Group 1 - The core theme of the consumption promotion in Xing'an League is "Warm Spring on the Ridge, Beneficial Purchase in Xing'an," featuring enhanced policy subsidies and integration of commerce, culture, and tourism [1] - A total of 8.5 million yuan in consumption vouchers will be distributed across the region, with trade-in subsidies for automobiles and home appliances reaching up to 20,000 yuan [1] - The new trade-in policy, effective from January 1, 2026, will cover 12 categories of home appliances and digital products, offering a 15% subsidy on the selling price for energy-efficient appliances and digital products [1] Group 2 - The new spring lantern festival at the Guiliuhe Ecological Park in Keyou Qianqi will run until March 4, featuring over 40 unique lantern displays and a variety of cultural performances [3] - The second annual New Year goods festival in Xing'an League, which started on February 4, attracted over 150 merchants and showcased more than 1,000 specialty products, achieving sales of 500,000 yuan on the first day [3] - Online live-streaming sales through platforms like Douyin and JD.com are promoting local agricultural products nationwide as part of the "Xing'an Cloud New Year Goods Festival" [3]

Core Insights - Albemarle Corporation (ALB) reported an adjusted loss of 53 cents per share in Q4 2025, compared to a loss of $1.09 per share a year ago, which was wider than the Zacks Consensus Estimate of a loss of 40 cents [1] Revenue Performance - Revenues increased by approximately 15.9% year over year to $1,428 million in the quarter, surpassing the Zacks Consensus Estimate of $1,349.8 million, driven by higher volumes in Energy Storage and Ketjen, as well as increased pricing in Energy Storage [2] - Adjusted EBITDA for the quarter was $268.7 million, up from $250.7 million in the prior-year quarter, fueled by higher pricing in Energy Storage and increased volumes in Ketjen [2] Segment Highlights - Sales from the Energy Storage unit rose around 23.1% year over year to $759.1 million, exceeding the consensus estimate of $717 million, attributed to higher volumes and pricing [3] - The Specialties segment recorded sales of $348.9 million, up around 4.8% year over year, in line with the consensus estimate, benefiting from higher volumes and pricing [3] - The Ketjen unit generated revenues of $320.1 million, up roughly 13.5% year over year, beating the consensus estimate of $296 million, driven by higher fluidized catalytic cracking volumes and timing of Clean Fuels technology [4] Financial Position - Albemarle ended the quarter with cash and cash equivalents of approximately $1,618 million, an increase from $1,192.2 million reported in the prior-year quarter, while long-term debt remained around $3,119.5 million [5] - Cash from operations for the year ended December 31, 2025, was around $1.3 billion, reflecting an 85% increase from the prior-year period [5] 2026 Outlook - Albemarle anticipates energy storage sales volumes to be roughly flat in 2026 following inventory drawdowns in 2025, with modest volume growth expected in the Specialties segment, projecting net sales to be flat to down year over year [6] - The sale of the Ketjen unit is expected to close in the first quarter of 2026 [6] Expenses Forecast - Depreciation and amortization expenses are expected to be between $660 million and $680 million for 2026, with capital expenditures projected at $550 million to $600 million, and interest and financing expenses forecasted at $150 million to $170 million for the full year [7] Stock Performance - Albemarle's shares have increased by 116.5% over the past year, contrasting with a 11.9% decline in the Zacks Chemicals Diversified industry [8]

Core Insights - Albemarle reported revenue of $1.43 billion for the quarter ended December 2025, reflecting a 15.9% increase year-over-year and a 5.8% surprise over the Zacks Consensus Estimate of $1.35 billion [1] - The company's EPS was -$0.53, an improvement from -$1.09 in the same quarter last year, but fell short of the consensus estimate of -$0.40, resulting in a 33% negative surprise [1] Revenue Performance - Net Sales in Energy Storage reached $759.06 million, exceeding the average estimate of $716.89 million by five analysts, marking a year-over-year increase of 23.1% [4] - Net Sales for Ketjen were reported at $320.07 million, surpassing the average estimate of $296.35 million, with a year-over-year change of 13.5% [4] - Net Sales in Specialties amounted to $348.9 million, slightly above the average estimate of $348.66 million, reflecting a year-over-year increase of 4.8% [4] EBITDA Analysis - Adjusted EBITDA for Corporate was reported at -$16.54 million, which was below the average estimate of -$15.46 million by five analysts [4] - Adjusted EBITDA for Ketjen was $49.68 million, significantly higher than the average estimate of $35.01 million [4] - Adjusted EBITDA for Specialties reached $68.55 million, exceeding the average estimate of $52.12 million [4] - Adjusted EBITDA for Energy Storage was reported at $167.06 million, slightly above the average estimate of $159.67 million [4] Stock Performance - Albemarle's shares have returned -4.7% over the past month, compared to a -0.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3]

Financial Data and Key Metrics Changes - In 2025, the continuing operations building materials business posted revenues of $5.7 billion, a 7% increase, and generated gross profit of $1.8 billion, an increase of 13% year over year [16] - Gross margin expanded 173 basis points to 31%, driven by strong aggregates performance that more than offset softness in downstream businesses [16] - The aggregates business delivered record performance with revenues increasing 11% to $5 billion, driven by 6.9% pricing growth and volume growth of 3.8% [16] - Full year cash flow from operations increased 22% to a record of $1.8 billion [17] Business Line Data and Key Metrics Changes - Aggregates revenues increased 8% to $1.2 billion in Q4, with gross profit rising 11% to $420 million [9] - The specialties business achieved record fourth quarter revenues of $441 million and gross profit of $137 million, reflecting strong organic performance [17] - Other building materials revenues decreased 8% to $992 million, and gross profit decreased 18% to $98 million, primarily due to the Minnesota asphalt business and the impact of the California paving divestiture [17] Market Data and Key Metrics Changes - Infrastructure demand remains solid, driven by the Bipartisan Infrastructure Investment and Jobs Act (IIJA) and robust DOT budgets in Martin Marietta states [11] - As of November 30, 2025, 71% of IIJA highway and bridge funds have been obligated, but only 48% has been dispersed, indicating a significant remaining reimbursement and extended construction runway [12] - Heavy non-residential demand is driven by accelerating growth in data centers, with Goldman Sachs estimating hyperscalers potentially deploying over $500 billion in capital in 2026 [13] Company Strategy and Development Direction - The company launched SOAR 2030, charting a clear path for continued growth and shareholder value creation [21] - The strategic focus is on enhancing the core aggregates platform, supported by a differentiated specialties business [21] - The company aims to responsibly invest in its business and make timely acquisitions, having ended the year with a consolidated net debt to Adjusted EBITDA ratio of 2.3 times [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the infrastructure investment pipeline and the potential for a new long-term surface transportation bill [12] - The company anticipates a balanced macro environment in 2026, expecting sustained infrastructure investment and accelerating momentum in data centers and energy [11] - Management noted that affordability remains a primary constraint in residential construction, but there is a significant need for new housing [14] Other Important Information - The company executed approximately $16 billion of portfolio-enhancing transactions and returned $2.1 billion to shareholders through dividends and share repurchases over the five-year period ending December 31, 2025 [8] - The company is comprehensively reviewing its quarry and terminal networks to better align production with prevailing demand, which remains approximately 14% below 2022 levels [19] Q&A Session Summary Question: Insights on the new highway bill and its importance - Management indicated that the highway bill remains important but noted that states and municipalities have increased their funding efforts, which may lessen the bill's overarching importance [25][26] Question: Clarification on guidance and potential slow start to the year - Management confirmed that the guidance includes all operations and indicated that January performance was resilient despite challenging weather conditions [33][37] Question: In-market assumptions for volume growth - Management provided insights on infrastructure demand, noting mid-single-digit growth expectations and strong performance in data centers and energy sectors [46][50] Question: Cost expectations and confidence in keeping costs down - Management highlighted that inflation is running around 3.5% and emphasized efforts to optimize costs through pilot projects and network optimization [57][60] Question: Specialty business profitability and timeline for recovery - Management acknowledged that the Premier acquisition is margin dilutive but expects organic growth to contribute positively to the specialty segment's profitability [63][66] Question: Pricing state and expectations for ASP growth - Management expressed confidence in achieving pricing growth targets, noting mid-single-digit price increases across divisions [78][80] Question: Trajectory of price-cost spread - Management indicated a measured view of the price-cost spread, expecting it to build over time as private construction recovers [92][93]

Financial Data and Key Metrics Changes - In 2025, Martin Marietta achieved revenues of $5.7 billion, a 7% increase year-over-year, and gross profit of $1.8 billion, up 13% [16] - The gross margin expanded by 173 basis points to 31%, driven by strong aggregates performance [16] - The aggregates business recorded revenues of $5 billion, an 11% increase, with gross profit rising 16% to $1.7 billion [16] - The gross profit per ton for aggregates improved by 12% year-over-year to $8.45 [10] Business Line Data and Key Metrics Changes - The aggregates business delivered record profitability with revenues increasing 8% to $1.2 billion in Q4, and gross profit rising 11% to $420 million [9] - The specialties business achieved record revenues of $441 million and gross profit of $137 million, reflecting strong organic performance and contributions from Premier Magnesia [17] - Other building materials revenues decreased 8% to $992 million, primarily due to the Minnesota asphalt business and the impact of the California paving divestiture [16] Market Data and Key Metrics Changes - Infrastructure demand remains solid, supported by the Bipartisan Infrastructure Investment and Jobs Act (IIJA), with 71% of highway and bridge funds obligated as of November 30, 2025 [11] - Heavy non-residential demand is driven by growth in data centers and energy projects, with Goldman Sachs estimating hyperscalers may deploy over $500 billion in capital in 2026 [13] - Residential construction faces affordability constraints, with Freddie Mac estimating a need for approximately 4 million additional homes to restore balance [14] Company Strategy and Development Direction - Martin Marietta's strategic focus is on enhancing its core aggregates platform while streamlining its portfolio, as evidenced by the launch of SOAR 2030 [21] - The company aims for low double-digit gross profit growth in aggregates, supported by low single-digit shipment growth and mid-single-digit pricing improvement [19] - The company is reviewing its quarry and terminal networks to align production with demand, which remains approximately 14% below 2022 levels [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the infrastructure investment pipeline and the potential for a new long-term surface transportation bill, which is expected to be passed on time [12][28] - The company anticipates a balanced macro environment in 2026, with expectations of sustained infrastructure investment and accelerating momentum in data centers and energy [11] - Management noted that while private construction remains soft, they are optimistic about the recovery in housing and non-residential construction [15] Other Important Information - Martin Marietta ended 2025 with a consolidated net debt to Adjusted EBITDA ratio of 2.3 times and total liquidity of $1.2 billion, providing capacity for M&A and share repurchases [18] - The company plans capital spending of $575 million in 2026, representing a 29% year-over-year reduction, which will increase free cash flow available for growth initiatives [19] Q&A Session Summary Question: Update on the new highway bill and its importance - Management indicated that the highway bill remains important but noted that states and municipalities have increased their funding capabilities, which may lessen the bill's overarching importance [24][25] Question: Clarification on guidance and potential slow start to the year - Management confirmed that the guidance includes all operations and indicated that January performance was resilient despite challenging weather conditions [33][37] Question: Insights on contract awards and market assumptions - Management provided a positive outlook for infrastructure, expecting mid-single-digit growth, while noting that non-residential construction remains below prior peaks [46][48] Question: Comments on pricing and gross profit per ton - Management expressed confidence in achieving pricing growth and indicated that the gross profit per ton guidance reflects a measured approach due to cost considerations [86][92]

Financial Data and Key Metrics Changes - In 2025, Martin Marietta reported revenues of $5.7 billion, a 7% increase year-over-year, and gross profit of $1.8 billion, up 13% [15] - The gross margin expanded by 173 basis points to 31%, driven by strong aggregates performance [15] - The aggregates business achieved record revenues of $5 billion, an 11% increase, with gross profit rising 16% to $1.7 billion [15] - The gross profit per ton for aggregates improved by 12% year-over-year to $8.45 [8] Business Line Data and Key Metrics Changes - Aggregates revenues increased 8% to $1.2 billion in Q4, with gross profit rising 11% to $420 million [7] - The specialties business achieved record revenues of $441 million and gross profit of $137 million, reflecting strong organic performance [16] - Other building materials revenues decreased 8% to $992 million, primarily due to the Minnesota asphalt business and the impact of a divestiture [15] Market Data and Key Metrics Changes - Infrastructure demand remains solid, driven by the Bipartisan Infrastructure Investment and Jobs Act (IIJA) [10] - As of November 30, 2025, 71% of IIJA highway and bridge funds have been obligated, but only 48% has been dispersed [10] - Heavy non-residential demand is driven by growth in data centers and energy projects, with Goldman Sachs estimating hyperscalers may deploy over $500 billion in capital in 2026 [11] Company Strategy and Development Direction - The company concluded the SOAR 2025 period with a leverage ratio within the targeted range of 2-2.5 times and strong free cash flow, positioning it well for future investments [7] - Martin Marietta launched SOAR 2030, focusing on continued growth and shareholder value creation [21] - The company is strategically redeploying capital from divestitures into pure aggregates positions to enhance its margin profile and growth potential [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the infrastructure investment pipeline and the potential for a new long-term surface transportation bill [10] - The company anticipates a balanced macro environment in 2026, with expected consolidated Adjusted EBITDA of approximately $2.49 billion [9] - Management noted that while private construction remains soft, there is optimism for recovery in housing and non-residential construction [14] Other Important Information - The company reported total shareholder returns of 126% from December 31, 2020, to December 31, 2025, significantly outperforming the S&P 500 [6] - Martin Marietta's capital allocation included $3.2 billion in sustaining and growth CapEx and $2.1 billion returned to shareholders through dividends and share repurchases [6] Q&A Session Summary Question: Update on the new highway bill and its importance - Management indicated that both the House and Senate are pursuing a five-year reauthorization of highway public transportation programs, with a focus on highways, bridges, roads, and streets [24][25] - The company believes that even if a continuing resolution is needed, it would maintain funding at record levels, which would not negatively impact the business [100] Question: Clarification on guidance and potential slow start to the year - Management clarified that the consolidated Adjusted EBITDA guidance includes both heritage aggregates and organic aggregates businesses, and they are optimistic about January's performance despite weather challenges [33][36] Question: Insights on in-market assumptions for volume growth - Management expects mid-single-digit growth in infrastructure, driven by strong state DOT budgets and local funding measures, while non-residential construction remains below prior peaks [45][46] Question: Cost expectations and confidence in maintaining price-cost spread - Management noted that inflation is running around 3.5%, and they are taking a measured approach to cost management, with expectations for continued operational efficiencies [58][60] Question: Specialty business profitability and initiatives - Management acknowledged that the Premier acquisition is margin dilutive but expects strong organic growth in the specialties segment to contribute positively moving forward [65][66] Question: Data center backlog and manufacturing trends - Management reported that data centers currently represent a few million tons a year and are growing at a multi-double-digit rate, while manufacturing is showing signs of improvement [72][73]

Core Insights - Albemarle reported revenue of $1.31 billion for the quarter ended September 2025, a decrease of 3.5% year-over-year, but exceeded the Zacks Consensus Estimate by 1.23% [1] - The company posted an EPS of -$0.19, significantly improved from -$1.55 in the same quarter last year, resulting in an EPS surprise of 79.35% compared to the consensus estimate of -$0.92 [1] Financial Performance - Net Sales in Energy Storage reached $708.76 million, surpassing the average estimate of $677.78 million, but reflecting a year-over-year decline of 7.6% [4] - Net Sales in Ketjen amounted to $254.11 million, exceeding the average estimate of $248.28 million, with a year-over-year increase of 3.7% [4] - Net Sales in Specialties were reported at $344.96 million, slightly below the average estimate of $348.57 million, showing a year-over-year change of 0.8% [4] Adjusted EBITDA - Adjusted EBITDA for Corporate was -$7.56 million, better than the average estimate of -$15.73 million [4] - Adjusted EBITDA for Ketjen was $33.57 million, exceeding the average estimate of $25.81 million [4] - Adjusted EBITDA for Specialties reached $75.54 million, surpassing the average estimate of $68.89 million [4] - Adjusted EBITDA for Energy Storage was $124.08 million, above the average estimate of $112.09 million [4] Stock Performance - Albemarle's shares have returned -2.3% over the past month, contrasting with a +1% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Insights - Martin Marietta achieved record performance in Q3 2025, with significant growth in both Aggregates and Specialties businesses, reflecting a strong aggregates-led business model and strategic execution [5][6][22] - The company raised its full-year 2025 consolidated adjusted EBITDA guidance to $2.32 billion, driven by robust performance in core aggregates and positive October shipment trends [8][22] Financial Performance - Q3 revenues from continuing operations were $1.8 billion, a 12% increase year-over-year, while total revenues, including discontinued operations, reached $2.1 billion, a 10% increase [7][8] - Adjusted EBITDA from continuing operations increased by 22% to $667 million, with consolidated adjusted EBITDA per diluted share rising by 23% to $5.97 [7][8] - Aggregates revenues were $1.5 billion, a 17% increase, with gross profit rising 21% to $531 million, and gross margin expanding to 36% [5][17] Business Segments - The Specialties business reported record quarterly revenues of $131 million, a 60% increase, and gross profit of $34 million, a 20% increase, benefiting from the Premier Magnesia acquisition [6][19] - The Building Materials business, which includes aggregates, asphalt, and paving, posted revenues of $1.7 billion, a 10% increase, with gross profit increasing 16% to $585 million [17][20] Market Trends - Infrastructure investment remains strong, with state and local government contract awards for highways, bridges, and tunnels increasing by 10% year-over-year to $128 billion [11][12] - Heavy nonresidential construction demand is supported by data center development, particularly in Texas, and a recovery in warehousing and distribution [12][13] - The company anticipates low single-digit aggregates volume growth and mid-single-digit pricing gains for 2026, driven by sustained infrastructure investment and a recovery in residential construction [10][22] Strategic Initiatives - Martin Marietta is engaged in a portfolio-shaping transaction with Quickrete Holdings, expected to close in 2025, which will enhance its operational capacity and financial flexibility [8][9][20] - The company emphasizes a disciplined approach to capital allocation, maintaining a strong balance sheet while returning capital to shareholders through dividends and share repurchases [21][20] Safety and Operational Excellence - The company reported its best year-to-date safety performance in history, reflecting a commitment to operational excellence and safety standards [7][22]

Financial Data and Key Metrics Changes - The company achieved record performance in the third quarter, with revenues from continuing operations of $1.8 billion, a 12% increase year-over-year [7] - Adjusted EBITDA from continuing operations increased by 22% to $667 million, while consolidated adjusted EBITDA, including discontinued operations, rose by 15% to $743 million [8] - Earnings per diluted share from continuing operations were $5.97, a 23% increase, and total earnings per diluted share, including discontinued operations, were $6.85, a 16% increase [8] Business Line Data and Key Metrics Changes - Aggregates revenues reached $1.5 billion, a 17% increase, with gross profit up 21% to $531 million and gross margin expanding to 36% [6][16] - The specialties business reported record quarterly revenues of $131 million, a 60% increase, and gross profit increased by 20% to $34 million [6][17] - Revenues from the continuing operations building materials business, which includes aggregates, asphalt, and paving, increased by 10% to $1.7 billion, with gross profit rising 16% to $585 million [16] 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, reaching $128 billion for the 12-month period ending September 30, 2025 [10] - Heavy non-residential construction demand remains steady, driven by data center development and recovery in warehousing and distribution [12][13] - The National Association of Home Builders' Housing Market Index rose to its highest level since April, indicating improved builder confidence [14] Company Strategy and Development Direction - The company is focused on disciplined growth and operational excellence, with a strategic plan that includes maintaining world-class safety standards and delivering attractive price-cost spread economics [9][20] - The company is raising its full-year 2025 consolidated adjusted EBITDA guidance to $2.32 billion, driven by strong performance in the aggregates product line [8] - The company is positioned to benefit from ongoing infrastructure investments and anticipates low single-digit aggregates volume growth and mid-single-digit pricing gains in 2026 [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of product demand, supported by sustained federal and state investment in infrastructure [11] - The company expects continued resilience in its aggregates business, particularly from heavy non-residential demand and a recovery in residential construction [9][10] - Management noted that while affordability constraints are impacting residential construction, there are signs of normalization in mortgage rates, which could support future growth [14] Other Important Information - The company entered into a definitive agreement with Quikrete Holdings Inc. for an asset exchange, expected to close in Q4 2025, which will enhance its growth potential [9] - The company has a total liquidity of $1.1 billion as of September 30, providing flexibility for M&A opportunities [18] Q&A Session Summary Question: Balance of aggregate pricing and volumes - Management reported that pricing was up 8%, with organic pricing up 7.9%, and volumes were also up 8%, with organic volumes increasing by 5.5% [22][23] Question: Cost side expectations - Management indicated that cost performance was satisfactory and expected improvements in price-cost spread in Q4, with a projected cost per ton growth of around 2% [31][32] Question: Volume cadence and government shutdown impact - Management noted steady performance throughout the quarter and indicated that the business is resilient to government shutdowns, with state funding remaining strong [42][47] Question: Bookings and backlogs - Management highlighted strong bidding activity in heavy non-residential construction and infrastructure, with positive momentum expected into 2026 [51][52] Question: Pricing tool rollout - The Precise IQ pricing tool is expected to be fully rolled out by mid-2026, with anticipated benefits captured in the mid-single-digit pricing guidance [91][92] Question: Mid-year aggregates pricing outlook - Management expressed confidence in continued growth in public sector spending and heavy non-residential construction, which could positively impact mid-year pricing [99][100]

Financial Data and Key Metrics Changes - Martin Marietta achieved record performance in Q3 2025, with aggregates revenues of $1.5 billion, a 17% increase year-over-year [6] - Adjusted EBITDA from continuing operations rose 22% to $667 million, while total earnings per diluted share increased 16% to $6.85 [8][9] - The company raised its full-year 2025 consolidated Adjusted EBITDA guidance to $2.32 billion at the midpoint, driven by strong performance in core aggregates [9] Business Line Data and Key Metrics Changes - Aggregates gross profit increased 21% to $531 million, with gross margin expanding 142 basis points to 36% [6][16] - The specialties business reported record quarterly revenues of $131 million, a 60% increase, and gross profit of $34 million, a 20% increase [6][17] - Revenues from the continuing operations building materials business increased 10% to $1.7 billion, with gross profit rising 16% to $585 million [16] Market Data and Key Metrics Changes - The value of state and local government highway, bridge, and tunnel contract awards increased 10% year-over-year, reaching $128 billion for the 12-month period ended September 30, 2025 [10] - Heavy non-residential construction demand remains steady, particularly in data centers and warehousing, with Texas leading in hyperscaler activity [12][13] - The National Association of Home Builders' Housing Market Index rose to its highest level since April, indicating improved builder confidence [14] Company Strategy and Development Direction - The company is focused on disciplined growth and operational excellence, with the launch of SOAR 2030 aimed at enhancing its aggregates-led platform and specialties business [20] - Martin Marietta's strategic plan includes maintaining world-class safety standards and delivering attractive price-cost spread economics [9][20] - The company is committed to returning capital to shareholders, with a 5% increase in quarterly cash dividends approved [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of product demand, supported by sustained infrastructure investment and solid heavy non-residential demand [10][12] - The preliminary outlook for 2026 reflects low single-digit aggregates volume growth and mid-single-digit pricing gains, driven by ongoing infrastructure investments [9][10] - Management noted that while residential construction activity is currently constrained, there are signs of recovery expected in the latter half of 2026 [15][20] Other Important Information - The company entered into a definitive agreement with Quikrete Holdings Inc. for an asset exchange, expected to close in Q4 2025, which will enhance its operational focus [9] - The company reported the best year-to-date safety performance in its history, highlighting its commitment to safety and operational excellence [6] Q&A Session Summary Question: Balance of aggregate pricing and volumes - Management reported that pricing was up 8%, with organic pricing up 7.9%, and volumes were up 8%, with organic volumes up 5.5% [22][23] Question: Cost side expectations - Management indicated an expected improvement in price-cost spread, with Q4 cost performance implied at around 2% growth [31][32] Question: Volume cadence and government shutdown impact - Management noted steady performance throughout the quarter, with resilience against government shutdown impacts due to stable funding for infrastructure projects [42][47] Question: Bookings and backlogs - Management highlighted strong bidding activity in heavy non-residential construction and infrastructure, with positive momentum expected into 2026 [51][55] Question: Pricing tool rollout - The Precise IQ pricing tool is expected to be fully rolled out by mid-2026, with anticipated benefits captured in the mid-single-digit pricing guidance [91][92] Question: Mid-year aggregates pricing outlook - Management expressed confidence in mid-year pricing for 2026, contingent on volume growth and favorable market conditions [97][99]