Nucor Corporation · NYSE:NUE
Nucor — Q2 2026 Earnings Presentation
25 slides from Nucor's earnings presentation, Jul 28, 2026
Slide 1: Second Quarter 2026 Earnings Call
SECOND QUARTER 2026 EARNINGS CALL Leon Topalian Chair and CEO Steve Laxton President and COO Jack Sullivan CFO July 28, 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain statements made in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. The words “anticipate,” “believe,” “expect,” “intend,” “may,
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this presentation, including adjusted earnings, EBITDA and Free Cash Flow (FCF). Generally, a non-GAAP financial measure is a numerical measure of a company’s performance or
Slide 4: Q2 2026 Financial Performance
Q2 2026 FINANCIAL PERFORMANCE FINANCIAL METRICS EBITDA 1 $2.0 billion Net Earnings $1.2 billion / $1.1 billion (Reported / Adjusted 2 ) EPS $5.04 / $4.84 (Reported / Adjusted 2 ) Balance Sheet & ~23% debt/cap; Liquidity 3 ~$3.4 billion liquidity Capital Expenditures $571 million Returns to NUE $479
Slide 5: Q2 2026 Operational Highlights
Q2 2026 OPERATIONAL HIGHLIGHTS EXTERNAL MILL MILL SAFETY SHIPMENTS BACKLOGS UTILIZATION 0.71 7.6mm(1) 5.6mm(1) 91% YTD Injury & Illness Rate +2% vs. Q1 2026 +18% vs. Q1 2026 +500 bps vs. Q1 2026 • On track for safest year ever SAFETY • Launched ‘safest summer ever’ initiative to lower OUR #1 VALUE s
Slide 6: Trade Policy Levels the Playing Field
TRADE POLICY LEVELS THE PLAYING FIELD 2022 – Q2 2026 U.S. Import Data All Carbon & Alloy Steel – Avg Monthly Quantity 2.47 2.49 2.5 2.32 SECTION 232 REBOOT 2.26 % Finished C&A Import Mkt Share 2.17 Million Net Tons, Avg Monthly 23.0% 1.97 2.0 21.7% 21.6% 21.1% 1.80 (BAR) (LINE) 18.7% 1.62 1.57 1.5 1
Slide 7: West Virginia Project Progressing – On Time and On Budget
WEST VIRGINIA PROJECT PROGRESSING – ON TIME AND ON BUDGET COMMISSIONING THROUGHOUT 2026 • Each area of new sheet mill is inspected, tested, and prepared for start-up • Ran first coil through pickle line in June • Expanded equipment commissioning across the site and will continue throughout the year
Slide 8: 2026 Growth Priorities
2026 GROWTH PRIORITIES TOWERS & STRUCTURES NUCOR BERKELEY RAMP-UPS OF GREENFIELDS GALV LINE RECENT PROJECTS Constructing two greenfield facilities Constructing a second 500K tpa 2025 projects are on track to be fully in IN and UT; complementing galvanizing line at Nucor Steel ramped and operating at
Slide 9: Steel Mills Market Environment
STEEL MILLS MARKET ENVIRONMENT Y/Y YTD* Imports* ADC* Nucor* 2H 2026 Outlook Market Share Shipments • Underlying demand is strong and Lower Higher improving, indicating continued strength HRC, CRC, & Strength through 2026 and into 2027 SHEET galv all down across key +11% >30% YTD end markets • Key e
Slide 10: Steel Products Market Environment
STEEL PRODUCTS MARKET ENVIRONMENT SEGMENT OVERVIEW • Broad-based end market demand led by JOIST & warehouses, data centers & adv. manufacturing • Nucor shipments +12% YTD DECK • Backlog extends into 2027 at pricing above current realized levels • Large complex projects are • Energy infrastructure an
Slide 11: Consolidated Financial Results
CONSOLIDATED FINANCIAL RESULTS ($ in Millions except per share data) Diluted EPS1 EBITDA2 $0.20 adj. for non-cash benefit related to increase of Helion investment valuation $5.04 $4.84 $2,020 $3.23 $1,295 $1,514 $2.60 Q2'25 Q1'26 Q2'26 Q2'25 Q1'26 Q2'26 Capital Expenditures Free Cash Flow3 $954 $829
Slide 12: Q2 2026 Segment Results
Q2 2026 SEGMENT RESULTS ADJUSTED PRE-TAX SEGMENT Q2 2026 VS Q1 2026 EARNINGS (1) $146 $millions • Higher volumes $353 STEEL • Higher realized pricing MILLS $45 • Higher EBT/ton $57 $276 $43 $392 $319 • Higher volumes $24 $1,556 $251 STEEL • Stable realized pricing $1,128 PRODUCTS $843 $793 • Higher
Slide 13: Funding Growth, Returning Capital, and Maintaining Financial Flexibility
FUNDING GROWTH, RETURNING CAPITAL, AND MAINTAINING FINANCIAL FLEXIBILITY >75% OF YTD CAPITAL ALLOCATED TO SHAREHOLDER MAINTAINING FINANCIAL FLEXIBILITY RETURNS AND GROWTH CAPEX $ in millions $ in millions xLTM Maintenance & as of July 4, 2026 Amount EBITDA1 % cap all other Capex Shareholder Total De
Slide 14: Q3 2026 Earnings Outlook
Q3 2026 EARNINGS OUTLOOK IMPACT ON Q3 SEGMENT EXPECTATIONS FOR Q3 vs Q2 EARNINGS VS Q2 • Stable volumes with higher average realized pricing Steel Mills • Higher conversion costs, as we do not expect any further material benefit related to raw material refunds • Higher volumes Steel Products • Highe
Slide 15: Appendix
APPENDIX NwUucoRF
Slide 16: 2025 Corporate Sustainability Report Key Highlights
2025 CORPORATE SUSTAINABILITY REPORT KEY HIGHLIGHTS • 8 consecutive years of improved safety performance, including an 8% decrease in injury & illness rate in 2025 SAFETY & TEAMMATES • 92% teammate retention rate in 2025, excluding retirements • Launched Nucor Safety Leadership program, training 324
Slide 17: Segment Results: Steel Mills and Steel Products
SEGMENT RESULTS: STEEL MILLS AND STEEL PRODUCTS STEEL MILLS $s in millions, tons in thousands % Change Versus Prior Prior Shipments Q2 ’26 Q1 ’26 Q2 ’25 Qtr. Year Q2 2026 vs. Q1 2026 Sheet 3,291 3,394 3,057 -3% 8% • Higher volumes Bars 2,387 2,308 2,148 3% 11% Structural 628 649 635 -3% -1% • Higher
Slide 18: Segment Results: Raw Materials
SEGMENT RESULTS: RAW MATERIALS RAW MATERIALS $s in millions, tons in thousands % Change Versus Q2 ’26 Q1 ’26 Q2 ’25 Prior Prior Q2 2026 vs. Q1 2026 Production Qtr. Year DRI 1,098 1,063 979 3% 12% • Higher shipments Scrap Processing 1,285 1,323 1,155 -3% 11% • Higher realized pricing Total Production
Slide 19: Quarterly Sales and Earnings Data
QUARTERLY SALES AND EARNINGS DATA SALES TONS (THOUSANDS) TO OUTSIDE CUSTOMERS EARNINGS STEEL STEEL PRODUCTS (LOSS) BEFORE COMP. INCOME TAXES SALES OTHER TOTAL PRICE TOTAL JOIST & REBAR TUBULARBLDG STEEL STEEL RAW TOTAL NET SALES PER $ PER YEAR SHEET BARS BEAM* PLATE STEEL DECK FAB PRODS SYSTEMS PROD
Slide 20: Quarterly Sales Prices & Scrap Cost
QUARTERLY SALES PRICES & SCRAP COST STEEL MILLS AVERAGE SCRAP AND SCRAP AVG EXTERNAL SUBSTITUTE COST SALES PRICE TOTAL PER NET TON SHEET BARS BEAM* PLATE PER GROSS PER NET STEEL TON USED TON USED 2026 2026 1st Quarter $1,001 $1,013 $1,541 $1,151 $1,074 1st Quarter $404 $361 2nd Quarter $1,088 $1,049
Slide 21: Quarterly Sales Price Steel Products
QUARTERLY SALES PRICE STEEL PRODUCTS STEEL PRODUCTS AVG EXTERNAL SALES PRICE PER JOIST & FABRICATED TUBULAR BUILDING OTHER STEEL TOTAL STEEL NET TON DECK REBAR PRODUCTS SYSTEMS PRODUCTS PRODUCTS 2026 1st Quarter $2,454 $1,646 $1,661 $6,084 $3,193 $2,405 2nd Quarter $2,450 $1,656 $1,772 $5,993 $3,173
Slide 22: Reconciliation of GAAP to Non-GAAP Measure - EBITDA
RECONCILIATION OF GAAP TO NON-GAAP MEASURE - EBITDA $ in millions 2024 2025 LTM Q1 2026 Q2 2025 Q2 2026 Net earnings before $2,319 $2,038 $3,256 $870 $706 $1,280 non-controlling interests Net interest expense ($30) $59 $57 $19 $19 $12 Income taxes $583 $530 $849 $226 $193 $345 Depreciation expense $
Slide 23: Reconciliation of GAAP to Non-GAAP Measure – Free Cash Flow (FCF)
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – FREE CASH FLOW (FCF) $ in millions 2024 2025 LTM Q1 2026 Q2 2025 Q2 2026 CASH PROVIDED BY $3,979 $3,234 $4,424 $886 $732 $1,400 OPERATING ACTIVITIES CAPITAL EXPENDITURES ($3,173) ($3,422) ($2,841) ($661) ($954) ($571) FREE CASH FLOW $806 ($188) $1,583 $22
Slide 24: Reconciliation of GAAP to Non-GAAP Measure – Earnings Attributable to Nucor Stockholders
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – EARNINGS ATTRIBUTABLE TO NUCOR STOCKHOLDERS $ in millions Q4 2025 Q2 2026 Diluted EPS Diluted EPS NET EARNINGS ATTRIBUTABLE TO $378 $1.64 $1,156 $5.04 NUCOR STOCKHOLDERS (INCREASES) / DECREASES RELATED TO VALUATION OF CERTAIN ASSETS, $22 $0.09 ($46) ($0.2
Slide 25: Reconciliation of GAAP to Non-GAAP Measure – Pre-Tax Segment Earnings
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – PRE-TAX SEGMENT EARNINGS $ in millions Q4 2025 Q2 2026 Steel Steel Raw Corp/ Steel Steel Raw Corp/ Mills Products Materials Elims Mills Products Materials Elims EARNINGS (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING $516 $230 $24 ($269) $1,556 $353 $146 (