Commercial Metals Company · NYSE:CMC
Commercial Metals — Merger or Acquisition (September 2025)
21 slides from Commercial Metals's merger presentation, Sep 18, 2025
Slide 1: CMC Announces Acquisition of Concrete Pipe & Precast (CP&P)
Exhibit 99.2 CMC Announces Acquisition of Concrete Pipe & Precast (CP&P) September 2025
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 acquisition of CP&P and the timing thereof, the ability to obtain regulatory approvals and meet other closing conditions for the proposed ac
Slide 3: Compelling Strategic Rationale
Compelling Strategic Rationale Improves CMC’s position with Expands CMC’s market targeted customer groups and leadership into the attractive expands participation on the precast concrete industry job-site Strong Strategic Fit Strengthens CMC’s core through Leverages existing leadership in early-stag
Slide 4: Overview of Concrete Pipe & Precast (CP&P)
Overview of Concrete Pipe & Precast (CP&P) Leading 17 7 ~700 #1 or #2 product suite plants core states served employees in core regions • Leading supplier of concrete precast and pipe products in the Mid- Atlantic and South Atlantic regions • Superregional player with #1 or #2 position across key At
Slide 5: Key Investment Highlights
Key Investment Highlights 1 Broadens CMC’s commercial portfolio 2 Entry into an attractive industry 3 Regional leader with room to improve 4 Platform investment with scalability 5 Geographical overlap maximizes value levers 6 Enhances CMC’s financial profile CP&P has a proven track record of growth,
Slide 6: Broadens Commercial Portfolio: Improved Customer Value Proposition
1 Broadens Commercial Portfolio: Improved Customer Value Proposition Precast solutions are used alongside CMC’s products on nearly every job-site 1 4 REBAR FABRICATION FOUNDATION IMPROVEMENT The nation’s leading rebar fabricator, capable of solving SOLUTIONS customer needs on any concrete constructi
Slide 7: Broadens Commercial Portfolio: Expands Early-Stage Construction Participation
1 Broadens Commercial Portfolio: Expands Early-Stage Construction Participation We expect commercial synergies within our portfolio to grow over- time as our offerings become Increases the number Greater project Expanded offerings High commercial more comprehensive, and we of interactions with parti
Slide 8: Attractive Industry: Large and Growing Market
2 Attractive Industry: Large and Growing Market $30 billion 5% to 7% U.S. total Forecasted demand 1 2 addressable market CAGR (2024 to 2028) Significant Growth at market High exposure to Precast solutions Exposure to Structural Trends address multiple increase to CMC’s rate plus increased powerful l
Slide 9: Attractive Industry: Serves Mission Critical Applications
2 Precast products are widely used and go mostly Attractive Industry: Serves Mission Critical Applications unseen, but are critical to the functioning of virtually every construction installation 1 Demand by Construction Segment • Manufactured concrete structures In-Focus Applications and Key Produc
Slide 10: Attractive Industry: Strong Financial Characteristics
2 Attractive Industry: Strong Financial Characteristics Attractive margin and cash flow profile; good Strong and defensible Breakdown of U.S. Precast 1 stability through the cycle Industry by Company Size geographical positions Industry is relatively fragmented can be achieved % of Precast % of Prec
Slide 11: Regional Leader with Room to Improve
3 Regional Leader with Room to Improve Well-Positioned in One of the Fastest Growing Regions Durable Competitive Strengths Scale advantage • CP&P operates within the South Addressable Diverse product portfolio offering broad range from standard to highly Atlantic; a region that has experienced 1 Mar
Slide 12: Platform Investment with Scalability
4 Platform Investment with Scalability Building a strong platform in an attractive industry… …which will yield value enhancing efficiencies as it expands • Acquisition is large enough to provide a platform for growth and well-sized Acquisition of CP&P Future Acquisitions Long-term Vision from an int
Slide 13: High Geographical Overlap Maximizes Value Levers
5 High Geographical Overlap Maximizes Value Levers High geographical overlap helps to fully utilize CMC’s capabilities and maximize the effectiveness of value levers Every CP&P plant is located within 100 miles or less of a CMC facility, maximizing the opportunity to coordinate • Coordinated sales e
Slide 14: Enhances CMC's Financial Profile
6 Enhances CMC’s Financial Profile We expect that future transactions will further increase the mix of higher, more stable margin businesses Reduced Earnings and Cash Flow Increased Earnings Contributions Reduced Capital Intensity Increased Headroom for Growth Volatility from Emerging Businesses 6 P
Slide 15: CP&P Has a Proven Track Record of Growth, With More to Come
7 CP&P Has a Proven Track Record of Growth, With More to Come Revenue Growth (last 5-Year CAGR) EBITDA Growth (last 5-Year CAGR) What’s Next? Line of sight to $20M to $25M EBITDA growth 14% 23% by year 3 • Achieved strong gains in average • Benefit from operational initiatives • Refinements to prici
Slide 16: Financially Attractive Transaction
Financially Attractive Transaction Transaction Valuation and Margin Comparisons TEV / EBITDA Multiple EBITDA Margins (CP&P on FY 2025E, sector peers reflect a two-year average of TEV Average of last two fiscal years multiple of next 12-month EBITDA consensus estimates) 12x 25% Additional Highlights
Slide 17: Key Transaction Parameters
Key Transaction Parameters • Purchase price of $675 million on a debt-free, cash-free basis Purchase Price • Subject to customary working capital adjustment • 2025E EBITDA multiple of 9.5x; effective multiple reduced to ~8.5x by cash tax benefit • Estimated at approximately $5 million to $10 million
Slide 18: Acquisition of CP&P Strengthens CMC
Acquisition of CP&P Strengthens CMC CMC Position / Aspiration CP&P Attribute • Leading domestic positions in major solutionsü Leader in core regions Strong competitive • Density in high-growth Sunbelt regionü Concentrated in attractive key areas of Sunbelt positions • Excellent balance sheet and fin
Slide 19: Appendix: Non-GAAP Financial Reconciliations
Appendix: Non-GAAP Financial Reconciliations
Slide 20: Free cash flow conversion - normalized
Free cash flow conversion - normalized 12 MONTHS ENDED 3 MONTHS ENDED Figures in thousand $ 5/31/2025 8/31/2024 8/31/2023 8/31/2022 8/31/2021 5/31/2025 2/28/2025 11/30/2024 8/31/2024 Net earnings (loss) $36,812 $485,491 $859,760 $1,217,262 $412,865 $83,126 $25,473 ($175,718) $103,931 Interest expens
Slide 21: Emerging Businesses Group Adjusted Segment EBITDA
Emerging Businesses Group Adjusted Segment EBITDA % of Total Segment EBITDA 3 MONTHS ENDED 12 MONTHS ENDED figures in thousand $ 5/31/2025 5/31/2025 2/28/2025 11/30/2024 8/31/2024 North America Steel Group $713,939 $185,984 $128,818 $188,205 $210,932 Emerging Businesses Group 129,610 40,912 23,519 2
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