Martin Marietta Materials (MLM) investor relations material

Executive summary

• Achieved record second-quarter revenues of $1.95 billion, up 21% year-over-year, and record adjusted EBITDA from continuing operations of $638 million, up 13%, driven by strong infrastructure and non-residential demand, disciplined execution, and recent acquisitions including Quikrete and New Frontier Materials.

• Announced a definitive agreement to acquire Lhoist North America (LNA) for $13.5 billion, expected to close in the second half of 2026, positioning as the nation's leading lime and limestone producer.

• Completed major asset exchange with QUIKRETE, acquiring aggregates and paving assets and divesting cement and ready-mixed concrete operations.

• Advanced SOAR 2030 priorities and identified $350 million in annualized cash flow improvement opportunities, with $200 million already realized.

Financial highlights

• Revenues from continuing operations rose to $1.95 billion for Q2 2026, up 21% year-over-year; adjusted EBITDA from continuing operations increased 13% to $638 million.

• Aggregates shipments reached a record 61.6 million tons, up 17% year-over-year; organic ASP rose 2.1%, but total ASP decreased 2% due to acquisition mix.

• Specialties segment delivered record quarterly revenues of $152 million (up 68%) and gross profit of $50 million (up 39%).

• Net earnings from continuing operations were $251–$256 million, down year-over-year due to acquisition-related charges; diluted EPS from continuing operations was $4.17–$4.26, with adjusted EPS at $5.00.

• Gross profit was flat at $495 million, impacted by a $52 million non-cash inventory step-up charge.

Outlook and guidance

• Raised full-year 2026 revenue guidance to $7.2–$7.4 billion and reaffirmed adjusted EBITDA guidance of $2.36–$2.5 billion, excluding pending LNA transaction.

• Combined 2026 guidance with LNA and New Frontier Materials projects gross revenues of $9.1 billion and adjusted EBITDA of $3.3 billion, with a margin of 36%.

• Shipments trending toward the high end of the range, pricing toward the lower end due to geographic and product mix.

• Expect continued elevated energy costs, with cost management initiatives mitigating inflationary pressures.

• Guidance to be updated post-LNA closing.