Commercial Metals Company · NYSE:CMC
Commercial Metals — Q4 2025 Earnings Presentation
32 slides from Commercial Metals's earnings presentation, Oct 16, 2025
Slide 1: Q4 FY 2025 Supplemental Slides
Q4 FY 2025 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 proposed acquisitions of Concrete Pipe & Precast ("CP&P") and Foley Products Company ("Foley") and the timing thereof, the ability to obtain regulato
Slide 3: Financial Information of CP&P and Foley; Pro Forma and Combined Company Measures
Financial Information of CP&P and Foley; Pro Forma and Combined Company Measures This presentation contains unaudited financial information about CP&P and Foley, some of which reflects preliminary estimates and forecasts based on currently available information and management estimates. This present
Slide 4: 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 5: Key Takeaways From Today’s Call
Key Takeaways From Today’s Call Executing on strategy to meaningfully enhance CMC’s financial profile Exceeding targeted level of benefits from the TAG program, with substantial upside expected through continued efforts across initiatives North American segment results improved both sequentially and
Slide 6: Running and Growing a Great Business
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 Execute operational and commercial e
Slide 7: Strong Strategic Execution in FY 2025 Lays the Groundwork for Future Years
Strong Strategic Execution in FY 2025 Lays the Groundwork for Future Years The actions taken in FY 2025 will have a meaningful impact on future financial performance. The foundation is set for growth ahead. 1 2 3 Investing in Our People Value Accretive Capability Enhancing & Pursuing Excellence Orga
Slide 8: Pursuing Excellence: Update on Transform, Advance, Grow (TAG) Program
Pursuing Excellence: Update on Transform, Advance, Grow (TAG) Program The enterprise-wide, transformational, capital-light TAG program aims to drive higher through-the-cycle margins, earnings, and cash flows and improved ROIC. The effort includes 150+ individual initiatives across operational, comme
Slide 9: Inorganic Growth: Precast Platform with Immediate Scale
Inorganic Growth: Precast Platform with Immediate Scale INDUSTRY LEADING Incremental Accretion to CMC Annualized PRODUCT OFFERING Annualized EBITDA Core EBITDA Margin #3 In the United States1 ~$250 +2.1 #1 In the Southeast1 million2 percentage points3 Facilities 35 Composition of Operating Segment A
Slide 10: Recent Government Policy Enactments Are Generally Supportive
Recent Government Policy Enactments Are Generally Supportive Impact of Current Tariff Environment Other Policy Developments Steel Tariff Impact on CMC’s Markets Impacts of IEEPA Tariffs One Big Beautiful Bill Demand in CMC’s Markets • Significant cash tax savings through • Elimination of Section 232
Slide 11: North American Market Conditions
North American Market Conditions Conditions on-the-ground for both our North America Steel Group and Emerging Businesses Group have been stable Near-Term View Mid to Long-Term View • Key internal indicators show stability in underlying demand • Structural trends should be durable, provide a major ta
Slide 12: EBG is Delivering Strong Results…
EBG is Delivering Strong Results… CMC is building a unique portfolio of solutions to meet customer needs and FY 2025 $138M 18.4% 15% address challenges across the early-stage construction landscape Results adjusted EBITDA EBITDA margin of segment EBITDA1 Performance CMC CMC CMC Tensar Reinforcing Co
Slide 13: Green Shoots Continue to Emerge for Our Europe Steel Group
Green Shoots Continue to Emerge for Our Europe Steel Group Market conditions have improved modestly in recent quarters. Emerging green shoots point to further strengthening ahead. Recent Market Developments Demand Factors Supply Factors • Increased inflows of EU funds • Trade policy adjustments prop
Slide 14: Q4 Operational Update
Q4 Operational Update • Demand for long steel products in North America remained resilient − Finished steel shipments increased 3.0% y/y • North America Steel Group steel product margin increased throughout the quarter − Steel product metal margin increased by $46 per ton from the prior year period,
Slide 15: Q4 Consolidated Operating Results
Q4 Consolidated Operating Results Performance Summary Core EBITDA Bridge2 – Q4 2024 to Q4 2025 Units in 000’s except per ton amounts and margin $ Millions Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 350 External Finished Steel Tons Shipped1 1,439 1,459 1,354 1,512 1,528 300 (26) Core EBITDA2 $218,998 $208,66
Slide 16: Q4 North America Steel Group
Q4 North America Steel Group Performance Summary North America Steel Group – Key Margins Units in 000’s except per ton amounts and margin $ / ton Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 1,200 250 External Finished Steel Tons Shipped1 1,120 1,146 1,044 1,153 1,154 958 1,000 938 898 874 200 854 SP and DP M
Slide 17: Q4 Emerging Businesses Group
Q4 Emerging Businesses Group Performance Summary Contribution to Net Sales Change – Q4 2024 to Q4 2025 Units in 000’s except margin Quarterly net sales figures in $ million, contribution to net sales changes provided in percentages Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 240 Net sales up 13.4% Net sales
Slide 18: Q4 Europe Steel Group
Q4 Europe Steel Group Performance Summary Europe Steel Group – Key Margins Units in 000’s except per ton amounts and margin $ / ton Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 350 External Finished Steel Tons Shipped1 319 313 310 359 374 317 Margin Over Scrap and Adjusted EBITDA per ton 293 300 284 269 275 A
Slide 19: 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 20: Appendix
Appendix © CMC
Slide 21: 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 will push for even better results in FY 2026 CMC and Domestic Steel Industry1 Total Recordable Total Re
Slide 22: Financial Strength
Financial Strength Solid balance sheet position and enhanced cash flow profile support the execution of announced projects, strategic M&A, and cash distributions to our shareholders Debt Maturity Profile Q4 FY’25 Liquidity <0.5x (US$ in millions) (US$ in millions) Net debt to adjusted Total liquidit
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 ACTIONS ENVIRONMENT ACTING WITH INTEGRITY tCO
Slide 24: Appendix: Non-GAAP Financial Reconciliations
Appendix: Non-GAAP Financial Reconciliations © CMC
Slide 25: Adjusted EBITDA, Core EBITDA, and Core EBITDA margins – Last 5 Quarters
Adjusted EBITDA, Core EBITDA, and Core EBITDA margins – Last 5 Quarters [1] See page 30 for definitions of non-GAAP measures Q4 FY25 Supplemental Slides 24 October 16, 2025
Slide 26: Adjusted Earnings
Adjusted Earnings [1] See page 30 for definitions of non-GAAP measures Q4 FY25 Supplemental Slides 25 October 16, 2025
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 30 for definitions of non-GAAP measures Q4 FY25 Supplemental Slides 26 October 16, 2025
Slide 28: Emerging Businesses Group Adjusted Segment EBITDA % of Total Segment EBITDA
Emerging Businesses Group Adjusted Segment EBITDA % of Total Segment EBITDA Q4 FY25 Supplemental Slides 27 October 16, 2025
Slide 29: Discretionary Cash Flows
Discretionary Cash Flows [1] See page 30 for definitions of non-GAAP measures Q4 FY25 Supplemental Slides 28 October 16, 2025
Slide 30: Net Debt to Adjusted EBITDA and Net Debt to Capitalization
Net Debt to Adjusted EBITDA and Net Debt to Capitalization [1] See page 30 for definitions of non-GAAP measures Q4 FY25 Supplemental Slides [2] The adjustment “Litigation expense” represents a provision recorded in the three months ended November 30, 2024 related to the judgment in the Pacific Steel
Slide 31: 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, including the estimated income tax effects thereof. The adjustment “settlement for New Markets Tax Credit transaction” represents
Slide 32: CMC.COM
CMC.COM
Commercial Metals Company — Q4 2025 Earnings Presentation on 6ix