Ryerson Holding Corporation · NYSE:RYZ
Ryerson — Q4 2025 Earnings Presentation
25 slides from Ryerson's earnings presentation, Feb 20, 2026
Slide 1: Ryerson Quarterly Release Presentation Q4 2025
Ryerson Quarterly Release Presentation Q4 2025
Slide 2: Important Information About Ryerson Holding Corporation
Important Information About Ryerson Holding Corporation These materials do not constitute an offer or solicitation to purchase or sell securities of Ryerson Holding Corporation (“Ryerson” or “the Company”) or its subsidiaries and no investment decision should be made based upon the information provi
Slide 3: Successfully Closed Merger
SUCCESSFULLY CLOSED MERGER ✓ Creates the second largest metals service center in North America, processing ~2.9M tons and Presence generating ~$6.5B+ in revenue annually1 Presence in key regions strengthens competitiveness, diversifies end products and markets, Ideal match ✓ densifies our network cl
Slide 4: Q4 Market & Performance
Q4 MARKET & PERFORMANCE Commodity prices since Dec. 2020 Q4 2025 Performance Highlights • Generated Q4 revenue of $1.10B, with tons shipped down 4.9% and average Futures selling prices flat compared to the prior quarter, in-line with guidance expectations given normal seasonality patterns and soft i
Slide 5: Capital Management
CAPITAL MANAGEMENT Liquidity & Net Debt, $M • Improvements in both net debt and TTM Adj. $464 $479 $470 $436 EBITDA, excl. LIFO decreased Q4 leverage to $440 3.1x, moving closer to target range of 0.5x to 2.0x $451 $490 $485 $521 $502 • Successfully extended the maturity of the Q4 24 Q1 25 Q2 25 Q3
Slide 6: Q1 2026 Guidance (Includes Olympic Steel Stub Period Guidance)
Q1 2026 GUIDANCE (INCLUDES OLYMPIC STEEL STUB PERIOD GUIDANCE) Net sales Net Income1 Adj. EBITDA, excl. LIFO $1.52 - 1.58B $10 – 12M $63 - 67M First quarter guidance assumes: • Ryerson expects same-store shipments increase 13 to 15% based on strong customer activity observed in the first weeks of th
Slide 7: Q4 2025 Key Financial Metrics
Q4 2025 KEY FINANCIAL METRICS Diluted Loss Net Sales Gross Margin Net Loss1 Total Debt per Share $1.10B 15.3% $37.9M ($1.18) $463M +9.7% (370) bps -$33.6M -$1.05 -$4M YoY YoY YoY YoY YoY Gross Adj. EBITDA Adjusted Diluted Tons Shipped Margin, excl. Net Debt excl. LIFO Loss per Share LIFO 461k 17.3%
Slide 8: Expansive Solutions Offering Across Industrial Metals
$4.6bn 2024 Revenue $1.9bn 2024 Revenue ~75k Industrial Metals Products Value-add Processing & End-Products Focus 106 Facilities 53 Facilities Expanded Enhanced ability to Margin expansion ~$120M Complementary ✓ presence ✓ serve customers ✓ through value-add ✓ synergies ✓ strategic fit EXPANSIVE SOL
Slide 9: Appendix
i lil | ll | i il
Slide 10: Investment Overview
INVESTMENT OVERVIEW ⚫ All-stock merger with Olympic Steel TRANSACTION OVERVIEW ⚫ Olympic Steel shareholders received 1.7105 Ryerson shares for every share of Olympic Steel owned ⚫ Olympic Steel shareholders’ ownership of combined entity ~37% ⚫ Expected to be immediately accretive pre-synergies, with
Slide 11: Enhanced Footprint
ENHANCED FOOTPRINT PRO FORMA LOCATIONS NORTH AMERICA Enormous opportunity for geographical optimization Perfectly positioned to benefit from domestic infrastructure spending and U.S. reshoring push Incredible opportunity for optimization of supply chain and distribution network Increased density clo
Slide 12: Primed to Capture Attractive Returns
PRIMED TO CAPTURE ATTRACTIVE RETURNS SIGNIFICANT CAPITAL INVESTED SELECT HIGHLIGHTS ($M) Ryerson Capex Olympic Steel Capex1 $143 $480M+ 20%+ Targeted Project ROI on $129 Total four-year investment1 $125 $21 growth capex investments2 $20 $29 • University Park – New CS&W HQ • Shelbyville expansion $87
Slide 13: Compelling Synergy Opportunity
COMPELLING SYNERGY OPPORTUNITY OVERVIEW ~$120M 33% 100% >$190M Expected Annual Run Rate Expected implementation Expected implementation 2024 Pro Forma Free Cash Synergies1 by end of Year 1 by end of Year 2 Flow2 4 Key Pillars Underpinning Synergy Realization Procurement Efficiency Gains Commercial E
Slide 14: Moving Up the Value Chain Together
MOVING UP THE VALUE CHAIN TOGETHER End Products - Stainless steel bollards - Custom water treatment systems - Industrial hoppers - Service station canopies - HVAC and air filtration/venting systems Value-Add / Value Engineer - Multi-step processing - Highly engineered cuts and modifications - Build-
Slide 15: Creates Clear Number Two Metals Service Center in North America
CREATES CLEAR NUMBER TWO METALS SERVICE CENTER IN NORTH AMERICA TOP METAL SERVICE CENTERS – 2024 REVENUE ($BN) $13.8 $6.5 $4.6 $4.2 $3.9 $3.4 $3.3 $3.2 $3.1 $3.1 $2.9 $2.1 $2.0 $1.9 + NA Source: Metal Center News, 2025 Top 50 Service Centers Report Note: Based on selected competitors only 15
Slide 16: Olympic Steel – Delivering Strong Returns with Less Volatility
OLYMPIC STEEL – DELIVERING STRONG RETURNS WITH LESS VOLATILITY Carbon Flat Products Specialty Metals Flat Products Tubular and Pipe Products 57% of total revenue 26% of total revenue Stainless steel and aluminum 17% of total revenue Fastest-growing segment, serving growth markets • High-volume busin
Slide 17: Olympic Steel Has Relentlessly Focused on Margin Expansion and Consistency of Earnings
OLYMPIC STEEL HAS RELENTLESSLY FOCUSED ON MARGIN EXPANSION AND CONSISTENCY OF EARNINGS Positioned to Higher margin brand Rigorous operating Disciplined capital capitalize on favorable portfolio expense management allocation environment • Reducing cyclicality through • Heavily U.S.-based supply • Rig
Slide 18: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This communication contains certain “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,”
Slide 19: Quarterly Financial Highlights
QUARTERLY FINANCIAL HIGHLIGHTS Tons Sold (000’s) Average Selling Price Per Ton $2,395 $2,397 $2,334 501 $2,254 $2,271 500 485 447 461 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Gross Margin & Gross Margin, excl. LIFO Net Income (Loss) & Adj. EBITDA excl. LIFO ($M
Slide 20: Non-GAAP Reconciliation: Adjusted EBITDA, excl. LIFO
NON-GAAP RECONCILIATION: ADJUSTED EBITDA, EXCL. LIFO ($M) Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Tons Sold (000's) 508 485 447 500 501 485 461 Net Sales $ 1,225.5 $ 1,126.6 $ 1,007.4 $ 1,135.7 $ 1,169.3 $ 1,161.5 $ 1,104.8 Gross Profit 223.5 202.0 191.1 204.4 209.4 199.5 168.9 Gross Margin
Slide 21: Non-GAAP Reconciliation: Adjusted Net Income (Loss)
NON-GAAP RECONCILIATION: ADJUSTED NET INCOME (LOSS) (Dollars and shares in millions, except per share data) Q4 '24 Q3 '25 Q4 '25 Net loss attributable to Ryerson Holding Corporation ($4.3) ($14.8) ($37.9) Restructuring and other charges 0.3 - - Advisory service fee - - 7.8 Impairment charges on asse
Slide 22: Non-GAAP Reconciliation: Leverage Ratio and Free Cash Flow
NON-GAAP RECONCILIATION: LEVERAGE RATIO AND FREE CASH FLOW ($M) Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Total debt $467.4 $497.3 $510.2 $499.7 $463.1 Less: cash and cash equivalents (27.7) (33.6) (30.8) (29.8) (26.9) Net Debt $439.7 $463.7 $479.4 $469.9 $436.2 TTM Adj. EBITDA, excl. LIFO $114.1 $106.7 $1
Slide 23: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION ($M) 2022 2023 2024 2025 Tons Sold (000's) 2,029 1,943 1,937 1,947 Net Sales 6,323.6 5,108.7 4,598.7 4,571.3 Average Selling Price $3,117 $2,629 $2,374 $2,348 Gross Profit 1,310.1 1,021.6 834.2 782.2 Gross Profit per Ton 646 526 431 402 Gross Margin 20.7% 20.0% 18.1% 17.1% LI
Slide 24: Ryerson.com 3.0 - NextGen Ecommerce
RYERSON.COM 3.0 - NEXTGEN ECOMMERCE • Investing in digitalization to improve the customer experience 24
Slide 25: Investing in the Business
INVESTING IN THE BUSINESS University Park – New CS&W HQ ✓ Shelbyville expansion ✓ Centralia Pacific NW ✓ • 900,000 sq ft facility • State-of-the-art cut-to-length line • 214,000 sq ft facility (CTL) and automated storage and • Advanced processing capabilities • Significant automation and technologic