Vulcan Materials : Investor presentation, March 2025
VMC
Durable Growth
March 2025
Vulcan at a Glance
Top 10 revenue state
Vulcan is the leading aggregates supplier in the U.S., with an unmatched footprint
that covers the nation's high growth markets
423 active aggregates operations
220 million tons of aggregates shipped
$7.4 billion of revenues
$2.1 billion adjusted EBITDA
2.3x net debt/adjusted EBITDA
Note: Figures as of 12/31/2024
Adjusted EBITDA is a Non-GAAP Measure. See Appendix for reconciliation.
Investor Relations Presentation March 2025 2
Value Proposition
What we aim to offer investors
Focused Strategy: Two-pronged approach to durable growth supported by foundation of talent, sustainability and innovation
Right Product: Most aggregates focused in the U.S. construction materials industry
Compelling Footprint: Serving markets better advantaged for growth
Track Record of Success: Best-in-class execution has ensured resiliency regardless of external market conditions
Disciplined Capital Allocation: Balanced approach to support existing franchise, grow the business and return cash to shareholders
Financial Strength: Investment grade balance sheet to support growth
Total Revenues
Gross Profit
74% 91%
AggregatesAggregates
Asphalt
Concrete
Note: Figures as of 12/31/2024
Investor Relations Presentation March 2025 3
Why Aggregates?
Diminishing natural resource with attractive fundamentals
Diverse end market demand
Attractive pricing characteristics
Limited product substitutions
High barriers to entry
High weight to value creates wide logistical moat
Flexible production capacity
Lifecycle of quarry creates lasting value
Source: USGS
Estimated U.S. Market Size is
~ 2.5 billion tons, or $38 billion
Over 5,000 companies operating
~10,000 operations
Top 10 producers account for ~1/3
of industry volume
Investor Relations Presentation March 2025 4
Attractive Fundamentals Lead to Compounding Results
Price growth in aggregates through all parts of a cycle
4.0
600
Demand Price
500
3.0
400
2.0
300
200
1.0
100
-
-
1985
1988
1991
1994
1997
2000
2003
2006
2009
2012
2015
2018
2021
2024
Source: BLS and Company estimates for U.S. Industry. Demand (L Axis) in billions of tons. Price (R Axis) is indexed (1982=100).
Investor Relations Presentation March 2025 5
Aggregates-intensive Downstream Products in Select Markets
Aggregates
AsphaltConcrete
Asphalt and Concrete
Source: IBIS World
Investor Relations Presentation March 2025 6
Diverse End Market Demand
Aggregates used in virtually all forms of construction
Residential
Private Funding
Single-family
Multi-family
Non-residential
Private / Public Funding
Retail, Offices,
Schools, Healthcare,
Warehouses,
Government,
Manufacturing
Buildings
Other Infrastructure
Public Funding
Airports, Sewer and Wastewater, Water
Supply, Dams
Highways
Public Funding
FederalState/Local
Cyclical Demand
Stable Demand
Low
Aggregates Intensity
High
Investor Relations Presentation March 2025 7
Demographics Help Drive Demand Growth
Vulcan-served states are advantaged for better growth
Projected Demographic Growth, 2024 to 2034 (Millions)
60%
of population live within 50 miles of
a Vulcan operation
Vulcan States
Non-Vulcan States
20.6
35
of the top 50 MSAs served
16.9
6.9
7.5
67%
of Infrastructure Investment and Jobs Act
5.4
formula dollars going to Vulcan states
2.7
Population Growth
Employment Growth
Household Growth
Source: Woods & Poole Economics, Complete Economic and Demographic Data Source (CEDDS) 2024, ARTBA and Company Estimates.
Investor Relations Presentation March 2025 8
Our Strategic Approach to Durable Growth
Two-pronged approach to durable growth supported by foundation of talent, sustainability and innovation
Enhance Our
Expand Our
Core
Reach
Talent
Sustainability
Innovation
Investor Relations Presentation March 2025 9
Enhancing Our Core
Our strategic disciplines drive revenue and earnings growth and separate Vulcan from the competition
Vulcan Way of Selling
Commercial
Logistics Innovation
Excellence
More time with customers; development of our
people; accountability through improved technology; faster growth than the industry
Vulcan Way of Operating
Operational
Strategic Sourcing
Excellence
Safety and health of our people; improved
customer service; greater production efficiency
Investor Relations Presentation March 2025 10
Disclaimer
Vulcan Materials Co. published this content on March 17, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 18, 2025 at 17:02:09.457.