Financial Data and Key Metrics Changes - The company generated $323 million of adjusted EBITDA in Q1 2024, with an expanded adjusted EBITDA margin, indicating strong financial performance despite adverse weather conditions [8][9] - The trailing 12-month Aggregates cash gross profit per ton improved to $9.66, with a target of $11 to $12 per ton [9][10] - The net debt to adjusted EBITDA leverage was 1.5x at the end of Q1, with $300 million in cash on hand [22] Business Line Data and Key Metrics Changes - In the Aggregates segment, year-over-year shipments declined by 7%, but cash gross profit per ton improved by 10% [9][10] - The Asphalt segment saw an increase in cash unit profitability of nearly $6 per ton, while Concrete improved by nearly $5 per cubic yard [19] - The company invested $103 million in capital expenditures during the quarter and returned $81 million to shareholders through dividends and share repurchases [21] Market Data and Key Metrics Changes - The pricing environment for Aggregates remains positive, with a 10% increase in adjusted price per ton compared to the previous quarter [10] - Public infrastructure activity is growing faster in Vulcan states than the national average, supported by federal highway spending and IIJA funding [17][59] - The company anticipates mid-single-digit growth in public demand, driven by increased state funding in key markets [59][71] Company Strategy and Development Direction - The company is focused on a two-pronged growth strategy: expanding reach and enhancing core profitability through disciplined capital allocation [12][13] - M&A activities will be aggregates-focused, with a busy year expected for acquisitions [54] - The company aims to maintain a strong emphasis on safety and operational excellence through its Vulcan Way of Selling and Operating disciplines [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the volume outlook for the rest of the year, despite challenges in non-residential and multifamily construction [30][64] - The company expects to deliver adjusted EBITDA between $2.15 billion and $2.3 billion for the full year, indicating a double-digit year-over-year improvement [24] - Management noted that the fundamentals for pricing remain healthy, with ongoing discussions about mid-year price increases [32][69] Other Important Information - The company closed a bolt-on Aggregates and Asphalt acquisition in Alabama, enhancing its market position [12] - The company has seen a 260 basis points improvement in return on invested capital over the last 12 months [23] Q&A Session Summary Question: How does the rest of the year play out from a demand standpoint? - Management indicated that volumes in Q1 were as expected, with confidence in the volume outlook for the rest of the year, despite challenges in non-residential and multifamily construction [30] Question: What is the outlook on mid-year pricing? - Management stated that pricing fundamentals remain strong, with discussions ongoing about mid-year price increases, which are not yet included in guidance [32] Question: How have costs been trending among major cost categories? - Management is comfortable with cost guidance of mid-single digits for the full year, with cost increases decelerating over the past year [35] Question: What are the priorities for Vulcan's product mix moving forward? - Management emphasized that the focus remains on Aggregates, with strategic downstream operations considered as part of a portfolio approach [41] Question: How is the government infrastructure funding flowing through? - Management noted that IIJA funding is contributing to steady growth in public demand, with significant state funding increases in key markets [59][71]

PART I [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Vulcan Materials Company as of and for the three months ended March 31, 2024, including Balance Sheets, Statements of Comprehensive Income, Statements of Cash Flows, and detailed Notes providing context on accounting policies, segment performance, debt, and contingencies [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets were **$13,910.9 million**, a decrease from **$14,545.7 million** at year-end 2023, primarily due to a reduction in cash and cash equivalents; total liabilities decreased to **$6,394.3 million** from **$7,037.8 million**, largely driven by a reduction in long-term debt; total equity remained stable at **$7,516.6 million** Condensed Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2024 | December 31, 2023 | March 31, 2023 | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | $292.4 | $931.1 | $139.6 | | Total current assets | $1,907.6 | $2,524.9 | $1,792.5 | | Property, plant & equipment, net | $6,209.3 | $6,217.7 | $6,044.9 | | Goodwill | $3,531.7 | $3,531.7 | $3,689.6 | | **Total assets** | **$13,910.9** | **$14,545.7** | **$14,076.9** | | **Liabilities & Equity** | | | | | Total current liabilities | $696.2 | $797.6 | $756.9 | | Long-term debt | $3,330.7 | $3,877.3 | $3,876.9 | | **Total liabilities** | **$6,394.3** | **$7,037.8** | **$7,066.2** | | **Total equity** | **$7,516.6** | **$7,507.9** | **$7,010.7** | [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) For the three months ended March 31, 2024, total revenues decreased to **$1,545.7 million** from **$1,649.0 million** year-over-year; net earnings attributable to Vulcan were **$102.7 million**, down from **$120.7 million** in Q1 2023; diluted earnings per share from continuing operations were **$0.78**, compared to **$0.92** in the prior-year period, impacted by lower revenues and a higher effective tax rate Q1 2024 vs Q1 2023 Performance (in millions, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total revenues | $1,545.7 | $1,649.0 | | Gross profit | $304.9 | $302.0 | | Operating earnings | $172.9 | $187.2 | | Net earnings attributable to Vulcan | $102.7 | $120.7 | | Diluted EPS (Continuing Operations) | $0.78 | $0.92 | | Diluted EPS (Net Earnings) | $0.77 | $0.90 | | Effective tax rate (Continuing Operations) | 21.6% | 11.9% | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For Q1 2024, net cash from operating activities was **$173.4 million**, a decrease from **$221.3 million** in Q1 2023; net cash used for investing activities was **$163.8 million**; net cash used for financing activities increased significantly to **$658.7 million**, primarily due to a **$550.4 million** payment of long-term debt, resulting in a net decrease in cash of **$649.1 million** for the quarter Q1 2024 vs Q1 2023 Cash Flow (in millions) | Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $173.4 | $221.3 | | Net cash used for investing activities | $(163.8) | $(61.7) | | Net cash used for financing activities | $(658.7) | $(181.1) | | **Net decrease in cash** | **$(649.1)** | **$(21.5)** | - Financing activities in Q1 2024 included a **$550.4 million** payment of long-term debt, **$62.0 million** in dividends, and **$18.8 million** in common stock purchases[12](index=12&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the company's accounting policies and financial results, covering revenue disaggregation by segment and geography, debt structure and recent repayments, significant legal proceedings and contingencies (including the NAFTA arbitration with Mexico), segment reporting changes, and recent acquisition and divestiture activities - The company is the largest U.S. supplier of construction aggregates and a major producer of asphalt mix and ready-mixed concrete, operating primarily in 23 states and select international locations[14](index=14&type=chunk)[15](index=15&type=chunk) Total Revenues by Segment (in millions) | Segment | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Aggregates | $1,211.2 | $1,194.1 | | Asphalt | $186.2 | $169.8 | | Concrete | $148.3 | $285.1 | | **Total Revenues** | **$1,545.7** | **$1,649.0** | - In March 2024, the company redeemed its **$550.0 million** 5.80% senior notes due 2026 using cash on hand[60](index=60&type=chunk) - The company is involved in a NAFTA arbitration claim against Mexico due to the government's shutdown of its Calica operations in May 2022, with a decision expected in 2024[82](index=82&type=chunk) - In Q1 2024, the company acquired aggregates operations in North Carolina for **$12.3 million**, and in April 2024, it acquired aggregates and asphalt operations in Alabama[105](index=105&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Q1 2024 financial results, highlighting a **6% decrease** in total revenues to **$1,545.7 million** but a **1% increase** in gross profit to **$304.9 million**, driven by margin expansion; despite lower aggregates shipment volumes due to weather, unit profitability improved, and the company maintains a positive outlook, expecting to deliver double-digit earnings growth for the full year Q1 2024 Financial Highlights vs. Q1 2023 | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $1,545.7M | $1,649.0M | -6% | | Gross Profit | $304.9M | $302.0M | +1% | | Operating Earnings | $172.9M | $187.2M | -8% | | Net Earnings (attributable to Vulcan) | $102.7M | $120.7M | -15% | | Adjusted EBITDA | $323.5M | $337.7M | -4% | | Aggregates Shipments (tons) | 48.1M | 51.8M | -7% | | Aggregates Gross Profit per ton | $6.30 | $5.86 | +8% | - The company remains on track to deliver **$2,150 to $2,300 million** of Adjusted EBITDA for the full year 2024, marking the fourth consecutive year of projected double-digit growth[123](index=123&type=chunk) - In Q1 2024, the company returned **$80.8 million** to shareholders through **$62.0 million** in dividends and **$18.8 million** in share repurchases[119](index=119&type=chunk)[124](index=124&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Q1 2024 total revenues fell **6%** to **$1,545.7 million**, primarily due to a **7% decline** in aggregates shipments and a **54% drop** in concrete shipments, the latter affected by a divestiture; despite lower volumes, Aggregates segment gross profit was stable at **$303.3 million**, as freight-adjusted selling prices rose **10.2%** to **$20.59 per ton**, boosting unit profitability; the Asphalt segment saw gross profit rise to **$4.7 million** from **$0.8 million**, while the Concrete segment's loss widened slightly, and SAG expenses increased by **$12.4 million** Aggregates Segment Performance - Q1 2024 vs Q1 2023 | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Unit Shipments (million tons) | 48.1 | 51.8 | -7% | | Freight-adjusted sales price per ton | $20.59 | $18.69 | +10.2% | | Gross Profit per ton | $6.30 | $5.86 | +8% | | Cash Gross Profit per ton | $8.86 | $8.03 | +10% | - Asphalt segment gross profit increased to **$4.7 million** from **$0.8 million** year-over-year, driven by a **3% increase** in shipments and a **6.0% increase** in pricing[133](index=133&type=chunk) - Concrete segment gross profit was a loss of **$3.1 million**, compared to a loss of **$2.4 million** in the prior year, impacted by the divestiture of Texas operations in November 2023[128](index=128&type=chunk)[134](index=134&type=chunk) [Liquidity and Financial Resources](index=36&type=section&id=Liquidity%20and%20Financial%20Resources) The company's primary liquidity sources are cash from operations, a **$1,600 million** line of credit, and a commercial paper program; in Q1 2024, cash from operations was **$173.4 million**, and the company used cash for financing activities totaling **$658.7 million**, including the redemption of **$550 million** in senior notes; as of March 31, 2024, total debt was **$3,331.2 million**, and the ratio of total debt to trailing-twelve months Adjusted EBITDA was **1.7x**, with **$1,510 million** available under its line of credit - Net cash from operating activities decreased by **$47.9 million** to **$173.4 million** in Q1 2024 compared to Q1 2023, mainly due to lower net earnings and changes in working capital[153](index=153&type=chunk) - Net cash used for financing activities increased by **$477.6 million** to **$658.7 million** in Q1 2024, driven by the redemption of **$550.0 million** senior notes due 2026[156](index=156&type=chunk) Debt Metrics as of March 31, 2024 | Metric | Value | | :--- | :--- | | Total Debt | $3,331.2 million | | Total Debt as a % of Total Capital | 30.7% | | Total debt to TTM Adjusted EBITDA | 1.7x | | Net debt to TTM Adjusted EBITDA | 1.5x | | Weighted-Average Debt Maturity | 10.9 years | [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks, primarily interest rate risk, which it manages by balancing fixed-rate and floating-rate debt and using derivative instruments; as of March 31, 2024, **83.8%** of its debt was fixed-rate, and the fair value of its long-term debt was **$3,205.6 million** against a face value of **$3,391.1 million**; the company is also exposed to economic risks related to its pension and postretirement benefit plans - The company actively manages its capital structure to balance the cost of capital and risk, including balancing fixed-rate (**83.8%**) and floating-rate (**16.2%**) debt as of March 31, 2024[184](index=184&type=chunk)[158](index=158&type=chunk) - The estimated fair value of long-term debt was **$3,205.6 million** compared to a face value of **$3,391.1 million** at the end of Q1 2024[185](index=185&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2024; the company is in the process of replacing its quote-to-invoice system for aggregates and asphalt operations, with full implementation expected by Q4 2024, and no other material changes to internal controls over financial reporting occurred during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2024[188](index=188&type=chunk) - The company is implementing a new quote-to-invoice system for its aggregates and asphalt operations, expected to be completed by Q4 2024[189](index=189&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 8 of the financial statements for a detailed discussion of legal proceedings, including environmental cases related to the former Chemicals business (Lower Passaic River, Texas Brine), Superfund site liabilities (Hewitt Landfill), and the ongoing NAFTA arbitration against Mexico concerning the shutdown of the company's Calica operations - For a detailed discussion of legal proceedings, refer to Note 8 of the condensed consolidated financial statements[192](index=192&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) There were no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes to risk factors were reported for the quarter[193](index=193&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first quarter of 2024, the company repurchased **70,932 shares** of its common stock at an average price of **$265.44 per share**, for a total cost of **$18.8 million**; as of March 31, 2024, **7,016,328 shares** remained available for purchase under the current board authorization, and there were no unregistered sales of equity securities Q1 2024 Share Repurchases | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | Jan 1 - Jan 31 | 0 | $0.00 | | Feb 1 - Feb 29 | 0 | $0.00 | | Mar 1 - Mar 31 | 70,932 | $265.44 | | **Total** | **70,932** | **$265.44** | - As of March 31, 2024, **7,016,328 shares** may yet be purchased under the company's existing share repurchase authorization[196](index=196&type=chunk) [Mine Safety Disclosures](index=42&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Information regarding mine safety violations and other regulatory matters as required by the Dodd-Frank Act is included in Exhibit 95 of this Form 10-Q report - Mine safety disclosures required by Section 1503(a) of the Dodd-Frank Act are provided in Exhibit 95[197](index=197&type=chunk) [Other Information](index=43&type=section&id=Item%205.%20Other%20Information) During the first quarter of 2024, Chairman and CEO Tom Hill adopted a Rule 10b5-1 trading arrangement on March 14, 2024, for the potential sale of **62,900 shares**, with the plan expiring on the earlier of when all shares are sold or February 11, 2025 - Chairman and CEO Tom Hill adopted a Rule 10b5-1 trading plan on March 14, 2024, to sell up to **62,900 shares** of common stock[199](index=199&type=chunk)

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Enhancing Our Core, Expanding Our Reach | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1Q 2024 SUPPLEMENTAL INFORMATION | | | | | | | | | | | | | | | ...

Exhibit 99.1 May 2, 2024 FOR IMMEDIATE RELEASE Investor Contact: Mark Warren (205) 298-3220 Media Contact: Jack Bonnikson (205) 298-3220 VULCAN REPORTS FIRST QUARTER 2024 RESULTS Strong Execution Drives Margin Expansion Reaf irms Full Year Outlook for Double-Digit Earnings Growth in 2024 Birmingham, Alabama – May 2, 2024 – Vulcan Materials Company (NYSE: VMC), the nation's largest producer of construction aggregates, today announced results for the quarter ended March 31, 2024. Financial Highlights Include: ...

Company Overview - Vulcan Materials Company is the largest supplier of construction aggregates in the U.S., with 397 active aggregates facilities as of December 31, 2023[19]. - The company has 15.6 billion tons of proven and probable aggregates reserves, strategically located to serve high-growth areas in the U.S.[25]. - The company has completed nearly 40 acquisitions in the last 10 years, investing $2,233.1 million in acquisitions from 2021 to 2023[34]. - The company has over 26,000 customers across 23 states and several international locations, enhancing its market reach[49]. - The company operates a total of 391 active aggregates facilities, including 235 production stage mining properties and 156 sales and recycled plants[164]. Financial Performance - Adjusted EBITDA increased by 24% in 2023, while net earnings attributable to Vulcan rose by 62%[35]. - In 2023, the company generated $933.2 million in net earnings, a 62% increase from the previous year, and produced $2,011.3 million in Adjusted EBITDA, a 24% increase[191]. - Total revenues increased by $466.7 million, or 6%, to $7,781.9 million, while gross profit rose by $390.9 million, or 25%, to $1,948.5 million[192]. - The aggregates segment sales increased by $637.1 million, or 12%, to $5,909.9 million, with freight-adjusted revenues rising by $577.1 million, or 15%, to $4,452.3 million[192]. - The company returned $228.4 million to shareholders via dividends at $1.72 per share, compared to $212.6 million at $1.60 per share in the previous year[192]. - The total debt to Adjusted EBITDA ratio improved to 1.9x, with a net debt to Adjusted EBITDA of 1.5x, reflecting $949.2 million in cash on hand[192]. - The effective tax rate from continuing operations was 24.0% in 2023, slightly down from 24.5% in 2022[219]. Market Dynamics - The top ten revenue-producing states accounted for 88% of total revenues in 2023, with Texas and California being the top two states[20][21]. - In 2023, publicly funded construction accounted for approximately 40% of total aggregates shipments, with 20% of aggregates sales by volume used in highway construction projects[53]. - In 2023, privately funded construction accounted for approximately 60% of total aggregates shipments[61]. - The U.S. aggregates industry is highly fragmented, with over 5,000 companies operating approximately 10,000 facilities in 2023, presenting opportunities for consolidation[50]. - The U.S. aggregates industry is highly fragmented, with the ten largest producers accounting for approximately 33% of total production in 2023, while Vulcan holds a market share of about 10%[76]. Sustainability and Environmental Efforts - The company reused 2.0 million tons of recycled asphalt pavement and recycled 1.9 million tons of concrete in 2023, contributing to sustainability efforts[44]. - Vulcan has established interim goals for Scope 1 and 2 GHG emissions reductions and reported on 5 of 11 Scope 3 categories in 2023[80]. - The company has committed to producing low-embodied emissions products, including the use of CarbonCure technology in its Concrete segment[83]. - The company operated 39 certified wildlife habitat sites in 2023, the fifth largest number in the nation[214]. Operational Efficiency - From 2021 to 2023, aggregates gross profit per ton increased from $5.81 to $7.40, representing a 27% increase[30]. - Vulcan's annual Return on Invested Capital (ROIC) increased by 2.8 percentage points in 2023 due to solid operating earnings growth[35]. - The aggregates gross profit per ton was $7.40 for the full year, a 24% improvement, with a target to achieve $11 to $12 cash gross profit per ton at higher volumes[191][199]. - The company operates considerably below full capacity, positioning it well to benefit from economies of scale with additional growth[50]. Risks and Challenges - The company faces risks from international operations, including adverse actions from foreign governments, such as recent shutdown orders in Mexico affecting operations[111]. - The production and distribution of products are affected by weather and climate change, which can disrupt operations and increase costs[131]. - The company is involved in environmental investigations and legal proceedings, which may lead to significant liabilities and costs[124]. - The company’s future success depends on securing and permitting aggregates reserves in strategically located areas, which is increasingly challenging due to community resistance[114]. Future Outlook - The company expects to spend $625 million to $675 million on capital expenditures in 2024, including growth projects[197]. - The net earnings attributable to the company are projected to be between $1,070 million and $1,190 million for 2024[197]. - The federal Infrastructure Investment and Jobs Act (IIJA) is expected to support demand for Vulcan's products for several years due to increased funding for public infrastructure projects[110].

Financial Data and Key Metrics Changes - In 2023, the company generated over $2 billion in adjusted EBITDA, achieving a 27% year-over-year improvement in adjusted EBITDA for Q4 [6][7] - The aggregates cash gross profit per ton reached $9.92, a 21% improvement over the prior year [8] - The company ended the year with over $900 million in cash and a net debt to adjusted EBITDA leverage of 1.5 times [19] Business Line Data and Key Metrics Changes - Aggregates shipments in Q4 increased by 2% compared to the previous year, with freight-adjusted price improving by 14% [9] - The aggregates segment saw a 90 basis points sequential improvement in trailing 12 months return on invested capital [7] - The company expects downstream businesses to contribute approximately $275 million in cash gross profit for 2024, with asphalt earnings contributing about 70% and concrete earnings about 30% [21] Market Data and Key Metrics Changes - The company anticipates a moderate decline in aggregate shipments for 2024, forecasting a range of flat to down 4% [12] - Residential construction is expected to recover, with single-family housing permits and starts returning to growth, while multifamily starts are expected to weaken [13][14] - Public infrastructure spending is projected to grow, with trailing 12-month highway starts surpassing $100 billion [17] Company Strategy and Development Direction - The company remains focused on organic growth, M&A, and Greenfield projects as part of its three-pronged growth strategy [46] - The management emphasized disciplined capital allocation, with plans to reinvest in the business while also returning cash to shareholders through dividends and share repurchases [19][71] - The company aims for continued improvement in adjusted EBITDA margins and cash gross profit per ton, targeting $11 to $12 in the future [31] Management's Comments on Operating Environment and Future Outlook - Management noted that inflationary cost pressures are moderating, with expectations of mid-single-digit increases in freight-adjusted unit cash costs for 2024 [11][36] - The company expects to see healthy double-digit earnings growth despite a shift in the construction demand environment [42] - Management expressed confidence in pricing fundamentals, expecting freight-adjusted aggregates price growth of 10% to 12% for the full year [11][56] Other Important Information - The company received several recognitions, including being named one of the top 200 best companies to work for by US News & World Report [25] - The company completed the divestiture of its Texas Concrete business, which had an annual volume of about 4 million cubic yards [80] Q&A Session Summary Question: What is driving the confidence in pricing outlook for 2024? - Management highlighted a fundamental change in markets since 2022, with more discipline in announced price increases and a shift to January for price adjustments [28][30] Question: Can you elaborate on the expected cost inflation for the coming year? - Management noted that costs increased by 7% in Q4, down from low-double-digit increases in prior quarters, and expects costs to be highest year-over-year in Q1 before tailing off [35][36] Question: What are the growth rates by end market? - Management indicated steady growth in public infrastructure, while private non-residential construction is expected to face challenges [41][42] Question: What is the company's approach to capital allocation and M&A? - Management stated that the balance sheet is well-positioned for capital allocation priorities, including M&A, with a focus on bolt-on acquisitions [45][61] Question: How is the company addressing the challenges in the ready-mix business? - Management expects a modest decline in ready-mix volumes but aims for consistent gross margin performance [66][80]

Financial Performance - Total Revenues reached $73 billion, a 32% increase[5] - Adjusted EBITDA was $1626 billion, up by 12%[5] - Aggregates Gross Profit increased by 9% to $1408 billion[5] - Aggregates Cash Gross Profit per Ton increased by 5% to $783[5] Aggregates Business - Aggregates volume decreased by 6% to 542 million tons in 4Q 2022[8] - Freight-Adjusted Price for aggregates increased by 14% to $1696 per ton in 4Q 2022[8] - Cash Gross Profit for aggregates increased by 11% to $819 per ton in 4Q 2022[8] - Total Cash Cost of Sales for aggregates increased by 17% to $877 per ton in 4Q 2022[8] Asphalt & Concrete Business - Asphalt Average Sales Price increased 24% to $7506 per ton, while Cash Gross Profit increased 114% to $942 per ton in 4Q 2022[10] - Concrete volume decreased 15% to 23 million cyds, but Average Sales Price increased 14% to $15758 per cyd in 4Q 2022[11] Outlook - The company anticipates 11% Growth in Adjusted EBITDA, driven by double-digit price growth offsetting cost inflation[14]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 For the quarterly period ended September 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-33841 VULCAN MATERIALS COMPANY (Exact name of registrant as specified in its charter) FORM 10-Q (Mark One) þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Large accelerated filer þ Accelerated ...

Vulcan Materials Company (NYSE:VMC) Q3 2023 Earnings Conference Call October 26, 2023 11:00 AM ET Company Participants Mark Warren - VP, IR Tom Hill - Chairman and CEO Mary Andrews Carlisle - SVP and CFO Conference Call Participants Trey Grooms - Stephens Tyler Brown - Raymond James Garik Shmois - Loop Capital Anthony Pettinari - Citigroup Stanley Elliott - Stifel Kathryn Thompson - Thompson Research Group Jerry Revich - Goldman Sachs Mike Dahl - RBC Capital Markets Timna Tanners - Wolfe Research Philip Ng ...

ulcon Materials Con 3Q 2023 I SUPPLEMENTAL INFORMATION I OCTOBER 26, 2023 Safe Harbor and Non-GAAP Financial Measures This presentation contains forward-looking statements. Statements that are not historical fact, including statements about Vulcan's beliefs and expectations, are forward-looking statements. Generally, these statements relate to future financial performance, results of operations, business plans or strategies, projected or anticipated revenues, expenses, earnings (including EBITDA and other m ...