Commercial Metals Company · NYSE:CMC
Commercial Metals — Q4 FY2025 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
1Q4 FY25 Supplemental Slides October 16, 2025 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
Slide 3: Financial Information of CP&P and Foley; Pro Forma Measures
2Q4 FY25 Supplemental Slides October 16, 2025 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 info
Slide 4: A Market Leader with a Winning Formula
3 © GeoNames, Microsoft, TomTom Powered by Bing 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
Slide 5: Executing on strategy to enhance CMC's financial profile
4Q4 FY25 Supplemental Slides October 16, 2025 [1] Adjusted earnings, core EBITDA, core EBITDA margin, and return on invested capital are non-GAAP financial measures. For definitions and reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures, see the ap
Slide 6: Running and Growing a Great Business
5 Running and Growing a Great Business Q4 FY25 Supplemental Slides October 16, 2025 We are aiming for a new level of performance by getting more out of our existing business while investing in value enhancing capabilities Investing in Our People & Pursuing Excellence Value Accretive Organic Growth C
Slide 7: Strong Strategic Execution in FY 2025 Lays the Groundwork
6 Strong Strategic Execution in FY 2025 Lays the Groundwork for Future Years Q4 FY25 Supplemental Slides October 16, 2025 The actions taken in FY 2025 will have a meaningful impact on future financial performance. The foundation is set for growth ahead. Investing in Our People & Pursuing Excellence
Slide 8: Pursuing Excellence: Update on TAG Program
7 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, com
Slide 9: Inorganic Growth: Precast Platform with Immediate Scale
8 Inorganic Growth: Precast Platform with Immediate Scale Facilities 35 States 14 Volumes ~1,750k tons2 Revenue ~$735 million2 EBITDA ~$250 million2 EBITDA margin ~34%2 In the United States1 In the Southeast1 #3 #1 INDUSTRY LEADING PRODUCT OFFERING Incremental Annualized EBITDA ~$250 million2 Compos
Slide 10: Macro and policy outlook: rates, taxes, tariffs
9 • Rate reduction in mid-September boosted confidence in the outlook for lower interest levels over the near and medium-term • Lower rates should help unlock pent-up demand in the construction project pipeline • Significant cash tax savings through several programs − Estimated benefit to average S&
Slide 11: North American Market Conditions
10 Computing Healthcare Industrial Consumer Products Automotive Materials Manufacturing Artificial Intelligence Shipping and Logistics Energy North American Market Conditions Q4 FY25 Supplemental Slides October 16, 2025 [1] Source: Dodge Construction Network [2] Source: American Road and Transportat
Slide 12: EBG is Delivering Strong Results
11 EBG is Delivering Strong Results… Q4 FY25 Supplemental Slides October 16, 2025 $138M adjusted EBITDA 18.4% EBITDA margin 15% of segment EBITDA1 CMC Construction Services Tensar CMC Impact Metals CMC Anchoring Systems Performance Reinforcing Steel Description Soil stabilization for road, foundatio
Slide 13: Green Shoots Continue to Emerge for Our Europe Steel Group
12 Q4 FY25 Supplemental Slides October 16, 2025 Demand Factors Recent Market Developments • Increased inflows of EU funds − Funding amount equal to roughly 3.5% of Polish GDP − Expected to support highway, rail, and energy investment programs • Major projects entering market, including nuclear power
Slide 14: Outlook and North American demand
13 • Consolidated financial results in the first quarter are anticipated to be largely consistent with the fourth quarter • North America Steel Group finished steel shipments should follow typical seasonal patterns in the first quarter, while adjusted EBITDA margin is expected to increase sequential
Slide 15: Q4 Consolidated Operating Results
14 219 291 37 8 43 (26) 10 0 50 100 150 200 250 300 350 Q4 2024 NA Steel Group EBITDA Emerging Businesses Group EBITDA Europe Steel Group EBITDA Corp & Eliminations Other Non- Op Items Q4 2025 Q4 Consolidated Operating Results Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 External Finished Steel Tons Shipped1
Slide 16: Q4 North America Steel Group
15 181 162 131 156 207 958 938 898 874 854 522 489 476 499 568 0 50 100 150 200 250 0 200 400 600 800 1,000 1,200 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Adjusted EBITDA per Ton of Finished Steel Shipped Downstream Product Margin Over Scrap Steel Product Margin Over Scrap Q4 North America Steel Group Q4
Slide 17: Q4 Emerging Businesses Group
16 196 222 4.6% 5.2% 1.0% 0.9% 1.7% 100 120 140 160 180 200 220 240 Q4 2024 Geogrids & Geopiers Construction Services Impact Metals Performance Reinforcing Steel Anchoring Systems Q4 2025 Key Performance Drivers Q4 2025 vs Q4 2024 Q4 Emerging Businesses Group Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Net s
Slide 18: Q4 Europe Steel Group
17 284 269 275 293 317 (11) 83 2 10 105 (50) 0 50 100 150 200 250 300 350 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Steel Products Margin Over Scrap Adjusted EBITDA per Ton Q4 Europe Steel Group Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 External Finished Steel Tons Shipped1 319 313 310 359 374 Adjusted EBITDA ($3
Slide 19: Disciplined Capital Allocation Strategy
18 Long-Term Framework Debt Management Value-Generating Growth Disciplined Capital Allocation Strategy CMC will prudently allocate capital while maintaining a strong and flexible balance sheet Q4 FY25 Supplemental Slides October 16, 2025 [1] Defined as dividend payments divided by adjusted earnings
Slide 20: Appendix
© CMC Appendix
Slide 21: Safety is Core to Our Mission
20 2023 2024 20252023 2024 20252023 2024 2025 CMC Incident Rate Domestic Steel Industry 1 Safety is Core to Our Mission [1] Domestic steel industry data is for Iron and Steel Mills and Ferroalloy Manufacturing (NAICS – 3311) from the Bureau of Labor Statistics CMC and Domestic Steel Industry1 Total
Slide 22: Financial Strength
21 $79 $162 $599 $1,043 $3 00 $3 00 $3 00 $1 45 $6 00 $1 50 2025 2026 2027 2028 2029 2030 2031 2032 2047 Financial Strength [1] 2047 tax-exempt bonds were priced to yield 3.5%; coupon rate is 4.0%; 2032 tax-exempt bonds mature in 2055, but have a mandatory tender for purchase requirement in May 2032
Slide 23: Clear Sustainability Leader
22Q4 FY25 Supplemental Slides │ October 16, 2025 Note: GHG emissions statistics for CMC include only steel mill operations, which represents over 95% of CMC’s emissions footprint Sources: CMC 2024 Sustainability Report; virgin material content for industry based on data from Bureau of International
Slide 24: Appendix: Non-GAAP Financial Reconciliations
© CMC Appendix: Non-GAAP Financial Reconciliations
Slide 25: Adjusted EBITDA, Core EBITDA, and Core EBITDA margins
24 [1] See page 30 for definitions of non-GAAP measures Q4 FY25 Supplemental Slides October 16, 2025 Adjusted EBITDA, Core EBITDA, and Core EBITDA margins – Last 5 Quarters
Slide 26: Adjusted Earnings
25 [1] See page 30 for definitions of non-GAAP measures Q4 FY25 Supplemental Slides October 16, 2025 Adjusted Earnings
Slide 27: Return on Invested Capital
26 [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 October 16, 2025 Return on Invested Capital
Slide 28: Emerging Businesses Group Adjusted Segment EBITDA
27Q4 FY25 Supplemental Slides October 16, 2025 Emerging Businesses Group Adjusted Segment EBITDA % of Total Segment EBITDA
Slide 29: Discretionary Cash Flows
28 [1] See page 30 for definitions of non-GAAP measures Q4 FY25 Supplemental Slides October 16, 2025 Discretionary Cash Flows
Slide 30: Net Debt to Adjusted EBITDA and Net Debt to Capitalization
29 [1] See page 30 for definitions of non-GAAP measures [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 Group litigation and, with respect to subsequent periods, interest expense on the j
Slide 31: Definitions of Non-GAAP Measures
30 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 the recognition of deferred revenue from
Slide 32: CMC.COM
CMC.COM