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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. Q4 and Full-Year 2025 SUPPLEMENTAL INFORMATION* February 11, 2026
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Q4 and Full-Year 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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Q4 and Full-Year 2025 Supplemental Information 3 COMPANY HIGHLIGHTS $6.2B Revenues1 +9% y-o-y $1.0B Net Earnings from Continuing Operations Attributable to Martin Marietta -45% y-o-y2 +12% Aggregates Gross Profit per Ton improvement y-o-y $2.1B Adjusted EBITDA from Continuing Operations3 +17% y-o-y 34% Adjusted EBITDA from Continuing Operations Margin3 +229 bps y-o-y $1.8B Cash Flow from Operations +22% y-o-y Returned $647 Million to shareholders through dividends and share repurchases ✓ KEY INVESTMENT MERITS ACTIVE PORTFOLIO MANAGEMENT OUTPERFORMANCE IN WORLD-CLASS SAFETY Achieved world-class lost- time incident rate (LTIR) for the 9th consecutive year Achieved better than world- class total injury incident rate (TIIR) for the 5th consecutive year Pure-Play Aggregates Acquisitions ✓ Cement and Concrete Divestiture ~90% of Gross Profit from Aggregates ~85 Years of Aggregates Reserves4 Strong Balance Sheet and Significant Growth Opportunities 1. Revenues include the sales of products and services to customers (net of any discounts or allowances) and freight revenues fo r continuing operations only and does not include revenues from discontinued operations for the years ended December 31, 2025 and December 31, 2024 of $845 million and $874 million, respectively 2. See Appendix for impacts to 2025 and 2024 net earnings from continuing operations attributable to Martin Marietta 3. Non-GAAP financial measure; see Appendix for reconciliation to nearest GAAP measure 4. Based on 2025 production levels FULL-YEAR 2025 FINANCIAL HIGHLIGHTS
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Q4 and Full-Year 2025 Supplemental Information Q4 2025 HIGHLIGHTS 4 SHIPMENTS AVERAGE SELLING PRICE (ASP)3 GROSS PROFIT GROSS PROFIT PER TON 48 49 Q4 2024 Q4 2025 $1.5B Revenues1 +9% y-o-y $233M Net Earnings from Continuing Operations Attributable to Martin Marietta -6% y-o-y 34% Adjusted EBITDA from Continuing Operations Margin2 +47 bps y-o-y $515M Adjusted EBITDA from Continuing Operations2 +10% y-o-y (Tons in Millions) ($ in Millions) $379 $420 Q4 2024 Q4 2025 $7.92 $8.59 Q4 2024 Q4 2025 $21.95 $23.11 Q4 2024 Q4 2025 +2.0% +5.3% +11% +9% (Per Ton) • Record fourth-quarter Aggregates Revenues of $1.2B (+8%), Gross Profit, Gross Profit Per Ton and Gross Margin of 34% • All-time record quarter Specialties Revenues of $133M (+72%) and fourth-quarter record Gross Profit of $29M (+31%) 1. Revenues include the sales of products and services to customers (net of any discounts or allowances) and freight revenues fo r continuing operations and does not include revenues from discontinued operations for the quarters ended December 31, 2025 and December 31, 2024 of $211 million and $220 million, respectively 2. Non-GAAP financial measure; see Appendix for reconciliation to nearest GAAP measure 3. 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; local prices can vary significantly from thi s average FINANCIAL HIGHLIGHTS ACHIEVEMENTS AGGREGATES PRODUCT LINE
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Q4 and Full-Year 2025 Supplemental Information 5 FULL-YEAR 2025 RESULTS $990 Net earnings from continuing operations attributable to Martin Marietta -45% y-o-y1 $2,065 Adjusted EBITDA from continuing operations2 +17% y-o-y $6,150 Revenues +9% y-o-y $16.34 EPS -45% y-o-y1 $147 Net earnings from discontinued operations, net of income tax expense -18% y-o-y $237 Adjusted EBITDA from discontinued operations2 -20% y-o-y $845 Revenues -3% y-o-y $2.43 EPS -16% y-o-y $1,137 Consolidated net earnings attributable to Martin Marietta -43% y-o-y1 $2,302 Consolidated Adjusted EBITDA2 +11% y-o-y $6,995 Revenues +7% y-o-y $18.77 EPS -42% y-o-y1 1. See Appendix for impacts to net earnings from continuing operations attributable to Martin Marietta, net earnings from discontinued operations, net of income tax expense, consolidated net earnings attributable to Martin Marietta, earnings per diluted share from continuing operations and total earnings per diluted share for the years ended December 31, 2025 and December 31, 2024 2. Non-GAAP financial measure; see Appendix for reconciliation to nearest GAAP measure Discontinued Operations Continuing Operations Consolidated Results Aggregates, Asphalt & Paving, Arizona Ready Mixed Concrete and Specialties Cement and Texas Ready Mixed Concrete Continuing Operations plus Discontinued Operations ($ in millions, except per share)
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Q4 and Full-Year 2025 Supplemental Information 6 Q4 2025 RESULTS $233 Net earnings from continuing operations attributable to Martin Marietta -6% y-o-y1 $515 Adjusted EBITDA from continuing operations2 +10% y-o-y $1,534 Revenues +9% y-o-y $3.85 EPS -4% y-o-y1 $46 Net earnings from discontinued operations, net of income tax expense 0% y-o-y $62 Adjusted EBITDA from discontinued operations2 -19% y-o-y $211 Revenues -4% y-o-y $0.77 EPS +1% y-o-y $279 Consolidated net earnings attributable to Martin Marietta -5% y-o-y1 $577 Consolidated Adjusted EBITDA2 +6% y-o-y $1,745 Revenues +7% y-o-y $4.62 EPS -4% y-o-y1 1. See Appendix for impacts to net earnings from continuing operations attributable to Martin Marietta, net earnings from discontinued operations, net of income tax expense, consolidated net earnings attributable to Martin Marietta, earnings per diluted share from continuing operations and total earnings per diluted share for the quarters ended December 31, 2025 and December 31, 2024 2. Non-GAAP financial measure; see Appendix for reconciliation to nearest GAAP measure Discontinued Operations Continuing Operations Consolidated Results Aggregates, Asphalt & Paving, Arizona Ready Mixed Concrete and Specialties Cement and Texas Ready Mixed Concrete Continuing Operations plus Discontinued Operations ($ in millions, except per share)
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Q4 and Full-Year 2025 Supplemental Information 2026 GUIDANCE SUMMARY AT THE MIDPOINT 7 1. Reflects the midpoint of 2026 guidance ranges provided in the February 11, 2026, earnings release; 2026 Guidance midpoints reflect continuing operations unless otherwise noted 2. Adjusted EBITDA from continuing operations and Consolidated Adjusted EBITDA are Non-GAAP financial measures; see Appendix for reconciliation to nearest GAAP measure 3. Consolidated Net Earnings attributable to Martin Marietta and Consolidated Adjusted EBITDA include contributions from both continuing and discontinued operations Note: All percent changes are as compared with prior comparable period actual results FINANCIAL OVERVIEW OTHER BUILDING MATERIALS AND SPECIALTIES1 $160M Gross Profit +17% Specialties $95M Gross Profit -3% Other Building Materials KEY DRIVERS 202M Shipment Tons +2.0% $24.47 ASP +5.0% $9.16 Gross Profit Per Ton +8% $1.86B Gross Profit +11% AGGREGATES1 $6.60B Revenues +7% $2.24B Adjusted EBITDA From Continuing Operations2 +8% $1.10B Net Earnings from Continuing Operations Attributable To Martin Marietta +11% $1.30B Consolidated Net Earnings Attributable To Martin Marietta3 +14% $2.49B Consolidated Adjusted EBITDA2,3 +8% $575M Capital Expenditures -29% Strong infrastructure, data center and power generation demand Affordability-driven residential construction softness Continued pricing momentum Full-year of contributions from operations acquired in 2025 + + + −
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Q4 and Full-Year 2025 Supplemental Information WELL-POSITIONED TO ADVANCE SOAR 2030’S GROWTH- FOCUSED M&A 8 FINANCIAL STRENGTH & FLEXIBILITY Limited Upcoming Bond Maturities During SOAR 2030 Debt Profile 3.9% Weighted Average Cost of Debt 100% Fixed Rate 2026 2027 2028 2029 2030 $478M Investment Grade Credit Rating 2.3x1 Net Debt / Adj. EBITDA Target Range: 2.0x – 2.5x 1. Consolidated net debt to consolidated Adjusted EBITDA or “Net Leverage” is a non-GAAP financial measure; see Appendix for reconciliation to nearest GAAP measure $795M ($ in Millions)
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Q4 and Full-Year 2025 Supplemental Information Industry- leading unit profitability growth Proven track record of executing SOAR strategy Significant whitespace and clear M&A targets Leading supplier of aggregates Strategically located in higher-growth markets 9 KEY INVESTMENT HIGHLIGHTS
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END USE OUTLOOK
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Q4 and Full-Year 2025 Supplemental Information − Single-family housing − Multi-family housing 11 2026 END MARKET OUTLOOK + Infrastructure Investment and Jobs Act + Record state Department of Transportation budgets + State and local ballot initiatives + Data centers + Energy − Warehouses − Light nonresidential − Manufacturing INFRASTRUCTURE NONRESIDENTIAL RESIDENTIAL
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Q4 and Full-Year 2025 Supplemental Information 12 Source: Federal-Aid Highway Program Total Investment INFRASTRUCTURE INVESTMENT AND JOBS ACT (IIJA) UPDATE THROUGH NOVEMBER 30, 2025 ~$350B $248B $167B 71% of Total Highway & Bridge Funds TOTAL HIGHWAY & BRIDGE FUNDS FOUR YEARS INTO THE FIVE-YEAR IIJA, OVER 50% OF HIGHWAY & BRIDGE FUNDING REMAINS TO BE INVESTED… CUMULATIVE OBLIGATIONS CUMULATIVE STATE REIMBURSEMENTS 29% of Total $1.2 Trillion IIJA 48% of Total Highway & Bridge Funds
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Q4 and Full-Year 2025 Supplemental Information 13 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 is expected to be enhanced with incremental funds from a successor infrastructure bill
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Q4 and Full-Year 2025 Supplemental Information 588 722 503 400 392 406 421 442 468 492 344 414 354 369 394 396 411 428 441 450 90 147 138 109 85 79 75 76 78 82 302 314 322 336 314 327 340 354 365 374 1,324 1,596 1,317 1,214 1,185 1,208 1,247 1,300 1,352 1,398 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2021 2022 2023 2024 '25F '26F '27F '28F '29F '30F Warehouse Other Commercial Manufacturing Institutional 14 WHAT WE ARE TRACKING – NONRESIDENTIAL OUTLOOK DODGE NONRESIDENTIAL SQUARE FOOTAGE STARTS Source: Dodge Data & Analytics (Sqft in Millions) Dodge expects modest recovery in nonresidential square footage starts in 2026 24% Below Post-COVID Peak
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Q4 and Full-Year 2025 Supplemental Information 15 WHAT WE ARE TRACKING – SINGLE-FAMILY HOUSING STARTS 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. U.S. SINGLE-FAMILY HOUSING STARTS Structural housing deficit persists as U.S. single-family housing starts remain sharply below historical peaks 49% Below Prior Peak 23% Below Post-COVID Peak 874 1,1321 1,7191 (in thousands)
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APPENDIX
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Q4 and Full-Year 2025 Supplemental Information 17 IMPACTS TO NET EARNINGS AND EARNINGS PER DILUTED SHARE 1. Net earnings from continuing operations attributable to Martin Marietta and earnings per diluted share from continuing operations for the quarter ended December 31, 2025 include charges of $19 million and $0.32 per diluted share, respectively, for acquisition, divestiture and integration expenses and an asset and portfolio rationalization charge. 2. Net earnings from continuing operations attributable to Martin Marietta and earnings per diluted share from continuing operations for the year ended December 31, 2025 include charges of $29 million and $0.47 per diluted share, respectively, for acquisition, divestiture and integration expenses, the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting and an asset and portfolio rationalization charge. 3. Net earnings from continuing operations attributable to Martin Marietta and earnings per diluted share from continuing operations for the year ended December 31, 2024 include $0.9 billion and $14.49 per diluted share, respectively, for a nonrecurring gain on divestiture, partially offset by acquisition, divestiture and integration expenses, the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting and an asset and portfolio rationalization charge. 4. Consolidated net earnings attributable to Martin Marietta and total earnings per diluted share for the year ended December 31, 2025 include charges of $32 million and $0.53 per diluted share, respectively, for acquisition, divestiture and integration expenses, the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting and an asset and portfolio rationalization charge.
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Q4 and Full-Year 2025 Supplemental Information Three Months Ended Dec 31, 2025 Three Months Ended Dec 31, 2024 Twelve Months Ended Dec 31, 2025 Twelve Months Ended Dec 31, 2024 Net earnings from continuing operations attributable to Martin Marietta $233 $248 $990 $1,815 Add back (Deduct): Interest expense, net of interest income 57 43 220 128 Income tax expense for controlling interests 46 45 236 549 Depreciation, depletion and amortization expense and earnings/loss from nonconsolidated equity affiliates 153 130 581 500 Acquisition, integration and divestiture expenses 5 1 12 40 Impact of selling acquired inventory after markup to fair value as part of acquisition accounting – – 5 20 Nonrecurring gain on divestiture – – – (1,331) Asset and portfolio rationalization charges 21 – 21 50 Adjustments to net earnings from continuing operations attributable to Martin Marietta 282 219 1,075 (44) Adjusted EBITDA from Continuing Operations $515 $467 $2,065 $1,771 Revenues from continuing operations $1,534 $1,412 $6,150 $5,662 Adjusted EBITDA from Continuing Operations Margin 34% 33% 34% 31% 18 ADJUSTED EBITDA FROM CONTINUING OPERATIONS Earnings from continuing operations before interest; income taxes; depreciation, depletion and amortization expense; 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); nonrecurring gain on divestiture; and asset and portfolio rationalization charges (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 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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Q4 and Full-Year 2025 Supplemental Information Three Months Ended Dec 31, 2025 Three Months Ended Dec 31, 2024 Twelve Months Ended Dec 31, 2025 Twelve Months Ended Dec 31, 2024 Earnings from discontinued operations, net of income tax expense $46 $46 $147 $180 Add back: Income tax expense for discontinued operations 13 14 42 51 Depreciation, depletion and amortization expense from discontinued operations – 18 43 64 Acquisition, integration and divestiture expenses for discontinued operations 3 – 5 – Adjustments to earnings from discontinued operations, net of income tax expense 16 32 90 115 Adjusted EBITDA from Discontinued Operations $62 $78 $237 $295 Revenues from discontinued operations $211 $220 $845 $874 Adjusted EBITDA from Discontinued Operations Margin 30% 35% 28% 34% 19 ADJUSTED EBITDA FROM DISCONTINUED OPERATIONS Earnings from discontinued operations before interest; income taxes; depreciation, depletion and amortization expense; 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); nonrecurring gain on divestiture; and asset and portfolio rationalization charges (Adjusted EBITDA from discontinued 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 discontinued 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 discontinued operations is not defined by GAAP and, as such, should not be construed as an alternative to earnings from discontinued operations, net of income tax expense, or operating cash flow from discontinued operations. $ IN MILLIONS
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Q4 and Full-Year 2025 Supplemental Information Three Months Ended Dec 31, 2025 Three Months Ended Dec 31, 2024 Twelve Months Ended Dec 31, 2025 Twelve Months Ended Dec 31, 2024 Consolidated net earnings attributable to Martin Marietta1 $279 $294 $1,137 $1,995 Add back (Deduct): Adjustments to net earnings from continuing operations attributable to Martin Marietta2 282 219 1,075 (44) Adjustments to earnings from discontinued operations, net of income tax expense2 16 32 90 115 Consolidated Adjusted EBITDA $577 $545 $2,302 $2,066 Consolidated Revenues $1,745 $1,632 $6,995 $6,536 Consolidated Adjusted EBITDA Margin 33% 33% 33% 32% 20 CONSOLIDATED ADJUSTED EBITDA Earnings before interest; income taxes; depreciation, depletion and amortization expense; 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); nonrecurring gain on divestiture; and asset and portfolio rationalization charges (Consolidated Adjusted EBITDA) 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 Consolidated Adjusted EBITDA 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. Consolidated Adjusted EBITDA includes the adjustments described above for both continuing and discontinued operations. Consolidated 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 1. Consolidated net earnings attributable to Martin Marietta for the quarters and years ended December 31, 2025 and December 31, 2024 include both net earnings from continuing operations and discontinued operations 2. Refer to slides 18 and 19 for details of adjustments
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Q4 and Full-Year 2025 Supplemental Information Year Ended Dec 31, 2026 (Midpoint Guidance) 1 Net earnings from continuing operations attributable to Martin Marietta $1,100 Add back: Interest expense, net of interest income 205 Income tax expense for controlling interests 283 Depreciation, depletion and amortization expense and earnings/loss from nonconsolidated equity affiliates 647 Adjustments to net earnings from continuing operations attributable to Martin Marietta 1,135 Adjusted EBITDA from Continuing Operations $2,235 21 FULL-YEAR 2026 ADJUSTED EBITDA FROM CONTINUING OPERATIONS GUIDANCE AT THE MIDPOINT $ IN MILLIONS 1. 2026 Guidance reflects the midpoint of guidance ranges provided in the February 11, 2026, earnings release Earnings from continuing operations before interest; income taxes; depreciation, depletion and amortization expense; 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); nonrecurring gain on divestiture; and asset and portfolio rationalization charges (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 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.
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Q4 and Full-Year 2025 Supplemental Information Year Ended Dec 31, 2026 (Midpoint Guidance) 1 Consolidated net earnings attributable to Martin Marietta2 $1,300 Adjustments to net earnings from continuing operations attributable to Martin Marietta 1,135 Add back: Income tax expense for discontinued operations 50 Consolidated Adjusted EBITDA $2,485 22 FULL-YEAR 2026 CONSOLIDATED ADJUSTED EBITDA GUIDANCE AT THE MIDPOINT $ IN MILLIONS 1. 2026 Guidance reflects the midpoint of guidance ranges provided in the February 11, 2026, earnings release 2. Consolidated net earnings attributable to Martin Marietta for the year ended December 31, 2026 includes both net earnings from continuing operations and discontinued operations Earnings before interest; income taxes; depreciation, depletion and amortization expense; 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); nonrecurring gain on divestiture; and asset and portfolio rationalization charges (Consolidated Adjusted EBITDA) 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 Consolidated Adjusted EBITDA 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. Consolidated Adjusted EBITDA includes the adjustments described above for both continuing and discontinued operations. Consolidated 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.
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Q4 and Full-Year 2025 Supplemental Information Twelve-Month Period January 1, 2025 to December 31, 2025 Consolidated net earnings attributable to Martin Marietta $ 1,137 Add back: Interest expense, net of interest income 220 Income tax expense for controlling interests 278 Depreciation, depletion and amortization expense and earnings/loss from nonconsolidated equity affiliates 624 Acquisition, divestiture and integration expenses1 17 Asset and portfolio rationalization charge 21 Impact of selling acquired inventory after markup to fair value as part of acquisition accounting1 5 Consolidated Adjusted EBITDA $ 2,302 Consolidated debt at December 31, 2025 $ 5,323 Less: Unrestricted cash at December 31, 2025 (67) Consolidated net debt at December 31, 2025 $ 5,256 Consolidated net debt to Consolidated Adjusted EBITDA at December 31, 2025, for the trailing-12 months consolidated Adjusted EBITDA 2.3 times 1. The Company has elected to add back, for purposes of its Consolidated 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 (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. 23 NET LEVERAGE AT DECEMBER 31, 2025 Consolidated net debt to consolidated Adjusted EBITDA at December 31, 2025, for the trailing-12 months, is a non- GAAP measure. Management uses this ratio to assess its capacity for additional borrowings. The calculation in the table is not intended to be a substitute for the Company's leverage covenant under its credit facility. $ IN MILLIONS