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-l statements. Generally, these statements relate to future finance, results of cperations, business plans or strategies, projected or anticipated rever use, exceptses, earnin (includinq EBITDA and other measures), dividend policy, shipment volumes, pricing, levels of capital expenditures, intended ...

Core Viewpoint - Amrize has completed the acquisition of PB Materials Holdings, enhancing its aggregates business and expanding its operational network in West Texas [1] Company Summary - The acquisition is part of Amrize's profitable growth strategy, aimed at strengthening its position in the aggregates market [1] - PB Materials brings over 50 years of aggregates reserves in West Texas, which is expected to meet long-term demand [1] - The deal adds 26 operational sites to Amrize's existing network, further solidifying its market presence in a high-growth region [1]

Durable Growth, The Vulcan Way 4Q 2025 SUPPLEMENTAL INFORMATION February 17, 2026 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 ...

Core Viewpoint - CRH has announced the acquisition of North American Aggregates, enhancing its aggregates business in New York and New Jersey [1] Group 1: Acquisition Details - The acquisition of North American Aggregates (NAA) is aimed at expanding CRH Americas Materials' aggregates business [1] - NAA is a leading supplier of aggregates based in Perth Amboy, NJ [1] - The acquisition will improve CRH's ability to meet long-term supply needs for customers in the region [1] Group 2: Strategic Benefits - NAA's plant on the New Jersey waterfront will provide valuable new aggregate reserves to the Tilcon NY operations [1] - This strategic move is expected to enhance operational capabilities in the aggregates sector [1]

Financial Performance (Q3 2025) - Total Revenues reached $2,292 million, a 14% increase compared to the same quarter last year[8] - Aggregates Cash Gross Profit per Ton increased by 9% to $11.84[8] - Aggregates Gross Profit Margin improved by 250 bps to 34.2%[8] - Adjusted EBITDA increased by 27% to $735 million, with a margin of 32.1%, up 310 bps[8] Financial Performance (Year-to-Date) - Total Revenues reached $6,029 million, an 8% increase[8] - Aggregates Cash Gross Profit per Ton increased by 12% to $11.52[8] - Aggregates Gross Profit Margin improved by 230 bps to 32.0%[8] - Adjusted EBITDA increased by 20% to $1,806 million, with a margin of 30.0%, up 290 bps[8] - Net cash provided by operating activities was $1,710 million[10] Capital Allocation - Capital deployed for strategic acquisitions amounted to $2,068 million[10] - Investments in maintenance and growth projects, including greenfields, totaled $655 million[10] - $294 million was returned to shareholders through dividends and share repurchases[10] Market Trends - Public construction contract awards in Vulcan markets increased by 17% as of September 30, 2025, compared to a 5% increase in other markets[12] - Private nonresidential construction in Vulcan markets increased by 7% as of September 30, 2025[13] Outlook - The company anticipates Adjusted EBITDA between $2.35 billion and $2.45 billion for 2025[16]

Core Insights - Natural Resource Partners L.P. (NRP) demonstrated resilience in Q2 2025 earnings despite challenging commodity market conditions, reporting $34 million in net income and $46 million in free cash flow [2][3] - The company maintained its quarterly dividend of $0.75 per common unit, emphasizing stability and a commitment to a deleveraging strategy aimed at paying off nearly all debt by mid-2026 [4] Financial Performance - NRP's earnings were supported by $40 million in mineral rights revenues, although the soda ash segment faced challenges with only $3 million in net income due to global oversupply and weak demand [3] - The partnership's royalty-based structure and cost control measures contributed to its ability to generate steady cash flow during cyclical lows in the coal and soda ash markets [4] Business Model - NRP generates royalties from the ownership and leasing of mineral resources, including coal, soda ash, trona, and aggregates, in the United States [5]

Stock Recommendations - CR is an aggregates company involved in materials like cement and gravel [1] - CR is bigger but cheaper than its competitors Vulcan and Martin Marietta, suggesting potential for growth [1] - Microsoft is recommended due to a 5% decrease in the last month and a 39% growth in Azure [2] - Taking profit on half of Valero, Phillips, and Marathon positions from an earlier refiner trade [2] Upcoming Events - CR's investor day is in about two weeks [1]

Group 1 - The first company mentioned is an aggregates company that produces materials such as cement and gravel, which is larger than competitors Vulcan and Martin Marietta but is considered cheaper with more growth potential [1] - The upcoming investor day for this aggregates company is expected to generate interest and could provide insights into its future performance [1] Group 2 - Microsoft is highlighted as a strong investment opportunity in the cloud infrastructure sector, despite a recent decline of about 5% in the last month [2] - Azure, Microsoft's cloud service, has shown impressive growth with a 39% increase, indicating strong demand and potential for future revenue [2] - The previous recommendation for refiners Valero, Phillips, and Marathon is noted, with plans to take profits on half of the positions [2]

Group 1 - Martin Marietta Materials, Inc. (NYSE:MLM) has gained 20% year-to-date, driven by solid earnings performance and significant catalysts from the AI data center buildout across the US [2][3] - The company is recognized as one of the largest players in the aggregates industry, with its CEO, Howard Nye, emphasizing its leading position in the market [2][3] - Martin Marietta is actively involved in the construction of data centers, which is a major business focus, alongside ongoing infrastructure investments [3] Group 2 - The article suggests that while Martin Marietta has potential as an investment, there are AI stocks that may offer higher returns with limited downside risk [3]

Financial Data and Key Metrics Changes - Martin Marietta reported consolidated adjusted EBITDA of $630 million, an 8% increase year-over-year, with an adjusted EBITDA margin of 35%, up 170 basis points [9] - Aggregates revenues reached $1.32 billion, a 6% increase, while aggregates gross profit increased by 9% to $430 million, with a gross margin of 33%, up 94 basis points [9] - The company increased its full-year 2025 adjusted EBITDA guidance to $2.3 billion at the midpoint, reflecting strong first-half results and positive shipping trends in the third quarter [10] Business Line Data and Key Metrics Changes - The Building Materials business posted revenues of $1.7 billion, a 2% increase, with gross profit rising 3% to $517 million and a gross margin of 30% [16] - Magnesia Specialties achieved record revenues of $90 million, with gross profit and gross margin also reaching new highs at $36 million and 40%, respectively [9][18] - Cement and Concrete revenues decreased by 6% to $245 million, with gross profit down 25% to $54 million due to lower operating leverage and higher raw material costs [17] Market Data and Key Metrics Changes - The value of state and local government highway, bridge, and tunnel contract awards increased by 10% year-over-year to $126 billion for the twelve months ending June 30, 2025 [11] - Infrastructure remains a strong performer, supported by robust federal and state investment, while residential and non-residential construction trends are mixed [10][11] - Texas is experiencing significant data center growth, driven by low-cost energy and favorable regulatory conditions, with major investments announced by companies like OpenAI and Texas Instruments [12][14] Company Strategy and Development Direction - The company is focused on transforming into a higher-margin enterprise that is increasingly aggregates-led, enhancing its product mix while maintaining balance sheet flexibility [8] - The strategic exchange of cement and ready-mixed concrete operations for core aggregates aligns with the company's SOAR 2025 plan [9] - Martin Marietta aims to capitalize on long-term infrastructure investment trends and demographic tailwinds in high-growth markets [15] Management's Comments on Operating Environment and Future Outlook - Management noted that July showed double-digit volume increases across the enterprise, indicating positive demand trends [24][25] - The company remains cautious about weather impacts on volume but is optimistic about pricing trends and overall market resilience [79][80] - Management expressed confidence in achieving full-year adjusted EBITDA guidance, supported by strong fundamentals and a favorable growth outlook [21] Other Important Information - The company entered into an agreement with Quikrete Holdings for an asset exchange, which includes acquiring operations producing approximately 20 million tons annually and $450 million in cash [8] - Capital expenditures for the full year are expected to be in the range of $820 million to $850 million, reflecting upward revisions due to attractive land purchases [19] Q&A Session Summary Question: Insights on July demand trends and future outlook - Management reported double-digit volume increases in July, indicating strong demand across the enterprise and a positive outlook for the remainder of the year [24][25] Question: Confidence in increased annual guidance - The increase in guidance is based on strong first-half results, positive shipment trends, and a resilient commercial environment [33][34] Question: Strategic fit of Quickrete assets - The acquired assets are seen as high-quality, particularly in crushed stone, and align with the company's strategic focus on targeted geographies [42][43] Question: Pricing dynamics and market conditions - Management noted that pricing remains solid without significant mix headwinds, and they expect continued pricing strength into 2026 [51][52] Question: Magnesia business focus and growth potential - The Magnesia business is expected to remain an important part of the company's portfolio, contributing positively to margins and cash flow [118][119] Question: Land purchases and expansion strategy - The company is focusing on adjacent land purchases to enhance existing operations rather than pursuing greenfield opportunities [123][124]