Commercial Metals Company · NYSE:CMC
Commercial Metals — Investor Day (August 2026)
121 slides from Commercial Metals's investor day presentation, Aug 5, 2026
Slide 1: 2026 Investor Day
Exhibit 99.2 2026 INVESTOR DAY AU G U S T 5 | N E W YO R K C I TY
Slide 2: Welcome and Opening Remarks
Welcome and Opening Remarks Andy Larkin | VP, INVESTOR RELATIONS 2 0 2 6 I N V E S T O R D A Y
Slide 3: Forward-Looking Statements
Forward-Looking Statements 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”), general economic conditions, k
Slide 4: Today's Agenda
Today’s Agenda 9:00 AM Welcome and Opening Remarks 10:45 AM Growing and Differentiating: Construction Solutions Group Andy Larkin | VP, INVESTOR RELATIONS Keith Haas | SVP, PRECAST GROUP Transforming CMC: Company Vision and Mike Doucet | SVP, EMERGING BUSINESSES GROUP Strategic Value Creation Levers
Slide 5: CMC Sizzle Reel
CMC Sizzle Reel 2 0 2 6 I N V E S T O R D A Y 4
Slide 6: Transforming CMC: Company Vision and Strategic Value Creation Levers
Transforming CMC: Company Vision and Strategic Value Creation Levers Peter Matt | PRESIDENT AND CHIEF EXECUTIVE OFFICER 2 0 2 6 I N V E S T O R D A Y
Slide 7: Key Messages
Key Messages Diversified, Early-Stage Construction supplier, executing a transformational 1 change in our business, profitability, growth, and returns Capitalizing on a multi-year structural demand cycle where CMC’s market position and unique capabilities create a competitive advantage 2 Driving val
Slide 8: CMC Snapshot
CMC Snapshot (NYSE: CMC) Leading Provider of Early-Stage Key Statistics Business Mix % of Core EBITDA Construction Solutions Supporting Adjusted for Acquisitions Modern Infrastructure with Founded 1915 2 (Illustrative)* Scaled and Difficult-to-Replicate Europe Steel Group 6% Market Positions Includi
Slide 9: CMC is an Early-Stage Construction Supplier
CMC is an Early-Stage Construction Supplier with Opportunity in an Evolving Construction Landscape C U S T O M E R N E E D S A R E C H A N G I N G B I G G E R J O B S G R E AT E R C O M P L E X I T Y C O M P R E S S E D S C H E D U L E S C M C ’ S P R O D U C T S I N S U P P L Y I N G M U L T I P L
Slide 10: We Are on a Transformation Journey
We Are on a Transformation Journey WHERE WE ARE GOING (2027+) Best-in-Class Company WHERE WE ARE TODAY (2026) Meeting Critical Early-Stage Construction Needs Early-Stage Construction Company • Leading solutions provider addressing in Transformation WHERE WE STARTED (2023) critical customer pain poin
Slide 11: Well Positioned to Address Strong Demand in Domestic Construction Market
Well Positioned to Address Strong Demand in the Domestic Construction Market Strong, Multi-Year Growth Outlook Across Markets Why We Are Well Positioned Underpinned by Structural Underinvestment to Capitalize on These Trends INFRASTRUCTURE • Revitalization of U.S. infrastructure ✓ Scale and leading
Slide 12: Three Clear Value Creation Levers
Unleashing the Power of Our Portfolio through Three Clear Value Creation Levers 1 2 3 Capturing Full Harvesting Benefits Reshaping the Potential of of Growth Capital Portfolio Our Business Deployed Value Creation Levers Drive Durably Higher Margins and Growth with Lower Capital Intensity 2 0 2 6 I N
Slide 13: Capturing Full Business Potential through TAG Program
Capturing Full Business Potential through Capture Full Potential Operational and Commercial Excellence (TAG Program) Advancing safety and workforce Recent Proof Points of Success capability to build a high-performing, world-class team 3 Year $350M+ >60% Safety Gross Annual Net Driving operational ex
Slide 14: Repositioning Our Steel Business through Deliberate Actions
Repositioning Our Steel Business through Deliberate Actions Capture Full Potential to Capitalize on Current Industry Structure Industry Dynamics CMC is Building a Stronger, Support Improved Outcomes More Resilient Steel Franchise • Largely consolidated domestic rebar market• Taking advantage of our
Slide 15: Harvesting Benefits of Significant Capital Already Deployed
Harvesting Benefits of Significant Capital Already Deployed to Harvest Benefits Drive Organic Growth, Margin Improvement, and Higher Returns Capital Intensity to Decline, Free Cash Flow to Substantially Increase 1 Free Cash Flow* ($M) Harvesting Earnings from Our Final Steel Mill Investments… $1,600
Slide 16: Enhancing and Reshaping Our Early-Stage Construction Portfolio
Enhancing and Reshaping Our Early-Stage Construction Portfolio Reshape Portfolio through Disciplined M&A STRATEGIC CRITERIA KEY INITIATIVES NEAR-TERM Enhance existing capabilities and ® solutions (e.g., Precast and Tensar ) Complements Our Expands U.S. Footprint, Creates Meaningful LONGER-TERM Early
Slide 17: Precast is a Valuable Addition to CMC's Portfolio
Precast is a Valuable Addition Reshape Portfolio to CMC’s Portfolio Value-added Early-Stage Construction solution Complements CMC’s existing portfolio – Early project engagement – Similarities with fabrication – Synergy opportunities Market leadership positions that can be scaled Strong financial pr
Slide 18: Expanding Our Market Opportunity in Early-Stage Construction Market
Expanding Our Market Opportunity in Large, Resilient, and Growing U.S. Early-Stage Construction Market 1 Serviceable Addressable Market Early-Stage Construction Steel + Emerging Businesses + Precast Precast: ~$20B ~$150B Steel + Emerging Businesses ~$60B Steel: ~$15B ~$40B Emerging Businesses: ~$25B
Slide 19: Looking Ahead: FY29 Financial Targets
1 Looking Ahead: FY29 Financial Targets $1,650M – $1,800M $1,375M – $1,525M 5 2,5 Core EBITDA Free Cash Flow 15% – 16% 80% – 85% 5 3,5 Core EBITDA Margin Free Cash Flow Conversion 40%+ 13.0% – 14.5% CSG % of Core EBITDA 4,5 ROIC 5 Aspirational Including Inorganic Growth A Meaningful Step-Change in F
Slide 20: Potential for Sum-of-the-Parts Valuation Multiple Expansion
Potential for Significant Sum-of-the-Parts Valuation Multiple Expansion as We Grow Construction Solutions Group Earnings % of Core EBITDA* Current Market Multiples Steel Construction Solutions Group 1 CMC ~7x 2 Steel ~8-10x 40%+ 28% 10% Construction 3 ~11-13x Materials 2023 Current 2029 adj. for acq
Slide 21: Trusted and Experienced Leadership Team
Trusted and Experienced Leadership Team Focused on Driving Excellence and Durable Results through the Cycle Peter Matt Paul Lawrence Brian Halloran Keith Haas Mike Doucet President and Chief SVP and Chief Financial SVP, North America SVP, Precast SVP, Emerging Executive Officer Officer Steel Group G
Slide 22: Investment Thesis: A Market Leader Driving Stakeholder Value Creation
Investment Thesis: A Market Leader Driving Significant Stakeholder Value Creation In Early-Stage Construction with leading, difficult-to- Industry Leader replicate positions in attractive markets Undergoing Focused on improving margins / returns and opening exciting, new growth lanes Transformation
Slide 23: Driving Operational and Commercial Excellence through TAG Program
Driving Operational and Commercial Excellence through TAG Program Ty Garrison | SVP, OPERATIONAL AND COMMERCIAL EXCELLENCE 2 0 2 6 I N V E S T O R D A Y
Slide 24: Key Messages
Key Messages Leveraging TAG program as the execution engine to convert opportunity 1 into measurable financial results Building durable operational and commercial excellence capabilities 2 to improve margin and cash flow generation Driving higher ROIC by enhancing capital deployment discipline acros
Slide 25: Why TAG: Unlocking the Next Phase of Value Creation
Why TAG: Unlocking the Next Phase of Value Creation • Extended scale and broader footprint WHY • Significant opportunity in leveraging scale through enterprise standardization and disciplined performance management NOW • Increasing customer requirements and expectations Improving Consistency, • Dece
Slide 26: Defining TAG: Our Enterprise-Wide Execution Engine
Defining TAG: Our Enterprise-Wide Execution Engine, Converting Operational and Commercial Excellence into Measurable Value Background Clear Program Differentiators More than a one-time, cost-out program – a repeatable system for Individual Initiatives sustainable improvement 150+ Fully integrated in
Slide 27: Clear Go-Forward Priorities Driving Value Creation
Clear Go-Forward Priorities Driving Value Creation Operational Commercial Excellence Excellence Create Competitive Accelerate Growth and Advantage through Capture Full Margin World-Class Safety, Potential of Our Productivity, and Cost Products and Solutions KEY ENABLERS People • Process • Technology
Slide 28: Driving Operational Excellence to Create Structural Cost Advantages
Driving Operational Excellence to Create Structural Cost Advantages Operational Excellence Core Pillars Outcomes • Safety Reliable, low-cost facilities • Disciplined manufacturing and reliability • Network and supply chain optimization Standardized processes with continuous • Data-driven KPIs and im
Slide 29: Operational Excellence Case Study: Scrap Optimization through TAG
Operational Excellence Case Study: Operational Excellence Scrap Optimization through TAG Initiative Identified Area Cutting-Edge Outcomes for Improvement Solution through TAG Drove cost efficiencies • Scrap is one of the largest input • AI-driven scrap optimization costs within our steel operations
Slide 30: Operational Excellence in Action
Operational Excellence in Action Video: Operational Excellence Scrap Optimization through TAG Initiative 2 0 2 6 I N V E S T O R D A Y 29
Slide 31: Driving Commercial Excellence to Accelerate Growth
Driving Commercial Excellence to Accelerate Growth and Commercial Excellence Capture Full Margin Potential Core Pillars Outcomes • Digital and market intelligence Strong relationships and customer loyalty with standardized tools • Opportunity management through Early-Stage Best-in-class capabilities
Slide 32: Commercial Excellence Spotlight: Lead Sharing through Proprietary AI Software
Commercial Excellence Spotlight: Commercial Excellence Generating Greater Lead Sharing through Proprietary AI Software 1 2 3 4 AS S E S S L O AD S P E C S AN D S C AN D AT A L AK E R O U T E T O OPPORTUNITIES P L AN S I N T O U S I N G AI T O M AT C H BUSINESS TEAMS D AT A L AK E PROJECTS WITH Fabri
Slide 33: Key Enabler Spotlight: Capital Discipline
Key Enabler Spotlight: Capital Discipline Driving Higher ROIC and Cash Flow Key Enablers Rigorous Review and Approval Process Proof Points of Success Drives Capital Spending Discipline Front-End Engineering on 1 Steel Mill EAF • Refined project scope • Eliminated overdesign • Maximized capital effic
Slide 34: Key Takeaways
Key Takeaways 1 2 3 Leveraging TAG program as the Building durable operational and Driving higher ROIC by enhancing execution engine to convert commercial excellence capabilities capital deployment discipline opportunity into measurable to improve margin and cash flow across the organization financi
Slide 35: Capturing Our Full Potential: North America Steel Group
Capturing Our Full Potential: North America Steel Group Brian Halloran | SVP, NORTH AMERICA STEEL GROUP 2 0 2 6 I N V E S T O R D A Y
Slide 36: Key Messages
Key Messages Capitalizing on un-matched long products franchise and status as the preferred 1 partner for critical Early-Stage Construction solutions Benefiting from an industry structure and policy environment that fundamentally 2 improves margins Capturing our full potential through TAG operationa
Slide 37: North America Steel Group Overview
North America Steel Group Overview: Un-Matched Franchise Serving Early-Stage Construction Key Statistics Integrated, Complementary, and Leading Positions in Discrete Value Creators All Major Products Recycling Mills Fabrication Revenue $6,675M Low-cost source National network National network Rebar
Slide 38: Unique Competitive Advantages Driving Leading Market Position
Unique Competitive Advantages Driving Leading Market Position National Scale and Deep, Trusted Unparalleled Local Customer Supply Chain Low-Cost Market Capabilities Relationships Security Position Strategic mill and Preferred partner Vertically integrated Flexible EAF platform fabrication footprint
Slide 39: Deliberate Actions to Improve Market Position and Profitability of Steel Business
Taking Deliberate Actions to Improve the Market Position and Profitability of Our Steel Business MARKET LEADERSHIP COMMERCIAL REDUCED POSITION EXCELLENCE IMPORTS Acquisition of Work on Global Trade Issues Demonstrating Gerdau Assets Creates a Has Substantially Limited Market Discipline to Rebar Mark
Slide 40: Go-Forward Priorities: Clear Focus Areas
Go-Forward Priorities: Clear Focus Areas to Unlock Our Full Potential 1 2 3 Capturing Full Harvesting Benefits Reshaping the Potential of of Growth Capital Portfolio Our Business Deployed Value Creation Levers Drive Durably Higher Margins and Growth with Lower Capital Intensity 2 0 2 6 I N V E S T O
Slide 41: Mills Operational Excellence Spotlight
Mills Operational Excellence Spotlight: Capture Full Potential Reinforcing Low-Cost Position through TAG Program Initiatives Opportunity Actions Taken >$130M • Leverage scale of our operations Reorganized mills, added IN RUN-RATE network to improve operating CMC leader, and created 1 SAVINGS perform
Slide 42: Mills Commercial Excellence Spotlight
Mills Commercial Excellence Spotlight: Capture Full Potential Capturing the Value CMC Delivers Opportunity Actions Taken >$30M • Consistent pricing practices and Introduced mills commercial operating IN RUN-RATE execution across regions, products, system with defined policies enabled 1 and customers
Slide 43: Restructuring Our Businesses to Optimize Returns: Fab Full Potential
Restructuring Our Businesses to Optimize Returns: Capture Full Potential Fab Full Potential Spotlight Where We’re Going • Balanced strategy focused on standalone fab performance and network profitability Objective • Established best practices, standardization, Achieving Fab • Dramatically improve ma
Slide 44: Harvesting Benefits of Growth Capital Invested in Steel Mill Network
Harvesting Benefits of Growth Capital Already Invested in Harvest Benefits Our Optimized Steel Mill Network Our Last Two Steel Mill Investments Complete Network How We Operate Our Network • AZ2 and WV mills complete nation-wide production capabilities for merchant and spool • Centralized production
Slide 45: Go-Forward Growth Capital Investment Opportunities
Go-Forward Growth Capital Investment Opportunities Harvest Benefits Capital-Light AI and Automation Investments Deployment Disciplined investments to End-to-end transformation improve asset productivity across steel mills, and reliability recycling, and fabrication operations Focused on Strategic In
Slide 46: Fabrication Provides CMC a Proprietary View of Construction Pipeline
Fabrication Provides CMC a Proprietary View of the Early-Stage Reshape the Portfolio Construction Pipeline, Enabling Growth Across Full Portfolio CMC Participates throughout How Fabrication Early-Stage Construction Value Chain Visibility Drives Value Design & Mobilization Site Foundational Structura
Slide 47: Case Study: Early-Stage Construction Partner on $17B Texas Chip Fab
Case Study: CMC as the Early-Stage Construction Reshape the Portfolio Partner on a $17B Texas Chip Fab Facility Background Providing a Multitude Outcomes of Early-Stage • One of CMC's largest projects ever Created customer value Construction Solutions through schedule integrity • Chip shortage and s
Slide 48: Key Takeaways
Key Takeaways 1 2 3 4 Capitalizing on un-matched Benefiting from an industry Capturing our full potential Enhancing financial performance long products franchise and structure and policy through TAG operational and by harvesting returns from our status as the preferred partner environment that funda
Slide 49: Q&A Session
Q&A Session 2 0 2 6 I N V E S T O R D A Y
Slide 50: Break
Break 2 0 2 6 I N V E S T O R D A Y
Slide 51: Growing and Differentiating: Construction Solutions Group
Growing and Differentiating: Construction Solutions Group Keith Haas Mike Doucet SVP, PRECAST SVP, EMERGING GROUP BUSINESSES GROUP 2 0 2 6 I N V E S T O R D A Y
Slide 52: Key Messages
Key Messages Leveraging portfolio of high margin, growth, and cash flow generation businesses to build scalable market leadership solving critical Early-Stage 1 Construction challenges Providing mission-essential products and services that reduce project cost, 2 complexity, and timelines Capitalizin
Slide 53: Construction Solutions Group Overview: Precast and Emerging Business Groups
Construction Solutions Group Overview: Precast and Emerging Business Groups PRECAST GROUP EMERGING BUSINESS GROUP Performance CMC Reinforcing Construction ® Precast Tensar Steel Services Soil stabilization for Proprietary Distribution Manufactured concrete pipe road, foundation, and reinforcing stee
Slide 54: Construction Solutions Group Overview: Precast and Emerging Business Groups
Construction Solutions Group Overview: Precast and Emerging Business Groups PRECAST GROUP EMERGING BUSINESS GROUP Performance CMC Reinforcing Construction ® Precast Tensar Steel Services Soil stabilization for Proprietary Distribution Manufactured concrete pipe road, foundation, and reinforcing stee
Slide 55: Provide Essential Services to Protect Critical Infrastructure
Provide Essential Services to Protect Critical Infrastructure 1 Key Markets Key Applications Growth Drivers Below Ground Precast Construction Products Water • Urban Expansion and Increasing Storms Sanitary Driving demand for advanced stormwater retention systems to manage growing runoff and reduce f
Slide 56: Significant Precast Advantages Driving Adoption
Significant Precast Advantages Driving Adoption in Early-Stage Construction Market Labor Time Consistent Supply Chain Durability Savings Savings Quality Certainty Reduces amount of Shortens duration of Avoids work Enables year-round Creates superior construction site project through ease stoppages d
Slide 57: Precast Group Overview: Scaled Platform in Largest and Fastest Growing Regions
Precast Group Overview: Scaled Platform in Largest and Fastest Growing Regions Key Statistics Annualized Estimated Concentrated in Highest-Growth Industry Leaders in 1 Contribution At Close Areas of the U.S. with Close Proximity Markets We Serve to CMC Steel Plants Revenue $730M 2 In the Southeast #
Slide 58: Precast is Helping Transform CMC's Financial Profile
Precast is Helping Transform CMC’s Financial Profile Less Earnings Volatility Structurally Higher Margins Higher Cash Conversion 90% 250 34% 200 58% 150 100 14% 50 0 Dec June Rebar Precast Concrete CMC Precast CMC Precast 2005 2026 2 3 Core EBITDA Margin* Adj. EBITDA FCF Conversion* FCF Conversion*
Slide 59: Well Positioned in a Large and Growing Market
Well Positioned in a Large and Growing Market Serviceable Addressable Market Key Market Drivers Early-Stage Construction Urbanization and Government Population Infrastructure Growth Spending U.S. Pipe and 1 Precast Products In-Focus Applications ~$150B ~$20B Sanitary Stormwater Dry Utility Targeting
Slide 60: Go-Forward Priorities: Three Clear Focus Areas
Go-Forward Priorities: Three Clear Focus Areas to Scale Leading Market Position 1 2 3 Capturing Full Harvesting Benefits Reshaping the Potential of of Growth Capital Portfolio Our Business Deployed Value Creation Levers Drive Durably Higher Margins and Growth with Lower Capital Intensity 2 0 2 6 I N
Slide 61: Executing Integration of Foley and CP&P to Capture Synergies
Executing Integration of Foley and CP&P to Capture Meaningful Synergies Capture Full Potential Key Buckets for Operational Cost Synergies Manufacturing best practices and network optimization $30M to $40M Targeted investment in automation to improve productivity Expected Annualized EBITDA Synergies
Slide 62: Case Study: Incremental Precast Commercial Opportunities through CP&P and Foley
Case Study: Creating Incremental Precast Commercial Capture Full Potential Opportunities through CP&P and Foley Integration Background Our Solution Outcomes • Legacy CP&P was pursuing a pipe • Activated CMC’s integrated precast Won a $3M project that and precast infrastructure project network by com
Slide 63: Driving Commercial Synergies Opportunities
Driving Commercial Synergies Opportunities Capture Full Potential Providing Clear Benefits with CMC Broader combined CMC footprint with ability to serve complex jobs faster Coordinated project lead sharing and project bidding Improved access to key decision makers earlier in project Increased value
Slide 64: Case Study: Rebar and Precast Partner in GA's I-285 / SR400 Interchange
Case Study: Integral Rebar and Precast Partner in GA’s Capture Full Potential I-285 / SR400 Interchange Project Background Our Solution Outcomes • Selected to support one of • Supplied multiple products to meet Delivered 23K+ tons of precast Georgia’s largest, most complex Early-Stage Construction n
Slide 65: Adding Strategic Plant Extensions to Provide Complete Set of Solutions
Adding Strategic Plant Extensions to Provide Complete Set of Solutions Harvest Benefits Across Our Footprint Making Capital-Light, Brownfield Expansion | Denver, CO High-Return Investments • Added precast product capability • Strong customer acceptance of new full line capabilities ~$35M Investment
Slide 66: Significant Runway for Executing Disciplined M&A
Significant Runway for Executing Disciplined M&A Reshape Portfolio in a Large, Fragmented Market INDUSTRY LANDSCAPE Fragmented with only two national players and TARGETING FASTER GROWING REGIONS <10 major regional producers… WITH SECULAR GROWTH TRENDS Top 10 producers Top 10 producers <25% of Long-T
Slide 67: Construction Solutions Group Overview: Precast and Emerging Business Groups
Construction Solutions Group Overview: Precast and Emerging Business Groups PRECAST GROUP EMERGING BUSINESS GROUP Performance CMC Reinforcing Construction ® Precast Tensar Steel Services Soil stabilization for Proprietary Distribution Manufactured concrete pipe road, foundation, and reinforcing stee
Slide 68: Emerging Businesses Group Overview
Emerging Businesses Group Overview: Scaled Platform of Engineered Solutions to Solve Customer Problems Key Statistics Customer Solutions / Key Brands Stakeholders $809M 19.1% • Civil Engineers Net Sales* Adjusted • State DOTs EBITDA Margin* • Contractors ~12% YoY ® Tensar Growth* • Distributors ~19%
Slide 69: Track Record of Delivering Consistent Growth and Performance
Track Record of Delivering Consistent Growth and Performance Made Intentional Moves to Build a Emerging Business Group Emerging Business Group Revenue* ($M) Adjusted EBITDA* ($M) and Complete Set of Solutions in Market Adjusted EBITDA Margin* (%) ® • ChromX and GalvaBar acquisitions ~6% ~9% ® • Tens
Slide 70: Favorably Positioned to Outgrow Attractive End Markets
Favorably Positioned to Outgrow Attractive End Markets Key Focus Applications Energy Infrastructure Transportation Serviceable Addressable Market Solutions are used in Solutions are used in construction of power plants construction of highways, Early-Stage Construction and transmission lines that hi
Slide 71: Go-Forward Priorities: Three Clear Focus Areas
Go-Forward Priorities: Three Clear Focus Areas to Drive Growth and Margin Expansion 1 2 3 Capturing Full Harvesting Benefits Reshaping the Potential of of Growth Capital Portfolio Our Business Deployed Value Creation Levers Drive Durably Higher Margins and Growth with Lower Capital Intensity 2 0 2 6
Slide 72: Leveraging Tensar's Demand Generation Capabilities
® Leveraging Tensar’s Demand Generation Capabilities to Enable Capture Full Potential Commercial Excellence Across the EBG Portfolio and Beyond Email Nurture Leveraging Replicable and Scalable Inside Call Sales Campaign Commercial Engine Enterprise-wide to Fuel Growth Opportunity ® NURTURING Tensar’
Slide 73: Executing on TAG Program to Drive Improved Margins and Growth
Executing on TAG Program to Drive Improved Margins and Growth Capture Full Potential Identified Initiatives Commercial Excellence Operational Excellence Commercial Excellence Operational Excellence in Action in Action • Scaling up • Leveraging CMC’s • Geogrid: 27% more leads • Geogrid: $10M Commerci
Slide 74: Capitalizing on Strategic Capacity Expansions
Capitalizing on Strategic Capacity Expansions to Meet Market Demand Harvest Benefits Extending Capabilities and Increasing ~20M Production Capacity Additional • Adding production line in Blackwell, Oklahoma – square yards ® Tensar commissioning in progress of capacity Continuing Market Penetration ~
Slide 75: Making Investments in EBG Portfolio to Extend Market Leadership
Making Investments in EBG Portfolio to Extend Market Leadership Reshape Portfolio Key Priorities to Scale Platform and Focus Markets for Expansion Enhance Competitive Positioning S C A L E Ground and build density in leading Improvement ® positions in Tensar , PRS, Adjacencies and Construction Servi
Slide 76: Addressing Critical Customer Challenges in Early-Stage Construction
Addressing Critical Customer Challenges in Early-Stage Construction with Strong Solutions that Give CMC a Clear Right to Win Customer Challenges S P O T L I G H T Labor Project Delays Growing Need Shift Toward Constraints Creating for Reliable, Off-Site 30% and Rising Scheduling Engineered Manufactu
Slide 77: Case Study: Partner for Construction of $28B LNG Export Facility
Case Study: Integral Partner for Construction of $28B LNG Export Facility Background Providing a Multitude Outcomes of Early-Stage • Company is constructing and Enabling accelerated Construction Solutions commissioning a liquefied natural construction schedule gas (LNG) liquefication and export ® •
Slide 78: Key Takeaways
Key Takeaways 1 2 3 4 Leveraging portfolio of high Providing mission-essential Capitalizing on business Executing a disciplined growth margin, growth, and cash flow products and services that optimization, market growth, strategy combining organic generation businesses to build reduce project cost,
Slide 79: Driving Superior Financial Performance: Financial Overview and Outlook
Driving Superior Financial Performance: Financial Overview and Outlook Paul Lawrence | SVP AND CHIEF FINANCIAL OFFICER 2 0 2 6 I N V E S T O R D A Y
Slide 80: Key Messages
Key Messages Driving durable margin improvement through TAG operational and commercial 1 excellence initiatives Unlocking significant value from capital already deployed and levers within 2 our control Delivering structurally higher FCF at a materially higher conversion rate 3 supported by the compl
Slide 81: Transformational Journey is Reflecting CMC's Earnings Power
Transformational Journey is Reflecting CMC’s Earnings Power Core EBITDA* ($M) Transformative Actions Improving Financial Performance $1,400 $1,259 $1,200✓ Refreshed the strategy to focus on improved performance and growth ~$900 – $1,000 $1,000 ✓ Restructured leadership organization to $800 enable tr
Slide 82: Business Segment Growth Enablers
Business Segment Growth Enablers Harvest Invest for Optimize and Grow Growth Europe Steel Group North America Steel Group Construction Solutions Group ✓ Low-cost, best-in-class ✓ Market leadership positions✓ Leadership position in key operations high-growth markets ✓ Modern network of low-cost ✓ Ste
Slide 83: A Clear Framework for Profitability and Growth
A Clear Framework for Profitability and Growth Driving Significant Value Creation Profitability Growth Financial Superior Enablers Enablers Differentiators Performance • Leading market • Secular tailwinds in our • Resilient margin profile• Higher EBITDA margins positions product markets • Strong and
Slide 84: TAG Driving Structural Margin Reset
TAG Driving Structural Margin Reset Leveraging Our Scale to Drive Margin Expansion ✓ Operational excellence delivering productivity and cost improvements ✓ Commercial excellence attaining full value for our products and services ✓ SG&A and overhead efficiency driven by operating scale and automation
Slide 85: Construction Solutions Investments Enhance CMC's Financial Profile
Construction Solutions Investments Enhance CMC’s Financial Profile Profitability Profiles FCF Conversion Profiles 40.0% 100% 90% 34.0% 35.0% 90% 84% 80% 30.0% 70% 25.0% 59% 60% 19.1% 20.0% 50% 14.2% 40% 15.0% 30% 10.0% 20% 5.0% 10% 0.0% 0% 3 4 CMC Core CSG Adj. Precast Adj. CMC* CSG* Precast* 2 1 EB
Slide 86: Committed to High-Quality Balance Sheet and Effective Liquidity Management
Committed to High-Quality Balance Sheet and Effective Liquidity Management 1 Net Leverage Adjusted for Acquisitions (Illustrative)* Well-Positioned to Support Strategy Acquisitions of 2 • Total available liquidity of $1.7B 2.5x 2.3x • Manageable debt profile with 2.1 no maturities due until 2030 <2.
Slide 87: FY29 Core EBITDA Bridge
1 FY29 Core EBITDA Bridge 10-13% Assumptions CAGR $1,650 – $1,800 • Midcycle macro CMC Controllables economic Market growth environment Incremental and policy gross TAG impacts • Reflects only organic benefits net Includes Steel $1,259 of inflation WV, MBQ growth projects Annualized Expansion, curre
Slide 88: Flexible Capex Model Supports Step Change in Free Cash Flow Generation
Flexible Capex Model and Reduced Commitments Supports Step Change in Free Cash Flow Generation Driving EBITDA Exiting Recent Unlocking Step-Change in Growth Peak Capital Free Cash Flow Generation 1 Core EBITDA* ($M) Free Cash Flow* ($M) & Investment Cycle 2 Free Cash Flow Conversion* (%) Capex ($M)
Slide 89: Construction Solutions Group: A Key Driver of CMC's Transformation
Construction Solutions Group: A Key Driver of CMC’s Transformation Construction Solutions Group Adjusted EBITDA* ($M) % of Core EBITDA 600 ~$500 500 400 $247 40%+ 300 200 100 aspirational 0 including TTM Q3 FY26 FY29E inorganic growth Adjusted EBITDA Margin* (%) 35.0% ~29% 30.0% 22% 25.0% 20.0% 15.0
Slide 90: Prudent Long-Term Capital Allocation Philosophy
Prudent Long-Term Capital Allocation Philosophy Driving Value Creation Go-Forward Priorities Historical Uses of Cash (FY23 – FY25) • Capex: focus on high return, low capital Value- intensity projects Generating • M&A: add businesses that strengthen existing Growth portfolio and enhance commercial of
Slide 91: Clear and Strategic M&A Framework
Clear and Strategic M&A Framework FINANCIAL FILTERS • Predictable, stable growth STRATEGIC CRITERIA (>1.5x GDP) • Higher, more stable margin profile • Run-rate synergies within 2-3 years of closing Complements Our Expands U.S. Footprint, Creates Meaningful • EBITDA margin >20% Early-Stage Constructi
Slide 92: Announcing Incremental Share Repurchase Authorization
Announcing Incremental Share Repurchase Authorization $600M Incremental Share Repurchase Authorization Remaining ~$117M on Existing Authorization 2 0 2 6 I N V E S T O R D A Y 91
Slide 93: Looking Ahead: FY29 Financial Targets
1 Looking Ahead: FY29 Financial Targets $1,650M – $1,800M $1,375M – $1,525M 5 2,5 Core EBITDA Free Cash Flow 15% – 16% 80% – 85% 5 3,5 Core EBITDA Margin Free Cash Flow Conversion 40%+ 13.0% – 14.5% CSG % of Core EBITDA 4,5 ROIC 5 Aspirational Including Inorganic Growth For footnoted information, re
Slide 94: Confident in Long-Term Value Creation Opportunity
Confident in Long-Term Value Creation Opportunity Given Earnings Growth and Margin Profile NTM EV / EBITDA Core EBITDA CAGR* Core EBITDA Margin* (FY15 – FY25) (Trailing Twelve Months) VS. PEERS 13.5% 15.2% 14.7% 11.9% ~11x – 13x ~8x – 10x 4 4 CMC (Acq. Adj.) Steel Peers CMC (Acq. Adj.) Steel Peers ~
Slide 95: Key Takeaways
Key Takeaways 1 2 3 4 5 Driving durable Unlocking significant Delivering structurally Executing a Introducing FY29 margin improvement value from capital higher FCF at a disciplined capital financial targets, through TAG already deployed and materially higher allocation strategy reflecting our abilit
Slide 96: Bringing it Together
Bringing it Together Peter Matt | PRESIDENT AND CHIEF EXECUTIVE OFFICER 2 0 2 6 I N V E S T O R D A Y
Slide 97: What You Have Heard from Each Speaker Today
What You Have Heard from Each Speaker Today Ty Garrison Brian Halloran Keith Haas Mike Doucet Paul Lawrence TAG North America Steel Precast Emerging Businesses Finance Group (NASG) Group (EBG) Leveraging TAG as Focusing on Strengthening our Scaling adjacent growth Driving sustainably CMC’s enterpris
Slide 98: Invest with Us
Invest with Us 1 FY29 Financial Targets In Early-Stage Construction with leading, difficult-to- Industry Leader replicate positions in attractive markets $1,650M – $1,800M 15% – 16% 5 5 Core EBITDA Core EBITDA Margin Undergoing Focused on improving margins / returns and opening exciting, new growth
Slide 99: Q&A Session
Q&A Session 2 0 2 6 I N V E S T O R D A Y
Slide 100: Appendix
Appendix ee aS 2026 INVESTOR DAY
Slide 101: End Notes
End Notes All *Represents a non-GAAP financial measure. For definitions and reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures, see appendix. Slide 7 1. As of 7/31/2026. 2. Calculated as TTM Q3 FY26 segment adjusted EBITDA divided by consolidated c
Slide 102: End Notes
End Notes Slide 19 1. Source: Capital IQ. Generalized NTM EV/EBITDA trading multiple for CMC from July 1, 2025 through July 21, 2026. 2. Source: Capital IQ. Generalized NTM EV/EBITDA trading multiples for selected Steel Peers from July 1, 2025 through July 21, 2026. 3. Source: Capital IQ. Generalize
Slide 103: End Notes
End Notes Slide 58 1. Source: Ducker Carlisle Analysis. Slide 64 1. We have not reconciled the forward-looking estimates of incremental EBITDA generation to the comparable GAAP measures because applicable information for future periods, on which these reconciliations would be based, is not readily a
Slide 104: End Notes
End Notes Slide 88 1. Defined as adjusted EBITDA less CapEx over adjusted EBITDA. 2. Calculated as CSG adjusted EBITDA divided by consolidated core EBITDA. For the “TTM Q3 FY26 adj. for acquisitions (illustrative) figure, both the numerator and denominator reflect Precast Adjustments. Annualized EBI
Slide 105: Non-GAAP Reconciliations
Non-GAAP Reconciliations 3 MONTHS ENDED Figures in thousand $ 5/31/2026 2/28/2026 11/30/2025 8/31/2025 TTM Net earnings $173,015 $93,032 $177,282 $151,781 $595,110 Interest expense 40,205 40,928 24,848 12,145 118,126 Income tax expense 15,824 16,708 5,653 41,452 79,637 Depreciation and amortization
Slide 106: Non-GAAP Reconciliations
Non-GAAP Reconciliations % of Core EBITDA Figures in thousand $ TTM Precast as Annualized Adjustments for Adjusted for Percentage of Core EBITDA by segment 5/31/2026 Reported Midpoint - Precast Acquisition Acquisition North America Steel Group adjusted EBITDA $1,056,483 – – – 75% Construction Soluti
Slide 107: Non-GAAP Reconciliations
Non-GAAP Reconciliations 3 MONTHS ENDED Figures in thousand $ 5/31/2026 2/28/2026 11/30/2025 8/31/2025 TTM Net earnings $173,015 $93,032 $177,282 $151,781 $595,110 Interest expense 40,205 40,928 24,848 12,145 118,126 Income tax expense 15,824 16,708 5,653 41,452 79,637 Depreciation and amortization
Slide 108: Non-GAAP Reconciliations
Non-GAAP Reconciliations Precast as Reported Adjusted for Purchase CMC Excluding TTM Accounting Effect Precast TTM Precast Illustrative Figures in thousand $ 5/31/2026 on Inventory 5/31/2026 TTM 9/30/2025 Revenue $8,850,088 $320,287 $8,529,801 $730,000 Core EBITDA 1,259,428 93,215 1,166,213 245,000
Slide 109: Non-GAAP Reconciliations
Non-GAAP Reconciliations 3 MONTHS ENDED Figures in thousand $ 5/31/2026 2/28/2026 11/30/2025 8/31/2025 TTM Emerging Businesses Group Net sales $218,874 $169,838 $198,277 $221,753 $808,742 Adjusted EBITDA 44,497 19,858 39,581 50,630 154,566 Adjusted EBITDA margin 20.3% 11.7% 20.0% 22.8% 19.1% 3 MONTH
Slide 110: Non-GAAP Reconciliations
Non-GAAP Reconciliations Year Ended August 31, Figures in thousand $ 2025 2024 2023 2022 2021 2020 2019 TTC Net earnings $84,662 $485,491 $859,760 $1,217,262 $412,865 $278,302 $198,779 – Interest expense 45,498 47,893 40,127 50,709 51,904 61,837 71,373 – Income tax expense 22,883 150,180 262,207 297
Slide 111: Non-GAAP Reconciliations
Non-GAAP Reconciliations 3 MONTHS ENDED Figures in thousand $ 5/31/2026 2/28/2026 11/30/2025 8/31/2025 TTM Construction Solutions Group Net sales $394,574 $314,425 $198,277 $221,753 $1,129,029 Adjusted EBITDA* 97,411 60,159 39,581 50,630 247,781 Adjusted EBITDA margin 24.7% 17.0% 20.0% 22.8% 21.9% P
Slide 112: Non-GAAP Reconciliations
Non-GAAP Reconciliations Figures in thousand $ 5/31/2026 2/28/2026 Post Precast Close TTM CMC EBITDA (excluding PSG impact) $1,169,517 $1,021,095 $896,865 86,476 33,562 N/A Precast EBITDA contribution in above figure TTM Non Precast CMC EBITDA (excluding PSG impact) $1,083,041 $987,533 $896,865 245,
Slide 113: Non-GAAP Reconciliations
Non-GAAP Reconciliations 10 year EBITDA Figures in thousand $ FY 2015 FY 2025 CAGR Core EBITDA $305,645 $837,262 – Annualized midpoint - Precast– 245,000 – Total core EBITDA adjusted for acquisitions $305,645 $1,082,262 13.5% 2 0 2 6 I N V E S T O R D A Y 112
Slide 114: Non-GAAP Reconciliations
Non-GAAP Reconciliations 5 year EBITDA Figures in thousand $ FY 2020 FY 2025 CAGR TTM Q3 FY 2026 Construction Solutions Group Net sales– – – $1,129,029 Precast revenue– – – 320,287 Precast annualized revenue– – – 730,000 Adjusted net sales– – – $1,538,742 Precast Adjusted EBITDA*– – – 93,215 CSG adj
Slide 115: Speaker Bios
Speaker Bios 2 0 2 6 I N V E S T O R D A Y
Slide 116: Peter Matt | President and Chief Executive Officer
Peter Matt | PRESIDENT AND CHIEF EXECUTIVE OFFICER Peter Matt is President and Chief Executive Officer of CMC. He was appointed President in April 2023 and Chief Executive Officer in September 2023. Prior to his appointment as President, Peter has served as a member of CMC’s Board of Directors since
Slide 117: Ty Garrison | SVP, Operational and Commercial Excellence
Ty Garrison | SVP, OPERATIONAL AND COMMERCIAL EXCELLENCE Ty Garrison is Senior Vice President of Operational & Commercial Excellence for CMC. In this role Ty oversees Global operations support functions, including safety, engineering, environmental, and supply chain. He is also responsible for devel
Slide 118: Brian Halloran | SVP, North America Steel Group
Brian Halloran | SVP, NORTH AMERICA STEEL GROUP Brian Halloran is Senior Vice President of the North America Steel Group at CMC. Brian is responsible for the commercial, operational, and financial performance of CMC’s North American steel mills, CMC Southern Post, rebar fabrication, recycling and po
Slide 119: Keith Haas | SVP, Precast Group
Keith Haas | SVP, PRECAST GROUP Keith Haas is Senior Vice President, Precast Group at CMC. In this role, Keith is responsible for the commercial, operational, and financial performance of CMC’s precast business, which operates across the southeastern, mid-Atlantic and western United States. Keith jo
Slide 120: Mike Doucet | SVP, Emerging Businesses Group
Mike Doucet | SVP, EMERGING BUSINESSES GROUP Mike Doucet is Senior Vice President, Emerging Businesses Group at CMC. In his current role, Mike is responsible for the commercial, operational and financial performance and growth strategy for several CMC businesses, including CMC Poland, ® Tensar , Geo
Slide 121: Paul Lawrence | SVP and Chief Financial Officer
Paul Lawrence | SVP AND CHIEF FINANCIAL OFFICER Paul Lawrence is Senior Vice President and Chief Financial Officer of CMC. Paul joined CMC in February 2016 as Vice President of Finance and has held various finance leadership positions, including Treasurer and Vice President of Financial Planning and