Slide 1: Second Quarter 2025 Earnings Call
SECOND QUARTER 2025 EARNINGS CALL LEON TOPALIAN Chair, President and CEO STEVE LAXTON Executive Vice President and CFO July 29, 2025
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 news presentation, including adjusted earnings, EBITDA and Free Cash Flow (FCF). Generally, a non- GAAP financial measure is a numerical measure of a company’s performa
Slide 4: NUE Q2 Financial & Operational Highlights
NUE Q2 FINANCIAL & OPERATIONAL HIGHLIGHTS ✓ EBITDA ✓ 1: ~$1.3 billion $1.5 Billion EBITDA FINANCIAL ✓ Net ✓ $845Earnings: $603 Million Net million Earnings PERFORMANCE ✓ Earnings ✓ Per Diluted $3.46 Earnings Share: Per Share $2.60 EPS (diluted) ✓ Balance Sheet & Liquidity: ~24% Total Debt/Cap; ~$3.4
Slide 5: Growth Projects Nearing Completion
GROWTH PROJECTS NEARING COMPLETION LEXINGTON, NC REBAR MICROMILL • 430K tpa mill conducted first continuous melt/cast/roll in July BAR MILL • In the early stages of ramping up production PROJECTS KINGMAN, AZ MELT SHOP • Multiple heats from new melt shop completed in July • Will continue to ramp up t
Slide 6: Diverse Steel Products Segment Continues to Deliver Strong Results
DIVERSE STEEL PRODUCTS SEGMENT CONTINUES TO DELIVER STRONG RESULTS EVOLUTION OF NUCOR’S STEEL PRODUCTS SEGMENT 1960-2000 2000-2020 2020-2025 Future Steel Joists Rebar Insulated Metal Panels Key Criteria of Future Fabrication Investments: Warehouse Racking Decking • Attractive growth rates Steel Pili
Slide 7: Trade Policy Developments
TRADE POLICY DEVELOPMENTS Overall, federal trade policy has been constructive for the American steel industry Recent actions strengthen the Section 232 program • 50% tariffs on all steel imports and listed derivative products are beginning to curb the volume of transshipped and unfairly traded impor
Slide 8: Near Term Catalysts from OBBB
NEAR TERM CATALYSTS FROM OBBB Several provisions could have a positive impact on Nucor and our customers A catalyst for steel-intensive investments • Allows manufacturers to fully expense the costs related to new domestic manufacturing facilities and new machinery & equipment • Increases incentive t
Slide 9: Consolidated Financial Results
CONSOLIDATED FINANCIAL RESULTS ($ in Millions except per share data) Diluted EPS1 EBITDA2 Adj for $0.10 impairment $2.68 $2.60 $1,242 $1,295 $0.77 $696 0.67 Q2'24 Q1'25 Q2'25 Q2'24 Q1'25 Q2'25 Capital Expenditures Cash Returned to Shareholders3 $954 $631 $801 $859 $429 $329 Q2'24 Q1'25 Q2'25 Q2'24 Q
Slide 10: Q2 2025 Segment Results
Q2 2025 SEGMENT RESULTS ADJUSTED PRE-TAX SEGMENT EARNINGS (1) Q2 2025 VS Q1 2025 $millions • Higher avg selling price STEEL • Stable volumes $57 MILLS $39 • Higher EBT/ton $392 $442 $17 • Stable avg realized price $354 $57 $29 STEEL • Higher volumes $645 $329 $307 $843 PRODUCTS • Higher EBT/ton $309
Slide 11: Strong Balance Sheet & Shareholder Returns Remain Priorities
STRONG BALANCE SHEET & SHAREHOLDER RETURNS REMAIN PRIORITIES 27% REDUCTION TO SHARECOUNT SINCE 2017 COMMITTED TO A STRONG BALANCE SHEET Shares rounded to closest million 318 $USD in millions xLTM as of July 5, 2025 Amount EBITDA1 % cap Total Debt2 $6,881 1.9x 24% 231 Cash and Cash Equivalents $2,483
Slide 12: Key Market Segments Driving Demand
KEY MARKET SEGMENTS DRIVING DEMAND MARKET SEGMENTS DEMAND DRIVERS NUCOR IMPACT • Currently supplying eight semiconductor • Over $450B in semiconductor investments plants under construction Technology & Technology / Manufacturing announced under 2022 CHIPS Act1 • Actively bidding new projects across
Slide 13: Q3 2025 Earnings Outlook
Q3 2025 EARNINGS OUTLOOK IMPACT ON Q3 SEGMENT EXPECTATIONS FOR Q3 vs Q2 EARNINGS VS Q2 • Stable volumes and realized pricing, with Steel Mills margin compression expected in Q3 • Margin compression, offset by higher Steel Products volumes Raw Materials • Slightly lower volumes, offset by lower costs
Slide 14: Appendix
APPENDIX NwUucoRF
Slide 15: Medium-Term Outlook for Key End Markets
MEDIUM-TERM OUTLOOK FOR KEY END MARKETS NUE Primary Markets and % of Total External Shipments (2024) HEAVY EQUIPMENT, TRADITIONAL CONSTRUCTION & AUTO & CONSUMER TRANSPORTATION, AND RENEWABLE INFRASTRUCTURE DURABLES LOGISTICS & OTHER ENERGY % NUE ‘24 Shipments: ~50% ~28% ~9% ~13% • Data Centers • Ele
Slide 16: 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 Shipments Q2 ’25 Q1 ’25 Q2 ’24 Prior Qtr. Year Q2 2025 vs. Q1 2025 Sheet 3,057 2,981 2,869 3% 7% • Higher avg selling price Bars 2,148 2,290 2,005 -6% 7% Structural 635 577 512 10% 24%
Slide 17: Segment Results: Raw Materials
SEGMENT RESULTS: RAW MATERIALS RAW MATERIALS $s in millions, tons in thousands % Change Versus Prior Q2 2025 vs. Q1 2025 Production Q2 ‘25 Q1 ‘25 Q2 ’24 Prior Qtr. Year DRI 979 1,038 987 -6% -1% • Lower operating costs Scrap Processing 1,155 1,102 1,037 5% 11% Total Production1 2,134 2,140 2,024 0%
Slide 18: 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 TUBULAR BLDG STEEL STEEL RAW TOTAL NET SALES PER $ PER YEAR SHEET BARS BEAM* PLATE STEEL DECK FAB PRODS SYSTEMS PRO
Slide 19: 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 2025 2025 1st Quarter $888 $877 $1,300 $1,014 $938 1st Quarter $394 $352 2nd Quarter $1,008 $927 $1,352
Slide 20: 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 2025 1st Quarter $2,734 $1,651 $1,351 $5,832 $2,838 $2,294 2nd Quarter $2,605 $1,593 $1,559 $5,206 $2,876
Slide 21: Reconciliation of GAAP to Non-GAAP Measure - EBITDA
RECONCILIATION OF GAAP TO NON-GAAP MEASURE - EBITDA $ in millions 2022 2023 2024 LTM Q2 2024 Q2 2025 Net earnings before non-controlling interests $8,080 $4,913 $2,319 $1,580 $712 $706 Net Interest expense $170 ($30) ($30) $43 ($2) $19 Income taxes $2,165 $1,360 $583 $382 $186 $193 Depreciation expe
Slide 22: Reconciliation: Earnings Attributable to Nucor Stockholders
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – EARNINGS ATTRIBUTABLE TO NUCOR STOCKHOLDERS $ in millions Q3 2024 Q1 2025 Diluted EPS Diluted EPS NET EARNINGS ATTRIBUTABLE $250 $1.05 $156 $0.67 TO NUCOR STOCKHOLDERS LOSSES AND IMPAIRMENTS OF $103 $0.44 $23 $0.10 ASSETS, NET OF TAX ADJUSTED NET EARNINGS
Slide 23: Reconciliation: Pre-Tax Segment Earnings
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – PRE-TAX SEGMENT EARNINGS $ in millions Q3 2024 Q1 2025 Steel Raw Steel Raw Steel Mills Steel Mills Products Materials Products Materials EARNINGS (LOSS) BEFORE INCOME TAXES AND $309 $314 ($66) $231 $288 $29 NONCONTROLLING INTERESTS LOSSES AND IMPAIRMENTS