Martin Marietta Materials, Inc. · NYSE:MLM
Martin Marietta Materials — Q4 2025 Earnings Presentation
23 slides from Martin Marietta Materials's earnings presentation, Feb 11, 2026
Slide 1: Q4 and Full-Year 2025 Supplemental Information
Q4 and Full-Year 2025 SUPPLEMENTAL INFORMATION* February 11, 2026 * All information provided in these slides is qualified in its entirety by reference to the Company's filings with the Securities and Exchange Commission (SEC), which are available on both the Company’s and the SEC’s websites.
Slide 2: 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 3: Company Highlights
COMPANY HIGHLIGHTS FULL-YEAR 2025 FINANCIAL HIGHLIGHTS KEY INVESTMENT MERITS $6.2B $1.0B ~90% of Gross Profit ~85 Years of Strong Balance Sheet and Revenues1 Net Earnings from Continuing from Aggregates Aggregates Significant Growth +9% y-o-y Operations Attributable to Reserves4 Opportunities Martin
Slide 4: Q4 2025 Highlights
Q4 2025 HIGHLIGHTS FINANCIAL HIGHLIGHTS AGGREGATES PRODUCT LINE SHIPMENTS AVERAGE SELLING PRICE (ASP)3 $1.5B $233M (Tons in Millions) (Per Ton) Revenues1 Net Earnings from Continuing +2.0% +5.3% +9% y-o-y Operations Attributable to Martin Marietta 48 49 -6% y-o-y $21.95 $23.11 $515M 34% Adjusted EBI
Slide 5: Full-Year 2025 Results
FULL-YEAR 2025 RESULTS ($ in millions, except per share) Continuing Discontinued Consolidated Operations Operations Results Aggregates, Asphalt & Paving, Arizona Ready Mixed Concrete and Cement and Texas Ready Mixed Concrete Continuing Operations plus Discontinued Operations Specialties $6,150 $990
Slide 6: Q4 2025 Results
Q4 2025 RESULTS ($ in millions, except per share) Continuing Discontinued Consolidated Operations Operations Results Aggregates, Asphalt & Paving, Arizona Ready Mixed Concrete and Cement and Texas Ready Mixed Concrete Continuing Operations plus Discontinued Operations Specialties $1,534 $233 $211 $4
Slide 7: 2026 Guidance Summary at the Midpoint
2026 GUIDANCE SUMMARY AT THE MIDPOINT FINANCIAL OVERVIEW AGGREGATES1 $6.60B $575M 202M $24.47 Revenues Capital Expenditures Shipment Tons ASP +7% -29% +2.0% +5.0% $1.10B $2.24B $1.86B $9.16 Net Earnings from Adjusted EBITDA Continuing Operations From Continuing Gross Profit Gross Profit Per Ton Attr
Slide 8: Well-Positioned to Advance SOAR 2030's Growth-Focused M&A
WELL-POSITIONED TO ADVANCE SOAR 2030’S GROWTH- FOCUSED M&A FINANCIAL STRENGTH & FLEXIBILITY Limited Upcoming Bond Maturities During SOAR 2030 ($ in Millions) 2.3x1 $795M Net Debt / Adj. EBITDA $478M Target Range: 2.0x – 2.5x Investment 2026 2027 2028 2029 2030 Grade Debt Profile 3.9% 100% Credit Rat
Slide 9: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS Leading Industry- Proven track Significant Strategically supplier of leading unit record of whitespace located in aggregates profitability executing and clear higher-growth growth SOAR strategy M&A targets markets Q4 and Full-Year 2025 Supplemental Information 9
Slide 10: End Use Outlook
BRmatin END USE OUTLOOK Marietta
Slide 11: 2026 End Market Outlook
2026 END MARKET OUTLOOK INFRASTRUCTURE NONRESIDENTIAL RESIDENTIAL + Infrastructure Investment + Data centers − Single-family housing and Jobs Act + Energy − Multi-family housing + Record state Department − Warehouses of Transportation budgets − Light nonresidential + State and local ballot initiativ
Slide 12: Infrastructure Investment and Jobs Act Update Through November 30, 2025
INFRASTRUCTURE INVESTMENT AND JOBS ACT (IIJA) UPDATE THROUGH NOVEMBER 30, 2025 TOTAL HIGHWAY & BRIDGE FUNDS CUMULATIVE OBLIGATIONS CUMULATIVE STATE REIMBURSEMENTS ~$350B $248B $167B 29% of Total 71% of Total 48% of Total $1.2 Trillion IIJA Highway & Bridge Funds Highway & Bridge Funds FOUR YEARS INT
Slide 13: Indicating Robust Multi-Year Tailwinds for This Countercyclical End Market
…INDICATING ROBUST MULTI-YEAR TAILWINDS FOR THIS COUNTERCYCLICAL END MARKET ($ in Billions) Long tail from IIJA is expected to be enhanced with incremental funds from a successor infrastructure bill $63 $58 $53 $49 $42 $24 $16 $15 $11 $9 $7 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 & Be
Slide 14: What We Are Tracking – Nonresidential Outlook
WHAT WE ARE TRACKING – NONRESIDENTIAL OUTLOOK DODGE NONRESIDENTIAL SQUARE FOOTAGE STARTS (Sqft in Millions) Dodge expects modest recovery in nonresidential square footage starts in 2026 24% Below Post-COVID Peak 1,800 1,596 1,600 314 1,398 1,400 1,324 1,317 1,352 1,300 1,214 1,208 1,247 1,185 1,200
Slide 15: What We Are Tracking – Single-Family Housing Starts
WHAT WE ARE TRACKING – SINGLE-FAMILY HOUSING STARTS U.S. SINGLE-FAMILY HOUSING STARTS (in thousands) Structural housing deficit persists as U.S. single-family housing starts remain sharply below historical peaks 49% Below Prior Peak 1,7191 1,1321 874 23% Below Post-COVID Peak 1. Reflects the average
Slide 16: Appendix
PRAMert. APPENDIX
Slide 17: Impacts to Net Earnings and Earnings Per Diluted Share
IMPACTS TO NET EARNINGS AND EARNINGS PER DILUTED SHARE 1. Net earnings from continuing operations attributable to Martin Marietta and earnings per diluted share from continuing operations for the quarter ended December 31, 2025 include charges of $19 million and $0.32 per diluted share, respectively
Slide 18: Adjusted EBITDA from Continuing Operations
ADJUSTED EBITDA FROM CONTINUING OPERATIONS $ IN MILLIONS Three Months Three Months Twelve Months Twelve Months Ended Ended Ended Ended Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Earnings from continuing operations before interest; income Net earnings from continuing operations attributable
Slide 19: Adjusted EBITDA from Discontinued Operations
ADJUSTED EBITDA FROM DISCONTINUED OPERATIONS $ IN MILLIONS Three Months Three Months Twelve Months Twelve Months Ended Ended Ended Ended Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Earnings from discontinued operations before interest; Earnings from discontinued operations, net of income tax
Slide 20: Consolidated Adjusted EBITDA
CONSOLIDATED ADJUSTED EBITDA $ IN MILLIONS Three Months Three Months Twelve Months Twelve Months Ended Ended Ended Ended Earnings before interest; income taxes; depreciation, Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 depletion and amortization expense; earnings/loss from Consolidated net e
Slide 21: Full-Year 2026 Adjusted EBITDA from Continuing Operations Guidance at the Midpoint
FULL-YEAR 2026 ADJUSTED EBITDA FROM CONTINUING OPERATIONS GUIDANCE AT THE MIDPOINT $ IN MILLIONS Year Ended Dec 31, 2026 1 Earnings from continuing operations before interest; income (Midpoint Guidance) taxes; depreciation, depletion and amortization expense; Net earnings from continuing operations
Slide 22: Full-Year 2026 Consolidated Adjusted EBITDA Guidance at the Midpoint
FULL-YEAR 2026 CONSOLIDATED ADJUSTED EBITDA GUIDANCE AT THE MIDPOINT $ IN MILLIONS Year Ended Earnings before interest; income taxes; depreciation, Dec 31, 2026 depletion and amortization expense; earnings/loss from (Midpoint Guidance)1 nonconsolidated equity affiliates; acquisition, divestiture Con
Slide 23: Net Leverage at December 31, 2025
NET LEVERAGE AT DECEMBER 31, 2025 $ IN MILLIONS Twelve-Month Period January 1, 2025 to December 31, 2025 Consolidated net earnings attributable to Martin Marietta $ 1,137 Add back: Interest expense, net of interest income 220 Income tax expense for controlling interests 278 Depreciation, depletion a
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