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Vulcan Materials Company — VMC 2026 Investor Day Presentation (company IR deck)
Vulcan Materials Company (VMC) · 0 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 — 1
1 Winning the Future in Aggregates March 12, 2026
Slide 2 — 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
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; 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
Slide 4 — Ronnie Pruitt
Ronnie Pruitt Chief Executive Officer Leading From a Position of Strength
Slide 5 — 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 6 — 92%
Note: Percentages represent Aggregates share of reported gross profit. Focused on Aggregates From the Beginning 92% 89% 90% 2005 2015 2025 90% 20-year average We decided what we wanted to do, and we concentrated on doing it better than anyone else.
Slide 7 — $2.3B
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 23 states 227M tons aggregates shipped $11.33/ton Cash Gross Profit 1.9x Total Debt / TTM Adjusted EBITDA $7.9B Revenue
Slide 8 — Favorable
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 9 — Most extensive and
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 AZ NC SC Other States Diversified Revenue Mix 22% 12% 11% 10% 8% 6% 5% 5% 6% 5% 10%
Slide 10 — Ronnie Pruitt
Experienced Leadership Team to Drive Continued Growth and Value Creation Ronnie Pruitt Chief Executive Officer Mary Andrews Carlisle Chief Financial Officer Jerry Perkins Chief Administrative Officer Mitesh Shah Chief Human Resources Officer Jamie Polomsky Senior VP West Brent Goodsell Senior VP East Krzysztof Soltan Chief Information Officer
Slide 11 — Accidents
Safety Excellence is About Proactive Engagement Avoiding Accidents Reduce Job Risks Backward Looking Statistics Forward Looking Metrics
Slide 12 — Optimization
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 13 — of Selling
Enhancing Our Core Through Our Strategic Disciplines Vulcan Way of Selling Commercial Excellence Logistics Innovation More time with customers; development of our people; accountability through improved technology; faster growth than the industry Vulcan Way of Operating Operational Excellence Strategic Sourcing Safety and health of our people; improved customer service; greater production efficiency
Slide 14 — +45%
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 utilize 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 15 — $3B invested in acquisitions
$3B invested in acquisitions $1.5B in proceeds from divestments Since 2022: Aggregates - Led M&A and Portfolio Optimization Has Further Enhanced Our Franchise Note: Divestment proceeds includes the pending divestiture of the Company's California ready-mixed concrete business. 7 greenfields added
Slide 16 — Volume
$11-12/ton target from 2022 Investor Day reached ...and We Have Achieved Our Unit Profitability Target Despite a Muted Demand Environment Millions of tons. Aggregates Cash Gross Profit / Ton. See Appendix for reconciliation of Non-GAAP financial measures. Volume 237 235 220 227 2022 2023 2024 2025 CGP/ton $7.83 $9.46 $10.61 $11.33 2022 2023 2024 2025
Slide 17 — +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 18 — Innovation &
Catalysts for Winning the Future in Aggregates Innovation & Technology Improving Demand Environment Advantaged Footprint
Slide 19 — competitive advantages that align with our strategy
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 20 — those necessary to
2.10 0.79 2.42 0.77 1.04 2021 2022 2023 2024 2025 Ratio of Starts / Households Added 1.31 Ratio of housing starts divided by households added; Sources: F.W. Dodge starts, Woods & Poole, Company estimates and Harvard Joint Center for Housing Studies projection 2025-2035 recommended ratio of 1.31. Residential Fundamentals Support Eventual Recovery Actual housing starts have fallen short of those necessary to keep pace with household formations Actual Necessary
Slide 21 — Data Centers
Well -Positioned for Growth in Private Non -Residential Data Centers • 70% of square footage planned or under construction in Vulcan markets • Upside from power generation requirements Manufacturing • Reshoring focus continues to be a catalyst • Vulcan states account for more than 60% of contract awards Energy • Energy is a priority of current administration • Comprehensive distribution network to serve energy projects along Gulf Coast Warehouses • Bottomed and poised to grow again • Vulcan-served states account for more than 70% of contract awards Commercial & Institutional • 60% of construction activity in our markets • Growth of 3-5% expected over the next 5 years
Slide 22 — of highway construction activity...
$56 $53 $67 $72 $80 $92 $28 $30 $38 $43 $43 $39 2020 2021 2022 2023 2024 2025 VMC States Other States U.S. Highway Contract Awards ($B) Public Construction Momentum Advantage IIJA funding has resulted in record levels of highway construction activity... ...as well as significantly boosted other public infrastructure U.S. +56% growth CAGR VMC States +10% vs Other States +7% $44 $51 $58 $64 $80 $93 $24 $25 $32 $32 $39 $36 2020 2021 2022 2023 2024 2025 VMC States Other States U.S. Other Public Infrastructure Contract Awards ($B) U.S. +92% growth CAGR VMC States +16% vs Other States +9%
Slide 23 — 50%
$82 B $225 B $350 B MAP-21 (2013-2014) FAST Act (2016-2020) IIJA (2022-2026) Successor Bill Expectations Public Construction Momentum Advantage Successor Bills Have Exceeded Prior Commitments With only 50% of dollars spent, IIJA should provide healthy highway construction activity beyond 2026 Spent Remaining Federal IIJA Highway Funds 50% 50% Remaining Spent
Slide 24 — Projected Demographic Growth, 2025 to 2035
Footprint Advantages Drive Better Growth Opportunities Projected Demographic Growth, 2025 to 2035 (millions) 15.5 19.1 7.2 4.9 6.4 2.6 Population Growth Employment Growth Household Growth Vulcan States Non-Vulcan States Two-thirds of public spending >70% of private awards 70% of data center square footage planned or under construction Large project advantage Source: Woods & Poole Economics, Dodge Construction starts and Company estimates.
Slide 25 — Optimization
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 26 — Senior Vice President
Enhancing Our Core VULCAN WAY OF OPERATING Brent Goodsell Senior Vice President East VULCAN WAY OF SELLING Jamie Polomsky Senior Vice President West VULCAN WAY OF TALENT Mitesh Shah Chief Human Resources Officer
Slide 27 — Foundational
The Vulcan Way of Selling, an Integrated Approach Strong Industry Reputation, Experienced, Responsive Began in 2017, redesigned processes with a focus on: Spending more time where it counts – in front of customers, Planning to win - by selling the whole market, Nailing the sale - by making better informed real-time decisions 2022 & Beyond new digital capabilities: Digital Sales Platform Enhanced Customer Portal Proprietary Price Tool Digital Delivery Technology People Foundational Processes Digital Tools & Innovation
Slide 28 — Becoming the supplier of choice starts with the Vulcan Way of Selling
Becoming the supplier of choice starts with the Vulcan Way of Selling
Slide 29 — >58K
A More Strategic Approach Sales Rep Customers >58K customers >353K transactions >80K projects quoted (25% less than 3K tons) Transactional and Administrative Tasks Market Intel Pricing Support Job Leads Data Analytics Sales Service Center The Right People in the Right Seats
Slide 30 — VWS Playbook
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
Slide 31 — 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
Slide 32 — Becoming the supplier of choice starts with the Vulcan Way of Selling
Becoming the supplier of choice starts with the Vulcan Way of Selling
Slide 33 — +9%
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 Price growth from 2022 to 2025.
Slide 34 — West
Enhancing Our Core VULCAN WAY OF SELLING Jamie Polomsky Senior Vice President West VULCAN WAY OF OPERATING Brent Goodsell Senior Vice President East VULCAN WAY OF TALENT Mitesh Shah Chief Human Resources Officer
Slide 35 — Utilize
Vulcan Way of Operating Pillars Outcome: Outcome: Outcome: Utilize Our Assets Develop Our People Win Our Customers The most efficient, tech-enabled operations Talented employees as a competitive advantage Having the right product at the right time
Slide 36 — 2021
Infrastructure at 100 plants 10% "high" utilization Foundation in Place for Continuous ImprovementVWO Digital Transformation Journey Pilot Process Intelligence System (PI) Infrastructure deployment begins Infrastructure at 113 plants Infrastructure at 125 plants Operator Support Center pilot 20% “high” utilization 2019 2021 2022 2023 2024 Today
Slide 37 — 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
Slide 38 — looking for next
Employee Development and Ownership Drives Continuous Process Improvement Behavior and skill development Critical thinking Ability to interact with technology Self-driven, always looking for next opportunity for efficiency Plant Operator Operations Support Center (Multiple sites supported) Live interface and automated reporting accessible to everyone Plant Manager and Supervisors
Slide 39 — throughput
Hidden Performance... Automation - the Industry standard - leaves plant operators guessing at the plants' true capabilities. As a result, maximum throughput remains unknown. "Automation"
Slide 40 — Dashboards of real-
Dashboards of real- time performance allow plant operators to make adjustments and minimize inefficiencies. This real-time connectivity is shared between the plant operator, managers and Operation Support Centers, offering feedback and support. ...Made Visible With PI Dashboard
Slide 41
Slide 42 — (550
24 high utilization sites (2021-2025) Optimizing Plant Productivity Is About Sustaining Improvements Overtime (550 bps) Yield of sellable product +130 bps Throughput 11%
Slide 43 — VMC
Improving Productivity Helped Drive Strong Plant Production Cost Performance in 2025 0.9% 2.6% VMC +1.1% All PI Locations No PI Locations YoY Change in Plant Production Costs
Slide 44 — …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
Slide 45
Slide 46 — Utilize
Vulcan Way of Operating Pillars Outcome: Outcome: Outcome: Utilize Our Assets Develop Our People Win Our Customers The most efficient, tech-enabled operations Talented employees as a competitive advantage Having the right product at the right time
Slide 47 — Senior Vice President
Enhancing Our Core VULCAN WAY OF OPERATING Brent Goodsell Senior Vice President East VULCAN WAY OF SELLING Jamie Polomsky Senior Vice President West VULCAN WAY OF TALENT Mitesh Shah Chief Human Resources Officer
Slide 48 — Exceptional
The Vulcan Advantage Is Our People The best in the industry Vulcan University Ownership and accountability Exceptional Talent World-Class Training Culture of Performance
Slide 49 — Process
Hire for Character, Train for Skill Drive, Curiosity, Team Player Selection Process Operations Trainees and Apprenticeships We Build Our Own Stretch Capabilities Early Placement of High Performers
Slide 50 — • Operator Support Centers
World -Class Training – Vulcan University • Digital, mobile-friendly technical training library • Operator Support Centers driving behavior and skill development • Dedicated field trainers for critical skills 43,000 Classes Completed Since 2022
Slide 51 — and Ownership
A Culture of Performance – Building and Serving Leaders Leading Self Leading Others Leading Leaders Personal Accountability and Ownership Building and Motivating Teams Strategy and Innovation
Slide 52 — Enterprise consistency in behaviors and expectations allows for employee
One Language, One Culture Enterprise consistency in behaviors and expectations allows for employee growth opportunities and seamless integration of acquisitions
Slide 53 — Employees, Customers and Shareholders Win
Employees, Customers and Shareholders Win
Slide 54
Slide 55 — Jamie Polomsky
Fireside Chat: Enhancing Our Core to Win the Future Vulcan Way of Selling Vulcan Way of Operating Vulcan Way of Talent M&A Greenfields Portfolio Optimization Expand Our Reach Enhance Our Core Ronnie Pruitt Chief Executive Officer Jamie Polomsky Senior Vice President, West Brent Goodsell Senior Vice President, East Mitesh Shah Chief Human Resources Officer Krzysztof Soltan Chief Information Officer
Slide 56
Slide 57 — Jerry Perkins
Jerry Perkins Chief Administrative Officer Expanding Our Reach
Slide 58 — Vulcan Way of Selling
Vulcan Way of Selling Vulcan Way of Operating Vulcan Way of Talent Our Strategic Approach to Expansion and Sustainable Value Creation M&A Greenfields Portfolio Optimization Expand Our Reach Enhance Our Core
Slide 59 — Guiding Principles Drive Our Strategy
Guiding Principles Drive Our Strategy Expanding and Enhancing Our Portfolio Greenfields Quarries & Distribution Yards M&A Bolt-ons, New Geographies, Swaps 01 02 03 04 05 Foundation in Aggregates Right Market Structure Disciplined and Programmatic Approach, Led Locally Synergy Opportunities Portfolio Management
Slide 60 — >80%
Growth by Design, Not Chance Our Approach to Growth Relentless Focus High Touch Dedicated Team Industry reputation means buyer of choice Strong culture is attractive to sellers Since 2022, >80% of acquisitions have been exclusive negotiations
Slide 61 — 1957
M&A Is in Our DNA 1957 51 aggregates operations $91M revenues
Slide 62 — 1991
The Journey to $1 Billion 1991 179 aggregates operations $1B revenues For clarity, the map does not include facility in Mexico
Slide 63 — 2025
Seventy -Year Commitment to Growth in Aggregates 2025 425 aggregates operations $8B revenues Nation's largest aggregates producer with coast-to-coast footprint that can't be replicated For clarity, the map does not include facilities in British Columbia, Bahamas and Mexico
Slide 64 — Since 2022
*Includes California ready-mix business expected to close in 2Q 2026. 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
Slide 65 — Strategic Rationale
Leading Aggregates Supplier in a New Market Strategy in Action Pure aggregates #1 supplier in Raleigh on day 1 Attractive growth market Leverage VWS and VWO to capture synergies Private transaction Strategic Rationale Raleigh Legacy Vulcan operations are shown in blue.
Slide 66 — Strategic Rationale
Leading Aggregates Supplier in an Existing Market Strategy in Action Expanded our leading positions in aggregates and asphalt in San Diego Attractive growth market Optimize portfolio with strategic divestiture of concrete assets Private transaction Strategic Rationale San Diego Legacy Vulcan operations are shown in blue.
Slide 67 — U.S. Aggregates Market
Vulcan operations are shown in blue. 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%
Slide 68 — U.S. Aggregates Market
Vulcan operations are shown in blue. For clarity, the map does not include facilities in British Columbia, Bahamas and Mexico. Sources: Aggregates Industry data and Company estimates. Clear and Targeted Growth Priorities U.S. Aggregates Market (~2.5B Tons Annually) 350M Tons Identified Priority Targets
Slide 69 — Timing of investment is controllable
Healthy Pipeline of Attractive Greenfield Opportunities Current Areas of Greenfield Exploration 17 attractive projects underway • 5 in build-out phases • 12 in permitting phase • Many more in exploratory phase • Mix of quarries and sales yards in existing and new markets Additional searches underway Timing of investment is controllable Attractive return profile within first 3 years after opening
Slide 70 — 2016
Greenfield Investment in High Growth Market Strategy in Action Greater Charleston and Myrtle Beach Market 2016 Modest footprint, 3 locations Commenced greenfield initiative to build our own network Projected future growth presented opportunity Myrtle Beach Charleston Legacy Vulcan operations are shown in blue.
Slide 71 — Greater Charleston and
Greenfield Investment in High Growth Market Strategy in Action Myrtle Beach Charleston Nine locations by end of 2026 Resilient supply chain, hard to replicate Greater Charleston and Myrtle Beach Market Today Market leader Multi-modal network – rail (CSX & BN), water, and local sources aggregates operations added since 2016 6 Legacy Vulcan operations are shown in blue.
Slide 72 — Guiding Principles Drive Our Strategy
Guiding Principles Drive Our Strategy Relentless Focus on Growth 01 02 03 04 05 Foundation in Aggregates Right Market Structure Disciplined and Programmatic Approach, Led Locally Synergy Opportunities Portfolio Management
Slide 73 — Mary Andrews Carlisle
Mary Andrews Carlisle Chief Financial Officer Raising the Bar
Slide 74 — +220 bps EBITDA ROIC
Results for 2022 to 2025 unless noted otherwise. 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 75 — Capital Allocation
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 $11.33 2022 2025 Cash Gross Profit/Ton +45% +13% CAGR Steady cash conversion cycle (in days) Consistent maintenance capex (as % of Revenues) FCF doubled and FCF conversion increased ($M) 93% – 105% 2022 2023 2024 2025 6.2%
Slide 76 — Disciplined Approach
$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 77 — Investment ~$5M
Operating Capital in Action: Fines Recovery System (TN) Investment ~$5M Benefits Include: Eliminating settling pond cleanup Recovering more sellable product Recycling 90% of water usage Reducing electricity consumption
Slide 78 — Investment >$100M
Operating Capital in Action: Plant Rebuild (GA) Investment >$100M Benefits Include: Exposing additional reserves Increasing production rate Enhancing customer loadout Meeting growing customer demand
Slide 79 — $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 80 — 5.0%
Strong Financial Position Supports Future Growth 13.7 Years average maturity 1.8x Net Debt to Adjusted EBITDA 5.0% Weighted average interest rate Financial strength and flexibility to sustain and strengthen business operations Debt amount and structure appropriate to the asset base and through the cycle Capacity to fund growth and return capital As of December 31, 2025 | See Appendix for reconciliation of Non-GAAP financial measures.
Slide 81 — 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 $11-12 $11.33 0 5 10 15 20 2017 2018 2019 2020 2021 2022 2023 2024 2025 2022 Target at 260–270M tons 5% CAGR 13% CAGR See Appendix for reconciliation of Non-GAAP financial measures.
Slide 82 — At 260-270M tons
Winning the Future With Industry - Leading Profitability 227M tons See Appendix for reconciliation of Non-GAAP financial measures. $20 At 260-270M tons AggregatesCash Gross Profit / Ton
Slide 83 — Volume
Significant Earnings Growth Potential CGP/ton HSD to LDD Growth Key Assumptions EBITDA ($ billions) Volume LSD Growth Downstream Products MSD Growth SG&A Less than revenue growth $2.3 $2.5 2025 2026 2028 Organic Growth Acquisitions provide upside At Target $20/ton $4.5 - $5.0 2X Note: 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. 2026 Midpoint of Guidance
Slide 84 — with clear competitive advantages
Winning the Future in Aggregates Industry leader with clear competitive advantages Proven strategy that drives best-in-class financial performance and opportunities to grow Leveraging technology and talent to continue winning in aggregates Ample growth opportunities to enhance our compounding organic growth Financial strength and flexibility to support value-creating capital allocation
Slide 85 — We decided what we wanted to
Q&A Winning the Future in Aggregates We decided what we wanted to do, and we concentrated on doing it better than anyone else. 227M tons $20 AggregatesCash Gross Profit / Ton
Slide 86 — EBITDA
Non -GAAP Reconciliation EBITDA EBITDA YTD YTD YTD YTD Projection (dollars in millions) Q4 2025 Q4 2024 Q4 2023 Q4 2022 2026 Net earnings attributable to Vulcan 1,076.7 $ 911.9 $ 933.2 $ 575.6 $ 1,220 $ Income tax expense, including discontinued operations 305.9 248.8 295.6 186.5 355 Interest expense, net 226.3 170.3 179.6 168.4 225 Depreciation, depletion, accretion and amortization 748.5 632.2 617.0 587.5 700 EBITDA 2,357.4 $ 1,963.2 $ 2,025.4 $ 1,517.9 $ 2,500 $ 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
Slide 87 — Aggregates Segment Cash Gross Profit
Non -GAAP Reconciliation 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 88 — Return on Invested Capital
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.
Slide 89 — Net Debt to Adjusted EBITDA
Non -GAAP Reconciliation 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.