Reliance (RS) Investor presentation summary

Business overview and market position

• Operates as a leading global diversified metal solutions provider with over 85 years of experience and approximately 310 locations worldwide.

• Maintains the largest metals service center company status in North America, serving 125,000+ customers with 100,000+ metal products.

• U.S. tons sold represented about 17% of total Metals Service Center Institute shipments in 2025, up from 15% in 2024.

• Employs a decentralized operating model, enabling quick turnaround and high-quality service, with over 90% repeat customer base.

• Strategic locations near mills and customers, with a proprietary fleet of 1,800 trucks, support efficient logistics.

Financial performance and growth

• Achieved compounded annual stockholder returns outpacing the S&P 500 since its 1994 IPO, with a 16.6% CAGR since IPO.

• Reported consistent profitability every year, including during recessions and the global pandemic, with 2025 EPS of $13.98.

• Generated $831 million in cash flow from operations in 2025, supporting growth and shareholder returns.

• Maintains industry-leading gross profit margins, with a sustainable range estimated at 29%-31%.

• Q4 2025 net sales reached $3.50 billion, with tons sold up 5.8% year-over-year, outpacing industry trends.

Business model and strategy

• Focuses on diversification across products, end markets, and geographies to reduce volatility.

• Emphasizes value-added processing, with 49% of 2025 orders including such services.

• Prioritizes organic growth, innovation, and strategic acquisitions, with $1.81 billion in CapEx and 76 acquisitions since 2021.

• Maintains strong pricing discipline and minimal contractual sales to manage working capital and price volatility.

• Balanced capital allocation: 45% share repurchases, 26% CapEx, 17% dividends, 12% acquisitions (2021–2025).