Nucor Corporation · NYSE:NUE
Nucor — Q4 2025 Earnings Presentation
29 slides from Nucor's earnings presentation, Jan 27, 2026
Slide 1: Fourth Quarter 2025 Earnings Call
FOURTH QUARTER 2025 EARNINGS CALL LEON TOPALIAN Chair and CEO STEVE LAXTON President, COO and CFO January 27, 2026
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 presentation, including adjusted earnings, EBITDA and Free Cash Flow (FCF). Generally, a non-GAAP financial measure is a numerical measure of a company’s performance or
Slide 4: Spotlight on Safety
SPOTLIGHT ON SAFETY • I&I rate has improved each year since 2017 and sits at the lowest point in company history − 35% improvement over past five years − 21 divisions had zero recordable injuries in 2025 − Closed the year with the safest two months in Nucor history • Our challenge is to become the w
Slide 5: Q4 & FY 2025 Financial Highlights
Q4 & FY 2025 FINANCIAL HIGHLIGHTS Q4 2025 FY 2025 EBITDA1 $918 million $4.2 billion Net Earnings $378 million / $1.7 billion / (Reported / Adjusted) $400 million $1.8 billion EPS $1.64 / $1.73 $7.52 / $7.71 (Reported / Adjusted) Capital Expenditures $802 million $3.4 billion Returns to NUE $227 mill
Slide 6: Advancing Along Our Growth Journey
ADVANCING ALONG OUR GROWTH JOURNEY Growth Projects Completed Strategic Initiatives Executed • Bar: Kingman, AZ bar mill melt shop • Repurposed two facilities into Nucor Data • Bar: Lexington, NC rebar micro-mill 2025 Systems operations • Sheet: Crawfordsville, IN coating complex • Restructured Cold
Slide 7: 2026 Growth Priorities
2026 GROWTH PRIORITIES West Virginia Sheet Mill Towers & Structures Greenfields West Virginia Sheet Mill Decatur, Alabama Towers & Structures Sheet Coating Projects 2026 Ramp-Ups of Recent Projects New Berkeley County galv line Lexington, NC rebar micro mill 7
Slide 8: Trade Enforcement Policies Are Leveling the Playing Field
TRADE ENFORCEMENT POLICIES ARE LEVELING THE PLAYING FIELD 2022 – 2025 U.S. Import Data 2026 Outlook All Carbon & Alloy Steel – Avg Monthly Quantity Trade & Steel Imports 2.5 2.47 2.50 Lower Imports in 2026 vs. 2025 2.32 25% 2.26 • We expect the vigorous enforcement of our % Finished C&A Import Mkt S
Slide 9: Constructive Outlook for 2026
CONSTRUCTIVE OUTLOOK FOR 2026 BALANCED END MODEST GROWTH LOWER IMPORTS MARKETS IN STEEL DEMAND –––––––––––––––– –––––––––––––––– –––––––––––––––– • Data centers • ~2026 GDP • Full year impact growth: 2.3%(1) of 232 tariffs • CHIPS plants • Energy • World Steel LOWER • CORE and Flat to 2026 U.S. than
Slide 10: Consolidated Financial Results
CONSOLIDATED FINANCIAL RESULTS ($ in Millions except per share data) Reported and Adj. Diluted EPS1 EBITDA2 Q4 Full-year Q4 Full-year $8.90 $4,365 $4,174 $7.71 $1.73 $8.46 $7.52 $751 $1.64 $918 $1.22 2024 2025 2024 2025 2024 2025 2024 2025 Capital Expenditures Cash Returned to Shareholders3 Q4 Full-
Slide 11: Q4 2025 Segment Results
Q4 2025 SEGMENT RESULTS ADJUSTED PRE-TAX SEGMENT Q4 2025 VS Q3 2025 EARNINGS (1) $millions • Lower realized pricing STEEL • Lower volumes $57 MILLS $43 $392 • Lower EBT/ton $319 $24 $251 • Lower volumes $57 $29 STEEL • Higher realized pricing $329 $307 $843 $793 PRODUCTS $522 • Lower EBT/ton $241 $1
Slide 12: 2026 Projected Capex: ~$2.5 Billion
2026 PROJECTED CAPEX: ~$2.5 BILLION 2026 Est. Notable Projects Description Capex(1) Completion • 3M tpa sheet mill with low GHG West Virginia profile located in heart of America’s ~$950 Late 2026 Sheet Mill largest sheet market IMPROVED PRODUCT Towers & • Highly automated manufacturing CAPABILITIES
Slide 13: Strong Balance Sheet & Shareholder Returns Remain Priorities
STRONG BALANCE SHEET & SHAREHOLDER RETURNS REMAIN PRIORITIES MAINTAINING FINANCIAL FLEXIBILITY HIGHEST CREDIT RATINGS IN THE INDUSTRY $USD in millions xLTM as of December 31, 2025 Amount EBITDA1 % cap Rating Long-term Short-term Outlook Agency Rating Rating Total Debt2 $7,121 1.7x 24% S&P A- A-1 Sta
Slide 14: Q1 2026 Earnings Outlook
Q1 2026 EARNINGS OUTLOOK IMPACT ON Q1 SEGMENT EXPECTATIONS FOR Q1 vs Q4 EARNINGS VS Q4 • Higher volumes Steel Mills • Higher average realized pricing across all major product categories • Higher volumes Steel Products • Stable average realized pricing Raw Materials • Higher volumes • Higher interseg
Slide 15: 2026 Free Cash Flow Improvement
2026 FREE CASH FLOW IMPROVEMENT • We expect lower capex, improved market conditions, and contributions from recently completed growth projects to drive higher free cash flow in 2026 vs. 2025 FCF DRIVERS(1) 2026 vs. 2025 Lower capex $8.1 Bn (~$900 million) ―――― Higher Nucor shipments (~5%) ―――― Highe
Slide 16: Appendix
APPENDIX NwUucoRF
Slide 17: Nucor's Circular Business Model: Value Creation Since 2020
NUCOR’S CIRCULAR BUSINESS MODEL: VALUE CREATION SINCE 2020 2020-2025 Returns to Shareholders SCOPE, SCALE and SUSTAINABILITY • Returned ~$14B to shareholders • Largest and most diversified representing ~58% of net earnings steel products company in the US • Repurchased ~84 million shares Highly Effi
Slide 18: Metal Margins Have Historically Trended Higher in Rising Scrap Price Environments
METAL MARGINS HAVE HISTORICALLY TRENDED HIGHER IN RISING SCRAP PRICE ENVIRONMENTS Nucor metal margins are highly Period Avg. Scrap Cost1 Avg. Metal Margin correlated (~80%2) with scrap & 2016-2020 $300 $408 substitute costs 2021-2022 $481 $779 2023-2025 $402 $633 $1,400 Avg. Steel Mill $1,200 Sellin
Slide 19: Nucor's Flexible Raw Materials Mix
NUCOR’S FLEXIBLE RAW MATERIALS MIX 100% 6% 6% 6% 7% 10% 15% 15% 15% 14% 14% 80% 23% 26% 25% 25% 23% 60% At least 75% of Nucor’s Raw Material 40% mix is comprised of recycled 54% 56% 53% 54% 54% materials 20% 0% 2021 2022 2023 2024 2025 OBSOLETE SCRAP PRIME SCRAP DRI + HBI PIG IRON 19 Totals may not
Slide 20: Medium-Term Outlook for Key End Markets
MEDIUM-TERM OUTLOOK FOR KEY END MARKETS NUE Primary Markets and % of Total External Shipments (2025) HEAVY EQUIPMENT, TRADITIONAL CONSTRUCTION & AUTO & CONSUMER TRANSPORTATION, AND RENEWABLE INFRASTRUCTURE DURABLES LOGISTICS & OTHER ENERGY % NUE ‘25 Shipments: ~52% ~24% ~12% ~12% • Data Centers • LN
Slide 21: 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 Prior Shipments Q4 ’25 Q3 ’25 Q4 ’24 Qtr. Year Q4 2025 vs. Q3 2025 Sheet 2,804 3,030 2,714 -7% 3% • Lower realized pricing Bars 2,007 2,190 1,887 -8% 6% Structural 522 595 508 -12% 3%
Slide 22: Segment Results: Raw Materials
SEGMENT RESULTS: RAW MATERIALS RAW MATERIALS $s in millions, tons in thousands % Change Versus Q4 ’25 Q3 ‘25 Q4 ’24 Prior Prior Q4 2025 vs. Q3 2025 Production Qtr. Year DRI -25% -27% • Lower profitability primarily driven by 733 976 1,005 -10% 5% DRI maintenance outages Scrap Processing 1,088 1,215
Slide 23: 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 TUBULARBLDG STEEL STEEL RAW TOTAL NET SALES PER $ PER YEAR SHEET BARS BEAM* PLATE STEEL DECK FAB PRODS SYSTEMS PROD
Slide 24: 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 25: 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 26: Reconciliation of GAAP to Non-GAAP Measure - EBITDA
RECONCILIATION OF GAAP TO NON-GAAP MEASURE - EBITDA $ in millions 2020 2021 2022 2023 2024 2025 Q4 2024 Q4 2025 Net earnings before $836 $7,122 $8,080 $4,913 $2,319 $2,038 $345 $423 non-controlling interests Net interest expense $153 $159 $170 ($30) ($30) $59 $3 $11 Income taxes -- $2,078 $2,165 $1,
Slide 27: Reconciliation of GAAP to Non-GAAP Measure - Free Cash Flow (FCF)
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – FREE CASH FLOW (FCF) $ in millions 2020 2021 2022 2023 2024 2025 CASH PROVIDED BY $2,697 $6,231 $10,072 $7,112 $3,979 $3,234 OPERATING ACTIVITIES CAPITAL EXPENDITURES ($1,543) ($1,622) ($1,948) ($2,214) ($3,173) ($3,422) FREE CASH FLOW $1,154 $4,609 $8,12
Slide 28: Reconciliation of GAAP to Non-GAAP Measure - Earnings Attributable to Nucor Stockholders
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – EARNINGS ATTRIBUTABLE TO NUCOR STOCKHOLDERS $ in millions Q3 2024 Q1 2025 Q4 2025 Diluted EPS Diluted EPS Diluted EPS NET EARNINGS ATTRIBUTABLE $250 $1.05 $156 $0.67 $378 $1.64 TO NUCOR STOCKHOLDERS LOSSES AND IMPAIRMENTS OF $103 $0.44 $23 $0.10 $22 $0.09
Slide 29: Reconciliation of GAAP to Non-GAAP Measure - Pre-Tax Segment Earnings
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – PRE-TAX SEGMENT EARNINGS $ in millions Q3 2024 Q1 2025 Q4 2025 Steel Steel Raw Steel Steel Raw Steel Steel Raw Mills Products Materials Mills Products Materials Mills Products Materials EARNINGS (LOSS) BEFORE INCOME TAXES AND $309 $314 ($66) $231 $288 $29