Commercial Metals Company · NYSE:CMC
Commercial Metals — Q1 2026 Earnings Presentation
30 slides from Commercial Metals's earnings presentation, Jan 8, 2026
Slide 1: Q1 FY 2026 Supplemental Slides
Q1 FY 2026 Supplemental Slides
Slide 2: 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 3: A Market Leader with a Winning Formula
A Market Leader with a Winning Formula CMC is charting the course for improved profitability. Starting from a position of competitive strength, we see structural tailwinds in our core North American construction markets for years to come and meaningful opportunities for margin growth. Strong Competi
Slide 4: Path to Creating Shareholder Value: Running and Growing a Great Business
Path to Creating Shareholder Value: Running and Growing a Great Business We are aiming for a new level of performance by getting more out of our existing business while investing in value enhancing capabilities 1 Focus on the safety of our people and building a world-class team Investing in Our
Slide 5: Key Takeaways From Today’s Call
Key Takeaways From Today’s Call Executing successfully on strategy to meaningfully enhance CMC’s financial profile Capitalized on strong domestic market dynamics with solid operational and commercial execution; constructive market conditions expected to continue Launched several new TAG initiatives
Slide 6: CMC Capitalized on Good Domestic Market Conditions During Q1
CMC Capitalized on Good Domestic Market Conditions During Q1 Increased long steel Steady construction Structural trends drove Tariff environment Q1 Market pricing and metal activity across most strength in certain resulted in low levels of Backdrop margins geographies segments of construction import
Slide 7: Pursuing Excellence: Update on Transform, Advance, Grow (TAG) Program
Pursuing Excellence: Update on Transform, Advance, Grow (TAG) Program Enterprise-wide and transformational TAG program aims to drive higher through-the- Goal: Exit FY 2026 at $150M of cycle margins, earnings, cash flows, and ROIC. Limited capital requirements annualized EBITDA benefit1,2 Widening
Slide 8: Rebranding Emerging Businesses Group to Construction Solutions Group
Rebranding Emerging Businesses Group to Construction Solutions Group Better reflects business composition and commercial orientation of the segment Name more closely aligns with strategic priorities of CMC Segment will include prior Emerging Businesses Group plus new precast platform Uniquely positi
Slide 9: CMC’s New Precast Growth Platform Will Contribute to Q2 Results
CMC’s New Precast Growth Platform Will Contribute to Q2 Results Overview of CMC Precast Business Comments and Outlook One of the largest precast businesses in the United States1 • CP&P acquisition closed on December 1st; Foley acquisition Industry-leading product portfolio closed on December 15th
Slide 10: Construction Solutions is a Major EBITDA Contributor
Construction Solutions is a Major EBITDA L12M Results $155M 19.9% 15% Contributor adjusted EBITDA EBITDA margin of segment EBITDA1 CMC is building a unique portfolio of solutions to meet customer needs and address challenges Illustrative $400M 26.6% 31% with Precast across the early-stage constructi
Slide 11: Healthy North American Market Conditions
Healthy North American Market Conditions Current demand on the ground is stable. Positive signals point to potential strengthening ahead. Near-Term View Mid to Long-Term View • Key internal indicators show stability in current underlying demand • Structural trends should be durable, providing a majo
Slide 12: Supportive Trade Policy Environment
Supportive Trade Policy Environment Rebar Market Supply (CY3 2024) Current Tariff Treatment CY3 2025 Policy Developments U.S. Domestic Imports Into Market Supply the U.S.2 • Elimination of all Section 232 tariff exemptions % of Total % of Total − Previously exempt nations imported approximately Impo
Slide 13: Green Shoots Continue to Emerge for Europe Steel Group
Green Shoots Continue to Emerge for Europe Steel Group Recent Market Developments Demand Factors Supply Factors • Polish economic growth accelerated in CY 2025 and should • Carbon Border Adjustment Mechanism took effect on January maintain momentum in CY 2026 1, 2026. Estimated potential to impact c
Slide 14: Focused on Deleveraging Following Recent Precast Transactions
Focused on Deleveraging Following Recent Precast Transactions Net leverage increased to approximately 2.5x following the acquisitions of CP&P and Foley. CMC expects to reduce this metric to below 2x within 18 months. Net Leverage After Closing Acquisitions (illustrative) Available Liquidity (illustr
Slide 15: Q1 Operational Update
Q1 Operational Update • Demand for long steel products in North America remained resilient − Finished steel shipments were little changed year-over-year and sequentially • North America Steel Group steel products margin increased to the highest level in nearly three years − Steel products metal marg
Slide 16: Q1 Consolidated Operating Results
Q1 Consolidated Operating Results Performance Summary Core EBITDA Bridge2 – Q1 2025 to Q1 2026 Units in 000’s except per ton amounts and margin $ Millions Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Q1 26 350 External Finished Steel Tons Shipped1 1,459 1,354 1,512 1,528 1,507 17 (15) (20) 18 300 Core EBITDA2 $208,6
Slide 17: Q1 North America Steel Group
Q1 North America Steel Group Performance Summary North America Steel Group – Key Margins Units in 000’s except per ton amounts and margin $ / ton Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 1,000 938 300 922 898 External Finished Steel Tons Shipped1 1,146 1,044 1,153 1,154 1,145 874 900 854 250 800 Adjusted
Slide 18: Q1 Construction Solutions Group
Q1 Construction Solutions Group Performance Summary Contribution to Net Sales Change – Q1 2025 to Q1 2026 Units in 000’s except margin Quarterly net sales figures in $ million, contribution to net sales changes provided in percentages Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 220 Net sales up 17.0% Net sal
Slide 19: Q1 Europe Steel Group
Q1 Europe Steel Group Performance Summary Europe Steel Group – Key Margins Units in 000’s except per ton amounts and margin $ / ton Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 350 External Finished Steel Tons Shipped1 313 310 359 374 362 317 306 Margin Over Scrap and Adjusted EBITDA per ton 293 300 269 275 A
Slide 20: Disciplined Capital Allocation Strategy
Disciplined Capital Allocation Strategy CMC will prudently allocate capital while maintaining a strong and flexible balance sheet CMC plans to deleverage from recent acquisitions within 18 months Near-Term Focus Long-Term Framework Value-Generating Growth Value-Generating Growth • Complete key organ
Slide 21: Appendix
Appendix © CMC
Slide 22: Safety is Core to Our Mission
Safety is Core to Our Mission Our concentrated focus on safety and culture has driven We achieved world-class performance across our operational footprint continuous improvement during FY 2025 and are pushing for even better results in FY 2026 CMC and Domestic Steel Industry1 Total Recordable Total
Slide 23: Clear Sustainability Leader
Clear Sustainability Leader CMC plays a key role in the circular steel economy, turning end of life metals into the steel that forms the backbone of modern society Scopes 1&2 Greenhouse Gas Emissions (GHG) Intensity ACCOUNTABILITY FOR OUR RESPECT FOR OUR tCO2e per MT of steel 2.3 ACTIONS ENVIRONMENT
Slide 24: Appendix: Non-GAAP Financial Reconciliations
Appendix: Non-GAAP Financial Reconciliations © CMC
Slide 25: Adjusted EBITDA, Core EBITDA, Core EBITDA margins, and Net leverage
Adjusted EBITDA, Core EBITDA, Core EBITDA margins, and Net leverage [1] See page 28 for definitions of non-GAAP measures Q1 FY26 Supplemental Slides 24 January 8, 2026
Slide 26: Adjusted Earnings
Adjusted Earnings [1] See page 28 for definitions of non-GAAP measures Q1 FY26 Supplemental Slides 25 January 8, 2026
Slide 27: Return on Invested Capital
Return on Invested Capital [1] Federal statutory rate of 21% plus approximate impact of state level income tax [2] See page 28 for definitions of non-GAAP measures Q1 FY26 Supplemental Slides 26 January 8, 2026
Slide 28: Construction Solutions Group Adjusted Segment EBITDA % of Total Segment EBITDA
Construction Solutions Group Adjusted Segment EBITDA % of Total Segment EBITDA Q1 FY26 Supplemental Slides 27 January 8, 2026
Slide 29: Definitions for non-GAAP financial measures
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 estimated income tax effects thereof. The adjustment “settle
Slide 30: CMC.COM
CMC.COM
Commercial Metals Company — Q1 2026 Earnings Presentation on 6ix