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October 27, 2026 Leon Topalian Chair and CEO Steve Laxton President and COO Jack Sullivan CFO THIRD 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 $2.3 billion Net Earnings $1.3 billion EPS $5.80 Balance Sheet & Liquidity 2 ~23% debt/cap; ~$4.3 billion liquidity Capital Expenditures $629 million Returns to NUE Shareholders $629 million • Dividend Payments • $128 million • Share Repurchases • $501 million (2.0 mm shares) Q3 2026 FINANCIAL PERFORMANCE (1) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix (2) 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 • Achieved safest summer in Nucor’s history • Tracking towards the lowest I&I rate in company history for 9 th year in a row STEEL MILLS SHIPMENTS CONTINUE AT RECORD PACE • Growing contributions from recently completed projects, capitalizing on strong market conditions • Record shipments for a third consecutive quarter, YTD shipments +10% • Production in line with Q2, ex. planned outage impacts STEEL PRODUCTS: HIGHER SHIPMENTS, PRICING, AND MARGINS • Joist & Deck led Q/Q earnings growth, with higher shipments (+20%) and realized pricing (+$110/t) • Improved results across the portfolio, notably Building Systems, Tube, and Insulated Metal Panels • Backlogs extend into mid -2027 for many products Q3 2026 OPERATIONAL HIGHLIGHTS SAFETY TOTAL STEEL MILLS SHIPMENTS EXTERNAL STEEL PRODUCTS SHIPMENTS MILL BACKLOGS 0.70 YTD Injury & Illness Rate 7.2mm(1) +2% vs. Q2 2026 1.4mm(1) +6% vs. Q2 2026 5.9mm(1) +5% vs. Q2 2026 (1) Based on net tons. Total Steel Mills shipments includes sales to internal customers
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6 8.63 8.31 8.13 8.41 8.53 8.49 7.88 8.19 8.76 9.00 23.0% 21.7% 21.1% 21.6% 18.7% 15.9% 14.3% 14.5% 16.1% 17.2% 4.0 5.0 6.0 7.0 8.0 9.0 FY '22 FY '23 FY '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3'26 % Finished C&A Import Mkt Share (LINE GRAPH) Million Net Tons, Avg Monthl ADC (BAR GRAPH) U.S. Demand & Import Market Share (2022 - Q3 2026) Carbon & Alloy Steel – Avg Monthly Quantity SECTION 232 REBOOT Sources: US Commerce Dept., AISI. TRADE POLICY LEVELING THE PLAYING FIELD YTD imports tracking below 2025 • Through Q3 2026, finished steel imports are down ~13% y -o-y vs. 2025; and down ~24% vs. 2024 levels Stronger demand lifts domestic shipments despite rising imports • Domestic shipments have increased Q/Q in 2026, even as import market share has grown from ~14% in 4Q’25 to ~17% in 3Q’26 Trade cases remain an important policy lever to level the playing field • Massive surge y -o-y in imports from South Korea (+57% through Q3) despite Section 232 measures Federal Trade Policy • We expect the vigorous enforcement of our trade laws and section 232 steel tariffs to continue
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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 ✓ CONSTRUCTION NEARLY COMPLETE • Focused on commissioning across the plant • Achieved major milestones in September, including first heat and first prime pickled coil shipments to internal divisions PRODUCTION BEGINNING 2027 • Initial focus is on safe and reliable performance • Intentional, multi -phased ramp to full run -rate; building to 50% utilization run rate by YE 2027 • Capacity utilization and product capabilities will continue to expand throughout 2028 (1) Represents the beginning of the commissioning process ✓ ✓ ✓ ✓ ✓
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8 ADVANCING OUR AUTOMOTIVE STRATEGY GROWING SHIPMENTS IN A STABLE AUTOMOTIVE MARKET MOMENTUM TO ACCELERATE AS GROWTH INVESTMENTS RAMP • Newest growth projects adding advanced sheet capabilities, strengthening customer relationships and profitability – Nucor Steel West Virginia sheet mill , expands footprint across major automotive market corridor in the Northeast and Midwest – Nucor Steel Berkeley galvanizing line , began production earlier this month, adds advanced capabilities to serve Southeast auto customers • Nucor flat rolled automotive shipments up 4% YTD despite relatively stable North American auto production • Commercialized exposed -quality galvanized steel using thin slab casting for an exposed auto part; fully qualified on a platform for a leading North America automaker • Growing automotive shipments and exposed -quality success support scaling both exposed and unexposed grades across our broad OEM customer base Berkeley County, SC galv line
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9 SUSTAINED UTILITY CAPEX DRIVING DEMAND • North American transmission spend exceeded ~$65 billion in 2025, and is on pace to grow to over $100 billion by 2030 (1) BUILDING LONG -TERM CUSTOMER RELATIONSHIPS • Qualified with over 30 utilities • Entered into multi -year supply agreements with several of the largest utilities in the U.S. GROWING BACKLOGS • Backlog has more than doubled YTD, and extends into Q1 2028 EXPANDING PRODUCTION CAPABILITIES • In October 2026, announced $165M expansion at Indiana and Alabama facilities to meet growing customer demand TOWERS & STRUCTURES SCALING NATIONWIDE Acquired Operation Greenfield Operation Greenfield Under Construction CRAWFORDSVILLE, IN Began full production in Q3 2026 DECATUR, AL Full production in 2025, tracking to EBITDA positive run rate in Oct. HAZLETON, PA Acquired 2022; Modernized 2025 BRIGHAM CITY, UT Full production expected by mid -2027 Four Highly Automated, State -of-the -Art Production Facilities with National Coverage (1) Power Insights 2026 North American Electric Transmission Market Forecast
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10 • Manufacturing construction spending remains elevated at ~$170 billion per annum 2 – Mix broadening from primarily chip plants to power equipment, aerospace & defense, pharmaceutical, automotive and others • Data Center construction spending: Doubled from 2024 to 2026, +20% projected CAGR through 2031 3 SECULAR GROWTH TRENDS SUPPORTING A SUSTAINED UPLIFT IN DEMAND • IIJA funded construction activity in transportation infrastructure still accelerating: – FY’26 State DOT contract awards reached $159 billion; +60% from 2022 level 1 • Border fence work continues , consuming ~1,500 tons /mile • Stadiums/Arenas: Strong niche market, both new builds and renovations REBUILDING RESHORING & DIGITAL INFRASTRUCTURE (1) American Road & Transportation Builders Association Market Update: Highway & Bridge Construction Market; (2) https://fred.stlouisfed.org/series/TLMFGCONS; (3) Dodge Construction Network. (4) PowerLines; (5) Interstate Natural Gas Association of America, FERC.gov, Naturalgasintel.com; • Investor -owned utility capex projected at ~$1.4 trillion, 2026 - 2030 4: – Utility scale solar, combined - cycle gas turbines, substations, storage, transmission grid upgrades... all steel intensive • Pipelines: LNG and basin takeaway projects,+1,500 miles/year of large diameter pipeline construction expected through 2030 5 REPOWERING
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11 CONSOLIDATED FINANCIAL RESULTS (1) Adjusted Earnings in Q2’26 excludes certain non-recurring charges. See appendix for a reconciliation of non -GAAP measures. (2) EBITDA is a non-GAAP financial measure. For a reconciliation of non -GAAP measures, please refer to the Appendix (3) FCF represents operating cashflow minus capex ($ in Millions except per share data) Diluted EPS1 Capital Expenditures EBITDA2 Free Cash Flow3 $1,265 $2,020 $2,279 Q3'25 Q2'26 Q3'26 $807 $571 $629 Q3'25 Q2'26 Q3'26 $532 $829 $1,607 Q3'25 Q2'26 Q3'26 $2.63 $4.84 $5.80 $5.04 Q3'25 Q2'26 Q3'26 $0.20 adj. for non-cash benefit related to increase of Helion investment valuation
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12 ($272) ($269) ($353) ($491) ($491) $793 $522 $1,128 $1,556 $1,788 $319 $251 $276 $353 $465 $43 $24 $45 $146 $105 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Corporate/Eliminations Steel Mills Steel Products Raw Materials $millions • Higher volumes • Higher realized pricing partially offset by higher costs • Higher EBT/ton • Higher volumes • Higher realized pricing • Higher EBT/ton • Lower shipments • Lower realized pricing Q3 2026 SEGMENT RESULTS ADJUSTED PRE-TAX SEGMENT EARNINGS (1) STEEL PRODUCTS RAW MATERIALS STEEL MILLS Q3 2026 VS Q2 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 October 3, 2026 Amount xLTM EBITDA1 % cap Total Debt2 $7,093 1.1x 23% Cash and Cash Equivalents3 $3,640 Net Debt $3,453 0.5x Total Equity & Non-Controlling Int. $24,091 77% Total Book Capitalization $31,184 100% 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 $429 $329 $227 $227 $254 $479 $629 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Shareholder returns $ in millions (4) ~80% OF YTD CAPITAL ALLOCATED TO SHAREHOLDER RETURNS AND GROWTH CAPEX $1,362 $1,215 $646 Shareholder Returns (4) Growth Capex Maintenance & all other Capex $ in millions
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14 Q4 2026 EARNINGS OUTLOOK SEGMENT EXPECTATIONS FOR Q4 vs Q3 IMPACT ON Q4 EARNINGS VS Q3 Steel Mills • Higher average realized pricing • Seasonally lower volumes and higher costs Steel Products • Higher average realized pricing • Seasonally lower volumes Raw Materials • Slightly lower earnings from lower realized DRI pricing Corp / Eliminations • Lower eliminations upon consolidation Consolidated Earnings • In-line with or modestly higher vs. Q3
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15 APPENDIX
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16 • Carbon Capture & Storage (CCS) agreement with ExxonMobil first announced in June 2023 • Operations commenced during Q3 2026 • ExxonMobil to capture up to 800 kt/yr CO2 from Nucor’s Louisiana DRI plant for permanent storage offsite • Transformative project will enable Nucor to produce DRI having ~80% lower carbon footprint compared to pig iron from blast furnaces CARBON CAPTURE FACILITY NOW OPERATIONAL Permanent Geologic StorageCO2 Capture Source (DRI Facility, Convent, LA) Capture Facility (CO2 compression and conditioning) CO2 CO2 CO2 CO2 flow direction (NS -LA to storage) CO2 pipeline Exxon Operated Facilities
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17 % Change Versus Shipments Q3 ’26 Q2 ‘26 Q3 ’25 Prior Qtr. Prior Year Tubular 375 338 206 11% 82% Joist & Deck 237 198 254 20% -7% Rebar Fabrication 341 344 356 -1% -4% Building Systems 74 59 62 25% 19% Other 336 346 305 -3% 10% Total Shipments 1,363 1,285 1,183 6% 15% Adj. EBT1 $465 $353 $319 32% 46% Adj. EBT1/Ton $341 $275 $270 24% 27% % Change Versus Shipments Q3 ’26 Q2 ’26 Q3 ’25 Prior Qtr. Prior Year Sheet 3,259 3,291 3,030 -1% 8% Bars 2,497 2,387 2,190 5% 14% Structural 667 628 595 6% 12% Plate 782 757 594 3% 32% Other Steel 26 37 19 -30% 37% Total Shipments 7,231 7,100 6,428 2% 12% Adj. EBT1 $1,788 $1,556 $793 15% 125% Adj. EBT1/Ton $247 $219 $123 13% 100% SEGMENT RESULTS: STEEL MILLS AND STEEL PRODUCTS STEEL PRODUCTS STEEL MILLS • Higher volumes • Higher realized pricing partially offset by higher costs • Higher EBT/ton • Higher volumes • Higher realized pricing • Higher EBT/ton Q3 2026 vs. Q2 2026 Q3 2026 vs. Q2 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 Q3 ’26 Q2 ’26 Q3 ’25 Prior Qtr. Prior Year DRI 960 1,098 976 -13% -2% Scrap Processing 1,298 1,285 1,215 1% 7% Total Production1 2,258 2,383 2,191 -5% 3% Adj. EBT2 $105 $146 $43 -28% 144% (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 • Lower shipments • Lower realized pricing Q3 2026 vs. Q2 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 ($) 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 2026 Q1 2,787 1,667 554 611 5,619 185 291 318 55 310 1,159 649 7,427 $9,496 $1,279 Q2 2,680 1,774 527 678 5,659 198 344 338 59 346 1,285 661 7,605 $10,397 $1,367 Q3 2,556 1,837 573 696 5,662 237 341 375 74 336 1,363 508 7,533 $11,249 $1,493 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 Q2 2,449 1,507 513 575 5,044 217 306 243 64 311 1,141 635 6,820 $8,456 $1,240 Q3 2,440 1,515 472 549 4,976 254 356 206 62 305 1,183 615 6,774 $8,521 $1,258 Q4 2,220 1,412 436 534 4,602 218 270 228 54 255 1,025 564 6,191 $7,687 $1,242 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 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 3rd Quarter $1,189 $1,097 $1,706 $1,343 $1,233 4th Quarter First Half $1,044 $1,032 $1,574 $1,210 $1,110 Nine Months $1,090 $1,055 $1,619 $1,256 $1,151 YEAR 2025 1st Quarter $888 $877 $1,300 $1,014 $938 2nd Quarter $1,008 $927 $1,352 $1,194 $1,041 3rd Quarter $982 $961 $1,394 $1,182 $1,038 4th Quarter $935 $975 $1,464 $1,113 $1,019 First Half $948 $900 $1,327 $1,106 $989 Nine Months $959 $920 $1,348 $1,131 $1,005 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 3rd Quarter $421 $376 4th Quarter First Half $413 $369 Nine Months $416 $371 YEAR 2025 1st Quarter $394 $352 2nd Quarter $403 $360 3rd Quarter $391 $349 4th Quarter $380 $339 First Half $398 $355 Nine Months $396 $354 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 3rd Quarter $2,560 $1,716 $1,891 $6,285 $3,414 $2,576 4th Quarter First Half $2,452 $1,651 $1,718 $6,037 $3,183 $2,410 Nine Months $2,494 $1,674 $1,781 $6,135 $3,261 $2,470 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 3rd Quarter $2,438 $1,594 $1,621 $5,406 $3,061 $2,358 4th Quarter $2,452 $1,654 $1,540 $5,574 $3,297 $2,413 First Half $2,664 $1,619 $1,450 $5,472 $2,857 $2,313 Nine Months $2,576 $1,609 $1,499 $5,449 $2,926 $2,329 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 Q3 2025 Q2 2026 Q3 2026 Net earnings before non-controlling interests $2,319 $2,038 $4,046 $683 $1,280 $1,473 Net interest expense ($30) $59 $49 $15 $12 $7 Income taxes $583 $530 $1,043 $200 $345 $394 Depreciation expense $1,094 $1,226 $1,283 $304 $320 $326 Amortization expense $262 $254 $251 $63 $63 $62 Losses and impairments of assets $137 $67 $59 -- -- $17 EBITDA $4,365 $4,174 $6,731 $1,265 $2,020 $2,279 $ in millions
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23 RECONCILIATION OF GAAP TO NON-GAAP MEASURE – FREE CASH FLOW (FCF) 2024 2025 LTM Q3 2025 Q2 2026 Q3 2026 CASH PROVIDED BY OPERATING ACTIVITIES $3,979 $3,234 $5,321 $1,339 $1,400 $2,236 CAPITAL EXPENDITURES ($3,173) ($3,422) ($2,663) ($807) ($571) ($629) FREE CASH FLOW $806 ($188) $2,658 $532 $829 $1,607 $ 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)