Full-Year 2025 Adjusted EBITDA

FY 2025

$2.25 billion at the midpoint " "

$2.3 billion at the midpoint "

raised

Aggregates Pricing and Gross Profit

FY 2025

no prior guidance

Price-cost spread of 340 basis points; 14% year-over-year improvement in gross profit per ton "

no prior guidance

Capital Expenditures

FY 2025

no prior guidance

$820,000,000 to $850,000,000 (revised upward from $725,000,000 to $775,000,000) "

no prior guidance

SG&A as a Percentage of Sales

FY 2025

no prior guidance

Approximately 7% of sales "

no prior guidance

Pricing and Margin Expansion Dynamics

Q1 2025 emphasized strong pricing growth, margin expansion, midyear price increases, and noted seasonal/regional challenges " " " " " ; Q4 2024 highlighted record aggregates pricing improvements, margin expansion, and inventory management impacts on profits. " " " " " " "

Q2 2025 continued to show bullish pricing performance and margin expansion—with record EBITDA margin improvement—but also noted weather and volume uncertainties that affected pricing cadence. " " " " " "

Bullish pricing remains with sustained margin expansion; weather concerns persist but support cautious optimism.

Operational Performance and Weather-Related Volume Risks

Q1 2025 reported strong operational performance despite winter weather challenges and recorded robust aggregate financials " " " ; Q4 2024 noted record financial performance, margin expansion, and managed weather-related risks with a cautious Q1 outlook. " " " "

Q2 2025 delivered outstanding operational results despite weather headwinds, while acknowledging volume uncertainties that are showing signs of recovery. " " "

Consistent operational resilience is maintained across periods; recent results indicate recovery amid weather disruptions.

Strategic Asset Expansion, M&A, and Capital Allocation

Q1 2025 stressed a robust M&A pipeline, opportunistic share buybacks, and disciplined capital allocation " " " ; Q4 2024 detailed nearly $6B in transactions, portfolio optimization, and strong balance sheet positioning for further acquisition-led growth. " " "

Q2 2025 provided detailed discussion of an asset exchange with Quikrete, the Premier Magnesia acquisition, revised capital expenditures, and plans for debt reduction. " " " " "

There is an increasing emphasis on strategic asset exchanges and detailed transactional focus, while M&A remains a key growth pillar complemented by solid capital allocation.

Infrastructure Spending and Government Policy Impact

Q1 2025 outlined robust federal and state infrastructure spending via IIJA, rising state budgets, and included discussions on tariff-related impacts " " " " " ; Q4 2024 offered detailed commentary on public spending boosts, tariff adjustments, and bipartisan funding certainty. " " " " "

Q2 2025 continued to demonstrate strength in infrastructure spending through increased contract awards, although there was less emphasis on tariff adjustments specifically. "

Long-term optimism on infrastructure spending persists with a constructive government policy backdrop; tariff issues receive less focus recently.

Inventory Management and Cost Inflation Pressures

Q1 2025 mentioned a $28M inventory headwind and excellent cost control with a 2.3% unit cost decrease " " " ; Q4 2024 noted inventory drawdowns ($30M and $20M), moderating inflation, flat COGS, and improved energy costs. " " " "

Q2 2025 highlighted inventory adjustments following the Premier acquisition and emphasized easing cost inflation pressures, despite some weather-related operational challenges. " "

Inventory headwinds are gradually resolving while cost inflation pressures ease through effective management initiatives.

Asset Exchange and Acquisition Synergy Uncertainties

Q1 2025 did not mention this topic [N/A]; Q4 2024 referenced significant acquisition activity with portfolio optimization and a conservative stance on synergy realization. " " " "

Q2 2025 provided a detailed discussion on the asset exchange with Quikrete and the Premier Magnesia acquisition, noting that synergies are expected to materialize over time. " " " "

There is a new and clearer emphasis on asset exchange and the gradual realization of acquisition synergies compared to previous periods.

Shift from Organic Growth to Reliance on M&A

Q1 2025 described a balanced approach between organic growth and M&A, particularly in the Magnesia and aggregates segments " " " ; Q4 2024 explicitly acknowledged that growth in 2025 would be significantly driven by acquisitions, with organic growth modest by comparison. " " "

Q2 2025 did not explicitly discuss a shift, but the ongoing active M&A strategy continues to complement organic growth. " "

There is a noticeable trend toward increased reliance on M&A as a critical growth driver—a trend made explicit in Q4—while Q1 and Q2 maintain a balanced approach.