FIRST QUARTER 2025 EARNINGS CALL LEON TOPALIAN Chair, President and CEO STEVE LAXTON Executive Vice President and CFO April 29, 2025 FORWARD-LOOKING STATEMENTS 2 NON-GAAP FINANCIAL MEASURES The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news 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 financial position that either excludes or ...

Financial Data and Key Metrics Changes - Nucor generated EBITDA of $696 million and earned $0.77 of adjusted EPS in Q1 2025, despite lower results compared to prior quarters [7] - Net earnings were $156 million or $0.67 per share, including pretax charges of $29 million related to facility closures [19] - The company incurred $170 million in pre-operating and startup costs during the quarter [20] Business Line Data and Key Metrics Changes - The steel mill segment generated adjusted pretax earnings of $241 million, increasing approximately 43% from the prior quarter, with a volume increase of 14% [20] - The bar mill group saw shipments rise 21% compared to the prior quarter and 20% year over year [20] - The steel products segment generated adjusted pretax earnings of $37 million, with backlog growth of nearly 25% across all downstream products [22] Market Data and Key Metrics Changes - Backlogs rose over 30% in the steel mill segments and nearly 25% in steel products [15] - The company noted steady to improving demand for steel among customers engaged in rebuilding American industry [16] - The structural backlog is at the highest levels in Nucor's history, indicating strong future demand [76] Company Strategy and Development Direction - Nucor is focused on long-term growth plans, reinvesting nearly $860 million into the company, with two-thirds allocated to projects commencing operations in the next two years [7] - The company is advancing its "expand beyond" strategy and driving key acquisitions to strengthen and diversify its earnings profile [8] - Nucor aims to maintain a strong investment-grade credit quality and has raised $1 billion in senior notes to pre-fund upcoming debt maturities [26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a robust order book and healthy demand across various sectors, including advanced manufacturing and infrastructure projects [16][78] - The company is well-positioned to capture domestic steel demand growth, with expectations for earnings to be meaningfully higher in Q2 2025 compared to Q1 [31] - Management acknowledged macroeconomic uncertainties but emphasized Nucor's strong capabilities and financial strength to navigate these challenges [17] Other Important Information - Nucor's greenhouse gas emission intensity is among the lowest in the global steel industry, and the company is advancing cleaner energy sources [18] - The company has made several acquisitions since 2022 to expand its construction products capabilities, establishing four distinct platforms with higher growth potential [24] Q&A Session Summary Question: Can you provide clarity on the magnitude of startup costs for 2025? - Management indicated that startup costs for the balance of the year would be similar to previous quarters, around $160 million to $170 million [36] Question: What are the expected utilization rates for the Brandenburg mill by year-end 2025? - Management expressed confidence in achieving EBITDA positive run rates by summer and highlighted significant production achievements [39] Question: Can you provide guidance on the second quarter outlook? - Management refrained from providing specific quantitative guidance but acknowledged strong order entry rates and backlogs [50] Question: How is Nucor mitigating tariff impacts on raw materials? - Management emphasized a diversified raw material supply strategy and noted that the impact of tariffs on raw materials is minimal [54] Question: What is the impact of Section 232 on downstream products? - Management noted that the extension of Section 232 is having a positive impact, with imports dropping below 20% for the first time in years [64] Question: Can you clarify the adjusted EPS compared to guidance? - The beat in adjusted EPS was driven primarily by volume increases in the steel segment, particularly in bar and sheet products [87] Question: What contributed to the gross margin squeeze? - Management identified higher energy costs and increased scrap costs as contributing factors to the margin squeeze [90] Question: Is there any speculation for tariffs included in the $3 billion CapEx? - Management confirmed that the CapEx does not include any speculation for tariffs [94]

Financial Performance - For the quarter ended March 2025, Nucor reported revenue of $7.83 billion, a decrease of 3.8% compared to the same period last year [1] - Earnings per share (EPS) was $0.77, down from $3.46 in the year-ago quarter [1] - The reported revenue exceeded the Zacks Consensus Estimate of $7.22 billion by +8.52%, while the EPS surpassed the consensus estimate of $0.68 by +13.24% [1] Key Metrics - Total steel products sales amounted to 1,048 KTon, exceeding the average estimate of 972.77 KTon by four analysts [4] - The average steel product price per ton was $2,294, slightly below the average estimate of $2,338.66 [4] - Sales tons to outside customers for total steel mills reached 5,226 KTon, surpassing the average estimate of 4,751.93 KTon [4] Stock Performance - Nucor's shares have returned -5.1% over the past month, compared to a -4.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential outperformance against the broader market in the near term [3]

Financial Performance - Nucor reported consolidated net earnings of $156 million, or $0.67 per diluted share, for Q1 2025, down from $845 million, or $3.46 per diluted share, in Q1 2024[2][5]. - Adjusted net earnings for Q1 2025 were $179 million, or $0.77 per diluted share, compared to $287 million, or $1.22 per diluted share, in Q4 2024[2][5]. - Net sales for the first quarter of 2025 were $7,830 million, a decrease of 3.8% from $8,137 million in the same period last year[34]. - Cost of products sold increased to $7,225 million, up 9.2% from $6,614 million year-over-year[34]. - Net earnings attributable to Nucor stockholders were $156 million, down 81.5% from $845 million in the prior year[34]. - Basic and diluted earnings per share were both $0.67, compared to $3.46 in the same quarter last year[34]. - EBITDA for the first quarter of 2025 was $696 million, a decline of 53.7% from $1,503 million in the previous year[43]. Sales and Shipments - Consolidated net sales for Q1 2025 were $7.83 billion, an 11% increase from $7.08 billion in Q4 2024 but a 4% decrease from $8.14 billion in Q1 2024[7]. - Total shipments to outside customers in Q1 2025 were 6,830,000 tons, a 10% increase compared to Q1 2024[7][31]. - The average sales price per ton in Q1 2025 decreased by 12% compared to Q1 2024, while the average scrap cost per gross ton used was $394, a 6% decrease from Q1 2024[7][8]. Costs and Expenditures - Pre-operating and start-up costs for growth projects were approximately $170 million in Q1 2025, up from $125 million in Q1 2024[9]. - Capital expenditures for the quarter were $859 million, an increase from $670 million in the same period last year[40]. Assets and Liabilities - Total assets increased to $34,699 million, up from $33,940 million at the end of 2024[37]. - Total liabilities rose to $13,584 million, compared to $12,523 million at the end of the previous year[37]. - Cash and cash equivalents decreased to $3,156 million from $4,558 million at the end of the previous quarter[40]. Shareholder Actions - Nucor repurchased approximately 2.3 million shares at an average price of $133.17 per share during Q1 2025, with $806 million remaining for future repurchases[12]. Future Outlook - The company expects earnings in Q2 2025 to increase across all segments, with the largest increase anticipated in the steel mills segment[17].

Core Insights - Nucor Corporation reported consolidated net earnings of $156 million, or $0.67 per diluted share, for Q1 2025, a significant decrease from $845 million, or $3.46 per diluted share, in Q1 2024 [1][8] - Adjusted net earnings for Q1 2025 were $179 million, or $0.77 per diluted share, after excluding one-time charges of $29 million related to facility closures [1][2][8] - The company experienced solid demand for steel products despite market volatility, supported by a healthy balance sheet and diverse product portfolio [3] Financial Performance - Consolidated net sales for Q1 2025 were $7.83 billion, an 11% increase from $7.08 billion in Q4 2024, but a 4% decrease from $8.14 billion in Q1 2024 [4][8] - Average sales price per ton decreased by 2% from Q4 2024 and 12% from Q1 2024 [4] - Total shipments to outside customers increased by 13% compared to Q4 2024 and 10% compared to Q1 2024, totaling 6,830,000 tons [4][21] Segment Performance - Earnings from the steel mills segment were $231 million in Q1 2025, down from $1,102 million in Q1 2024, while steel products segment earnings were $288 million, down from $512 million [12] - The raw materials segment saw earnings of $29 million, an increase from $9 million in Q1 2024 [12] - Overall operating rates at steel mills were 80% in Q1 2025, up from 74% in Q4 2024 but down from 82% in Q1 2024 [7] Cost and Expenses - The average scrap cost per gross ton used was $394, a 3% increase from $381 in Q4 2024 but a 6% decrease from $421 in Q1 2024 [5] - Pre-operating and start-up costs for growth projects were approximately $170 million in Q1 2025, compared to $164 million in Q4 2024 and $125 million in Q1 2024 [6] Financial Strength - Nucor had $4.06 billion in cash and cash equivalents at the end of Q1 2025, with an undrawn revolving credit facility increased to $2.25 billion [9] - The company maintains strong credit ratings in the North American steel sector, with stable outlooks from major rating agencies [9] Shareholder Returns - Nucor repurchased approximately 2.3 million shares at an average price of $133.17 per share during Q1 2025, with $806 million remaining for future repurchases [10] - A cash dividend of $0.55 per share was declared, marking the 208th consecutive quarterly cash dividend [11] Outlook - Earnings for Q2 2025 are expected to increase across all operating segments, with the largest growth anticipated in the steel mills segment due to higher average selling prices [13]

Core Viewpoint - Nucor Corporation is expected to report first-quarter 2025 results on April 28, with weaker selling prices likely impacting performance [1][8]. Financial Performance - Nucor has surpassed the Zacks Consensus Estimate in three of the last four quarters, with an average earnings surprise of 27.2% [1]. - The company posted a significant earnings surprise of 90.6% in the last reported quarter [1]. - The consensus estimate for first-quarter adjusted earnings is between 50 cents and 60 cents per share, with a Zacks Consensus Estimate of 68 cents [4][5]. Revenue Expectations - The Zacks Consensus Estimate for first-quarter consolidated revenues is $7,215.4 million, reflecting an 11.3% year-over-year decline [7]. - The average sales price per ton for the steel mills unit is estimated at $923, indicating a 16.7% year-over-year decrease, while the steel products segment is pegged at $2,204 per ton, showing a 15.5% year-over-year decline [11]. Market Conditions - U.S. steel prices have seen a sharp decline, with benchmark hot-rolled coil (HRC) prices dropping over 40% last year, closing near $700 per short ton [9]. - Recent price hikes and tariffs have increased HRC prices to above $900 per short ton, but these benefits are not expected to reflect in first-quarter performance due to weak demand [10]. Earnings Prediction - The Earnings ESP for Nucor is +6.17%, indicating a potential earnings beat [4]. - Nucor currently holds a Zacks Rank 2 (Buy) [5].

Core Viewpoint - Nucor (NUE) is expected to report quarterly earnings of $0.68 per share, reflecting an 80.4% decline year over year, with revenues projected at $7.22 billion, a decrease of 11.3% compared to the previous year [1] Earnings Projections - Analysts have revised the consensus EPS estimate upward by 2.9% over the past 30 days, indicating a collective reassessment of initial projections [1][2] Revenue Estimates - The forecast for 'Net sales to external customers- Steel products' is $2.27 billion, down 9.7% year over year [4] - 'Net sales to external customers- Steel mills' is estimated at $4.45 billion, reflecting a 13.9% decrease from the same quarter last year [4] Sales Metrics - 'Net sales to external customers- Raw materials' is projected to reach $488.50 million, showing an 8.2% increase year over year [5] - The total sales tons to outside customers (Steel) from Steel Mills is estimated at 4,751.93 KTon, compared to 4,676 KTon reported in the same quarter last year [5] Price Projections - The 'Average Steel Product Price per ton' is expected to be $2,338.66, down from $2,608 per ton a year ago [6] - The 'Average sales price per ton (Steel) - Total Steel Mills' is projected at $924.59, compared to $1,108 per ton in the same quarter last year [7] Product-Specific Sales Estimates - 'Sales in Tons Outside Customers - Tubular products' is expected to be 219.70 KTon, up from 208 KTon year over year [7] - 'Sales in Tons Outside Customers - Other steel products' is projected at 217.62 KTon, compared to 142 KTon last year [8] - 'Sales Tons to outside customer (Steel) - Bars' is estimated to reach 1,433.08 KTon, compared to 1,344 KTon in the previous year [8] - 'Sales Tons to outside customer (Steel) - Structural' is projected at 436.78 KTon, slightly up from 431 KTon last year [9] - 'Sales Tons to outside customer (Steel) - Plate' is expected to be 454.26 KTon, compared to 384 KTon year over year [9] Stock Performance - Nucor shares have declined by 14.1% over the past month, contrasting with a 6.6% decline in the Zacks S&P 500 composite [11]

Core Insights - Nucor (NUE) is positioned to continue its earnings-beat streak, having achieved an average surprise of 48.53% over the last two quarters [1][4]. Earnings Performance - In the last reported quarter, Nucor's earnings were $1.22 per share, exceeding the Zacks Consensus Estimate of $0.64 per share, resulting in a surprise of 90.63% [2]. - For the previous quarter, Nucor was expected to post earnings of $1.40 per share but delivered $1.49 per share, achieving a surprise of 6.43% [2]. Earnings Estimates and Predictions - Nucor's earnings estimates have been trending higher, supported by its history of earnings surprises [4]. - The company currently has an Earnings ESP of +6.17%, indicating a bullish outlook from analysts regarding its earnings prospects [7]. - The combination of a positive Earnings ESP and a Zacks Rank of 2 (Buy) suggests a strong possibility of another earnings beat in the upcoming report [7]. Statistical Insights - Research indicates that stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have a nearly 70% chance of producing a positive surprise [5]. - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions [6].

Group 1 - Nu E Power Corp. has settled outstanding indebtedness totaling $275,000 through the issuance of 833,333 common shares to creditors at prices of $0.30 and $0.40 per share [1] - The debt settlement transaction was completed on April 10, 2025, and the shares issued are subject to a hold period of four months and one day [2] - Nu E Power Corp. focuses on developing, constructing, and operating clean and renewable energy infrastructure across North America, with a goal of developing up to 2GW of renewable energy projects in Canada by 2030 [3]

Core Insights - Nucor Corporation will host a live conference call to discuss its first quarter earnings for 2025 on April 29, 2025, at 10:00 a.m. Eastern Time [1][3] - The conference call will be led by Leon Topalian, Nucor's Chair, President, and CEO, and will include a review of the company's financial results followed by a Q&A session [1] Company Overview - Nucor and its affiliates are engaged in the manufacturing of steel and steel products, with operations in the United States, Canada, and Mexico [2] - The company produces a wide range of products including carbon and alloy steel in various forms such as bars, beams, sheets, and plates, as well as structural tubing and fabricated concrete reinforcing steel [2] - Nucor is recognized as North America's largest recycler and also brokers ferrous and nonferrous metals, pig iron, and hot briquetted iron [2]