Vulcan Materials Company (holding Company) · NYSE:VMC
Vulcan Materials Company (holding Company) — Q1 2026 Earnings Presentation
89 slides from Vulcan Materials Company (holding Company)'s earnings presentation, Apr 29, 2026
Slide 1: Winning the Future in Aggregates
Materials Company | Se the Future in Aggregates
Slide 2: Safe Harbor and Non-GAAP Financial Measures
Safe Harbor and Non-GAAP Financial Measures 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
Slide 3: Vulcan Materials Company
Vulcan vuican
Slide 4: Leading From a Position of Strength
Materials Company : a Ss ad Leading From a laee Position of Strength 4
Slide 5: Winning the Future in Aggregates
Winning the Future in Aggregates Vulcan vuican 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 comp
Slide 6: Focused on Aggregates From the Beginning
Focused on Aggregates From the Beginning 92% 89% 90% -O--0--O- 90% 20- -year a __] Materials Company Note: Percentages represent Aggregates share of reported gross profit. 6
Slide 7: Most Aggregates-Focused U.S. Public Company
Most Aggregates-Focused U.S. Public Company Revenue Adjusted EBITDA Total Debt / TTM Adjusted EBITDA Gaaln Cress Pret aggregates operations in 23 states aggregates shipped of permitted aggregates reserves (>70 years) Materials Company As of December 31, 2025. See Appendix for reconciliation of Non-G
Slide 8: Favorable Market Characteristics and High Barriers to Entry
Favorable Diverse end Limited product High barriers pricing market demand substitutions to entry characteristics Unit profitability more than doubled during /) 7) /) /) the last 10 years Wide logistical Flexible Raw material Opportunities moats production inputs largely for downstream capacity contr
Slide 9: Unique and Irreplaceable Asset Base
N . Other States Unique and 10% = sc CoN 60% of the population Irreplaceable Nm. ves within 60 miles ofa Vulean Asset Base AZ 5% | Diversified aggregates operation Revenue Mix ™ AL B 6% FL id 35 of top 50 VA 10% GA fastest growing markets. Most extensive and advantaged multi-modal distribution netwo
Slide 10: Experienced Leadership Team to Drive Continued Growth and Value Creation
Experienced Leadership Team to Drive Continued Growth and Value Creation Vulcan vulcan Ronnie Pruitt Chief Executive Officer Carlisle Chief Financial Officer Mitesh Shah Chief Human Resources Officer Jamie Polomsky Senior VP West Mary Andrews Jerry Perkins Chief Administrative Officer Brent Goodsell
Slide 11: Avoiding Accidents, Reduce Job Risks
Avoiding Reduce Accidents Job Risks Backward Forward Looking Looking Statistics Metrics Materials Company W
Slide 12: Our Strategic Approach to Driving Sustainable Value Creation
Our Strategic Approach to Driving Sustainable Value Creation Vulcan Way of Selling M&A Vulcan Way of Operating Greenfields Portfolio Vulcan Way of Talent Optimization Vulcan : ican
Slide 13: Vulcan Way of Selling and Operating
Vulcan Way of Selling Enhancing Our Core Through Our Strategic Disciplines Vulcan Way of Operating Commercial Excellence Logistics Innovation Operational Excellence Strategic Sourcing More time with customers; development of our people; accountability through improved technology; faster growth than
Slide 14: Strategic Disciplines Driving Cash Gross Profit per Ton
75% of tons utilize Process Intelligence capabilities >7,000 plant assets tracked for performance 100% daily labor scheduling 80% of addressable spend strategically managed Lv) Vv) Proprietary Price Tool VV) Enhanced Logistical Capabilities /) Digital Customer Portal S = 2 Robust Project =) Lead Man
Slide 15: Aggregates-Led M&A and Portfolio Optimization
Since 2022: Aggregates-Led M&A and Portfolio Optimization Has Further Enhanced Our Franchise $3B invested in acquisitions 7 greenfields added $1.5B in proceeds from divestments 15
Slide 16: Achieved Our Unit Profitability Target
237 235 227 Volume 220 7 ...and We Have Achieved 022 7003 Zz 7008 Our Unit Profitability Target Despite a Muted 51133 Demand Environment $9.46 *10-61 : $7.83 $11-12/ton CGP/ton 2008 ter Day reached 2022 2023 2024 2025 Vulcan Millions of tons. Aggregates Cash Gross Profit / Ton. See Appendix for reco
Slide 17: Delivered Best-in-Class Earnings Growth
...and Delivered Best-in-Class Earnings Growth “Aggregates Revenue EBITDA : EBITDA Price Growth Growth F Growth Margin +10% +3% +12% Vi VMC VMC MC +29.7% vMc +16% VMC +9% Peers +3% Peers +8% Peers +25.0% Peers +11% Peers Vulcon vuican Source: FactSet and company reports for 2022 to 2025. See Appendi
Slide 18: Catalysts for Winning the Future in Aggregates
Catalysts for Winning the Future in Aggregates Materials Company Innovation & Technology Improving Demand Environment = Graham Quarry | -.
Slide 19: Technology as a Strategic Multiplier
Technology as a Strategic Multiplier oO \ Vision Optimize our business by leveraging technology to build and sustain competitive advantages that align with our strategy 2022-2025 Establish IT Leadership Establish scalable foundation Quickly evaluate and adopt and Vision focused on people, process, n
Slide 20: Residential Fundamentals Support Eventual Recovery
Residential Fundamentals Support Eventual Recovery Ratio of Starts / Households Added 2.42 2.10 Actual housing starts have fallen short of 1.31 1.04 those necessary to 0.79 0.77 keep pace with household formations 2021 2022 2023 2024 2025 i Actual — Necessary Vulcan Ratio of housing starts divided b
Slide 21: Well-Positioned for Growth in Private Non-Residential
Well-Positioned for Growth in Private Non-Residential Data Centers * 70% of square footage planned or under construction in Vulcan markets * Upside from power generation requirements Warehouses * Bottomed and poised to grow again * Vulcan-served states account for more than 70% of contract awards Ma
Slide 22: Public Construction Momentum Advantage
Public Construction Momentum Advantage IIJA funding has resulted in record levels of highway construction activity... U.S. Highway Contract Awards ($B) $43 $43 $38 : : ; ; 2020 2021 2022 2023 2024 2025 mVMC States Other States U.S. +56% growth CAGR VMC States +10% vs Other States +7% Materials Compa
Slide 23: Public Construction Momentum Advantage
Public Construction Momentum Advantage lal N With only 50% of dollars spent, IIJA should provide healthy highway construction activity beyond 2026 Successor Bills Have Exceeded Prior Commitments 50% $350B 1 1 Federal IIJA $225 B 1 1 1 Highway Funds $82B . 50% —— 7 MAP-21 FAST Act IA Successor Bill =
Slide 24: Footprint Advantages Drive Better Growth Opportunities
Footprint Advantages Drive Better Growth Opportunities 0 \ Projected Demographic Growth, 2025 to 2035 (millions) Two-thirds = EW of public spending >70% of private awards 19.1 15.5 7.2 » 70% of data center square 4.9 6.4 ~ footage planned or under | 2.6 construction Population Growth Employment Grow
Slide 25: Our Strategic Approach to Driving Sustainable Value Creation
Our Strategic Approach to Driving Sustainable Value Creation Vulcan Way of Selling M&A Vulcan Way of Operating Greenfields Portfolio Vulcan Way of Talent Optimization Vulcan : ican
Slide 26: Enhancing Our Core: Vulcan Way of Selling
Enhancing Our Core VULCAN WAY OF SELLING Brent Goodsell Mitesh Shah Senior Vice President Chief Human Resources East Officer Materials Comy pany 26
Slide 27: The Vulcan Way of Selling, an Integrated Approach
The Vulcan Way of Selling, an Integrated Approach Materials Company Strong Industry Processes 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 r
Slide 28: Vulcan Way in Action
VW IN AGTION Becoming the supplier of choice starts with the Vulcan Way of Selling Materials Company 28
Slide 29: A More Strategic Approach
A More Strategic Approach The Right People in the Right Seats Data Market >58K Analytics Cd] e Intel customers >353K SEES transactions Pricing @ Support >80K projects quoted Transactional and Administrative (25% less than Tasks 3K tons) Vulcan 7 Materials Company
Slide 30: A Cultural Transformation
A Cultural Transformation oro" po Internal Sales oo Technology Performance Metrics Digital Tools: Price Tool Mobile Sales Platform Industry-leading Customer Portal External Sales Delivery Tracker Technology Sales Service Centers Enterprise-wide VWS Playbook Vulcon o Materials Company
Slide 31: An Innovative Approach
An Innovative Approach Technology Enhancements for Customers and Sales Teams ; woe Job Site Proprietary Mobile Digital Industry-leading Productivity Price Tool Sales Platform Customer Portal Tools Price Too! —— INTERNAL CUSTOMER FACING FACING Benefits/Advantages Benefits/Advantages * Quickly access
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 Materials Company 32
Slide 33: Vulcan Way of Selling Drives Industry-Leading Results
Vulcan Way of Selling Drives Industry-Leading Results >28K Customer users +10% Portal VMC >$2B in payments SUPERIOR Aggregates +9% PERFORMANCE) Price Growth Peers >14K Spending jobs followed up on Time Where +8% It Counts >38K Industry quotes turned into orders Materials Company Price growth from 20
Slide 34: Enhancing Our Core: Vulcan Way of Operating
Enhancing Our Core Jamie Polomsky Senior Vice President West VULCAN WAY OF OPERATING Mitesh Shah Chief Human Resources Officer ko
Slide 35: Vulcan Way of Operating Pillars
Utilize Develop Our Assets Our People Vulcan Way of Operating Pillars The most efficient, Talented employees Having the tech-enabled operations as a competitive advantage at the right time Materials Company
Slide 36: Foundation in Place for Continuous Improvement
Foundation in Place for Continuous Improvement VW0 Digital Transformation Journey Infrastructure at 100 plants 10% "high" utilization Pilot Process Intelligence System (PI) 022) © oat) Infrastructure at 113 plants fore) 20% “high” utilization Infrastructure deployment begins Infrastructure at 125 pl
Slide 37: Foundation in Place for Continuous Improvement
Foundation in Place for Continuous Improvement PROCESS + IntelligenceN/ + hea 90% utilizing Process Intelligence capabilities Process Intelligence plants with “high utilization” >7,000 11 Plant assets (e.g. crushers, Operations Support Centers conveyors, motors, pumps) to support success tagged and
Slide 38: Employee Development and Ownership Drives Continuous Process Improvement
Employee Development and Ownership Drives Continuous Process Improvement Materials Company (Multiple sites supported) Plant Manager and Supervisors L Behavior and } ) skill development Critical thinking Ability to interact with technology Self-driven, always looking for next opportunity for efficien
Slide 39: Hidden Performance...
Hidden Performance... "Automation" Automation - the Industry standard - leaves plant operators guessing at the plants’ true capabilities. Asa result, maximum throughput remains unknown. Ee Lo ] el ‘es oe sl co a a He ‘Sarwent Seren Seren ‘Seren | sew Materials Company 9
Slide 40: ...Made Visible With PI Dashboard
...Made Visible With Pl Dashboard 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. 40
Slide 41: Driving Plant Performance Through Process Intelligence
0 —~ AN 1 ~ lon \\V MAIN \\ \V i \ ie \V/ /O\}\ c UWIEWYIAU | Lr YS] Driving Plant Performance Through Process Intelligence
Slide 42: Optimizing Plant Productivity Is About Sustaining Improvements
Optimizing Plant Productivity Is About Sustaining Improvements 24 high utilization sites (2021-2025) Yield of sellable product Overtime Throughput 6 8S The right tons in fewer hours 42
Slide 43: Improving Productivity Helped Drive Strong Plant Production Cost Performance in 2025
Improving Productivity Helped Drive Strong Plant Production Cost Performance in 2025 YoY Change in Plant Production Costs 2.6% 0.9% VMC +1.1% All Pl Locations — No Pl Locations 43
Slide 44: Building the Quarry of the Future
Building the Quarry of the Future ...In the Pit ...[n the Plant 3D Imaging Other Technologies Currently Being Piloted Telematics Remote Control | Autonomous Vehicles Autonomous Drilling Se cess IntelligenceN/ + Vulcan .
Slide 45: Kingsport, TN: Autonomous Technology in Action
KINGSPORT, TH Autonomous Technology in Action
Slide 46: Vulcan Way of Operating Pillars
Utilize Develop Our Assets Our People Vulcan Way of Operating Pillars The most efficient, Talented employees Having the tech-enabled operations as a competitive advantage at the right time Materials Company
Slide 47: Enhancing Our Core: Vulcan Way of Talent
Enhancing Our Core Jamie Polomsky Senior Vice President West Brent Goodsell Senior Vice President East VULCAN WAY OF TALENT 41
Slide 48: The Vulcan Advantage Is Our People
The Vulcan Advantage Is Our People The best in the industry World-Class Training Vulcan University Ownership and accountability 48
Slide 49: Hire for Character, Train for Skill
Hire for Character, Train for Skill @ . Operations Selection P Stretch Trainees and epeas Process , . Capabilities Early Apprenticeships Drive, Curiosity, We Build Our Own Placement of High Team Player Performers Vulcan ;
Slide 50: World-Class Training — Vulcan University
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 Classes Completed Since 2022 Vulcan 0
Slide 51: A Culture of Performance — Building and Serving Leaders
A Culture of Performance — Building and Serving Leaders Leading Leaders Personal Accountability Building and Strategy and and Ownership Motivating Teams Innovation Vulcan Materials Company 51
Slide 52: One Language, One Culture
One Language, One Culture Enterprise consistency in behaviors and expectations allows for employee growth opportunities and seamless integration of acquisitions Materials Company 52
Slide 53: Employees, Customers and Shareholders Win
AMERICA’S COMPANIES = & MOST TO WORK FOR a BEST LARGE = aH ae EMPLOYERS 2026 Employees, Customers and Shareholders Win Uulca 33 Materials Company
Slide 54: There's More Every Day
THERE’S MORE 10 EVERY ‘(0°
Slide 55: Fireside Chat: Enhancing Our Core to Win the Future
Fireside Chat: Enhancing Our Core to Win the Future Ronnie Pruitt Chief Executive Officer Jamie Polomsky Vulcan Way of Selling M&A Senior Vice President, West Vulcan Way of Greenfield Brent Goodsell Operating reentields Senior Vice President, East Vulcan Way of Talent Portfolio Mitesh Shah Optimizat
Slide 56: BNE
BNE
Slide 57: Expanding Our Reach
P Vulcan Materials Company Expanding Our Reach Jerry Perkins Chief Administrative Officer
Slide 58: Our Strategic Approach to Expansion and Sustainable Value Creation
Our Strategic Approach to Expansion and Sustainable Value Creation Vulcan Way of Selling M&A 2 iS Vulcan Way of Operating > Greenfields A 2 mm Portfolio Optimization Vulcan Way of Talent 58 Materials Company
Slide 59: Expanding and Enhancing Our Portfolio
Expanding and Enhancing Our Portfolio Guiding Principles Drive Our Strategy Foundation in Aggregates Bolt-ons, New Right Market Structure Geographies, Swaps Disciplined and Programmatic Approach, Led Locally Greenfields Synergy Opportunities Quarries & Distribution Yards Portfolio Management Materia
Slide 60: Growth by Design, Not Chance
Growth by Design, Not Chance Relentless Focus Since 2022, Dedicated Team of acquisitions have been exclusive negotiations Industry reputation Strong culture is means buyer of choice attractive to sellers Materials Company
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Slide 62: The Journey to $1 Billion
The Journey to $1 Billion
Slide 63: Seventy-Year Commitment to Growth in Aggregates
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 Vulcan For clarity, the map does not include facilities in British Columbia, Bahamas and Mexico 63
Slide 64: Aggregates-Led Expansion of Our Franchise
Aggregates-Led Expansion of Our Franchise ka | 13 acquisitions including 36 aggregates operations in 7 of our top 10 revenue states 7 greenfields including 1 quarry and 6 sales yards Divestiture of 149 ready-mix operations*, 8 asphalt plants and 3 non-strategic aggregates locations Vulcan *Includes
Slide 65: Strategy in Action: Leading Aggregates Supplier in a New Market
Strategy in Action Leading Aggregates Supplier ina New Market Strategic Rationale Pure aggregates #1 supplier in Raleigh on day 1 Attractive growth market Leverage VWS and VWWO to capture synergies Private transaction Materials Company Legacy Vulcan operations are shown in blue. 65
Slide 66: Strategy in Action: Leading Aggregates Supplier in an Existing Market
Strategy in Action Leading Aggregates Supplier in an Existing Market Strategic Rationale Expanded our leading positions in aggregates and asphalt in San Diego Attractive growth market Optimize portfolio with strategic divestiture of concrete assets Private transaction Materials Company Legacy Vulcan
Slide 67: Ample Opportunity for Continued Growth
Ample Opportunity for Continued Growth U.S. Aggregates Market (~2.5B Tons Annually) Other Public Companies 24% Non-Public Companies vMc | $e 67% 9% ° perations are shown in blue. For clarity, the map does not include facilities in British Columbia, Bahamas and Mexico. Sources: Aggregates Industry da
Slide 68: Clear and Targeted Growth Priorities
Clear and Targeted Growth Priorities U.S. Aggregates Market (~2.5B Tons Annually) Identified Priority Targets 350M Tons Materials Company Vulcan operations are shown in blue. For clarity, the map does not include facilities in British Columbia, Bahamas and Mexico. Sources: Aggregates Industry data a
Slide 69: Healthy Pipeline of Attractive Greenfield Opportunities
Healthy Pipeline of Attractive Greenfield Opportunities 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 At
Slide 70: Strategy in Action: Greenfield Investment in High Growth Market
Strategy in Action Greenfield Investment in High Growth Market Greater Charleston and Myrtle Beach Market 2016 Modest footprint, 3 locations Projected future growth presented opportunity Commenced greenfield initiative to build our own network Charleston Materials Company Legacy Vulcan operations ar
Slide 71: Strategy in Action: Greenfield Investment in High Growth Market
Strategy in Action Greenfield Investment in High Growth Market Greater Charleston and Myrtle Beach Market Today Nine locations by end of 2026 Multi-modal network - rail (CSX & BN), water, and local sources Resilient supply chain, hard to replicate Market leader Materials Company Legacy Vulcan operat
Slide 72: Relentless Focus on Growth
Relentless Focus on Growth Guiding Principles Drive Our Strategy Foundation in Aggregates Right Market Structure Disciplined and Programmatic Approach, Led Locally Synergy Opportunities Portfolio Management 12 Materials Company
Slide 73: Raising the Bar
ee Vulcan N S JY Materials Company as CAT eae a Raising the Bar
Slide 74: Strategic Focus Drives Excellence in Execution
Strategic Focus Drives Excellence in Execution Operating Cash Flow ($ millions) 16% CAGR +13% EBITDA CAGR A) n th and +710 bps | marginiexpansion EBITDA margin expansion $1,813 to 29.3% $1,537 $1,410 $1,148 Disciplined capital allocation driving +220 bps EBITDA ROIC 2022 2023 2024 2025 Materials Com
Slide 75: Unit Profitability Growth and Disciplined Capital Management
Unit Profitability Growth and Disciplined Capital Management Driving Stronger Cash Generation , Disciplined Strong Free Cash Capital Allocation Flow Unit Profitability Working Capital Cash Gross Profit/Ton +45% Steady cash Consistent FCF doubled and conversion cycle maintenance capex FCF conversion
Slide 76: Disciplined and Balanced Capital Allocation Strategy
Disciplined and Balanced Capital Allocation Strategy Consistent Prio Capital Expenditures Acquisitions Capital Returns Materials Company ities Maintain and enhance the value of our franchise Investment examples: rolling & plant equipment, greenfields Expand our franchise Synergies through network ef
Slide 77: Operating Capital in Action: Fines Recovery System (TN)
Operating Capital in Action: Fines Recovery System (TN) Materials Company Investment ~$5M Benefits Include: Eliminating settling pond cleanup Recovering more sellable product Recycling 90% of water usage Reducing electricity consumption 1
Slide 78: Operating Capital in Action: Plant Rebuild (GA)
Operating Capital in Action: Plant Rebuild (GA) Materials Company Investment >$100M Benefits Include: Exposing additional reserves Increasing production rate Enhancing customer loadout Meeting growing customer demand 78
Slide 79: Capital Returns to Shareholders
Capital Returns to Shareholders Steadily Growing Dividend Agadioethg) Siere Total Capital Returns Repurchases $1.96 $1.12 $163M $1,064M Preceding 5 Years Preceding 5 Years (2018 - 2022) (2018 - 2022) 2018 2019 2020 2021 2022 2023 2024 2025 Vulcan s Materials Company
Slide 80: Net Debt to Adjusted EBITDA
1.8x Net Debt to Adjusted EBITDA Financial strength and flexibility @ to sustain and strengthen business operations 13.7 Debt amount and structure Years average @ appropriate to the asset base maturity and through the cycle (7) Capacity to fund growth and return capital 5.0% Weighted average interes
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Slide 83: Significant Earnings Growth Potential
Slide 84: Winning the Future With Industry-Leading Profitability
Slide 85: Q&A
Slide 86: EBITDA
EBITDA 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 provi
Slide 87: Aggregates Segment Cash Gross Profit
Aggregates Segment Cash Gross Profit 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 p
Slide 88: Return on Invested Capital
Return on Invested Capital 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 calculat
Slide 89: Net Debt to Adjusted EBITDA
Net Debt to Adjusted EBITDA 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 re
Vulcan Materials Company — Q1 2026 Earnings Presentation on 6ix