Slide 1: First Quarter 2026 Earnings Call
FIRST QUARTER 2026 EARNINGS CALL Leon Topalian Chair and CEO Steve Laxton President and COO Jack Sullivan CFO April 28, 2026
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 presentation, including adjusted earnings, EBITDA and Free Cash Flow (FCF). Generally, a non-GAAP financial measure is a numerical measure of a company’s performance or
Slide 4: Q1 2026 Financial Performance
Q1 2026 FINANCIAL PERFORMANCE FINANCIAL METRICS EBITDA 1 $1.5 billion Net Earnings $743 million EPS $3.23 Balance Sheet & ~24% debt/cap; Liquidity ~$3.2 billion liquidity(2) Capital Expenditures $661 million Returns to NUE $254 million Shareholders • Dividend Payments • $129 million • $125 million •
Slide 5: Q1 2026 Operational Highlights
Q1 2026 OPERATIONAL HIGHLIGHTS EXTERNAL MILL MILL SAFETY SHIPMENTS BACKLOGS UTILIZATION 0.75 7.4mm(1) 4.7mm(1) 86% YTD Injury & Illness Rate +20% vs. Q4 2025 +20% vs. Q4 2025 +400 bps vs. Q4 2025 SAFETY • 65 divisions had zero recordable injuries in Q1 2026 OUR #1 VALUE • Steel Mills: 7.0mm tons shi
Slide 6: West Virginia Project Progressing – On Time and On Budget
WEST VIRGINIA PROJECT PROGRESSING – ON TIME AND ON BUDGET COMMISSIONING THROUGHOUT 2026 • Each area of new sheet mill is inspected, tested, and prepared for start-up • Pickle line commissioning underway • Additional equipment commissioning will begin over the summer and continue through the year PRO
Slide 7: 2026 Growth Priorities
2026 GROWTH PRIORITIES TOWERS & STRUCTURES NUCOR BERKELEY RAMP-UPS OF GREENFIELDS GALV LINE RECENT PROJECTS Constructing two greenfield facilities Constructing a second 500K tpa 2025 projects are on track to be fully in IN and UT; complementing galvanizing line at Nucor Steel ramped and operating at
Slide 8: Catalysts: Near to Medium-Term Outlook
NEAR TO MEDIUM-TERM OUTLOOK STEEL FLATS 1 LONGS2 PRODUCTS Incremental demand Backlog strength continues Mega projects CATALYSTS • Data centers across long products • Demand driver for higher CATALYSTS CATALYSTS • Energy • Rebar & Structural backlog set margin, engineered products record highs
Slide 9: Consolidated Financial Results
CONSOLIDATED FINANCIAL RESULTS ($ in Millions except per share data) Diluted EPS1 EBITDA2 Adj. for impairments $1.73 $3.23 $1,514 $0.77 $1.64 $918 $696 $0.67 Q1'25 Q4'25 Q1'26 Q1'25 Q4'25 Q1'26 Capital Expenditures Free Cash Flow3 $225 ($3) $859 $802 ($495) $661 Q1'25 Q4'25 Q1'26 Q1’25 Q4’25 Q1’26 (
Slide 10: Q1 2026 Segment Results
Q1 2026 SEGMENT RESULTS ADJUSTED PRE-TAX SEGMENT Q1 2026 VS Q4 2025 EARNINGS (1) $millions • Higher volumes $45 STEEL • Higher realized pricing $57 $285 MILLS $43 $392 • Higher EBT/ton $319 $24 $251 • Higher volumes $29 $1,128 STEEL • Stable realized pricing $307 $843 $793 PRODUCTS $522 • Stable EBT
Slide 11: Strong Balance Sheet & Shareholder Returns Remain Priorities
STRONG BALANCE SHEET & SHAREHOLDER RETURNS REMAIN PRIORITIES COMMITTED TO RETURNING AT LEAST 40% OF MAINTAINING FINANCIAL FLEXIBILITY ANNUAL NET EARNINGS $USD in millions xLTM 135% as of April 4, 2026 Amount EBITDA1 % cap Total Debt2 $7,124 1.4x 24% 69% Cash and Cash Equivalents3 $2,481 43% 46% Net
Slide 12: Q2 2026 Earnings Outlook
Q2 2026 EARNINGS OUTLOOK IMPACT ON Q2 SEGMENT EXPECTATIONS FOR Q2 vs Q1 EARNINGS VS Q1 • Stable volumes Steel Mills • Higher average realized pricing • Higher volumes Steel Products • Stable average realized pricing • Stable volumes Raw Materials • Higher average realized pricing • Higher corporate
Slide 13: Appendix
APPENDIX NwUucoRF
Slide 14: Energy Strategy Mitigates Risk
ENERGY STRATEGY MITIGATES RISK ENERGY COSTS REPRESENT Broad set of mitigation levers ~10% OF CONVERSION COSTS 1 ~$45/ton REGIONAL • Nucor’s 26 steel mills procure power from over 20 DIVERSITY different utilities across our nationwide footprint • As a large interruptible power customer, Nucor INTERRU
Slide 15: Segment Results: Steel Mills and Steel Products
SEGMENT RESULTS: STEEL MILLS AND STEEL PRODUCTS STEEL MILLS $s in millions, tons in thousands % Change Versus Shipments Q1 ’26 Q4 ’25 Q1 ’25 Prior Qtr. Prior Year Q1 2026 vs. Q4 2025 Sheet 3,394 2,804 2,981 21% 14% • Higher volumes Bars 2,308 2,007 2,290 15% 1% Structural 649 522 577 24% 12% • Highe
Slide 16: Segment Results: Raw Materials
SEGMENT RESULTS: RAW MATERIALS RAW MATERIALS $s in millions, tons in thousands % Change Versus Q1 ’26 Q4 ‘25 Q1 ’25 Prior Prior Q1 2026 vs. Q4 2025 Production Qtr. Year DRI 1,063 733 1,038 45% 2% • Higher volumes Scrap Processing 1,323 1,088 1,102 22% 20% • Higher realized pricing Total Production1
Slide 17: 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 18: 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 2026 2026 1st Quarter $999 $1,013 $1,541 $1,151 $1,074 1st Quarter $403 $360 2nd Quarter 2nd Quarter Fir
Slide 19: 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 2026 1st Quarter $2,454 $1,646 $1,661 $6,084 $3,193 $2,405 2nd Quarter First Half 3rd Quarter Nine Months
Slide 20: Reconciliation of GAAP to Non-GAAP Measure - EBITDA
RECONCILIATION OF GAAP TO NON-GAAP MEASURE - EBITDA $ in millions 2024 2025 LTM Q4 2025 Q1 2025 Q1 2026 Net earnings before $2,319 $2,038 $2,682 $423 $226 $870 non-controlling interests Net interest expense ($30) $59 $64 $11 $14 $19 Income taxes $583 $530 $697 $78 $59 $226 Depreciation expense $1,09
Slide 21: Reconciliation of GAAP to Non-GAAP Measure – Free Cash Flow (FCF)
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – FREE CASH FLOW (FCF) $ in millions 2024 2025 LTM Q4 2025 Q1 2025 Q1 2026 CASH PROVIDED BY $3,979 $3,234 $3,756 $799 $364 $886 OPERATING ACTIVITIES CAPITAL EXPENDITURES ($3,173) ($3,422) ($3,224) ($802) ($859) ($661) FREE CASH FLOW $806 ($188) $532 ($3) ($
Slide 22: Reconciliation: Earnings Attributable to Nucor Stockholders
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – EARNINGS ATTRIBUTABLE TO NUCOR STOCKHOLDERS $ in millions Q4 2025 Q1 2025 Diluted EPS Diluted EPS NET EARNINGS ATTRIBUTABLE $378 $1.64 $156 $0.67 TO NUCOR STOCKHOLDERS LOSSES AND IMPAIRMENTS OF $22 $0.09 $23 $0.10 ASSETS, NET OF TAX ADJUSTED NET EARNINGS
Slide 23: Reconciliation: Pre-Tax Segment Earnings
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – PRE-TAX SEGMENT EARNINGS $ in millions Q4 2025 Q1 2025 Steel Steel Raw Steel Steel Raw Mills Products Materials Mills Products Materials EARNINGS (LOSS) BEFORE INCOME TAXES AND $516 $230 $24 $231 $288 $29 NONCONTROLLING INTERESTS LOSSES AND IMPAIRMENTS OF