Nucor Corporation · NYSE:NUE
Nucor — Q3 2026 Earnings Presentation
25 slides from Nucor's earnings presentation, Oct 27, 2026
Slide 1: Third Quarter 2026 Earnings Call
THIRD QUARTER 2026 EARNINGS CALL Leon Topalian Chair and CEO Steve Laxton President and COO Jack Sullivan CFO October 27, 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain statements made in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. The words “anticipate,” “believe,” “expect,” “intend,” “may,
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this presentation, including adjusted earnings, EBITDA and Free Cash Flow (FCF). Generally, a non-GAAP financial measure is a numerical measure of a company’s performance or
Slide 4: Q3 2026 Financial Performance
Q3 2026 FINANCIAL PERFORMANCE FINANCIAL METRICS EBITDA 1 $2.3 billion Net Earnings $1.3 billion EPS $5.80 Balance Sheet & ~23% debt/cap; Liquidity 2 ~$4.3 billion liquidity Capital Expenditures $629 million Returns to NUE $629 million Shareholders • Dividend Payments • $128 million • $501 million •
Slide 5: Q3 2026 Operational Highlights
Q3 2026 OPERATIONAL HIGHLIGHTS TOTAL EXTERNAL MILL SAFETY STEEL MILLS STEEL PRODUCTS BACKLOGS SHIPMENTS SHIPMENTS 0.70 7.2mm(1) 1.4mm(1) 5.9mm(1) YTD Injury & Illness Rate +2% vs. Q2 2026 +6% vs. Q2 2026 +5% vs. Q2 2026 • Achieved safest summer in Nucor’s history SAFETY • Tracking towards the lowest
Slide 6: Trade Policy Leveling the Playing Field
TRADE POLICY LEVELING THE PLAYING FIELD U.S. Demand & Import Market Share (2022 - Q3 2026) Carbon & Alloy Steel – Avg Monthly Quantity SECTION 232 REBOOT 9.00 9.0 8.63 8.76 8.41 8.53 8.49 Million Net Tons, Avg Monthl ADC 8.31 % Finished C&A Import Mkt Share 8.13 8.19 7.88 8.0 (LINE GRAPH) (BAR GRAPH
Slide 7: West Virginia Project Progressing – On Time and On Budget
WEST VIRGINIA PROJECT PROGRESSING – ON TIME AND ON BUDGET CONSTRUCTION NEARLY COMPLETE • Focused on commissioning across the plant • Achieved major milestones in September, including first heat and first prime pickled coil shipments to internal divisions PRODUCTION BEGINNING 2027 • Initial focus is
Slide 8: Advancing Our Automotive Strategy
ADVANCING OUR AUTOMOTIVE STRATEGY GROWING SHIPMENTS IN A STABLE MOMENTUM TO ACCELERATE AS AUTOMOTIVE MARKET GROWTH INVESTMENTS RAMP • Nucor flat rolled automotive shipments up 4% YTD • Newest growth projects adding advanced sheet despite relatively stable North American auto capabilities, strengthen
Slide 9: Towers & Structures Scaling Nationwide
TOWERS & STRUCTURES SCALING NATIONWIDE Four Highly Automated, State-of-the-Art SUSTAINED UTILITY CAPEX Production Facilities with National Coverage DRIVING DEMAND • North American transmission spend exceeded ~$65 billion in BRIGHAM CITY, UT HAZLETON, PA 2025, and is on pace to grow to Full productio
Slide 10: Secular Growth Trends Supporting a Sustained Uplift in Demand
SECULAR GROWTH TRENDS SUPPORTING A SUSTAINED UPLIFT IN DEMAND RESHORING & REBUILDING REPOWERING DIGITAL INFRASTRUCTURE • IIJA funded construction • Manufacturing construction • Investor-owned utility capex activity in transportation spending remains elevated at projected at ~$1.4 trillion, 2026 infr
Slide 11: Consolidated Financial Results
CONSOLIDATED FINANCIAL RESULTS ($ in Millions except per share data) Diluted EPS1 EBITDA2 $0.20 adj. for non-cash benefit related to increase of Helion investment valuation $5.04 $5.80 $2,020 $2,279 $4.84 $1,265 $2.63 Q3'25 Q2'26 Q3'26 Q3'25 Q2'26 Q3'26 Capital Expenditures Free Cash Flow3 $807 $1,6
Slide 12: Q3 2026 Segment Results
Q3 2026 SEGMENT RESULTS ADJUSTED PRE-TAX SEGMENT Q3 2026 VS Q2 2026 EARNINGS (1) • Higher volumes $105 $millions STEEL • Higher realized pricing $465 $146 partially offset by higher MILLS costs $353 • Higher EBT/ton $45 $276 $43 • Higher volumes $319 $24 $1,788 STEEL $1,556 • Higher realized pricing
Slide 13: Funding Growth, Returning Capital, and Maintaining Financial Flexibility
FUNDING GROWTH, RETURNING CAPITAL, AND MAINTAINING FINANCIAL FLEXIBILITY ~80% OF YTD CAPITAL ALLOCATED TO SHAREHOLDER MAINTAINING FINANCIAL FLEXIBILITY RETURNS AND GROWTH CAPEX $ in millions $ in millions xLTM Maintenance & as of October 3, 2026 Amount EBITDA1 % cap all other Capex Shareholder Total
Slide 14: Q4 2026 Earnings Outlook
Q4 2026 EARNINGS OUTLOOK IMPACT ON Q4 SEGMENT EXPECTATIONS FOR Q4 vs Q3 EARNINGS VS Q3 • Higher average realized pricing Steel Mills • Seasonally lower volumes and higher costs • Higher average realized pricing Steel Products • Seasonally lower volumes • Slightly lower earnings from lower realized R
Slide 15: Appendix
APPENDIX NwUucoRF
Slide 16: Carbon Capture Facility Now Operational
CARBON CAPTURE FACILITY NOW OPERATIONAL • Carbon Capture & Storage (CCS) agreement with ExxonMobil first announced in June 2023 • Operations commenced during Q3 2026 • ExxonMobil to capture up to 800 kt/yr CO2 from Nucor’s Louisiana DRI plant for permanent storage offsite • Transformative project wi
Slide 17: Segment Results: Steel Mills and Steel Products
SEGMENT RESULTS: STEEL MILLS AND STEEL PRODUCTS STEEL MILLS $s in millions, tons in thousands % Change Versus Prior Prior Shipments Q3 ’26 Q2 ’26 Q3 ’25 Qtr. Year Q3 2026 vs. Q2 2026 Sheet 3,259 3,291 3,030 -1% 8% • Higher volumes Bars 2,497 2,387 2,190 5% 14% Structural 667 628 595 6% 12% • Higher
Slide 18: Segment Results: Raw Materials
SEGMENT RESULTS: RAW MATERIALS RAW MATERIALS $s in millions, tons in thousands % Change Versus Q3 ’26 Q2 ’26 Q3 ’25 Prior Prior Q3 2026 vs. Q2 2026 Production Qtr. Year DRI 960 1,098 976 -13% -2% • Lower shipments Scrap Processing 1,298 1,285 1,215 1% 7% • Lower realized pricing Total Production1 2,
Slide 19: Quarterly Sales and Earnings Data
QUARTERLY SALES AND EARNINGS DATA SALES TONS (THOUSANDS) TO OUTSIDE CUSTOMERS STEEL STEEL PRODUCTS OTHER TOTAL COMP. SALES TOTAL JOIST & REBAR TUBULAR BLDG STEEL STEEL RAW TOTAL NET SALES PRICE PER YEAR SHEET BARS BEAM* PLATE STEEL DECK FAB PRODS SYSTEMS PRODS PRODS MATLS TONS ($ MILLIONS) TON ($) 2
Slide 20: Quarterly Sales Prices & Scrap Cost
QUARTERLY SALES PRICES & SCRAP COST STEEL MILLS AVERAGE SCRAP AND SCRAP AVG EXTERNAL SUBSTITUTE COST SALES PRICE TOTAL PER NET TON SHEET BARS BEAM* PLATE PER GROSS PER NET STEEL TON USED TON USED 2026 2026 1st Quarter $1,001 $1,013 $1,541 $1,151 $1,074 1st Quarter $404 $361 2nd Quarter $1,088 $1,049
Slide 21: Quarterly Sales Price Steel Products
QUARTERLY SALES PRICE STEEL PRODUCTS STEEL PRODUCTS AVG EXTERNAL SALES PRICE PER JOIST & FABRICATED TUBULAR BUILDING OTHER STEEL TOTAL STEEL NET TON DECK REBAR PRODUCTS SYSTEMS PRODUCTS PRODUCTS 2026 1st Quarter $2,454 $1,646 $1,661 $6,084 $3,193 $2,405 2nd Quarter $2,450 $1,656 $1,772 $5,993 $3,173
Slide 22: Reconciliation of GAAP to Non-GAAP Measure - EBITDA
RECONCILIATION OF GAAP TO NON-GAAP MEASURE - EBITDA $ in millions 2024 2025 LTM Q3 2025 Q2 2026 Q3 2026 Net earnings before $2,319 $2,038 $4,046 $683 $1,280 $1,473 non-controlling interests Net interest expense ($30) $59 $49 $15 $12 $7 Income taxes $583 $530 $1,043 $200 $345 $394 Depreciation expens
Slide 23: Reconciliation of GAAP to Non-GAAP Measure – Free Cash Flow
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – FREE CASH FLOW (FCF) $ in millions 2024 2025 LTM Q3 2025 Q2 2026 Q3 2026 CASH PROVIDED BY $3,979 $3,234 $5,321 $1,339 $1,400 $2,236 OPERATING ACTIVITIES CAPITAL EXPENDITURES ($3,173) ($3,422) ($2,663) ($807) ($571) ($629) FREE CASH FLOW $806 ($188) $2,658
Slide 24: Reconciliation – Earnings Attributable to Nucor Stockholders
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – EARNINGS ATTRIBUTABLE TO NUCOR STOCKHOLDERS $ in millions Q4 2025 Q2 2026 Diluted EPS Diluted EPS NET EARNINGS ATTRIBUTABLE TO $378 $1.64 $1,156 $5.04 NUCOR STOCKHOLDERS (INCREASES) / DECREASES RELATED TO VALUATION OF CERTAIN ASSETS, $22 $0.09 ($46) ($0.2
Slide 25: Reconciliation – Pre-Tax Segment Earnings
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – PRE-TAX SEGMENT EARNINGS $ in millions Q4 2025 Q2 2026 Steel Steel Raw Corp/ Steel Steel Raw Corp/ Mills Products Materials Elims Mills Products Materials Elims EARNINGS (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING $516 $230 $24 ($269) $1,556 $353 $146 (