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Investor Presentation February 2026 Granite City I & II, IL A Leading North American Metals Service Center and Pipe Manufacturer
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Disclosures 2 This presentation contains forward - looking statements within the meaning of Section 27 A of the Securities Act and Section 21 E of the Exchange Act, and such statements involve risk and uncertainty . Forward - looking statements include those preceded by, followed by or including the words “will,” “expect,” “intended,” “anticipated,” “believe,” “project,” “forecast,” “propose,” “plan,” “estimate,” “enable,” and similar expressions, including, for example, statements about our business strategy, our industry, our future profitability, growth in the industry sectors we serve, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions, future production capacity, product quality and estimates and projections of future activity . These forward - looking statements may include, but are not limited to, sales volumes, margins, hedging results, potential or anticipated price changes, expectations as to financial results for future periods, future changes in the Company’s financial condition or results of operations, future production capacity, product quality and proposed expansion plans . Forward - looking statements are not guarantees of future performance . These statements are based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward - looking statements . Although forward - looking statements reflect our current beliefs, reliance should not be placed on forward - looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward - looking statements . Actual results and trends in the future may differ materially depending on a variety of factors including, but not limited to, changes in the demand for and prices of the Company’s products, changes in government policy regarding steel, changes in the demand for steel and steel products in general, the Company’s success in executing its internal operating plans, changes in and availability of raw materials, unplanned shutdowns of our production facilities due to equipment failures or other issues, increased competition from alternative materials and risks concerning innovation, new technologies, products and increasing customer requirements . Accordingly, undue reliance should not be placed on our forward - looking statements . Such risks and uncertainty are also addressed in our Management’s Discussion and Analysis of Financial Condition and Results of Operations and other sections of the Company’s filings with the U . S . Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933 , as amended, and the Securities Exchange Act of 1934 , as amended (the “Exchange Act”), including the Company’s Annual Report on Form 10 - K and its other Quarterly Reports on Form 10 - Q . We undertake no obligation to publicly update or revise any forward - looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except to the extent law requires . FORWARD LOOKING STATEMENTS 2
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— Founded in 1965 and headquartered in Longview, Texas — Seven flat - rolled processing facilities, plus one distribution facility and pipe manufacturing — Industry leading safety record with TRIR of 0.55 in 2024 for the service centers — Management team with over 20 years average industry experience — Jan - Dec 2025 revenue of $584 million (+30% y/y) and shipment s of 68 4 ,000 tons (+19% y/y) — Nasdaq: FRD Publicly listed since 1972 About Friedman Industries 3 Sinton Decatur, AL Granite City I & II, IL Sinton, TX
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Friedman’s Supply Chain 4 Large Scale Buyer Bulk Buyer Consistent Volume Ease of Execution Partnerships Customer Service Processing Risk Management Inventory Management Logistics + Financing Pricing Solutions Timely Delivery Trust Customer Processing Cut to length, Slitting, Temper Passing, ERW Pipe, Stretcher Level, Fabrication Metals Suppliers Adding Value Through Supply Chains Purchase in Bulk ( 4 - 16 week delivery) Sell just - in - time (JIT) in Small Lots (0 – 5 day delivery)
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5 Product Capabilities — Steel (hot - rolled sheet and plate) — Stretcher leveled or temper passed cut - to - length material — Stretcher leveled or temper passed coil to coil material — C apable of processing material from 16 gauge (.055”) to 1" thick in widths ranging from 36" to 96 ” — Toll processing — API X52 Line Pipe — ASTM Grades A500B and A53B — API J55 OCTG — Outside diameter ranging from 2 3/8” to 8 5/8” — Aluminum (alloys, mill - finished, painted coils, sheet & extruded shapes) — Copper (flat bar, rod & sheet) — Galvalume — Galvanized — Steel (hot - rolled, cold rolled) — Stainless Steel (coil, sheet bar & tubing)
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Why Invest in Friedman Industries 6 A Leading North American Metals Service Center and Pipe Manufacturer Poised for Growth PERFORMANCE High - performing company led by an experienced and focused team GROWTH Growing and diverse customer base driving revenue and volume VALUE Favorable outlook for earnings and growth at a compelling value 01 02 03
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— Deep, experienced, senior team of proven business leaders, with average industry experience of more than 20 years across operations, strategy, turnarounds, marketing, analytics and risk management — Creating value through strategic transformation — Flat organization structure matches authority with accountability and encourages strategic agility — Long tenure/low turnover among employees: 98% annual retention rate on all exempt (salaried) positions 01 PERFORMANCE High - performing company led by an experienced and focused team 7
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Creating Value Through Strategic Transformation 8
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— Industry leader in customer relationships, our top 10 customers have been with us for more than 20 years — Enviable industry reputation: trusted by both customers and suppliers to perform in all markets — F avorable geographic footprint allows cost efficient access to grow with customers — Friedman’s high - quality products are a vital part of the defined supply chain for many of the country’s top steel consumers — Robust technological capabilities foster growth and customer loyalty (e.g., use of VMI/EDI for inventory management ) — High quality, diverse products including ferrous and non - ferrous 02 GROWTH Growing and diverse customer base driving revenue and volume 9
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SINTON, TX DECATUR, AL HICKMAN, AR EAST CHICAGO, IN GRANITE CITY, IL LONE STAR, TX Stretcher Location Temper Pass Location Pipe Location Century Metals MIAMI, FL — LARGE PRODUCT PORTFOLIO offering best - in - market capabilities to serve a broader customer base — PROXIMITY TO STEEL MILLS Some of the lowest inbound cost in the industry (adjacent to steel mills, rail and barge access) — STRATEGIC MARKET ACCESS to North America’s largest and fastest growing steel consumers — DEDICATED COMMERCIAL TEAM delivering customer - focused solutions and driving growth — STREAMLINED FREIGHT ACCESS for faster and more efficient service delivery Favorable Geographic Footprint Allows Cost Efficient Access to Grow With Customers ORLANDO, FL GRANITE CITY, IL (I & II)
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Trusted by Leading Metals Consumers 11 • Efficient freight access shortens time to serve Metal Buildings Trucks & Trailers Heavy Equipment Storage Tanks Railcars API Tubular Products Metal Fabricators Metal Distributors Containers ASTM Tubular Products Walk - in Coolers Metal Roofing Walk in coolers
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Robust Technology Fosters Growth and Customer Loyalty 12 — VMI (VENDOR MANAGED INVENTORY) A collaboration with customers to manage their stock levels and shipments based on prior inventory levels. Simplifies customer inventory planning and streamlines our order management — EDI (ELECTRONIC DATA INTERCHANGE) Provides just - in - time communication of daily business workflows to increase our efficiency and reduce errors and processing time — CUSTOMER PORTAL Self - service access for customers to view order status, download related documents, and access tailored reports — DEDICATED IT TEAM Dedicated team improving technology for smoother internal processes and better tools for customers and vendors Friedman embraces new technology as the rest of the industry catches up
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— Significant upside from market opportunities and industry consolidation — Strategic transformation is proving our ability to acquire, integrate and build — Ambitious growth strategy to expand market share, improve gross margins and pursue M&A — Best - in - class risk management practices to drive earning consistency — Disciplined capital allocation strategy aligned with shareholder interests 03 VALUE Favorable outlook for earnings and growth at a compelling value 13
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— Top 30 service centers account for $65 billion in sales (2024 - Metal Center News) — Many family - owned service centers and metals processors are seeking partnerships and succession options — Friedman has high growth potential given strong long term demand outlook, probable consolidation trends and current market position 14 Significant Upside from Market Opportunities and Consolidation Highly fragmented industry with $200 billion annual revenue and 9,400 single locations. (Dun & Bradstreet) Source : Metal Center News, “2025 MCN Top 50 Servic e Centers “ Significant opportunity to grow
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15 Strategic Transformation is Proving Our Ability to Acquire, Integrate and Build — We acquired three PlatePlus facilities in May 2022 doubling our capacity — Our greenfield operation in Sinton, Texas, was commissioned in September 2022 — We commenced operations at our second Granite City processing facility, a temper - passed cut - to - length line, in August 2025 — Century Metals, based in Florida, was acquired end of August 2025 — Room to grow volume to capacity and increase efficiency with existing, industry leading assets Note : • Century Metals shipments accretive since September 2025 • Our fiscal year runs from April 1 st to March 31 st 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 2020 2021 2022 2023 2024 2025 Shipments from January to December (in tons) Flat Rolled Tolling Pipe
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Ambitious Growth Strategy to Expand Market Share, Improve Gross Margins and Pursue M&A 16 Maximize production capacity of HRC cut to length and ERW pipe Improve gross margins thru internal efficiencies and value - added services Optimize capital spend including Greenfield facilities, Partnerships Grow Core Business Consistent earnings trail New geographies and/or products Strong management team Not competing with existing customers Adjacent steel processing Enhanced margins M&A Criteria
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How Century Metals Fits Our Growth Strategy 17 Consistent earnings trail New geographies and/or products Strong management team Not competing with existing customers Adjacent steel processing Enhanced margins M&A Criteria Based in Miami, FL Serving southeast US market along with Puerto Rico and Latin America Long tenured management team supported by 80 employees Products : aluminum, copper, cold - rolled, galvalume, galvanized, stainless steel Slitting and cut - to - length capabilities processing value added products Century Facts
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Best - in - Class Risk Management Practices to Help Deliver Consistency in Earnings 18 Friedman uses risk management tools including derivatives to manage price cycle risks to protect the value of inventory Benefits include: — Increase flexibility in purchasing and sales — Pricing solutions tailored to customer needs — Improve capital efficiency
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Disciplined Capital Allocation Strategy Aligned with Shareholder Interests 19 Pay a dividend (paid every quarter since 1972) Prioritize efficient capital management Fund growth: — Organic opportunities to follow our customers — Tuck - in acquisitions — Strategic acquisitions Opportunistically repurchase common shares
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Why Invest in Friedman Industries 20 A Leading North American Metals Service Center and Pipe Manufacturer Poised for Growth PERFORMANCE High - performing company led by an experienced and focused team GROWTH Growing and diverse customer base driving revenue and volume VALUE Favorable outlook for earnings and growth at a compelling value 01 02 03
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Appendix
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22 Five - year Financial Summary In millions, except for per share and percentage data YEAR ENDED MARCH 31 202 5 2024 2023 2022 2021 Net Sales $ 444.6 $ 516 .3 $ 547 . 5 $ 285 .2 $ 126 .1 Net Earnings $ 6.1 $ 17 .3 $ 21.3 $ 14.1 $ 11.4 Current Assets $ 166.4 $ 170.1 $ 143.7 $ 125.4 $ 77.5 Current Liabilities $ 38.6 $ 54.1 $ 45.1 $ 60.8 $ 29.1 Working Capital $ 128.1 $ 116.0 $ 98.6 $ 64.6 $ 48.4 Total Assets $ 226.8 $ 230.0 $ 199 .3 $ 159 .3 $ 95 .0 Stockholders’ Equity $ 132.4 $ 127.5 $ 115.4 $ 79.7 $ 65.3 Net earnings (loss) as a percentage of Net sales 1 .4 % 3.4 % 3.9 % 4.9 % 9.1 % Weighted average number of common shares outstanding 6.9 7 .2 7.2 6.6 6.7 Net earnings (loss) per share $ 0.87 $ 2.39 $ 2.91 $ 2.04 $ 1.63 Cash dividends per common share $ 0. 16 $ 0. 10 $ 0.08 $ 0.08 $ 0.08
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Facility Overview East Chicago, IN COIL PROCESSING 23 Widely recognized as the standard for quality in its market Temper Pass Mill Equipment Specifications 36” – 72” Width Range 0.054” - 0.625” Gauge Range 48” - 620” Length Range 80,000 lbs Max Coil Weight Overview 5 Acres With temper mill, finished goods warehouse and front office (total 154,194 sq. ft.) East Chicago temper mill strategically located in the busiest steel market in the U.S., providing increased reach to a broader geographic customer base PROCESSING CAPABILITIES: Temper passed CTL sheet and plate Rail, truck and barge access
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24 Facility Overview Granite City, IL COIL PROCESSING Sinton Sinton Overview 333,000 sq. ft. With two temper mills Temper Pass Mill 2 Equipment Specifications 36” – 72” Width Range 0.054” - 0.625” Gauge Range 48” - 999” Length Range 80,000 lbs Max Coil Weight Temper Pass Mill 1 Equipment Specifications 36” – 72” Width Range 0.054” - 0.625” Gauge Range 48” - 999” Length Range 80,000 lbs Max Coil Weight — Granite City has 2 Temper Mills providing significant capacity to serve the Midwest market. Along with our East Chicago facility we are able to ensure timely delivery during outages and shift production as market dynamics dictate PROCESSING CAPABILITIES: Temper passed CTL sheet and plate Rail, truck and barge access
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Facility Overview Decatur, AL COIL PROCESSING 25 Sinton Located adjacent to the campus of Nucor’s Decatur steel mill. Stretcher Leveler Equipment Specifications 36” – 96” Width Range 0.054” - 0.500” Gauge Range 48” - 480” Length Range 60,000 lbs Max Coil Weight Rail, truck and barge access Overview 47 Acres With with stretcher leveler, finished goods warehouse and front office (total 61,500 sq. ft.) Friedman’s Decatur facility is located adjacent to the campus of Nucor’s Decatur steel mill. Friedman’s newly installed stretcher leveler at Decatur has expanded Friedman’s processing capabilities and market reach PROCESSING CAPABILITIES: Stretcher Leveled CTL sheet and plate
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Facility Overview Hickman, AR COIL PROCESSING 26 Friedman’s Hickman facility is located on the campus of Nucor’s Blytheville steel mill PROCESSING CAPABILITIES: Temper passed CTL sheet and plate Located on the campus of Nucor’s Blytheville steel mill. Temper Pass Mill Equipment Specifications 36” – 72” Width Range 0.060” - 0.500” Gauge Range 60” - 636” Length Range 50,000 lbs Max Coil Weight Rail, truck and barge access Overview 26 Acres With temper mill and cut to length line, finished goods warehouse and front office (67,000 sq. ft.)
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Facility Overview Sinton, TX COIL PROCESSING 27 Friedman’s newest facility features the largest stretcher leveler line in North America PROCESSING CAPABILITIES: Stretcher leveled CTL sheet and plate Stretcher Level coil to coil Friedman’s newest facility Overview 26 Acres With 70,000 sq. ft. of facility space Port, rail, and truck access Stretcher Leveler Equipment Specifications 36” – 96” Width Range 0.0625” - 1.000” Gauge Range 24” - 720” Length Range 100,000 lbs Max Coil Weight Can process coils up to 100,000 ksi yield
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Facility Overview Lone Star, TX TEXAS TUBULAR 28 Texas Tubular is API certified to produce line pipe and OCTG, and ASTM A500B and A53B structural pipe PROCESSING CAPABILITIES: Electric resistance welded pipe for the energy and structural markets — The facility is adjacent to a fusion bond epoxy coating facility, which makes its line pipe highly cost efficient Sinton API Certified Mill 1 Equipment Specifications 5 ½” – 8 5 / 8 ” Outside Diameter Range Mill 2 Equipment Specifications 2 3 / 8 ” – 5 ½” Outside Diameter Range Overview 122 Acres with 2 ERW pipe mills, finished goods warehouse and front office (total 173,000 sq. ft.) Rail and truck access
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Facility Overview Miami, FL CENTURY METALS & SUPPLIES 29 Friedman’s newest acquisition serving the southeast market. Process and distributes both Ferrous and Non - Ferrous products PROCESSING CAPABILITIES: Red Bud cut - to - length and slitting capabilities for light gauge, cold rolled, coated, stainless and aluminum applications Friedman’s newest facility Overview 5 Acres With 100,000 sq. ft. of facility space Port, rail, and truck access Red Bud cut - to - length Equipment Specifications 36” – 60 ” Width Range 0.0 15 ” - .135 ” Gauge Range 24” – 236” Length Range Chicago Maxisota Slitter Equipment Specifications Width Range 0.0 10 ” - .187 ” Gauge range 36” – 60 ”
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Facility Overview Orlando, FL CENTURY METALS & SUPPLIES 30 A distribution facility for Century Metals & Supplies serving the area of Northern Florida and South Carolina Friedman’s newest facility Overview 27,065 sq. ft. of facility space 3 Forklifts and 2 curtain trailers for quick delivery Products Included: Ferrous and Non - Ferrous material Cold Rolled , Coated, Stainless Steel, Brass and Copper