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Vulcan Materials Company — VMC 3Q 2026 Supplemental Information (company IR deck)
Vulcan Materials Company (VMC) · 0 slides · Filed Oct 29, 2026
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Slide 1 — 3Q 2026
Winning the Future in Aggregates 3Q 2026 Supplemental Information October 29, 2026
Slide 2 — United States, Israel and Iran; the increasing reliance on information technology infrastructure, including the risks that the infrastructure does not work as intended, experiences technical
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 measures), dividend policy, shipment volumes, pricing, levels of capital expenditures, intended cost reductions and cost savings, anticipated profit improvements and/or planned divestitures and asset sales. These forward-looking statements are sometimes identified by the use of terms and phrases such as "believe," "should," "would," "expect," "project," "estimate," "anticipate," "intend," "plan," "will," "can," "may" or similar expressions elsewhere in this document. These statements are subject to numerous risks, uncertainties, and assumptions, including but not limited to general business conditions, competitive factors, pricing, energy costs, and other risks and uncertainties discussed in the reports Vulcan periodically files with the SEC. Forward-looking statements are not guarantees of future performance and actual results, developments, and business decisions may vary significantly from those expressed in or implied by the forward-looking statements. The following risks related to Vulcan's business, among others, could cause actual results to differ materially from those described in the forward-looking statements: general economic and business conditions; Vulcan’s dependence on the construction industry, which is subject to economic cycles; the timing and amount of federal, state and local funding for infrastructure; changes in the level of spending for private residential and private nonresidential construction; changes in Vulcan’s effective tax rate; domestic and global political, economic or diplomatic developments, including the military conflict in the Middle East involving the United States, Israel and Iran; the increasing reliance on information technology infrastructure, including the risks that the infrastructure does not work as intended, experiences technical difficulties or is subjected to cyber-attacks; the impact of the state of the global economy on Vulcan’s businesses and financial condition and access to capital markets; international business operations and relationships, including actions taken by the Mexican government with respect to Vulcan’s property and operations in that country; the highly competitive nature of the construction industry; a pandemic, epidemic or other public health emergency; the impact of future regulatory or legislative actions, including those relating to climate change, biodiversity, land use, wetlands, greenhouse gas emissions, the definition of minerals, tax policy and domestic and international trade; the outcome of pending legal proceedings; pricing of Vulcan's products; weather and other natural phenomena, including the impact of climate change and availability of water; availability and cost of trucks, railcars, barges and ships, as well as their licensed operators, for transport of Vulcan’s materials; energy costs; costs of hydrocarbon-based raw materials; healthcare costs; labor relations, shortages and constraints; the amount of long-term debt and interest expense incurred by Vulcan; changes in interest rates; volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans; the impact of environmental cleanup costs and other liabilities relating to existing and/or divested businesses; Vulcan's ability to secure and permit aggregates reserves in strategically located areas; Vulcan’s ability to identify, close and successfully integrate acquisitions; the effect of changes in tax laws, guidance and interpretations; significant downturn in the construction industry may result in the impairment of goodwill or long-lived assets; changes in technologies, which could disrupt the way Vulcan does business and how Vulcan’s products are distributed; the risks of open pit and underground mining; expectations relating to sustainability considerations; claims that our products do not meet regulatory requirements or contractual specifications; and other assumptions, risks and uncertainties detailed from time to time in the reports filed by Vulcan with the SEC. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement. Vulcan disclaims and does not undertake any obligation to update or revise any forward- looking statement in this document except as required by law. This presentation contains certain non-GAAP financial measures, which are defined in the Appendix. Management believes such non-GAAP financial measures may be useful to investors by providing helpful context in understanding the company’s performance. Our non-GAAP financial measures may not be comparable to similarly named or captioned non-GAAP financial measures of other companies. Reconciliations of non-GAAP financial measures to the closest GAAP financial measures are also provided in the Appendix. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results. Safe Harbor and Non -GAAP Financial Measures
Slide 3 — 32.3%
* See Appendix for reconciliation of Non-GAAP financial measures. 3Q Results Demonstrate Resilience of Pure -Play Aggregates Business Solid execution and portfolio management 32.3% +20 bps Adjusted EBITDA Margin* Pricing environment remains healthy with growth widespread $22.84 +$0.83 / ton Aggregates Freight-Adjusted Price Continued focus on leveraging overhead cost structure $137M (6%) Selling, Administrative & General $11.95 +$0.11 / ton Aggregates Cash Gross Profit / ton* Vulcan Way of Selling and Vulcan Way of Operating underpin continued expansion in unit profitability
Slide 4 — $1,808M
* See Appendix for reconciliation of Non-GAAP financial measures. Year - to -Date Results Driven by Execution in Aggregates Disciplined operational execution overcame ~$80M of energy-related inflation $1,808M 29.7% Adjusted EBITDA & EBITDA Margin* Compounding aggregates results Volume +1% Mix-Adj. Price +5% Unit Cash Cost +6%* $11.68 +$0.16 / ton Aggregates Cash Gross Profit / ton* Revenue growth driven by volume and price improvement in aggregates $6,096M +1% Total Revenues $414M (3%) Selling, Administrative & General Continued focus on leveraging overhead cost structure
Slide 5 — $1,514M
* See Appendix for reconciliation of Non-GAAP financial measures. Trailing-twelve months ended September 30, 2026. Financial Position andCapital Allocation $1,514M Net Cash Provided by Operating Activities 2.0x Total Debt / Trailing-Twelve Months Adjusted EBITDA* 15.9% Return on Invested Capital* $1,150M Returned capital to shareholders through repurchases of common stock $733M Invested in maintenance and growth projects, including greenfields $267M Returned capital to shareholders through dividends $296M Invested in strategic aggregates acquisitions
Slide 6 — • Expect a continuation of the current demand
Outlook • Aggregates shipments are up 1 percent through the third quarter, and full year shipments should reflect similar year-over-year growth • Pricing discipline and cost performance driving growth in aggregates cash gross profit per ton • Adjusted EBITDA of approximately $2.4 billion*, representing 3 percent growth versus the prior year • Expect a continuation of the current demand environment and further expansion in aggregates cash gross profit per ton • Pricing environment remains healthy with expectations of mid- to high- single digit growth through execution of the Vulcan Way of Selling • Costs will benefit from the Vulcan Way of Operating Commercial & Operational Discipline Drive 2026 Earnings Growth Execution & Portfolio Management Set the Stage for Continued Growth in 2027 * See Appendix for reconciliation of Non-GAAP financial measures.
Slide 7 — $2.3B
Most Aggregates -Focused U.S. Public Company $2.3B Adjusted EBITDA* 425 aggregates operations in 24 states 228M tons aggregates shipped $11.45/ton Aggregates Cash Gross Profit* 2.0x Total Debt / TTM Adjusted EBITDA* $8.0B Total Revenues * See Appendix for reconciliation of Non-GAAP financial measures. Figures are trailing-twelve months ended September 30, 2026.
Slide 8 — 60% of the population
60% of the population lives within 60 miles of a Vulcan aggregates operation 35 of top 50 fastest growing markets Most extensive and advantaged multi-modal distribution network 90% of revenue from markets with #1 or #2 aggregates position Unique and Irreplaceable Asset Base CA TX GA TN VA FL AL NC AZ SC Other States Diversified Revenue Mix 17% 13% 12% 11% 9% 6% 6% 6% 5% 5% 10% * Revenue mix for 2025 excluding California ready-mix divestiture closed 2Q 2026. *
Slide 9 — Winning the Future in Aggregates
Winning the Future in Aggregates Industry leader with clear competitive advantages 01 Proven strategy that drives best-in-class financial performance and opportunities to grow 02 Leveraging technology and talent to continue winning in aggregates 03 Ample growth opportunities to enhance our compounding organic growth 04 Financial strength and flexibility to support value-creating capital allocation 05
Slide 10 — Contact: [email protected]
Appendix Contact: [email protected]
Slide 11 — EBITDA
Non -GAAP Reconciliation EBITDA EBITDA QTD QTD YTD YTD TTM (dollars in millions) Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Net earnings attributable to Vulcan 362.3 $ 374.9 $ 851.2 $ 824.7 $ 1,103.1 $ Income tax expense, including discontinued operations 106.7 111.9 233.9 235.9 303.9 Interest expense, net of interest income 51.4 55.3 160.0 174.2 212.2 Depreciation, depletion, accretion and amortization 181.2 191.4 529.0 563.2 714.3 EBITDA 701.5 $ 733.5 $ 1,774.1 $ 1,798.0 $ 2,333.5 $ Loss on discontinued operations 1.6 1.6 1.3 5.7 1.7 (Gain) loss on sale of real estate and businesses, net 0.5 - 13.7 - (28.7) Charges associated with divested operations 2.3 - 8.8 - 9.4 Acquisition related charges 0.8 0.1 1.2 1.9 1.3 CEO transition and reorganization charges - - 8.6 - 8.6 Adjusted EBITDA 706.7 $ 735.2 $ 1,807.8 $ 1,805.6 $ 2,325.8 $ Total revenues 2,184.6 $ 2,291.5 $ 6,096.3 $ 6,028.5 $ Adjusted EBITDA Margin 32.3% 32.1% 29.7% 30.0% EBITDA is an acronym for "Earnings Before Interest, Taxes, Depreciation and Amortization". Generally Accepted Accounting Principles (GAAP) does not define EBITDA and it should not be considered as an alternative to earnings measures defined by GAAP. We adjust EBITDA for certain items to provide a more consistent comparison of earnings performance from period to period. We use this metric to assess the operating performance of our business and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. Aggregates Segment Cash Gross Profit and Cash Cost of Sales Cash Gross Profit QTD QTD YTD YTD TTM (in millions, except per ton data) Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Gross profit 593.4 $ 612.1 $ 1,561.1 $ 1,529.0 $ 1,996.9 $ DDA&A 156.1 153.6 454.7 448.2 610.0 Aggregates segment cash gross profit 749.5 $ 765.7 $ 2,015.8 $ 1,977.2 $ 2,606.9 $ Units shipments - tons 62.7 64.7 172.6 171.7 227.6 Aggregates segment gross profit per ton 9.46 $ 9.46 $ 9.05 $ 8.91 $ 8.77 $ Aggregates segment freight-adjusted sales price 22.84 $ 22.01 $ 22.87 $ 22.05 $ 22.61 $ Aggregates segment cash gross profit per ton 11.95 $ 11.84 $ 11.68 $ 11.52 $ 11.45 $ Aggregates freight-adjusted cash cost of sales per ton 10.89 $ 10.17 $ 11.19 $ 10.53 $ 11.16 $ Aggregates segment cash gross profit adds back noncash charges for depreciation, depletion, accretion and amortization (DDA&A) to Aggregates segment gross profit. Aggregates segment cash gross profit per ton is computed by dividing Aggregates segment cash gross profit by tons shipped. Aggregates segment cash cost of sales per ton is computed by subtracting cash gross profit per ton from the freight-adjusted sales price for aggregates. We present these non-GAAP metrics as we believe they closely correlate to long-term shareholder value and we and the investment community use these metrics to assess the operating performance of our business. Return on Invested Capital Return on Invested Capital TTM TTM (dollars in millions) Q3 2026 Q3 2025 Adjusted EBITDA 2,325.8 $ 2,355.7 $ Average invested capital Property, plant & equipment 8,358.5 $ 7,995.7 $ Goodwill 3,792.7 3,744.9 Other intangible assets 1,483.4 1,626.3 Fixed and intangible assets 13,634.6 $ 13,366.8 $ Current assets 2,036.4 $ 2,166.1 $ Cash and cash equivalents (197.9) (354.9) Current tax (29.8) (30.7) Adjusted current assets 1,808.7 1,780.5 Current liabilities (1,115.6) (1,026.9) Current maturities of long-term debt 160.2 80.5 Short-term debt 102.4 110.0 Adjusted current liabilities (853.1) (836.4) Adjusted net working capital 955.6 $ 944.1 $ Average invested capital 14,590.2 $ 14,310.9 $ Return on invested capital 15.9% 16.5% We define "Return on Invested Capital" (ROIC) as Adjusted EBITDA for the trailing-twelve months divided by average invested capital (as illustrated below) during the trailing 5-quarters. Our calculation of ROIC is considered a non-GAAP financial measure because we calculate ROIC using the non- GAAP metric EBITDA. We believe that our ROIC metric is meaningful because it helps investors assess how effectively we are deploying our assets. Although ROIC is a standard financial metric, numerous methods exist for calculating a company's ROIC. As a result, the method we use to calculate our ROIC may differ from the methods used by other companies. Net Debt to Adjusted EBITDA Net Debt to Adjusted EBITDA (dollars in millions) Q3 2026 Q3 2025 Current maturities of long-term debt 400.0 $ 0.4 $ Short-term debt 315.0 - Long-term debt 3,965.6 4,360.4 Total debt 4,680.6 $ 4,360.8 $ Cash, cash equivalents, restricted cash (172.4) (195.2) Net debt 4,508.2 $ 4,165.6 $ Trailing-Twelve Months (TTM) Adjusted EBITDA 2,325.8 $ 2,355.7 $ Total debt to TTM Adjusted EBITDA 2.0 x 1.9 x Net debt to TTM Adjusted EBITDA 1.9 x 1.8 x Net Debt to Adjusted EBITDA is not a GAAP measure and should not be considered as an alternative to metrics defined by GAAP. We, the investment community and credit rating agencies use this metric to assess our leverage. Net debt subtracts cash and cash equivalents and restricted cash from total debt.