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Vulcan Materials Company — Vulcan Investor Presentation Sep 2026 (company IR deck)
Vulcan Materials Company (VMC) · 28 slides · Filed Oct 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All VMC deck slides
Slide 1 — Investor Presentation | June 2026
Investor Presentation | June 2026 Winning the Future in Aggregates
Slide 2 — Leading from a Position of Strength
Leading from a Position of Strength 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 3 — 16.6B tons
As of December 31, 2025. See Appendix for reconciliation of Non-GAAP financial measures. Most Aggregates -Focused U.S. Public Company 16.6B tons of permitted aggregates reserves (>70 years) $2.3B Adjusted EBITDA 425 aggregates operations in 24 states 227M tons aggregates shipped $11.33/ton Cash Gross Profit 1.9x Total Debt / TTM Adjusted EBITDA $7.9B Revenue
Slide 4 — 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 5 — capacity
Being Aggregates -Focused Means Strong Fundamentals and Lower Risk Through a Cycle Favorable pricing characteristics Diverse end market demand Limited product substitutions High barriers to entry Unit profitability more than doubled during the last 10 years Wide logistical moats Flexible production capacity Raw material inputs largely controlled Opportunities for downstream products in select markets
Slide 6 — Aggregates used in virtually all forms of construction
Diverse End Market Demand Aggregates used in virtually all forms of construction Residential Non-Residential Other Infrastructure Highways Private Funding Single family Multi-family Cyclical Demand Private/Public Funding Warehouses, Manufacturing, Data Centers, Energy, Retail, Offices Schools, Healthcare, Government, Buildings Public Funding Airports, Sewer and Wastewater, Water Supply, Dams Stable Demand Public Funding Federal State/Local
Slide 7 — Optimize our business by leveraging technology to build and sustain
Technology as a Strategic Multiplier Optimize our business by leveraging technology to build and sustain competitive advantages that align with our strategy Vision SAFETY AND CYBERSECURITY Establish IT Leadership and Vision Establish scalable foundation focused on people, process, and technology Quickly evaluate and adopt new capabilities to further accelerate margin improvement 2022 2022-2025 Future
Slide 8 — Aggregates Cash Gross Profit / Ton
Our Strategic Disciplines Have Driven Attractive Growth… Aggregates Cash Gross Profit / Ton $6.01 $6.32 $6.74 $7.11 $7.43 $7.83 $9.46 $10.61 $11.33 2017 2018 2019 2020 2021 2022 2023 2024 2025 5% CAGR 13% CAGR See Appendix for reconciliation of Non-GAAP financial measures.
Slide 9 — +10%
Source: FactSet and company reports for 2022 to 2025. See Appendix for reconciliation of Non-GAAP financial measures. Aggregates Price Growth +10% VMC +9% Peers Revenue Growth +3% VMC +3% Peers EBITDA Growth +12% VMC +8% Peers EBITDA Margin +29.7% VMC +25.0% Peers Cash Generation +16% VMC +11% Peers …and Delivered Best - In - Class Earnings Growth
Slide 10 — Vulcan Way of Operating
Vulcan Way of Selling Vulcan Way of Operating Vulcan Way of Talent M&A Greenfields Portfolio Optimization Expand Our Reach Enhance Our Core Our Strategic Approach to Driving Sustainable Value Creation
Slide 11 — +45%
As of December 31, 2025. See Appendix for reconciliation of Non-GAAP financial measures. Since 2022: Enhancements to Our Strategic Disciplines Have Driven Continued Organic Profitability Improvement 75% of tons are utilizing Process Intelligence capabilities Robust Project Lead Management System VWO Achievements VWS Achievements >7,000 plant assets tracked for performance 100% daily labor scheduling 80% of addressable spend strategically managed Proprietary Price Tool Enhanced Logistical Capabilities Digital Customer Portal Aggregates Cash Gross Profit / Ton +45%
Slide 12 — Vulcan Way of Selling
A Cultural Transformation VWS Playbook Sales Service Centers Enterprise-wide Performance Metrics Internal Sales Technology External Sales Technology Digital Tools: Price Tool Mobile Sales Platform Industry-leading Customer Portal Delivery Tracker Vulcan Way of Selling
Slide 13 — Technology Enhancements for Customers and Sales Teams
An Innovative Approach • Quickly access data to inform pricing for quoted work • Prioritize and manage sales activities on the go Benefits/Advantages Benefits/Advantages • Customers can view tickets and invoices, request quotes, and place orders • Real-time monitoring of delivery rates and schedules • Easily reorder materials as needed Proprietary Price Tool Mobile Digital Sales Platform Industry-leading Customer Portal Job Site Productivity Tools INTERNAL FACING CUSTOMER FACING Technology Enhancements for Customers and Sales Teams Vulcan Way of Selling
Slide 14 — >$2B
Price growth from 2022 to 2025. Industry is defined as Aggregates PPI as published by BSL. Vulcan Way of Selling Drives Industry -Leading Results SUPERIOR PERFORMANCE Customer Portal Spending Time Where It Counts >28K users >$2B in payments >38K quotes turned into orders >14K jobs followed up on Aggregates Price Growth +10% VMC +9% Peers +8% Industry Vulcan Way of Selling
Slide 15 — 75%
Foundation in Place for Continuous Improvement 75% Tons produced utilizing Process Intelligence capabilities >7,000 Plant assets (e.g. crushers, conveyors, motors, pumps) tagged and tracked for analysis of downtime drivers 90% Process Intelligence plants with “high utilization” 11 Operations Support Centers to support success Vulcan Way of Operating
Slide 16 — Overtime
Optimizing Plant Productivity Is About Sustaining Improvements Overtime (550 bps) Yield of sellable product +130 bps Throughput 11% Vulcan Way of Operating Analysis of initial 24 high utilization sites (2021-2025).
Slide 17 — …In the Pit
Building the Quarry of the Future …In the Pit …In the Plant 3D Imaging Autonomous Drilling Other Technologies Currently Being Piloted Remote Control Telematics Autonomous Vehicles Vulcan Way of Operating
Slide 18 — Since 2022
For clarity, the map does not include facilities in British Columbia, Bahamas and Mexico. Aggregates -Led Expansion of Our Franchise Since 2022 Divestiture of 149 ready-mix operations, 8 asphalt plants and 3 non-strategic aggregates locations 7 greenfields including 1 quarry and 6 sales yards 13 acquisitions including 36 aggregates operations in 7 of our top 10 revenue states Expanding Our Reach
Slide 19 — U.S. Aggregates Market
For clarity, the map does not include facilities in British Columbia, Bahamas and Mexico. Sources: Aggregates Industry data and Company estimates. Ample Opportunity for Continued Growth U.S. Aggregates Market (~2.5B Tons Annually) 24% Other Public Companies 67% Non-Public Companies VMC 9% Expanding Our Reach 350M Tons Identified Priority Targets
Slide 20 — +220 bps EBITDA ROIC
Results for 2022 to 2025. EBITDA references above are for adjusted EBITDA. See Appendix for reconciliation of Non-GAAP financial measures. Strategic Focus Drives Excellence in Execution Double-digit earnings growth and margin expansion Disciplined capital allocation driving higher returns +220 bps EBITDA ROIC +13% EBITDA CAGR +710 bps EBITDA margin expansion to 29.3% $1,148 $1,537 $1,410 $1,813 2022 2023 2024 2025 Operating Cash Flow ($ millions) 16% CAGR
Slide 21 — Unit Profitability
See Appendix for reconciliation of Non-GAAP financial measures. Unit Profitability Growth and Disciplined Capital Management Driving Stronger Cash Generation Unit Profitability Working Capital Disciplined Capital Allocation Strong Free Cash Flow 57 58 2022 2025 $536 $1,135 2022 2025 $7.83 $11.33 2022 2025 Cash Gross Profit/Ton +45% +13% CAGR Steady cash conversion cycle (in days) Consistent maintenance capex (as % of Revenues) FCF doubled and FCF conversion increased ($millions) 93% – 105% 2022 2023 2024 2025 6.2%
Slide 22 — Provides More Capital to Deploy
$1.2 $2.0 X X Disciplined and Balanced Capital Allocation Strategy 18% 24% 42% 39% 40% 37% x x Disciplined Approach Consistent Priorities Preceding 5 Years (2018 – 2022) Last 3 Years (2023 – 2025) Increased Cash Generation Provides More Capital to Deploy Preceding 5 Years (2018 – 2022) Last 3 Years (2023 – 2025) Average Annual Capital Deployed ($ billions) • Maintain and enhance the value of our franchise • Investment examples: rolling & plant equipment, greenfields • Expand our franchise • Synergies through network effects and strategic disciplines • Enhance shareholders’ return on investment • Steadily growing dividend and share repurchases Capital Expenditures Acquisitions Capital Returns
Slide 23 — $163M
Capital Returns to Shareholders $1.12 $1.96 2018 2019 2020 2021 2022 2023 2024 2025 Steadily Growing Dividend Accelerating Share Repurchases $163M Preceding 5 Years (2018 – 2022) $707M Last 3 Years (2023 - 2025) Total Capital Returns $1,064M Preceding 5 Years (2018 – 2022) $1,440M Last 3 Years (2023 - 2025)
Slide 24 — Target
Winning the Future With Industry - Leading Profitability 227M tons $20 At 260-270M tons AggregatesCash Gross Profit / Ton Target
Slide 25 — SG&A
Significant Earnings Growth Potential CGP/ton HSD to LDD Growth Key Assumptions EBITDA ($ billions) Volume LSD Growth Downstream Products MSD Growth SG&A Less than revenue growth 2025 Organic Growth Acquisitions provide upside At Target $20/ton $4.5 - $5.0 2X Low Single Digits (LSD), Mid-Single Digits (MSD), High Single Digits (HSD) and Low Double Digits (LDD) | See Appendix for reconciliation of Non-GAAP financial measures. $2.3
Slide 26 — CONTACT:
CONTACT: Mark Warren Vice President, Investor Relations [email protected] (205) 298-3220
Slide 27 — EBITDA
Non -GAAP Reconciliation EBITDA EBITDA YTD YTD YTD YTD (dollars in millions) Q4 2025 Q4 2024 Q4 2023 Q4 2022 Net earnings attributable to Vulcan 1,076.7 $ 911.9 $ 933.2 $ 575.6 $ Income tax expense, including discontinued operations 305.9 248.8 295.6 186.5 Interest expense, net 226.3 170.3 179.6 168.4 Depreciation, depletion, accretion and amortization 748.5 632.2 617.0 587.5 EBITDA 2,357.4 $ 1,963.2 $ 2,025.4 $ 1,517.9 $ Loss on discontinued operations 6.1 10.2 14.7 25.2 Gain on sale of real estate and businesses, net (42.4) (36.7) (67.1) (6.1) Charges associated with divested operations 0.6 17.7 7.9 3.8 Acquisition related charges 2.0 16.3 2.1 17.1 Loss on impairments - 86.6 28.3 67.8 Adjusted EBITDA 2,323.6 $ 2,057.2 $ 2,011.3 $ 1,625.6 $ Total revenues 7,941.1 $ 7,417.7 $ 7,781.9 $ 7,315.2 $ Adjusted EBITDA Margin 29.3% 27.7% 25.8% 22.2% 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 Aggregates Cash Gross Profit YTD YTD YTD YTD YTD (in millions, except per ton data) Q4 2025 Q4 2024 Q4 2023 Q4 2022 Q4 2021 Gross profit 1,964.8 $ 1,816.7 $ 1,736.8 $ 1,411.1 $ 1,297.9 $ DDA&A 603.5 515.7 482.3 441.3 360.6 Segment cash gross profit 2,568.3 $ 2,332.4 $ 2,219.1 $ 1,852.4 $ 1,658.5 $ Unit shipments - tons 226.8 219.9 234.6 236.6 223.1 Segment gross profit per ton 8.66 $ 8.26 $ 7.40 $ 5.96 $ 5.82 $ Segment cash gross profit per ton 11.33 $ 10.61 $ 9.46 $ 7.83 $ 7.43 $ Aggregates Cash Gross Profit YTD YTD YTD YTD (in millions, except per ton data) Q4 2020 Q4 2019 Q4 2018 Q4 2017 Gross profit 1,162.1 $ 1,149.7 $ 994.6 $ 857.0 $ DDA&A 321.3 305.3 281.9 245.8 Segment cash gross profit 1,483.4 $ 1,455.0 $ 1,276.5 $ 1,102.8 $ Unit shipments - tons 208.6 215.8 201.7 183.5 Segment gross profit per ton 5.57 $ 5.33 $ 4.93 $ 4.67 $ Segment cash gross profit per ton 7.11 $ 6.74 $ 6.33 $ 6.01 $ 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.
Slide 28 — Free Cash Flow
Non -GAAP Reconciliation Return on Invested Capital Return on Invested Capital TTM TTM TTM TTM (dollars in millions) Q4 2025 Q4 2024 Q4 2023 Q4 2022 Adjusted EBITDA 2,323.6 $ 2,057.2 $ 2,011.3 $ 1,625.6 $ Average invested capital Property, plant & equipment 8,401.8 $ 6,743.6 $ 6,106.3 $ 5,810.4 $ Goodwill 3,811.1 3,567.6 3,626.5 3,708.5 Other intangible assets 1,669.2 1,506.4 1,593.4 1,737.5 Fixed and intangible assets 13,882.2 $ 11,817.6 $ 11,326.2 $ 11,256.4 $ Current assets 2,096.7 $ 2,177.5 $ 2,192.9 $ 1,898.8 $ Cash and cash equivalents (305.9) (479.2) (352.8) (161.3) Current tax (29.8) (37.2) (32.7) (47.2) Adjusted current assets 1,761.2 1,661.1 1,807.4 1,690.3 Current liabilities (1,058.7) (860.7) (833.7) (1,002.1) Current maturities of long-term debt 80.5 80.5 0.5 2.1 Short-term debt 110.0 19.0 20.0 137.6 Adjusted current liabilities (868.3) (761.2) (813.2) (862.4) Adjusted net working capital 892.9 $ 899.9 $ 994.2 $ 827.9 $ Average invested capital 14,775.0 $ 12,717.5 $ 12,320.4 $ 12,084.3 $ Return on invested capital 15.7% 16.2% 16.3% 13.5% 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) Q4 2025 Q4 2024 Current maturities of long-term debt 0.4 $ 400.5 $ Long-term debt 4,361.7 4,906.9 Total debt 4,362.1 $ 5,307.4 $ Cash and cash equivalents and restricted cash (189.4) (600.8) Net debt 4,172.7 $ 4,706.6 $ Trailing-Twelve Months (TTM) Adjusted EBITDA 2,323.6 $ 2,057.2 $ Total debt to TTM Adjusted EBITDA 1.9 x 2.6 x Net debt to TTM Adjusted EBITDA 1.8 x 2.3 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. Free Cash Flow Free Cash Flow YTD YTD (dollars in millions) Q4 2025 Q4 2022 Operating cash flows 1,813.0 $ 1,148.2 $ Purchases of property, plant & equipment (677.7) (612.6) Free cash flow 1,135.3 $ 535.6 $ Net earnings attributable to Vulcan 1,076.7 $ 575.6 $ Conversion rate of net earnings to free cash flow 105% 93% Free cash flow is a Non-GAAP measure and should not be considered as an alternative to metrics defined by GAAP. Free cash flow is useful to us and our investors in understanding how existing cash from operations is utilized as a source for sustaining our current capital plan and future development growth.