<general_context>
	- Current date: 2026-11-05 21:46 UTC.
</general_context>
<company_context>
	- Ticker: FRD.
	- Company: Friedman.
</company_context>


                <data>
                    <label>Press release on second quarter financial results</label>
                    <content>### **Exhibit 99.1**
**FOR IMMEDIATE RELEASE**
**Friedman Industries, Incorporated Announces Second Quarter Results**
**September 30, 2026 Quarter Highlights:**
|  | ●<br><br> | \*\*Record net earnings of $15.6 million; EBITDA of $23.0 million\*\*<br><br> |
|  | ●<br><br> | \*\*Record sales of $286.8 million, up 88% year-over-year\*\*<br><br> |
|  | ●<br><br> | \*\*Record quarterly sales volume, up 7% sequentially and 23% year-over-year\*\*<br><br> |
**Six Months Ended September 30, 2026 Highlights:**
|  | ●<br><br> | \*\*Record net earnings of $28.4 million; EBITDA of $42.3 million\*\*<br><br> |
|  | ●<br><br> | \*\*Record sales of $526.8 million, up 83% year-over-year\*\*<br><br> |
|  | ●<br><br> | \*\*Record sales volume, up 25% year-over-year\*\*<br><br> |
LONGVIEW, Texas, November 5, 2026 \(GLOBE NEWSWIRE\) -- Friedman Industries, Incorporated \(NASDAQ/GS: FRD\) announced today its results of operations for the quarter ended September 30, 2026.
“The second quarter was the strongest in Friedman’s history, with records across: sales volume, revenue and net earnings,” said Michael J. Taylor, President and Chief Executive Officer. “Net earnings increased to $15.6 million on sales of $286.8 million, reflecting strong execution and continued growth across our operations. Sales volume at our legacy flat-roll facilities increased 15% over the prior-year quarter, an achievement that is particularly significant in a constrained supply environment and reflects growth that has outpaced our industry peers. We are also particularly encouraged by the progress in our tubular segment, where ongoing process and capital improvements have strengthened production capabilities and supported expanded sales, resulting in an 82% increase in sales volume compared to the prior-year quarter. The contribution from Century Metals provided an additional benefit to our results, with a full quarter of operations compared to one month after acquisition closing in the prior-year quarter.”
Taylor continued, “Our team successfully maintained the inventory needed to meet customer demand in a very constrained supply environment, allowing us to capitalize on higher metal prices through significantly stronger physical margins. Our approach to managing metal price risk supports our ability to maintain the inventory our customers need through changing market conditions. The same increase in metal prices that contributed to stronger physical margins also resulted in a $14.6 million charge related to hedging activities during the quarter. Of this amount, $9.8 million is unrealized and relates to open positions associated with metal we have not yet sold. This unrealized charge reflects the substantial increase in metal prices and the corresponding increase in the market value of inventory we expect to sell in future periods, providing an opportunity to realize the benefit of those higher values through future physical sales. Our disciplined approach to inventory and risk management, combined with continued investments in our operations, positions us to serve our customers, pursue growth opportunities and navigate fluctuations in our markets.”
**FINANCIAL RESULTS**
Sales volume reached approximately 219,500 tons during the quarter ended September 30, 2026 quarter \(the “2026 quarter”\), an increase of approximately 40,500 tons, or 23%, compared to the quarter ended September 30, 2025 \(the “2025 quarter”\). Approximately 31,000 tons of the increase was attributable to same-facility volume growth at the Company's existing operations, while the remaining increase resulted from Century Metals, which was acquired in August 2025. The higher sales volume, together with improved average selling prices, contributed to net earnings of approximately $15.6 million \($2.19 diluted earnings per share\) on net sales of approximately $286.8 million, compared to net earnings of approximately $2.2 million \($0.32 diluted earnings per share\) on net sales of approximately $152.4 million during the 2025 quarter. EBITDA increased to approximately $23.0 million for the 2026 quarter from approximately $4.7 million for the 2025 quarter.
The table below provides our unaudited statements of operations for the three- and six-month periods ended September 30, 2026 and 2025:
**SUMMARY OF OPERATIONS \(unaudited\)**
**\(In thousands, except for per share data\)**
| \*\*​\*\*<br><br> | \*\*​\*\*<br><br> | \*\*​Three Months Ended September 30,\*\*<br><br> | \*\*​Three Months Ended September 30,\*\*<br><br> | \*\*​Three Months Ended September 30,\*\*<br><br> | \*\*​Three Months Ended September 30,\*\*<br><br> | \*\*​Three Months Ended September 30,\*\*<br><br> | \*\*​Three Months Ended September 30,\*\*<br><br> | \*\*​\*\*<br><br> | \*\*​\*\*<br><br> | \*\*​Six Months Ended September 30,\*\*<br><br> | \*\*​Six Months Ended September 30,\*\*<br><br> | \*\*​Six Months Ended September 30,\*\*<br><br> | \*\*​Six Months Ended September 30,\*\*<br><br> | \*\*​Six Months Ended September 30,\*\*<br><br> | \*\*​Six Months Ended September 30,\*\*<br><br> | ​<br><br> |
| \*\*​\*\*<br><br> | \*\*​\*\*<br><br> | \*\*2026\*\*<br><br> | \*\*2026\*\*<br><br> | \*\*​\*\*<br><br> | \*\*​\*\*<br><br> | \*\*2025\*\*<br><br> | \*\*2025\*\*<br><br> | \*\*​\*\*<br><br> | \*\*​\*\*<br><br> | \*\*2026\*\*<br><br> | \*\*2026\*\*<br><br> | \*\*​\*\*<br><br> | \*\*​\*\*<br><br> | \*\*2025\*\*<br><br> | \*\*2025\*\*<br><br> | ​<br><br> |
| ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> |
| Net Sales<br><br> | ​<br><br> | $<br><br> | 286,806<br><br> | ​<br><br> | ​<br><br> | $<br><br> | 152,383<br><br> | ​<br><br> | ​<br><br> | $<br><br> | 526,777<br><br> | ​<br><br> | ​<br><br> | $<br><br> | 287,160<br><br> | ​<br><br> |
| ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> |
| Costs and expenses:<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> |
| ​Cost of materials sold \\\(excludes items shown separately below\\\)<br><br> | ​<br><br> | ​<br><br> | 211,823<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 126,082<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 396,042<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 231,786<br><br> | ​<br><br> |
| ​Processing and warehousing expense<br><br> | ​<br><br> | ​<br><br> | 14,231<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 9,064<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 27,658<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 18,392<br><br> | ​<br><br> |
| ​Delivery expense<br><br> | ​<br><br> | ​<br><br> | 11,581<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 7,134<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 20,966<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 13,534<br><br> | ​<br><br> |
| ​Selling, general and administrative expense<br><br> | ​<br><br> | ​<br><br> | 11,540<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 6,287<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 22,377<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 11,742<br><br> | ​<br><br> |
| ​Depreciation and amortization<br><br> | ​<br><br> | ​<br><br> | 1,057<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 937<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 2,126<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 1,784<br><br> | ​<br><br> |
| ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> |
| Earnings from operations<br><br> | ​<br><br> | ​<br><br> | 36,574<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 2,879<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 57,608<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 9,922<br><br> | ​<br><br> |
| ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> |
| Gain \\\(loss\\\) on economic hedges of risk<br><br> | ​<br><br> | ​<br><br> | \\\(14,645<br><br> | \\\)<br><br> | ​<br><br> | ​<br><br> | 851<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | \\\(17,401<br><br> | \\\)<br><br> | ​<br><br> | ​<br><br> | 1,127<br><br> | ​<br><br> |
| Interest expense<br><br> | ​<br><br> | ​<br><br> | \\\(1,302<br><br> | \\\)<br><br> | ​<br><br> | ​<br><br> | \\\(754<br><br> | \\\)<br><br> | ​<br><br> | ​<br><br> | \\\(2,526<br><br> | \\\)<br><br> | ​<br><br> | ​<br><br> | \\\(1,432<br><br> | \\\)<br><br> |
| Other income \\\(expense\\\)<br><br> | ​<br><br> | ​<br><br> | 10<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 1<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | \\\(67<br><br> | \\\)<br><br> | ​<br><br> | ​<br><br> | 5<br><br> | ​<br><br> |
| ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> |
| Earnings before income taxes<br><br> | ​<br><br> | ​<br><br> | 20,637<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 2,977<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 37,614<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 9,622<br><br> | ​<br><br> |
| ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> |
| Income tax expense<br><br> | ​<br><br> | ​<br><br> | 5,023<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 737<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 9,216<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 2,354<br><br> | ​<br><br> |
| ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> |
| Net earnings<br><br> | ​<br><br> | $<br><br> | 15,614<br><br> | ​<br><br> | ​<br><br> | $<br><br> | 2,240<br><br> | ​<br><br> | ​<br><br> | $<br><br> | 28,398<br><br> | ​<br><br> | ​<br><br> | $<br><br> | 7,268<br><br> | ​<br><br> |
| ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> |
| Net earnings per share:<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> |
| ​Basic<br><br> | ​<br><br> | $<br><br> | 2.19<br><br> | ​<br><br> | ​<br><br> | $<br><br> | 0.32<br><br> | ​<br><br> | ​<br><br> | $<br><br> | 3.96<br><br> | ​<br><br> | ​<br><br> | $<br><br> | 1.03<br><br> | ​<br><br> |
| ​Diluted<br><br> | ​<br><br> | $<br><br> | 2.19<br><br> | ​<br><br> | ​<br><br> | $<br><br> | 0.32<br><br> | ​<br><br> | ​<br><br> | $<br><br> | 3.96<br><br> | ​<br><br> | ​<br><br> | $<br><br> | 1.03<br><br> | ​<br><br> |
The table below provides summarized unaudited balance sheets as of September 30, 2026 and March 31, 2026:
**SUMMARIZED BALANCE SHEETS \(unaudited\)**
**\(In thousands\)**
| \*\*​\*\*<br><br> | \*\*​\*\*<br><br> | \*\*September 30, 2026\*\*<br><br> | \*\*September 30, 2026\*\*<br><br> | \*\*​\*\*<br><br> | \*\*​\*\*<br><br> | \*\*March 31, 2026\*\*<br><br> | \*\*March 31, 2026\*\*<br><br> | ​<br><br> |
| ASSETS:<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> |
| Current Assets<br><br> | ​<br><br> | $<br><br> | 340,882<br><br> | ​<br><br> | ​<br><br> | $<br><br> | 257,039<br><br> | ​<br><br> |
| Noncurrent Assets<br><br> | ​<br><br> | ​<br><br> | 84,657<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 79,771<br><br> | ​<br><br> |
| Total Assets<br><br> | ​<br><br> | $<br><br> | 425,539<br><br> | ​<br><br> | ​<br><br> | $<br><br> | 336,810<br><br> | ​<br><br> |
| ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> |
| LIABILITIES AND STOCKHOLDERS' EQUITY:<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> |
| Current Liabilities<br><br> | ​<br><br> | $<br><br> | 127,382<br><br> | ​<br><br> | ​<br><br> | $<br><br> | 76,149<br><br> | ​<br><br> |
| Noncurrent Liabilities<br><br> | ​<br><br> | ​<br><br> | 118,075<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 109,167<br><br> | ​<br><br> |
| Total Liabilities<br><br> | ​<br><br> | ​<br><br> | 245,457<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 185,316<br><br> | ​<br><br> |
| ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> |
| Total Stockholders' Equity<br><br> | ​<br><br> | ​<br><br> | 180,082<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 151,494<br><br> | ​<br><br> |
| ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | ​<br><br> |
| Total Liabilities and Stockholders' Equity<br><br> | ​<br><br> | $<br><br> | 425,539<br><br> | ​<br><br> | ​<br><br> | $<br><br> | 336,810<br><br> | ​<br><br> |
**FLAT-ROLL SEGMENT OPERATIONS**
Flat-roll segment sales for the 2026 quarter totaled approximately $266.6 million, compared to approximately $143.3 million for the 2025 quarter.
Sales volume for the 2026 quarter consisted of approximately 185,500 tons from inventory and another 20,000 tons of toll processing, compared to approximately 147,000 tons from inventory and 24,500 tons of toll processing in the 2025 quarter. The increase in sales volume was driven by stronger customer demand, successful commercial initiatives to improve capacity utilization and the acquisition of Century.
The average selling price for inventory tons sold during the 2026 quarter was approximately $1,430 per ton, compared to approximately $963 per ton during the 2025 quarter. The combination of higher sales volumes, improved average selling prices, and expanded gross margins drove operating earnings to approximately $40.7 million for the 2026 quarter, compared to approximately $5.7 million for the 2025 quarter.
**TUBULAR SEGMENT OPERATIONS**
Tubular segment sales for the 2026 quarter totaled approximately $20.2 million, compared to approximately $9.0 million for the 2025 quarter.
Tons sold during the 2026 quarter totaled approximately 14,000 tons, compared to approximately 7,500 tons during the 2025 quarter. The average selling price was approximately $1,454 per ton during the 2026 quarter, compared to approximately $1,185 per ton during the 2025 quarter. Increased sales volume and higher average selling prices contributed to improved operating earnings during the quarter. The tubular segment recorded earnings from operations of approximately $2.3 million for the 2026 quarter, compared to approximately $0.9 million for the 2025 quarter.
**OUTLOOK**
The Company expects third quarter sales volume consistent with seasonal trends and anticipates sequential improvement in sales margins driven by increases in average selling prices during the third quarter.
“We enter the third quarter from a position of strength,” Taylor said. “Following record second-quarter sales volume, we anticipate normal third-quarter seasonality. At the same time, we expect higher selling prices to support continued improvement in physical margins. Our inventory remains well positioned to meet customer demand, supported by our disciplined approach to managing metal price risk. With an expanded operating platform, continued operational improvements, commercial discipline and a strong balance sheet, Friedman is well positioned to build on our momentum and deliver long-term value for our customers, employees and shareholders.”
**ABOUT FRIEDMAN INDUSTRIES**
Friedman Industries, Incorporated \(“the Company”\), headquartered in Longview, Texas, is a diversified metals processing and pipe manufacturing company operating through two segments: flat-roll products and tubular products.
The flat-roll products segment includes processing facilities in Hickman, Arkansas; Decatur, Alabama; Miami, Florida; East Chicago, Indiana; Granite City, Illinois; and Sinton, Texas, as well as a distribution facility in Orlando, Florida. The Florida locations operate through the Company’s Century Metals & Supplies subsidiary, while all other locations operate under the Friedman Industries name. The segment processes carbon steel, stainless steel, and aluminum flat-rolled products using temper mills, stretcher and corrective leveling cut-to-length lines, slitting equipment, and fiber laser cutting capabilities.
The tubular products segment operates in Lone Star, Texas, where the Company manufactures electric resistance welded \(ERW\) pipe and distributes pipe through its Friedman Tubular division. The segment’s pipe mills are licensed by the American Petroleum Institute \(API\) to manufacture line pipe and oil country tubular goods \(OCTG\) and also produce pipe to other recognized ASTM specifications.
For more information, visit <u>www.friedmanindustries.com</u>.
**NON-GAAP FINANCIAL MEASURES**
The Company uses the non-GAAP \(Generally Accepted Accounting Principles\) financial measure of EBITDA in this news release. We define EBITDA as net earnings plus the following items: interest expense; provision for income tax; depreciation; and amortization. The Company presents EBITDA because it considers the measure as an important supplemental financial measure which provides additional insight for investors evaluating the Company’s financial and operational performance. The table below provides a reconciliation of net earnings to EBITDA for the periods discussed in this news release:
**Reconciliation of EBITDA**
**\(In thousands\)**
| \*\*​\*\*<br><br> | \*\*​\*\*<br><br> | \*\*Three months ended September 30,\*\*<br><br> | \*\*Three months ended September 30,\*\*<br><br> | \*\*Three months ended September 30,\*\*<br><br> | \*\*Three months ended September 30,\*\*<br><br> | \*\*Three months ended September 30,\*\*<br><br> | \*\*Three months ended September 30,\*\*<br><br> | \*\*​\*\*<br><br> | \*\*​\*\*<br><br> | \*\*Six months ended September 30,\*\*<br><br> | \*\*Six months ended September 30,\*\*<br><br> | \*\*Six months ended September 30,\*\*<br><br> | \*\*Six months ended September 30,\*\*<br><br> | \*\*Six months ended September 30,\*\*<br><br> | \*\*Six months ended September 30,\*\*<br><br> | ​<br><br> |
| \*\*​\*\*<br><br> | \*\*​\*\*<br><br> | \*\*2026\*\*<br><br> | \*\*2026\*\*<br><br> | \*\*​\*\*<br><br> | \*\*​\*\*<br><br> | \*\*2025\*\*<br><br> | \*\*2025\*\*<br><br> | \*\*​\*\*<br><br> | \*\*​\*\*<br><br> | \*\*2026\*\*<br><br> | \*\*2026\*\*<br><br> | \*\*​\*\*<br><br> | \*\*​\*\*<br><br> | \*\*2025\*\*<br><br> | \*\*2025\*\*<br><br> | ​<br><br> |
| Net earnings<br><br> | ​<br><br> | ​<br><br> | 15,614<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 2,240<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 28,398<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 7,268<br><br> | ​<br><br> |
| ​Interest expense<br><br> | ​<br><br> | ​<br><br> | 1,302<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 754<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 2,526<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 1,432<br><br> | ​<br><br> |
| ​Provision for income taxes<br><br> | ​<br><br> | ​<br><br> | 5,023<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 737<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 9,216<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 2,354<br><br> | ​<br><br> |
| ​Depreciation and amortization<br><br> | ​<br><br> | ​<br><br> | 1,057<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 937<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 2,126<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 1,784<br><br> | ​<br><br> |
| EBITDA<br><br> | ​<br><br> | ​<br><br> | 22,996<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 4,668<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 42,266<br><br> | ​<br><br> | ​<br><br> | ​<br><br> | 12,838<br><br> | ​<br><br> |
**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, and such statements involve risk and uncertainty. Forward-looking statements include those preceded by, followed by or including the words “will,” “expect,” “intended,” “anticipated,” “believe,” “project,” “forecast,” “propose,” “plan,” “estimate,” “enable,” and similar expressions, including, for example, statements about our business strategy, our industry, our future profitability, growth in the industry sectors we serve, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions, future production capacity and product quality.  These forward-looking statements may include, but are not limited to, everything under the header “Outlook” above, including sales volumes, margins, hedging results, and potential price increases, expectations as to financial results during the Company’s upcoming fiscal quarters, future changes in the Company’s financial condition or results of operations, future production capacity, product quality and proposed expansion plans. Forward-looking statements may be made by management orally or in writing including, but not limited to, this news release.
Forward-looking statements are not guarantees of future performance. These statements are based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Although forward-looking statements reflect our current beliefs, reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements.
Actual results and trends in the future may differ materially depending on a variety of factors including, but not limited to, changes in the demand for and prices of the Company’s products, changes in government policy regarding steel, changes in the demand for steel and steel products in general and the Company’s success in executing its internal operating plans, changes in and availability of raw materials, our ability to satisfy our take or pay obligations under certain supply agreements, unplanned shutdowns of our production facilities due to equipment failures or other issues, increased competition from alternative materials and risks concerning innovation, new technologies, products and increasing customer requirements. Accordingly, undue reliance should not be placed on our forward-looking statements. Such risks and uncertainty are also addressed in our Management’s Discussion and Analysis of Financial Condition and Results of Operations and other sections of the Company’s filings with the U.S. Securities and Exchange Commission \(the “SEC”\) under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended \(the “Exchange Act”\), including the Company’s Annual Report on Form 10-K and its other Quarterly Reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except to the extent law requires.
For further information, please refer to the Company's Form 10-Q as filed with the SEC on November 5, 2026 or contact Alex LaRue, Chief Financial Officer – Secretary and Treasurer, at \(903\)758-3431.</content>
                </data>
            

                <data>
                    <label>FRD 10-Q, date: 2026-11-05 21:30 UTC</label>
                    <content>UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED September 30, 2026 OR

FROM THE TRANSITION PERIOD FROMTO COMMISSION FILE NUMBER 1-7521 FRIEDMAN INDUSTRIES, INCORPORATED (Exact name of registrant as specified in its charter)

1121 Judson Road, Suite 124, Longview, Texas 75601 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code ( 903) 758-3431 Former name, former address and former fiscal year, if changed since last report Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). (Check one): Yes ☐No ☒ AtNovember 5, 2026, the number of shares outstanding of the issuer’s only class of stock was 7,205,481shares of Common Stock.

TABLE OF CONTENTS

3

<div align='center'>Part I — FINANCIAL INFORMATION</div>

Item 1. Financial Statements

<div align='center'>FRIEDMAN INDUSTRIES, INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED

(In thousands, except for share data)</div>

The accompanying notes are an integral part of these financial statements.

<div align='center'>4

FRIEDMAN INDUSTRIES, INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED

(In thousands, except per share data)</div>

The accompanying notes are an integral part of these financial statements.

<div align='center'>5

FRIEDMAN INDUSTRIES, INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED

(In thousands)</div>

Cash and restricted cash at September 30, 2026 and March 31, 2026 included approximately $ million and $ million, respectively, of cash required to collateralize open derivative positions. These amounts are reported in "Other current assets" on the Company's consolidated balance sheets at September 30, 2026 and March 31, 2026. The Company had approximately $ million in restricted cash as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

6

FRIEDMAN INDUSTRIES, INCORPORATED

CONDENSED NOTES TO QUARTERLY REPORT — UNAUDITED

NOTE 1 — BASIS OF PRESENTATION

The accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the consolidated financial statements and footnotes of Friedman Industries, Incorporated (the “Company”) included in its annual report on Form 10-K for the year ended March 31, 2026.

NOTE 2 — BUSINESS COMBINATIONS

On August 29, 2025 (the “Acquisition Date”), the Company acquired certain assets and liabilities of Century Metals & Supplies Inc. based in Miami, Florida. The Company acquired the working capital, buildings, processing and other equipment, and the related real estate (the “Transaction”). In addition to the owned facilities in Miami, the Transaction also included leased distribution and warehouse facilities in Orlando, Florida and Tampa, Florida. The operations continue as Century Metals and Supplies LLC ("Century"), a wholly owned subsidiary of the Company. Century is a metals processing company with cut-to-length and coil slitting capabilities which operates as part of the Company's flat-roll business segment. As a result of the Transaction, the Company expanded its presence in the southeastern U.S. and Latin American markets and broadened the Company's product offerings to include cold-rolled, coated, and stainless steels, as well as non-ferrous materials such as aluminum, copper, and brass.

The Transaction resulted in the Company acquiring all the ownership interests in the assets noted above, for total consideration of approximately $ million, after final net working capital adjustments. The total consideration consists of (i) approximately $ million of cash at close, (ii) a five-year seller's note with a fair value of approximately $ million, (iii) contingent consideration possible through earn-out provisions with an initial fair value of approximately $ million and a post-closing final working capital adjustment in favor of the Company of approximately $ million. The contingent consideration allows for up to $ million in additional consideration over a four-year period based on certain performance metrics and is not contingent on the sellers' employment with Century at the time of the payout and, as such, the fair value of such contingent consideration was recognized as consideration transferred.

The seller’s note was fair valued using a discounted cash flow analysis of the expected future payments, for which the significant inputs included the rate of return based on a reference rate plus a spread and the expected cash flows associated with the seller’s note over the remaining time to maturity. The contingent consideration was fair valued using a Monte Carlo simulation of the potential cash payments to the sellers utilizing an estimate of the average future EBITDA, which was discounted to present value. The significant inputs to the Monte Carlo simulation included projected future EBITDA, a discount rate, EBITDA targets, maximum payout and EBITDA volatility. Such contingent consideration is required to be measured at fair value at inception and at each reporting period. There were no changes to the valuation methodology during the interim period. As of September30, 2026, the value of the contingent consideration was approximately $ million and is reported on the consolidated balance sheet under current and non-current contingent consideration liabilities.

7

The Transaction was accounted for using the acquisition method of accounting, in accordance with Topic 805, Business Combinations, whereby the consideration transferred and the acquired identifiable assets and liabilities assumed are recorded at their respective fair values. The excess of the consideration transferred over the fair values of these identifiable net assets is recorded as goodwill. The Transaction resulted in no residual goodwill.

NOTE 3 — NEW ACCOUNTING PRONOUNCEMENTS

In November 2024,the Financial Accounting Standards Board issued Accounting Standards Update No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 will require more detailed information about the types of expenses in commonly presented income statement captions such as “Cost of sales” and “Selling, general and administrative expenses”. The new guidance is effective for annual reporting periods beginning after December 15, 2026,and interim reporting periods beginning after December 15, 2027with early adoption permitted. The Company is evaluating the impact that adoption of the provisions of ASU 2024-03 will have on its consolidated financial statements.

NOTE 4 — INVENTORIES

The Company operates in two segments: the flat-roll segment and the tubular segment. Both the flat-roll segment and tubular segment inventories consist of raw material and finished goods. Cost for all of the Company's flat-roll segment inventory, except for inventory of the Century Metals & Supplies subsidiary, is determined using the weighted average cost method. The cost of Century's inventory is determined using the specific identification method. Cost for all of the Company's tubular segment inventory is determined using the weighted average cost method. All inventories are valued at the lower of cost or net realizable value. Flat-roll raw material inventory consists primarily of carbon steel, stainless steel and aluminum flat-roll products the Company will process into sheet, plate or slit coil. Flat-roll finished goods consists of processed sheet, plate or slit coil inventory. Tubular raw material inventory consists of hot-rolled steel coils that the Company will manufacture into pipe. Tubular finished goods inventory consists of pipe the Company has manufactured. Inventory costs include the costs of the purchased metals, inbound freight, transfer freight, certain external processing, internal processing, direct labor and applicable overhead costs.

8

A summary of inventory values by product group follows (in thousands):

NOTE 5 — DEBT

The Company has an asset-based lending facility ("ABL Facility") led by JPMorgan Chase Bank, N.A. with Wells Fargo Bank, N.A. as a 40% syndicated participant. During September 2026,the Company completed an amendment to the ABL Facility expanding the size of the facility from $ million to $ million. The ABL Facility matures on August 29, 2030and is secured by substantially all of the assets of the Company. The Company can elect borrowings on a floating rate basis or a term basis. Floating rate borrowings accrue interest at a rate equal to the prime rate minus % per annum. Term rate borrowings accrue interest at a rate equal to the SOFR rate applicable to the selected term plus % per annum. Availability of funds under the ABL Facility is subject to a borrowing base calculation determined as the sum of (a) % of eligible accounts receivable, plus (b) the product of % multiplied by the net orderly liquidating value percentage identified in the most recent inventory appraisal multiplied by eligible inventory. The ABL Facility contains a springing financial covenant whereby the financial covenant is only tested when availability falls below the greater of % of the revolving commitment or $ million. The financial covenant restricts the Company from allowing its fixed charge coverage ratio to be, as of the end of any calendar month, less than to 1.00 for the trailing twelve-month period then ending. The fixed charge coverage ratio is calculated as the ratio of (a) EBITDA, as defined in the ABL Facility, minus unfinanced capital expenditures to (b) cash interest expense plus scheduled principal payments on indebtedness plus taxes paid in cash plus restricted payments paid in cash plus capital lease obligation payments plus cash contributions to any employee pension benefit plans. The ABL Facility contains other representations and warranties and affirmative and negative covenants that are usual and customary. If certain conditions precedent are satisfied, the ABL facility maybe increased up to an aggregate of $ million, in minimum increments of $ million. At September 30, 2026, the Company had a balance of approximately $ million under the ABL Facility with an applicable interest rate of %. At September 30, 2026, the Company's borrowing base supported full access to the ABL Facility.

The Company issued a seller's note of $ million related to the acquisition of Century described in Note 2. The promissory note has a maturity date of August 29, 2030and accrues interest at a rate of % per annum, payable quarterly in arrears on the last date of each quarter, commencing September 30, 2025.

NOTE 6 — LEASES

In June2026, the Company entered into a new operating lease for additional warehouse space in Miami, FL for Century's operations. This lease expires July 31, 2029and calls for monthly rental payments of approximately $. The Company recognized initial right-of-use ("ROU") assets and lease liabilities of approximately $ million related to the new lease. The Company's other ROU assets and lease liabilities consist primarily of operating leases for the operations facilities in Granite City, IL, Orlando, FL and Tampa, FL and administrative office spaces in The Woodlands, TX and Longview, TX. The Company’s other operating leases for items such as operations equipment, IT equipment and storage space are either short-term in nature or immaterial. The Company does not have any finance leases in place.

9

The Company determines if an arrangement contains a lease at inception based on if the arrangement conveys the right to control the use of an identified asset for a period of time in exchange for consideration and allows the Company to obtain substantially all of the economic benefit from the use of the identified asset. Certain lease agreements contain rent escalation clauses and one or more options to extend the lease. The Company considers these provisions when calculating operating lease obligations. The Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments.

The components of expense related to leases for the three and six months ended September 30, 2026 and 2025 are as follows (in thousands):

The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of September 30, 2026 and March 31, 2026 (in thousands):

As of September 30, 2026, the weighted-average remaining lease term was years for operating leases. The weighted average discount rate was % for operating leases.

Maturities of lease liabilities as of September 30, 2026 were as follows (in thousands):

10

NOTE 7 — PROPERTY, PLANT AND EQUIPMENT

At September 30, 2026, the Company's construction in process balance of approximately $ million consisted primarily of approximately $ million associated with a building and processing capability expansion project at the Sinton, TX location and approximately $ million associated with a processing capability expansion project at the Granite City, IL location. The remaining balance consists of several smaller projects among our facilities.

NOTE 8 — STOCK BASED COMPENSATION

The Company maintains two stock based compensation plans: the Friedman Industries, Incorporated 2016 Restricted Stock Plan (the “2016 Plan”) and the Friedman Industries, Incorporated 2025 Long-Term Incentive Plan (the "2025 Plan"). The plans are administered by the Compensation Committee of the Board of Directors (the “Board”) and continue indefinitely until terminated by the Board or until all shares allowed by the plans have been awarded and earned. All shares authorized under the 2016 Plan have been awarded with some of those shares still under vesting restrictions at September 30, 2026. Under the 2025 Plan, the Company mayaward stock-based compensation to employees, non-employee directors and third-party service providers. The 2025 Plan permits the award of stock options, restricted stock awards, restricted stock units, stock appreciation rights and other stock-based awards for up to shares of the Company's common stock. As of September 30, 2026, all stock based compensation issued under the 2025 plan was in the form of restricted stock awards and a total of shares were still available to be issued under the plan. Restricted awards entitle recipients to vote and receive non-forfeitable dividends during the restriction period. Because dividends are non-forfeitable, they are reflected in retained earnings. Forfeitures are accounted for upon their occurrence. Because the Company accounts for forfeitures as they occur, the non-forfeitable dividends are reclassified from retained earnings to additional stock compensation for the actual forfeitures that occurred.

The following table summarizes the activity related to restricted stock awards for the six months ended September 30, 2026:

The Company measures compensation expense for restricted stock awards at the market price of the common stock as of the grant date. Compensation expense for awards with time-based restrictions is recognized over the requisite service period applicable to each award. Compensation expense for awards with performance-based restrictions is recognized once it is probable the performance conditions will be satisfied with a cumulative effect adjustment and the remaining expense recognized over the remaining service period. The stock awards granted during the six months ended September 30, 2026consist of time restricted shares with annual ratable vesting over a three year period and performance restricted shares with vesting thresholds dependent on the percentage of average earnings before tax to average accounts receivable, inventory and net PP&E over a three year period. The Company recorded compensation expense of approximately$ million and $ million in the six months ended September 30, 2026and 2025, respectively, relating to the restricted stock issued under the plans. As of September 30, 2026, unrecognized compensation expense related to unvested restricted stock was approximately $ million which is expected to be recognized over a weighted average period of approximately years.

11

NOTE 9—DERIVATIVE FINANCIAL INSTRUMENTS

The Company utilizes futures, options and swaps to manage our exposure to metals price risk that is inherent in our business. For thesix months ended September 30, 2026and 2025, all of the Company's hedging activities were classified as economic hedges of risk with mark-to-market ("MTM") accounting treatment. By using derivatives, the Company is exposed to credit and market risk. The Company’s exposure to credit risk includes the counterparty’s failure to fulfill its performance obligations under the terms of the derivative contract. The Company attempts to minimize its credit risk by entering into transactions with high quality counterparties and uses exchange-traded derivatives when available. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices. The Company manages market risk by continually monitoring exposure within its risk management strategy and portfolio. For any transactions designated as hedging instruments for accounting purposes, we document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking the various hedge transactions. We also assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows or fair value of hedged items.

The Company has forward physical purchase supply agreements in place with some of its suppliers for a portion of its monthly physical steel needs. These supply agreements are notsubject to mark-to-market accounting due to the Company electing the normal purchase normal sale exclusion provided in ASC 815.

At September 30, 2026 and March 31, 2026, the Company did not have any derivatives designated as hedging instruments and classified as cash flow or fair value hedges.

The following table summarizes the fair value of the Company’s derivative financial instruments and the respective line in which they were recorded in the Consolidated Balance Sheet as ofSeptember 30, 2026(in thousands):

The following table summarizes the fair value of the Company’s derivative financial instruments and the respective line in which they were recorded in the Consolidated Balance Sheet as ofMarch 31, 2026(in thousands):

All derivatives are presented on a gross basis on the Consolidated Balance Sheets.

During thesix months ended September 30, 2026and 2025,the Company entered into hot-rolled coil futures and swap contracts that were notdesignated as hedging instruments for accounting purposes. Accordingly, the change in fair value related to these instruments was immediately recognized in earnings for these periods. During thesix months ended September 30, 2026and 2025, the Company did notdesignate any transactions as hedging instruments for accounting purposes.

12

The following table summarizes theloss recognized in earnings for derivative instruments notdesignated as hedging instruments during thethree and six months ended September 30, 2026(in thousands):

The following table summarizes the gain recognized in earnings for derivative instruments not designated as hedging instruments during the three and six months ended September 30, 2025 (in thousands):

The following table summarizes the Company's economic (non-designated) derivative instruments outstanding at September 30, 2026 (inthousands):

The following table summarizes the Company's economic (non-designated) derivative instruments outstanding at March 31, 2026(in thousands):

At September 30, 2026 and March 31, 2026, cash of approximately $ million and $ million, respectively, was held by our clearing agent to collateralize our open derivative positions. These cash requirements are included in "Other current assets" on the Company's Consolidated Balance Sheets at September 30, 2026 and March 31, 2026.

13

NOTE 10 — FAIR VALUE MEASUREMENTS

Accounting standards provide a comprehensive framework for measuring fair value, define fair value, and establish a hierarchy prioritizing the inputs to valuation techniques. The hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable inputs. Levels within the hierarchy are defined as follows:

Recurring Fair Value Measurements

At September 30, 2026, our financial assets and liabilities, measured at fair value on a recurring basis were as follows (in thousands):

At March 31, 2026, our financial assets and liabilities, measured at fair value on a recurring basis were as follows (in thousands):

AtSeptember 30, 2026andMarch 31, 2026, the Company did nothave any fair value measurements on a non-recurring basis.

14

NOTE 11 — SEGMENT INFORMATION

The Company is engaged in the metals processing, pipe manufacturing, and metals and pipe distribution business. Within the Company, there are two product groups: flat-roll and tubular. The Company’s flat-roll operations consist primarily of converting carbon steel, stainless steel and aluminum flat-roll products into sheet, plate or slit coil. Through its tubular operations, the Company purchases, processes, manufactures and markets tubular products.

Segment results are reviewed regularly by the Company’s Chief Operating Decision Makers (“CODMs”). The Company’s CODMs are comprised of the Chief Executive Officer and the Chief Financial Officer. The CODMs assess segment performance and allocate resources based on a number of factors with the most emphasis placed on earnings from operations.

The following is a summary of significant financial information relating to the product groups (in thousands):

15

16

General corporate expenses reflect general and administrative expenses not directly associated with segment operations and consist primarily of payroll expenses related to corporate functions, professional fees and services, retirement plan contribution expense, corporate insurance expenses, restricted stock plan compensation expense and administrative office expenses. At September 30, 2026 and March 31, 2026, corporate assets consist primarily of cash, restricted cash, leased administrative office right-of-use assets, unamortized debt issuance costs and the cash value of officers’ life insurance. Although inventory is transferred at cost between product groups, there are no sales between product groups.

NOTE 12 — REVENUE

Revenue is generated primarily from contracts to manufacture or process metal products. Most of the Company’s revenue is generated by sales of material out of the Company’s inventory but a portion of the Company’s revenue is derived from processing or storage of customer owned material. Generally, the Company’s performance obligations are satisfied, control of our products is transferred, and revenue is recognized at a single point in time, when title transfers to our customer for product shipped or when services are provided. Revenues are recorded net of any sales incentives. Shipping and other transportation costs charged to customers are treated as fulfillment activities and are recorded in both revenue and cost of sales at the time control is transferred to the customer. Costs related to obtaining sales contracts are incidental and expensed when incurred. Because customers are invoiced at the time title transfers and the Company’s rights to consideration are unconditional at that time, the Company does not maintain contract asset balances. Additionally, the Company does not maintain contract liability balances, as performance obligations are satisfied prior to customer payment for product. The Company offers industry standard payment terms.

The Company has two reportable segments: Flat-Roll and Tubular. Flat-roll primarily generates revenue from cutting to length or slitting flat-roll metals. Flat-roll segment revenue consists of two product types: Company Owned Flat-Roll Products and Processing or Storage of Customer Owned Coil. Tubular primarily generates revenue from selling steel pipe it has manufactured resulting in a single product type: Manufactured Pipe.

The following table disaggregates our revenue by product for each of our reportable business segments for the three and six months ended September 30, 2026and 2025, respectively (in thousands):

17

NOTE 13 — STOCKHOLDERS’ EQUITY

The following tables reflect the changes in stockholders’ equity for each of the six months ended September 30, 2026 and September 30, 2025 (in thousands):

18

NOTE 14 — EARNINGS PER SHARE

Basic and dilutive net earnings per share are computed based on the following information (in thousands, except for share data):

For the six months ended September 30, 2026and 2025, the Company allocated dividends and undistributed earnings to the unvested restricted stock awards.

As the restricted stock qualifies as participating securities, the following restricted stock awards were not included in the computation of weighted average diluted common shares outstanding under the two-class method:

NOTE 15 — SUPPLEMENTAL CASH FLOW INFORMATION

The Company paid interest of approximately $ million and $million during thesix months ended September 30, 2026and2025, respectively. Additionally, the Company paid income taxes of approximately $ million and $ 3.0million during thesix months ended September 30, 2026and2025, respectively.

NOTE 16— INCOME TAXES

For thesix months ended September 30, 2026and2025, the Company recorded income tax provisions of approximately $ million and $ million, respectively. For both periods, the effective tax rate differed from the federal statutory rate due primarily to the inclusion of state tax expenses in the provision.

19

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

Friedman Industries, Incorporated is a manufacturer and processor of metals and operates in two reportable segments: flat-roll products and tubular products.

The flat-roll product segment consists of flat-roll processing facilities located in Hickman, Arkansas; Decatur, Alabama; Miami, Florida; East Chicago, Indiana; Granite City, Illinois and Sinton, Texas and a flat-roll distribution facility located in Orlando, Florida. The Hickman, Granite City and East Chicago facilities operate temper mills and cut-to-length lines. The Decatur and Sinton facilities operate stretcher leveler cut-to-length lines. The Miami facility operates a corrective leveling cut-to-length line and a coil slitting line. The processing equipment improves the quality of the material and cuts the material into sheet, plate or slit coil. On a combined basis, the facilities are capable of cutting sheet and plate with thicknesses ranging from 30 gauge to 1” thick in widths ranging from 11” wide to 96” wide. The flat-roll segment is able to produce slit coil with thickness ranging from 32 gauge to 10 gauge in widths ranging from 1/2" wide to 60" wide. The vast majority of flat-roll product segment revenue is generated from sales of Company owned inventory but the segment also generates revenue from the processing or storage of customer owned material on a fee basis.

The tubular product segment consists of the Company’s Friedman Tubular division located in Lone Star, Texas. The segment operates two electric resistance welded pipe mills with a combined outside diameter (“OD”) size range of 2 3/8” OD to 8 5/8” OD. Both pipe mills are American Petroleum Institute (“API”) licensed to manufacture line pipe and oil country pipe and also manufacture pipe for structural purposes that meets other recognized industry standards. All of the tubular segment's revenue is generated from sales of Company owned inventory.

Results of Operations

Six Months Ended September 30, 2026 Compared to Six Months Ended September 30, 2025

During the six months ended September 30, 2026 (the “2026 period”), sales, cost of materials sold and adjusted gross profit increased approximately $239.6 million, $164.3 million and $75.4 million, respectively, compared to the amounts recorded during the six months ended September 30, 2025 (the “2025 period”). Adjusted gross profit is a non-GAAP measure calculated as sales minus cost of materials sold. The increase in sales was due to an increase in the average selling price per ton and an increase in sales volume. Sales volume for the 2026 period consisted of approximately 388,000 tons from inventory and another 37,500 tons of toll processing customer owned material compared to the 2025 period volume consisting of approximately 296,500 tons from inventory and 43,500 tons of toll processing. The Company's legacy facilities demonstrated substantial year-over-year growth, generating approximately 64,000 additional tons of sales volume independent of the Century Metals & Supplies acquisition. This growth was complemented by approximately 21,500 tons of incremental volume attributable to Century, which contributed a full six months of operations in the 2026 period compared to only September in the 2025 period. Adjusted gross profit was approximately $130.7 million for the 2026 period compared to approximately $55.4 million for the 2025 period. Adjusted gross profit as a percentage of sales was approximately 24.8% for the 2026 period compared to approximately 19.3% for the 2025 period.

The Company's operating results are influenced by fluctuations in market prices for metals, particularly hot-rolled steel coil ("HRC"), as the majority of the Company's revenue is generated from processing HRC and products derived from HRC. During the 2026 period, the Company benefited from a sustained upward trend in HRC prices. Market prices increased approximately 28% between the end of the 2025 period and the beginning of the 2026 period, followed by an additional increase of approximately 22% during the 2026 period. This upward pricing trend, combined with solid demand and constrained supply, contributed to substantial margin expansion during the 2026 period. In contrast, HRC prices were near a cyclical peak at the beginning of the 2025 period and remained relatively stable before declining modestly toward the end of the period. These market conditions supported favorable margins early in the 2025 period, followed by margin compression as the period progressed. The benefit of the favorable pricing environment during the 2026 period was partially offset by hedging-related charges, including approximately $10.5 million of unrealized mark-to-market charges associated with open derivative positions intended to mitigate the Company's exposure to future fluctuations in metals prices.

<div align='center'>20</div>

Flat-roll Segment

Flat-roll product segment sales for the 2026 period totaled approximately $488.3 million compared to approximately $267.4 million for the 2025 period. For a more complete understanding of the average selling prices of goods sold, it is helpful to exclude any sales generated from processing or storage of customer owned material. Sales generated from processing or storage of customer owned material totaled approximately $2.6 million for the 2026 period and $2.9 million for the 2025 period. Sales generated from flat-roll segment inventory totaled approximately $485.7 million for the 2026 period compared to approximately $264.5 million for the 2025 period. The average per ton selling price related to these shipments increased from approximately $946 per ton in the 2025 period to approximately $1,347 per ton in the 2026 period. Sales volume for the2026period consisted of approximately 360,500 tons from inventory and another 37,500 tons oftoll processing customer owned material compared to the2025period volume consisting of approximately 280,000 tons from inventory and 43,500 tons of toll processing. The increase in sales volume for the 2026 period was related to a combination of stronger demand among some customers, successful commercial efforts to increase capacity utilization and the acquisition of Century.Flat-roll segment operations recorded earnings from operations of approximately $65.5 million and $14.5 million for the 2026 period and 2025 period, respectively.

The Company’s flat-roll segment purchases its inventory from a limited number of suppliers. Loss of any of these suppliers could have a material adverse effect on the Company’s business.

Tubular Segment

Tubular product segment sales for the 2026 period totaled approximately $38.5 million compared to approximately $19.8 million for the 2025 period. Sales increased due to a combination of sales volume growth and an increase in the average selling price per ton. Tons sold increased from approximately 16,500 tons in the 2025 period to approximately 27,500 tons in the 2026 period. The average per ton selling price increased from approximately $1,196 per ton for the 2025 period to approximately $1,398 per ton for the 2026 period. The tubular segmentrecorded earnings from operations of approximately $4.5 million and $2.2 million for the 2026 period and 2025 period, respectively.

The tubular segment purchases its inventory from a limited number of suppliers. Loss of any of these suppliers could have a material adverse effect on the Company’s business.

General, Selling and Administrative Costs

During the 2026 period, selling, general and administrative costs increased approximately $10.6 million compared to the 2025 period. This increase was primarily driven by profit-based and volume-based incentive compensation being approximately $6.6 million higher for the 2026 period combined with approximately $3.1 million of additional ongoing expenses related to the operation of Century. The remaining increase was primarily attributable to an increase in personnel to support sales growth and execution of our strategic initiatives.

Income Taxes

Income taxes increased from a provision for the2025period of approximately $2.4 million to a provision for the2026period of approximately $9.2 million. This increase was primarily related to increased earnings before taxes for the 2026 period. The income tax provision as a percentage of earnings before tax was approximately 24.5% for both the 2026 period and 2025 period. For both periods, the effective tax rate differed from the federal statutory rate due primarily to the inclusion of state tax expenses in the provision.

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Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025

Duringthe three months endedSeptember 30, 2026(the “2026quarter”), sales, cost of materials sold and adjusted gross profit increased approximately $134.4 million, $85.7 million and $48.7 million, respectively, compared to the amounts recorded during the three months ended September 30, 2025 (the “2025 quarter”). Adjusted gross profit is a non-GAAP measure calculated as sales minus cost of materials sold. The increase in sales was due to an increase in the average selling price per ton and an increase in sales volume. Sales volume for the 2026 quarter consisted of approximately 199,500 tons from inventory and another 20,000 tons of toll processing customer owned materialcompared to the 2025 quarter volume consisting of approximately 154,500 tons from inventory and 24,500 tons of toll processing. The Company's legacy facilities generated approximately 31,000 additional tons of sales volume, accounting for approximately 77% of the year-over-year increase. This growth was complemented by approximately 9,000 tons of incremental volume attributable to Century Metals & Supplies, which contributed three months of operations in the 2026 quarter compared to only one month in the 2025 quarter. Adjusted gross profit was approximately $75.0 million for the 2026 quarter compared to approximately $26.3 million for the 2025 quarter. Adjusted gross profit as a percentage of sales was approximately 26.1% for the 2026 quarter compared to approximately 17.3% forthe2025quarter.

The Company's operating results are influenced by fluctuations in market prices for metals, particularly hot-rolled steel coil ("HRC"), as the majority of the Company's revenue is generated from processing HRC and products derived from HRC. During the 2026 quarter, the Company benefited from the continued upward trend in HRC prices. This favorable pricing environment, combined with solid demand and constrained supply, contributed to substantial margin expansion during the 2026 quarter. In contrast, declining HRC prices during the 2025 quarter contributed to compressed physical margins. The benefit of the favorable pricing environment during the 2026 quarter was partially offset by hedging-related charges, including approximately $9.8 million of unrealized mark-to-market charges associated with open derivative positions intended to mitigate the Company's exposure to future fluctuations in metals prices.

Flat-roll Segment

Flat-roll product segment sales for the 2026 quarter totaled approximately $266.6 million compared to approximately $143.3 million for the 2025 quarter. For a more complete understanding of the average selling prices of goods sold, it is helpful to exclude any sales generated from processing or storage of customer owned material. Sales generated from processing or storage of customer owned material totaled approximately $1.5 million for the 2026 quarter and approximately $1.6 million for the 2025 quarter. Sales generated from flat-roll segment inventory totaled approximately $265.1 million for the 2026 quarter compared to approximately $141.7 million for the 2025 quarter. The average per ton selling price related to these shipments increased from approximately $963 per ton in the 2025 quarter to approximately $1,430 per ton in the 2026 quarter. Sales volume for the2026quarter consisted of approximately 185,500 tons from inventory and another 20,000 tons oftoll processing customer owned material compared to the2025quarter volume consisting of approximately 147,000 tons from inventory and 24,500 tons of toll processing. The increase in sales volume for the 2026 quarter was related to a combination of stronger demand among some customers, successful commercial efforts to increase capacity utilization and the acquisition of Century.Flat-roll segment operations recorded earnings from operations of approximately $40.7 million and $5.7 million for the 2026 quarter and 2025 quarter, respectively.

The Company’s flat-roll segment purchases its inventory from a limited number of suppliers. Loss of any of these suppliers could have a material adverse effect on the Company’s business.

Tubular Segment

Tubular product segment sales for the 2026 quarter totaled approximately $20.2 million compared to approximately $9.0 million for the 2025 quarter. Sales increased due to a combination of sales volume growth and an increase in the average selling price per ton. Tons sold increased from approximately 7,500 tons in the 2025 quarter to approximately 14,000 tons in the 2026 quarter. The average per ton selling price increased from approximately $1,185 per ton for the 2025 quarter to approximately $1,454 per ton for the 2026 quarter. The tubular segmentrecorded earnings from operations of approximately $2.3 million and $0.9 million for the 2026 quarter and 2025 quarter, respectively.

The tubular segment purchases its inventory from a limited number of suppliers. Loss of any of these suppliers could have a material adverse effect on the Company’s business.

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General, Selling and Administrative Costs

During the 2026 quarter, selling, general and administrative costs increased approximately $5.3 million compared to the 2025 quarter. This increase was primarily driven by profit-based and volume-based incentive compensation being approximately $3.7 million higher for the 2026 quarter combined with approximately $1.4 million of additional ongoing expenses related to the operation of Century. The remaining increase was primarily attributable to an increase in personnel to support sales growth and execution of our strategic initiatives.

Income Taxes

Income taxes increased from a provision for the2025quarter of approximately $0.7 million to a provision for the2026quarter of approximately $5.0 million. This increase was primarily related to increased earnings before taxes for the 2026 quarter. The income tax provision as a percentage of earnings before tax was approximately 24.3% and 24.8% for the 2026 quarter and 2025 quarter, respectively. For both quarters, the effective tax rate differed from the federal statutory rate due primarily to the inclusion of state tax expenses in the provision.

Non-GAAP Information

The non-GAAP measure adjusted gross profit is used in this Management's Discussion and Analysis. Adjusted gross profit is calculated as sales minus cost of materials sold. Cost of materials sold is a discrete line on our statements of operations and represents the cost associated with purchased metals, inbound freight, transfer freight and certain external processing costs. To provide financial statement users with a better understanding of the Company's expenses, cost of sales is disaggregated on our statements of operations into the line items cost of materials sold, processing and warehousing expense, delivery expense and depreciation and amortization. The Company believes adjusted gross profit is a meaningful measure because our cost structure and operating results are significantly impacted by the fluctuating costs associated with purchased metals.

The following table reconciles the GAAP measure for gross profit to the non-GAAP measure adjusted gross profit (in thousands):

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FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES

The Company’s current ratio was 2.7 atSeptember 30, 2026and 3.4 atMarch 31, 2026. Working capital was approximately $213.5 million at September 30, 2026and $180.9 million atMarch 31, 2026.

During the six months ended September 30, 2026, the Company maintained assets and liabilities at levels it believed were commensurate with operations. Changes in balance sheet amounts occurred in the ordinary course of business. Accounts receivable, inventories and accounts payable increased primarily due to a combination of sales volume growth and higher metals prices. Cash and restricted cash increased due to cash provided by operating and financing activities, partially offset by cash used in investing activities, primarily for capital expenditures. The Company expects to continue to monitor, evaluate and manage balance sheet components depending on changes in market conditions and the Company’s operations.

The Company has a $200 million asset-based lending facility ("ABL Facility") led by JPMorgan Chase Bank, N.A. with Wells Fargo Bank, N.A. as a 40% syndicated participant. The ABL Facility matures on August 29, 2030 and is secured by substantially all of the assets of the Company. The Company can elect borrowings on a floating rate basis or a term basis. Floating rate borrowings accrue interest at a rate equal to the prime rate minus 1.45% per annum. Term rate borrowings accrue interest at a rate equal to the SOFR rate applicable to the selected term plus 1.65% per annum. Availability of funds under the ABL Facility is subject to a borrowing base calculation determined as the sum of (a) 90% of eligible accounts receivable, plus (b) the product of 85% multiplied by the net orderly liquidating value percentage identified in the most recent inventory appraisal multiplied by eligible inventory. The ABL Facility contains a springing financial covenant whereby the financial covenant is only tested when availability falls below the greater of 10% of the revolving commitment or $20 million. The financial covenant restricts the Company from allowing its fixed charge coverage ratio to be, as of the end of any calendar month, less than 1.00 to 1.00 for the trailing twelve-month period then ending. The fixed charge coverage ratio is calculated as the ratio of (a) EBITDA, as defined in the ABL Facility, minus unfinanced capital expenditures to (b) cash interest expense plus scheduled principal payments on indebtedness plus taxes paid in cash plus restricted payments paid in cash plus capital lease obligation payments plus cash contributions to any employee pension benefit plans. The ABL Facility contains other representations and warranties and affirmative and negative covenants that are usual and customary. If certain conditions precedent are satisfied, the ABL Facility may be increased up to an aggregate of $75 million, in minimum increments of $5 million. At September 30, 2026, the Company had a balance of approximately $101.7 million under the ABL Facility with an applicable interest rate of 5.55% and the Company's borrowing base supported full access to the ABL Facility.

The Company believes that its current cash position along with cash flows from operations and borrowing capability due to its financial position are adequate to fund its expected cash requirements for the next 12 months.

HEDGING ACTIVITIES

The Company utilizes hot-rolled coil futures, options and swaps to manage price risk on unsold inventory and longer-term fixed price sales agreements. The Company has elected hedge accounting for some of its hedging activities previously but most recently the Company has classified its hedging activities as economic hedges of risk with mark-to-market ("MTM") accounting treatment. Hedging decisions are intended to protect the value of the Company's inventory and produce more consistent financial results over price cycles. The Company recognized a hedging related charge of approximately $17.4 million during the six months ended September 30, 2026which includes approximately $10.5 million of unrealized mark-to-market charges associated with open derivative positions intended to manage future metals price exposure. In comparison, the Company recognized a gain of approximately $1.1 million during the six months ended September 30,2025 related to hedging activities. For the three months ended September 30, 2026, the Company recognized a hedging related charge of approximately $14.6 million, including approximately $9.8 million of unrealized mark-to-market charges. In comparison, the Company recognized a hedging-related gain of approximately $0.9 million for the three months ended September 30, 2025. Because changes in the fair value of these derivative positions are recognized in current earnings, hedging-related gains and charges may be recognized in different reporting periods than the corresponding effects of metals price movements on the Company's physical margins. See Note 9 for additional information related to the Company's hedging activities.

CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements in conformity with U.S. generally accepted accounting principles may require management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The determination of fair values related to the Century Metals & Supplies business combination accounting involves significant estimates and judgments in the valuation process. Actual results could differ from any estimates.

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

From time to time, the Company may make certain statements that contain forward-looking information (as defined in the Private Securities Litigation Reform Act of 1996, as amended) and that involve risk and uncertainty. Such statements may include those risks disclosed in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of this report, including the adequacy of cash and expectations as to future sales, prices and margins. These forward-looking statements may include, but are not limited to, future changes in the Company’s financial condition or results of operations, future production capacity, product quality and proposed expansion plans. Forward-looking statements may be made by management orally or in writing including, but not limited to, this Management’s Discussion and Analysis of Financial Condition and Results of Operations and other sections of the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including the Company’s Annual Report on Form 10-K and its other Quarterly Reports on Form 10-Q. Forward-looking statements include those preceded by, followed by or including the words “will,” “expect,” “intended,” “anticipated,” “believe,” “project,” “forecast,” “propose,” “plan,” “estimate,” “enable,” and similar expressions, including, for example, statements about our business strategy, our industry, our future profitability, growth in the industry sectors we serve, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions, and estimates and projections of future activity. These forward-looking statements are not guarantees of future performance. These statements are based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Although forward-looking statements reflect our current beliefs, reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Actual results and trends in the future may differ materially depending on a variety of factors including, but not limited to, changes in the demand for and prices of the Company’s products, changes in government policy regarding steel, changes in the demand for steel and steel products in general and the Company’s success in executing its internal operating plans, changes in and availability of raw materials, unplanned shutdowns of our production facilities due to equipment failures or other issues, increased competition from alternative materials and risks concerning innovation, new technologies, products and increasing customer requirements. Accordingly, undue reliance should not be placed on our forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except to the extent law requires.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not required.

Item 4. Controls and Procedures

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) promulgated under the Securities Exchange Act of 1934, as amended). We have established disclosure controls and procedures designed to ensure that material information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission and that any material information relating to us is recorded, processed, summarized and reported to our management including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. In designing and evaluating our disclosure controls and procedures, our management recognizes that controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving desired control objectives. In reaching a reasonable level of assurance, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. As required by Rule 13a-15(b) under the Exchange Act, we have evaluated, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report. Based on this evaluation, the Company’s CEO and principal financial officer have concluded that the Company’s disclosure controls and procedures were effective as of the end of the fiscal quarter ended September 30, 2026 to ensure that information that is required to be disclosed by the Company in the reports it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to the Company’s management, including the CEO and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

There were no changes in the Company’s internal control over financial reporting that occurred during the fiscal quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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FRIEDMAN INDUSTRIES, INCORPORATED</div>

Part II — OTHER INFORMATION

Item 2. Issuer Purchases of Equity Securities

The Company repurchases shares of its common stock from time to time pursuant to its publicly announced share repurchase program. The following table provides information regarding purchases of the Company's common stock during the three months ended September 30, 2026, including shares withheld to satisfy employees' tax withholding obligations in connection with the vesting of restricted stock awards.

There were no share purchases under a repurchase program or to satisfy employees' tax withholding obligations in connection with the vesting of restricted stock awards. On December 13, 2023, the Company's Board of Directors authorized a share repurchase program under which the Company may repurchase up to 1,045,774 shares of its common stock. As of September 30, 2026, 1,041,444 shares remained available for repurchase under the program. The program is scheduled to expire on December 13, 2026, unless modified, suspended, extended, or terminated earlier by the Board of Directors.

Item 5.Other Information

During the six months ended September 30, 2026, none of our officers or directors adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) and (c), respectively, of Regulation S-K, for the purchase or sale of our securities.

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Item 6. Exhibits

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SIGNATURES</div>

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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