Commercial Metals Company (CMC) Conference presentation summary

Fiscal 2026 performance and FY29 targets

• FY26 net sales were $9.394B, Core EBITDA was $1.362B and Core EBITDA margin was 14.5%, versus $7.798B, $837M and 10.7% in FY25.

• Construction Solutions Group contributed 25.8% of Core EBITDA in FY26, up from 16.4% in FY25; its adjusted EBITDA was $292M.

• FY29 targets: Core EBITDA of $1.65B–$1.8B, margin of 15%–16%, free cash flow of $1.375B–$1.525B and FCF conversion of 80%–85%.

• Additional FY29 targets include ROIC of 13%–14.5% and Construction Solutions Group at 40%+ of Core EBITDA, including inorganic growth.

Strategy and operational execution

• Three value-creation levers: capture the full potential of existing operations, harvest returns on deployed growth capital and reshape the portfolio.

• TAG delivered $250M+ in gross run-rate benefits through FY24–FY26, with $100M+ of incremental benefits targeted for FY27.

• TAG priorities include yield, scrap and logistics improvements; standardized operating practices; advanced analytics; and stronger pricing, customer profitability and project selection.

Growth investments and portfolio

• Steel West Virginia commissioning is progressing as planned; priorities include ramp-up, workforce readiness, safety and disciplined startup, with the mill adding network flexibility.

• Tensar’s Blackwell expansion is ramping to increase capacity and service levels; the second GalvaBar line in Tennessee is advancing commercialization of value-added products.

• Precast adds a leading position in core Southeast geographies, complements early-stage construction offerings and is expected to strengthen margin quality and earnings consistency.

• FY26 adjusted EBITDA margins were 22% for Precast, 16% for Construction Solutions Group and 4.4% for North America Steel Group.