Slides
Page 1
CAPITAL MARKETS DAY September 3, 2025
Page 2
Welcome and Opening Remarks 2025 Capital Markets Day 2 Jacklyn Rooker VP , Investor Relations B E N S O N Q U A R R Y ‖ B E N S O N , N O R T H C A R O L I N A
Page 3
Statement Regarding Safe Harbor for Forward-Looking Statements Investors are cautioned that all statements herein that relate to the future involve risks and uncertainties and are based on assumptions that the Company believes in good faith are reasonable but which may be materially different from actual results. These statements, which are forward-looking statements under the Private Securities Litigation Reform Act of 1995, provide the investor with the Company’s expectations or forecasts of future events. You can identify these statements by the fact that they do not relate only to historical or current facts. They 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 operating or financial performance. Any or all of the Company’s forward-looking statements here and in other publications may turn out to be wrong. You should consider these forward-looking statements in light of risk factors discussed in Martin Marietta’s Annual Report on Form 10-K for the year ended December 31, 2024, the Form 8-K dated as of today, and other periodic filings made with the SEC. All of the Company’s forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to the Company or that it considers immaterial could affect the accuracy of its forward-looking statements or adversely affect or be material to the Company. The Company assumes no obligation to update any such forward-looking statements. 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. 32025 Capital Markets Day
Page 4
2025 Capital Markets Day 4 Today’s Agenda 9:00 a.m. Welcome and Opening Remarks JACKLYN ROOKER | VP , Investor Relations Compounding Returns on a Rock-Solid Foundation WARD NYE | Chair, President and Chief Executive Officer Codifying Martin Operating System to Further Drive Organic Growth WARD NYE | Chair, President and Chief Executive Officer Fireside Chat: Accelerating Commercial and Operational Excellence Moderator WARD NYE | Chair, President and Chief Executive Officer Panelists OLIVER BROOKS | President, East Division KIRK LIGHT | President, Southwest Division BILL PODRAZIK | President, Central Division CHRIS SAMBORSKI | President, West and Specialties Divisions 10:50 a.m. Break 11:05 a.m. Capital Allocation and M&A Execution Drive Long-Term Value Creation MICHAEL PETRO | SVP and Chief Financial Officer Closing Remarks WARD NYE | Chair, President and Chief Executive Officer 11:25 a.m. Q&A Session
Page 5
Compounding Returns on a Rock-Solid Foundation 2025 Capital Markets Day 5 Ward Nye Chair, President and Chief Executive Officer L E M O N S P R I N G S Q U A R R Y ‖ S A N F O R D , N O R T H C A R O L I N A
Page 6
2025 Capital Markets Day 6 Key Messages Industry-leading aggregates unit profitability growth enabled by disciplined pricing and operational excellence2 Proven track record of executing Strategic Operating Analysis and Review (SOAR) strategy to deliver strong financial results and significant shareholder returns3 Significant whitespace and clear M&A targets in diversified geographic end markets enhances consistent organic growth4 Leading supplier of aggregates with differentiated, complementary specialty products1 Strategically located in higher-growth markets and well positioned to benefit from attractive long-term secular growth trends5
Page 7
2025 Capital Markets Day 7 1 Reflects market cap as of August 26, 2025. 2 Reflects number of aggregates quarries, mines, and yards and employees as of August 26, 2025. 3 Revenues and Adjusted EBITDA reflect the mid-point of our 2025 guidance as of August 7, 2025. 4 Non-GAAP measure, see Appendix for reconciliation to nearest GAAP measure. 5 Safety data as of December 31, 2024; LTIR and TIIR rate per 200,000 man hours worked. Martin Marietta at a Glance (NYSE: MLM) 66% 29% 5% 79% 15% 6% Revenues Gross Profit 2024 Product Mix World-Class Safety Focus 0.13 lost-time incident rate 8th Consecutive year achieving world-class lost-time incident rate5 Aggregates Cement & Downstream Specialty Products 0.65 total injury incident rate 4th Consecutive year achieving better than world-class total injury incident rate5 Key Stats 9,700+ Employees2 $37.4B Market cap1 $7.0B Revenues3 $2.3B Adjusted EBITDA3,4 ~400 Aggregates quarries, mines, and yards2 Raleigh, NC Headquarters
Page 8
Broad North American Footprint with Significant Whitespace for Expansion 2025 Capital Markets Day 8 Coast-to-Coast Aggregates Footprint with Complementary Specialties Businesses in Growing Markets Aggregates >85 Years of Reserves based on 2024 production levels #1 or #2 in 90% of existing markets with ample whitespace $2.25B Adjusted EBITDA Targeted Downstream Products 1M Ready Mixed Concrete Cubic Yards1 9M Hot Mix Asphalt Tons1 Building Materials Complementary Specialty Products Specialties Division 1 Reflects shipments for FY2024. Lime Largest dolomitic lime operation in North America Magnesia-Based Products Magnesium Oxide, Magnesium Hydroxide, and Magnesium Sulfate British Columbia 1 Reflects aggregates footprint and 2025 downstream shipments giving effect as if the asset exchange with Quikrete Holdings, Inc. announced August 4, 2025, closed on January 1, 2025. The asset exchange with Quikrete Holdings, inc. is not yet closed and remains subject to regulatory approvals and customary closing conditions. 1
Page 9
Value Proposition of Building Materials Supply Chain 92025 Capital Markets Day 9 1 The asset exchange with Quikrete Holdings, inc. announced August 4, 2025, is not yet closed and remains subject to regulatory approvals and customary closing conditions. Downstream Products 5% Asphalt Ready Mixed Concrete (RMC) Key aggregates (and cement) distribution channel (80% aggregates by weight) • Cyclical end market exposure Key aggregates distribution channel (95% aggregates by weight) • End market resiliency (Infrastructure) of midpoint of 2025 consolidated gross profit guidance giving effect as if the asset exchange closed on January 1, 20251 86% Aggregates Profit growth through economic cycles • Depleting natural resource buttressed by long-lived reserves • Limited substitute products • Logistical advantages of midpoint of 2025 consolidated gross profit guidance giving effect as if the asset exchange closed on January 1, 20251
Page 10
2025 Capital Markets Day 10Source: S&P Global; company data. Strategically Positioned in Higher-Growth Markets Diverse End Market Exposure Aligned with Growing U.S. States TX 30% CA 7% NC 10% CO 9% GA 6% MN 4% AZ 4% FL 4% IA 3% IN 3% SC 4% OH 1% NE 2% MD 2% AL 1% MO 1% OK 2% VA 1% AR <1% PA <1% LA <1% KS <1% KY <1% UT <1% WA <1% TN 2% MS <1% WY <1% DE <1% 2024 Building Materials Revenues by Destination NOVA SCOTIA <1% BAHAMAS <1% West Division Southwest Division Central Division East Division Expected cumulative population growth from 2024 to 2029 for Top 10 MLM states by revenue (3.0% vs. 1.6% expected cumulative U.S. population growth) 2X WV <1%
Page 11
2017 2018 2019 2020 2021 2022 2023 2024 2025 Capital Markets Day 11 Note: Implied Cash Cost of Sales Per Ton defined as Aggregates Average Selling Price less Aggregates Gross Profit per Ton less DD&A. Note: Selling price is established locally at the point of sale and is subject to competitive and other factors at each locality. ASP increases reflect the average of the Company’s selling price across all regions, some of which may have already been implemented. Local prices can vary significantly from this average. Industry-Leading Aggregates Unit Profitability Growth Driven By Pricing and Operational Excellence Average Sales Price CAGR 7.1% 4.9% Implied Cash Cost of Sales per Ton CAGR Cash Gross Profit per Ton (CGPPT) 10.1% CAGR +61%Cumulative Growth Cumulative Growth +96%Cumulative Growth 2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2023 2024 Continued Positive Operating Leverage from Price / Cost Spread to Fuel Growing CGPPT +200 bps Spread +40%
Page 12
2025 Capital Markets Day 12 Experienced Leadership with Best-in-Class Teams Delivering on Commitments to Stakeholders Right People, Right Culture, and Right Incentives for Accelerated Growth Oliver Brooks East Division President Kirk Light Southwest Division President Bill Podrazik Central Division President Chris Samborski West and Specialties Division President Division Presidents Today’s Speakers Bradley Kohn Senior Vice President, General Counsel and Corporate Secretary Robert Cardin Senior Vice President, Controller, and Chief Accounting Officer Roselyn Bar Executive Vice President Ward Nye Chair, President and Chief Executive Officer Michael Petro Senior Vice President and Chief Financial Officer Jason Flynn Senior Vice President and Chief Information Officer Donald McCunniff Executive Vice President and Chief Human Resources Officer Jack Koraleski Lead Independent Director
Page 13
2025 Capital Markets Day 13 Steadfast Commitment to Our Core Values is the Cornerstone of Our Future Success Safety Culture is Core to Everything We Do CORE VALUES INTEGRITY Doing the right thing by adhering to our core values and ethical business principles EXCELLENCE Being a role model through responsible innovation and continuous improvement STEWARDSHIP Committed to making the world better today and for future generations SAFETY Uncompromising in our commitment to the safety and health of our people and the community COMMUNITY Our people and the relationships they build within our neighborhoods and cities
Page 14
2025 Capital Markets Day 14 Leading the Industry in Safety Performance Industry-Leading Safety Performance Metrics throughout SOAR 2025 1 Represents a sampling of other suppliers that self-reported safety data. Data sourced from MSHA database, company ESG, proxy and peer review reports. Rates per 200,000 hours worked. The industry average for stone and sand and gravel facility types is preliminary for January 1 through September 30, 2024, the most recent final statistics available. 0.65 1.28 1.41 1.89 1.94 Total Reportable Incident Rate1 (2024) Peer 1 Peer 2 Peer 3 Peer 4 1.70 Stone, Sand & Gravel Industry Average
Page 15
2025 Capital Markets Day 15 SOAR: Proven Playbook for Scalable Growth Committed to Disciplined Market Expansion through M&A Inorganic Growth Portfolio OptimizationOrganic Growth Commercial Excellence Operational Excellence Asset Swaps / Divestitures Residual Land Value Growth Capital Investments New Market Expansion Bolt-on Acquisitions
Page 16
16 SOAR Execution Since 2010 Inception 2025 Capital Markets Day 16 2010 131 Million Aggregates Shipment Tons $1.8 Billion Consolidated Revenues $375 Million Adjusted EBITDA1 Note: 2025 Guidance Midpoint reflects the mid-point of our 2025 guidance as of August 7, 2025. 1 Non-GAAP measure, see Appendix for reconciliation to nearest GAAP measure 2 The asset exchange with Quikrete Holdings, Inc. announced August 4, 2025, is not yet closed and remains subject to regulatory approvals and customary closing conditions. As a result, the annual aggregates tons expected from the asset exchange are not included in the 2025 Guidance Midpoint. 2025 Guidance Midpoint 196 Million Aggregates Shipment Tons $7.0 Billion Consolidated Revenues $2.3 Billion Adjusted EBITDA1 Aggregates Aggregates Quikrete Aggregates2
Page 17
2025 Capital Markets Day 17 SOAR Provides Proven Track Record of Compounding Financial Performance… 2010 2015 2020 2025G $0.4B $0.8B $1.4B $2.3B 2010 2015 2020 2025G $2.10 $4.29 $11.54 $18.87 2010 2015 2020 2025G 21% 21% 29% 33% 2010 2015 2020 2025G $1.8B $3.5B $4.7B $7.0B ~10% CAGR Revenues ~13% CAGR Adj. EBITDA +1,200 bps Adj. EBITDA Margin ~16% CAGR Diluted EPS 1 2025G reflects the mid-point of our 2025 guidance as of August 7, 2025. 1111
Page 18
2025 Capital Markets Day 18 Source: FactSet. 1 Total Shareholder Return from December 31, 2010 – August 26, 2025. 2 Total Shareholder Return as of August 26, 2025. …While Delivering Total Shareholder Returns (TSR) In Excess of Key Indices Outperformed S&P Materials by 149% pts 10-year TSR2 Outperformed S&P Materials by 145% pts 5-year TSR2 Outperformed S&P Materials by 53% pts 3-year TSR2 Outperformed S&P Materials by 8% pts YTD TSR2 Outperformed S&P Materials by 449% pts TSR Since SOAR Launch1 577% 680% 231% 298% 323% 173% 100% 206% 61% 67% 79% 26% 11% 20% 11% S&P 500 S&P 500 Materials Martin Marietta
Page 19
~35M Tons Annual High-Margin Aggregates Production in Targeted Geographies 19 Charted Course to Become Pure Aggregates Market Leader Over a Decade Ago Acquired in 2014 ◇ Vertically integrated Texas heavyside materials leader ◇ 18M tons of annual aggregates production ◇ Leading cement producer in Texas ◇ Complementary ready mix distribution channel …that Provided a Balance Sheet Neutral Path to Enhance Our Core Product Line Sold Two Cement Plants in 2024-2025 for More than the Entire Acquisition Cost of TXI Assets1 2025 Capital Markets Day TXI Was a Transformational Transaction of Scale for the Company… Strengthened Leading Texas Aggregates Footprint ◇ Bridgeport Complex ◇ Mill Creek Complex ◇ Hunter Stone Divestiture Assets Used As Consideration For… ◇ Albert Frei & Sons Closed January 12, 2024 ◇ Affiliates of Blue Water Industries LLC Closed April 5, 2024 ◇ Quikrete Expected close Q1 20261 1 The asset exchange with Quikrete Holdings, inc. is not yet closed and remains subject to regulatory approvals and customary closing conditions. British Columbia
Page 20
Inorganic New Market Expansion Organic Growth Highlights Current Footprint SOAR 2025 Target Market1 2025 Capital Markets Day 20 Delivered on SOAR 2025 Objectives from 2021 Capital Markets Day Price / Cost Spread Executed Against Organic and Inorganic Targets Growth Capex 200 BPS Price / Cost Spread T A R G E T : E X P E C T T O A C H I E V E : +228 BPS Price / Cost Spread Bridgeport Plant Capacity and Automation +3M Annual Aggregates Tons Midlothian Cement Plant Capacity Expansion +450K Annual Cement Tons 1 Virginia and Pacific Northwest locations reflect the sites from the definitive agreement with Quikrete announced on August 4, 2025. The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals and other customary closing conditions.
Page 21
68% 25% 7% 79% 15% 6% 2025 Capital Markets Day 21 Transformed Business for Next Phase of Compounding Growth Gross Profit Product Mix SOAR 2025 Financial Results Increasing Contribution from the Aggregates Product Line 2020 2025G 2020 Gross Profit 2025 Gross Profit Guide $4.7B Revenues $7.0B Revenues 8.1% CAGR $1.4B Adjusted EBITDA $2.3B Adjusted EBITDA 10.6% CAGR 29% Adjusted EBITDA Margin 33% Adjusted EBITDA Margin +356 BPS Aggregates Cement & Downstream Specialty Products 100% S O A R 2 0 2 5 T S R G O A L +1,100 Basis Points Improvement 120%+ A C H I E V E D 1 Note: 2025G reflects the mid-point of our 2025 guidance as of August 7, 2025. 1 Source: FactSet; Total Shareholder Return from December 31, 2020 – August 26, 2025.
Page 22
Investment Highlights 2025 Capital Markets Day 22 M E D I N A R O C K A N D R A I L ‖ M E D I N A C O U N T Y , T E X A S
Page 23
2025 Capital Markets Day 23 Sustainable Competitive Advantages Driving Compounded Earnings Growth Durable and Resilient Organic Earnings Profile 1 From 2020 – 2025G; Note: 2025G reflects the mid-point of our 2025 guidance as of August 7, 2025. Earnings Growth through Cycles +64% EPS during SOAR 20251, despite residential down cycle Flexible cost structure (~50% variable) Diversified customer base; largest <5% of revenues Insulated from private construction cyclicality; infrastructure ~40% of shipments Complementary Specialties Division with aggregates-like characteristics Consistent earnings growth through demand cycles
Page 24
2025 Capital Markets Day 24 Our Resilient, Aggregates-Led Business Model Is a Key Driver of Company Growth Drivers of Aggregates Value $0. 00 $5. 00 $10 .00 $15 .00 $20 .00 $25 .00 $30 .00 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 2000 2004 2008 2012 2016 2020 2024 Delivered Compounding Pricing and Unit Profitability through Cycles USGS Stone, Sand & Gravel Volume MLM Cash Gross Profit per Ton (CGPPT) MLM Average Sales Price (ASP) 5% CAGR in CGPPT from 2000 - 2020 Diminishing Natural Resource Limited Substitute Products Capital and Permitting Requirements Flexible Cost Structure 4% CAGR in ASP from 2000 - 2020 Low Cost of Overall Construction Project 18% CAGR in CGPPT from 2021 - 2024 13% CAGR in ASP from 2021 - 2024 S O A R 2 0 2 5 Execution Volume ~23% Below Peak Value-to-Weight Ratio Creates Logistical Advantages Note: Selling price is established locally at the point of sale and is subject to competitive and other factors at each locality. ASP increases reflect the average of the Company’s selling price across all regions, some of which may have already been implemented. Local prices can vary significantly from this average.
Page 25
2025 Capital Markets Day 25 Streamlined Business Model and Flexible Cost Structure Driving a Leaner, More Agile Organization $219K $180K $86K $103K $72K $67K $96K Martin Marietta Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 6.8% 7.2% 22.1% 26.3% 12.5% 22.7% 8.8% Martin Marietta Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Note: EBITDA / Employee and SG&A % of Revenues reflect 2024 figures. EBITDA / Employee SG&A % of Revenues
Page 26
2025 Capital Markets Day 26 Complementary Specialties Division Drives Differentiation and Higher Margins 33.3% 28.7% Specialty Products Consolidated Drivers of Complementary Specialties Gross Margin (2024) Growth Opportunities Specialty quarries R&D efforts Attractive Margin Profile Growth Platform Optionality End Market Diversification Aggregates-Like Characteristics 1 Specialty products 2024 Gross Margin results relate to performance of Magnesia Specialties Division. Specialties Division is the rebranded Magnesia Specialties Division. 1
Page 27
2025 Capital Markets Day 27 Organic Growth Engine Supported by M&A Upside Robust and Active M&A Pipeline in a Fragmented Industry Total Addressable Market (TAM) 2.7B1 Annual US Production2 67% privately held aggregates production 33% publicly held aggregates production SOAR Priority Targets ~12% of TAM 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 2024 in short tons. 2 As of 2024, approximately 1,400 companies produced crushed stone and approximately 3,400 companies produced construction sand and gravel. Priority M&A targets represent ~300M TONS of incremental annual production
Page 28
2025 Capital Markets Day 28 Underappreciated Land Residual Value Capitalizing on Significant Value of Quarries through Entire Lifecycle of Asset Monetizing Non-Operating Real Estate • Own >170,000 acres of land near growing metropolitan areas • Reclaimed locations possess significant residual value Potential Development Applications • Mega projects (gigafactories, data centers) • Lakes, reservoirs, and parks • Water storage • Mixed used commercial, retail, and residential • Conservation easements • Sold 2,100-acre depleted sand and gravel site for $97M to build a gigafactory and supplied aggregates, cement and concrete for the project, generating substantial additional revenue • Development of the site is ongoing Case Study: Gigafactory
Page 29
Attractive Long-Term Secular Demand Trends 2025 Capital Markets Day 29 L E M O N S P R I N G S Q U A R R Y ‖ S A N F O R D , N O R T H C A R O L I N A
Page 30
Single-family and multi-family development Residential ~23% of 2024 Shipments1 Private Funding 20% Expected Overall Growth in Single Family Housing Starts (‘25–’29)2 2025 Capital Markets Day 30 Schools, healthcare and municipal facilities Data centers, warehouses, energy, manufacturing, light commercial Public / Private Funding Nonresidential ~35% of 2024 Shipments1 21% Expected Overall Growth in Square Footage Starts (‘25 –’29)2 1 Reflects percentage of 2024 aggregates shipments; the remaining 5% of 2024 aggregates shipments is attributed to ChemRock and Rail. 2 Based on 2nd Quarter 2025 Dodge Data & Analytics construction starts forecast Diversified End Market Exposure Enhances Durability Infrastructure Spending, Housing Recovery, and Re-Shoring Drive Attractive Industry Tailwinds Stable Demand Cyclical Demand Trends Driving Growth State BudgetFederal (IIJA) Public Funding Infrastructure ~37% of 2024 Shipments1 The Infrastructure Investment and Jobs Act (“IIJA”) and expected successor bill provide long, durable demand tailwinds
Page 31
2025 Capital Markets Day 31 IIJA Provides Stable, Healthy Tail of Infrastructure Spend Generational Investment Provides Growing Base Level Trend for Aggregates Shipments $350B Total Highway & Bridge Funds Between 2022 – 2026 ~29% of Total IIJA $1.2T IIJA Funding Authorized in Nov 2021 IIJA Set New Benchmark for Investment in Highways and Bridges… …with Long History of Successor Bills Exceeding Prior Commitments $82B $225B $350B MAP-21 – Moving Ahead for Progress in the 21st Century Act FAST Act – Fixing America’s Surface Transportation Act IIJA – Infrastructure Investment and Jobs Act MAP-21 (2013 – 2014) FAST Act (2016 – 2020) IIJA (2022 – 2026) Successor Bill Expectations
Page 32
2025 Capital Markets Day 32 Source: ARTBA, NSSGA, White House, State DOTs. 1 Based on 2024-2025 budget data. Uniquely Positioned to Capitalize on Significant Opportunities Strategically Positioned in Geographies that Benefit from Healthy Infrastructure Investment Average DOT Budget in MLM’s Top 10 States vs Remaining 40 states1 2X TX CA NC CO GA MN AZ FL IA SC
Page 33
2025 Capital Markets Day 33 Source: U.S. Census Bureau, U.S. Geological Survey. 1 U.S. Single-Family Housing Starts data through July 2025. U.S. aggregates 2025 volume annualized using Q1 2025 data and 2024 quarterly weightings. 2 https://zillow.mediaroom.com/2025-07-09-US-housing-deficit-grew-to-4-7-million-despite-construction-surge. 3 Percent change from 2005 – July 2025 seasonally adjusted annual rate. 4 Percent change from 2006 – 2025 annualized using Q1 2025 and 2024 quarterly weightings. Single-Family Housing Starts Drive Peaks-and-Troughs in Aggregates Demand with a Lag Continued to Strengthen Business through Housing Trough 2023: Post-COVID peak New Home Construction Increases Demand for Materials 4.7M Current Housing Shortage; Driven by Significant Underbuilding2 U.S. Single-Family Housing Starts 45% Below Prior Peak3 U.S. Aggregates Volume 29% Below Prior Peak4 1.0 1.5 2.0 2.5 3.0 3.5 0 200 ,000 400 ,000 600 ,000 800 ,000 1,0 00,000 1,2 00,000 1,4 00,000 1,6 00,000 1,8 00,000 2,0 00,000 U.S. Single-Family Housing Starts U.S. Aggregates Volume 4-year peak-to- trough 2006: Prior Peak
Page 34
2025 Capital Markets Day 34 Single-Family Development Creates Positive Tailwinds for Community Buildout Single-Family Development Is 2x to 3x More Aggregates Intensive Than Multi-Family Development CURBS, SEWERS and GUTTERS in new residential development New ACCESS ROADS, INTERCHANGES and LANE WIDENINGS NEW RETAIL, COMMERCIAL and WAREHOUSES to support new communities New SCHOOLS, HEALTHCARE and MUNICIPAL FACILITIES
Page 35
2025 Capital Markets Day 35 Key Takeaways Industry- leading unit profitability growth 2 Proven track record of executing SOAR strategy 3 Significant whitespace and clear M&A targets 4 Leading supplier of aggregates 1 Strategically located in higher-growth markets 5
Page 36
2025 Capital Markets Day 36 Codifying Martin Operating System to Further Drive Organic Growth N O R T H B R I D G E P O R T Q U A R R Y ‖ W I S E C O U N T Y , T E X A S Ward Nye Chair, President and Chief Executive Officer
Page 37
2025 Capital Markets Day 37 Key Messages Leveraging predictive data and analytics to accelerate business optimization and drive value2 Continuing to deliver industry-leading unit profitability growth and further drive price / cost spread with SOAR 20303 Codifying Martin Operating System for greater alignment between go-to-market strategy and production1
Page 38
2025 Capital Markets Day 38 SOAR 2030 Priorities Have Not Changed …Enhanced by Disciplined Inorganic Growth Strong Organic Growth Remains the Foundation of Our Success… Commercial Excellence Operational Excellence Strategic M&A Synergy Realization
Page 39
2025 Capital Markets Day 39 SOAR 2030 Priorities Have Not Changed Strong Organic Growth Remains the Foundation of Our Success… Precision Pricing | Customer Experience Cost Management | Strategic Procurement Commercial Excellence Operational Excellence
Page 40
250 bps S O A R 2 0 3 0 P R I C E / C O S T S P R E A D G O A L Alignment Between Commercial Excellence and Operational Excellence Driving Price / Cost Spread OP E R AT I O N AL EXCE L L E N CE Precision Pricing Customer Experience SOAR 2030 Organic Growth: Codifying Our Martin Operating System (MOS) Strategic Procurement Cost Management S A F E T Y I SF O U N D A T I O N A L 2025 Capital Markets Day 40 COM M E R C I AL EXCE L L E N CE MARTIN OPERATING SYSTEM
Page 41
Revenue optimization (Price / Volume) Flexing variable cost with demand Real-time bid pricing Real-time inventory visibility Customer experience Sales Operations 2025 Capital Markets Day 41 Ecosystem Enables Real-Time Price / Cost Management Via Alignment of Sales and Production Utilizing Data and Analytics to Inform Business Decisions Predictive plant and fleet maintenance
Page 42
recisionP r e c i s I Q eal-time ngine for ustomer nformation & trategic ntelligent uoting 2025 Capital Markets Day 42 PrecisIQ Pricing Tool: Driving Organic Growth through Precision Pricing Capture Significant Value through Data-Informed Price Guidance and Enhanced Sales Pipeline Tracking CUSTOMER EXPERIENCE MLM SALES REP EXPERIENCE Improves pricing Accelerates responses Enhances mobile capabilities Delivers consistent experiences Reduces administrative time Strengthens relationships PRECISION PRICING | INTELLIGENT QUOTING Data-driven Insights Delivered In Real-time To Sales Teams
Page 43
2025 Capital Markets Day 43 Focusing On What’s Within Our Control to Unlock Value Cost Flexing • No aggregates operations that produce 24/7 • Near-term changes in demand: – Flex crews and overtime • Longer-term changes in demand: – Utilize scale benefits of quarry networks Cost Management Fleet Plant Automation • Partnering with leading telematics provider to automate data capture • Automated data capture unlocks greater value from mobile fleet • ~40% of plants have automation capabilities • Enhances ability to run plants at maximum capacity • Optimizes production yields Strategic Procurement Procurement Spend Under Contract Increased from: to48% in 2022 >60% in 2025
Page 44
2025 Capital Markets Day 44 Aggregates District Unit Profitability Note: Reflects 2024 operations data. Significant Opportunity Remains to Grow the Top… 2024 Cash Gross Profit Per Ton …and Improve the Tail Martin Marietta Aggregates Districts Consolidated Average $9.74
Page 45
2025 Capital Markets Day 45 Continued Best-in-Class Unit Profitability Growth Pricing Discipline and Operational Excellence Drive Sustainable Unit Profitability Growth • Value-added Selling • Precision Bid Pricing • Leadership • M&A • Cost Management • Strategic Procurement • District Normalization • Inventory Management 4% Historical ASP1 2% Historical CPI2,3 “Above Historical ASP” Operational Excellence MSD SOAR 2030 LSD SOAR 2030 S O A R 2 0 3 0 Expectations 250 bps Price / Cost Spread Low DD Unit Profitability Growth Note: Selling price is established locally at the point of sale and is subject to competitive and other factors at each locality. ASP increases reflect the average of the Company’s selling price across all regions, some of which may have already been implemented. Local prices can vary significantly from this average. 1 Historical ASP reflects CAGR from 2000 – 2020. 2 Historical CPI reflects CAGR for All items in U.S. City Average from 2000 – 2020. 3 SOURCE: U.S. Bureau of Labor Statistics.
Page 46
2025 Capital Markets Day 46 Key Takeaways Key Takeaways Continuing to deliver industry-leading unit profitability growth and further drive price / cost spread with SOAR 2030 Leveraging predictive data and analytics to accelerate business optimization and drive value Codifying Martin Operating System for greater alignment between go-to-market strategy and production 321
Page 47
Fireside Chat: Accelerating Commercial and Operational Excellence 2025 Capital Markets Day 47 B E N S O N Q U A R R Y ‖ B E N S O N , N O R T H C A R O L I N A
Page 48
2025 Capital Markets Day 48 Fireside Chat: Accelerating Commercial and Operational Excellence Ward Nye Chair, President and Chief Executive Officer Joined MLM: 2006 Oliver Brooks President, East Division 2013 Kirk Light President, Southwest Division 2019 Bill Podrazik President, Central Division 2002 Chris Samborski President, West and Specialties Divisions 2018 Moderator Panelists
Page 49
BREAK 2025 Capital Markets Day 49 C L A Y T O N A G G R E G A T E S ‖ C O N C O R D , C A L I F O R N I A
Page 50
Capital Allocation and M&A Execution Drive Long-Term Value Creation 2025 Capital Markets Day 50 Michael Petro SVP and Chief Financial Officer J O N E S M I L L Q U A R R Y ‖ H O T S P R I N G C O U N T Y , A R K A N S A S
Page 51
2025 Capital Markets Day 51 Key Messages Utilizing strategic M&A to amplify organic growth, expand into key markets, and compound long-term shareholder value 2 Leveraging proven playbook to ensure seamless integration and execution, cultural alignment, and significant value creation 3 Executing balanced and consistent capital allocation strategy1 Pursuing disciplined capital investments to sustain industry-leading operations and capture growth opportunities 4
Page 52
2025 Capital Markets Day 52 Balanced Approach to Capital Allocation Consistent Go-Forward PrioritiesS O A R 2 0 2 5 Uses of Capital1 1 From January 1, 2021 – June 30, 2025. 58% 25% 10% 7% $11.5B M&A Share Repurchases Capex Dividends M&A • Disciplined M&A execution • Synergy realization Organic Investment • Sustaining and growth capex to enhance efficiency and/or capacity • Land and reserves purchases Capital Return • Return capital to shareholders via share repurchases and sustainable dividends
Page 53
2025 Capital Markets Day 53 SOAR 2030 Priorities Have Not Changed …Enhanced by Disciplined Inorganic Growth Strategic M&A Significant Whitespace Improves Durability and Margin Profile of Enterprise Significant Transaction Experience with Track Record of Delivering Synergies Synergy Realization
Page 54
2025 Capital Markets Day 54 Disciplined Approach to Value Creation through M&A Clear, Executable M&A Strategy and Strong Balance Sheet Enhances Organic Growth Prioritize & Execute Integrate & Expand Maintain Strong Balance Sheet Identify quality opportunities through a filtered lens (Quality over Quantity) Synergy realization Relationship development and targeted outreach Subsequent bolt-ons Establish new aggregates platforms in key Metropolitan Statistical Areas (MSAs) Compounding profitable growth Investment Grade Credit Rating 2.0x – 2.5x Target Net Leverage Range
Page 55
2025 Capital Markets Day 55 Viable, Executable Acquisition Targets Present Unmatched Growth Opportunities Significant Runway Ahead for Continued M&A 1 Assuming Martin Marietta 2025 ASP Guidance at the midpoint of $23.38 per ton. 2 Based on mid-point of 2025 Guidance as of August 7, 2025 Total U.S. Aggregates Market Where We Are Focused Complementary Adjacencies < 10% MLM Current Share $60B Revenue opportunity1 for 2.7B tons +1.5x MLM Shipments2 $7B Revenue opportunity1 for 300M tons Lime Magnesia-Based Products Specialty Quarries
Page 56
2025 Capital Markets Day 56 Repeatable Playbook for Integrating Aggregates Acquisitions Proven Track Record of Driving Synergies and Value Creation Phase 1 Phase 3 Phase 2 Post- Integration Phase 1 D AY S 1 – 30 • Rebrand acquired company • Onboard new employees / safety training • Integrate back-office Post-Integration • Enhance presence through subsequent bolt-ons Phase 2 Y E A R 1 • Implement commercial strategy • Realize SG&A and procurement synergies Phase 3 Y E A R 1 + • “Martinize” operations • Capital investments
Page 57
2007 Atlanta Marietta 20 20 85 85 285 285 75 75 575 20 20 85 75 67 5 8575 Establish platform Proven Process for Creating Value with Acquisitions Acquire subsequent bolt-ons to bolster overall presence Acquired Target A Sites 2008 Atlanta 20 20 85 85 285 285 75 75 575 20 20 85 75 67 5 8575 Marietta 2025 Capital Markets Day 57 North Georgia Case Study 2013 Atlanta 20 20 85 85 285 285 75 75 575 20 20 85 75 67 5 8575 Acquired Target A Sites Acquired Target B Sites Marietta Realize significant value 10x 2024 vs. 2007 EBITDA Today Atlanta 20 20 85 85 285 285 75 75 575 20 20 85 75 67 5 8575 Acquired Target C SitesAcquired Target A Sites Acquired Target B Sites Marietta
Page 58
2025 Capital Markets Day 58 M&A Value Creation Endures and Compounds Over Time Leveraging Proven Playbook to Accelerate Growth and Drive Performance +10% ASP 11-YR CAGR (2013-2024) 2013 2024 N O R T H T E X A S Case 1 May 2022 August 2025 S A N B E R N A R D I N O / R I V E R S I D E Case 2 Note: Selling price is established locally at the point of sale and is subject to competitive and other factors at each locality. ASP increases reflect the average of the Company’s selling price across all regions, some of which may have already been implemented. Local prices can vary significantly from this average. Company Average ASP ~2X ASP 13X EBITDA
Page 59
2025 Capital Markets Day 59 Strong Balance Sheet Provides Ample Capacity to Execute M&A Strategy Investment Grade Credit Rating 2.4x1 Net Debt / Adj. EBITDA Target Range: 2.0x – 2.5x Limited Upcoming Bond Maturities During SOAR 2030Financial Strength & Flexibility 1 Carrying value as of June 30, 2025. Debt Profile 4.0% Weighted Average Cost of Debt 100% Fixed Rate $125M 2025 2026 2027 2028 2029 2030 $792M To be paid off at maturity $472M 1
Page 60
Upholding Regulatory Protocols Plant Upgrades Mobile Equipment 2025 Capital Markets Day 60 Capital Investments Pursuing Disciplined Capital Investments Sustaining Capex 25% of EBITDA Growth Capex Land Capacity Expansion Productivity Improvements Opportunistic Land & Reserve Purchases
Page 61
2025 Capital Markets Day 61 Investing in Technology within Operations Allocating Capital Towards Projects with Highest Rates of Return Near-Term | Plant Longer-Term | Fleet Autonomous Vehicles Electrification Partnering with OEMs and technology providers on autonomous trucks and haul truck systems Led by OEMs, monitoring and will adapt once available Case Study: North Bridgeport Quarry Technology-Enabled Plant Equipped with Automated Equipment and AI 44% Reduction in Operating Hours 68% Reduction in Customer Cycle Times 82% Reduction in Oversized Rock Jams Automated customer loadout AI analyzing operations in real-time to notify operator of potential oversized rocks that could disrupt machines
Page 62
2025 Capital Markets Day 62 Capital Returns Enhance Shareholder Value Increased or Maintained Dividend Every Year since Becoming a Public Company in 1994 1 Current repurchase authorization as of June 30, 2025 2 Annualized From 2021 – 2025, where 2025 reflects the expected full-year dividend payments based on dividends paid year-to-date through June 30, 2025, of $1.58 per share and the announced dividend payment of $0.83 per share on August 14, 2025. $2.36 $2.54 $2.80 $3.06 $3.24 2021 2022 2023 2024 2025 2 $0 $150 $150 $450 $450 2021 2022 2023 2024 2025 Annual Dividends (Per Share)Share Repurchases (In millions) 2.5 million shares repurchased at a weighted average price of $480.68 per share 11 million shares1 remain under the current repurchase authorization $1.2B Consistent dividend increases complement repurchase program8.2% CAGR
Page 63
2025 Capital Markets Day 63 Responsibly Growing Our Business for Long-Term Success Organic Growth Illustrative Flat Volume Case Cement, Downstream, and Specialty products M&A and Portfolio Optimization $2.3B $0 +$100M $400M Right Markets, Strategy, Team, and Technology +$1.0B Low DD CAGR $3.7B 2025 EBITDA Aggregates Price/Cost Gross Profit Aggregates Volumes Gross Profit Other Product Lines Gross Profit 2030 Organic EBITDA Inorganic Growth 2030 EBITDA Other $3.3B +HSD CAGR ($75M) LSD-MSD CAGR +LDD CAGR
Page 64
2025 Capital Markets Day 64 Single-Family Volume Recovery Drives Notable EBITDA Upside with Positive Operating Leverage… $3.6B +$225M $3.8B +$465M $4.0B +$715M 2030 Organic EBITDA 2030 Organic EBITDA 2030 Organic EBITDA $4.0B M&A $4.2B M&A $4.4B M&A 2030 EBITDA 2030 EBITDA 2030 EBITDA 3% CAGR2% CAGR1% CAGR
Page 65
2025 Capital Markets Day 65 …And Significant Free Cash Flow Generation 1 Free Cash Flow reflects Cash Flow from Operations less sustaining capital expenditures. 2 Assumes Company maintains investment-grade credit rating metrics. $8.0B 2030 Cumulative Free Cash Flow1 3% CAGR2% CAGR1% CAGR $8.5B 2030 Cumulative Free Cash Flow1 $9.0B 2030 Cumulative Free Cash Flow1 $13B 2030 Total Firepower2 $14B 2030 Total Firepower2 $15B 2030 Total Firepower2
Page 66
2025 Capital Markets Day 66 Key TakeawaysKey Takeaways Key Takeaways Pursuing disciplined capital investments to sustain industry-leading operations and capture growth opportunities Utilizing strategic M&A to amplify organic growth, expand into key markets, and compound long-term shareholder value Executing balanced and consistent capital allocation strategy 21 Leveraging proven playbook to ensure seamless integration and execution, cultural alignment, and significant value creation 3 4
Page 67
Concluding Remarks 2025 Capital Markets Day 67 Ward Nye Chair, President and Chief Executive Officer G R A N I T E C A N Y O N Q U A R R Y ‖ L A R A M I E C O U N T Y , W Y O M I N G
Page 68
2025 Capital Markets Day 68 Compounding Returns on a Rock-Solid Foundation Industry-leading unit profitability growth enabled by disciplined pricing and operational excellence Proven track record of executing SOAR strategy to deliver strong financial results and significant shareholder returns Significant whitespace and clear M&A targets in diversified geographic end markets to enhance consistent organic growth Leading supplier of aggregates with differentiated, complementary specialty products Strategically located in higher-growth markets and well positioned to benefit from attractive long-term secular growth trends
Page 69
Well Positioned to Deliver Compounded Financial Returns S O A R 2 0 3 0 TA R G E T S 250 bps Aggregates Price / Cost Spread Low DDs Consolidated EBITDA CAGR Low DDs Aggregates Unit Profitability CAGR 2025 Capital Markets Day 691 2026 – 2030 targets. 1
Page 70
Q&A 2025 Capital Markets Day 70 C A S T L E H A Y N E Q U A R R Y ‖ N E W H A N O V E R C O U N T Y , N O R T H C A R O L I N A
Page 71
Appendix 2025 Capital Markets Day 71 C L A Y T O N A G G R E G A T E S ‖ C O N T R A C O S T A C O U N T Y , C A L I F O R N I A
Page 72
2025 Capital Markets Day 72 Note: 2025G reflects the mid-point of our 2025 guidance as of August 7, 2025. 1. 2010 reflects Adjusted EBITDA as reported in the 2010 Form 10-K and excludes the immaterial impact of interest income and noncontrolling interests. Reconciliation of Net Earnings to Adjusted EBITDA Earnings from continuing operations before interest; income taxes; depreciation, depletion and amortization expense; earnings/loss from nonconsolidated equity affiliates; acquisition, divestiture and integration expenses; and the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting subject to the limitations described below, or Adjusted EBITDA, is an indicator used by the Company and investors to evaluate the Company’s operating performance from period to period. Effective January 1, 2024, transaction expenses and inventory acquisition accounting impacts are only excluded for transactions with at least $2 billion in consideration and transaction expenses expected to exceed $15 million. Adjusted EBITDA is not defined by generally accepted accounting principles and, as such, should not be construed as an alternative to earnings from operations, net earnings or operating cash flow. $ in Millions 20101 2015 2020 2025G Net earnings attributable to Martin Marietta $97 $289 $721 $1,140 Add back: Interest expense, net of interest income 69 76 118 225 Income tax expense for controlling interests 29 125 168 290 Depreciation, depletion and amortization expense and noncash earnings / loss from nonconsolidated equity affiliates 180 261 386 645 Acquisition, divestiture and integration expenses - - - - Impact of selling acquired inventory after markup to fair value as part of acquisition accounting - - - - Nonrecurring gain on divestiture - - - - Noncash asset and portfolio rationalization charge - - - - Adjusted EBITDA $375 $751 $1,393 $2,300 Revenues 1,783 3,540 4,730 6,970 Adjusted EBITDA Margin 21% 21% 29% 33%
Page 73
2025 Capital Markets Day 73 Reconciliation of Aggregates Cash Gross Profit $ and Tons in Millions, Except Per Ton 2000 2017 2020 2021 2024 Aggregates product gross profit $259 $604 $849 $908 $1,449 Depreciation, depletion and amortization expense 110 183 256 289 413 Aggregates cash gross profit $369 $787 $1,105 $1,197 $1,862 Aggregates shipments tons 165 158 186 201 191 Aggregates gross profit per ton $1.57 $3.82 $4.55 $4.51 $7.58 Aggregates Cash Gross Profit Per Ton $2.24 $4.98 $5.92 $5.95 $9.74 Cash gross profit adds back noncash charges for depreciation, depletion, and amortization to gross profit. Cash gross profit is not defined by generally accepted accounting principles and, as such, should not be construed as an alternative to gross profit or other earnings or cash flow measures defined by GAAP . Aggregates cash gross profit per ton is computed by dividing cash gross profit by tons shipped.
Page 74
2025 Capital Markets Day 74 Reconciliation of Leverage Ratio for June 30, 2025 $ in Millions Twelve-Month Period July 1, 2024 – June 30, 2025 Net earnings attributable to Martin Marietta $1,100 Add back: Interest expense, net of interest income 188 Income tax expense for controlling interests 269 Depreciation, depletion and amortization expense and noncash earnings/loss from nonconsolidated equity affiliates 613 Acquisition, divestiture, and integration expenses1 3 Consolidated Adjusted EBITDA $2,173 Consolidated debt at June 30, 2025 $5,416 Less: Unrestricted cash at June 30, 2025 (225) Consolidated net debt at June 30, 2025 $5,191 Consolidated Net Debt to Consolidated Adjusted EBITDA at June 30, 2025, for the Trailing 12-months Consolidated Adjusted EBITDA 2.4X 1 The Company has elected to add back, for purposes of its Adjusted EBITDA calculation, acquisition, divestiture and integration expenses and the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting subject to the following limitations. Transaction expenses and inventory acquisition accounting impacts are only excluded for transactions with at least $2 billion in consideration and transaction expenses expected to exceed $15 million. Consolidated net debt to EBITDA at June 30, 2025, for the trailing-12 months, is a non-GAAP measure. Management uses this ratio to assess its capacity for additional borrowings. The calculation is not intended to be a substitute for the Company’s leverage covenant under its credit facility.