 8 ADJUSTED EBITDA (R$ MILLION) AND ADJUSTED EBITDA MARGIN (%) FINANCIAL RESULT CONSOLIDATED (R$ million) 2022 2021 ∆ Financial Result (1,892) (750) 152.3% Financial income 606 249 143.4% Financial expenses (1,563) (1,433) 9.1% Exchange variation 49 186 -73.1% Exchange variation (other currencies) (1,025) (294) 248.6% Update of tax credits (1) - 789 - Bond repurchase expenses (1) - (265) - Gains on financial instruments, net 39 18 116.7% 1 Nonrecurring items The Financial Result reached a negative net expense of BRL 1.9 billion in 2022. The increase in net expenses compared to 2021 is mainly due to the effects of exchange variation, partially offset by higher income from financial investments.

MANAGEMENT REPORT - 2022 This content is Public. 8 ADJUSTED NET INCOME In 2022, adjusted net income was R$ 11.6 billion, down 16.5% from 2021, due to higher costs and mainly the strong comparison base in 2021, when the Company registered its highest adjusted net income ever. CONSOLIDATED (R$ million) 2022 2021 ∆ Operating Income before Financial Result and Taxes¹ 17.751 21.023 -15.6% Financial Result (1.892) (750) 152.3% Income before Taxes¹ 15.859 20.272 -21.8% Income and social contribution taxes (4.379) (4.714) -7.1% Exchange variation including net investment hedge (164) (4) 4000.0% Other lines (4.156) (4.666) -10.9% Non-recurring items (59) (43) 37.2% Consolidated Net Income¹ 11.480 15.559 -26.2% Non-recurring items 115 (1,680) - Recovery of Compulsory Loans - (1,391) - Corporate Reorganization Mexico - 163 - Bond repurchase expense - 265 - Credit recovery / Provisions 174 (760) - Income tax and social contribution - non-recurring items (59) 43 - Consolidated Adjusted Net Income ² 11.595 13.879 -16.5% 1 - Accounting measure disclosed in the consolidated Income Statement. 2 - Non-accounting measure calculated by the Company to show net profit adjusted by non-recurring events that influenced the result. ADJUSTED NET INCOME (R$ MILLION) AND NET MARGIN (%)

MANAGEMENT REPORT - 2022 9 CAPITAL STRUCTURE AND INDEBTEDNESS 1 Total capitalization = shareholders' equity + gross debt – interest on debt. 2 Net debt = gross debt – interest on debt – cash, cash equivalents and financial investments. 3 Adjusted EBITDA in the last 12 months. The Company maintains its long debt maturity profile, with 75% of its liabilities coming due in the long term. On December 31, 2022, gross debt stood at R$ 12.6 billion, 10% on the same period of 2021. The cash position ended the quarter at R$ 5.4 billion, resulting in Net Debt of R$ 7.2 billion and a Net Debt/EBITDA ratio of 0.33x, similar to 4Q21. The increase in net debt was due to the large dividend payment declared in 3Q22, which totaled R$ 3.6 billion. INDEBTEDNESS (R$ BILLION) & LEVERAGE RATIO The weighted average nominal cost of gross debt was 7.25% p.a. and the average debt term of 7.4 years attests to a debt maturity schedule that is well balanced and well distributed over the coming years. Note that we renewed in 2022 our global Credit Facility of up to US$ 875 million for a five-year period, which reinforces the Company’s financial liquidity. (1) Global Revolving Credit Facility DEBT BREAKDOWN (R$ million) 2022 2021 ∆ Short Term 3,121 1,767 76.6% Long Term 9,486 12,273 -22.7% Gross Debt 12,607 14,040 -10.2% Gross Debt / Total Capitalization ¹ 21.2% 25.0% Cash, cash equivalents and short-term investments 5,434 6,787 -19.9% Net Debt 7,173 7,253 -1.1% Net Debt ² (R$) / EBITDA ³ (R$) 0.33x 0.30x 0.03x

MANAGEMENT REPORT - 2022 10 INVESTMENTS Capital expenditures amounted to R$ 4,291 million in 2022, with R$ 2,587 million allocated to Maintenance and R$ 1,704 million to Technological Expansion and Updating. Of the total amount invested in the year, 60.9% was allocated to the Brazil BD, 23.1% to the North America BD, 12.5% to the Special Steel BD and 3.5% to the South America BD. On February 28, 2023, the Board of Directors of Gerdau S.A. approved the projection of disbursements related to the investment plan for the current year in the amount of R$ 5 billion*. The amount refers to CAPEX projects for Maintenance and Technological Expansion and Updating. This projection considers the following factors: i. Maintenance projects are associated with the extension of useful life and operating improvements of equipment to ensure the good functioning of plants. ii. Expansion and Technological Updating projects are related to the production growth, higher profitability and modernization of plants, with a focus on improving Environmental, Social and Governance (ESG) practices and sustainable and economic development of the business. iii. Some projects are conditioned upon environmental permits, subject to reevaluations. Of the total planned for 2023, investments that return environmental benefits surpassed R$ 830 million. These include expansion of forest assets, updating and improvement of environmental controls, reduction in greenhouse gas emissions and technological improvements – which result in energy efficiency. Approximately 70% of the investment plan focuses on modernization, growth and technological updating in the Minas Gerais region, where Gerdau has operations, reinforcing the company’s commitment to the state’s development. The Company has been demonstrating its capacity to adapt to changing scenarios, and the expenditures in its investment plan, mentioned above, will be directly related to the pace of demand in our markets, as well as based on criteria involving the return on capital invested and the consequent cash generation, providing an adequate balance between the sustainable and economic development of the business. *The investment plan does not include contributions made by Gerdau Next in other companies as, as established by international accounting standards (IFRS), only controlled companies are consolidated in the Companies' Financial Statements.

MANAGEMENT REPORT - 2022 This content is Public. 13 FREE CASH FLOW Free Cash Flow in 2022 was R$ 10.5 billion. The result reflects the significant contribution from EBITDA, which was above historical levels, combined with disciplined investments and Working Capital, as well as the consistent decrease in our debt. WORKING CAPITAL & CASH CONVERSION CYCLE The cash conversion cycle (working capital divided by net sales in the quarter) increased from 60 days in December 2021 to 81 days in December 2022, due to the weaker demand and lower net sales in the period. Detailed information on Working Capital accounts is presented in Notes 5, 6 and 14 of the Financial Statements. ESG FACTORS (ENVIRONMENTAL, SOCIAL AND GOVERNANCE) As a result of the Annual Shareholders Meeting, the Board of Directors continues to be composed of seven members, three of whom are independent. Gerdau remained a component of the Carbon Efficient Index (ICO2) of the São Paulo Stock Exchange (B3) and of ESG indexes. We also intensified our work with consulting firms specializing in vote recommendations and ESG ratings. In terms of ESG, the year was marked by an important achievement: the certifications of Siderperu and Gerdau Summit (joint venture for the supply of wind power generation parts) as B companies, which reflect the Company’s commitment to the B Movement Builders program and ambition to certify all operations by 2025. The water management initiatives received from the Carbon Disclosure Project (CDP) a score of B in the Water Safety module, which represents improvement from the previous cycle. The CDP is a non-profit organization that manages an environmental information reporting platform to help investors, companies, cities, states and regions manage their environmental impacts, including on climate change. The Integrated Report 2021, published in May 2022, discloses once again the Company’s main environmental, social and governance initiatives. In the Report of the Brazilian Code of Corporate Governance (ICVM 586), we maintained compliance with 67% of practices, which is above the average of publicly held companies. To learn more about the ESG Action Plan, please see the Results Center, the Integrated Report and our Bylaws, Codes and Policies. EM R$ MILHÕES

MANAGEMENT REPORT - 2022 This content is Public. 13 CAPITAL MARKETS DIVIDENDS On February 28, 2021, the Board of Directors of Gerdau S.A. approved the distribution of dividends amounting to R$ 332,7 million (R$ 0.20 per share). Payment will be made as from March 23, 2023, based on shareholders of record on March 14, 2023, with the ex-dividend date March 15, 2023. Note that, in 2022, the Company is distributing the total amount of R$ 6,083 million, 58.7% of its adjusted net income, which reinforces its commitment to providing adequate financial returns for its shareholders. Management reaffirms its understanding that the best way to increase absolute dividends is through strong cash generation, which it has been delivering, enabling it to maintain its policy of distributing at least 30% of adjusted net income. This flexibility, including in the regularity of distributions, enables the Company to deliver value in different scenarios in order to increasingly create value for shareholders. SHARE BUYBACK PROGRAM On May 5, 2022, Gerdau S.A. announced a share buyback program for the acquisition of up to 55,000,000 preferred shares, representing approximately 5% of the free-float preferred shares, with maximum duration of 18 months. During 2022, the Company repurchased 44,564,000 preferred shares at an average price of R$ 24.08/ share, corresponding to 81.0% of the buyback program. All shares repurchased were cancelled in November 2022, which included cancelling an additional 1,697,538 common shares that were held in treasury. Return for Shareholders CAPITALIZATION OF PROFIT RESERVES, WITH ISSUE OF BONUS SHARES The Company’s Board of Directors approved a capital increase, through of the profit reserve, in the amount of R$ 966 million, with the issue of 28,596,497 common shares and 55,073,363 preferred shares as bonus shares. The proportion of the bonus will be one new share for each twenty shares of the same kind, with bonus shares being credited on March 21, 2023 and credit in the shareholding position on March 24, 2023. The ex-bonus date will be March 22, 2023.

MANAGEMENT REPORT - 2022 15 PERFORMANCE BY BUSINESS DIVISIONS (BD) Gerdau presents its results in four Business Divisions (BD). Brazil BD – includes the operations in Brazil (except special steel) and the iron ore operation in Brazil; North America BD – includes all operations in North America (Canada and United States), except special steel, as well as the jointly controlled company in Mexico; Special Steel BD – includes the special steel operations in Brazil and the United States, as well as the jointly controlled company in Brazil; SOUTH AMERICA BD – includes all operations in South America (Argentina, Peru and Uruguay), except the operations in Brazil, and the jointly controlled companies in Colombia and the Dominican Republic. BRAZIL BD PRODUCTION & SHIPMENTS BRAZIL BD 2022 2021 ∆ Volumes (1,000 tonnes) Crude Steel Production 5,634 6,051 -6.9% Total Shipments 5,394 5,755 -6.3% Domestic Markets 4,438 5,042 -12.0% Exports 956 714 34.0% Shipments of long steel 3,605 4,057 -11.1% Domestic Markets 2,714 3,422 -20.7% Exports 892 635 40.4% Shipments of flat steel 1,789 1,698 5.3% Domestic Markets 1,724 1,620 6.5% Exports 65 79 -17.8% In 2022, crude steel production contracted 6.9%, accompanying the lower shipments in relation to 2021. Shipments in 2022 was 5.4 million tonnes, down 6.3% from 2021. Shipments in the year were leveraged by the Construction and Manufacturing sectors, with levels above the historical average. Export shipments increased 40.4% in relation to 2021 due to favorable international prices. In flat steel, shipments grew 5.3% in relation to 2021, with the highlight the demand for heavy plates to serve the wind power and infrastructure markets. In 2022, 1.008 tonnes of iron ore were sold to third parties and 3.160 tonnes were consumed internally.

MANAGEMENT REPORT - 2022 14 OPERATING RESULT BRAZIL BD 2022 2021 ∆ Results (R$ million) Net Sales¹ 32,971 34,758 -5.1% Domestic Market 28,903 31,825 -9.2% Exports 4,068 2,933 38.7% Cost of Goods Sold (27,083) (22,496) 20.4% Gross Profit 5,888 12,262 -52.0% Gross Margin (%) 17.9% 35.3% -17.4 p.p Adjusted EBITDA² 6,559 12,972 -49.4% Adjusted EBITDA Margin (%) 19.9% 37.3% -17.4 p.p 1 – Includes iron ore sales. 2 - Non-accounting measure reconciled with information presented in Note 23 of Company's Financial Statements, as established by CVM Resolution 156 of June 23, 2022. In 2022, Net Sales decreased 5.1% from previous year, ending the period at R$ 33.0 billion. The lower sales is basically explained by the lower shipments in the domestic market. In 2022, the increase in costs of goods sold is explained by the higher costs with energy and reducing agents, mainly coal, coke and natural gas. In the year, Gross Profit decreased 52.0% from the previous year, due to the reasons mentioned earlier in net sales and cost of goods sold. As a result, the Brazil BD registered Adjusted EBITDA of R$ 6.6 billion in 2022. Note that analysis of the comparisons in the table above should take into account the strong comparison base of 2021, when the operation registered its highest EBITDA ever.

MANAGEMENT REPORT - 2022 16 NORTH AMERICA BD PRODUCTION & SHIPMENTS NORTH AMERICA BD 2022 2021 ∆ Volumes (1,000 tonnes) Crude Steel Production 4,507 4,998 -9.8% Shipments of Steel 4,090 4,451 -8.1% In 2022, steel production was 4.5 million tonnes, down 9.8% from 2021, explained by the lower demand for products. In the year, steel shipments totaled 4.1 million tonnes, down 8.1% from previous year, but at high levels considering the Company’s historical levels. Although production and shipments remained at strong levels, the lower results in the periods demonstrate the greater caution in the U.S. market due to a potential recession in the country. The rolled steel capacity utilization rate stood at 92%, with a high level of production to serve the non-residential Construction, Manufacturing and Distribution markets, which remain resilient. OPERATING RESULT NORTH AMERICA BD 2022 2021 ∆ Results (R$ million) Net Sales 31,099 27,838 11.7% Cost of Goods Sold (22,691) (22,417) 1.2% Gross Profit 8,408 5,421 55.1% Gross Margin (%) 27.0% 19.5% 7.5 p.p Adjusted EBITDA¹ 9,951 6,249 59.2% Adjusted EBITDA Margin (%) 32.0% 22.4% 9.5 p.p 1 - Non-accounting measure reconciled with information presented in the Company's Financial Statements, as established by CVM Resolution 156 of June 23, 2022. In 2022, Net Sales were R$ 31.1 billion, up 11.7% from the previous year, influenced by the metals spread and the increase in net sales per tonne. Regarding costs of goods sold in 2022, despite the reduction in cost of scrap, costs with energy and natural gas increased since the start of the conflict between Russia and Ukraine, registering a 1.2% increase in relation to the previous year. In 2022, Gross Profit increased 55.1% in relation to 2021, explained by the strong increase in net sales compared to cost of goods sold in the period. Adjusted EBITDA in 2022 was R$ 10 billion, the operation’s best result ever. Adjusted EBITDA margin stood at 32.0%, 9.5 p.p. higher than in 2021. This result reflects the market’s favorable moment for the Company in its ongoing segmentation strategy and cost control efforts.

MANAGEMENT REPORT - 2022 17 SPECIAL STEEL BD PRODUCTION & SHIPMENTS SPECIAL STEEL BD 2022 2021 ∆ Volumes (1.000 tonnes) Crude Steel Production 1,790 1,654 8.2% Shipments of Steel 1,657 1,654 0.2% In the year, steel production totaled 1.8 million tons, up 8.2% from 2021, while shipments remained at similar levels in relation to the previous year. The results reinforce the outlook for the operation’s growth and gradual recovery during the year. The highlight in the quarter was the ongoing recovery in the light vehicle segment, although below historical levels, as well as the good performance of the heavy vehicle and oil and gas sectors, supported by fuel prices in the international market. OPERATING RESULT SPECIAL STEEL BD 2022 2021 ∆ Results (R$ million) Net Sales 13,626 10,980 24.1% Cost of Goods Sold (11,181) (9,427) 18.6% Gross Profit 2,446 1,553 57.5% Gross Margin (%) 17.9% 14.1% 3.8 p.p Adjusted EBITDA¹ 2,776 1,983 40.0% Adjusted EBITDA Margin (%) 20.4% 18.1% 2.3 p.p 1 - 1 - Non-accounting measure reconciled with information presented in the Company's Financial Statements, as established by CVM Resolution 156 of June 23, 2022. In 2022, Net Sales were R$ 13.6 billion (+24.1% vs. 2021). Gross Profit was R$ 2.4 billion (+57.5% vs. 2021). The results were mainly influenced by the application of a surcharge (mechanism used to adjust raw materials prices) in the North America Special Steel operation due to the variation in scrap prices during the year. In 2022, adjusted EBITDA was R$ 2.8 billion (+40.0% vs. 2021) with adjusted EBITDA margin of 20.4% (+2.3 p.p. vs. 2021).

MANAGEMENT REPORT - 2022 18 SOUTH AMERICA BD PRODUCTION & SHIPMENTS SOUTH AMERICA BD 2022 2021 ∆ Volumes (1.000 tonnes) Crude Steel Production 735 591 24.4% Shipments of Steel 1,212 1,255 -3.4% In 2022, 735,000 tonnes of steel were produced, 24.4% more than in 2021, and 1,212 thousand tonnes of steel were sold in the period, or 3.0% lower year over year. In relation to the prior year, shipments decreased by 3.4%, reflecting the slightly weaker demand in all countries of the operation. OPERATING RESULT SOUTH AMERICA BD 2022 2021 ∆ Results (R$ million) Net Sales 7,180 6,857 4.7% Cost of Goods Sold (5,532) (5,333) 3.7% Gross Profit 1,648 1,524 8.1% Gross Margin (%) 22.9% 22.2% 0.7 p.p EBITDA¹ 2,149 2,167 -0.8% EBITDA Margin (%) 29.9% 31.6% -1.7 p.p 1 - Non-accounting measure reconciled with information presented in Note 23 of Company's Financial Statements, as established by CVM Resolution 156 of June 23, 2022. In 2022, Net Sales in the South America BD were R$ 7.2 billion, up 4.7% from the previous year. Cost of goods sold in 2022 increased 3.7% in relation to prior year, due to the increase in metals and energy used in production. Given the lower shipments and variation in cost of goods sold, Gross Profit was R$ 1.6 billion, up 8.1% from 2021. The BD's Adjusted EBITDA was R$ 2.1 million, down 0.8% from 2021. Adjusted EBITDA Margin was 29.9% in the year. Despite the reductions between periods, note that these variations consider the tough comparison base of 2021, when the operation registered one of its best results ever.

This content is Confidential. This content is Internal. INFORMATION ON THE PARENT COMPANY Gerdau S.A. is a publicly traded corporation with registered office in the city of São Paulo. The Company is engaged in holding interests in other companies and producing and marketing steel products in the special steel segment. Results A substantial part of the results of Gerdau S.A. comes from investments in subsidiaries and associate companies. In fiscal year 2022, these investments generated equity income of R$ 10.6 billion, compared to R$ 13.7 billion in 2021. In 2022, the Company sold 821,000 tonnes of steel products, which generated net sales of R$ 8.5 billion at a cost of goods sold of R$ 6.6 billion. Gross margin in the year stood at 22.1%. In fiscal year 2022, the Financial Result (Financial Income, Financial Expenses, Net Exchange Variation and Losses from Financial Instruments) was negative R$ 133 billion, compared to negative R$ 1 million in 2021. This variation in the financial result was mainly due to the effect from exchange variation on related-party debt (depreciation in the price of the Brazilian real against the U.S. dollar of 4% in 2022, compared to depreciation of 5% in 2021). Gerdau S.A. recorded net income of R$ 11.4 billion in 2022, which corresponds to R$ 6.76 per share outstanding, compared to net income of R$ 15.5 billion in 2021, which corresponds to R$ 9.09 per share outstanding. The result is primarily explained by the performance of operating result, which was supported by the favorable scenario combined with management’s efficiency during the year. On December 31, 2022, the shareholders’ equity of the Company amounted to R$ 46.1 billion, representing book value of R$ 27.72 per share. Net debt (loans and financing, plus debentures, less cash, cash equivalents and financial investments) plus related-party debt amounted to R$ 3.8 billion on December 31, 2022 and R$ 8.8 billion on December 31, 2021. RELATIONSHIP WITH INDEPENDENT AUDITOR The Company’s policy for hiring any services from the independent auditor unrelated to external audit is based on the principles that preserve the independence of the auditor, namely: (a) auditors must not audit their own work; (b) auditors may not hold management positions at their clients; and (c) auditors must not promote the interests of their clients. Audit fees refer to professional services rendered in the audit of the Company's consolidated financial statements, quarterly reviews of the Company's consolidated financial statements, corporate audits and interim reviews of certain subsidiaries, in accordance with applicable legislation. Audit fees comprise due diligence services commonly performed by the external auditors in the event of an acquisition and advisory services on accounting standards and transactions. All fees unrelated to audit services refer primarily to services rendered to the Company's subsidiaries abroad to comply with tax requirements. In compliance with CVM Instructions 80/2022 and 162/2022, Gerdau S.A. informs that PricewaterhouseCoopers Auditores Independentes Ltda., the Company’s independent auditor, did not render any services in addition to the audit, which may lead to the existence of a conflict of interest, loss of independence or objectivity of the audit services provided. ACKNOWLEDGMENTS Lastly, the Company thanks its clients, shareholders, suppliers, financial institutions, government agencies and all other stakeholders for their important support, and especially our team of employees for their hard work and dedication. DECLARATION OF THE OFFICERS In accordance with Article 27 of CVM Instruction 80/2022, the Board of Executive Officers declares that it has reviewed, discussed and is in agreement with the Financial Statements for the fiscal year ended December 31, 2022 and with the opinions expressed in the Independent Auditor’s report on the Financial Statements, issued on this date. São Paulo, February 28, 2023 THE MANAGEMENT