Commercial Metals Company · NYSE:CMC
Commercial Metals — Q2 2026 Earnings Presentation
29 slides from Commercial Metals's earnings presentation, Mar 26, 2026
Slide 1: Q2 FY 2026 Supplemental Slides
Q2 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 durable structural tailwinds in our core North American construction markets and meaningful opportunities for margin growth. Strong Competitive Solid
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 Strong strategic execution and favorable market conditions for North America Steel Group continued in Q2; current margin and backlog levels support a strong 2026 construction season out
Slide 6: 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 annualized EBITDA benefit1,2 ROIC. Limited capital requirements ➢ Widening
Slide 7: Construction Solutions is a Major EBITDA Contributor
Construction Solutions is a Major EBITDA TTM Results Before Precast Acquisitions $155M adjusted EBITDA 19.9% EBITDA margin 15% of segment EBITDA1 Contributor CMC is building a unique portfolio of solutions to meet customer needs and address challenges Illustrative with Precast $400M 26.6% 31% across
Slide 8: Integration of Precast Businesses on Track
Integration of Precast Businesses on Track Good cultural fit across companies; CP&P and Foley employees excited for opportunity to combine forces Strong management group retained and fully engaged Support function integration on schedule Meaningful early wins − Growth strategies being executed: oppo
Slide 9: CMC's New Precast Growth Platform Produced Strong Results in Q2
CMC’s New Precast Growth Platform Produced Strong Results in Q2 Overview of CMC Precast Business Second Quarter Performance and Outlook ✓ One of the largest precast businesses in the United States1 • Contributed $33.6 million to Construction Solutions Group ✓ Industry-leading product portfolio adjus
Slide 10: Supportive Outlook for Domestic Construction
Supportive Outlook for Domestic Construction $2.9 trillion Corporate investment programs announced in CY 20252 Current activity levels are stable. Several structural catalysts have the potential to meaningfully strengthen domestic construction activity in the quarters and years ahead. $1.4 trillion
Slide 11: CMC is Well Positioned to Serve the Growth in Data Center Construction
CMC is Well Positioned to Serve the Growth in Data Center Construction ANCHORING SYSTEMS MERCHANT BAR Anchor bolts, cages, and fastener products for use in Used in ceiling joists, racking, and handrails energy transmission and distribution CMC CONSTRUCTION SERVICES FABRICATED REBAR (SITE CONSTRUCTIO
Slide 12: Supportive Trade Policy Environment
Supportive Trade Policy Environment Preliminary rulings against Algeria, Bulgaria, Egypt, and Vietnam will apply total duties of 50% to 200% (countervailing PLUS antidumping) Rebar Market Supply (CY3 2024) Current Tariff Treatment Rebar Trade Case U.S. Domestic Imports Into Market Supply the U.S.2 •
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 Adjusted net leverage decreased to approximately 2.3x at the end of Q2, compared to a level of ~2.7x immediately following the Foley acquisition. CMC remains confident in achieving our goal of 2x, or below, within the previously committed
Slide 15: Performance Drivers
Q2 Operational Update • Underlying demand for long steel products in North America remained resilient − Finished steel shipments were little changed from the prior year period • North America Steel Group steel products margin increased to the highest level in three years − Steel products metal margi
Slide 16: Q2 Consolidated Operating Results
Q2 Consolidated Operating Results Performance Summary Core EBITDA Bridge2 – Q2 2025 to Q2 2026 Units in 000’s except per ton amounts and margin $ M illions Q2 ’25 Q3 ’25 Q4 ’25 Q1 ‘26 Q2 ‘26 350 External Finished Steel Tons Shipped1 1,354 1,512 1,528 1,507 1,335 300 (2) 6 Core EBITDA 2 $139,131 $198
Slide 17: Q2 North America Steel Group
Q2 North America Steel Group Performance Summary North America Steel Group – Key Margins Units in 000’s except per ton amounts and margin $ / to n Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 1,000 300 922 924 898 External Finished Steel Tons Shipped1 1,044 1,153 1,154 1,145 1,051 874 900 854 250 800 Adjusted
Slide 18: Q2 Construction Solutions Group
Q2 Construction Solutions Group Performance Summary Contribution to Net Sales Change – Q2 2025 to Q2 2026 Units in 000’s except margin Quarterly net sales figures in $ million, contribution to net sales changes provided in percentages Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 350 Net sales up 97.9% 8.1% (2
Slide 19: Q2 Europe Steel Group
Q2 Europe Steel Group Performance Summary Europe Steel Group – Key Margins Units in 000’s except per ton amounts and margin $ / to n Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 350 External Finished Steel Tons Shipped1 310 359 374 362 284 317 316 306 293 Margin Over Scrap and Adjusted EBITDA per ton 300 275
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 27 for definitions of non-GAAP measures Q2 FY26 Supplemental Slides 24 March 26, 2026
Slide 26: Adjusted Earnings
Adjusted Earnings [1] See page 27 for definitions of non-GAAP measures Q2 FY26 Supplemental Slides 25 March 26, 2026
Slide 27: Emerging Businesses Group Adjusted Segment EBITDA % of Total Segment EBITDA
Emerging Businesses Group Adjusted Segment EBITDA % of Total Segment EBITDA Q2 FY26 Supplemental Slides 26 March 26, 2026
Slide 28: Definitions for non-GAAP financial measures
Definitions for non-GAAP financial measures ADJUS TED EAR N IN G S 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 “s
Slide 29: CMC.COM
CMC.COM
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