CMC: Q3’26 results largely in-line; Q4’26 guide points to a strong finish

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CMC: Q3’26 results largely in-line; Q4’26 guide points to a strong finish

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CMC

Q3’26 results largely in-line; Q4’26 guide

points to a strong finish

Reiterate Rating: BUY | PO: 84.00 USD | Price: 71.28 USD

Deleveraging near target = improved returns. Re-it Buy 25 June 2026

Commercial Metals (CMC) fiscal year (FY) Q3’26 adjusted (core) EBITDA was in-line Equity

Bloomberg consensus and just shy of BofAe/VA consensus. Versus BofAe both North

America Steel Group (NASG) and EU segment results were better on higher volumes and SathishResearchKasinathanAnalyst

margins. Construction Solutions Group (CSG) EBITDA was below BofAe mainly due to BofAS

+1 646 855 2769

unfavorable weather conditions. CMC expects a strong finish to the year, supported by sathish.kasinathan@bofa.com

favorable market conditions and robust backlogs. FYQ4’26 should see a $40 million (m) Lawson Winder, CFA >>

or more sequential improvement in core EBITDA. The guide appears to be better than Research Analyst

Merrill Lynch (Canada)

Bloomberg consensus, in-line to VA consensus and slightly below BofAe. Deleveraging +1 416 369 7592

continues to run ahead of plan, with adjusted net debt to EBITDA at 2.1x (as of Q3-end), lawson.winder@bofa.com

close to its <2.0x target. We see potential for improved shareholder returns (via Adam Smiarowski, CFA >> Research Analyst

buybacks) in the near term. Additionally, the upcoming Investor Day on 5-Aug-26 is a Merrill Lynch (Canada)

potential catalyst, in our view. Reiterate Buy rating. +1adam.smiarowski@bofa.com416 369 7780

Q3 results: NA/EU segments beat, CSG modestly below

CMC reported Q3’26 adjusted (core) EBITDA of $354 million (m), in-line to Bloomberg

Stock Dataconsensus ($353m) and a touch below BofAe ($358m) and VA consensus ($361m). NASG