Vulcan Materials Company (holding Company) · NYSE:VMC
Vulcan Materials Company (holding Company) — Q2 2026 Earnings Presentation
28 slides from Vulcan Materials Company (holding Company)'s earnings presentation, Jul 29, 2026
Slide 1: Investor Presentation | June 2026
Investor Presentation | June 2026
Slide 2: 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 3: Key company metrics: revenue, adjusted EBITDA, aggregates operations
$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 4: Most extensive and advantaged multi-modal distribution network
Other States 10% 17% CA SC 5% 60% of the population AZ 5% lives within 60 miles of a Vulcan NC 6% Diversified 13% aggregates operation Revenue Mix TX AL 6% 6% 12% FL 35 of top 50 9% 11% GA fastest growing markets VA TN Most extensive and advantaged multi-modal distribution network 90% of revenue fro
Slide 5: 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 6: Aggregates used in virtually all forms of construction
Aggregates used in virtually all forms of construction Residential Non-Residential Other Infrastructure Highways Private Funding Private/Public Funding Public Funding Public Funding Single family Warehouses, Schools, Airports, Sewer and Federal State/Local Manufacturing, Healthcare, Wastewater, Wate
Slide 7: Optimize our business by leveraging technology to build and sustain 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 8: Aggregates Cash Gross Profit / Ton
Aggregates Cash Gross Profit / Ton 13% CAGR 5% CAGR $11.33 $10.61 $9.46 $7.43 $7.83 $6.74 $7.11 $6.01 $6.32 2017 2018 2019 2020 2021 2022 2023 2024 2025 See Appendix for reconciliation of Non-GAAP financial measures.
Slide 9: Aggregates Price Growth, Revenue Growth, EBITDA Growth vs 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 10: 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 11: 75% of tons are utilizing Process Intelligence
75% of tons are >7,000 plant 100% daily 80% of utilizing 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
Slide 12: Vulcan Way of Selling
Vulcan Way of Selling 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 13: Technology Enhancements for Customers and Sales Teams
Vulcan Way of Selling 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 pricin
Slide 14: Customer Portal adoption and price growth
Vulcan Way of Selling >28K Customer users +10% Portal VMC >$2B in payments SUPERIOR Aggregates +9% PERFORMANCE Price Growth Peers >14K Spending jobs followed up on Time Where +8% It Counts >38K Industry quotes turned into orders Price growth from 2022 to 2025. Industry is defined as Aggregates PPI a
Slide 15: Vulcan Way of Operating
Vulcan Way of Operating 75% 90% Tons produced Process Intelligence plants with utilizing Process “high utilization” Intelligence capabilities >7,000 11 Plant assets (e.g. crushers, Operations Support Centers conveyors, motors, pumps) to support success tagged and tracked for analysis of downtime dri
Slide 16: Yield of sellable product and throughput
Vulcan Way of Operating Yield of sellable product Overtime Throughput +130 (550 bps 11% bps) Analysis of initial 24 high utilization sites (2021-2025).
Slide 17: In the Pit, In the Plant technologies
Vulcan Way of Operating …In the Pit …In the Plant 3D Imaging Autonomous Drilling Other Technologies Currently Being Piloted Telematics Remote Control Autonomous Vehicles
Slide 18: Expanding Our Reach
Expanding Our Reach Since 2022 13 acquisitions including 36 aggregates operations in 7 of our top 10 revenue states 7 greenfields including 1 quarry and 6 sales yards Divestiture of 149 ready-mix operations, 8 asphalt plants and 3 non-strategic aggregates locations For clarity, the map does not incl
Slide 19: U.S. Aggregates Market
Expanding Our Reach U.S. Aggregates Market (~2.5B Tons Annually) Other Public Identified Companies Priority Targets 24% 350M Tons VMC 9% Non-Public Companies 67% For clarity, the map does not include facilities in British Columbia, Bahamas and Mexico. Sources: Aggregates Industry data and Company es
Slide 20: Operating Cash Flow and EBITDA growth
Operating Cash Flow ($ 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 $1,148 Disciplined capital allocation driving +220 bps EBITDA ROIC higher returns 2022 2023 2024 2025 Results for 2022 to 2025.
Slide 21: Unit Profitability, Working Capital, Free Cash Flow
Disciplined Strong Free Cash Unit Profitability Working Capital Capital Allocation Flow Cash Gross Profit/Ton +45% Steady cash Consistent FCF doubled and conversion cycle maintenance capex FCF conversion increased (in days) (as % of Revenues) ($millions) +13% CAGR 93% – 105% 57 58 6.2% $11.33 $1,135
Slide 22: Increased Cash Generation Provides More Capital to Deploy
Increased Cash Generation Consistent Priorities Disciplined Approach Provides More Capital to Deploy Average Annual Capital Deployed ($ billions) • Maintain and enhance the value of our franchise Capital $2.0 40% 37% • Investment examples: Expenditures rolling & plant equipment, greenfields • Expand
Slide 23: Steadily Growing Dividend and Accelerating Share Repurchases
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 $1,064M Preceding 5 Years Preceding 5 Years (2018 – 2022) (2018 – 2022) 2018 2019 2020 2021 2022 2023 2024 2025
Slide 24: Target
Target 227M tons tons At 260-270M
Slide 25: Key Assumptions
Key Assumptions EBITDA ($ billions) CGP/ton HSD to LDD Growth 2X $4.5 - $5.0 Volume LSD Growth Downstream Products $2.3 MSD Growth SG&A Less than revenue growth Organic Growth 2025 At Target Acquisitions provide upside $20/ton Low Single Digits (LSD), Mid-Single Digits (MSD), High Single Digits (HSD
Slide 26: Contact: Mark Warren, Investor Relations
CONTACT: Mark Warren Vice President, Investor Relations ir@vmcmail.com (205) 298-3220
Slide 27: 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 28: ROIC and Net Debt to Adjusted EBITDA
Return on Invested Capital Net Debt to Adjusted EBITDA We define "Return on Invested Capital" (ROIC) as Adjusted EBITDA for the trailing-twelve months divided by average invested Net Debt to Adjusted EBITDA is not a GAAP measure and should not be considered as an capital (as illustrated below) durin
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