G E R D A U S.A. Condensed cons o l i d a t e d i n t e r i m fi n a n c i a l s t a t e m e n t s a s o f J u n e 3 0, 2 0 2 5 E x h i b i t 9 9.1 GERDAU S.A. CONSOLIDATED BALANCE SHEETS In thousands of Brazilian reais (R$) (Unaudited) | | Note | June 30, 2025 | December 31, 2024 | | --- | --- | --- | --- | | CURRENT ASSETS | | | | | Cash and cash equivalents | 4 | 8,500,933 | 7,767,813 | | Short-term investments | 4 | 472,917 | 509,030 | | Trade accounts receivable - net | 5 | 5,799,331 | 5,176,958 | | In ...