Martin Marietta Materials : MLM Q1 2026 Supplemental Information vF

Published: 2026-04-30 07:37:29 ET MLM

Published on 04/30/2026 at 07:37 am EDT

April 30, 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.

‌Statement Regarding Safe Harbor for Forward-Looking Statements

This material contains forward-looking statements under the federal securities laws, including the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties and are based on assumptions that the Company believes are reasonable, but which may differ materially from actual results. These statements, reflect the Company's current expectations or forecasts of future events. You can identify these statements because they do not relate only to historical or current facts and may use words such as "guidance", "anticipate", "may", "expect", "should", "believe", "will", and other words of similar meaning in connection with future events or future performance. Any or all the Company's forward-looking statements herein and in other publications may prove to be incorrect.

Non-GAAP Financial Measures

This material contains financial measures that are not prepared in accordance with United States generally accepted accounting principles (GAAP). The Appendix contains reconciliations of these non-GAAP financial measures to the closest GAAP measures. Management believes these non-GAAP measures are commonly used by investors to evaluate the Company's performance and, when read in conjunction with the Company's consolidated financial statements, present a useful tool to evaluate the Company's ongoing business performance from period to period and anticipated performance. Additionally, these are some of the factors the Company uses in internal evaluations of the overall performance of its businesses. Management acknowledges that many factors impact reported results, and the adjustments in these non-GAAP measures do not account for all such factors. Furthermore, these non-GAAP measures may not be comparable to similarly titled measures used by other companies.

Results and Trends

Results and trends described in this Supplemental Information may not necessarily be indicative of the Company's

future performance.

‌KEY INVESTMENT HIGHLIGHTS

Q1 2026 Supplemental Information 3

First-Quarter Records:

Revenues1 (+17%)

Adjusted EBITDA from Continuing Operations2 (+14%)

Aggregates Revenues1 (+14%)

Aggregates Shipments (+12%)

All-Time Quarter Records:

Specialties Revenues (+63%)

Specialties Gross Profit (+17%)

Portfolio Optimization:

February 23: Closed asset exchange with Quikrete Holdings, Inc. (QUIKRETE)

April 19: Entered into definitive agreement

to acquire New Frontier Materials

$1.4B

Revenues1

+17% y-o-y

43.9M

Aggregates Shipment Tons

+12% y-o-y

$364M

Adjusted EBITDA from Continuing Operations2

+14% y-o-y

$1.93

Adjusted Earnings per Diluted Share from Continuing Operations2

+14% y-o-y

Revenues include the sales of products and services to customers (net of any discounts or allowances) and freight revenues for continuing operations

Non-GAAP financial measures; see Appendix for reconciliation to nearest GAAP measure

Q1 2026 Supplemental Information 4

‌2026 CONTINUING OPERATIONS GUIDANCE SUMMARY AT THE MIDPOINT

2026

GUIDANCE1

2026 AGGREGATES GUIDANCE1

2026 ORGANIC AGGREGATES GUIDANCE

$7.16B

Revenues

+16%

222M

Shipment Tons

+12.0%2

202M

Organic Shipment Tons

+2.0%2

$2.43B

Adjusted EBITDA From Continuing Operations3

+18%

$23.89

Average Selling Price (ASP)

+2.5%2

(Inclusive of 250-basis-point acquisition headwinds)

$24.47

Organic ASP

+5.0%2

Note: All percent changes are as compared with prior comparable period actual results

Includes contributions from operations acquired from QUIKRETE on February 23, 2026; contributions from New Frontier Materials are not included

Volume changes are in comparison to 2025 shipments of 198.5 million tons and ASP changes are in comparison to 2025 ASP of $23.30 per ton

Adjusted EBITDA from continuing operations is a Non-GAAP financial measure; see Appendix for reconciliation to nearest GAAP measure

Q1 2026 Supplemental Information 5

CREDIT RATING

BBB+

LIMITED BOND MATURITIES DURING SOAR 2030

2026

2027

$795M

2028

2029

2030

$478M

WEIGHTED AVERAGE COST OF DEBT

3.9%

100% Fixed Rate

SIGNIFICANT WHITE SPACE WITH CLEAR M&A TARGETS

33%

Total Addressable

Market (TAM)

2.7B1

Annual US Production1

67%

SOAR Priority M&A Targets

represent ~12% of TAM or

~300M TONS

of incremental annual production

Privately Held Aggregates Production

Publicly Held Aggregates Production

Source: USGS and management estimates.

1. Reflects average USGS annual U.S. crushed stone and construction sand and gravel production for the period 2000 to 2025 in short tons.

Q1 2026 Supplemental Information 6

‌END USE OUTLOOK

Q1 2026 Supplemental Information 7

RESIDENTIAL

+ Data centers

+ Energy

− Warehouses

− Manufacturing

− Light nonresidential

NONRESIDENTIAL

+ Infrastructure Investment

and Jobs Act

+ Record state Department of Transportation budgets

+ State and local ballot initiatives

INFRASTRUCTURE

− Single-family housing

− Multi-family housing

Q1 2026 Supplemental Information 8

75% of Total Highway & Bridge Funds

CUMULATIVE OBLIGATIONS

52% of Total Highway & Bridge Funds

CUMULATIVE STATE REIMBURSEMENTS

TOTAL HIGHWAY & BRIDGE FUNDS

29% of Total

$1.2 Trillion IIJA

Final year of IIJA, nearly 50% of highway and bridge funding remains to be invested

Source: ARTBA

Q1 2026 Supplemental Information 9

($ in Billions)

Long tail from IIJA is expected to be enhanced with incremental funds

IIJA spend expected to extend well past its expiration in 2026;

consistent with historical infrastructure bills

2025

2026

2027

2032 &

Beyond

2031

2030

2029

2028

2024

2023

2022

$11

$15

$16

$24

$42

$49

$58

$53

from a successor infrastructure bill

$63

Source: U.S. Congressional Budget Office, FHWA, ARTBA estimates based on annual funding levels included in $348B Infrastructure Investment & Jobs Act between FY 2022 and FY 2026. Actual pace of project commitments and thus spending will vary - for example states have four years to commit Bridge Formula Program funds, therefore the spend-out of that program may differ from historical average. Annual spending totals for illustration purposes only - this is not a forecast of annual reimbursements or spending.

Q1 2026 Supplemental Information 10

DODGE NONRESIDENTIAL SQUARE FOOTAGE STARTS

Dodge expects modest recovery in nonresidential square footage starts in 2026

(Sqft in Millions)

1,800

1,600

1,400

1,200

1,000

800

600

400

200

302

1,324

588

366

25% Below Post-COVID Peak

1,597

722

414

147

314

355

138

323

1,318

502

371

404

110

311

338

421

326

319

473

344

459

1,221 1,180 1,198 1,225

402

441

340

1,282

424

354

1,341 1,394

449

472

390

383

411

2021 2022 2023 2024 2025 '26F '27F '28F '29F '30F

Warehouse Other Commercial Manufacturing Institutional

Source: Dodge Data & Analytics

Q1 2026 Supplemental Information 11

U.S. SINGLE-FAMILY HOUSING STARTS

Structural housing deficit persists as U.S. single-family housing starts remain sharply below historical peaks

(in thousands)

40% Below Prior Peak

1,7191

1,1321

1,032

9% Below

Post-COVID Peak

1. Reflects the average of the U.S. single-family housing starts seasonally adjusted annual rate (SAAR) reported by the U.S. Census Bureau for January - December 2005 and January - December 2021, respectively.

Q1 2026 Supplemental Information 12

‌APPENDIX

Q1 2026 Supplemental Information 13

$ in Millions

Three Months Ended

Mar 31, 2026

Three Months Ended

Mar 31, 2025

Net earnings from continuing operations attributable to Martin Marietta

$79

$104

Add back:

Interest expense, net of interest income

Income tax expense for controlling interests

Depreciation, depletion and amortization expense and earnings/loss from nonconsolidated equity affiliates

165

136

Acquisition, divestiture and integration expenses

Impact of selling acquired inventory after markup to fair value as part of acquisition accounting

Asset and portfolio rationalization charge

Adjusted EBITDA from Continuing Operations

$364

$319

Revenues from continuing operations

$1,362

$1,162

Adjusted EBITDA from Continuing Operations Margin

27%

Earnings from continuing operations before interest; income taxes; depreciation, depletion and amortization; earnings/loss from nonconsolidated equity affiliates; acquisition, divestiture and integration expenses; the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting (Inventory Markup); and an asset and portfolio rationalization charge, or Adjusted EBITDA from continuing operations, is an indicator used by the Company and investors to evaluate the Company's operating performance from period to period. The Company has elected to add back, for purposes of its Adjusted EBITDA from continuing operations calculation, acquisition, divestiture and integration expenses and the Inventory Markup only for transactions with consideration of at least

$2.0 billion for the Building Materials business or $200 million for the Specialties business.

Adjusted EBITDA from continuing operations is not defined by accounting principles generally accepted in the United States (GAAP) and, as such, should not be construed as an alternative to net earnings attributable to Martin Marietta, earnings from operations, or operating cash flow.

Q1 2026 Supplemental Information 14

$ in Millions

Year Ended Dec 31, 2026

(Midpoint Guidance)1

Net earnings from continuing operations attributable to Martin Marietta

$1,115

Add back:

Interest expense, net of interest income

200

Income tax expense for controlling interests

306

Depreciation, depletion and amortization expense and earnings/loss from nonconsolidated equity affiliates

737

Acquisition, divestiture and integration expenses

Impact of selling acquired inventory after markup to fair value as part of acquisition accounting

Asset portfolio rationalization charge

Adjusted EBITDA from Continuing Operations

$2,430

$2.0 billion for the Building Materials business or $200 million for the Specialties business.

1. 2026 Guidance reflects the midpoint of guidance ranges provided in the April 30, 2026 earnings release.

Q1 2026 Supplemental Information 15

Dollars per Diluted Share

Three Months Ended

Mar 31, 2026

Earnings per diluted share from continuing operations

$1.31

Add back:

Acquisition, divestiture and integration expenses

0.06

Impact of selling acquired inventory after markup to fair value as part of acquisition accounting

0.28

Asset and portfolio rationalization charge

0.02

Revaluation of deferred tax liabilities

0.26

Adjusted earnings per diluted share from continuing operations

$1.93

Adjusted earnings per diluted share from continuing operations is a non-GAAP financial measure used by the Company and by investors to evaluate operating performance and enhance comparability across reporting periods. The Company calculates adjusted earnings per diluted share from continuing operations by excluding the impact of certain items that management believes are not indicative of the Company's underlying performance from period to period, including impacts directly related to acquisition and divestiture activity as well as asset portfolio and rationalization charges. The Company has elected to add back, for purposes of its Adjusted earnings per diluted share from continuing operations calculation, acquisition, divestiture and integration expenses, the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting and the revaluation of deferred tax liabilities, only for transactions with consideration of at least $2.0 billion for the Building Materials business or $200 million for the Specialties business.

Adjusted earnings per diluted share from continuing operations is not defined by accounting principles generally accepted in the United States (GAAP) and, as such, should not be construed as an alternative to earnings per diluted share from continuing operations.

Q1 2026 Supplemental Information 16

Disclaimer

Martin Marietta Materials Inc. published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 11:33 UTC.