Slides
Page 1
z Investor Presentation 2022 Health and Safety Entrepreneurial Culture Customer Commitment Strategic Growth Innovation Financial Strength July 21, 2026 E a r n i n g s C a l l P r e s e n t a t i o n S e c o n d Q u a r t e r 2 0 2 6 Health and Safety Entrepreneurial Culture Customer Commitment Strategic Sustainable Growth Innovation Financial Strength
Page 2
21 July 2026 2 Differentiated, Sustainable, Metals Growth Company Forward-looking statements and Non-GAAP financial measures Forward-Looking Statements This presentation contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals market places, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as “anticipate”, “intend”, “believe”, “estimate”, “plan”, “seek”, “project”, or “expect”, or by the words “may”, “will”, or “should”, are intended to be made as “forward-looking”, subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) the cyclical nature of the metals industries and the industries we serve; (4) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers; (5) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (6) increased environmental, greenhouse gas emissions and sustainability considerations from our customers and investors or related regulations; (7) compliance with and changes in environmental and remediation requirements; (8) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (9) availability of an adequate source of supply of scrap for our metals recycling operations; (10) cybersecurity threats and risks to the security of our sensitive data and information technology; (11) the implementation of our growth strategy; (12) our ability to retain, develop and attract key personnel; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) difficulties in the launch or production ramp-up of new products; (16) our aluminum operations depend on a core group of significant customers; (17) governmental agencies may refuse to grant or renew some of our licenses and permits; (18) our existing debt agreements contain, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (19) the impacts of impairment charges. More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10- K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our Quarterly Reports on Form 10-Q, or in other reports which we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under “Investors – SEC Filings.” Note Regarding Non-GAAP Financial Measures Steel Dynamics reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that EBITDA, Adjusted EBITDA, Adjusted Operating Income, Free Cash Flow, and Adjusted Free Cash Flow non-GAAP financial measures, provide additional meaningful information regarding Steel Dynamic’s performance and financial strength. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Steel Dynamics’ reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, EBITDA, Adjusted EBITDA, Adjusted Operating Income, Free Cash Flow and Adjusted Free Cash Flow included in this presentation may not be comparable to similarly titled measures of other companies. The reconciliations of these non-GAAP measures to their most comparable GAAP measures are contained in the appendix at the end of this presentation.
Page 3
21 July 2026 3 Differentiated, Sustainable, Metals Growth Company 1.7 1.5 1.1 1.5 1.9 3.4 3.7 1.5 Steel Dynamics Industry² 1.7 1.4 1.4 1.5 1.6 2022 2023 2024 2025 Q2'2026TTM 0.30 0.32 0.30 0.39 0.39 2022 2023 2024 2025 Q2'2026TTM Industry Recordable Injury Rate1 By Platform Lost Time Injury Rate1 1 Total Recordable Injury Rate is defined as OSHA recordable incidents x 200,000 / hours worked and Lost Time Injury Rate is de fined as OSHA days away from work cases x 200,000 / hours worked. 2 Source: 2024 U.S. DOL Bureau of Labor Statistics released in 2026 Safety is our number one value Total Recordable Injury Rate1 Steel Steel Fabrication Metals Recycling We continue to work toward zero incidents Aluminum
Page 4
21 July 2026 4 Differentiated, Sustainable, Metals Growth Company Second quarter 2026 financial performance metrics 1 The adjusted EBITDA reconciliation to GAAP net income is provided in the appendix to this presentation. K e y h i g h l i g h ts Net Income of $534 million Cash flow from operations of $428 million Adjusted EBITDA1 of $921 million, a 15% margin Diluted EPS of $3.69 $534 million N e t i n c o m e $428 million C a s h f l o w f r o m o p e r a t i o n s $921 million A d j u s te d E B I T D A1 $3.69 D i l u te d E P S Strong revenue of $6.1 billion $6.1 billion R e v e n u e Repurchased <1.0% of our outstanding shares $200 million S h a r e r e p u r ch a s es
Page 5
21 July 2026 5 Differentiated, Sustainable, Metals Growth Company Second quarter 2026 financial performance Dollars in millions, except per share data Q2 2026 Q1 2026 Q2 2025 % Sequential Change % Prior Year Change Net Sales $6,092 $5,205 $4,565 17% 33% Operating Income 700 538 383 30 83 Net Income attributable to Steel Dynamics, Inc. 534 403 299 32 79 Diluted Earnings per Share 3.69 2.78 2.01 33 84 Adjusted EBITDA 1 921 700 533 32 73 Operating Income (Loss) Steel Operations 721 557 382 30 89 Steel Fabrication Operations 85 90 93 (5) (9) Metals Recycling Operations 48 47 21 1 125 Aluminum Operations (33) (65) (41) NA NA 1 The adjusted EBITDA reconciliation to GAAP net income is provided in the appendix to this presentation. Note: Calculations may not tie due to rounding
Page 6
21 July 2026 6 Differentiated, Sustainable, Metals Growth Company Second quarter 2026 operating performance Note: Calculations may not tie due to rounding . Quarterly Segment Highlights Q2 2026 Q1 2026 Q2 2025 % Sequential Change % Prior Year Change Steel Average External Sales Price per ton $ 1,298 $ 1,193 $1,134 9% 14% Steel Average Ferrous Cost per ton melted 412 396 408 4 1 Steel Fabrication Average Sales Price per ton 2,442 2,478 2,517 (1) (3) Shipments (thousands of tons) Total Steel 3,741 3,639 3,350 3 12 Flat Roll Steel 2,744 2,698 2,431 2 13 Long Products Steel 997 941 918 6 9 External Steel Shipments 3,085 2,966 2,889 4 7 Steel Fabrication Shipments (thousands of tons) 161 143 135 12 19 Metals Recycling Shipments Nonferrous (millions of pounds) 211 197 246 7 (14) Ferrous (thousands of gross tons) 1,673 1,473 1,597 14 5 External ferrous (thousands of gross tons) 589 553 545 6 8
Page 7
21 July 2026 7 Differentiated, Sustainable, Metals Growth Company 78% 76% 77% 77% 78% 76% 77% 81% 24% 21% 23% 19% 21% 16% 15% 17% 77% 82% 81% 86% 88% 81% 89% 90%92% 91% 86% 2022 2023 2024 2025 Q3'25 Q4'25 Q1'26 Q2'26 Domestic Steel Industry Production Utilization (%) Domestic Steel Imports Excluding Semi-finished as a % of Apparent Domestic Consumption Steel Dynamics Steel Mill Production Utilization incl Sinton (%) Steel Dynamics Steel Mill Production Utilization excl Sinton (%) Differentiated circular business model results in higher through cycle utilization We achieve consistently higher through-cycle steel utilization, driven by our low-cost, circularly connected business model, diversified value-added product portfolio, and supply-chain solutions Est. Annual SDI Steel Mill Production Capacity (Thousands of Tons) Flat Roll Group - Butler 3,200 - Columbus - Sinton 3,200 3,000 Long Products Group Structural & Rail 2,200 Engineered Bar 950 Roanoke Bar 720 Total¹ 13,270 Steel Processing Capacity 2,700 Total Annual Steel Shipping Capacity 15,970 2026 Source: AISI, U.S. Department of Commerce, Accenture ¹ Excludes our steel processing divisions capacity of approximately 2.7 million tons annually and Q2 2026 shipments of 718 t housand tons. 2 Domestic Steel Imports Excluding Semi -finished as a % of Apparent Domestic Consumption for the second quarter 2026 is through M ay 2026.
Page 8
21 July 2026 8 Differentiated, Sustainable, Metals Growth Company $659 $370 $446 $676 $548 $951 $1,230 $1,830 $887 ($12) $3,678 $4,622 $2,005 $626 $1,203 $2,173 $1,092 $916 $4,509 $4,808 $2,968 $1,859 $1,679 $2,412 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q22026TTM New Process Acquisition Differentiated business model, proven cash generation 5-year average: $3.2 billion¹ 5-year average: $540 million Columbus Transformation More Than Tripled Average Annual Adjusted Free Cash Flow¹ since the acquisition of our Columbus Flat Roll Division in 2014 (dollars in millions) 1 Free Cash Flow is defined as Adjusted EBITDA less Capital Investments. Adjusted Free Cash Flow is defined as Adjusted EBITDA less Capital Investments, excluding funding for our new Sinton Texas flat roll steel mill and Aluminum Dynamics. See the appendix for the reconciliation. Heartland Acquisition
Page 9
21 July 2026 9 Differentiated, Sustainable, Metals Growth Company Capital allocation framework, committed to growth, shareholder returns, and investment grade rating Balanced Capital Allocation - $13.2 billion Cash Flow from Operations over the Last Five Years1 Conservative Net Leverage While Growing and Returning Capital to Shareholders 1 Period ended June 30, 2026 0.1 0.2 0.9 1.5 1.2 0.0 0.5 1.0 1.5 2.0 2.5 2022 2023 2024 2025 Q22026TTM Best-In-Class Performance Strong cash flow generating business model Strong Balance Sheet ◼ Strong free cash flow conversion ◼ Leading EBITDA margins ◼ Capital investments largely funded through cash flow ◼ Acquisitions funded to maintain credit flexibility and prudent liquidity, while ensuring strong strategic logic, cultural fit, levering core competencies, and clear execution roadmap ◼ Broad access to low-cost debt ◼ Net leverage managed to not exceed 2.0x through- cycle ◼ Subsequent to an acquisition, committed to delevering in a timely manner ◼ Growth strategy funded through free cash flow and debt capacity ◼ Flexible shareholder distributions – maintain positive dividend profile and complement with share repurchases as appropriate Significant Strategic Opportunity + + = $6.1B Internal Capital Investments $1.3B Dividends $0.5B M&A $6.3B Share Repurchases Total Growth $6.6 billion Total Shareholder Returns $7.6 billion
Page 10
21 July 2026 10 Differentiated, Sustainable, Metals Growth Company $1.04 $1.36 $1.70 $1.84 $2.00 2021 2022 2023 2024 2025 We have a strong track record of returning responsible and meaningful cash to shareholders Cash Dividends (dollars per share) 14 consecutive years of increases, more than doubling the distribution Approximately 62% of net income, or $7.6 billion returned to shareholders over the last 5 years Share Repurchases (dollars in millions) Repurchased over 40% of outstanding shares since 2017 We increased our cash dividend 6% in 2026 1 Period ended June 30, 2026. $1,060 $1,801 $1,452 $1,212 $901 $766 2021 2022 2023 2024 2025 Q2'2026TTM Our dividend growth remains ahead of peers and the market
Page 11
21 July 2026 11 Differentiated, Sustainable, Metals Growth Company $820 $2,006 $1,186 Strong liquidity and credit metrics ¹ June 30, 2026 Adjusted EBITDA. The reconciliation to GAAP net income is provided in the appendix to this presentation. 2 Excludes other debt obligations of $3 million $350 $650 $600 $500 $600 $750 $400 $400 2027 2028 2030 2031 2034 2035 2050 2055 Optimal debt maturity profile2 (dollars in millions) June 30, 2026 x Adjusted EBITDA¹ Cash and invested cash $820 1.650% senior notes, 2027 350 0.1x 4.000% senior notes, 2028 650 0.2x 3.450% senior notes, 2030 600 0.2x 3.250% senior notes, 2031 500 0.2x 5.375% senior notes, 2034 600 0.2x 5.250% senior notes, 2035 750 0.3x 3.250% senior notes, 2050 400 0.1x 5.750% senior notes, 2055 400 0.1x Other obligations 3 0.0x Total debt $4,253 1.5x Net debt $3,433 1.2x Adjusted TTM EBITDA¹ $2,790 Low Leverage, Low-Cost Debt (dollars in millions) Strong Liquidity (dollars in millions) – As of June 30, 2026 Revolver availability Cash and other investments Total liquidity Raised $1.8 billion of senior notes in 2025 and repaid $800 million of senior notes maturing in 2025 and 2026 to further our long-term strategy and sustain our strong capital foundation
Page 12
21 July 2026 12 Differentiated, Sustainable, Metals Growth Company 151/32/38 157/220/224 197/194/196 127/130/133 159/191/175 1/135/173 0/0/0 Revolutionizing North American aluminum flat rolled industry with SDI’s differentiated, low-cost, sustainable, efficient, customer-centric approach 12 New Lower-Carbon Recycled Aluminum Flat Roll Mill Investments Levering our Competitive Advantages • Growing with Steel Dynamics’ customers, providing alternative metal solutions • Using expertise in building and operating low-cost melting, casting and rolling facilities • Aligning with our circular manufacturing model utilizing SDI’s metals recycling platform, which is the largest nonferrous metals recycler in North America • New lower-carbon facility provides an energy efficient, lower environmental impact alternative to existing production facilities • Adds to our margin-enhancing, diversified, value-added product mix • Entering deficit adjacent markets where customer demand continues to accelerate Strong Financial Returns • Estimated $2.5 billion investment to build a state-of-the-art lower-carbon, recycled aluminum flat rolled mill, and approximately $400 million for two satellite recycled aluminum slab centers • Expected to add $650-700 million¹ in “through-cycle” consolidated annual EBITDA Tonnes 650,000 Tonnes Estimated Production Columbus, MS Can Sheet 45% Automotive 35% Common Alloy 20% Planned Product Mix Startup On Track • Products qualified for can sheet. • Recently received qualifications to supply products for automotive applications, with expectations for automotive sales before the end of 2026 • Mexico satellite recycling center running over 75% utilization, while the US center will start up in 2027 1 Based on analysis of historical pricing and margins from 2017 to 2021 obtained from public sources and industry advisors and consultants, coupled with anticipated production capacity, product mix and estimated synergies and other cost savings
Page 13
21 July 2026 13 Differentiated, Sustainable, Metals Growth Company We generate significantly less GHG emissions compared to global basic oxygen furnace steelmaking technology. We are an industry leader, committed to decarbonization From our founding over 30 years ago, we have been intentional in managing our resources sustainably for the benefit of our teams, communities, and the environment Our steel mills require less than 1/4 of the energy compared to global basic oxygen furnace steelmaking technology.1 Industry Energy Intensity1Industry Scope 1, 2, & 3 GHG Emissions Intensity1 1 Steel Dynamics steel mills’ 2025 data compared to World Steel Association 2024 data, which uses a denominator of tonne of crude steel. SDI steel mills’ Scope 1, 2, and upstream Scope 3 emissions data and fuels and electricity data were independently verified by a third party in accordance with the GSCC’s Ste el Climate Standard..
Page 14
21 July 2026 14 Differentiated, Sustainable, Metals Growth Company Our steel mills' GHG emissions intensity targets are aligned with the Paris Agreement’s 1.5° C scenario and with the International Energy Agency’s Net Zero by 2050: A Roadmap for the Global Energy Sector. We are an industry leader, committed to decarbonization We set Global Steel Climate Council (GSCC) certified, science-based GHG emissions targets for 2030 and 2050 and have renewable electrical energy goals 1 Our new targets were established using GSCC’s Steel Climate Standard, which includes key GHG emissions through hot rolling fr om Scope 1, Scope 2, and upstream Scope 3 categories. Our targets and 2022 base year data were independently verified by a third-party in accordance with the GSCC’s Steel Climate Standard and were certified by the GSCC. SDI Steel Mills’ Renewable Electrical Energy Goals We increased our use of renewable electrical energy to 11% within our steel mills, achieving our 2025 renewable electrical energy goal and moving toward our 2030 goal. Global Steel Climate Council Our steel mills' emissions intensity is already well below the GSCC glidepath
Page 15
21 July 2026 15 Differentiated, Sustainable, Metals Growth Company We are a leading North American steel producer with a differentiated and proven business model Consistent best-in-class performance Differentiated business model delivering strong profitability and cash flow Smart growth — Gaining market share and growing with customers Strong balance sheet provides strategic flexibility for current operations and prudent growth Sustainable shareholder value creation and distribution growth 100% of steel produced with electric-arc-furnace technology
Page 16
21 July 2026 16 Differentiated, Sustainable, Metals Growth Company A p p e n d i x Health and Safety Entrepreneurial Culture Customer Commitment Strategic Sustainable Growth Innovation Financial Strength
Page 17
21 July 2026 17 Differentiated, Sustainable, Metals Growth Company Steel Operations at a glance – Flat Roll Steel Group We are one of the largest domestic steel producers, with approx. 16 million tons of steel shipping capability. We have one of the most diversified product and end-market portfolios in the domestic steel industry Flat Roll Steel Group: 11.4M Tons Annual Shipping Capacity Columbus, MS Acquired/Expanded EAF Steel Mill • 3.2M Tons • 3 Galvanizing Lines • 1 Paint Line Butler, IN Greenfield EAF Steel Mill • 3.2M Tons • 3 Galvanizing Lines • 2 Paint Lines Terre Haute, IN1 Heartland/Acquired Flat Roll Processing Facility • 1.0M Tons • 2 Galvanizing Lines • 1 Paint Line Pittsburgh, PA1 The Techs/Acquired Flat Roll Galvanizing Facility • 1.0M Tons Galvanizing • 3 Galvanizing Lines Sinton, TX Greenfield EAF Steel Mill • 3.0M Tons • 2 Galvanizing Lines • 2 Paint Lines 17 1 Processing locations
Page 18
21 July 2026 18 Differentiated, Sustainable, Metals Growth Company Steel Operations at a glance – Long Products Steel Group Pittsboro, IN Acquired/Expanded EAF Steel Mill • 950K Tons • Special-bar-quality • Value-Added Finishing/Inspection Lines Columbia City, IN Greenfield EAF Steel Mill • 2.2M Tons • Structural and Rail Roanoke, VA Acquired/Expanded EAF Steel Mill • 720K Tons • Merchant and Rebar Huntington, WV Acquired • 580K Tons of rolling capability • Specialty Shapes Long Products Steel Group: 4.6M Tons Annual Shipping Capacity
Page 19
21 July 2026 19 Differentiated, Sustainable, Metals Growth Company Operating efficiently and sustainably 19 of recycled ferrous scrap into the manufacturing life cycle of recycled nonferrous scrap into the manufacturing life cycle By the Numbers 14 MILLION TONS 900 MILLION POUNDS In 2025, SDI reintroduced: Our own steel consuming businesses purchased of steel from our own steel mills — representing 2025 steel shipments 1.8 MILLION TONS 13% of our total Spotlight on EAF • Steel Dynamics is a truly circular manufacturing model, invested entirely in EAF technology, which primarily uses recycled scrap to produce new steel • 87% average steel recycled content across our steel mills • Our steel mills generate approximately 1/3 of the GHG emissions per metric ton compared to those generated from global blast furnace steelmaking technology • Our steel mills energy usage per metric ton is approximately 75% less than world steel averages1 ¹Steel Dynamics steel mills’ data is for 2025. Global average and BF -BOF data is for 2023 and is from World Steel Association, S ustainability Indicators November 2024 report. We are a steel industry leader in sustainability, operating exclusively with EAF technology, a circular manufacturing model, and innovative teams creating solutions to increase efficiencies, reduce raw material usage, reuse secondary materials, and promote material conservation and recycling
Page 20
21 July 2026 20 Differentiated, Sustainable, Metals Growth Company Innovation is key to lowering emissions – Renewable Biocarbon Investment • Plan to construct and operate a biocarbon production facility to supply Steel Dynamics’ electric arc furnace steel mills with a renewable replacement for anthracite. • The initial facility’s production capability is expected to be 228,000 metric tons per year, with an estimated capital investment of over $300 million and recorded first shipments in Q3 2025 • We estimate this first facility will reduce our Scope 1 steelmaking GHG emissions by as much as 35% • We also believe Aymium’s process can provide a renewable fossil fuel carbon alternative for Iron Dynamics, our proprietary ironmaking operation Our biocarbon investment represents a significant step forward on our path to achieve our decarbonization targets, and our continued commitment to reduce our environmental footprint.
Page 21
21 July 2026 21 Differentiated, Sustainable, Metals Growth Company ¹ Please see the reconciliation of these amounts to GAAP measures in the appendix to this presentation. Financial strength in diverse market environments $5,092 $3,151 $1,943 $1,476 $2,056 2022 2023 2024 2025 Q2'2026TTM $22.3 $18.8 $17.5 $18.2 $20.5 2022 2023 2024 2025 Q2'2026TTM Net Income (dollars in millions) Revenue (dollars in billions) Consolidated Operating Income1 (dollars in millions) Adjusted EBITDA1 (dollars in millions) $3,863 $2,451 $1,537 $1,186 $1,607 2022 2023 2024 2025 Q2'2026TTM $5,531 $3,663 $2,494 $2,151 $2,790 2022 2023 2024 2025 Q2'2026TTM
Page 22
21 July 2026 22 Differentiated, Sustainable, Metals Growth Company Annual steel operations results Steel Operations Shipments (millions of tons) Processing Locations¹ Shipments (included above) (thousands of tons) Our processing locations represented 15% of total steel shipments in 2025, and the associated steel procurement cost represented 18% of our steel operations’ cost of goods sold. 1,674 1,732 1,779 2,072 2,504 2022 2023 2024 2025 Q2'2026TTM Operating Income (dollars in millions) ¹ Processing locations include Heartland (flat roll), Techs (flat roll), United Steel Supply (flat roll, and New Process Steel (beginning December 1, 2025)) . $3,108 $1,896 $1,587 $1,432 $2,098 2022 2023 2024 2025 Q2'2026TTM Sinton started in 2022 8.4 9.2 9.5 10.2 10.63.7 3.6 3.2 3.6 3.7 12.2 12.8 12.7 13.7 14.3 2022 2023 2024 2025 Q2'2026TTM Flat Roll Long Products Note: Calculations may not tie due to rounding. External Steel Shipments (Included in total steel shipments) (thousands of tons) 10.4 11.0 10.9 12.0 12.1 2022 2023 2024 2025 Q2'2026TTM
Page 23
21 July 2026 23 Differentiated, Sustainable, Metals Growth Company Annual metals recycling operations results Total Ferrous Shipments1 (millions of gross tons) Nonferrous Shipments1 (millions of pounds) Operating Income1 (dollars in millions) 65% of 2025 ferrous scrap volume was sold to Steel Dynamics’ own steel mills 5.3 5.8 5.9 6.2 6.3 2022 2023 2024 2025 Q2'2026TTM 1,054 970 965 917 846 2022 2023 2024 2025 Q2'2026TTM $129 $67 $77 $97 $145 2022 2023 2024 2025 Q2'2026TTM 1 Beginning the fourth quarter 2024, results from an entity previously included in Metals Recycling are presented within Aluminum. All prior periods presented have been recast to reflect the change. External Ferrous Shipments (Included in Total) millions of gross tons) 1.8 2.2 2.2 2.1 2.2 2022 2023 2024 2025 Q2'2026TTM
Page 24
21 July 2026 24 Differentiated, Sustainable, Metals Growth Company Operating Income (dollars in millions) Annual steel fabrication operations results Shipments (thousands of tons) 856 663 607 561 594 2022 2023 2024 2025 Q2'2026TTM $2,425 $1,593 $667 $407 $372 2022 2023 2024 2025 Q2'2026TTM
Page 25
21 July 2026 25 Differentiated, Sustainable, Metals Growth Company Adjusted EBITDA, Free Cash Flow, and Adjusted Free Cash Flow Note: Calculations may not tie due to rounding. Dollars in millions 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2'2026TTM Net Income (Loss) $266 $142 $164 $92 ($145) $360 $806 $1,256 $678 $571 $3,247 $3,879 $2,467 $1,550 $1,187 $1,599 Income Taxes (Benefit) 158 62 99 73 (97) 204 129 364 197 135 962 1,142 752 433 306 422 Net Interest Expense(Income) 172 154 123 135 153 141 124 104 99 85 56 62 (35) (34) 33 83 Depreciation 177 180 192 229 263 261 265 283 286 291 312 350 397 442 515 579 Amortization 40 36 32 28 25 29 29 28 30 29 29 28 34 31 28 29 EBITDA $813 $574 $610 $557 $199 $995 $1,353 $2,035 $1,290 $1,111 $4,606 $5,461 $3,615 $2,421 $2,070 $2,713 Unrealized (Gains) / Losses (4) (3) 5 (5) 3 1 5 (6) 3 2 (2) 1 (12) 7 15 (8) Equity-Based Compensation 17 12 16 23 29 30 34 40 43 49 80 69 60 66 67 68 Asset Impairment Charges - 8 - 213 429 120 - - - 17 - - - - - 16 Refinancing Charges - 3 2 - 3 3 3 - 3 8 - - - - - - Adjusted EBITDA $826 $594 $633 $788 $663 $1,149 $1,395 $2,069 $1,339 $1,186 $4,684 $5,531 $3,663 $2,494 $2,151 $2,789 Less Capital Investments 167 224 187 112 115 198 165 239 452 1,198 1,006 909 1,658 1,868 948 616 Free Cash Flow $659 $370 $446 $676 $548 $951 $1,230 $1,830 $887 ($12) $3,678 $4,622 $2,005 $626 $1,203 $2,173 Plus Sinton Texas Steel Mill Initial Investment - - - - - - - - 205 928 831 - - - - Plus Aluminum Initial Investment 186 963 1,233 476 238 Adjusted Free Cash Flow $659 $370 $446 $676 $548 $951 $1,230 $1,830 $1,092 $916 $4,509 $4,808 $2,968 $1,859 $1,679 $2,412
Page 26
21 July 2026 26 Differentiated, Sustainable, Metals Growth Company Quarterly Adjusted EBITDA reconciliation Note: Calculations may not tie due to rounding. Dollars in millions Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Income $301 $404 $265 $400 $531 Income Taxes 87 110 46 113 153 Net Interest Expense 7 7 17 26 33 Depreciation 124 130 136 149 164 Amortization 7 7 7 8 8 EBITDA $526 $657 $471 $696 $888 Unrealized (Gains) / Losses (6) (8) 9 (12) 2 Equity-Based Compensation 14 14 25 15 14 Asset Impairment Charges - - - - 16 Adjusted EBITDA $533 $664 $505 $700 $921 Less Capital Investments 288 166 188 138 124 Free Cash Flow $245 $498 $317 $562 $797