Slides
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* 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. Q2 2025 SUPPLEMENTAL INFORMATION* August 7, 2025
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Q2 2025 Supplemental Information 2 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. 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.
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Q2 2025 Supplemental Information Q2 2025 RESULTS 3 FINANCIAL HIGHLIGHTS AGGREGATES SHIPMENTS AGGREGATES AVERAGE SELLING PRICE (ASP) AGGREGATES GROSS PROFIT AGGREGATES GROSS PROFIT PER TON 53 53 Q2 2024 Q2 2025 $1.81B Revenues +3% y-o-y $328M Net Earnings Attributable to Martin Marietta 12% y-o-y1 35% Adjusted EBITDA Margin2 +170 bps $630M Adjusted EBITDA2 +8% y-o-y (Tons in Millions) ($ in Millions) $392 $430 Q2 2024 Q2 2025 $7.41 $8.16 Q2 2024 Q2 2025 $21.61 $23.21 Q2 2024 Q2 2025 -0.6% +7.4% +9% +10% Q2 ACHIEVEMENTS (Per Ton) • Record second-quarter consolidated Adjusted EBITDA and Adjusted EBITDA margin • All-time quarterly record Aggregates Revenues of $1.3B (+6%) • Record second-quarter Aggregates Gross Profit, Gross Profit Per Ton and Gross Margin of 33% 1. Net Earnings Attributable to Martin Marietta for the quarter ended June 30, 2024, includes $31 million for acquisition, divestiture and integration expenses and the impact of selling acquired inventory after markup to fair value as part of acquisition accounting 2. Non-GAAP financial measure. See Appendix for reconciliation to nearest GAAP measure 3. Q2 2024 aggregates gross profit and aggregates gross profit per ton include $20 million, or $0.37 per ton, negative impact of selling acquired inventory after its markup to fair value as part of acquisition accounting 3 3
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Q2 2025 Supplemental Information 2025 GUIDANCE SUMMARY AT THE MIDPOINT 4 1. 2025 Guidance reflects the midpoint of guidance ranges provided in the June 30, 2025, earnings release which has been updated to reflect June 30, 2025, year-to-date results, current trends and the Premier Magnesia, LLC acquisition as of its closing date on July 25, 2025 2. 2024 Net earnings attributable to Martin Marietta includes $0.9 billion from a nonrecurring gain on a divestiture partially offset by acquisition, divestiture and integration expenses, impact of selling acquired inventory after its markup to fair value as part of acquisition accounting and a noncash asset and portfolio rationalization charge 3. Adjusted EBITDA is a Non-GAAP financial measure; see Appendix for reconciliation to nearest GAAP measure AGGREGATES FULL YEAR 2025 GUIDANCE1 196M Shipment Tons +2.5% $23.38 ASP +7.3% $8.63 Gross Profit Per Ton +14% $1.69B Gross Profit +17% CONSOLIDATED FULL YEAR 2025 GUIDANCE1 $6.97B Revenues +7% $2.30B Adjusted EBITDA3 +11% $1.14B Net Earnings Attributable To Martin Marietta -43%2 Note: All percent changes are versus 2024 actual figures. OTHER PRODUCT LINES FULL YEAR 2025 GUIDANCE1 $312M Gross Profit -13% Cement and Downstream $135M Gross Profit +26% Magnesia Specialties COMMENTARY • Raised full-year 2025 Adjusted EBITDA3 of $2.30B at the midpoint reflects year-to-date results, July 2025 shipment trends and contributions from the Premier Magnesia, LLC acquisition as of its closing date
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Q2 2025 Supplemental Information 5 ASSET EXCHANGE OVERVIEW KEY TRANSACTION TERMS EXCHANGED ASSETS • Martin Marietta to receive select Quikrete aggregate assets that produce ~20 million tons per annum, $450 million of cash and an aggregates supply agreement in North Texas • Quikrete to receive the Midlothian cement plant, related distribution terminals and North Texas ready mix concrete assets that produce ~2.1 million tons of cement and ~3.6 million cubic yards concrete per annum • Land and mineral interests exchanged in a tax-deferred manner pursuant to Section 1031 of the Internal Revenue Code, resulting in attractive tax efficiencies as compared to a cash divestiture Acquisitions Divestitures $450 Million Cash (Aggregates Assets) TRANSACTION HIGHLIGHTS A N. Texas Cement B N. Texas Ready Mix Concrete Margin Accretive and Enhances Aggregates Profitability Contribution Exchanges Cyclical Cement and RMC for Durable Aggregates Expands Aggregates Geographic Diversification While Complementing Existing Footprint Maintains Balance Sheet Strength for Further Growth ✓ ✓ ✓ ✓ British Columbia Acquired Assets Divested Assets
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Q2 2025 Supplemental Information − Single-family housing − Multi-family housing 6 2025 END MARKET OUTLOOK + Infrastructure Investment and Jobs Act + Record state Department of Transportation budgets + State and local ballot initiatives + Data centers − Warehouses − Light nonresidential − Manufacturing INFRASTRUCTURE NONRESIDENTIAL RESIDENTIAL
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Q2 2025 Supplemental Information 7 Source: Federal-Aid Highway Program Total Investment INFRASTRUCTURE INVESTMENT AND JOBS ACT (IIJA) UPDATE THROUGH JUNE 30, 2025 ~$350B $215B $139B 62% of Total Highway & Bridge Funds TOTAL HIGHWAY & BRIDGE FUNDS THREE YEARS INTO THE FIVE-YEAR IIJA, 60% OF HIGHWAY & BRIDGE FUNDING REMAINS TO BE SPENT… CUMULATIVE OBLIGATIONS CUMULATIVE STATE REIMBURSEMENTS 29% of Total $1.2 Trillion IIJA 40% of Total Highway & Bridge Funds
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Q2 2025 Supplemental Information 8 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. …INDICATING ROBUST MULTI-YEAR TAILWINDS FOR THIS COUNTERCYCLICAL END MARKET $16 $42 $53 $58 $63 $49 $24 $15 $11 $7 $9 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 & Beyond ($ in Billions) IIJA spend expected to extend well past its expiration in 2026; consistent with historical infrastructure bills Long tail from IIJA will be enhanced with incremental funds from an expected successor infrastructure bill
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Wednesday, September 3, 2025 | Mandarin Oriental Hotel, NYC Join WARD NYE, Chair, President and Chief Executive Officer, MICHAEL PETRO, Senior Vice President and Chief Financial Officer And other members of our senior leadership team as we highlight our SOAR 2030 growth strategy CAPITAL MARKETS DAY
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APPENDIX
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Q2 2025 Supplemental Information Three Months Ended Jun 30, 2025 Three Months Ended Jun 30, 2024 Net earnings attributable to Martin Marietta $328 $294 Add back: Interest expense, net of interest income 56 33 Income tax expense for controlling interests 83 78 Depreciation, depletion and amortization expense and earnings/loss from nonconsolidated equity affiliates 163 140 Acquisition, divestiture and integration expenses – 19 Impact of selling acquired inventory after markup to fair value as part of acquisition accounting – 20 Adjusted EBITDA $630 $584 Revenues $1,811 $1,764 Adjusted EBITDA Margin 35% 33% 11 ADJUSTED EBITDA Earnings before interest; income taxes; depreciation, depletion and amortization expense; the 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 limitations described below; nonrecurring gain on divestiture; and noncash asset and portfolio rationalization charge (Adjusted EBITDA) is an indicator used by the Company and investors to evaluate the Company's operating performance from period to period. 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 GAAP and, as such, should not be construed as an alternative to earnings from operations, net earnings attributable to Martin Marietta or operating cash flow. $ IN MILLIONS
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Q2 2025 Supplemental Information Year Ended Dec 31, 2025 (Midpoint Guidance) 1 Net earnings attributable to Martin Marietta $1,140 Add back: Interest expense, net of interest income 225 Income tax expense for controlling interests 290 Depreciation, depletion and amortization expense and earnings/loss from nonconsolidated equity affiliates 645 Adjusted EBITDA $2,300 Revenues $6,970 Adjusted EBITDA Margin 33% 1 2025 Guidance reflects the midpoint of guidance ranges provided in the June 30, 2025, earnings release 12 2025 ADJUSTED EBITDA GUIDANCE AT THE MIDPOINT $ IN MILLIONS Earnings before interest; income taxes; depreciation, depletion and amortization expense; the 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 limitations described below; nonrecurring gain on divestiture; and noncash asset and portfolio rationalization charge (Adjusted EBITDA) is an indicator used by the Company and investors to evaluate the Company's operating performance from period to period. 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 GAAP and, as such, should not be construed as an alternative to earnings from operations, net earnings attributable to Martin Marietta or operating cash flow.