Nucor (NUE) investor relations material

Executive summary

• Q2 2025 net earnings were $603 million ($2.60 per share) on $8.46 billion in sales, with EBITDA of $1.3 billion and record safety performance in H1.

• Steel mills achieved record shipments and positive EBITDA at Brandenburg; steel products segment saw higher volumes and margins with a stable backlog.

• Four major growth projects are on track for completion in H2 2025, supporting future capacity and product diversification.

• Returned $329M to shareholders in Q2 via dividends and buybacks, totaling $758M for H1; share repurchases and dividends remain a priority.

• Backlogs for steel mills and steel products increased year-over-year, indicating resilient demand.

Financial highlights

• Q2 2025 net sales were $8.46 billion (up 5% YoY); EBITDA was $1.3 billion; net earnings $603 million; EPS $2.60.

• Q2 2025 gross margin was $1.22 billion (14%); operating cash flow was $1.10 billion; cash and equivalents at quarter-end were $1.95 billion.

• Capital expenditures totaled $954 million in Q2 2025, reaffirming a $3 billion estimate for the full year.

• Total debt to capital ratio at 24%; current ratio 2.8 at Q2 end; net debt/EBITDA at 1.2x.

• Share count reduced by 27% since 2017; committed to returning at least 40% of annual net earnings to shareholders.

Outlook and guidance

• Q3 2025 consolidated earnings expected to be nominally lower than Q2, with margin compression in steel mills and stable earnings in steel products and raw materials.

• CapEx guidance unchanged at $3B for the year, focused on new mill construction and expansion.

• Medium-term outlook remains positive, driven by strong demand in construction, infrastructure, energy, and data centers.