Metallus Inc. · NYSE:MTUS
Metallus — Q4 2025 Earnings Presentation
13 slides from Metallus's earnings presentation, Feb 20, 2026
Slide 1: Earnings Presentation | Q4 2025
Earnings Presentation | Q4 2025 February 2026
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures
Forward-Looking Statements & Non-GAAP Financial Measures Forward-looking statements (12) the impact of global conflicts on the economy, sourcing of raw materials, and commodity prices; (13) climate-related risks, including environmental and severe weather caused by climate changes, and This presenta
Slide 3: Operational & Other Highlights
Operational & Other Highlights Order book increased more than 50% year-over-year; expecting stronger start to 2026 Continued operational investments and optimization, including • Long-term corrective solutions during Q4 down-time • Actively optimizing and increasing hourly staffing levels in tar
Slide 4: Q4 2025 | Financial Highlights
Metallus Q4 2025 | Financial Highlights PRIOR YEAR AND SEQUENTIAL COMPARISON NET SALES | $267 MILLION NET LOSS | $14 MILLION ADJUSTED EBITDA (1) | $2 MILLION $306 $8 $29 $267 $241 $8 $(14) $2 Q4 24 Q3 25 Q4 25 $(21) Q4 24 Q3 25 Q4 25 Q4 24 Q3 25 Q4 25 OPERATING CASH OUTFLOW | $2 MILLION ADJUSTED EPS
Slide 5: Q4 2025 | End Market Performance
Metallus Q4 2025 | End Market Performance vs. Q3 2025 Shipments (k Tons) Base Sales per Ton(1) 65 60 $1,206 50 $1,189 $1,189 Industrial Q4 24 Q3 25 Q4 25 Q4 24 Q3 25 Q4 25 72 $1,421 $1,407 59 64 $1,396 Automotive Q4 24 Q3 25 Q4 25 Q4 24 Q3 25 Q4 25 16 16 $2,729 $2,546 11 $2,198 Aerospace & Defense Q
Slide 6: Q4 2025 | Adjusted EBITDA Waterfall
Metallus Q4 2025 | Adjusted EBITDA(1) Waterfall PRIOR YEAR COMPARISON $(4.4) (1) (1) SEQUENTIAL COMPARISON $(12.7) (1) (1) (1) Adjusted EBITDA is defined as net income (loss) before interest (income) expense, net, income taxes, depreciation and amortization, presented on a non-GAAP basis excluding c
Slide 7: Q1 2026 Outlook
Metallus | Q1 2026 Outlook PERFORMANCE METRIC VS. Q4 2025 OUTLOOK First-quarter shipments are expected to increase approximately 10% compared with the Shipments fourth quarter supported by continued strength in the order book. Average base price per ton for customers covered by annual agreements
Slide 8: Investment Highlights
Metallus Investment Highlights SAFETY IS A NON-NEGOTIABLE • Consistent commitment backed by investments in training and tools support a best-in-class safety culture. STRONG IndustrialTHROUGH CYCLE CASH FLOW GENERATION • Cash flow generation and a resilient balance sheet reinforce financial strength
Slide 9: Appendix
Appendix
Slide 10: Reconciliation of EBITDA and Adjusted EBITDA to GAAP Net Income (Loss)
$mReconciliation of Earnings (Loss) Before Interest, Taxes, Depreciation and Amortization (EBITDA)(3) and Adjusted EBITDA(9) to GAAP Net Income (Loss) This reconciliation is provided as additional relevant information about the company's performance. $M QUARTERLY – CONSOLIDATED TOTAL EBITDA and Adju
Slide 11: Reconciliation Adjusted Diluted EPS
Reconciliation Adjusted Diluted EPS (1) Adjusted net income (loss) and adjusted diluted earnings (loss) per share are financial measures not required by or (1) Common share equivalents for shares issuable for equity-based awards and common share presented in accordance with GAAP. These Non-GAAP fina
Slide 12: Calculation of Total Liquidity
Calculation of Total Liquidity(1) This calculation is provided as additional relevant information about the company's financial position. $M QUARTERLY – CONSOLIDATED TOTAL Q4 Q3 Q4 (Unaudited) 2024 2025 2025 Cash and cash equivalents 240.7 $ 191.5 $ 156.7 Credit Agreement: Maximum availability 400.0
Slide 13: Quarterly Reconciliation of Base Sales to GAAP Net Sales
Quarterly Reconciliation of Base Sales(1) to GAAP Net Sales INDUSTRIAL AUTOMOTIVE The tables to the right present net sales by end-market sector, adjusted to exclude surcharges, which represents a financial measure that has not been determined in accordance with GAAP. We believe presenting net sales