3Q 2025 SUPPLEMENTAL INFORMATION October 30, 2025 Safe Harbor and Non-GAAP Financial Measures Durable Growth, The Vulcan Way 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 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]

Financial Data and Key Metrics Changes - The company reported total revenues of $10.2 billion for Q2 2025, a 6% increase compared to the prior year, driven by favorable underlying demand and strong contributions from acquisitions [8][9] - Adjusted EBITDA for the quarter was $2.5 billion, reflecting a 9% increase year-over-year, with a margin expansion of 70 basis points [9][17] - The diluted earnings per share increased by 3% compared to the prior year period [9] Business Line Data and Key Metrics Changes - Americas Materials Solutions saw a 24% increase in total revenues and adjusted EBITDA, driven by operational efficiencies and contributions from acquisitions [10] - Essential Materials reported a 4% increase in revenues, supported by increased volumes and positive pricing momentum in Aggregates and Cement [10] - International Solutions experienced a 13% increase in revenue and a 23% increase in adjusted EBITDA, with margin expansion of 170 basis points [14] Market Data and Key Metrics Changes - The infrastructure market remains robust, with less than 40% of the IIJA highway funding deployed, indicating significant future opportunities [12][30] - State transportation budgets for fiscal year 2026 are expected to increase by 6% over the prior year, supporting continued demand [12] - The residential sector in the U.S. is expected to remain subdued, while repair and remodel activities are resilient [30] Company Strategy and Development Direction - The company is focused on reinvesting in high-growth markets and has allocated approximately $1.7 billion across 19 acquisitions and growth CapEx investments [7] - The acquisition of EcoMaterial Technologies for $2.1 billion is expected to enhance the company's cementitious growth strategy and create a unique national distribution network [22][23] - The company emphasizes a connected portfolio that maximizes profitability and operational efficiencies across the construction value chain [25] Management's Comments on Operating Environment and Future Outlook - Management raised the financial guidance for 2025, expecting adjusted EBITDA to be between $7.5 billion and $7.7 billion, representing a 10% growth at the midpoint [8][33] - The company anticipates continued positive momentum in backlogs and underlying demand across key markets [7][30] - Management highlighted the importance of federal and state funding in driving infrastructure demand, with a supportive legislative environment for future funding [30][56] Other Important Information - The company has declared a quarterly dividend of 37¢ per share, a 6% increase from the prior year, and has repurchased approximately $800 million in shares so far this year [19][20] - The company has a strong pipeline of growth opportunities and expects to allocate approximately $35 billion over the next five years for capital investments [34] Q&A Session Summary Question: Drivers of the full year guidance increase - Management noted strong Q2 performance with EBITDA up 9% and margins up 70 basis points despite challenging weather conditions, with robust infrastructure demand and good backlogs contributing to the guidance increase [36][39] Question: Expectations for U.S. Cement and aggregates - Management indicated that underlying aggregate volumes were up 5% and pricing up 4%, with expectations for mid to high single-digit pricing growth for the full year [44][46] Question: Update on federal infrastructure funding and next highway bill - Management confirmed ongoing discussions about the next highway bill, emphasizing a supportive bipartisan environment and the need for a sustainable funding mechanism [52][56] Question: Performance of Adbri and margin expansion drivers - Management reported that Adbri is trading ahead of expectations, with good tailwinds from infrastructure and residential recovery, while margin expansion is attributed to operational excellence and cost control initiatives [99][100]

Financial Performance Highlights - Aggregates gross profit margin increased by 320 basis points to 26.7%[7] - Aggregates cash gross profit per ton increased by 20% to $10.63[7] - Adjusted EBITDA increased by 27% to $411 million[7] - Adjusted EBITDA margin increased by 420 basis points to 25.1%[7] Aggregates Business - Aggregates volume decreased by 1% to 47.8 million tons[8] - Freight-adjusted price for aggregates increased by 7% to $22.03 per ton[8] - Cash cost of sales for aggregates decreased by 3% to $11.40 per ton[8] - Cash gross profit for aggregates increased by 20% to $10.63 per ton[8] Downstream Business - Asphalt cash gross profit increased by 19% to $7.54 per ton, with volume up 4% to 2.2 million tons[12] - Concrete cash gross profit increased by 77% to $20.01 per cubic yard, with volume up 15% to 0.9 million cubic yards[12] Capital Allocation and Outlook - The company anticipates Adjusted EBITDA between $2.35 billion and $2.55 billion, a 19% increase at the midpoint compared to 2024[15]

Financial Performance - Consolidated Adjusted EBITDA margin reached 29.0%, with an expansion of 623 bps Year-over-Year (YoY) from 22.8%[11] - Full Year 2024 (FY24) EBITDA was 181.0 billion Argentine Pesos (Ps), equivalent to 198 million US dollars (US$), with a margin of 25.9%, up 211 bps[11] - Net Profit for FY24 reached 153.7 billion Ps[11] - Net revenues reached 174.2 billion Ps, down 19.5%, equivalent to 170 million US$[12] - Adjusted EBITDA stood at 50.6 billion Ps, up 2.4%, equivalent to 50 million US$[12] - Net Profit was 22.1 billion Ps[12] Sales and Volumes - Cement, masonry & lime sales decreased 19.9% YoY, with volumes contracting 14.1%[21] - Concrete sales were down 26.9% YoY, with volumes decreasing 14.4%[21] - Railroad sales decreased 3.2% YoY, while volumes increased 3.1%[21] - Aggregates sales decreased 34.2% YoY, with volumes down 3.1%[21] Balance Sheet and Cash Flow - Net Debt stood at 157 million US$, representing a Net Debt/Last Twelve Months (LTM) Adjusted EBITDA ratio of 0.89x[11] - Cash position and Investments were 8.6 billion Ps as of the end of 4Q24[34] - Net cash generated by operating activities in 4Q24 was 47.8 billion Ps[34]