United States Lime & Minerals (USLM) investor relations material

Executive summary

• Fourth quarter 2025 revenues rose 9.8% year-over-year to $87.9 million, driven by higher sales volumes, especially to construction and steel customers, partially offset by weaker oil and gas services and roof shingle demand.

• Full year 2025 revenues increased 17.3% to $372.7 million, with growth in both sales volumes and average selling prices, led by construction, environmental, and steel sectors.

• Net income for Q4 2025 was $30.5 million ($1.06 per diluted share), up 13.2% year-over-year; full year net income reached $134.3 million ($4.67 per diluted share), up 23.4%.

Financial highlights

• Gross profit for Q4 2025 was $42.2 million, up 19.0% year-over-year; full year gross profit was $182.4 million, up 26.7%.

• SG&A expenses increased 41.6% in Q4 2025 and 28.8% for the full year, mainly due to higher personnel costs.

• Other income, net, rose to $3.6 million in Q4 and $13.2 million for the year, reflecting higher interest income.

• Cash dividends per share increased to $0.24 for 2025 from $0.20 in 2024.

Outlook and guidance

• Winter storms in January 2026 interrupted shipments but did not damage plants; the impact on Q1 2026 results is undetermined.

• Ongoing delays in customer shipments and continued weakness in roof shingle demand expected in early 2026.