​ The terms “Company,” “Reliance,” “we,” “our,” and “us” refer to Reliance, Inc. and all its subsidiaries that are consolidated in accordance with U.S. generally accepted accounting principles (“GAAP”), unless otherwise indicated. ​ This report contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Our forward-looking statements may include, but are not limited to, discussions of our: industry and end markets; business strategies; acquisitions; expectations concerning our future growth and profitability; ability to generate industry leading returns for our stockholders; future demand and metals pricing; results of operations; margins; profitability; taxes; liquidity; cash flows; capital expenditures; expectations for and impacts from macroeconomic conditions, including inflation, and the possibility of an economic recession or slowdown; anticipated effects from regulations and regulatory changes, including taxation, tariffs and other trade barriers; litigation matters and capital resources. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “preliminary,” “range,” “intend” and “continue,” the negative of these terms, and similar expressions. All statements contained in this report that are not statements of historical fact are forward-looking statements. These forward-looking statements are based on management’s estimates, projections and assumptions as of the date of such statements. We caution readers not to place undue reliance on forward-looking statements. ​ Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements as a result of various important factors, including, but not limited to, actions taken by us, as well as developments beyond our control, including, but not limited to: changes in domestic and worldwide political and economic conditions; changes in U.S. and foreign trade policies and programs, including tariffs and trade policies and programs specifically affecting metal product markets and pricing; slowing economic growth, inflation, rising unemployment or other macroeconomic factors that could materially impact us, our customers and suppliers; metals pricing; demand for our products and services; the possibility that the expected benefits of government contracts, including the U.S. border wall project, acquisitions and capital expenditures may not materialize as expected; and the impacts of labor constraints and supply chain disruptions. Deteriorations in economic conditions, including as a result of tariffs or trade barriers, economic policies, inflation, economic recession, slowing growth, outbreaks of infectious disease, or geopolitical conflicts such as in Ukraine and Iran, could lead to a decline in demand for our products and services and negatively impact our business, and may also impact financial markets and corporate credit markets which could adversely impact our access to financing, or the terms of any financing. Other factors which could cause actual results to differ materially from our forward-looking statements include those disclosed in this report and in other reports we have filed with the United States Securities and Exchange Commission (the “SEC”). Important risks and uncertainties about our business can be found elsewhere in this Quarterly Report on Form 10-Q and in Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC and in other documents Reliance files or furnishes with the SEC. The Company cannot at this time predict all of the impacts of domestic and foreign tariffs and trade policies, inflation, product price fluctuations, economic recession, outbreaks of infectious disease, geopolitical conflicts and related economic effects, but these factors, individually or in any combination, could have a material adverse effect on the Company’s business, financial position, results of operations and cash flows. ​ The statements contained in this Quarterly Report on Form 10-Q speak only as of the date that they were made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, or expectations or any change in events, conditions, or 16 Table of Contents circumstances upon which any such forward-looking statements are based. You should review any additional disclosures we make in our press releases and other documents we file with or furnish to the SEC. ​ This Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 and other sections of this Quarterly Report on Form 10-Q, including the consolidated financial statements and related notes contained in Item 1. ​ Results of Operations ​ The following sets forth certain income statement data for the second quarters and first six months of 2026 and 2025 (dollars are shown in millions, except per share amounts, and certain percentages may not calculate due to rounding): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Six Months Ended ​ ​ June 30, ​ ​ June 30, ​ ​ 2026 ​ ​ 2025 ​ ​ 2026 ​ ​ 2025 ​ ​ ​ ​ ​ ​ % ​ ​ ​ ​ ​ ​ ​ % ​ ​ ​ ​ ​ ​ ​ % ​ ​ ​ ​ ​ ​ ​ % ​ Net sales $ 4,630.0 ​ 100.0 % ​ $ 3,659.8 ​ 100.0 % ​ $ 8,656.0 ​ 100.0 % ​ $ 7,144.5 ​ 100.0 % Cost of sales (exclusive of LIFO and depreciation and amortization shown below) ​ 3,217.0 ​ 69.5 ​ ​ ​ 2,546.9 ​ 69.6 ​ ​ ​ 6,033.6 ​ 69.7 ​ ​ ​ 4,973.3 ​ 69.6 ​ LIFO expense ​ 112.5 ​ 2.4 ​ ​ ​ 25.0 ​ 0.7 ​ ​ ​ 150.0 ​ 1.7 ​ ​ ​ 50.0 ​ 0.7 ​ Gross profit(1) ​ 1,300.5 ​ 28.1 ​ ​ ​ 1,087.9 ​ 29.7 ​ ​ ​ 2,472.4 ​ 28.6 ​ ​ ​ 2,121.2 ​ 29.7 ​ Gross profit – FIFO(1)(2) ​ 1,413.0 ​ 30.5 ​ ​ ​ 1,112.9 ​ 30.4 ​ ​ ​ 2,622.4 ​ 30.3 ​ ​ ​ 2,171.2 ​ 30.4 ​ Warehouse, delivery, selling, general and administrative expense (“SG&A”) ​ 789.4 ​ 17.0 ​ ​ ​ 706.0 ​ 19.3 ​ ​ ​ 1,524.2 ​ 17.6 ​ ​ ​ 1,396.2 ​ 19.5 ​ Depreciation expense ​ 62.1 ​ 1.3 ​ ​ ​ 59.3 ​ 1.6 ​ ​ ​ 123.6 ​ 1.4 ​ ​ ​ 117.6 ​ 1.6 ​ Amortization expense ​ 7.4 ​ 0.2 ​ ​ ​ 10.4 ​ 0.3 ​ ​ ​ 15.1 ​ 0.2 ​ ​ ​ 20.8 ​ 0.3 ​ Operating income ​ 441.6 ​ 9.5 ​ ​ ​ 312.2 ​ 8.5 ​ ​ ​ 809.5 ​ 9.4 ​ ​ ​ 586.6 ​ 8.2 ​ Interest expense ​ 18.2 ​ 0.4 ​ ​ ​ 14.3 ​ 0.4 ​ ​ ​ 33.6 ​ 0.4 ​ ​ ​ 25.8 ​ 0.4 ​ Other income, net ​ (6.4) ​ (0.1) ​ ​ ​ (6.4) ​ (0.2) ​ ​ ​ (3.4) ​ — ​ ​ ​ (5.9) ​ (0.1) ​ Income before income taxes ​ 429.8 ​ 9.3 ​ ​ ​ 304.3 ​ 8.3 ​ ​ ​ 779.3 ​ 9.0 ​ ​ ​ 566.7 ​ 7.9 ​ Income tax provision ​ 106.2 ​ 2.3 ​ ​ ​ 70.1 ​ 1.9 ​ ​ ​ 190.1 ​ 2.2 ​ ​ ​ 132.0 ​ 1.8 ​ Net income ​ 323.6 ​ 7.0 ​ ​ ​ 234.2 ​ 6.4 ​ ​ ​ 589.2 ​ 6.8 ​ ​ ​ 434.7 ​ 6.1 ​ Less: net income – noncontrolling interests ​ 0.7 ​ — ​ ​ ​ 0.5 ​ — ​ ​ ​ 1.4 ​ — ​ ​ ​ 1.3 ​ — ​ Net income – Reliance $ 322.9 ​ 7.0 % ​ $ 233.7 ​ 6.4 % ​ $ 587.8 ​ 6.8 % ​ $ 433.4 ​ 6.1 % Diluted earnings per share $ 6.29 ​ ​ ​ ​ $ 4.42 ​ ​ ​ ​ $ 11.38 ​ ​ ​ ​ $ 8.15 ​ ​ ​ (1) Gross profit (calculated as net sales less cost of sales) and gross profit margin (calculated as gross profit divided by net sales) are non-GAAP financial measures as they exclude depreciation and amortization expense associated with the corresponding sales. About half of our orders are basic distribution with no processing services performed. For the remainder of our sales orders, we perform “first-stage” processing, which is generally not labor intensive as we are simply cutting the metal to size. Because of this, the amount of related labor and overhead, including depreciation and amortization, is not significant and is excluded from cost of sales. Therefore, our cost of sales is substantially comprised of the cost of the material we sell. We use gross profit and gross profit margin as shown above as measures of operating performance. Gross profit and gross profit margin are important operating and financial measures as their fluctuations can have a significant impact on our earnings. Gross profit and gross profit margin, as presented, are not necessarily comparable with similarly titled measures for other companies. (2) We use first-in, first-out (“FIFO”) gross profit, FIFO gross profit margin, and other FIFO-based non-GAAP performance measures to assess our ongoing operating performance and provide a basis for comparison with competitors that do not use the last-in, first-out (“LIFO”) inventory accounting method. ​ 17 Table of Contents Overview ​ Record tons sold and significant increases in average selling price per ton sold drove net sales to $4.63 billion in the second quarter and $8.66 billion in the first six months of 2026, up 26.5% and 21.2%, respectively, from the prior year periods. For the second quarter of 2026, tons sold increased 10.8% and average selling price per ton sold improved 14.5% year-over-year, reflecting strong underlying demand across most end markets. In the first quarter of 2026, we were awarded a multi-year contract by the U.S. Department of Homeland Security to provide steel and steel logistics support services for the construction of the border wall along the Southwest U.S. border (the U.S. border wall project). Steel deliveries under the contract began in the second quarter of 2026 and contributed 5.2 percentage points to year-over-year tons sold growth in the quarter. ​ Our second quarter of 2026 year-over-year growth in tons sold exceeded the industry-wide increase of 5.5% reported by the Metals Service Center Institute by over five percentage points, continuing a multi-year trend of outperformance relative to industry shipments. We believe our scale, diversified business model, and customer service capabilities, including delivery and value-added processing, enabled us to gain market share in a complex operating environment. ​ Carbon steel prices have benefited from tight supply conditions and solid underlying demand. Aluminum prices continue to be at historically elevated levels, largely due to the 50% tariff imposed under Section 232 in June 2025. ​ Gross profit margin under our LIFO method was 28.1% for the second quarter and 28.6% for the first six months of 2026, compared to 29.7% for the same 2025 periods. Higher carbon steel and aluminum product costs significantly increased our LIFO expense, year-over-year. On a FIFO basis, which excludes the impact of LIFO accounting and is how management evaluates operating performance, gross profit margin improved 10 basis points in the second quarter of 2026 compared to the prior year period despite shipments under the U.S. border wall project reducing gross profit margin by approximately 40 basis points. The contract, however, was accretive to pretax income margin due to our ability to leverage our existing infrastructure, resulting in lower incremental operating costs. ​ The increases in SG&A expense were primarily due to variable warehousing and delivery costs associated with higher tons sold, increased incentive compensation resulting from higher profitability, inflationary impacts on transportation costs from higher fuel prices and wage and benefit inflation. On a per ton basis, SG&A expense increases were more moderate at 0.9% and 2.3% in the second quarter and first six months of 2026. The U.S. border wall project generated favorable operating leverage due to a below-average SG&A expense per ton profile, contributing approximately 30 basis points to our pretax income margin in the second quarter of 2026. ​ Driven by higher selling prices, improved operating leverage, and a $0.41 EPS contribution from the U.S. border wall project, earnings per diluted share increased 42.3% for the second quarter of 2026 and 39.6% for the first six months of 2026 compared to 2025. ​ Operating cash flow in the first six months of 2026 increased $20.1 million to $313.6 million, despite a significant working capital increase related to strong shipment volume and higher metals pricing. ​ We did not repurchase any shares in the second quarter of 2026. Returns to stockholders in the first six months of 2026 totaled $364.6 million, consisting of $234.2 million of share repurchases and $130.4 million of cash dividends, including a 4.2% increase in our regular quarterly dividend in the first quarter. 18 Table of Contents ​ Second Quarter and Six Months Ended June 30, 2026 Compared to Second Quarter and Six Months Ended June 30, 2025 (in millions, except tons in thousands and average selling price per ton sold (“ASP”)) ​ Net Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ Percentage ​ ​ 2026 ​ ​ 2025 ​ ​ Change ​ ​ Change ​ Net sales (three months ended) $ 4,630.0 ​ ​ $ 3,659.8 ​ ​ $ 970.2 ​ ​ 26.5 % Net sales (six months ended) $ 8,656.0 ​ $ 7,144.5 ​ $ 1,511.5 ​ 21.2 % Tons sold (three months ended) ​ 1,790.1 ​ ​ 1,615.0 ​ ​ 175.1 ​ 10.8 % Tons sold (six months ended) ​ 3,462.8 ​ ​ 3,243.9 ​ ​ 218.9 ​ 6.7 % Average selling price per ton sold (three months ended) $ 2,602 ​ $ 2,273 ​ $ 329 ​ 14.5 % Average selling price per ton sold (six months ended) $ 2,511 ​ $ 2,208 ​ $ 303 ​ 13.7 % Tons sold and ASP exclude our toll processed tons. Our ASP includes intercompany transactions that are eliminated from our consolidated net sales. ​ Net sales increased due to record tons sold, including a 5.2 percentage point contribution from the U.S. border wall project, and higher ASP. ​ The increases in tons sold reflect improved demand across most of our end markets, as well as market share gains despite ongoing trade policy uncertainty. Underlying demand was notably strong across the broader manufacturing sector, primarily due to growth in the industrial machinery, shipbuilding, military, consumer products and construction machinery sectors. Demand in our largest end market by tons sold, non-residential construction, including infrastructure and data centers, also improved year-over-year. ​ Since we primarily purchase and sell our inventories in the spot market, our ASP generally fluctuates with changes in replacement costs of the various metals we purchase. Product mix can also have an impact on our ASP. Because carbon steel sales represent a majority of our gross sales, changes in carbon steel prices have the most significant impact on our ASP. ​ Carbon steel prices have benefited from tight supply conditions and solid underlying demand. Aluminum prices continue to be at historically elevated levels, largely due to the 50% tariff imposed under Section 232 in June 2025. ​ The following presents the mix of our total sales by major product category and year-over-year changes in ASP: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Six Months Ended ​ ​ June 30, 2026 ​ ​ June 30, 2026 ​ ​ Sales by ​ ​ ASP ​ ​ Sales by ​ ​ ASP ​ ​ Product ​ ​ Change ​ ​ Product ​ ​ Change ​ Carbon steel 55 % ​ 14.9 % ​ 54 % ​ 14.3 % Aluminum 17 % ​ 31.7 % ​ 18 % ​ 27.5 % Stainless steel 12 % ​ 13.0 % ​ 13 % ​ 8.6 % Alloy 4 % ​ (5.4) % ​ 4 % ​ 1.3 % Copper & brass 3 % ​ 19.3 % ​ 3 % ​ 22.9 % ​ ​ 19 Table of Contents ​ Cost of Sales and Gross Profit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of ​ ​ ​ ​ ​ ​ ​ % of ​ ​ ​ Dollar ​ Percentage ​ ​ ​ ​ ​ Sales ​ ​ ​ ​ ​ Sales ​ ​ Change ​ ​ Change ​ Cost of sales (exclusive of LIFO) (three months ended) $ 3,217.0 ​ 69.5 % ​ $ 2,546.9 ​ 69.6 % ​ $ 670.1 ​ 26.3 % Cost of sales (exclusive of LIFO) (six months ended) $ 6,033.6 ​ 69.7 % ​ $ 4,973.3 ​ 69.6 % ​ $ 1,060.3 ​ 21.3 % LIFO expense (three months ended) $ 112.5 ​ 2.4 % ​ $ 25.0 ​ 0.7 % ​ $ 87.5 ​ ​ ​ LIFO expense (six months ended) $ 150.0 ​ 1.7 % ​ $ 50.0 ​ 0.7 % ​ $ 100.0 ​ ​ ​ Gross profit (three months ended) $ 1,300.5 ​ 28.1 % ​ $ 1,087.9 ​ 29.7 % ​ $ 212.6 ​ 19.5 % Gross profit (six months ended) $ 2,472.4 ​ 28.6 % ​ $ 2,121.2 ​ 29.7 % ​ $ 351.2 ​ 16.6 % ​ We record in cost of sales noncash adjustments to our LIFO method inventory valuation reserve that, in effect, reflect cost of sales at current replacement costs. The increases in LIFO expense were due to more significant increases in metal pricing in 2026 compared to 2025. As of June 30, 2026, the inventory balance in our consolidated balance sheet includes a LIFO method inventory valuation reserve of $698.6 million. ​ Our FIFO gross profit margins, which exclude the impact of LIFO accounting, were generally consistent year-over-year. ​ See “Overview” and “Net Sales” above for further discussion of our LIFO and FIFO gross profit margins and discussion of trends in both demand and costs of our products, and product pricing. ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of ​ ​ ​ ​ ​ ​ ​ % of ​ ​ ​ Dollar ​ Percentage ​ ​ ​ ​ ​ Sales ​ ​ ​ ​ ​ Sales ​ ​ Change ​ ​ Change ​ SG&A expense (three months ended) $ 789.4 ​ 17.0 % ​ $ 706.0 ​ 19.3 % ​ $ 83.4 ​ 11.8 % SG&A expense (six months ended) $ 1,524.2 ​ 17.6 % ​ $ 1,396.2 ​ 19.5 % ​ $ 128.0 ​ 9.2 % ​ The increases in SG&A expense were primarily due to variable warehousing and delivery costs associated with higher tons sold, increased incentive compensation resulting from higher profitability, inflationary impacts on transportation costs from higher fuel prices and wage and benefit inflation. On a per ton basis, SG&A expense increases were more moderate at 0.9% and 2.3% in the second quarter and first six months of 2026, respectively. ​ SG&A margin improved as higher ASP enhanced operating leverage. Shipments under the U.S. border wall project also generated favorable operating leverage due to a below-average SG&A expense per ton profile, contributing to increases in our operating income margins. ​ Operating Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of ​ ​ ​ ​ ​ ​ ​ % of ​ ​ ​ Dollar ​ Percentage ​ ​ ​ ​ ​ Sales ​ ​ ​ ​ ​ Sales ​ ​ Change ​ ​ Change ​ Operating income (three months ended) $ 441.6 ​ 9.5 % ​ $ 312.2 ​ 8.5 % ​ $ 129.4 ​ 41.4 % Operating income (six months ended) $ 809.5 ​ 9.4 % ​ $ 586.6 ​ 8.2 % ​ $ 222.9 ​ 38.0 % ​ Operating income increased as record tons sold and higher ASP more than offset increases in LIFO and SG&A expenses. ​ 20 Table of Contents Improved operating leverage increased operating margin, including a benefit of approximately 30 basis points and 20 basis points from shipments under the U.S. border wall project in the second quarter and first six months of 2026, respectively. ​ See “Net Sales” above for discussion of trends in demand, product costs and pricing, and “Expenses” for trends in our operating expenses. ​ Income Tax Rate ​ Our effective income tax rates for the second quarters and six months ended June 30, 2026 were 24.7% and 24.4%, respectively, compared to 23.0% and 23.3% for the respective 2025 periods. The differences between our effective income tax rates and the U.S. federal statutory rate of 21.0% were mainly due to state income taxes partially offset by the net effects of company-owned life insurance policies. ​ Financial Condition ​ As of June 30, 2026, we had $235.4 million in cash and cash equivalents, and our net debt-to-total capital ratio was 16.2%, compared to 14.4% at December 31, 2025, reflecting increased borrowings under our revolving credit facility. ​ Cash Flows ​ Net cash provided by operating activities in the first six months of 2026 increased $20.1 million year-over-year to $313.6 million, primarily due to a significant increase in profitability, which was largely offset by higher working capital requirements associated with stronger shipment volumes and higher metals pricing. ​ Net cash used in investing activities was $146.8 million in the first six months of 2026, a decrease of $12.0 million from $158.8 million in 2025. The decrease was primarily attributable to a $16.9 million reduction in capital expenditures. Capital expenditures in both periods included significant investments in growth initiatives. ​ Net cash used in financing activities was $146.2 million in the first six months of 2026, a decrease of $75.8 million from $222.0 million in 2025. The decrease primarily resulted from $98.9 million lower share repurchases, partially offset by a $39.0 million decrease in net borrowings under our revolving credit facility. Returns to stockholders also reflected a 4.2% increase in our quarterly dividend rate, effective in the first quarter of 2026. Total dividend payments were $130.4 million in the first six months of 2026, up slightly from the first six months of 2025 due to the offsetting impact of share repurchase activity. ​ Income taxes paid were $142.7 million in the six months ended June 30, 2026 compared to $71.0 million in 2025. The increase was mainly due to higher estimated tax payments as a result of increased pretax income. ​ Liquidity and Capital Resources ​ We believe our primary sources of liquidity, including funds generated from operations, cash and cash equivalents and our $1.5 billion revolving credit facility, will be sufficient to satisfy our cash requirements and stockholder return activities over the next 12 months and for the foreseeable future. ​ As of June 30, 2026, we had $400.0 million outstanding under our Term Loan that matures prior to the September 10, 2029 maturity of our $1.5 billion unsecured revolving credit facility. ​ See Note 6—“Debt” to our consolidated financial statements in Item 1 for further information on our Credit Agreement, Term Loan and indentures governing our debt securities. ​ We believe we will continue to have sufficient liquidity to fund future operating needs and repay debt obligations as they become due. In addition to funds generated from operations and $980.0 million of remaining borrowing 21 Table of Contents capacity under our unsecured revolving credit facility, we expect to be able to access the capital markets to raise funds, if desired. We believe our investment grade credit ratings enhance our ability to effectively raise capital. We expect our sources of liquidity to remain adequate to maintain operations, make necessary capital expenditures, finance strategic growth through acquisitions and internal initiatives, and fund our stockholder return activities. ​ Covenants ​ We were in compliance with the financial maintenance covenant under our Credit Agreement and Term Loan as of June 30, 2026. ​ Dividends ​ On July 17, 2026, our Board of Directors declared the 2026 third quarter cash dividend of $1.25 per share. ​ We have paid regular quarterly dividends to our stockholders for 67 consecutive years and increased the quarterly dividend on our common stock 33 times since our 1994 IPO, with the most recent increase of 4.2% from $1.20 to $1.25 per share effective in the first quarter of 2026. We have never reduced or suspended our regular quarterly dividend. ​ Share Repurchase Plan ​ See Note 9—“Equity” to our consolidated financial statements in Item 1 for information on our share repurchases. ​ As of June 30, 2026, we had $529.3 million of remaining authorization under our $1.5 billion share repurchase program that was most recently amended by our Board of Directors on October 22, 2024. The program does not require the repurchase of any specific number of shares in any prescribed period, does not have a specific expiration date and may be suspended or discontinued at any time. ​ Decisions regarding the timing and amount of share repurchases are made within the context of our overall capital allocation priorities, including funding operating needs, planned capital expenditures, strategic acquisitions, maintaining financial flexibility and returning capital to stockholders. The execution of repurchases may be affected by market conditions, business performance, liquidity considerations and other factors. ​ Seasonality ​ Some of our customers are in seasonal businesses, especially customers in the construction industry and related businesses. Our overall operations have not shown any material seasonal trends as a result of our geographic, product and customer diversity. Typically, revenues in the months of July, November and December have been lower than in other months because of a reduced number of working days for shipments of our products, resulting from holidays observed by the Company as well as vacation and extended holiday closures at some of our customers. The number of shipping days in each quarter has an impact on our quarterly sales and profitability. We cannot predict whether period-to-period fluctuations will be consistent with historical patterns. Results of any one or more quarters are therefore not necessarily indicative of annual results. ​ Goodwill and Other Intangible Assets ​ Goodwill and other indefinite-lived intangible assets are not amortized but are subject to annual impairment tests and additional evaluation when triggering events occur. Other intangible assets are amortized over their estimated useful lives, and we review long-lived assets for impairment when indicators are present. ​ During the first quarter of 2026, in connection with an operational realignment, the Company changed its reporting units. There was no change to the Company's reportable segments. 22 Table of Contents ​ Critical Accounting Estimates ​ Our consolidated financial statements have been prepared in accordance with GAAP. When we prepare these consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of our accounting policies are critical due to the fact that they involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition or results of operations. Our most critical accounting estimates include those related to the recoverability of goodwill, other indefinite-lived intangible assets and long-lived assets. We base our estimates and judgments on historical experience and on various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for our judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Our actual results may differ from these estimates under different assumptions or conditions. ​ During the quarter ended June 30, 2026, there were no material changes to our critical accounting estimates as compared to the critical accounting estimates disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025. ​ Website Disclosure ​ The Company may use its website as a distribution channel of material company information. Financial and other important information regarding the Company is routinely posted on and accessible through the Company’s website at www.reliance.com and our investor relations website, https://investor.reliance.com. At our investor relations website, we make available, free of charge, a variety of information for investors, including access to our financial reports after we file or furnish them with the SEC. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address through our investor relations website. The information found on these websites is not incorporated into this Quarterly Report on Form 10-Q or in any other report or document we file with the SEC, and any references to website URLs are intended to be inactive textual references only. ​