Sathish Kasinathan

Katja Jancic

Bill Peterson

Phil Gibbs

Tristan Gresser

Mike Harris

Andrew Jones

Philip Gibbs

Timna Tanners

Alexander Hacking

Alex Hacking

Carlos de Alba

Cecilia Tang

Michael Harris

- Comstock Inc. announced its **third quarter 2025 financial results** and an updated 2025 business outlook.  **[22444_7f215bc776e946c79bd1958bcc226e87_0]** 
- The company completed an **oversubscribed equity raise of $34.5 million** in gross proceeds and **eliminated all debt instruments** (convertible and promissory notes) and other significant payables.  **[22444_7f215bc776e946c79bd1958bcc226e87_0]** 
- As of September 30, 2025, **cash & cash equivalents were $31.7 million** and **net current assets increased to $21.3 million**.  **[22444_7f215bc776e946c79bd1958bcc226e87_0]** 
- Comstock Metals is advancing its zero-landfill solar panel recycling business, with **$5.1 million in equipment deposits paid** for its first industry-scale facility in Silver Springs, Nevada, capable of recycling over **3.3 million panels per year**.  **[22444_7f215bc776e946c79bd1958bcc226e87_0]** **[22444_7f215bc776e946c79bd1958bcc226e87_1]**  Full commissioning is expected during the **first quarter of 2026**.  **[22444_7f215bc776e946c79bd1958bcc226e87_1]** 
- Bioleum Corporation, a newly created fuels entity, closed on a **$13 million strategic pre-Series A investment** from subsidiaries of Marathon Petroleum Corp. and a **$20 million Series A preferred equity financing**.  **[22444_7f215bc776e946c79bd1958bcc226e87_3]**

Comstock Announces Third Quarter 2025 Results and Corporate Updates

- CMC reported **Q4 2025 Net Earnings of $151.8 million** and **Adjusted Earnings of $155.0 million**, with **Core EBITDA reaching $291.4 million** and a **Core EBITDA Margin of 13.8%**.  **[0000022444_2187509:12]** 
- The company is executing on strategic growth, with the Emerging Businesses Group delivering its **best-ever quarterly results** and the Arizona 2 micro mill achieving **positive adjusted EBITDA** in Q4.  **[0000022444_2187509:12]**  CMC also announced pending acquisitions of Concrete Pipe & Precast and Foley Products Company, with a combined purchase price of **~$2.5 billion**, expected to close by the end of calendar year 2025.  **[0000022444_2187509:14]** **[0000022444_2187509:31]** 
- The Transform, Advance, Grow (TAG) program generated an estimated **$50 million in EBITDA benefit in FY 2025**, with an expected run-rate annualized EBITDA benefit of **>$150 million** by the end of fiscal 2026.  **[0000022444_2187509:15]** 
- CMC repurchased **$50.0 million** in shares during Q4 2025  **[0000022444_2187509:12]**  and aims to deleverage below **2x** within 18 months.  **[0000022444_2187509:31]**  For Q1 2026, consolidated financial results are anticipated to be largely consistent with Q4 2025, with expected improvement in the Emerging Businesses Group's financial results.  **[0000022444_2187509:24]**

CMC Reports Strong Q4 2025 Earnings and Strategic Progress

- CMC reported **Q4 2025 net earnings of $151.8 million** or **$1.35 per diluted share**, with consolidated core EBITDA increasing **33%** year-over-year to **$291.4 million** and a core EBITDA margin of **13.8%**.  **[0000022444_2188253_8]** 
- The acquisitions of Foley and CP&P, with a combined consideration of approximately **$2.5 billion**, are expected to generate approximately **$250 million of adjusted EBITDA** in calendar 2025 and annual run rate synergies of **$25 million to $30 million** from Foley (plus **$5 million to $10 million** from CP&P) by year three.  **[0000022444_2188253_2]** **[0000022444_2188253_3]**  These transactions are anticipated to be **immediately accretive to earnings and cash flow per share**.  **[0000022444_2188253_3]** 
- The TAG operational excellence program delivered **$50 million in EBITDA benefits** in fiscal 2025 and is projected to achieve **more than $150 million** in annualized EBITDA benefits by the end of fiscal 2026.  **[0000022444_2188253_5]**  CMC expects fiscal 2026 capital spending of approximately **$600 million** and no significant U.S. Federal cash taxes in fiscal 2026 and much of fiscal 2027.  **[0000022444_2188253_9]** 
- Following the acquisitions, net debt is expected to increase to approximately **2.7 times** trailing twelve-month adjusted combined EBITDA.  **[0000022444_2188253_3]**  CMC plans to slow share repurchases temporarily to reduce leverage, while maintaining its dividend policy.  **[0000022444_2188253_14]**

CMC Reports Strong Q4 2025 Earnings and Details Impact of Recent Acquisitions

- CMC announced the acquisition of Foley Products Company, which, combined with the Concrete, Pipe and Precast (CPMP) acquisition, establishes a large-scale precast platform.  **[0000022444_2188241_1]**  This new platform is expected to generate approximately **$250 million of adjusted EBITDA in calendar 2025** with **EBITDA margins exceeding 34%**, making CMC the **third largest precast player in the U.S.** and significantly shifting its financial profile.  **[0000022444_2188241_3]** 
- The combined acquisitions total approximately **$2.5 billion** and are expected to be **immediately accretive to earnings and cash flow per share**.  **[0000022444_2188241_3]**  Following the transactions, CMC's net debt is projected to increase to approximately **2.7 times trailing 12-month adjusted combined EBITDA**, with a goal to return below two times net leverage within **18 months**.  **[0000022444_2188241_4]** 
- In fiscal 2025, CMC's TAG program generated **$50 million in EBITDA benefits**, exceeding the **$40 million expectation**, and is now anticipated to deliver over **$150 million in annualized EBITDA benefits by the end of fiscal 2026**.  **[0000022444_2188241_5]**  While the North America Steel Group expects a **strong Q1 2026**, the overall Q1 outlook is tempered by seasonal factors and a **$15 million impact** from reduced CO2 credits in the Europe Steel Group.  **[0000022444_2188241_11]**

CMC Announces Foley Products Company Acquisition and Fiscal 2025 Strategic Progress

- Commercial Metals Company (CMC) announced on **October 16, 2025**, a definitive agreement to acquire **Foley Products Company** for a **cash purchase price of $1.84 billion**.  **[22444_0001193125-25-240849_d225478dex991.htm:1]**  This represents a multiple of **10.3x Foley's forecasted 2025 EBITDA**, or **9.2x** including cash tax benefits.  **[22444_0001193125-25-240849_d225478dex991.htm:1]** **[22444_0001193125-25-240849_d225478dex992.htm:9]** 
- The transaction is expected to be **immediately accretive to earnings per share and free cash flow per share in the first year**, with anticipated annual run-rate synergies of **$25 million to $30 million of EBITDA by year three**.  **[22444_0001193125-25-240849_d225478dex991.htm:1]** **[22444_0001193125-25-240849_d225478dex992.htm:9]** 
- Following this acquisition and the pending acquisition of Concrete Pipe & Precast (CP&P), CMC will become the **third largest precast platform in the U.S.**.  **[22444_0001193125-25-240849_d225478dex991.htm:1]** **[22444_0001193125-25-240849_d225478dex992.htm:5]**  The company forecasts a net debt to adjusted EBITDA of approximately **2.7x** post-acquisition, with a target to reduce it to below **2.0x within 18 months**.  **[22444_0001193125-25-240849_d225478dex991.htm:2]** **[22444_0001193125-25-240849_d225478dex992.htm:8]**

Commercial Metals Company to Acquire Foley Products Company

- For the fourth quarter of fiscal 2025, Commercial Metals Company (CMC) reported **net earnings of $151.8 million** (**$1.35 per diluted share**) and **adjusted earnings of $155.0 million** (**$1.37 per diluted share**) on **net sales of $2.1 billion**.  **[22444_0000022444-25-000128_cmc-08312025xearningsreleaa.htm:1]** **[22444_0000022444-25-000128_cmc-08312025xearningsreleaa.htm:2]** 
- For the full fiscal year 2025, net earnings were **$84.7 million** (**$0.74 per diluted share**) on **net sales of $7.8 billion**, which included an **after-tax charge of approximately $274 million** related to litigation.  **[22444_0000022444-25-000128_cmc-08312025xearningsreleaa.htm:1]** 
- The company's **Transform, Advance, and Grow (TAG) program exceeded expectations** in fiscal year 2025, the **Emerging Businesses Group delivered its best-ever quarterly results**, and the Arizona 2 micro mill generated positive adjusted EBITDA during the fourth quarter.  **[22444_0000022444-25-000128_cmc-08312025xearningsreleaa.htm:1]** **[22444_0000022444-25-000128_q42025-supplementalslide.htm:7]** 
- CMC announced **pending acquisitions of Foley Products Company and Concrete Pipe & Precast** after year-end, repurchased **$50.0 million** of common stock in Q4 2025, and declared a quarterly dividend of **$0.18 per share**.  **[22444_0000022444-25-000128_cmc-08312025xearningsreleaa.htm:1]** **[22444_0000022444-25-000128_cmc-08312025xearningsreleaa.htm:2]** **[22444_0000022444-25-000128_q42025-supplementalslide.htm:7]** 
- Management expects Q1 fiscal 2026 consolidated financial results to be generally consistent with Q4 2025, with the North America Steel Group's adjusted EBITDA margin anticipated to increase sequentially.  **[22444_0000022444-25-000128_cmc-08312025xearningsreleaa.htm:5]**

CMC Reports Fourth Quarter and Full Year Fiscal 2025 Results

- For the fourth quarter of fiscal 2025, Commercial Metals Company reported **net earnings of $151.8 million, or $1.35 per diluted share**, and **adjusted earnings of $155.0 million, or $1.37 per diluted share**. For the full fiscal year 2025, net earnings were **$84.7 million, or $0.74 per diluted share**, on net sales of **$7.8 billion**.  **[22444_20251016DA99470:0]** 
- Consolidated core EBITDA for the fourth quarter was **$291.4 million**, resulting in a **13.8% core EBITDA margin**, which improved both sequentially and year-over-year. The Emerging Businesses Group delivered its **best-ever quarterly results**, and the Arizona 2 micro mill generated **positive adjusted EBITDA** during the quarter.  **[22444_20251016DA99470:0]** 
- The Transform, Advance, and Grow (TAG) program **exceeded expectations** in fiscal year 2025. The company also announced pending acquisitions of Foley Products Company and Concrete Pipe & Precast.  **[22444_20251016DA99470:0]** 
- During the fourth quarter, CMC **repurchased 974,462 shares** of common stock valued at **$50.0 million**, and the board declared a quarterly dividend of **$0.18 per share**.  **[22444_20251016DA99470:1]**

Commercial Metals Company Reports Fiscal Fourth Quarter and Full Year 2025 Results

- Commercial Metals Company (CMC) announced on **October 16, 2025**, its definitive agreement to acquire Foley Products Company for a cash purchase price of **$1.84 billion**, representing an effective multiple of approximately **9.2x** Foley's forecasted 2025 EBITDA when including anticipated cash tax benefits.  **[22444_20251016DA99674:0]** 
- The acquisition is expected to be **immediately accretive to earnings per share and free cash flow per share**.  **[22444_20251016DA99674:0]** 
- This transaction, combined with the pending Concrete Pipe & Precast (CP&P) acquisition, will position CMC as the **third largest precast platform in the U.S.** and a leader across the Mid-Atlantic and Southeast regions.  **[22444_20251016DA99674:0]** 
- CMC anticipates annual run-rate synergies of **$25 million to $30 million** of EBITDA by year three from the combined Foley and CP&P acquisitions.  **[22444_20251016DA99674:0]** **[22444_20251016DA99674:1]** 
- The combined precast platform is expected to increase CMC's core EBITDA margin by **210 basis points** on a pro forma basis, and CMC aims to reduce net leverage to below **2.0x within 18 months**.  **[22444_20251016DA99674:1]**

CMC to Acquire Foley Products Company

- **Commercial Metals Company (CMC)** received an **adverse ruling** on its post-trial motions in the **Pacific Steel Group v. Commercial Metals Co. litigation** on **September 29, 2025**.  **[22444_0001193125-25-225109_d23307dex991.htm:0]** 
- The court **upheld the jury's verdict** from **November 5, 2024**, which was in favor of Pacific Steel Group.  **[22444_0001193125-25-225109_d23307dex991.htm:0]** 
- CMC expressed **disappointment** with the outcome and plans to **appeal** the decision to the U.S. Court of Appeals for the Ninth Circuit.  **[22444_0001193125-25-225109_d23307dex991.htm:0]**

Commercial Metals Co. Receives Adverse Ruling in Pacific Steel Group Litigation

- Commercial Metals Company (CMC) received an **adverse ruling** on its post-trial motions in the Pacific Steel Group v. Commercial Metals Co. litigation on **September 29, 2025**.  **[22444_20250930DA87047:0]** 
- The court upheld the jury's verdict, which was issued on **November 5, 2024**, in favor of Pacific Steel Group.  **[22444_20250930DA87047:0]** 
- CMC is **disappointed** by the outcome and **plans to appeal** the decision to the U.S. Court of Appeals for the Ninth Circuit, stating it will vigorously defend its position.  **[22444_20250930DA87047:0]**

COMMERCIAL METALS (CMC)