Commercial Metals: FY3Q26 EBITDA in line with street, EPS beat

研报英文原文证据摘录

Commercial Metals: FY3Q26 EBITDA in line with street, EPS beat

Equity Research

North America Metals & Mining

25 June 2026

Commercial Metals

FY3Q26 EBITDA in line with street,

EPS beat First Look

Positive outlook commentary reflects a still robust steel CMC/CMC TO EQUAL WEIGHT

POSITIVEmarket NorthMiningAmerica Metals &

Price Target USD 75.00

First Take: CMC's FY3Q26 results were largely in line with street forecasts, as core EBITDA was Price (24-Jun-26) USD 71.28

largely in line with the street while better EPS was driven by slightly lower taxes and interest Potential Upside/Downside +5.2%

Source: Bloomberg, Barclays Research

expense. NA steel group results were impacted on a sequential basis by planned mill downtime

during the quarter, which increased costs and impacted shipments. Outlook commentary was

positive, highlighting favorable market conditions, robust backlogs and progress on strategic North America Metals & Mining

initiatives. Conference call at 11am ET. Richard Garchitorena

+1 212 526 5697

Commercial Metals (CMC) FY3Q26 EPS Beat, core EBITDA in line with street: CMC reported richard.garchitorena@barclays.com

FY3Q26 core adj. EBITDA of $353.6m, (+79% Y/Y, +19% Q/Q) vs. our est. of $365.4m and BCI, US

Bloomberg consensus of $353.2m on EBITDA margin of 14.2% (vs. our est. of 14.9%). Excluding Liqi Peng

$0.18 of one time items, FY3Q26 Adj. EPS was $1.73, (+147% Y/Y, +49% Q/Q) vs. our est. of $1.71 +1 212 526 1964

and Bloomberg consensus of $1.70. FY3Q26 Revenue was $2.483b, (+23% Y/Y, +16% Q/Q) vs. our liqi.peng@barclays.com

est. of $2.46b and Bloomberg consensus of $2.38b. BCI, US

Positive FY4Q26 Outlook Commentary: CMC expects FY4Q26 EBITDA to increase sequentially

vs. FY3Q26 levels (our current FY4Q26 Adj. EBITDA est. is $440.2m, vs.