Ryerson Holding Corporation · NYSE:RYZ
Ryerson — Q2 2025 Earnings Presentation
24 slides from Ryerson's earnings presentation, Jul 30, 2025
Slide 1: Ryerson Quarterly Release Presentation Q2 2025
Ryerson Quarterly Release Presentation Q2 2025
Slide 2: Important Information About Ryerson Holding Corporation
Important Information About Ryerson Holding Corporation These materials do not constitute an offer or solicitation to purchase or sell securities of Ryerson Holding Corporation (“Ryerson” or “the Company”) or its subsidiaries and no investment decision should be made based upon the information provi
Slide 3: Q2 2025 Highlights
Q2 2025 HIGHLIGHTS • Generated second quarter revenue of $1.17 billion, in-line with guidance, with average selling prices up 2.8% and tons shipped up fractionally compared to the prior quarter • Generated net income attributable to Ryerson Holding Corporation of $1.9 million, or diluted income per
Slide 4: Macro & Commodities
MACRO & COMMODITIES Commodity prices since Dec. 2017 Futures 1Sources: Bloomberg: prices through July 28, 2025; US Industrial Production MoM and US ISM Purchasing Managers Index from Trading Economics 4
Slide 5: Sequential End-Market Trends
SEQUENTIAL END-MARKET TRENDS 2024 Q2 2025 QoQ volume change Sales Mix1 Commentary Metal Fab and Machine Shop Ryerson’s Q2 shipments reflected 23% relative strength among customers Industrial Equipment in our consumer durable sector, 16% specifically in appliances and Commercial Ground Transportation
Slide 6: Q3 2025 Guidance
Q3 2025 GUIDANCE Diluted Earnings (loss) per Share Adj. EBITDA, Net sales Net Income1 excl. LIFO $1.14 - 1.18B $0 – 2M $40 - 45M Third quarter guidance assumes: • Shipments between down 2 and 4% as we expect the demand environment will remain challenged by continued uncertainty across many of our la
Slide 7: Q2 2025 Performance Metrics
Q2 2025 PERFORMANCE METRICS Asset Management Inventory Days of Cash Conversion Ryerson continued to exhibit strong working capital management in Supply Cycle the second quarter 74 66 Cash Flow Cash Generated by LTM Free Cash Flow Operating cash flow generation was driven by normalization of Operatin
Slide 8: Capital Management
CAPITAL MANAGEMENT Liquidity & Net Debt • Net Leverage of 4.4x in Q2 ’25 above target range of 0.5x to 2.0x • Global liquidity remained strong at $485 in Q2 compared to $490M in Q1 Cash and Cash Equivalents Foreign Availability North American Availability A reconciliation of Net Debt as well as othe
Slide 9: Capital Allocation Plan
CAPITAL ALLOCATION PLAN LTM1 free cash flow generation $50M in ’25E Quarterly Normalization dividend/share Operationalization $0.1875 for Q3 ’25 CAPEX DIVIDENDS CAPEX M&A DIVIDENDS BUYBACKS M&A HighlyBUYBACKS Prioritizing selective de-levering toward M&A over share opportunities repurchases Supports
Slide 10: Q2 2025 Key Financial Metrics
Q2 2025 KEY FINANCIAL METRICS Diluted Earnings Net Sales Gross Margin Net Income1 Debt per Share $1.17B 17.9% $1.9M $0.06 $510M +3.0% (10) bps +$7.5M +$0.24 +$12M QoQ QoQ QoQ QoQ QoQ Gross Adjusted Diluted Tons Adj. EBITDA Margin, excl. Earnings per Net Debt Shipped excl. LIFO LIFO Share 501k 19.0%
Slide 11: Intelligent Network
INTELLIGENT NETWORK • Diversified (metals mix, ~40k customers, ~75k products) • Availability, speed, ease, consistency • Hundreds of “virtual” locations • 24/7 e-commerce • Digitalized customer experience • Building the value chain of the future 11
Slide 12: Ryerson Family of Companies
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Slide 13: Appendix
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Slide 14: Quarterly Financial Highlights
QUARTERLY FINANCIAL HIGHLIGHTS Tons Sold (000’s) Average Selling Price Per Ton Net Income (Loss) & Adj. EBITDA excl. LIFO *Net Income (Loss) attributable to Ryerson Holding Corporation; A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in this Appendix 14
Slide 15: Non-GAAP Reconciliation: Adjusted EBITDA, excl. LIFO
NON-GAAP RECONCILIATION: ADJUSTED EBITDA, EXCL. LIFO ($M) Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Tons Sold (000's) 508 485 447 500 501 Net Sales 1,225.5 1,126.6 1,007.4 1,135.7 1,169.3 Gross Profit 223.5 202.0 191.1 204.4 209.4 Gross Margin 18.2% 17.9% 19.0% 18.0% 17.9% LIFO expense (income) (10.0) (18.
Slide 16: Non-GAAP Reconciliation: Adjusted Net Income (Loss)
NON-GAAP RECONCILIATION: ADJUSTED NET INCOME (LOSS) (Dollars and shares in millions, except per share data) Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Net income (loss) attributable to Ryerson Holding Corporation $9.9 ($6.6) ($4.3) ($5.6) $1.9 Restructuring and other charges 1.7 1.1 0.3 - - Impairment charg
Slide 17: Non-GAAP Reconciliation: Leverage Ratio and Free Cash Flow
NON-GAAP RECONCILIATION: LEVERAGE RATIO AND FREE CASH FLOW ($M) 2014 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Total debt $1,242.1 $525.4 $522.1 $467.4 $497.3 $510.2 Less: cash and cash equivalents (60.0) (28.0) (35.0) (27.7) (33.6) (30.8) Net Debt $1,170.9 $497.4 $487.1 $439.7 $463.7 $479.4 TTM Adj. EBITD
Slide 18: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION ($M) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Tons Sold (000's) 2,024 1,897 1,903 2,000 2,268 2,381 2,009 2,095 2,029 1,943 1,937 Net Sales 3,622.2 3,167.2 2,859.7 3,364.7 4,408.4 4,501.6 3,466.6 5,675.3 6,323.6 5,108.7 4,598.7 Average Selling Price $1,790 $1,67
Slide 19: Ryerson.com 3.0 - NextGen Ecommerce
RYERSON.COM 3.0 - NEXTGEN ECOMMERCE • Investing in digitalization to improve the customer experience 19
Slide 20: Investing in the Business
INVESTING IN THE BUSINESS University Park – New CS&W HQ ✓ Shelbyville expansion ✓ Centralia Pacific NW ✓ • 900,000 sq ft facility • State-of-the-art cut-to-length line • 214,000 sq ft facility • Significant automation and (CTL) and automated storage and • Advanced processing capabilities technologic
Slide 21: Bright Metals Constellation Strategy
BRIGHT METALS CONSTELLATION STRATEGY 2017 2021 2023 Q4 2024 Shelbyville, KY expansion Guy Metals Specialty Metals TSA Shelbyville, KY Processing Service Center Target IRR = ~35% Processing NAS Ghent 1 – 4 hours away from 4 Arconic IN major Aluminum and Stainless producers Commonwealth 7 - 9 hours aw
Slide 22: Shelbyville Project
SHELBYVILLE PROJECT Enhancing our bright metals franchise to support Project Highlights $M transactional market share growth at a lower cost to serve Investment $40 • Shelbyville is flat roll processing hub strategically located near the majority of stainless and aluminum mill supply capacity and se
Slide 23: Next Phase Target Sequence
NEXT PHASE TARGET SEQUENCE PHASE 1 ✓ PHASE 2 PHASE 3 De-lever Invest in modernization and Gain market share high-yield debt automation/ cure legacy investment vs MSCI1 deficit Monetize Integrate North American Margin accretion legacy assets led by value-add and transactional service center network t
Slide 24: 10 Year Progress
10 YEAR PROGRESS Improved Improved Balance Sheet Transformation Operating Model Capital Allocation Adj. EBITDA ex. Book Value of Equity Net PP&E 10-Year Total LIFO1 Investment ▲$950M ▲$209M 10-Year ▲$29.5/share Capex $567M $2.9B Total Acquisitions $482M Annual $288M Average 10-Year Total Shareholder