Commercial Metals Company · NYSE:CMC
Commercial Metals — Q4 FY2026 Earnings Presentation
24 slides from Commercial Metals's earnings presentation, Oct 15, 2026
Slide 1: Q4 FY2026 Supplemental Slides
O C T O B E R 2 0 2 6
Slide 2: Forward-looking statements
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s This presentation contains forward-looking statements within the meaning of the federal securities laws with respect to the expected benefits of the recent acquisitions of Concrete Pipe & Precast (“CP&P”) and Foley Products Company (“Foley”), gener
Slide 3: Reinforcing Safety as Our Highest Priority
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 20 26 Reinforcing Safety as O
Slide 4: Q4 Operating and Financial Results
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s Core EBITDA Margin1 14.8% +100bps yoy Net Leverage Adj. for Acquisitions1,2 1.9x Q4 Operating and Financial Results 4 [1] Net leverage adjusted for acquisitions, adjusted earnings, core EBITDA, core EBITDA margin and TTM CSG EBITDA as % of core EBI
Slide 5: NASG Performance Reinforces Full Potential Opportunities
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s NASG Performance Reinforces Full Potential Opportunities 5 Driving excellence to deliver TAG benefits, MBQ growth from Arizona 2 Mill, and ramp Steel WV production Exercising commercial discipline to realize margin potential and generate growth Q4
Slide 6: Precast Integration on Track, Concentrated Volume Softness in Q4
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s Residential softness led to volume and Adj. EBITDA underperformance Mix shift towards Non-residential and Infrastructure end markets Stronger bookings & backlogs on both volume & price as compared to prior year Precast Integration on Track, Concent
Slide 7: Unleashing the Power of Our Portfolio through Three Clear Value Creation Levers
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s Unleashing the Power of Our Portfolio through Three Clear Value Creation Levers Value Creation Levers Drive Durably Higher Margins and Growth with Lower Capital Intensity 1 Capturing Full Potential of Our Business 2 Harvesting Benefits of Growth Ca
Slide 8: TAG: Converting Operational and Commercial Excellence into Measurable Value
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s TAG: Converting Operational and Commercial Excellence into Measurable Value 8 [1] Benefit estimates are based on the value of changes to key margin, cost, or efficiency drives achieved through the TAG program as compared to a baseline fiscal 2024 s
Slide 9: On Track with Previous Growth Investments
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s On Track with Previous Growth Investments 9 FY27 to Benefit from Recent Capital Deployment Harvest Benefits CMC Steel West Virginia | Berkeley County, WV Tensar® Geogrid Line | Blackwell, OK Growth Investment Priorities West Virginia continues to p
Slide 10: Precast is Helping Transform CMC's Financial Profile
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s 50 100 150 200 250 Precast is Helping Transform CMC’s Financial Profile 10[1] Source: Federal Reserve Economic Data, Federal Reserve Bank of St. Louis Precast is Critical to Building a Stronger CMC Higher Growth Market leading position complements
Slide 11: Portfolio is Positioned to Serve Healthy Demand Conditions
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s • Housing shortage is large and growing, providing for long-run opportunities • Multi-family outlook incrementally more positive • Within single-family construction, pockets of resiliency exist • Elevated interest rates and the mortgage lock-in eff
Slide 12: Repositioning Our Steel Business through Deliberate Actions
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s Repositioning Our Steel Business through Deliberate Actions to Capitalize on Current Industry Structure LTPF = Leveling The Playing Field. EAF = Electric Arc Furnace. TAG = Transform, Advance, Grow. Conditions Are in Place to Fundamentally Change t
Slide 13: Q4 Consolidated Operating Results
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s 291 78 51 (24) (1) (1) Q4 2025 NA Steel Group EBITDA CSG EBITDA ESG EBITDA Corp. & Eliminations Other Non-Op Items Q4 2026 0 50 100 150 200 250 300 350 400 450 Q4 Consolidated Operating Results 13 Q4 ’25 Q3 ‘26 Q4 ’26 YoY Growth QoQ Growth Net sale
Slide 14: Q4 North America Steel Group
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s Q4 North America Steel Group 14 [1] External Finished Steel Tons Shipped equal to shipments of Steel Products plus Downstream Products [2] Downstream Product Margin Over Scrap equals Average Selling Price minus cost of ferrous scrap utilized during
Slide 15: Q4 Construction Solutions Group
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s 4Q'25 Precast Tensar Construction Services Impact Metals PRS & Other 4Q'26 0 50 100 150 200 250 300 350 400 450 500 15PRS = Performance Reinforcing Steel Q4 ’25 Q3 ’26 Q4 ’26 YoY Growth QoQ Growth Net sales to external customers $222 $395 $431 94.5
Slide 16: Q4 Europe Steel Group
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s 317 306 316 330 349 105 30 (5) 86 41 (50) 0 50 100 150 200 250 300 350 400 Q4'25 Q1' 26 Q2'26 Q3'26 Q4'26 Steel Products Margin Over Scrap Adjusted EBITDA per Ton 16 [1] External Finished Steel Tons Shipped equal to shipments of Steel Products [2]
Slide 17: Balance Sheet Strength Supports Balanced Capital Allocation Priorities
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s 2.5x 2.3x 2.1x 1.9x 1 2 3 Post Precast Closing Q2'26 Q3'26 Q4'26 Balance Sheet Strength Supports Balanced Capital Allocation Priorities 17 [1] Net leverage adjusted for acquisitions is a non-GAAP financial measure and is defined as net debt divided
Slide 18: Preliminary Fiscal 2027 Outlook
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s Preliminary Fiscal 2027 Outlook Supply Domestic steel supply remains disciplined; tariff framework and trade protections support a balanced market environment Demand Robust backlogs and continued strength in infrastructure, energy, data centers, an
Slide 19: Appendix: Non-GAAP Financial Reconciliations
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s Appendix Non-GAAP Financial Reconciliations
Slide 20: Adjusted EBITDA, Core EBITDA and Core EBITDA margins
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s 20 Adjusted EBITDA, Core EBITDA and Core EBITDA margins [1] See page 24 for definitions of non-GAAP measures
Slide 21: Adjusted Earnings
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s 21 Adjusted Earnings [1] See page 24 for definitions of non-GAAP measures
Slide 22: Construction Solutions Group Adjusted Segment EBITDA
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s 22 Construction Solutions Group Adjusted Segment EBITDA % of Total Segment EBITDA [1] See page 24 for definitions of non-GAAP measures
Slide 23: Net Leverage Adjusted for Acquisitions
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s 23 [1] For Post Precast Close, adjusted EBITDA represents the trailing 12-month adjusted EBITDA for Q1 FY2026. Total debt and cash and cash equivalents for Post Precast Close represents total debt and cash and cash equivalents as of December FY2026
Slide 24: Definitions for non-GAAP financial measures
Q 4 F Y 2 0 2 6 S u p p l e m e n t a l S l i d e s 24 Definitions for non-GAAP financial measures ADJUSTED EARNINGS Adjusted earnings is a non-GAAP financial measure that is equal to earnings (loss) before asset impairments and settlement for New Markets Tax Credit transactions, including the estim