Vulcan Materials Company (holding Company) · NYSE:VMC
Vulcan Materials Company (holding Company) — Investor Day (March 2026)
89 slides from Vulcan Materials Company (holding Company)'s investor day presentation, Mar 12, 2026
Slide 1: Winning the Future in Aggregates
Materials Company Winning the Future in Aggregates
Slide 2: Forward-looking statements
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 s
Slide 3: Vulcan Company
Vulcan ‘Company
Slide 4: Ronnie Pruitt, Chief Executive Officer
Ronnie Pruitt Chief Executive Officer
Slide 5: Industry leader with clear competitive advantages
Industry leader 01 with clear competitive advantages Proven strategy 02 that drives best-in-class financial performance and opportunities to grow Leveraging technology and talent 03 to continue winning in aggregates Ample growth opportunities 04 to enhance our compounding organic growth Financial st
Slide 6: Aggregates share of gross profit: 90% 20-year average
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. Note: Percentages represent Aggregates share of reported gross profit.
Slide 7: Vulcan at a glance
$7.9B $2.3B Revenue Adjusted EBITDA 1.9x $11.33/ton Total Debt / Cash Gross Profit TTM Adjusted EBITDA 425 227M tons aggregates operations aggregates shipped in 23 states 16.6B tons of permitted aggregates reserves (>70 years) As of December 31, 2025. See Appendix for reconciliation of Non-GAAP fina
Slide 8: Favorable pricing characteristics
Favorable Diverse end Limited product High barriers pricing market demand substitutions to entry characteristics Unit profitability more than doubled during the last 10 years Wide logistical Flexible Raw material Opportunities moats production inputs largely for downstream capacity controlled produc
Slide 9: Diversified aggregates revenue mix and distribution network
Other States 10% CA SC 5% 22% 60% of the population NC 6% lives within 60 miles of a Vulcan AZ 5% Diversified aggregates operation Revenue Mix TX 5% 12% AL 6% FL 8% 11% 35 of top 50 VA 10% GA fastest growing markets TN Most extensive and advantaged multi-modal distribution network 90% of revenue fro
Slide 10: Executive leadership team
Ronnie Pruitt Mary Andrews Jerry Perkins Chief Executive Officer Carlisle Chief Administrative Officer Chief Financial Officer Mitesh Shah Jamie Polomsky Brent Goodsell Krzysztof Soltan Chief Human Resources Senior VP West Senior VP East Chief Information Officer Officer
Slide 11: Avoiding accidents safety metrics
Backward Forward Avoiding Reduce Looking Looking Accidents Job Risks Statistics Metrics
Slide 12: Vulcan Way of Selling, Operating and Talent
Vulcan Way of Selling M&A Vulcan Way of Operating Enhance Expand Greenfields Our Our Core Reach Portfolio Vulcan Way of Talent Optimization
Slide 13: Vulcan Way of Selling and Operating
Commercial More time with Excellence customers; Vulcan Way development of our people; accountability of Selling through improved Logistics technology; faster Innovation growth than the industry Operational Excellence Safety and health of our Vulcan Way people; improved customer service; of Operating
Slide 14: Process Intelligence and cash gross profit per ton
75% of tons >7,000 plant 100% daily 80% of utilize Process assets tracked for labor scheduling addressable spend Intelligence performance strategically capabilities managed Aggregates Cash Gross Profit / Ton +45% Robust Project Proprietary Enhanced Digital Lead Management Price Tool Logistical Custo
Slide 15: Acquisitions, greenfields and divestments
$3B invested in acquisitions 7 greenfields added $1.5B in proceeds from divestments Note: Divestment proceeds includes the pending divestiture of the Company's California ready-mixed concrete business.
Slide 16: Aggregates volume and cash gross profit per ton
237 235 227 Volume 220 2022 2023 2024 2025 $11.33 $10.61 $9.46 $7.83 $11-12/ton CGP/ton target from 2022 Investor Day reached 2022 2023 2024 2025 Millions of tons. Aggregates Cash Gross Profit / Ton. See Appendix for reconciliation of Non-GAAP financial measures.
Slide 17: Vulcan performance versus peers
Aggregates Revenue EBITDA EBITDA Cash Price Growth Growth Growth Margin Generation +10% +3% +12% +29.7% +16% VMC VMC VMC VMC VMC +9% +3% +8% +25.0% +11% Peers Peers Peers Peers Peers Source: FactSet and company reports for 2022 to 2025. See Appendix for reconciliation of Non-GAAP financial measures.
Slide 18: Innovation & Technology Improving
Innovation & Technology Improving Demand Environment Advantaged Footprint
Slide 19: Technology vision to build competitive advantages
Optimize our business by leveraging technology to build and sustain Vision competitive advantages that align with our strategy 2022 2022-2025 Future Establish IT Leadership Establish scalable foundation Quickly evaluate and adopt and Vision focused on people, process, new capabilities to further and
Slide 20: Housing starts short of household formations
Ratio of Starts / Households Added 2.42 2.10 Actual housing starts have fallen short of 1.31 1.04 those necessary to 0.79 0.77 keep pace with household formations 2021 2022 2023 2024 2025 Actual Necessary Ratio of housing starts divided by households added; Sources: F.W. Dodge starts, Woods & Poole,
Slide 21: Data centers, warehouses, manufacturing demand
Data Centers • 70% of square footage planned or under construction in Vulcan markets • Upside from power generation requirements Warehouses • Bottomed and poised to grow again • Vulcan-served states account for more than 70% of contract awards Manufacturing • Reshoring focus continues to be a cataly
Slide 22: IIJA funding drives highway and public infrastructure activity
IIJA funding has resulted in record levels ...as well as significantly boosted other of highway construction activity... public infrastructure U.S. Highway Contract Awards ($B) U.S. Other Public Infrastructure Contract Awards ($B) $39 $36 $43 $39 $43 $38 $32 $32 $28 $30 $25 $24 $92 $93 $80 $80 $67 $
Slide 23: IIJA spending and successor bill expectations
With only 50% of dollars spent, IIJA Successor Bills Have should provide healthy highway Exceeded Prior Commitments construction activity beyond 2026 50% $350 B Federal IIJA $225 B Highway Funds $82 B 50% MAP-21 FAST Act IIJA Successor Bill Spent RemainingRemaining Spent (2013-2014) (2016-2020) (202
Slide 24: Projected demographic growth 2025 to 2035
Projected Demographic Growth, 2025 to 2035 (millions) Two-thirds of public spending 19.1 15.5 >70% of private awards 6.4 7.2 70% of data center square 4.9 footage planned or under 2.6 construction Population Growth Employment Growth Household Growth Large project advantage Vulcan States Non-Vulcan S
Slide 25: Vulcan Way of Selling, Operating and Talent
Vulcan Way of Selling M&A Vulcan Way of Operating Enhance Expand Greenfields Our Our Core Reach Portfolio Vulcan Way of Talent Optimization
Slide 26: Jamie Polomsky, Brent Goodsell, Mitesh Shah
Jamie Polomsky Brent Goodsell Mitesh Shah Senior Vice President Senior Vice President Chief Human Resources West East Officer
Slide 27: People, processes and digital tools
Foundational Digital Tools People Processes & Innovation Strong Industry Began in 2017, 2022 & Beyond Reputation, redesigned processes new digital capabilities: Experienced, with a focus on: Digital Sales Platform Responsive Spending more time Enhanced Customer Portal where it counts – in front Prop
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: The right people in the right seats
The Right People in the Right Seats Data Market >58K Analytics Intel customers Sales Service Sales Rep Customers >353K Center transactions Pricing Job Support Leads >80K Transactional and projects quoted Administrative (25% less than Tasks 3K tons)
Slide 30: Internal and external sales technology
Internal Sales 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
Slide 31: Technology enhancements for customers and sales teams
Technology Enhancements for Customers and Sales Teams Proprietary Mobile Digital Industry-leading Job Site Price Tool Sales Platform Customer Portal Productivity Tools INTERNAL CUSTOMER FACING FACING Benefits/Advantages Benefits/Advantages • Quickly access data to inform pricing for quoted work • Cu
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: Customer portal and superior performance
>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 Price growth from 2022 to 2025.
Slide 34: Jamie Polomsky, Brent Goodsell, Mitesh Shah
Jamie Polomsky Brent Goodsell Mitesh Shah Senior Vice President Senior Vice President Chief Human Resources West East Officer
Slide 35: Utilize assets, develop people, win customers
Utilize Develop Win Our Our Assets Our People Customers The most efficient, Talented employees Having the right product tech-enabled operations as a competitive advantage at the right time
Slide 36: Process Intelligence infrastructure rollout
Infrastructure at 100 plants Today 10% "high" utilization 2024 2023 Pilot Process Intelligence System (PI) Infrastructure at 125 plants 2022 Operator Support Center pilot 2021 Infrastructure at 113 plants 20% “high” utilization 2019 Infrastructure deployment begins
Slide 37: Tons produced utilizing Process Intelligence
75% 90% Tons produced Process Intelligence plants with utilizing Process “high utilization” Intelligence capabilities >7,000 11 Plant assets (e.g. crushers, Operations Support Centers conveyors, motors, pumps) to support success tagged and tracked for analysis of downtime drivers
Slide 38: Operations Support Center and plant operators
Plant Manager Live and Supervisors interface and automated reporting accessible to everyone Behavior and skill development Critical thinking Ability to interact with technology Self-driven, always looking for next opportunity for efficiency Operations Plant Operator Support Center (Multiple sites su
Slide 39: Automation versus Process Intelligence
"Automation" Automation - the Industry standard - leaves plant operators guessing at the plants' true capabilities. As a result, maximum throughput remains unknown.
Slide 40: Real-time performance dashboards
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.
Slide 41: Driving Plant Performance Through Process Intelligence
VULCAN WAY OF OPERATING Driving Plant Performance Through Process Intelligence Materials Company
Slide 42: Yield of sellable product and throughput
24 high utilization sites (2021-2025) Yield of sellable product Overtime Throughput +130 (550 bps 11% bps)
Slide 43: Change in plant production costs
YoY Change in Plant Production Costs 2.6% 0.9% VMC +1.1% All PI Locations No PI Locations
Slide 44: Technologies in the pit and plant
…In the Pit …In the Plant 3D Imaging Autonomous Drilling Other Technologies Currently Being Piloted Telematics Remote Control Autonomous Vehicles
Slide 45: Autonomous Technology in Action
KINGSPORT, UN Autonomous Technology in Action Materials Company
Slide 46: Utilize assets, develop people, win customers
Utilize Develop Win Our Our Assets Our People Customers The most efficient, Talented employees Having the right product tech-enabled operations as a competitive advantage at the right time
Slide 47: Jamie Polomsky, Brent Goodsell, Mitesh Shah
Jamie Polomsky Brent Goodsell Mitesh Shah Senior Vice President Senior Vice President Chief Human Resources West East Officer
Slide 48: Exceptional talent, world-class training, culture of performance
Exceptional World-Class Culture of Talent Training Performance The best in the industry Vulcan University Ownership and accountability
Slide 49: Selection process and operations training
Operations Selection Stretch Trainees and Process Capabilities Early Apprenticeships Drive, Curiosity, We Build Our Own Placement of High Team Player Performers
Slide 50: Technical training and Operator Support Centers
• Digital, mobile-friendly technical training library • Operator Support Centers driving behavior and skill development • Dedicated field trainers for critical skills Classes Completed Since 2022
Slide 51: Leadership development
Leading Leading Leading Self Others Leaders Personal Accountability Building and Strategy and and Ownership Motivating Teams Innovation
Slide 52: Enterprise consistency in behaviors and expectations
Enterprise consistency in behaviors and expectations allows for employee growth opportunities and seamless integration of acquisitions
Slide 53: America's Most Responsible Companies 2026
a AMERICA’S COMPANIES = MOST TO WORK FOR : es RESPONSIBLE ) USNEWS ¢ in 2026 Materials Cony pany =
Slide 54: There's More
THERE’S MORE 10 EVERY ‘(0° Materials Company
Slide 55: Ronnie Pruitt and leadership team
Ronnie Pruitt Chief Executive Officer Jamie Polomsky Vulcan Way of Selling M&A Senior Vice President, West Enhance Expand Brent Goodsell Vulcan Way of Operating Greenfields Our Our Senior Vice President, East Core Reach Vulcan Way of Talent Portfolio Mitesh Shah Optimization Chief Human Resources Of
Slide 56: Break
BURN Materials Company
Slide 57: Jerry Perkins, Chief Administrative Officer
Jerry Perkins Chief Administrative Officer
Slide 58: Vulcan Way of Selling, Operating and Talent
Vulcan Way of Selling M&A Vulcan Way of Operating Enhance Expand Greenfields Our Our Core Reach Portfolio Vulcan Way of Talent Optimization
Slide 59: Guiding principles drive our strategy
Guiding Principles Drive Our Strategy 01 Foundation in Aggregates M&A Bolt-ons, New 02 Right Market Structure Geographies, Swaps 03 Disciplined and Programmatic Approach, Led Locally Greenfields 04 Synergy Opportunities Quarries & Distribution Yards 05 Portfolio Management
Slide 60: Acquisitions exclusive negotiations
Relentless Focus Since 2022, >80% Dedicated High Team Touch of acquisitions have been exclusive negotiations Industry reputation Strong culture is means buyer of choice attractive to sellers
Slide 61: 1957: 51 aggregates operations
1957 51 aggregates operations $91M revenues
Slide 62: 1991: 179 aggregates operations
1991 179 aggregates operations $1B revenues For clarity, the map does not include facility in Mexico
Slide 63: 2025: 425 aggregates operations
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: Acquisitions, greenfields and divestitures since 2022
Since 2022 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 *Includes California ready-mix business expected to c
Slide 65: Leading aggregates supplier in a new market
Leading Aggregates Supplier in a New Market Strategic Rationale Pure aggregates #1 supplier in Raleigh on day 1 Raleigh Attractive growth market Leverage VWS and VWO to capture synergies Private transaction Legacy Vulcan operations are shown in blue.
Slide 66: Leading aggregates supplier in an existing market
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 San Diego Legacy Vulcan operations are shown in bl
Slide 67: U.S. Aggregates Market
U.S. Aggregates Market (~2.5B Tons Annually) Other Public Companies 24% Non-Public Companies VMC 67% 9% 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.
Slide 68: U.S. Aggregates Market priority targets
U.S. Aggregates Market (~2.5B Tons Annually) Identified Priority Targets 350M Tons 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.
Slide 69: Greenfield exploration projects underway
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
Slide 70: Greenfield investment in Charleston and Myrtle Beach, 2016
Greenfield Investment in High Growth Market Greater Charleston and Myrtle Beach Market 2016 Myrtle Beach Modest footprint, 3 locations Projected future growth presented opportunity Commenced greenfield initiative to build our own network Charleston Legacy Vulcan operations are shown in blue.
Slide 71: Charleston and Myrtle Beach market today
Greenfield Investment in High Growth Market Greater Charleston and Myrtle Beach Market Today Myrtle Beach Nine locations by end of 2026 Multi-modal network – rail (CSX & BN), water, and local sources aggregates operations Resilient supply chain, hard to replicate added since 2016 Market leader Charl
Slide 72: Guiding principles drive our strategy
Guiding Principles Drive Our Strategy 01 Foundation in Aggregates 02 Right Market Structure 03 Disciplined and Programmatic Approach, Led Locally 04 Synergy Opportunities 05 Portfolio Management
Slide 73: Mary Andrews Carlisle, Chief Financial Officer
Mary Andrews Carlisle Chief Financial Officer
Slide 74: Operating cash flow and EBITDA growth
Operating Cash Flow ($ millions) 16% CAGR +13% EBITDA CAGR Double-digit earnings growth and +710 bps margin expansion EBITDA margin expansion $1,813 to 29.3% $1,537 $1,410 $1,148 Disciplined capital allocation driving +220 bps EBITDA ROIC higher returns 2022 2023 2024 2025 Results for 2022 to 2025 u
Slide 75: Unit profitability, working capital and free cash flow
Disciplined Strong Free Cash Unit Profitability Working Capital Capital Allocation Flow Cash Gross Profit/Ton +45% Steady cash Consistent FCF doubled and conversion cycle maintenance capex FCF conversion increased (in days) (as % of Revenues) ($M) +13% CAGR 93% – 105% 57 58 6.2% $11.33 $1,135 $7.83
Slide 76: Capital deployment priorities
Increased Cash Generation Consistent Priorities Provides More Capital to Deploy Disciplined Approach Average Annual Capital Deployed • Maintain and enhance the ($ billions) value of our franchise Capital 40% 37% • Investment examples: $2.0 Expenditures rolling & plant equipment, greenfields • Expand
Slide 77: Plant investment example, ~$5M
Investment ~$5M Benefits Include: Eliminating settling pond cleanup Recovering more sellable product Recycling 90% of water usage Reducing electricity consumption
Slide 78: Plant investment example, >$100M
Investment >$100M Benefits Include: Exposing additional reserves Increasing production rate Enhancing customer loadout Meeting growing customer demand
Slide 79: Dividend, share repurchases and total capital returns
Accelerating Share Steadily Growing Dividend Total Capital Returns Repurchases $1.96 $707M $1,440M Last 3 Years Last 3 Years (2023 - 2025) (2023 - 2025) $1.12 $163M $1,064M Preceding 5 Years Preceding 5 Years (2018 – 2022) (2018 – 2022) 2018 2019 2020 2021 2022 2023 2024 2025
Slide 80: Financial strength and flexibility
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 Capacity to fund growth and return capital 5.0% Weighted average interest rate A
Slide 81: Aggregates Cash Gross Profit / Ton
Aggregates Cash Gross Profit / Ton 20 13% CAGR 15 5% CAGR $11.33 $10.61 $11-12 10 $9.46 $7.43 $7.83 $6.74 $7.11 $6.01 $6.32 5 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2022 Target at 260–270M tons See Appendix for reconciliation of Non-GAAP financial measures.
Slide 82: Cash gross profit per ton at 260-270M tons
227M tons tons At 260-270M See Appendix for reconciliation of Non-GAAP financial measures.
Slide 83: Key assumptions and EBITDA targets
Key Assumptions EBITDA ($ billions) CGP/ton 2X $4.5 - $5.0 HSD to LDD Growth Volume LSD Growth $2.5 Downstream Products $2.3 MSD Growth SG&A Less than revenue growth Organic Growth 2025 2026 2028 At Target Acquisitions provide upside Midpoint of Guidance $20/ton Note: Low Single Digits (LSD), Mid-Si
Slide 84: Industry leader with clear competitive advantages
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 f
Slide 85: We decided what we wanted to do
227M tons We decided what we wanted to do, and we concentrated on doing it better than anyone else.
Slide 86: EBITDA reconciliation
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