Friedman Industries (FRD) Investor presentation summary

Company overview and performance

• Founded in 1965, operates seven flat-rolled processing facilities, one distribution facility, and a pipe manufacturing site, with a 2025 revenue of $584 million and 684,000 tons shipped, up 30% and 19% year-over-year respectively.

• Maintains an industry-leading safety record (TRIR 0.55 in 2024) and a management team averaging over 20 years of experience.

• Flat organization structure with high employee retention (98% annual retention for salaried positions).

• Strategic transformation initiatives have increased tangible book value per share and included acquisitions, new facility launches, and stock repurchases.

Growth strategy and market position

• Diverse and long-standing customer base, with top 10 customers partnered for over 20 years.

• Geographic footprint provides cost-efficient access to major steel consumers, with facilities adjacent to steel mills and key transport links.

• Recent acquisitions (PlatePlus, Century Metals) and new facilities (Sinton, Granite City II) have doubled capacity and expanded market reach.

• Industry is highly fragmented, offering significant consolidation and growth opportunities.

• Ambitious strategy to maximize production, improve margins, and pursue M&A aligned with strict criteria (earnings, geography, management, product fit).

Product and service capabilities

• Processes hot-rolled, cold-rolled, stainless, aluminum, copper, galvalume, and galvanized steel in various forms and sizes.

• Offers value-added services: cut-to-length, slitting, temper passing, ERW pipe, stretcher leveling, and fabrication.

• API-certified pipe manufacturing for energy and structural markets, with cost-efficient adjacency to coating facilities.

• Facilities equipped for high-capacity, flexible processing, including the largest stretcher leveler line in North America.