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    Ivan Yi • Wolfe Research, LLC

    Ivan Yi's questions to Martin Marietta Materials Inc (MLM) leadership

    Ivan Yi's questions to Martin Marietta Materials Inc (MLM) leadership • Q2 2025

    Question

    Ivan Yi asked for a preview of the upcoming Capital Markets Day and whether the company would provide new long-term financial guidance.

    Answer

    CEO C. Howard Nye confirmed the event will feature a refreshed five-year SOAR strategic plan. He indicated the discussion will cover the company's growth trajectory, geographic focus, M&A strategy, and new commercial tools, and will provide an opportunity to engage with the broader leadership team. He did not explicitly confirm new long-term guidance but hinted at discussing ambitious growth goals.

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    Ivan Yi's questions to Knife River Corp (KNF) leadership

    Ivan Yi's questions to Knife River Corp (KNF) leadership • Q2 2025

    Question

    Ivan Yi of Wolfe Research, LLC asked about the expected revenue and EBITDA cadence for Q3 versus Q4 and current trends in transportation costs and logistics mix.

    Answer

    CFO Nathan Ring outlined the expected seasonality, with Q3 being the strongest quarter and the second half generating roughly 60% of revenue and over 70% of EBITDA. He noted input costs are rising in the mid-single digits. CEO Brian Gray added that while trucking remains the primary delivery method, the use of rail is increasing, particularly with the addition of Strata's operations.

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    Ivan Yi's questions to Vulcan Materials Co (VMC) leadership

    Ivan Yi's questions to Vulcan Materials Co (VMC) leadership • Q2 2025

    Question

    Ivan Yi of Wolfe Research, LLC inquired about the percentage of Vulcan's aggregates that are transported by rail and asked for the company's perspective on the potential impact of the proposed Union Pacific and Norfolk Southern merger.

    Answer

    Chair & CEO J. Thomas Hill stated that he does not anticipate a significant impact from the proposed merger. He explained that Vulcan is a customer of both railroads but typically ships aggregates to markets within a single railroad's network, meaning they are not long-haul shippers who would be affected by carrier changes.

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    Ivan Yi's questions to Westinghouse Air Brake Technologies Corp (WAB) leadership

    Ivan Yi's questions to Westinghouse Air Brake Technologies Corp (WAB) leadership • Q2 2025

    Question

    Ivan Yi, on for Scott Group at Wolfe Research, LLC, asked about the operational and customer impact of recent tax legislation, particularly bonus depreciation. He also inquired about the current regulatory outlook following the withdrawal of the CARB locomotive mandate.

    Answer

    CFO John Olin explained that while the tax bill restores prior benefits, the main advantage is that bonus depreciation improves the ROI for customers purchasing Wabtec equipment. CEO Rafael Santana added that on the regulatory front, the focus remains on working with the FRA to advance safety and innovation, such as zero-to-zero technology, which benefits the entire rail sector.

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    Ivan Yi's questions to Westinghouse Air Brake Technologies Corp (WAB) leadership • Q1 2025

    Question

    Ivan Yi, on for Scott Group, asked for a rough estimate of how much of the tariff impact Wabtec can pass through to customers via pricing. He also requested more details on the new Class 1 locomotive order.

    Answer

    CFO John Olin stated that after minimizing tariff impacts through supply chain actions, the company expects to 'come out of this hole and margins intact' and deliver on its guidance. CEO Rafael Santana declined to comment on the specifics of any single customer order, emphasizing that Wabtec manages a broad basket of opportunities and projects with each customer, and discussions are handled on a specific basis.

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    Ivan Yi's questions to Westinghouse Air Brake Technologies Corp (WAB) leadership • Q4 2024

    Question

    Ivan Yi from Wolfe Research asked if the long-term average annual margin improvement would be front- or back-end loaded and inquired about the potential impact of tariffs on cost of goods sold.

    Answer

    CEO Rafael Santana confirmed the margin improvement is 'clearly more front-end loaded,' as demonstrated by the strong start guided for 2025. Regarding tariffs, he stated that while they are not included in guidance, the company has a successful track record of managing such pressures over the past five years while expanding margins and expects to navigate any future challenges effectively.

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