Q4 2025 Earnings Presentation © 2026 Granite Construction. All Rights Reserved. Safe Harbor Any statements contained in this presentation that are not based on historical facts, including statements regarding future events, occurrences, circumstances, opportunities, targets, activities, performance, growth, demand, strategy, strategic goals, shareholder value, outcomes, outlook, macro-economic uncertainties, Committed and Awarded Projects (CAP), results, our strategic update, including our home market strat ...

February 2026 Investor Presentation © 2026 Granite Construction. All Rights Reserved. Safe Harbor Any statements contained in this presentation that are not based on historical facts, including statements regarding future events, occurrences, circumstances, opportunities, targets, activities, performance, growth, demand, strategy, strategic goals, shareholder value, outcomes, outlook, macro-economic uncertainties, Committed and Awarded Projects (CAP), results, our strategic update, including our home market ...

Financial Data and Key Metrics Changes - Revenue for the third quarter was $556 million, down slightly from the prior year, reflecting lower wallboard and paperboard sales volume, partially offset by higher cement sales volume and contributions from the recently acquired aggregates business [11] - Earnings per share were $3.22, down 10% from the third quarter of fiscal 2025, primarily due to lower net earnings from wallboard sales volume, despite a 5% reduction in fully diluted shares from the share buyback program [11] - Gross profit margin was reported at 28.9% [3] Business Line Data and Key Metrics Changes - Heavy materials sector revenue increased by 11%, driven by a 9% increase in cement sales volume and a 22% increase in concrete and aggregates revenue [11] - Aggregate sales volume reached a record 1.6 million tons, up 81%, reflecting a 34% increase in organic aggregate sales volume [13] - Light materials sector revenue decreased by 16% to $203 million, primarily due to lower wallboard and recycled paperboard sales volume and a 5% decline in wallboard sales prices [13] Market Data and Key Metrics Changes - Cement and aggregate sales volumes grew last quarter, supported by federal, state, and local infrastructure spending, as well as solid growth in key non-residential end markets [8] - Residential construction, which drives wallboard volumes, faced challenges, with current housing data reflecting affordability issues in the home building industry [9] Company Strategy and Development Direction - The company aims to maintain operational flexibility and efficiency through economic cycles, focusing on health and safety, cost control, and customer support [3][4] - Strategic projects include the modernization of the Mountain Cement plant and the Duke wallboard facility, expected to lower cost structures and strengthen competitive positions [7] - The company plans to continue investing in return-focused projects or acquisitions while ensuring a strong balance sheet [3] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about infrastructure and non-residential markets as they head into calendar 2026, despite the mixed construction environment [19] - The company remains focused on operations rather than predicting demand, emphasizing their ability to operate effectively in various economic conditions [9] - Management noted that while wallboard pricing has seen a downward trend, they expect prices to stabilize and potentially recover as housing construction activity improves [26] Other Important Information - The company returned nearly $150 million to shareholders through dividends and share repurchases during the fiscal third quarter [14] - A total of $750 million in 10-year senior notes was issued to enhance financial flexibility and align capital structure with long-term investments [15] Q&A Session Summary Question: Is cement demand widespread across markets? - Management indicated that demand is broad-based across markets, with optimism for infrastructure and non-residential markets as they enter calendar 2026 [19] Question: What is driving the margins in cement? - Margins were impacted by slight declines in pricing, with raw material costs being largely in line and maintenance costs under control [21][22] Question: What is the outlook for wallboard pricing? - Management noted that wallboard pricing has seen a downward trend but remains range-bound relative to historical cycles, with expectations for stabilization as housing recovers [26][60] Question: How is the company addressing winter storm impacts? - The company has prepared facilities for extreme cold temperatures, ensuring operations are ready for winter storms [41] Question: What is the status of the Lehigh JV? - The plant is performing better, but Texas remains a challenged market due to pricing and demand pressures [31] Question: What are the expectations for capital expenditures? - Capital spending expectations were adjusted due to timing of large projects, with a focus on prioritizing sustaining capital [46]

Core Viewpoint - Morien Resources Corp. is increasing its non-brokered LIFE financing to offer up to 8,888,889 common shares at a price of $0.18 per share, aiming for gross proceeds of up to $1,600,000 due to strong investor demand [1]. Financing Details - The LIFE Offering is set to close on or about December 16, 2025, pending customary conditions and necessary approvals, including from the TSX Venture Exchange [3]. - The net proceeds from the LIFE Offering are expected to support Morien's operations for an estimated four to five years, covering working capital and general corporate purposes [4]. Project and Partnership Updates - Morien plans to use the funds to advocate for the restart of operations at the Donkin Mine, progress the Lazy Head Aggregate Project in partnership with Carver Companies, and evaluate a Newfoundland aggregate opportunity [4]. - The company continues its relationship with Vulcan Materials Company regarding the Black Point Quarry Project and a $400,000 milestone payment owed to Morien [4]. Share Offering Conditions - The Offered Shares may be sold on a private placement basis in Canada (excluding Québec), the United States under available exemptions, and other jurisdictions as determined by the company [5]. - Shares issued under the Listed Issuer Financing Exemption to Canadian residents will not be subject to a hold period under Canadian securities laws [5]. Company Overview - Morien is a mining development company based in Nova Scotia, established in 2012, with primary assets including royalties from the Donkin Mine and the Black Point Project [7]. - The company emphasizes shareholder returns over corporate size and has 51,292,000 issued and outstanding common shares, with a fully diluted position of 53,992,000 [7].

Core Viewpoint - Northstar Clean Technologies Inc. has officially opened its first commercial asphalt shingle reprocessing facility in Calgary, Alberta, and secured a five-year contract with the City of Calgary for the reprocessing of asphalt shingles, marking a significant step towards waste diversion and the establishment of a circular economy solution in North America [1][4][5]. Contract and Collaboration - The contract with the City of Calgary will commence in April 2026 and involves the collection and reprocessing of asphalt shingles from the city's waste management facilities, contributing to the city's waste diversion goals [1][2]. - Northstar will collaborate with the City on the collection, inspection, and contaminant removal processes to ensure operational efficiency [2]. Supply and Capacity - This contract adds to Northstar's existing supply agreements with IKO Industries Ltd and Ecco Recycling & Energy Corporation, enhancing the feedstock supply for the Empower Calgary Facility [3]. - The facility is designed to process up to 80,000 tonnes of discarded shingles annually on a two-shift basis, recovering valuable materials for reuse [5][6]. Economic and Environmental Impact - The Empower Calgary facility is expected to create up to 30 full-time local jobs and is a significant example of Alberta's commitment to clean technology and circular economy initiatives [6][9]. - The facility aims to reduce lifecycle CO2 emissions by approximately 60% by converting landfill-bound waste into reusable materials, aligning with Canada's 2030 Emissions Reduction Plan and net-zero by 2050 targets [5][9]. Technological Innovation - Northstar utilizes its patented Bitumen Extraction & Separation Technology (BEST) to recover liquid asphalt, aggregate, fiber, and limestone from discarded shingles, showcasing a scalable solution for waste management [5][10]. - The project has received over $7.2 million in support from Emissions Reduction Alberta and Alberta Innovates, highlighting the collaboration between public and private sectors in advancing industrial decarbonization [6][8].

Q3 2025 Financial Performance - Total revenue increased by $158 million year-over-year to $1433 million[15] - Construction revenue increased by $82 million year-over-year to $1162 million[15] - Materials revenue increased by $76 million year-over-year to $271 million[15] - Adjusted EBITDA margin increased by 330 bps year-over-year to 150%[15,18] - Adjusted net income increased by $33 million year-over-year to $124 million[15] - CAP increased by $718 million year-over-year to $63 billion[15] Materials Segment Performance - Aggregate average selling price increased by 256% year-over-year from $1636 to $2054 per ton in Q3 2025[67] - Asphalt average selling price increased by 68% year-over-year from $7866 to $8400 per ton in Q3 2025[67] - Aggregate sales volume increased by 263% year-over-year from 6366 tons to 8041 tons in Q3 2025[68] - Asphalt sales volume increased by 144% year-over-year from 2801 tons to 3205 tons in Q3 2025[68] Future Outlook - The company expects volume growth in both aggregate and asphalt into 2026, supported by strong demand[11] - Revenue is expected to accelerate in Q4 and into 2026 as projects ramp up[14] - The company is positioned to act on future M&A opportunities[18] - The company expects to outperform its target of 9% of operating cash flow as a percentage of revenue in 2025[23]

Core Insights - Morien Resources Corp. has announced the advancement of the Lazy Head Aggregate Project in Nova Scotia, marking a significant milestone in its partnership with Carver Companies [1][2] Project Overview - The Lazy Head Project involves the development of a high-quality aggregate quarry and marine terminal aimed at serving the U.S. east coast aggregate market [2] - The project is part of a strategic partnership initiated in 2024 to develop long-life, export-oriented aggregate opportunities in Atlantic Canada [2] Economic Impact - The project is expected to create approximately 75 high-paying local jobs and provide long-term economic benefits to surrounding communities [3] - Morien and Carver are establishing community benefit-sharing frameworks to ensure broad distribution of the project's economic and social value [3] Permitting and Community Engagement - Permitting efforts are led by GHD Group, focusing on securing necessary approvals, with community engagement supported by Strum Consulting [4] - Current field programs include environmental baseline studies and ongoing engagement with local stakeholders [4] Environmental Considerations - Carver has committed to implementing advanced noise and dust control systems to minimize environmental impact during operations [5] Financial Structure - Under the partnership agreement, Morien will receive a milestone payment upon successful permitting and a production royalty on future aggregate sales [6] - All costs associated with advancing the Lazy Head Project are being reimbursed by Carver, aligning with Morien's capital-efficient business model [6] Company Background - Morien is a Nova Scotia-based mining development company focused on creating direct prosperity for Nova Scotians, with primary assets including royalties from coal and aggregate sales [8] - The company emphasizes shareholder returns over corporate size and asset scale [8]

Core Viewpoint - China Resources Building Materials Technology Holdings reported a significant decline in revenue and net profit for 3Q25, largely in line with expectations, indicating ongoing challenges in the cement market due to weak demand and rising supply-demand imbalances [1][2]. Group 1: Financial Performance - Revenue fell 11% YoY to Rmb4.86 billion, while attributable net profit dropped 83% YoY to Rmb24.32 million [1]. - The firm's total sales volume of cement and clinker decreased 5.3% YoY to 14.12 million tonnes, which was a milder decline compared to the industry's 6.6% drop [1]. - The per-tonne average selling price (ASP) of cement and clinker decreased Rmb32 YoY to Rmb205, while the per-tonne cost also fell Rmb32 YoY to Rmb173, resulting in a stable per-tonne gross profit of Rmb32 [1]. Group 2: Business Segments - Sales volume for concrete and aggregate businesses increased significantly, with concrete sales rising 11% and aggregate sales up 32% YoY in 3Q25 [2]. - The unit gross profit for the concrete business increased Rmb7 YoY to Rmb46 per cubic meter, while the per-tonne gross profit for aggregates fell Rmb5 YoY to Rmb8.3 [2]. Group 3: Expense and Cost Management - The expense ratio for cement and clinker rose, with expenses per tonne increasing Rmb3 YoY to Rmb50 [3]. - Selling, general and administrative (G&A), and financial expense ratios changed by +0.2 percentage points, +1.9 percentage points, and -0.5 percentage points YoY, respectively [3]. Group 4: Industry Outlook - The cement industry is preparing for potential price hikes in November-December, with expectations that the "anti-involution" campaign may support earnings recovery [3]. - The utilization rate of clinker capacity is projected to rise to about 60% by 2026 if overproduction restrictions are strictly implemented [3]. - Management is focusing on strengthening profit margins and prioritizing pricing strategies, indicating potential upside for profit per tonne in southern China [3]. Group 5: Valuation and Forecast - EPS forecasts for 2025 and 2026 have been cut by 66% and 48% to Rmb0.06 and Rmb0.11, respectively, due to fixed asset impairments and lower-than-expected sales volume and prices [4]. - The stock is currently trading at 28x 2025 estimated P/E and 14x 2026 estimated P/E, with a target price cut by 12% to HK$2.2, implying a 34x 2025 estimated P/E and 17x 2026 estimated P/E with a 24% upside [4].

Summary of Anhui Conch Cement (0914.HK) Earnings Review Company Overview - **Company**: Anhui Conch Cement - **Stock Codes**: 0914.HK (Hong Kong), 600585.SS (Shanghai) - **Market Cap**: HK$126.8 billion / $16.3 billion - **Industry**: Basic Materials, specifically Cement Production Key Financial Highlights - **1H25 Net Profit**: Rmb4.6 billion, EPS of Rmb0.874/share, up 33% YoY [1] - **Recurring Net Profit**: Rmb5.1 billion, up 32% YoY, excluding one-offs [1] - **Interim Dividend**: Proposed Rmb0.24/share, 27% payout ratio, compared to nil in previous interims [1] - **Sales Volume**: 126 million tons of self-produced cement, flat YoY, outperforming national market decline of -4.3% [23] - **Gross Profit from Cement**: Increased by 34% YoY, driven by higher unit profit in domestic and overseas markets [23] Earnings Estimates and Projections - **2025E Recurring Earnings**: Revised down by 13% due to persistent low cement margins in China [2] - **2026E and 2027E Earnings Growth**: Expected growth of 34% and 3% respectively [2] - **Price Target**: Revised to HK$31.00 / Rmb32.00, implying a 2026E P/E of 10.4x [2] - **Free Cash Flow (FCF)**: Expected to be Rmb6.7-12.7 billion in 2025-26E, with a FCF yield of 5.5-10.5% [22] Operational Insights - **Cement Operations**: Contributed 84% of total gross profit, with improved overseas margins from pricing recovery in Uzbekistan and Cambodia [23] - **Aggregate and RMC Operations**: Gross profit above expectations, with RMC sales up 3% YoY [24] - **Cost Management**: Total SG&A better than expected due to lower administrative costs [25] - **Cash Flow**: Operating cash flow increased by 21% YoY in 1H25A, with slight improvements in working capital management [26] Market and Industry Outlook - **Cement Pricing**: Expected to improve in 2026E and 2027E due to industry control on unauthorized capacity [2][38] - **Risks**: 1. Weaker-than-expected property and infrastructure demand affecting utilization and pricing [40] 2. Slower exit from unauthorized cement capacity leading to depressed prices [40] 3. Increased competition and potential new production lines affecting market share [40] 4. Rising raw material costs impacting margins [40] Valuation Metrics - **P/E Ratios**: 2025E at 11.4x, 2026E at 7.9x [13] - **P/B Ratios**: 2025E at 0.6x, 2026E at 0.6x [13] - **Dividend Yield**: Expected to be 4.3% in 2025E and 6.5% in 2026E [22] Conclusion - **Investment Recommendation**: Maintain Buy rating on Anhui Conch Cement, with an attractive risk-reward profile based on potential margin improvements and strong cash flow generation [2][38]

Core Viewpoint - Northstar Clean Technologies Inc. reported its financial and operational results for Q2 2025, highlighting advancements in its business model and technology, particularly in asphalt reprocessing, alongside financial losses and ongoing development efforts [1][2]. Financial Results - For the three months ended June 30, 2025, the company reported a loss of CAD 3,130,135 compared to CAD 1,375,777 in the same period of 2024, representing a 128% increase in losses year-over-year [2]. - For the six months ended June 30, 2025, the loss was CAD 6,080,052, up from CAD 2,957,355 in 2024, indicating a 106% increase [2]. - Basic and diluted loss per share for Q2 2025 was CAD 0.02, compared to CAD 0.01 in Q2 2024 [2]. Operational Highlights - Northstar received a second Canadian patent for its asphalt reprocessing technology, which is valid until 2042, enhancing its competitive position in the waste-to-value sector [3]. - The Calgary Facility successfully completed the commissioning of both its water-based front-end process and hydrocarbon-based back-end process, producing high-quality asphalt that exceeds previous specifications [3]. - The company achieved Milestone 2 under a contribution agreement with Emissions Reduction Alberta, receiving CAD 3.9 million for completing construction at the Calgary Facility [3]. - Northstar secured a final draw of CAD 617,698 under the Business Development Bank of Canada Project Loan Facility, which will amortize over the next 13 years [3]. - A non-binding letter of interest was received from Export Development Canada for potential financial support of up to CAD 12.5 million for the first planned shingle reprocessing facility in the U.S. [3]. Capital Expenditures and Liquidity - Capital expenditures for Q2 2025 were CAD 1,946,558, down from CAD 4,094,208 in Q2 2024 [4]. - The company reported a working capital deficit of CAD 1,697,301 as of June 30, 2025, compared to a surplus of CAD 3,446,112 in the previous year [4]. - The total principal amount of convertible debentures outstanding was CAD 9,305,000 as of June 30, 2025, down from CAD 10,405,000 in the previous year [4]. Future Plans - Northstar plans to host a virtual investor webcast on September 10, 2025, to discuss financial results and operational updates, including timelines for ramping up production at the Calgary Facility [7][8].