Slide 1: Third Quarter 2025 Earnings Call
THIRD QUARTER 2025 EARNINGS CALL LEON TOPALIAN Chair, President and CEO STEVE LAXTON Executive Vice President and CFO October 28, 2025
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain statements made in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. The words “anticipate,” “believe,” “expect,” “intend,” “may,
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news presentation, including adjusted earnings, EBITDA and Free Cash Flow (FCF). Generally, a non- GAAP financial measure is a numerical measure of a company’s performa
Slide 4: NUE Q3 Financial & Operational Highlights
NUE Q3 FINANCIAL & OPERATIONAL HIGHLIGHTS ✓ EBITDA ✓ 1: ~$1.3 billion $1.5 Billion EBITDA FINANCIAL ✓ Net ✓ $845Earnings: $607 Million Net million Earnings PERFORMANCE ✓ Earnings ✓ Per Diluted $3.46 Earnings Share: Per Share $2.63 EPS (diluted) ✓ Balance Sheet & Liquidity: ~24% Total Debt/Cap; ~$3.6
Slide 5: Executing Our Strategy
EXECUTING OUR STRATEGY SAFETY ADVANCING OUR MOST IMPORTANT VALUE GROWTH INVESTMENTS Our challenge is to become the world’s Nearing end of current phase; yet to realize safest steel company earnings potential of recent growth projects • On pace for lowest annual I&I rate for the • Through Q3’25, comp
Slide 6: Nucor Bar Mill Group: Market Leadership, Nationwide Capabilities
NUCOR BAR MILL GROUP: MARKET LEADERSHIP, NATIONWIDE CAPABILITIES New Projects in Fast-Growing Regions Robust Capabilities – National Reach Southwest & Southeast regions represent Nucor Bar Mill Group ~40% U.S. rebar demand Steelmaking Footprint Lexington, NC Rebar micro mill Kingman, AZ commissioned
Slide 7: Leading Provider of Steel Solutions for Data Center Construction
LEADING PROVIDER OF STEEL SOLUTIONS FOR DATA CENTER CONSTRUCTION Comprehensive Suite of Products Well Suited to Data Center Applications Continued momentum in data center construction • Dodge forecasting ~60 million sq ft of construction in 2025 (~30% y/y increase)1 • ~3,500 tons of steel required f
Slide 8: Constructive Trade Policy Supports American Steel Industry
CONSTRUCTIVE TRADE POLICY SUPPORTS AMERICAN STEEL INDUSTRY U.S. Import Data U.S. Imports for Key Nucor Products All Carbon & Alloy Steel – Avg Monthly Quantity YTD 2025 vs. YTD 20241, net tons 2.53 2.50 2.47 2.5 Corrosion Resistant Sheet -1,247,000 -39.9% 2.32 2.26 % Finished C&A Import Mkt Share 25
Slide 9: Consolidated Financial Results
CONSOLIDATED FINANCIAL RESULTS ($ in Millions except per share data) Diluted EPS1 EBITDA2 Adj. for $0.44 impairment $1.49 $2.60 $2.63 $1,295 $1,265 $869 $1.05 Q3'24 Q2'25 Q3'25 Q3'24 Q2'25 Q3'25 Capital Expenditures Cash Returned to Shareholders3 $954 $530 $823 $807 $329 $227 Q3'24 Q2'25 Q3'25 Q3'24
Slide 10: Q3 2025 Segment Results
Q3 2025 SEGMENT RESULTS ADJUSTED PRE-TAX SEGMENT EARNINGS (1) Q3 2025 VS Q2 2025 $millions • Stable realized pricing STEEL • Slightly lower volumes $57 $43 MILLS • Lower EBT/ton $392 $319 $17 • Stable realized pricing $354 $57 $29 STEEL • Higher volumes $329 $307 $843 $793 PRODUCTS • Lower EBT/ton $
Slide 11: Strong Balance Sheet & Shareholder Returns Remain Priorities
STRONG BALANCE SHEET & SHAREHOLDER RETURNS REMAIN PRIORITIES Committed to a strong balance sheet Highest credit ratings in the industry $USD in millions xLTM as of October 4, 2025 Amount EBITDA1 % cap • Upgraded by Moody's to A3 in September 2025 Total Debt2 $6,853 1.7x 24% • Nucor senior unsecured
Slide 12: Potential Catalysts: Near to Medium-Term Outlook
NEAR TO MEDIUM-TERM OUTLOOK Steel Flats1 Longs2 Products ➢ Imports to retreat further ➢ Backlog strength continues ➢ Mega projects POTENTIAL CATALYSTS POTENTIAL CATALYSTS POTENTIAL CATALYSTS • CORE trade case/ across long products • Demand driver for higher full effect of Section 232 margin, enginee
Slide 13: Q4 2025 Earnings Outlook
Q4 2025 EARNINGS OUTLOOK IMPACT ON Q4 SEGMENT EXPECTATIONS FOR Q4 vs Q3 EARNINGS VS Q3 • Lower realized pricing at sheet mills Steel Mills • Lower volumes – fewer shipping days • Stable realized pricing Steel Products • Lower volumes – fewer shipping days • Lower realized pricing Raw Materials • Pla
Slide 14: Appendix
APPENDIX NwUucoRF
Slide 15: Growth Projects at or Near Completion
GROWTH PROJECTS AT OR NEAR COMPLETION LEXINGTON, NC REBAR MICROMILL • 430K tpa mill, commissioned in Q3; targeting the growing South BAR MILL Atlantic region with an efficient supply chain PROJECTS KINGMAN, AZ MELT SHOP • New melt shop commissioned in Q3; investment enhances cost structure and produ
Slide 16: Segment Results: Steel Mills and Steel Products
SEGMENT RESULTS: STEEL MILLS AND STEEL PRODUCTS STEEL MILLS $s in millions, tons in thousands % Change Versus Prior Shipments Q3 ’25 Q2 ’25 Q3 ’24 Prior Qtr. Year Q3 2025 vs. Q2 2025 Sheet 3,030 3,057 2,837 -1% 7% • Margin compression Bars 2,190 2,148 1,926 2% 14% Structural 595 635 493 -6% 21% • Sl
Slide 17: Segment Results: Raw Materials
SEGMENT RESULTS: RAW MATERIALS RAW MATERIALS $s in millions, tons in thousands % Change Versus Prior Q3 2025 vs. Q2 2025 Production Q3 ’25 Q2 ‘25 Q3 ’24 Prior Qtr. Year DRI 976 979 835 0% 17% • Lower profitability in DRI and scrap Scrap Processing 1,215 1,155 993 5% 22% processing operations Total P
Slide 18: Quarterly Sales and Earnings Data
QUARTERLY SALES AND EARNINGS DATA SALES TONS (THOUSANDS) TO OUTSIDE CUSTOMERS EARNINGS STEEL STEEL PRODUCTS (LOSS) BEFORE COMP. INCOME TAXES SALES OTHER TOTAL PRICE TOTAL JOIST & REBAR TUBULARBLDG STEEL STEEL RAW TOTAL NET SALES PER $ PER YEAR SHEET BARS BEAM* PLATE STEEL DECK FAB PRODS SYSTEMS PROD
Slide 19: Quarterly Sales Prices & Scrap Cost
QUARTERLY SALES PRICES & SCRAP COST STEEL MILLS AVERAGE SCRAP AND SCRAP AVG EXTERNAL SUBSTITUTE COST SALES PRICE TOTAL PER NET TON SHEET BARS BEAM* PLATE PER GROSS PER NET STEEL TON USED TON USED 2025 2025 1st Quarter $888 $877 $1,300 $1,014 $938 1st Quarter $394 $352 2nd Quarter $1,008 $927 $1,352
Slide 20: Quarterly Sales Price Steel Products
QUARTERLY SALES PRICE STEEL PRODUCTS STEEL PRODUCTS AVG EXTERNAL SALES PRICE PER JOIST & FABRICATED TUBULAR BUILDING OTHER STEEL TOTAL STEEL NET TON DECK REBAR PRODUCTS SYSTEMS PRODUCTS PRODUCTS 2025 1st Quarter $2,734 $1,651 $1,351 $5,832 $2,838 $2,294 2nd Quarter $2,605 $1,593 $1,559 $5,206 $2,876
Slide 21: Reconciliation of GAAP to Non-GAAP Measure - EBITDA
RECONCILIATION OF GAAP TO NON-GAAP MEASURE - EBITDA $ in millions 2022 2023 2024 LTM Q3 2024 Q3 2025 Net earnings before non-controlling interests $8,080 $4,913 $2,319 $1,960 $303 $683 Net interest expense $170 ($30) ($30) $51 $7 $15 Income taxes $2,165 $1,360 $583 $497 $86 $200 Depreciation expense
Slide 22: Reconciliation of GAAP to Non-GAAP Measure - Earnings Attributable to Nucor Stockholders
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – EARNINGS ATTRIBUTABLE TO NUCOR STOCKHOLDERS $ in millions Q3 2024 Q1 2025 Diluted EPS Diluted EPS NET EARNINGS ATTRIBUTABLE $250 $1.05 $156 $0.67 TO NUCOR STOCKHOLDERS LOSSES AND IMPAIRMENTS OF $103 $0.44 $23 $0.10 ASSETS, NET OF TAX ADJUSTED NET EARNINGS
Slide 23: Reconciliation of GAAP to Non-GAAP Measure - Pre-Tax Segment Earnings
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – PRE-TAX SEGMENT EARNINGS $ in millions Q3 2024 Q1 2025 Steel Raw Steel Raw Steel Mills Steel Mills Products Materials Products Materials EARNINGS (LOSS) BEFORE INCOME TAXES AND $309 $314 ($66) $231 $288 $29 NONCONTROLLING INTERESTS LOSSES AND IMPAIRMENTS