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July 28, 2026 Leon Topalian Chair and CEO Steve Laxton President and COO Jack Sullivan CFO SECOND QUARTER 2026 EARNINGS CALL
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2 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,” “project,” “will,” “should,” “could” and similar expressions are intended to identify forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. The Company does not undertake any obligation to update these statements. The forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this presentation. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward- looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long- lived assets; (8) uncertainties and volatility surrounding the global economy, including excess world capacity for steel production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; (14) our ability to integrate businesses we acquire; (15) the impact of any pandemic or public health situation; and (16) the risks discussed in “Item 1A. Risk Factors” of the Company’s most recent Annual Report on Form 10-K and elsewhere therein and in the other reports we file with the U.S. Securities and Exchange Commission.
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3 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 financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable financial measure calculated and presented in accordance with GAAP. We define EBITDA as net earnings before noncontrolling interests adding back the following items: interest expense, net; provision for income taxes; depreciation; amortization; and losses and impairments of assets. We define Free Cash Flow (FCF) as Cash Provided by Operating Activities less Capital Expenditures. Please note that other companies might define their non-GAAP financial measures differently than we do. Management presents non-GAAP financial measures because it considers them to be an important supplemental measure of performance. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors evaluating the Company’s financial and operational performance by providing a consistent basis of comparison across periods. Non-GAAP financial measures have limitations as an analytical tool. Investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures provided in this presentation, including in the accompanying tables located in the Appendix.
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4 EBITDA 1 $2.0 billion Net Earnings (Reported / Adjusted 2) $1.2 billion / $1.1 billion EPS (Reported / Adjusted 2) $5.04 / $4.84 Balance Sheet & Liquidity 3 ~23% debt/cap; ~$3.4 billion liquidity Capital Expenditures $571 million Returns to NUE Shareholders $479 million • Dividend Payments • $129 million • Share Repurchases • $350 million (1.5 mm shares) Q2 2026 FINANCIAL PERFORMANCE (1) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix (2) Adjusted Net Earnings excludes $61 million of pre-tax charges ($46 million after-tax). For a reconciliation of non-GAAP measures, please refer to the Appendix (3) Liquidity defined as cash & equivalents, plus short-term investments, plus available revolver capacity of $2.25 billion facility less ~$1.6 billion outstanding floating- rate IRBs FINANCIAL METRICS
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5 SAFETY OUR #1 VALUE • On track for safest year ever • Launched ‘safest summer ever’ initiative to lower seasonal injury rate RECORD QUARTERLY STEEL MILL SHIPMENTS • Set second consecutive quarterly shipment record, shipping 7.1 million tons in Q2 • Driven by continued strength across all steel formats GROWTH ACROSS STEEL PRODUCTS PORTFOLIO • Shipments up 11% Q/Q; Tube set new quarterly shipment record GROWING BACKLOGS • Steel Mills up 18% Q/Q, with growth across all major product categories • Steel Products up 10% Q/Q, up across most products Q2 2026 OPERATIONAL HIGHLIGHTS SAFETY EXTERNAL SHIPMENTS MILL BACKLOGS MILL UTILIZATION 0.71 YTD Injury & Illness Rate 7.6mm(1) +2% vs. Q1 2026 5.6mm(1) +18% vs. Q1 2026 91% +500 bps vs. Q1 2026 (1) Based on net tons. External shipments include Steel Mills (~5.66mm), Steel Products (~1.29mm), and Raw Materials (~0.66mm)
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6 2.47 2.26 2.32 2.49 2.17 1.80 1.57 1.62 1.9723.0% 21.7% 21.1% 21.6% 18.7% 15.9% 14.3% 14.4% 16.4%* 1.0 1.5 2.0 2.5 FY '22 FY '23 FY '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 % Finished C&A Import Mkt Share (LINE) Million Net Tons, Avg Monthly (BAR) 2022 – Q2 2026 U.S. Import Data All Carbon & Alloy Steel – Avg Monthly Quantity H1 Finished Import Market Share • 2024: 23% • 2025: 21% • 2026: 16% Monitoring • Q2 2026 imports higher than Q1 2026 • Higher H1 2026 imports of vs. H1 2025: • Beam: +59% Key Product Imports (H1 2026 vs. H1 2025) • Corrosion Resistant Sheet: -36% • HR Sheet: -40% • CTL Plate: -23% Federal Trade Policy • We expect the vigorous enforcement of our trade laws and Section 232 steel tariffs to continue SECTION 232 REBOOT • CR Sheet: -31% • Coiled Plate: -42% Sources: US Commerce Dept., AISI. TRADE POLICY LEVELS THE PLAYING FIELD • Rebar: +11% *April & May only
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7 WEST VIRGINIA PROJECT PROGRESSING – ON TIME AND ON BUDGET Sequencing equipment commissioning across 20261 PICKLE LINE MELT SHOP AUTO GALV LINE CONSTRUCTION GALV LINE COLD MILL HOT MILL Spring Summer Fall to year -end ✓ COMMISSIONING THROUGHOUT 2026 • Each area of new sheet mill is inspected, tested, and prepared for start -up • Ran first coil through pickle line in June • Expanded equipment commissioning across the site and will continue throughout the year PRODUCTION BEGINNING 2027 • Initial focus is on safe and reliable performance • Intentional, multi -phased ramp to full run -rate • Capacity utilization and product capabilities will expand through 2027 and 2028 (1) Represents the beginning of the commissioning process ✓ ✓ ✓
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8 2026 GROWTH PRIORITIES TOWERS & STRUCTURES GREENFIELDS Indiana Greenfield • Ongoing customer qualifications; pole production ramp up in Q4’25 • “First dip” at galv facility in Q2’26; full production by Q3’26 Utah Greenfield • “First dip” at galv facility by YE 2026; full production by mid -2027 Constructing two greenfield facilities in IN and UT; complementing existing facilities in PA and AL NUCOR BERKELEY GALV LINE • Advanced capabilities to serve Southeast automotive customers • Equipment commissioning currently in process • Production startup expected to begin in the fall Constructing a second 500K tpa galvanizing line at Nucor Steel Berkeley (SC) sheet mill RAMP -UPS OF RECENT PROJECTS • Bar Mill projects: Lexington rebar micromill and Kingman melt shop were EBITDA positive in Q2 • Crawfordsville coating complex: Galv line ramping, paint line commissioning in 2H 2026 • Alabama T&S: Expect to reach an EBITDA positive run rate in the second half of 2026 2025 projects are on track to be fully ramped and operating at EBITDA positive run rates within the year Lexington, NC rebar micro mill Berkeley County, SC galv line Indiana Towers & Structures
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9 STEEL MILLS MARKET ENVIRONMENT Y/Y YTD* Imports* Market Share ADC* Nucor* Shipments 2H 2026 Outlook SHEET Lower HRC, CRC, & galv all down >30% YTD Higher Strength across key end markets +11% • Underlying demand is strong and improving, indicating continued strength through 2026 and into 2027 • Key end markets include energy, adv. manufacturing, and data centers PLATE Lower CTL plate imports <10% mkt share YTD Lower Below 2025, tracking above 2023 & 2024 +19% • Sustained demand across energy, bridges, stadiums, and adv. manufacturing • Brandenburg performing well; shipments growing Q/Q BARS Lower Partially offset by higher rebar imports Higher Rebar demand driving growth +6% • Strength in energy, infrastructure, CHIP plants, and data centers more than offsetting residential softness • Growing contributions from Lexington and Kingman ramps STRUCTURAL Higher Off a low base; ~16% import mkt share YTD Higher Pacing above 2021 post - covid peak +5% • Record backlogs provide visibility through year-end • Mega-project growth led by data centers, stadiums, and adv. manufacturing *YTD C&A Imports and Nucor shipments: H1 2026 vs. H1 2025; ADC: Jan -May 2026 vs. Jan-May 2025 (most recent data) Sources: US Commerce Dept., AISI and Nucor Corporation.
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10 SEGMENT OVERVIEW • Nucor shipments +12% YTD • Large complex projects are driving demand for higher margin, engineered products and play to Nucor's strengths • Backlogs continuing to build across the segment, with order visibility extending into 2027 for many products • Segment margins expanded Q/Q, partially offset by higher steel costs for select products and start-up costs in Towers & Structures JOIST & DECK • Broad -based end market demand led by warehouses, data centers & adv. manufacturing • Backlog extends into 2027 at pricing above current realized levels REBAR FABRICATION • Energy infrastructure and mega -projects driving demand • Expect higher realized pricing as backlog continues to turnover TUBE • Border wall demand extends into 2028, adding to an already strong HSS and conduit market METAL BUILDINGS • Data center activity driving growth, supported by healthy demand from traditional end markets and large national accounts OTHER DOWNSTREAM PRODUCTS • Continued growth in IMP and Racking • Overhead Doors delivering strong margins & FCF, sales impacted by softer res. market STEEL PRODUCTS MARKET ENVIRONMENT
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11 CONSOLIDATED FINANCIAL RESULTS Diluted EPS1 Capital Expenditures (1) Adjusted Earnings in Q2’26 excludes certain non-recurring charges. See appendix for a reconciliation of non -GAAP measures. (2) EBITDA is a non-GAAP financial measure. For a reconciliation of non -GAAP measures, please refer to the Appendix (3) FCF represents operating cashflow minus capex EBITDA2 Free Cash Flow3 ($ in Millions except per share data) $1,295 $1,514 $2,020 Q2'25 Q1'26 Q2'26 $954 $661 $571 Q2'25 Q1'26 Q2'26 ($222) $225 $829 Q2'25 Q1'26 Q2'26 $2.60 $3.23 $4.84 $5.04 Q2'25 Q1'26 Q2'26 $0.20 adj. for non-cash benefit related to increase of Helion investment valuation
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12 ($393) ($272) ($269) ($353) ($491) $843 $793 $522 $1,128 $1,556 $392 $319 $251 $276 $353 $57 $43 $24 $45 $146 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Corporate/Eliminations Steel Mills Steel Products Raw Materials $millions • Higher volumes • Higher realized pricing • Higher EBT/ton • Higher volumes • Stable realized pricing • Higher EBT/ton • Higher shipments • Higher realized pricing Q2 2026 SEGMENT RESULTS ADJUSTED PRE-TAX SEGMENT EARNINGS (1) STEEL PRODUCTS RAW MATERIALS STEEL MILLS Q2 2026 VS Q1 2026 (1) Total segment earnings before income taxes and non -controlling interests (2) Adjusted to exclude $6 million impairment in Steel Mills and $21 million impairment in Steel Products taken in Q4 2025. For a reconciliation of non -GAAP measures, please refer to the Appendix. (2) (3) Adjusted to exclude $61 million non-cash benefit related to increase in Helion MTM write up in Corporate/Eliminations taken in Q2 2026. For a reconciliation of non-GAAP measures, please refer to the Appendix. (3)
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13 FUNDING GROWTH, RETURNING CAPITAL, AND MAINTAINING FINANCIAL FLEXIBILITY MAINTAINING FINANCIAL FLEXIBILITY (1) EBITDA is a non-GAAP financial measure. For a reconciliation of non -GAAP measures, please refer to the Appendix. (2) Total Debt includes Short-Term Debt, Current Portion of Long-Term Debt, Long-term Debt and Finance Lease Obligations (3) Includes Cash and Cash Equivalents and Short-Term Investments (4) Includes dividends and share repurchases $ in millions as of July 4, 2026 Amount xLTM EBITDA1 % cap Total Debt2 $7,099 1.2x 23% Cash and Cash Equivalents3 $2,692 Net Debt $4,407 0.8x Total Equity & Non-Controlling Int. $23,266 77% Total Book Capitalization $30,365 100% HIGHEST CREDIT RATINGS IN THE INDUSTRY Rating Agency Long-term Rating Short-term Rating Outlook S&P A- A-1 Stable Fitch A- F1 Stable Moody’s A3 P-2 Stable Represents Nucor’s senior unsecured ratings COMMITTED TO RETURNING AT LEAST 40% OF ANNUAL NET EARNINGS >75% OF YTD CAPITAL ALLOCATED TO SHAREHOLDER RETURNS AND GROWTH CAPEX $429 $329 $227 $227 $254 $479 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Shareholder returns $733 $801 $431 Shareholder Returns (4) Growth Capex Maintenance & all other Capex $ in millions $ in millions (4)
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14 Q3 2026 EARNINGS OUTLOOK SEGMENT EXPECTATIONS FOR Q3 vs Q2 IMPACT ON Q3 EARNINGS VS Q2 Steel Mills • Stable volumes with higher average realized pricing • Higher conversion costs, as we do not expect any further material benefit related to raw material refunds Steel Products • Higher volumes • Higher average realized pricing Raw Materials • Lower scrap pricing and higher pellet costs Corp / Eliminations • Lower expense due to stable intersegment profit eliminations • Lack of non-cash benefit related to Q2 Helion MTM write-up Consolidated Earnings • Higher compared to Q2 reported earnings
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15 APPENDIX
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16 SAFETY & TEAMMATES • 8 consecutive years of improved safety performance, including an 8% decrease in injury & illness rate in 2025 • 92% teammate retention rate in 2025, excluding retirements • Launched Nucor Safety Leadership program, training 324 front -line leaders ENERGY & GHG REDUCTION GOALS • 2030 & 2050 GHG targets certified by the Global Steel Climate Council (GSCC) • Record-high number of GSCC -certified low -carbon steel products (14) • Supported additions of clean power generation to the grid – Partnering with nuclear energy industry to accelerate deployment – Sebree Solar I (250 MW) began generating electricity in Sept. 2025 – On-site solar array operational at Nucor Steel Kingman (AZ) bar mill COMMUNITY • $23 million+ donated to charitable organizations through operating divisions and the Nucor Charitable Foundation • Ranked #1 on Fortune’s list of World’s Most Admired Companies in the metals industry for 5 th straight year 2025 CORPORATE SUSTAINABILITY REPORT KEY HIGHLIGHTS
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17 % Change Versus Shipments Q2 ’26 Q1 ’26 Q2 ’25 Prior Qtr. Prior Year Tubular 338 318 243 6% 39% Joist & Deck 198 185 217 7% -9% Rebar Fabrication 344 291 306 18% 12% Building Systems 59 55 64 7% -8% Other 346 310 311 12% 11% Total Shipments 1,285 1,159 1,141 11% 13% Adj. EBT1 $353 $276 $392 28% -10% Adj. EBT/Ton $275 $238 $344 15% -20% % Change Versus Shipments Q2 ’26 Q1 ’26 Q2 ’25 Prior Qtr. Prior Year Sheet 3,291 3,394 3,057 -3% 8% Bars 2,387 2,308 2,148 3% 11% Structural 628 649 635 -3% -1% Plate 757 647 606 17% 25% Other Steel 37 48 28 -23% 32% Total Shipments 7,100 7,046 6,474 1% 10% Adj. EBT1 $1,556 $1,128 $843 38% 85% Adj. EBT1/Ton $219 $160 $130 37% 68% SEGMENT RESULTS: STEEL MILLS AND STEEL PRODUCTS STEEL PRODUCTS STEEL MILLS • Higher volumes • Higher realized pricing • Higher EBT/ton • Higher volumes • Stable realized pricing • Higher EBT/ton Q2 2026 vs. Q1 2026 Q2 2026 vs. Q1 2026 $s in millions, tons in thousands $s in millions, tons in thousands (1) EBT refers to Earnings (loss) before income taxes and noncontrolling interests as disclosed in relevant Nucor quarterly earnings news release
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18 RAW MATERIALS SEGMENT RESULTS: RAW MATERIALS % Change Versus Production Q2 ’26 Q1 ’26 Q2 ’25 Prior Qtr. Prior Year DRI 1,098 1,063 979 3% 12% Scrap Processing 1,285 1,323 1,155 -3% 11% Total Production1 2,383 2,386 2,134 - 12% Adj. EBT2 $146 $45 $57 224% 156% (1) Total production excluding scrap brokerage activities. (2) EBT refers to Earnings (loss) before income taxes and noncontrolling interests as disclosed in relevant Nucor quarterly earnings news release • Higher shipments • Higher realized pricing Q2 2026 vs. Q1 2026 $s in millions, tons in thousands
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19 YEAR SALES TONS (THOUSANDS) TO OUTSIDE CUSTOMERS NET SALES ($ MILLIONS) COMP. SALES PRICE PER TON ($) EARNINGS (LOSS) BEFORE INCOME TAXES STEEL STEEL PRODUCTS RAW MATLS TOTAL TONSSHEET BARS BEAM* PLATE TOTAL STEEL JOIST & DECK REBAR FAB TUBULAR PRODS BLDG SYSTEMS OTHER STEEL PRODS TOTAL STEEL PRODS ($ 000’S) $ PER TON 2026 Q1 2,787 1,667 554 611 5,619 185 291 318 55 310 1,159 649 7,427 $9,496 $1,279 $969 $137 Q2 2,680 1,774 527 678 5,659 198 344 338 59 346 1,285 661 7,605 $10,397 $1,367 $1,501 $212 Q3 Q4 YEAR 2025 Q1 2,475 1,702 495 554 5,226 182 247 270 48 301 1,048 556 6,830 $7,830 $1,146 $215 $33 Q2 2,449 1,507 513 575 5,044 217 306 243 64 311 1,141 635 6,820 $8,456 $1,240 $796 $126 Q3 2,440 1,515 472 549 4,976 254 356 206 62 305 1,183 615 6,774 $8,521 $1,258 $807 $125 Q4 2,220 1,412 436 534 4,602 218 270 228 54 255 1,025 564 6,191 $7,687 $1,242 $456 $77 YEAR 9,584 6,136 1,916 2,212 19,848 871 1,179 947 228 1,172 4,397 2,370 26,615 $32,494 $1,221 $2,274 $90 QUARTERLY SALES AND EARNINGS DATA *Beam includes all structural steel
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20 AVG EXTERNAL SALES PRICE PER NET TON STEEL MILLS SHEET BARS BEAM* PLATE TOTAL STEEL 2026 1st Quarter $1,001 $1,013 $1,541 $1,151 $1,074 2nd Quarter $1,088 $1,049 $1,608 $1,263 $1,145 First Half $1,044 $1,032 $1,574 $1,210 $1,110 3rd Quarter Nine Months 4th Quarter YEAR 2025 1st Quarter $888 $877 $1,300 $1,014 $938 2nd Quarter $1,008 $927 $1,352 $1,194 $1,041 First Half $948 $900 $1,327 $1,106 $989 3rd Quarter $982 $961 $1,394 $1,182 $1,038 Nine Months $959 $920 $1,348 $1,131 $1,005 4th Quarter $935 $975 $1,464 $1,113 $1,019 YEAR $954 $933 $1,374 $1,126 $1,008 AVERAGE SCRAP AND SCRAP SUBSTITUTE COST PER GROSS TON USED PER NET TON USED 2026 1st Quarter $404 $361 2nd Quarter $422 $377 First Half $413 $369 3rd Quarter Nine Months 4th Quarter YEAR 2025 1st Quarter $394 $352 2nd Quarter $403 $360 First Half $398 $355 3rd Quarter $391 $349 Nine Months $396 $354 4th Quarter $380 $339 YEAR $392 $350 QUARTERLY SALES PRICES & SCRAP COST *Beam includes all structural steel
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21 AVG EXTERNAL SALES PRICE PER NET TON STEEL PRODUCTS JOIST & DECK FABRICATED REBAR TUBULAR PRODUCTS BUILDING SYSTEMS OTHER STEEL PRODUCTS TOTAL STEEL PRODUCTS 2026 1st Quarter $2,454 $1,646 $1,661 $6,084 $3,193 $2,405 2nd Quarter $2,450 $1,656 $1,772 $5,993 $3,173 $2,415 First Half $2,452 $1,651 $1,718 $6,037 $3,183 $2,410 3rd Quarter Nine Months 4th Quarter YEAR 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 $2,331 First Half $2,664 $1,619 $1,450 $5,472 $2,857 $2,313 3rd Quarter $2,438 $1,594 $1,621 $5,406 $3,061 $2,358 Nine Months $2,576 $1,609 $1,499 $5,449 $2,926 $2,329 4th Quarter $2,452 $1,654 $1,540 $5,574 $3,297 $2,413 YEAR $2,545 $1,619 $1,509 $5,479 $3,006 $2,348 QUARTERLY SALES PRICE STEEL PRODUCTS
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22 RECONCILIATION OF GAAP TO NON-GAAP MEASURE - EBITDA 2024 2025 LTM Q1 2026 Q2 2025 Q2 2026 Net earnings before non-controlling interests $2,319 $2,038 $3,256 $870 $706 $1,280 Net interest expense ($30) $59 $57 $19 $19 $12 Income taxes $583 $530 $849 $226 $193 $345 Depreciation expense $1,094 $1,226 $1,261 $321 $303 $320 Amortization expense $262 $254 $252 $63 $63 $63 Losses and impairments of assets $137 $67 $42 $15 $11 -- EBITDA $4,365 $4,174 $5,717 $1,514 $1,295 $2,020 $ in millions
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23 RECONCILIATION OF GAAP TO NON-GAAP MEASURE – FREE CASH FLOW (FCF) 2024 2025 LTM Q1 2026 Q2 2025 Q2 2026 CASH PROVIDED BY OPERATING ACTIVITIES $3,979 $3,234 $4,424 $886 $732 $1,400 CAPITAL EXPENDITURES ($3,173) ($3,422) ($2,841) ($661) ($954) ($571) FREE CASH FLOW $806 ($188) $1,583 $225 ($222) $829 $ in millions
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24 RECONCILIATION OF GAAP TO NON-GAAP MEASURE – EARNINGS ATTRIBUTABLE TO NUCOR STOCKHOLDERS $ in millions Q4 2025 Q2 2026 Diluted EPS Diluted EPS NET EARNINGS ATTRIBUTABLE TO NUCOR STOCKHOLDERS $378 $1.64 $1,156 $5.04 (INCREASES) / DECREASES RELATED TO VALUATION OF CERTAIN ASSETS, NET OF TAX $22 $0.09 ($46) ($0.20) ADJUSTED NET EARNINGS ATTRIBUTABLE TO NUCOR STOCKHOLDERS $400 $1.73 $1,110 $4.84
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25 RECONCILIATION OF GAAP TO NON-GAAP MEASURE – PRE-TAX SEGMENT EARNINGS $ in millions Q4 2025 Q2 2026 Steel Mills Steel Products Raw Materials Corp/ Elims Steel Mills Steel Products Raw Materials Corp/ Elims EARNINGS (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS $516 $230 $24 ($269) $1,556 $353 $146 ($430) (INCREASES) / DECREASES RELATED TO VALUATION OF CERTAIN ASSETS $6 $21 -- -- -- -- -- ($61) ADJUSTED EARNINGS (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS $522 $251 $24 ($269) $1,556 $353 $146 ($491)