Commercial Metals Company (CMC) kicked off FY2026 with a solid first quarter, delivering resilient revenue and meaningful margin expansion against a constructive market backdrop. GAAP net income of approximately $177.3 million and adjusted earnings of $206.2 million (EPS $1.84) contrasted with a year-ago period that included a substantial after-tax litigation reserve. Core EBITDA came in at $316.9 million, for a margin of 14.9%, underscoring durable earnings power even as the company absorbs cost of acquisitions and integration expenses. The quarter highlighted the effectiveness of CMC’s TAG program in driving margin improvements, notably in the North America Steel Group (adjusted EBITDA of $293.9 million; 17.7% EBITDA margin) and the Construction Solutions Group (adjusted EBITDA $39.6 million; 20% margin). The quarter also reflected the strategic progression of the Precast platform following CP&P and Foley acquisitions completed in December, with management guiding to roughly $165–$175 million of EBITDA contributions from Precast in fiscal 2026 and an exit run-rate EBITDA target of $150 million from TAG improvements alone. Management emphasized a disciplined capital allocation stance, a robust liquidity position, and a plan to deleverage to below 2x net debt/adjusted EBITDA within about 18 months, aided by Precast cash flow, capex wind-down (Steel West Virginia), and favorable tax incentives. The market environment remains supportive for non-residential construction and LNG-related projects, with CBAM in Europe expected to bolster long-steel pricing over the course of 2026.Overall, CMC is leveraging a combination of capital-light growth via acquisitions, a broad suite of margin-improvement initiatives (TAG), and a favorable demand backdrop to drive through-the-cycle profitability while managing integration risk and seasonality.