Vulcan Materials Company (VMC) investor relations material

Executive summary

• Delivered strong financial and safety performance in the first half of 2025, with robust commercial and operational execution despite challenging weather and lower aggregate shipments.

• Second quarter revenue rose 4% year-over-year to $2,102 million, with net earnings of $321 million and continued margin expansion driven by pricing discipline and cost control.

• Adjusted EBITDA for Q2 2025 was $660M, up 9% year-over-year, with margin expanding 150 basis points to 31.4%.

• Aggregates business delivered strong profitability despite a 1% decline in shipments, with gross profit per ton up 7% and cash gross profit per ton up 9% year-over-year.

• Largest and most profitable U.S. aggregates business, serving 35 of the top 50 fastest-growing markets.

Financial highlights

• Q2 2025 revenues reached $2,102M, up 4% year-over-year, with gross profit up 6% to $625M and net earnings of $321M.

• Adjusted EBITDA for Q2 2025 was $660M, a 9% increase year-over-year; margin expanded by 150 bps to 31.4%.

• Aggregates cash gross profit per ton rose 9% to $11.88; cash gross profit up 14% to $98.7M.

• Operating cash flow improved 58% in the first six months; trailing twelve-month free cash flow surpassed $1B.

• Return on invested capital at June 30 was 15.9%; net debt to trailing twelve months adjusted EBITDA leverage was 2.1x.

Outlook and guidance

• Full-year 2025 Adjusted EBITDA guidance reaffirmed at $2.35B to $2.55B, supported by strong execution, accelerating bookings, and highway construction activity.

• Expect full-year maintenance and growth capital expenditures of ~$700M, with spending accelerating in the second half.

• Double-digit year-over-year shipments in July and strong execution provide confidence for an accelerating second half.

• Pricing discipline and cost performance expected to drive further growth in cash gross profit per ton.

• Earnings contribution from acquisitions remains on track.