Vulcan Materials Company (VMC) Investor presentation summary

Business overview and market position

• Operates 423 active aggregates sites, shipping 220 million tons annually and generating $7.4 billion in revenue with $2.1 billion adjusted EBITDA as of 2024.

• Holds a leading U.S. market position, serving 35 of the top 50 high-growth MSAs and 60% of the population within 50 miles of an operation.

• Aggregates account for 91% of total revenues and 74% of gross profit, reflecting a focused product strategy.

• Maintains an investment grade balance sheet with net debt/adjusted EBITDA at 2.3x.

Industry fundamentals and demand drivers

• Aggregates are a diminishing natural resource with high barriers to entry and limited substitutes, supporting attractive pricing.

• U.S. aggregates market size is estimated at 2.5 billion tons or $38 billion, with the top 10 producers controlling about one-third of volume.

• Downstream products like asphalt and concrete are aggregates-intensive, with U.S. market sizes of $34 billion and $42 billion, respectively.

• Demand is diversified across residential, non-residential, and infrastructure construction, with stable public funding for highways and utilities.

• Vulcan-served states are projected to outpace others in population, employment, and household growth from 2024 to 2034.

Strategic approach and operational excellence

• Pursues a two-pronged growth strategy: enhancing core operations and expanding reach, underpinned by talent, sustainability, and innovation.

• Core enhancements include commercial and operational excellence, logistics innovation, and strategic sourcing.

• Achieved superior aggregates price growth (+63% since 2017) and best-in-class cash gross profit per ton (+77% since 2017).

• Completed nearly 40 acquisitions in the last decade, expanding through both M&A and greenfield developments.

• Coast-to-coast footprint positions for future growth in high-growth MSAs.