COMMERCIAL METALS Co Q2 FY2026 earnings call

• CMC delivered excellent financial performance, net earnings $93M, adjusted earnings $130.1M. Consolidated core EBITDA $297.5M, +114% y-o-y, margin 14%. • Precast platform integration on track, achieved near-term goals, retained strong management, centralized support functions, made progress on synergies. • TAG program driving margin improvement, saw momentum in logistics and recycling. • North American market had healthy demand, finished steel shipments stable, metal margins stable. Data center, public works, energy projects, etc. strong. • Europe Steel Group: Merchant bar demand resilient, rebar import overhang, monitoring Iran war impact, natural gas cost increase, but optimistic on CBAM and steel action plan.

North American Steel Group: Adjusted EBITDA of $269.7 million, $257 per ton of finished steel shipped, 16.8% EBITDA margin; impacted by challenging weather. Construction Solutions Group: Net sales $314.4 million, +98% y-o-y; Adjusted EBITDA $53.4 million, +127% y-o-y, new precast business contributed $33.6 million. Europe Steel Group: Adjusted EBITDA loss $1.4 million, lower shipments and fixed cost leverage offset higher margins over scraps

• Q3 consolidated core EBITDA to increase meaningfully. North America Steel Group adjusted EBITDA to rise modestly, offset by maintenance outages. Construction Solutions Group expected to nearly double. Europe Steel Group adjusted EBITDA to improve. • Full-year precast business to generate $165M - $175M in EBITDA. • Aim to return to net leverage target of 2 times or below. • Anticipate full-year effective tax rate 7% - 9%. • Capital spending ~$600M, ~$300M for West Virginia micromill and construction solutions group, ~$25M for precast business.

• Abnormally disruptive weather temporarily reduced production and impacted profitability. • Increased energy costs. • Import levels could be a factor, though not seen as durable. • War in Iran could impact primary markets. • Volatility in gas prices and natural gas-derived electricity costs in Europe. • Potential impact of winter storms on maintenance outages and production.

Q: Albert Relini asked about 3Q guidance for North American segment maintenance outages.

A: Some normal outages, some deferred from Q2 due to weather and contractor challenges.

Q: Bill Peterson asked on ADCVD, supply ramps from competitors, discipline in market.

A: Supply-demand balanced, North American capacity increases manageable, imports not durable, Turkey facing higher costs.

Q: Satish Kisanathan asked on North American segment shipments outlook, pricing.

A: Q3 normal change, Q4 early startup of West Virginia won't heavily impact. Booking price higher than backlog price, downstream margin to improve.

Q: Katja Jankic asked on power cost percentage, TAG run rate EBITDA.

A: Power ~15%-20% of total production cost (excluding scrap), TAG on track to exceed $150M EBITDA benefit by end of year.

Q: Andy Jones asked on REBART index price decrease.

A: Supply-demand balanced, new capacity manageable, price impact manageable.

Q: Tristan Gresser asked on steel vs downstream profitability, rebar micromill.

A: North America Steel Group metal margin stable, downstream margin to pick up. West Virginia mill to start in June 2026, rebar market expected to grow 1%-3% in 2026.