Slides
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Investor Presentation February 2026
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| 2 | Forward-Looking Statements This presentation contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, discussions of Reliance’s: industry and end markets; business strategies; acquisitions; expectations concerning our future growth and profitability; ability to generate industry leading returns for its stockholders; future demand and metals pricing; results of operations; margins; profitability; taxes; liquidity; cash flows; capital expenditures; expectations for macroeconomic conditions, including inflation and the possibility of an economic recession or slowdown; litigation matters and capital resources. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “preliminary,” “range,” “intend” and “continue,” the negative of these terms, and similar expressions. These forward-looking statements are based on management's estimates, projections and assumptions as of today’s date that may not prove to be accurate. Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements as a result of various important factors, including, but not limited to, actions taken by Reliance, as well as developments beyond its control, including, but not limited to: changes in domestic and worldwide political and economic conditions; changes in U.S. and foreign trade policies; slowing economic growth, inflation, rising unemployment or other macroeconomic factors that could materially impact us, our customers and suppliers; metals pricing; demand for our products and services; U.S. and foreign trade policies specifically affecting metals product markets and pricing; the possibility that the expected benefits of acquisitions and capital expenditures may not materialize as expected; and the impacts of labor constraints and supply chain disruptions. Deteriorations in economic conditions as a result of tariffs or trade barriers, economic policies, inflation, economic recession, slowing growth, outbreaks of infectious disease, or geopolitical conflicts such as in Ukraine and the Middle East, could lead to a decline in demand for the Company’s products and services and negatively impact its business, and may also impact financial markets and corporate credit markets which could adversely impact the Company’s access to financing or the terms of any financing. The Company cannot at this time predict all of the impacts of domestic and foreign tariffs and trade policies, inflation, product price fluctuations, economic recession, outbreaks of infectious disease, or geopolitical conflicts and related economic effects, but these factors, individually or in any combination, could have a material adverse effect on the Company’s business, financial position, results of operations and cash flows. The statements contained in this presentation speak only as of the date hereof, and Reliance disclaims any and all obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason, except as may be required by law. Important risks and uncertainties about Reliance’s business can be found in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in other documents Reliance files or furnishes with the United States Securities and Exchange Commission.
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| 3 | Strong Safety Performance in 2025 Reliance is a leading global diversified metal solutions provider Locations 125K+ Customers ~310 Metal Products 100K+ Founded in Years of operational experience 1939 85+
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| 4 | A Family of Companies
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CASH FLOW Industry Leader Strong Balance Sheet | 5 | Unique & Sustainable Business Model Reliance’s strong and consistent cash flows are supported by its deep and wide economic moat, driven by profitable operations and effective working capital management. Customer Relationships Purchasing & Pricing Power Disruption Adverse Value- added Solutions Diverse Industry Leader: Largest metals service center company in North America Strong Balance Sheet: Strong liquidity to execute capital allocation strategy while maintaining investment grade ratings Customer Relationships: 90%+ repeat base; smaller, more frequent ordering often requiring quick delivery Value-Added Solutions Provider: ~49% of orders in 2025 included value-added processing Diverse: Mitigates volatility with 100,000+ metal products to 125,000+ customers in diverse end markets Disruption Adverse: Maintain profitable operations throughout industry cycles Purchasing & Pricing Power: “Buy domestic” philosophy drives purchasing power and product availability
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$- $50.00 $100.00 $150.00 $200.00 $250.00 $300.00 $350.00 $400.00 9/16/1994 11/13/1997 1/18/2001 3/29/2004 6/04/2007 8/05/2010 10/09/2013 12/12/2016 2/19/2020 4/24/2023 Reliance’s unique and sustainable business model has resulted in compounded annual stockholder returns that have outpaced the S&P 500 since the 1994 IPO. | 6 | 12/31/2025 31+ Year Trading History $288.87 As of 12-31-25 CAGR RS S&P 500 3 Years 14.3% 23.0% 5 Years 21.2% 14.4% 10 Years 19.8% 14.8% Since IPO 16.6% 11.0%
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$0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 Diluted Earnings per Share (2) (1) RECESSIONARY PERIODS REFER TO 2001, 2008-2009, GLOBAL PANDEMIC IN 2020, AS DENOTED IN RED. (2) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022. We’ve remained profitable every year, even during recessionary periods and a global pandemic(1), and achieved EPS of $13.98 in 2025. (1) RECESSIONARY PERIODS IN 2001 AND 2008-2009, GLOBAL PANDEMIC IN 2020, AS DENOTED IN BLUE. | 7 | Resilience Through Economic Cycles: Consistent Profitability
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$0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 $0 $500 $1,000 $1,500 $2,000 $2,500 Cash Flow From Operations Sales Cash Flow From Operations ($M) Sales ($M) (1) RECESSIONARY PERIODS IN 2001 AND 2008-2009, GLOBAL PANDEMIC IN 2020, AS DENOTED IN BLUE. (1) RECESSIONARY PERIODS IN 2001 AND 2008-2009, GLOBAL PANDEMIC IN 2020, AS DENOTED IN RED. (2) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022. Consistent, strong cash flows help fuel our growth and longstanding history of stockholder returns throughout all cycles(1). In 2025, we reported cash flow from operations of $831 million. Countercyclical cash flow generation provides additional resiliency through recessionary periods. | 8 | Consistent, Strong and Countercyclical Cash Flow Generation Through Economic Cycles
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Consistent and growing margin profile far surpasses peers due to various factors including: • Performance-based compensation structure • Rich level of talent at middle management level / entrepreneurial approach • Semi-annual manager meetings to ensure best practices, reward outstanding performance and set new goals • Product and end market diversification • Model of focusing on smaller orders with quick turnaround and high levels of service • Increased levels of value-added processing due to significant investments in capital expenditures in recent years • Ensuring the true value we provide our customers is reflected in our price 28%-30% Prior Estimated Sustainable Range(2) 25%-27% Historical Range(1) 29%-31% Estimated Sustainable Range(2) | 9 | Ability to Sustain Growth in Gross Profit Margins Over Time (1) REPRESENTS HISTORICAL LEVELS THROUGH FISCAL 2015. (2) RELIANCE FIRST INCREASED ITS ESTIMATED SUSTAINABLE ANNUAL GROSS PROFIT RANGE TO 27% - 29% IN FEBRUARY 2017; INCREASED IT TO 28% - 30% IN FEBRUARY 2020; AND INCREASED IT AGAIN TO 29% - 31% IN JULY 2021.
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0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 RS Industrial Distributor Peer Average Service Center Peer Average U.S. Mills Peer Average 28.7%(1) 29.8%(1) 19.1%(1) 15.6%(1) Gross Profit Margin (%) Our profitability margins consistently track more closely to industrial distribution companies given business model similarities including diversification, small order sizes, growth in value- added processing and focus on providing value and service to our customers. | 10 | (1) FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2025. MSM FOR THE TWELVE MONTHS ENDED NOVEMBER 29, 2025. CMC AND WS FOR THE TWELVE MONTHS ENDED NOVEMBER 30, 2025. RESULTS UNAVAILABLE FOR WS IN FY 2022 AND 2023. THE STEEL PROCESSING SEGMENT OF WORTHINGTON INDUSTRIES WAS SPLIT FROM WOR INTO WS ON DECEMBER 1, 2023. (2) EBITDA IS A NON-GAAP FINANCIAL MEASURE. REFER TO SLIDE 22 OF THE PRESENTATION FOR ADDITIONAL DETAILS ON NON-GAAP FINANCIAL INFORMATION. NOTE: INDUSTRIAL DISTRIBUTORS AVERAGE INCLUDES: GWW, MRC, MSM, WCC, AND WSO. METAL SERVICE CENTERS AVERAGE INCLUDES: RUS-T, RYI, WOR (STEEL PROCESSING SEGMENT) FOR THE YEARS 2001-2021, WS 2024-Q2 2025 AND ZEUS. U.S. MILLS AVERAGE INCLUDES: AA, ATI, CMC, KALU, NUE, AND STLD. Consistently Outperform Peers EBITDA2 Margin (%) 5.2%(1) 10.0%(1) 9.2%(1) 13.3%(1) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 RS Industrial Distributor Peer Average Service Center Peer Average U.S. Mills Peer Average
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DIVERSIFICATION of products, end markets and geography reduces volatility DECENTRALIZED OPERATING MODEL puts decision making and resources close to the customer AS-NEEDED INVENTORY MANAGEMENT and focus on small customers / orders for higher margins vs. large volume STRONG PRICING DISCIPLINE by managers in the field to appropriately price the value provided to customers MINIMAL CONTRACTUAL SALES helps effectively manage working capital & minimizes impact of changing metal prices ORGANIC GROWTH & INNOVATION through industry- leading investments in state-of-the-art value-added processing equipment Our Differentiated Approach | 11 |
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Transportation & Other - 20 - 25% Non-residential Construction - 30% - 40% General Manufacturing - 35% - 45% Copper and brass - 3% Toll processing - 4% Alloy - 4% Miscellaneous - 6% Stainless steel - 13% Aluminum - 17% Carbon steel - 53% 3% 4% 6% 4% 2% 5% 6% 1% 1% 5% 5% 5% 2% 5% 5% 8% 9% 12% 12% Copper and brass Toll processing Miscellaneous Alloy bar & rod, tube & plate Stainless steel plate Stainless steel S&C Stainless steel bar & tube Heat-treated aluminum S&C Common alloy aluminum plate Heat-treated aluminum plate Common alloy aluminum S&C Aluminum bar & tube Cold-rolled steel S&C Galvanized steel S&C Carbon steel bar Hot-rolled steel S&C Carbon steel tubing Carbon steel structurals Carbon steel plate Mountain - 3% Pacific Northwest - 4% Northeast - 6% International - 6% Mid-Atlantic - 7% Southeast - 20% West/Southwest - 23% Midwest - 31% BY COMMODITY(2) BY PRODUCT(2)BY REGION(2) (1) APPROXIMATE NET SALES BREAKDOWN BY END MARKET. (2) FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2025. SALES REPRESENT GROSS SALES DOLLARS, BY PRODUCT TYPE AS A PERCENTAGE OF TOTAL SALES (WHICH INCLUDES INTERCOMPANY SALES THAT ARE EXCLUDED FROM THE NET SALES CAPTION OF THE COMPANY'S INCOME STATEMENT). (3) PRIMARILY TOLL PROCESSING, WHERE RELIANCE DOES NOT OWN THE METAL BUT PROCESSES FOR A FEE, WITH NO METAL PRICE RISK. (4) MISCELLANEOUS, INCLUDING TITANIUM, FABRICATED PARTS, PVC PIPE AND SCRAP. (5) TOLL PROCESSING OF ALUMINUM, CARBON STEEL AND STAINLESS STEEL; INCLUDES REVENUES FOR LOGISTICS SERVICES PROVIDED BY OUR TOLL PROCESSING COMPANIES. (4) BY END MARKET(1) INCLUDES: Consumer products Energy (oil & natural gas) Heavy industry Industrial machinery Semiconductor Other Infrastructure Data centers Energy (renewable) Aerospace Automotive(3) Other (5) Diversified Full Year 2025 Sales | 12 |
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NOTE: FOR THE YEAR ENDED DECEMBER 31, 2025. | 13 | Best-in-Class Service ~40% ~49% O r d e r s I n c l u d e Va l u e- added P r o c e s s i n g 125,000+ C u s t o m e r s S e r v e d >90%+ R e p e a t C u s t o m e r B a s e ~$3,120 A v e r a g e O r d e r S i z e Our decentralized operating model enables quick turnaround, high quality services that save our customers significant time, labor, and expense. O r d e r s D e l i v e r e d i n 2 4 H o u r s o r L e s s
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Organic: • Open facilities in new markets and expand existing facilities • Expand capabilities through addition or upgrading of value-added processing equipment Acquisitions: • Continue to be a consolidator in a highly fragmented market through strategic acquisitions of well-managed service centers and processors • Leverage core competencies that may be applicable to adjacent businesses Dividends: • Regular quarterly dividends consistent method of returning capital to stockholders • Most recent increase of 4.2% to $1.25 per share ($5.00 annual) of common stock in the first quarter of 2026 Share Repurchases: • Opportunistically repurchase shares • Repurchased $3.12 billion of Reliance common stock since 2021(2) • $594.1 million of repurchases in 2025 resulted in a 4% reduction in outstanding shares • $763.5 million available under $1.5 billion share repurchase program without expiration GrowthStockholder Returns (1) BREAKDOWN AS A PERCENT OF SPEND; ACQUISITION SPEND IS NET OF CASH ACQUIRED. (2) REPRESENTS THE TIME PERIOD FROM JANUARY 1, 2021 TO DECEMBER 31, 2025. Reliance Capital Allocation Breakdown(1) (2021 – 2025) ($M) | 14 | Balanced Capital Allocation Philosophy Share Repurchases, 45% $3,121 Dividends, 17% $1,137 Acquisitions, 12% $831 Capital Expenditures, 26% $1,807
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(1) REPRESENTS THE TIME PERIOD JANUARY 1, 2021 – DECEMBER 31, 2025. (2) AS OF DECEMBER 31, 2025. Our investments in innovation drive growth and continuous improvements to our business, far outpacing our peers. CapEx investments since 2021(1) Annual CapEx budget dedicated to growth Invested in acquisitions since 2021(1) Acquisitions since 1994 IPO(2) Industry-Leading Investments $1.81 B 50% $831 M 76 | 15 |
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28,000 30,000 32,000 34,000 36,000 38,000 40,000 42,000 44,000 4,700 4,900 5,100 5,300 5,500 5,700 5,900 6,100 6,300 6,500 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 RS MSCI Other Member Tons Smart, Profitable Growth Strategy RS Annual Tons Sold vs. MSCI Industry Shipments (Thousands) Initiated focus on smart, profitable growth in 2021 Grow tons shipped in excess of industry AND maintain annual sustainable gross profit margin of 29% to 31%. | 16 | RS Tons MSCI Other Member Tons (1) (1) NOTE: YEAR-TO-DATE TONS AS OF DECEMBER 31, 2025 RS Domestic Share % 14% 15% 14.5% 14.5% 14.5% 14.5% 14% 14.5% 14.5% 15% 17%
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(1) REPRESENTS THE TIME PERIOD FROM OUR IPO (SEPTEMBER 16, 1994) TO THE FIRST QUARTER OF 2026, WHICH INCLUDES OUR MOST RECENT 4.2% INCREASE PAYABLE ON MARCH 20, 2026 TO STOCKHOLDERS OF RECORD AS OF MARCH 6, 2026. (2) REPRESENTS THE TIME PERIOD FROM JANUARY 1, 2021 TO DECEMBER 31, 2025. Cash dividends and share repurchases are core to our capital allocation philosophy. | 17 | Longstanding Commitment to Stockholder Returns Consecutive years of quarterly dividend Dividend increases since 1994 IPO(1) Increase in quarterly dividend since 1994 IPO(1) Common stock repurchased since 2021(2) 66 33 22,400% $3.12 B
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| 18 | Highly Effective, Opportunistic Repurchases In the last 10 years, Reliance has generated a 12.5% return1 on shares repurchased and reduced overall shares outstanding by ~34%.2 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 $- $200 $400 $600 $800 $1,000 $1,200 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $ Repurchased (M) Shares Repurchased Annual ROI: N/A 18.6% 20.1% 22.4% 24.9% 16.8% 16.5% 6.9% 3.4% 12.6% (1) REPURCHASES FOR THE PERIOD 2016-2025 USING THE WEIGHTED AVERAGE REPURCHASE PRICE AS PUBLISHED IN RELIANCE INC.’S ANNUAL 10-K AND ASSUMING THE REPURCHASES OCCURRED ON JUNE 30TH OF EACH YEAR. ANNUAL COMPOUNDED RETURNS WERE CALCULATED USING RELIANCE’S AVERAGE PRICE IN 2025 OF $290.62 AS THE ENDING VALUE AND WEIGHTED USING THE PERCENTAGE OF EACH YEAR’S REPURCHASE AS A PERCENTAGE OF TOTAL REPURCHASES DURING THE PERIOD. DIVIDENDS SAVED FROM SHARE REPURCHASES FACTORED IN THE OVERALL RETURN AS WELL. (2) SHARE COUNT BASED ON YEAR-END 2015 SHARES OUTSTANDING OF 71.74 M AND REPURCHASES FOR THE PERIOD 2016-2025.
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Q4 2025 Highlights $1.93 $3.59 $2.22 $2.22 $3.64 $2.40 $2.30 $3.99 $2.96 Q4 2024 Q3 2025 Q4 2025 Net Sales ($ billions) (1) REFER TO THE COMPANY’S Q4 2025 EARNINGS RELEASE ISSUED ON FEBRUARY 18, 2026 FOR ADDITIONAL DETAILS ON NON-GAAP FINANCIAL INFORMATION. Gross Profit Margin EPSPretax Income ($ millions) LIFO Non-GAAP(1) Non-GAAP FIFO(1) Performance Summary(1) • Net sales of $3.50 billion • Q4 tons sold increased 5.8% year-over-year, outpacing the MSCI shipment decline of 1.2%, reflecting market share gains and continued investments in organic growth • Tons sold decreased 5.4% sequentially consistent with seasonal trends • Average selling price per ton sold increased 0.9% sequentially mainly due to tariff driven increases in aluminum products, and disciplined pricing execution in a competitive market environment • Non-GAAP FIFO gross profit margin of 28.5% • Non-GAAP FIFO gross profit margin modestly decreased 30 bps year-over-year • Non-GAAP FIFO pretax income of $205.6 million and non-GAAP FIFO pretax income margin of 5.9% • Non-GAAP FIFO pretax income increased 28.2% year-over-year on stronger shipments and pricing, more than offsetting the modest decline in non- GAAP FIFO gross profit margin • Non-GAAP EPS of $2.40; normalizing for LIFO/Tax true-ups, $2.65 | 19 | $3.13 $3.65 $3.50 Q4 2024 Q3 2025 Q4 2025 28.3% 28.3% 27.3% 28.6% 28.3% 27.4% 28.8% 29.0% 28.5% Q4 2024 Q3 2025 Q4 2025 $133.5 $247.7 $154.8 $154.8 $251.4 $166.9 $160.4 $276.4 $205.6 Q4 2024 Q3 2025 Q4 2025 GAAP Non-GAAP Non-GAAP FIFO (1) (1)
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• Industry-leading profitability and effective working capital management contribute to consistent, strong free cash flow generation • On September 10, 2024, entered into an amended and restated $1.5 billion five-year unsecured revolving credit facility • $1.44 billion total liquidity(1) as of December 31, 2025 • Investment grade credit ratings • Moody’s: Baa1 (stable outlook) • S&P: BBB+ (stable outlook) • Fitch: BBB+ (stable outlook) ($ in millions) As of December 31, 2024 As of December 31, 2025 Cash & Cash Equivalents $318.1 $216.6 Unsecured revolving credit facility (maturing 9/10/2029) $— $277.0 Unsecured term loan (due 8/14/2028) $— $400.0 Senior unsecured notes (repaid 8/15/2025) $400.0 $— Senior unsecured notes (due 8/15/2030) $500.0 $500.0 Senior unsecured notes (due 11/15/2036) $250.0 $250.0 Other notes $1.1 $0.7 Total Debt $1,151.1 $1,427.7 Net Debt-to-Total Capital(2) 10.2% 14.4% Net Debt-to-EBITDA(3) 0.6x 0.9x Total Debt-to-EBITDA(3) 0.8x 1.1x (1) AVAILABLE LIQUIDITY COMPRISED OF CASH AND CASH EQUIVALENTS AND $1.22 BILLION AVAILABLE FOR BORROWING ON OUR REVOLVING CREDIT FACILITY AS OF DECEMBER 31, 2025. (2) NET DEBT-TO-TOTAL CAPITAL IS CALCULATED AS CARRYING AMOUNT OF DEBT (NET OF CASH) DIVIDED BY TOTAL RELIANCE STOCKHOLDERS’ EQUITY PLUS CARRYING AMOUNT OF DEBT (NET OF CASH). (3) NET DEBT- AND TOTAL DEBT-TO-EBITDA ARE CALCULATED AS CARRYING AMOUNT OF DEBT (NET OF CASH) OR TOTAL DEBT DIVIDED BY EARNINGS BEFORE INTEREST, INCOME TAXES, DEPRECIATION, AMORTIZATION AND IMPAIRMENT OF LONG-LIVED ASSETS FOR THE MOST RECENT TWELVE MONTHS. Strong Balance Sheet Provides Financial Flexibility | 20 |
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| 21 | ✓ The health and safety of our employees, customers, suppliers and communities is our most important core value ✓ Durable and resilient business model with consistent profitability throughout economic cycles ✓ Diversification of products, customers, end markets and geographies reduces volatility ✓ Strategically sourcing vast majority of raw materials from domestic mills enables significant purchasing power and product availability in all market conditions ✓ Decentralized operating model enables appropriate pricing of products and services provided while maintaining benefits of Reliance’s scale ✓ Ability to expand and sustain industry-leading gross profit margins directly related to investments in value-added processing capabilities and decentralized operating structure ✓ Strong balance sheet and countercyclical cash flow generation helps fuel our growth and longstanding history of stockholder returns Investment Highlights
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| 22 | In addition to GAAP data, Reliance (RS) may also disclose in this presentation certain non- GAAP and non-GAAP-FIFO financial information (including, without limitation, results of operations, EBITDA and margin, gross profit and margin, free cash flow, net income, diluted earnings per share (EPS), operating expenses, operating income, pretax income, net debt- and total debt-to-EBITDA, financial ratios, operational data, etc.) that includes certain adjustments or excludes certain charges and gains. Management believes that this non- GAAP information provides investors with additional information to assess Reliance’s operating performance by making certain adjustments or excluding certain costs or gains and assists investors in comparing our operating performance to prior periods. Management uses this non-GAAP information, along with GAAP information, in evaluating its historical operating performance. The non-GAAP information in the foregoing presentation was not prepared in accordance with GAAP and may not be comparable to non-GAAP information used by other companies. The non-GAAP information should not be viewed as a substitute for, or superior to, other data prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP financial data can be found in Reliance’s fourth quarter 2025 earnings release issued on February 18, 2026. Non-GAAP Information
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Appendix | 23 |
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$(30.7) $(271.8) $156.0 $22.0 $(704.8) $76.6 $164.5 $144.4 $(113.7) $(100.0) 28.7% 28.4% 30.3% 31.5% 31.9% 30.8% 30.7% 29.7% 28.7% 29.0% 30.8% 28.9% 31.7% 37.0% 30.5% 29.6% 28.7% 29.6% 25% 27% 29% 31% 33% 35% 37% 39% 41% ($750) ($550) ($350) ($150) $50 $250 $450 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E LIFO Adjustment LIFO Gross Profit (%) Non-GAAP FIFO Gross Profit (%) (1) (1) (1) LIFO Reserve Net ($M): $22 $294 $138 $116 $820 $744 $579 $435 $549 • LIFO adjustments reflect cost of sales at current replacement costs • Periods of rising metal prices: removes inventory gains from results (recognize LIFO expense, a decrease to pretax income) • Periods of declining metal prices: removes inventory losses from results (recognize LIFO income, an increase to pretax income) • Cost of sales included LIFO expense of $113.7 million, or $1.62 per diluted share, in 2025 • LIFO reserve of ~$549 million as of December 31, 2025 can benefit earnings in future periods that include declining metals pr ices (1) NET OF LOWER COST OF MARKET (LCM) RESERVE. HISTORICAL ANNUAL LIFO ADJUSTMENT DETAIL | 24 | LIFO Inventory Valuation Method LIFO Income (Expense) ($M) Gross Profit Margin (%) LIFO inventory valuation limits gross profit margin volatility
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Reliance’s Scale | 25 |
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(1) AS OF DECEMBER 31, 2025. U.S. METALS SERVICE CENTER INSTITUTE SHIPMENTS (2025(1) share based on tons) ~85% Other MSCI Members • Reliance’s U.S. tons sold represented approximately 17%(1) of total Metals Service Center Institute shipments in 2025, up from 15% in 2024 We believe our relatively low level of market share leaves significant opportunity for further strategic growth within the industry. | 26 | Industry-Leading Market Position ~17% Reliance ~83% Other MSCI Members
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NOTE: EBITDA IS A NON-GAAP FINANCIAL MEASURE. REFER TO SLIDE 22 OF THE PRESENTATION FOR ADDITIONAL DETAILS ON NON-GAAP FINANCIAL INFORMATION. NOTE: FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2024 AND DECEMBER 31, 2025 FOR RS, RYI, AND RUS. FOR THE LAST TWELVE MONTHS ENDED MAY 31, 2024 AND 2025 FOR WS. FOR THE LAST TWELVE MONTHS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2024 FOR KCO. FINANCIALS FOR KCO AND RUS IN U.S. DOLLARS. EBITDA ($M)Net Sales ($M) | 27 | Significant Scale in a Highly Fragmented Market RUS WS RYI KCO RS $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 2024 WS RUS RYI KCO RS 2025 RYI KCO RUS WS RS $0 $300 $600 $900 $1,200 $1,500 $1,800 $2,100 $2,400 $2,700 $3,000 2024 KCO RYI WS RUS RS 2025
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• Service centers are not producers of metal • Purchase products from metals producers (mills) and provide value-added services to process metals to customer specifications • Utilize specialized equipment to process metals, which requires high-volume production to achieve cost efficiencies • End customers generally not willing or able to invest in the necessary technology and equipment to process metals • Customers purchase from service centers to obtain value-added metals processing, readily available inventory, reliable and timely delivery, flexible order size and quality control Service centers provide value-added services that lower costs, increase efficiencies and improve quality. | 28 | The Role of a Service Center
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Where We Play • Strategically located near metals producers (mills) and customers • Ensures as-needed logistics and reduced carbon footprint • ~310 locations in 41 states and 10 countries outside of the U.S. • Most customers located within a 200-mile radius of our service centers • Proprietary fleet of approximately 1,800 trucks provides quick turnaround, when- needed deliveries • Belgium • Canada • China • France • Malaysia • Mexico • Singapore • South Korea • United Arab Emirates • United Kingdom Reliance’s International Presence | 29 |
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Acquisitions | 30 |
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| 31 | • Broadened view on the universe of prospective growth opportunities • No set targets on the number of acquisitions per year • Focus on value ✓ Immediately accretive to earnings with positive cash flow ✓ High quality businesses: • Experienced management teams • Superior customer service • Strong brand equity and reputation ✓ Does not compete with our existing customer base Priorities Include: ✓ Based on normalized EBITDA and pretax income ✓ Excludes projected synergies 5x - 7x Normalized EBITDA Disciplined Valuation Methodology Acquisition Criteria: Quality Over Quantity
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ESG | 32 |
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29 Year Trading HistoryCorporate Responsibility & Sustainability Based on our materiality assessment, the most significant ESG issues for Reliance include: employee health and safety; emissions from company-operated trucks; and overall energy usage. • Sustainalytics ESG rating improved 2.1 to 17.1(2) (Low Risk) • 2025 Morgan Stanley Capital International (MSCI): ‘BBB’ ESG rating within US trading companies and distributors peer group • CDP Climate Change: C-, knowledge of climate impacts and issues Employee Health & Safety NOTE: PLEASE REFER TO THE COMPANY’S WEBSITE AT RELIANCE.COM/ENVIRONMENTAL-SOCIAL-AND-GOVERNANCE FOR ADDITIONAL DETAILS REGARDING ITS CORPORATE RESPONSIBILITY AND SUSTAINABILITY INITIATIVES. (1) WE HAVE NOT IDENTIFIED A UNIVERSALLY ACCEPTED AND ANNUALLY UPDATED BENCHMARKING STANDARD FOR A DOT RECORDABLE CRASH RATE. (2) AS OF MAY 31, 2025. • The health, safety and wellbeing of our employees and communities is our most important core value • 2025 Total Recordable Incident Rate (TRIR) of 1.62 significantly lower than the 2024 Metals Service Center Institute median of 3.19 • 2025 Average USDOT Recordable Accident Rate(1) of 0.61; reflects safe driving practices • Committed to reducing the number of serious injuries and fatalities to zero • 2025 Lost Time Incident Rate (LTIR) of 0.67; reflects improvement Sustainability Ratings | 33 |
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$21.3 $17.6 $20.4 $21.9 $20.8 24.6 24.6 23.4 22.7 21.5 2021 2022 2023 2024 2025 Emissions Intensity (metric tons / $M) Emissions Intensity (metric tons / thousand tons) 29 Year Trading HistoryCorporate Responsibility & Sustainability (Continued) Our metals distribution and processing operations by nature do not have a significant impact on the environment. We are not a metals producer or mill – we operate metal service centers. Circularity and low emissions are core to Reliance’s business model. Environmental Impact GHG Emissions & Intensity(1) • Aluminum and steel products are inherently sustainable and can be 100% recycled without loss of quality • Reintroduced 259,000 tons of recycled scrap material into the manufacturing life cycle in 2025 • Scope 1 emissions(2) represent direct greenhouse gas (GHG) emissions resulting from fuel consumed to operate our fleet of ~1,800 trucks, ~310 locations and 39.2 million square feet of owned and leased facility square footage • As a distributor, roughly 73% of our Scope 1 emissions arise from fuel consumption for product delivery • Scope 2 emissions(3) represent indirect GHG emissions from purchased electricity across our locations (1) SALES INTENSITY, REPORTED AS MT CO2E/$M NET SALES AND VOLUME INTENSITY, REPORTED AT MT CO2E/K TONS SOLD AND TONS TOLL PROCESSED. (2) SCOPE 1 EMISSIONS (IN MT CO2E) ARE CALCULATED BASED ON FUEL USAGE AND PUBLICLY AVAILABLE FUEL EMISSIONS FACTORS, INCLUDING THOSE PUBLISHED BY THE UNITED STATES ENVIRONMENTAL PROTECTION AGENCY (“EPA”). (3) SCOPE 2 EMISSIONS (IN MT CO2E) ARE CALCULATED BY APPLYING PUBLICLY AVAILABLE EMISSIONS FACTORS, INCLUDING THOSE PUBLISHED BY THE EPA, TO PURCHASED ELECTRICITY. 185,000 184,000 186,000 186,000 195,000 115,000 116,000 116,000 117,000 102,000 2021 2022 2023 2024 2025 Scope 1 (MT CO2e)(2) Scope 2 (MT CO2e)(3) | 34 |
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Thank you | 35 |