Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-13122 Reliance, Inc. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdict ...

Financial Data and Key Metrics Changes - The company reported non-GAAP earnings per share of $4.43, an increase of over 17% compared to the prior quarter [5][17] - Non-GAAP pre-tax income increased by more than 15% sequentially [5] - Gross profit margin was maintained within the sustainable range of 29% to 31% [4][5] - Operating cash flow for the second quarter was $229 million, supporting investments and shareholder returns [5][19] Business Line Data and Key Metrics Changes - Tons sold in the second quarter decreased by 0.9% compared to the first quarter but increased by 4% year-over-year [10][11] - The average selling price per ton sold increased by 6.1% compared to the first quarter [11] - Shipments in non-residential construction, which represented roughly one-third of sales, increased year-over-year [12] - Aerospace products accounted for approximately 10% of sales, with stable demand in commercial aerospace [13] Market Data and Key Metrics Changes - The company outperformed the service center industry's year-over-year decline of 3.1% [10] - Demand for carbon steel products peaked in April but declined for the remainder of the second quarter [11] - The semiconductor industry faced pressure due to excess inventories, impacting related shipments [15] Company Strategy and Development Direction - The company focuses on smart profitable growth, maintaining gross profit margins while gaining market share [4][39] - Continued investments in advanced processing equipment and organic growth are prioritized [5][6] - The company is actively pursuing acquisition opportunities to expand geographic footprint and processing capabilities [6][42] Management's Comments on Operating Environment and Future Outlook - Management anticipates some weakness in the third quarter due to seasonal patterns but remains confident in long-term growth [8][21] - The current trade environment provides a competitive advantage due to the company's domestic sourcing strategy [8] - Management noted that uncertainty around tariffs is affecting customer buying behavior, but they expect a return to normal patterns once resolved [50] Other Important Information - The company returned $143 million to shareholders in dividends and share repurchases during the second quarter [7] - The capital expenditure budget for 2025 is set at $325 million, with over 50% allocated to growth projects [5][6] Q&A Session Summary Question: Guidance on FIFO gross margin pressure - Management indicated that Q3 typically sees demand weakness due to seasonal patterns, but they expect year-over-year strength [27][28] Question: Customer sentiment regarding tariffs - Management noted continued activity in non-residential construction and confidence in project pipelines despite tariff uncertainties [34][35] Question: Market share gains sustainability - Management expressed confidence in sustaining market share gains through superior customer service and operational efficiency [38][39] Question: Acquisition opportunities in the current market - Management observed an uptick in acquisition activity and noted that seller expectations are aligning more closely with their valuation perspectives [41][42] Question: Aluminum pricing acceptance by customers - Management confirmed that customers are accepting higher aluminum prices, although they may be purchasing less frequently [60][61]

Financial Data and Key Metrics Changes - The company reported non-GAAP earnings per share of $4.43, an increase of more than 17% compared to the prior quarter [5] - Non-GAAP pre-tax income increased by over 15% sequentially [5] - Gross profit margin was maintained within the sustainable range of 29% to 31% [4][5] - Operating cash flow for the second quarter was $229 million, supporting investments and shareholder returns [5][20] Business Line Data and Key Metrics Changes - Tons sold decreased by 0.9% compared to the first quarter of 2025 but increased by 4% year-over-year [10] - The non-residential construction market, which includes carbon steel tubing, plate, and structural products, represented roughly one-third of Q2 sales, with shipments up year-over-year [12] - Aerospace products accounted for approximately 10% of Q2 sales, with stable demand in commercial aerospace [14] Market Data and Key Metrics Changes - The company outperformed the service center industry's year-over-year decline of 3.1% [10] - Average selling price per ton sold increased by 6.1% compared to the first quarter of 2025 [11] - Pricing for carbon and aluminum products peaked in April but declined for the remainder of the second quarter [11] Company Strategy and Development Direction - The company remains focused on smart profitable growth, maintaining gross profit margins while expanding market share [4][39] - Capital expenditure budget for 2025 is set at $325 million, with over 50% dedicated to growth projects [5] - The company is actively pursuing M&A opportunities that align with its growth strategy and financial discipline [6][41] Management's Comments on Operating Environment and Future Outlook - Management anticipates some weakness in the third quarter but remains confident in the ability to grow amid market uncertainty [7][21] - The company expects demand to remain stable in the third quarter, with tons sold projected to be down 1% to 3% compared to Q2 [21] - Management highlighted the competitive advantage of sourcing metal from domestic mills in the current trade environment [8] Other Important Information - The company returned $143 million to shareholders in the second quarter through dividends and share repurchases [6] - The total debt as of June 30 was $1.43 billion, with a favorable net debt to EBITDA ratio of less than one [20] Q&A Session Summary Question: Guidance on FIFO gross margin pressure - Management indicated that Q3 typically sees demand weakness due to seasonal patterns, but year-over-year demand remains strong [26][31] Question: Customer sentiment regarding the tariff environment - Management noted continued activity in non-residential construction and confidence in project pipelines despite tariff uncertainties [32][34] Question: Market share gains sustainability - Management emphasized that market share gains are sustainable due to superior customer service and a decentralized structure that allows quick responses to market opportunities [39][54] Question: Acquisition opportunities in the current market - Management observed an uptick in acquisition activity in Q2 and noted that seller expectations are aligning more closely with their valuation perspectives [40][42] Question: Aluminum pricing acceptance by customers - Management confirmed that customers are accepting higher aluminum prices, although they may buy less and more frequently [58][60]

Core Insights - Reliance, Inc. reported a profit of $233.7 million or $4.42 per share for Q2 2024, a decrease from $267.8 million or $4.67 per share in the same quarter last year, missing the Zacks Consensus Estimate of $4.72 [1] - The company achieved net sales of $3,659.8 million, reflecting a year-over-year increase of approximately 0.5%, surpassing the Zacks Consensus Estimate of $3,631.1 million [1] Financial Performance - Earnings per share, excluding one-time items, were recorded at $4.43, which is lower than the consensus estimate [1] - Reliance's cash and cash equivalents stood at $239.5 million as of June 30, 2025, with total outstanding debt of $1.43 billion, including $282 million borrowed from a $1.5 billion revolving credit facility [7] - The company generated $229 million in operating cash flow during Q2 2025, factoring in typical seasonal working capital investments [8] Market Demand and Pricing - Shipments increased by 3.9% year-over-year to 1,615 thousand tons, although this fell short of the estimate of 1,621.5 thousand tons [2] - The average selling price per ton decreased by 3.2% year-over-year to $2,273, which exceeded the estimate of $2,171.5 [2] - Demand for non-residential construction, Reliance's largest end market, is expected to remain strong, driven by ongoing construction activities in various sectors [3] - Aerospace demand is stable, but a slight decline is anticipated in the commercial aerospace market due to surplus inventory [4] - Demand for toll processing services in the automotive sector remains stable, although uncertainties in North American trade policies could impact the outlook [5] - The semiconductor sector continues to experience weak demand, expected to persist through Q3 2025 due to inventory surpluses [6] Future Outlook - Reliance anticipates a 1% to 3% decrease in tons sold in Q3 2025 compared to Q2 2025, but expects sales to be 3% to 5% higher than in Q3 2024 [9][10] - The average selling price per ton in Q3 is projected to fluctuate between a 1% decline and a 1% increase from the previous quarter, influenced by lower carbon steel prices and rising prices for select aluminum and stainless steel products [10] - Adjusted earnings per share for Q3 2025 are forecasted to be between $3.60 and $3.80, including an estimated LIFO expense of $25 million [11] Stock Performance - Reliance's shares have increased by 17% over the past year, outperforming the industry average rise of 12.2% [12]

Reliance (RS) came out with quarterly earnings of $4.43 per share, missing the Zacks Consensus Estimate of $4.72 per share. This compares to earnings of $4.65 per share a year ago. These figures are adjusted for non- recurring items. This quarterly report represents an earnings surprise of -6.14%. A quarter ago, it was expected that this metals service-center company would post earnings of $3.66 per share when it actually produced earnings of $3.77, delivering a surprise of +3.01%. Over the last four quarte ...

EXHIBIT 99.1 Balance Sheet | and Cash Flow | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Data: | | | | | | | | | | | | | | | | Cash provided | | | | | | | | | | | | | | | | by operations | $ | 229.0 | $ | 64.5 | | 255.0% | $ | 293.5 | $ | 492.6 | (40.4%) | $ | 366.3 | (37.5%) | | Free cash flow | $ | 141.4 | $ | (22.4 | ) | nm | $ | 119.0 | $ | 285.7 | (58.3%) | $ | 268.1 | (47.3%) | | Net debt-to-total | | | | | | | | | | | | | | ...

Financial Performance - Net sales for Q2 2025 reached $3.66 billion, marking a 5.0% increase from Q1 2025 and a 0.5% increase year-over-year [2][5] - Non-GAAP gross profit margin was reported at 29.9%, slightly up from 29.7% in Q1 2025 [7] - Pretax income increased by 16% from Q1 2025 to $304.3 million, while net income attributable to Reliance was $233.7 million, up 17% year-over-year [2][34] - Earnings per share (EPS) for Q2 2025 was $4.42, an 18% increase from Q1 2025 [2][34] Sales and Market Dynamics - The company sold a record 1,615.0 thousand tons in Q2 2025, a 4.0% increase year-over-year, despite a 0.9% decline from Q1 2025 [5][9] - Average selling price per ton sold increased by 6.1% compared to Q1 2025, exceeding the company's guidance [6][7] - Demand for non-residential construction, the largest end market, improved, and is expected to remain healthy in Q3 2025 [10] Cash Flow and Capital Allocation - Cash flow from operations was $229.0 million in Q2 2025, reflecting a significant increase of 255% from Q1 2025 [16] - The company repurchased $79.9 million of common stock in Q2 2025, with a total of $143.0 million returned to shareholders through dividends and share repurchases [18][17] Business Outlook - Reliance anticipates a seasonal decline in tons sold of 1.0% to 3.0% in Q3 2025 compared to Q2 2025, but an increase of 3.0% to 5.0% compared to Q3 2024 [19] - The company expects average selling prices in Q3 2025 to remain stable, with potential fluctuations in carbon steel and aluminum prices [19]

The market expects Reliance (RS) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on July 23, might help the stock move higher if these key numbers are better than expe ...

Core Viewpoint - Reliance, Inc. will report its second quarter 2025 financial results on July 23, 2025, after market close, followed by a conference call on July 24, 2025, at 11:00 a.m. Eastern Time [1]. Group 1: Financial Reporting Details - The financial results for the second quarter of 2025 will be announced on July 23, 2025 [1]. - A conference call to discuss the results will take place on July 24, 2025, at 11:00 a.m. Eastern Time [1]. - The conference call will be accessible via the company's website and will also have a replay available until August 7, 2025 [2][3]. Group 2: Company Overview - Reliance, Inc. is a leading global diversified metal solutions provider and the largest metals service center company in North America [4]. - The company operates 320 locations across 41 states and 10 countries, serving over 125,000 customers with more than 100,000 metal products [4]. - In 2024, the average order size was $2,980, with approximately 50% of orders including value-added processing and 40% delivered within 24 hours [4].

Company Overview - Reliance is a leading global diversified metal solutions provider with over 85 years of operational experience[7,8] - The company serves over 125,000 customers with over 100,000 metal products[8,16] - In 2024, approximately 50% of orders included value-added processing[14] Financial Performance - Reliance achieved EPS of $15.56 in 2024, the 4th highest level in its history[20] - In 2024, the company reported cash flow from operations of $1.43 billion, the 3rd highest in its history[23] - For Q1 2025, net sales were $3.48 billion[67] - Q1 2025 saw a gross profit margin of 29.7%[69] Capital Allocation and Stockholder Returns - Since 2020, Reliance has repurchased $3.20 billion of its common stock[50] - In Q1 2025, $253.2 million of share repurchases resulted in a 2% reduction in outstanding shares[50] - The company's capital expenditures since 2020 total $1.74 billion[52] Market Position and Growth - Reliance's U S tons sold represented approximately 15% of total Metals Service Center Institute shipments in 2024[93] - In Q1 2025, Reliance's year-over-year growth in shipments outperformed MSCI by 9.5%[58] - 2024 acquisitions contributed approximately $400 million of annualized net sales[111]