Slide 1: Earnings Presentation | Q3 2025
Earnings Presentation | Q3 2025 November 2025
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: Q3 2025 | Operational & Other Highlights
Q3 2025 | Operational & Other Highlights ▪ Safety and operational excellence investments are paying off • Honored with Safety Culture Improvement Award from the Metals Service Center Institute (MSCI) • Safely executed planned annual shutdown maintenance ▪ Recently awarded several new 2026 defense pr
Slide 4: Q3 2025 | Financial Highlights
Metallus Q3 2025 | Financial Highlights PRIOR YEAR AND SEQUENTIAL COMPARISON NET SALES | $306 MILLION NET INCOME | $8 MILLION ADJUSTED EBITDA (1) | $29 MILLION $29 $8 $27 $305 $306 $4 $227 $6 $(6) Q3 24 Q2 25 Q3 25 Q3 24 Q2 25 Q3 25 Q3 24 Q2 25 Q3 25 OPERATING CASH FLOW | $22 MILLION ADJUSTED EPS (2
Slide 5: Q3 2025 | End Market Performance
Metallus Q3 2025 | End Market Performance vs. Q2 2025 Shipments (k Tons) Base Sales per Ton(1) 67 65 $1,320 53 $1,140 $1,206 Industrial Q3 24 Q2 25 Q3 25 Q3 24 Q2 25 Q3 25 70 72 57 $1,499 $1,408 $1,407 Automotive Q3 24 Q2 25 Q3 25 Q3 24 Q2 25 Q3 25 15 16 $3,265 $2,364 $2,546 3 Aerospace & Defense Q3
Slide 6: Q3 2025 | Adjusted EBITDA Waterfall
Metallus Q3 2025 | Adjusted EBITDA(1) Waterfall PRIOR YEAR COMPARISON $6.9 $1.4 $29.0 $2.3 $(3.3) $18.2 $ in Millions $(2.6) $6.1 2024 Q3 VOLUME PRICE/MIX RAW MANUFACTURING SG&A OTHER 2025 Q3 ADJUSTED MATERIAL SPREAD ADJUSTED EBITDA(1) EBITDA(1) SEQUENTIAL COMPARISON $2.0 $4.3 $0.4 $29.0 $26.5 $(1.8
Slide 7: Q4 2025 Outlook
Metallus | Q4 2025 Outlook PERFORMANCE METRIC VS. Q3 2025 OUTLOOK ▪ Fourth-quarter shipments are expected to be lower than the third quarter, primarily due to Shipments normal year-end seasonality and customers’ potential global supply chain challenges. ▪ Base price per ton is anticipated to increas
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 and
Slide 9: Appendix
Appendix
Slide 10: Reconciliation of EBITDA and Adjusted EBITDA
$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) For the three months ended September 30, 2025, common share equivalents for shares issuable for equity- presented in accordance with GAAP. T
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 (1) Total Liquidity is defined as available borrowing capacity plus cash and cash equivalents (2) As of each respective period a
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