Martin Marietta Materials, Inc. · NYSE:MLM
Martin Marietta Materials — Investor Day (September 2025)
74 slides from Martin Marietta Materials's investor day presentation, Sep 3, 2025
Slide 1: Capital Markets Day September 3, 2025
Capital Markets Day September 3, 2025
Slide 2: Welcome and Opening Remarks
Welcome and Opening Remarks 2025 Capital Markets Day 2 Jacklyn Rooker VP, Investor Relations BENSON QUARRY ‖ BENSON, NORTH CAROLINA
Slide 3: Statement Regarding Safe Harbor for Forward-Looking Statements
Statement Regarding Safe Harbor for Forward-Looking Statements Investors are cautioned that all statements herein that relate to the future involve risks and uncertainties and are based on assumptions that the Company believes in good faith are reasonable but which may be materially different from a
Slide 4: Today's Agenda
2025 Capital Markets Day 4 Today’s Agenda 9:00 a.m. Welcome and Opening Remarks JACKLYN ROOKER | VP, Investor Relations Compounding Returns on a Rock-Solid Foundation WARD NYE | Chair, President and Chief Executive Officer Codifying Martin Operating System to Further Drive Organic Growth WARD NYE |
Slide 5: Compounding Returns on a Rock-Solid Foundation
Compounding Returns on a Rock-Solid Foundation 2025 Capital Markets Day 5 Ward Nye Chair, President and Chief Executive Officer LEMON SPRINGS QUARRY ‖ SANFORD, NORTH CAROLINA
Slide 6: Key Messages
2025 Capital Markets Day 6 Key Messages Industry-leading aggregates unit profitability growth enabled by disciplined pricing and operational excellence 2 Proven track record of executing Strategic Operating Analysis and Review (SOAR) strategy to deliver strong financial results and significant share
Slide 7: Martin Marietta at a Glance
2025 Capital Markets Day 7 1 Reflects market cap as of August 26, 2025. 2 Reflects number of aggregates quarries, mines, and yards and employees as of August 26, 2025. 3 Revenues and Adjusted EBITDA reflect the mid-point of our 2025 guidance as of August 7, 2025. 4 Non-GAAP measure, see Appendix for
Slide 8: Broad North American Footprint with Significant Whitespace for Expansion
Broad North American Footprint with Significant Whitespace for Expansion 2025 Capital Markets Day 8 Coast-to-Coast Aggregates Footprint with ComplementarySpecialties Businesses in Growing Markets Aggregates >85 Years of Reserves based on 2024production levels #1 or #2 in 90% of existing markets with
Slide 9: Value Proposition of Building Materials Supply Chain
Value Proposition of Building Materials Supply Chain 9 2025 Capital Markets Day 9 1 The asset exchange with Quikrete Holdings, inc. announced August 4, 2025, is not yet closed and remains subject to regulatory approvals and customary closing conditions. Downstream Products 5% Asphalt Ready Mixed Con
Slide 10: Strategically Positioned in Higher-Growth Markets
2025 Capital Markets Day 10 Source: S&P Global; company data. Strategically Positioned in Higher-Growth Markets Diverse End Market Exposure Aligned with Growing U.S. States West Southwest East Central TX 30% CA 7% NC 10% CO 9% GA 6% MN 4% AZ 4% FL 4% IA 3% IN 3% SC 4% OH 1% NE 2% MD 2% AL 1% MO 1% O
Slide 11: Industry-Leading Aggregates Unit Profitability Growth Driven By Pricing and Operational Excellence
2025 Capital Markets Day 11 Note: Implied Cash Cost of Sales Per Ton defined as Aggregates Average Selling Price less Aggregates Gross Profit per Ton less DD&A. Note: Selling price is established locally at the point of sale and is subject to competitive and other factors at each locality. ASP incre
Slide 12: Experienced Leadership with Best-in-Class Teams
2025 Capital Markets Day 12 Experienced Leadership with Best-in-Class Teams Delivering on Commitments to Stakeholders Right People, Right Culture, and Right Incentives for Accelerated Growth Oliver Brooks East Division President Kirk Light Southwest Division President Bill Podrazik Central Division
Slide 13: Steadfast Commitment to Our Core Values
2025 Capital Markets Day 13 Steadfast Commitment to Our Core Values is the Cornerstone of Our Future Success Safety Culture is Core toEverything We Do CORE VALUES INTEGRITY Doing the right thing by adhering to our core values and ethical business principles EXCELLENCE Being a role model through resp
Slide 14: Leading the Industry in Safety Performance
2025 Capital Markets Day 14 Leading the Industry in Safety Performance Industry-Leading Safety Performance Metrics throughout SOAR 2025 1 Represents a sampling of other suppliers that self-reported safety data. Data sourced from MSHA database, company ESG, proxy and peer review reports. Rates per 20
Slide 15: SOAR: Proven Playbook for Scalable Growth
2025 Capital Markets Day 15 SOAR: Proven Playbook for Scalable Growth Committed to Disciplined Market Expansion through M&A Inorganic Growth Portfolio Optimization Organic Growth Commercial Excellence OperationalExcellence Asset Swaps /Divestitures Residual Land Value Growth Capital Investments New
Slide 16: SOAR Execution Since 2010
16 SOAR Execution Since 2010 Inception 2025 Capital Markets Day 16 2010 131 Million Aggregates Shipment Tons $1.8 Billion Consolidated Revenues $375 Million Adjusted EBITDA1 Note: 2025 Guidance Midpoint reflects the mid-point of our 2025 guidance as of August 7, 2025. 1 Non-GAAP measure, see Appendi
Slide 17: SOAR Provides Proven Track Record of Compounding Financial Performance
2025 Capital Markets Day 17 SOAR Provides Proven Track Record of Compounding Financial Performance… $0.4B $0.8B $1.4B $2.3B $2.10 $4.29 $11.54 $18.87 21% 21% 29% 33% $1.8B $3.5B $4.7B $7.0B ~10% CAGR Revenues ~13% CAGR Adj. EBITDA +1,200 bps Adj. EBITDA Margin ~16% CAGR Diluted EPS 1 2025G reflects
Slide 18: Delivering Total Shareholder Returns in Excess of Key Indices
2025 Capital Markets Day 18 Source: FactSet. 1 Total Shareholder Return from December 31, 2010 – August 26, 2025. 2 Total Shareholder Return as of August 26, 2025. …While Delivering Total Shareholder Returns (TSR) In Excess of Key Indices Outperformed S&P Materials by 149% pts 10-year TSR2 Outperfor
Slide 19: Charted Course to Become Pure Aggregates Market Leader
~35M Tons Annual High-Margin Aggregates Production in Targeted Geographies 19 Charted Course to Become Pure Aggregates Market Leader Over a Decade Ago Acquired in 2014 Vertically integrated Texas heavyside materials leader 18M tons of annual aggregates production Leading cement producer in Texas Com
Slide 20: Delivered on SOAR 2025 Objectives from 2021 Capital Markets Day
Inorganic New Market Expansion Organic Growth Highlights Current Footprint SOAR 2025 Target Market1 2025 Capital Markets Day 20 Delivered on SOAR 2025 Objectives from 2021 Capital Markets Day Price / Cost Spread Executed Against Organic and Inorganic Targets West Southwest East Central Growth Capex
Slide 21: Transformed Business for Next Phase of Compounding Growth
2025 Capital Markets Day 21 Transformed Business for Next Phase of Compounding Growth Gross Profit Product Mix SOAR 2025 Financial Results Increasing Contribution from the Aggregates Product Line 2020 2025G 2020 GrossProfit 2025 Gross Profit Guide $4.7BRevenues $7.0BRevenues 8.1% CAGR $1.4BAdjusted
Slide 22: Investment Highlights
Investment Highlights 2025 Capital Markets Day 22 MEDINA ROCK AND RAIL ‖ MEDINA COUNTY, TEXAS
Slide 23: Sustainable Competitive Advantages Driving Compounded Earnings Growth
2025 Capital Markets Day 23 Sustainable Competitive Advantages Driving Compounded Earnings Growth Durable and Resilient Organic Earnings Profile 1 From 2020 – 2025G; Note: 2025G reflects the mid-point of our 2025 guidance as of August 7, 2025. Earnings Growth through Cycles +64% EPS during SOAR 2025
Slide 24: Our Resilient, Aggregates-Led Business Model
2025 Capital Markets Day 24 Our Resilient, Aggregates-Led Business Model Is a Key Driver of Company Growth Drivers of Aggregates Value 5% CAGR in CGPPT from 2000 - 2020 Diminishing Natural Resource Limited Substitute Products Capital and Permitting Requirements Flexible Cost Structure 4% CAGRin ASP
Slide 25: Streamlined Business Model and Flexible Cost Structure
2025 Capital Markets Day 25 Streamlined Business Model and Flexible Cost Structure Driving a Leaner, More Agile Organization Note: EBITDA / Employee and SG&A % of Revenues reflect 2024 figures. EBITDA / Employee SG&A % of Revenues
Slide 26: Complementary Specialties Division Drives Differentiation and Higher Margins
2025 Capital Markets Day 26 Complementary Specialties Division Drives Differentiation and Higher Margins Drivers of Complementary Specialties Gross Margin (2024) Growth Opportunities Specialty quarries R&D efforts Attractive Margin Profile Growth Platform Optionality End Market Diversification Aggre
Slide 27: Organic Growth Engine Supported by M&A Upside
2025 Capital Markets Day 27 Organic Growth Engine Supported by M&A Upside Robust and Active M&A Pipeline in a Fragmented Industry Total Addressable Market (TAM) 2.7B1 Annual US Production2 67% privately held aggregates production 33% publicly held aggregates production SOAR Priority Targets~12% of T
Slide 28: Underappreciated Land Residual Value
2025 Capital Markets Day 28 Underappreciated Land Residual Value Capitalizing on Significant Value of Quarries through Entire Lifecycle of Asset Monetizing Non-Operating Real Estate Own >170,000 acres of land near growing metropolitan areas Reclaimed locations possess significant residual value Pote
Slide 29: Attractive Long-Term Secular Demand Trends
Attractive Long-Term Secular Demand Trends 2025 Capital Markets Day 29 LEMON SPRINGS QUARRY ‖ SANFORD, NORTH CAROLINA
Slide 30: Diversified End Market Exposure Enhances Durability
Single-family and multi-family development Residential ~23% of 2024 Shipments1 Private Funding 20% Expected Overall Growth in Single Family Housing Starts (‘25–’29)2 2025 Capital Markets Day 30 Schools, healthcare and municipal facilities Data centers, warehouses, energy, manufacturing, light commer
Slide 31: IIJA Provides Stable, Healthy Tail of Infrastructure Spend
2025 Capital Markets Day 31 IIJA Provides Stable, Healthy Tail of Infrastructure Spend Generational Investment Provides Growing Base Level Trend for Aggregates Shipments $350B Total Highway & Bridge Funds Between2022 – 2026 ~29% of Total IIJA $1.2TIIJA Funding Authorized in Nov 2021 IIJA Set New Ben
Slide 32: Uniquely Positioned to Capitalize on Significant Opportunities
2025 Capital Markets Day 32 For Review Source: ARTBA, NSSGA, White House, State DOTs. 1 Based on 2024-2025 budget data. Uniquely Positioned to Capitalize on Significant Opportunities Strategically Positioned in Geographies that Benefit from Healthy Infrastructure Investment West Southwest East Centr
Slide 33: Single-Family Housing Starts Drive Peaks-and-Troughs in Aggregates Demand
2025 Capital Markets Day 33 Source: U.S. Census Bureau, U.S. Geological Survey. 1 U.S. Single-Family Housing Starts data through July 2025. U.S. aggregates 2025 volume annualized using Q1 2025 data and 2024 quarterly weightings. 2 https://zillow.mediaroom.com/2025-07-09-US-housing-deficit-grew-to-4-
Slide 34: Single-Family Development Creates Positive Tailwinds for Community Buildout
2025 Capital Markets Day 34 Single-Family Development Creates Positive Tailwinds for Community Buildout Single-Family Development Is 2x to 3x More Aggregates Intensive Than Multi-Family Development Curbs, sewers and gutters in new residential development New access roads, interchanges and lane widen
Slide 35: Key Takeaways
2025 Capital Markets Day 35 Key Takeaways Industry-leading unit profitability growth 2 Proven track record of executing SOAR strategy 3 Significant whitespace and clear M&A targets 4 Leading supplier of aggregates 1 Strategically located in higher-growth markets 5
Slide 36: Codifying Martin Operating System to Further Drive Organic Growth
2025 Capital Markets Day 36 Codifying Martin Operating System to Further Drive Organic Growth NORTH BRIDGEPORT QUARRY ‖ WISE COUNTY, TEXAS Ward Nye Chair, President and Chief Executive Officer
Slide 37: Key Messages
2025 Capital Markets Day 37 Key Messages Leveraging predictive data and analytics to accelerate business optimization and drive value 2 Continuing to deliver industry-leading unit profitability growthand further drive price / cost spread with SOAR 2030 3 Codifying Martin Operating System for greater
Slide 38: SOAR 2030 Priorities Have Not Changed
2025 Capital Markets Day 38 SOAR 2030 Priorities Have Not Changed …Enhanced by Disciplined Inorganic Growth Strong Organic Growth Remains the Foundation of Our Success… Commercial Excellence Operational Excellence Strategic M&A Synergy Realization
Slide 39: SOAR 2030 Priorities: Strong Organic Growth Remains the Foundation
2025 Capital Markets Day 39 SOAR 2030 Priorities Have Not Changed Strong Organic Growth Remains the Foundation of Our Success… Precision Pricing | Customer Experience Cost Management | Strategic Procurement Commercial Excellence Operational Excellence
Slide 40: Alignment Between Commercial Excellence and Operational Excellence
250 bps SOAR 2030 PRICE / COST SPREAD GOAL Alignment Between Commercial Excellence and Operational Excellence Driving Price / Cost Spread OPERATIONALEXCELLENCE Precision Pricing Customer Experience SOAR 2030 Organic Growth: Codifying Our Martin Operating System (MOS) Strategic Procurement Cost Manag
Slide 41: Ecosystem Enables Real-Time Price / Cost Management
Revenue optimization (Price / Volume) Flexing variable cost with demand Real-time bid pricing Real-time inventory visibility Customer experience Sales Operations 2025 Capital Markets Day 41 Ecosystem Enables Real-Time Price / Cost Management Via Alignment of Sales and Production Utilizing Data and A
Slide 42: PrecisIQ Pricing Tool: Driving Organic Growth through Precision Pricing
recision P r e c i s I Q eal-time ngine for ustomer nformation & trategic ntelligent uoting 2025 Capital Markets Day 42 PrecisIQ Pricing Tool: Driving Organic Growth through Precision Pricing Capture Significant Value through Data-Informed Price Guidance and Enhanced Sales Pipeline Tracking CUSTOMER
Slide 43: Focusing On What's Within Our Control to Unlock Value
2025 Capital Markets Day 43 Focusing On What’s Within Our Control to Unlock Value Cost Flexing No aggregates operations that produce 24/7 Near-term changes in demand: Flex crews and overtime Longer-term changes in demand: Utilize scale benefits of quarry networks Cost Management Fleet Plant Automati
Slide 44: Aggregates District Unit Profitability
2025 Capital Markets Day 44 Aggregates District Unit Profitability Note: Reflects 2024 operations data. Significant Opportunity Remains to Grow the Top… 2024 Cash Gross Profit Per Ton …and Improve the Tail Martin Marietta Aggregates Districts Consolidated Average $9.74
Slide 45: Continued Best-in-Class Unit Profitability Growth
2025 Capital Markets Day 45 Continued Best-in-Class Unit Profitability Growth Pricing Discipline and Operational Excellence Drive Sustainable Unit Profitability Growth Value-added Selling Precision Bid Pricing Leadership M&A Cost Management Strategic Procurement District Normalization Inventory Mana
Slide 46: Key Takeaways
2025 Capital Markets Day 46 Key Takeaways Key Takeaways Continuing to deliver industry-leading unit profitability growth and further drive price / cost spread with SOAR 2030 Leveraging predictive data and analytics to accelerate business optimization and drive value Codifying Martin Operating System
Slide 47: Fireside Chat: Accelerating Commercial and Operational Excellence
Fireside Chat: Accelerating Commercial and Operational Excellence 2025 Capital Markets Day 47 BENSON QUARRY ‖ BENSON, NORTH CAROLINA
Slide 48: Fireside Chat: Moderator and Panelists
2025 Capital Markets Day 48 Fireside Chat: Accelerating Commercial and Operational Excellence Ward Nye Chair, President and Chief Executive Officer Joined MLM: 2006 Oliver Brooks President, East Division 2013 Kirk Light President, Southwest Division 2019 Bill Podrazik President, Central Division 200
Slide 49: Break
BREAK 2025 Capital Markets Day 49 CLAYTON AGGREGATES ‖ CONCORD, CALIFORNIA
Slide 50: Capital Allocation and M&A Execution Drive Long-Term Value Creation
Capital Allocation and M&A Execution Drive Long-Term Value Creation 2025 Capital Markets Day 50 Michael Petro SVP and Chief Financial Officer JONES MILL QUARRY ‖ HOT SPRING COUNTY, ARKANSAS
Slide 51: Key Messages
2025 Capital Markets Day 51 Key Messages Utilizing strategic M&A to amplify organic growth, expand into key markets, and compound long-term shareholder value 2 Leveraging proven playbook to ensure seamless integration and execution, cultural alignment, and significant value creation 3 Executing bala
Slide 52: Balanced Approach to Capital Allocation
2025 Capital Markets Day 52 Balanced Approach to Capital Allocation Consistent Go-Forward Priorities SOAR 2025 Uses of Capital1 1 From January 1, 2021 – June 30, 2025. $11.5B M&A Share Repurchases Capex Dividends M&A Disciplined M&A execution Synergy realization Organic Investment Sustaining and gro
Slide 53: SOAR 2030 Priorities: Disciplined Inorganic Growth
2025 Capital Markets Day 53 SOAR 2030 Priorities Have Not Changed …Enhanced by Disciplined Inorganic Growth Strategic M&A Significant Whitespace Improves Durability and Margin Profile of Enterprise Significant Transaction Experience with Track Record of Delivering Synergies Synergy Realization
Slide 54: Disciplined Approach to Value Creation through M&A
2025 Capital Markets Day 54 Disciplined Approach to Value Creation through M&A Clear, Executable M&A Strategy and Strong Balance Sheet Enhances Organic Growth Prioritize & Execute Integrate & Expand Maintain StrongBalance Sheet Identify quality opportunities through a filtered lens (Quality over Qua
Slide 55: Viable, Executable Acquisition Targets Present Unmatched Growth Opportunities
2025 Capital Markets Day 55 Viable, Executable Acquisition Targets Present Unmatched Growth Opportunities Significant Runway Ahead for Continued M&A 1 Assuming Martin Marietta 2025 ASP Guidance at the midpoint of $23.38 per ton. 2 Based on mid-point of 2025 Guidance as of August 7, 2025 Total U.S. A
Slide 56: Repeatable Playbook for Integrating Aggregates Acquisitions
2025 Capital Markets Day 56 Repeatable Playbook for Integrating Aggregates Acquisitions Proven Track Record of Driving Synergies and Value Creation Phase 1 Phase 3 Phase 2 Post-Integration Phase 1 DAYS 1 – 30 Rebrand acquired company Onboard new employees / safety training Integrate back-office Post
Slide 57: North Georgia Case Study: Proven Process for Creating Value with Acquisitions
2007 Atlanta Marietta 20 20 85 85 285 285 75 75 575 20 20 85 75 675 85 75 Establish platform Proven Process for Creating Value with Acquisitions Acquire subsequent bolt-ons to bolster overall presence Acquired Target A Sites 2008 Atlanta 20 20 85 85 285 285 75 75 575 20 20 85 75 675 85 75 Marietta 2
Slide 58: M&A Value Creation Endures and Compounds Over Time
2025 Capital Markets Day 58 M&A Value Creation Endures and Compounds Over Time Leveraging Proven Playbook to Accelerate Growth and Drive Performance +10% ASP 11-YR CAGR (2013-2024) NORTH TEXAS Case 1 SAN BERNARDINO / RIVERSIDE Case 2 Note: Selling price is established locally at the point of sale an
Slide 59: Strong Balance Sheet Provides Ample Capacity to Execute M&A Strategy
2025 Capital Markets Day 59 Strong Balance Sheet Provides Ample Capacity to Execute M&A Strategy Investment Grade Credit Rating 2.4x1 Net Debt / Adj. EBITDA Target Range: 2.0x – 2.5x Limited Upcoming Bond Maturities During SOAR 2030 Financial Strength & Flexibility 1 Carrying value as of June 30, 20
Slide 60: Pursuing Disciplined Capital Investments
Upholding Regulatory Protocols Plant Upgrades Mobile Equipment 2025 Capital Markets Day 60 Capital Investments Pursuing Disciplined Capital Investments Sustaining Capex 25% of EBITDA Growth Capex Land Capacity Expansion Productivity Improvements Opportunistic Land & Reserve Purchases
Slide 61: Investing in Technology within Operations
2025 Capital Markets Day 61 Investing in Technology within Operations Allocating Capital Towards Projects with Highest Rates of Return Near-Term | Plant Longer-Term | Fleet Autonomous Vehicles Electrification Partnering with OEMs and technology providers on autonomous trucks and haul truck systems L
Slide 62: Capital Returns Enhance Shareholder Value
2025 Capital Markets Day 62 Capital Returns Enhance Shareholder Value Increased or Maintained Dividend Every Year since Becoming a Public Company in 1994 1 Current repurchase authorization as of June 30, 2025 2 Annualized From 2021 – 2025, where 2025 reflects the expected full-year dividend payments
Slide 63: Responsibly Growing Our Business for Long-Term Success
2025 Capital Markets Day 63 Responsibly Growing Our Business for Long-Term Success Organic Growth Illustrative Flat Volume Case Cement, Downstream, and Specialty products M&A and Portfolio Optimization $2.3B $0 +$100M $400M Right Markets, Strategy, Team, and Technology +$1.0B Low DD CAGR $3.7B 2025
Slide 64: Single-Family Volume Recovery Drives Notable EBITDA Upside
2025 Capital Markets Day 64 Single-Family Volume Recovery Drives Notable EBITDA Upside with Positive Operating Leverage… $3.6B +$225M $3.8B +$465M $4.0B +$715M 2030 Organic EBITDA 2030 Organic EBITDA 2030 Organic EBITDA $4.0B M&A $4.2B M&A $4.4B M&A 2030 EBITDA 2030 EBITDA 2030 EBITDA 3% CAGR 2% CAG
Slide 65: Significant Free Cash Flow Generation
2025 Capital Markets Day 65 …And Significant Free Cash Flow Generation 1 Free Cash Flow reflects Cash Flow from Operations less sustaining capital expenditures. 2 Assumes Company maintains investment-grade credit rating metrics. $8.0B 2030 CumulativeFree Cash Flow1 3% CAGR 2% CAGR 1% CAGR $8.5B 2030
Slide 66: Key Takeaways
2025 Capital Markets Day 66 Key Takeaways Key Takeaways Key Takeaways Pursuing disciplined capital investments to sustain industry-leading operations and capture growth opportunities Utilizing strategic M&A to amplify organic growth, expand into key markets, and compound long-term shareholder value
Slide 67: Concluding Remarks
Concluding Remarks 2025 Capital Markets Day 67 Ward Nye Chair, President and Chief Executive Officer GRANITE CANYON QUARRY ‖ LARAMIE COUNTY, WYOMING
Slide 68: Compounding Returns on a Rock-Solid Foundation
2025 Capital Markets Day 68 Compounding Returns on a Rock-Solid Foundation Industry-leading unit profitability growth enabled by disciplined pricing and operational excellence Proven track record of executing SOAR strategy to deliver strong financial results and significant shareholder returns Signi
Slide 69: Well Positioned to Deliver Compounded Financial Returns
Well Positioned to Deliver Compounded Financial Returns SOAR 2030 TARGETS 250 bps Aggregates Price / Cost Spread Low DDs Consolidated EBITDA CAGR Low DDs Aggregates UnitProfitability CAGR 2025 Capital Markets Day 69 1 2026 – 2030 targets. 1
Slide 70: Q&A
Q&A 2025 Capital Markets Day 70 CASTLE HAYNE QUARRY ‖ NEW HANOVER COUNTY, NORTH CAROLINA
Slide 71: Appendix
Appendix 2025 Capital Markets Day 71 CLAYTON AGGREGATES ‖ CONTRA COSTA COUNTY, CALIFORNIA
Slide 72: Reconciliation of Net Earnings to Adjusted EBITDA
2025 Capital Markets Day 72 Note: 2025G reflects the mid-point of our 2025 guidance as of August 7, 2025. 1. 2010 reflects Adjusted EBITDA as reported in the 2010 Form 10-K and excludes the immaterial impact of interest income and noncontrolling interests. Reconciliation of Net Earnings to Adjusted
Slide 73: Reconciliation of Aggregates Cash Gross Profit
2025 Capital Markets Day 73 Reconciliation of Aggregates Cash Gross Profit $ and Tons in Millions, Except Per Ton 2000 2017 2020 2021 2024 Aggregates product gross profit $259 $604 $849 $908 $1,449 Depreciation, depletion and amortization expense 110 183 256 289 413 Aggregates cash gross profit $369
Slide 74: Reconciliation of Leverage Ratio for June 30, 2025
2025 Capital Markets Day 74 Reconciliation of Leverage Ratio for June 30, 2025 $ in Millions Twelve-Month Period July 1, 2024 – June 30, 2025 Net earnings attributable to Martin Marietta $1,100 Add back: Interest expense, net of interest income 188 Income tax expense for controlling interests 269 De
Martin Marietta Materials — Investor Day (September 2025) on 6ix