| Metric (Unit) | Q1 2023 | Q2 2023 | Q3 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|---------------|---------|---------|---------|---------|---------|---------|
| Aggregates Tons (millions) | 41.7 **[0000950170-23-017749_mlm-20230331.htm:23]** | 54.5 **[0000950170-23-035096_mlm-20230630.htm:24]** | 55.9 **[0000950170-23-057372_mlm-20230930.htm:25]** | 36.6 **[0000950170-24-050478_mlm-20240331.htm:23]** | 53.0 **[0000950170-24-093580_mlm-20240630.htm:27]** | 53.7 **[0000950170-24-118821_mlm-20240930.htm:26]** |
| Cement Tons (millions) | 1.0 **[0000950170-23-017749_mlm-20230331.htm:23]** | 1.1 **[0000950170-23-035096_mlm-20230630.htm:24]** | 1.1 **[0000950170-23-057372_mlm-20230930.htm:25]** | 0.6 **[0000950170-24-050478_mlm-20240331.htm:23]** | 0.5 **[0000950170-24-093580_mlm-20240630.htm:27]** | 0.6 **[0000950170-24-118821_mlm-20240930.htm:26]** |
| Ready Mixed Concrete Cubic Yards (millions) | 1.5 **[0000950170-23-017749_mlm-20230331.htm:23]** | 1.8 **[0000950170-23-035096_mlm-20230630.htm:24]** | 1.8 **[0000950170-23-057372_mlm-20230930.htm:25]** | 1.2 **[0000950170-24-050478_mlm-20240331.htm:23]** | 1.2 **[0000950170-24-093580_mlm-20240630.htm:27]** | 1.3 **[0000950170-24-118821_mlm-20240930.htm:26]** |
| Asphalt Tons (millions) | 0.5 **[0000950170-23-017749_mlm-20230331.htm:23]** | 2.6 **[0000950170-23-035096_mlm-20230630.htm:24]** | 3.9 **[0000950170-23-057372_mlm-20230930.htm:25]** | 0.5 **[0000950170-24-050478_mlm-20240331.htm:23]** | 2.5 **[0000950170-24-093580_mlm-20240630.htm:27]** | 3.6 **[0000950170-24-118821_mlm-20240930.htm:26]** |
| Aggregates Average Selling Price ($/ton) | 19.83 **[0000950170-23-017749_mlm-20230331.htm:24]** | 19.37 **[0000950170-23-035096_mlm-20230630.htm:25]** | 19.98 **[0000950170-23-057372_mlm-20230930.htm:26]** | 22.26 **[0000950170-24-050478_mlm-20240331.htm:23]** | 21.61 **[0000950170-24-093580_mlm-20240630.htm:27]** | 21.52 **[0000950170-24-118821_mlm-20240930.htm:26]** |
| Aggregates Shipments to Infrastructure Market (%) | 39 **[0000950170-23-057372_mlm-20230930.htm:26]** | 36 **[0000950170-24-093580_mlm-20240630.htm:27]** |
| Aggregates Shipments to Nonresidential Market (%) | 33 **[0000950170-23-057372_mlm-20230930.htm:26]** | 35 **[0000950170-24-093580_mlm-20240630.htm:27]** |
| Aggregates Shipments to Residential Market (%) | 23 **[0000950170-23-057372_mlm-20230930.htm:26]** | 24 **[0000950170-24-093580_mlm-20240630.htm:27]** |
| Magnesia Specialties Revenues ($ millions) | 83.4 **[0000950170-23-017749_mlm-20230331.htm:24]** | 80.5 **[0000950170-23-035096_mlm-20230630.htm:25]** | 75.5 **[0000950170-23-057372_mlm-20230930.htm:24]** | 81 **[0000950170-24-050478_mlm-20240331.htm:23]** | 81 **[0000950170-24-093580_mlm-20240630.htm:27]** | 82 **[0000950170-24-118821_mlm-20240930.htm:26]** |
| Magnesia Specialties Gross Profit ($ millions) | 25.0 **[0000950170-23-017749_mlm-20230331.htm:24]** | 27.7 **[0000950170-23-035096_mlm-20230630.htm:25]** | 21.4 **[0000950170-23-057372_mlm-20230930.htm:20]** | 29 **[0000950170-24-050478_mlm-20240331.htm:23]** | 27 **[0000950170-24-093580_mlm-20240630.htm:27]** | 29 **[0000950170-24-118821_mlm-20240930.htm:26]** |
| Organic Mix-Adjusted ASP Variance (%) | 19.6 **[0000950170-23-017749_mlm-20230331.htm:22]** | 17.0 **[0000950170-23-035096_mlm-20230630.htm:22]** | 17.2 **[0000950170-23-057372_mlm-20230930.htm:24]** | 12.7 **[0000950170-24-050478_mlm-20240331.htm:22]** | 12.0 **[0000950170-24-093580_mlm-20240630.htm:26]** | 8.9 **[0000950170-24-118821_mlm-20240930.htm:25]** |

cc6b276a391520d6530e63fee1289a6c77c4c8121894056a8492c952d5340f2f

| Metric [Unit: USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Building Materials Business** | **1,314.9**  **[0000950170-23-002826_mlm-ex99_1.htm:1]**  | **1,270.0**  **[0000950170-23-017749_mlm-20230331.htm:18]**  | **1,740.3**  **[0000950170-23-035096_mlm-20230630.htm:24]**  | **1,918.6**  **[0000950170-23-057372_mlm-20230930.htm:25]**  | **1,530.0**  **[0000950170-24-014932_mlm-ex99_1.htm:2]**  | **1,170.0**  **[0000950170-24-050478_mlm-20240331.htm:16]**  | **1,683.0**  **[0000950170-24-093580_mlm-20240630.htm:26]**  | **1,807.0**  **[0000950170-24-118821_mlm-20240930.htm:19]**  |
| **Aggregates** | N/A | **911.9**  **[0000950170-23-017749_mlm-20230331.htm:18]**  | **1,151.4**  **[0000950170-23-035096_mlm-20230630.htm:24]**  | N/A | N/A | **885.0**  **[0000950170-24-050478_mlm-20240331.htm:16]**  | **1,242.0**  **[0000950170-24-093580_mlm-20240630.htm:20]**  | **1,250.0**  **[0000950170-24-118821_mlm-20240930.htm:19]**  |
| **Cement and Ready Mixed Concrete** | N/A | **388.6**  **[0000950170-23-017749_mlm-20230331.htm:18]**  | **469.1**  **[0000950170-23-035096_mlm-20230630.htm:24]**  | N/A | **232.8**  **[0000950170-24-014932_mlm-ex99_1.htm:2]**  | **265.0**  **[0000950170-24-050478_mlm-20240331.htm:16]**  | **261.0**  **[0000950170-24-093580_mlm-20240630.htm:20]**  | **296.0**  **[0000950170-24-118821_mlm-20240930.htm:19]**  |
| **Asphalt and Paving Services** | N/A | **58.0**  **[0000950170-23-017749_mlm-20230331.htm:18]**  | **240.9**  **[0000950170-23-035096_mlm-20230630.htm:24]**  | N/A | **228.4**  **[0000950170-24-014932_mlm-ex99_1.htm:2]**  | **59.0**  **[0000950170-24-050478_mlm-20240331.htm:16]**  | **245.0**  **[0000950170-24-093580_mlm-20240630.htm:20]**  | **343.0**  **[0000950170-24-118821_mlm-20240930.htm:19]**  |
| **Magnesia Specialties** | **63.5**  **[0000950170-23-002826_mlm-ex99_1.htm:1]**  | **83.4**  **[0000950170-23-017749_mlm-20230331.htm:18]**  | **80.5**  **[0000950170-23-035096_mlm-20230630.htm:24]**  | **75.5**  **[0000950170-23-057372_mlm-20230930.htm:25]**  | **76.0**  **[0000950170-24-014932_mlm-ex99_1.htm:2]**  | **81.0**  **[0000950170-24-050478_mlm-20240331.htm:16]**  | **81.0**  **[0000950170-24-093580_mlm-20240630.htm:26]**  | **82.0**  **[0000950170-24-118821_mlm-20240930.htm:19]**  |
| **Total Consolidated Revenues** | **1,476.5**  **[0000950170-23-002826_mlm-ex99_1.htm:1]**  | **1,350.0**  **[0000950170-23-017749_mlm-20230331.htm:23]**  | **1,820.8**  **[0000950170-23-035096_mlm-20230630.htm:24]**  | **1,994.1**  **[0000950170-23-057372_mlm-20230930.htm:25]**  | **1,608.2**  **[0000950170-24-014932_mlm-ex99_1.htm:1]**  | **1,251.0**  **[0000950170-24-050478_mlm-20240331.htm:16]**  | **1,764.0**  **[0000950170-24-093580_mlm-20240630.htm:26]**  | **1,889.0**  **[0000950170-24-118821_mlm-20240930.htm:19]**  |

681902d23ddca2915329ddc561a9ab53247f2d6340043aea9279c88239775394

ac4f53e66c5d9d28e7e8d832f6d5ec815949e1baab90ee58cbca457417e6be26

Aggregates Tons (millions)

Cement Tons (millions)

Ready Mixed Concrete Cubic Yards (millions)

Asphalt Tons (millions)

Aggregates Average Selling Price ($/ton)

Aggregates Shipments to Infrastructure Market (%)

Aggregates Shipments to Nonresidential Market (%)

Aggregates Shipments to Residential Market (%)

Magnesia Specialties Revenues ($ millions)

Magnesia Specialties Gross Profit ($ millions)

Organic Mix-Adjusted ASP Variance (%)

3b01715c440d5f9c6d580ae972c04a0e5afd90adca452e68aeed71a50797861b

Martin Marietta Materials, Inc. is a natural resource-based building materials company that supplies essential construction materials, including aggregates like crushed stone, sand, and gravel, through an extensive network of quarries, mines, and distribution yards across 28 states, Canada, and The Bahamas **[0000950170-24-050478_mlm-20240331.htm:20]** **[0000950170-24-118821_mlm-20240930.htm:23]** **[0000950170-24-093580_mlm-20240630.htm:24]** **[0000950170-24-118821_mlm-20240930.htm:6]**. The company also offers cement and downstream products such as ready mixed concrete, asphalt, and paving services, operating in vertically-integrated markets where it holds a leading position in aggregates **[0000950170-24-050478_mlm-20240331.htm:20]** **[0000950170-24-118821_mlm-20240930.htm:23]** **[0000950170-24-093580_mlm-20240630.htm:24]** **[0000950170-24-118821_mlm-20240930.htm:6]**. The business is organized into two main segments: the East Group and the West Group, each focusing on different combinations of these products **[0000950170-24-050478_mlm-20240331.htm:20]** **[0000950170-24-118821_mlm-20240930.htm:23]** **[0000950170-24-093580_mlm-20240630.htm:24]** **[0000950170-24-118821_mlm-20240930.htm:6]**.

1. **Aggregates** - Supplies crushed stone, sand, and gravel, forming the core of the company's offerings and supporting construction and infrastructure projects.
2. **Cement** - Provides essential binding material for construction, enhancing the durability and strength of structures.
3. **Ready Mixed Concrete** - Delivers pre-mixed concrete solutions tailored for various construction needs, ensuring quality and consistency.
4. **Asphalt and Paving Services** - Offers asphalt products and comprehensive paving services, supporting road construction and maintenance.
5. **Magnesia Specialties** - Produces magnesia-based chemical products and dolomitic lime, serving industrial and agricultural markets.

cdc280b2976c5977b50b5d784db922f54f5716420abd7c6016de7e180e101bf1

| Metric [USD Million] | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2023 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2022 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| East Group           | **526**  **[0000950170-24-050478_mlm-20240331.htm:15]**  | **823**  **[0000950170-24-093580_mlm-20240630.htm:18]**  | **849**  **[0000950170-24-118821_mlm-20240930.htm:25]**  | N/A     | **529.6**  **[0000950170-23-017749_mlm-20230331.htm:16]**  | **735.1**  **[0000950170-23-035096_mlm-20230630.htm:17]**  | **814.3**  **[0000950170-23-057372_mlm-20230930.htm:18]**  | N/A     |
| West Group           | **644**  **[0000950170-24-050478_mlm-20240331.htm:15]**  | **860**  **[0000950170-24-093580_mlm-20240630.htm:18]**  | **958**  **[0000950170-24-118821_mlm-20240930.htm:25]**  | N/A     | **741.1**  **[0000950170-23-017749_mlm-20230331.htm:16]**  | **1,005.2**  **[0000950170-23-035096_mlm-20230630.htm:17]**  | **1,104.3**  **[0000950170-23-057372_mlm-20230930.htm:18]**  | N/A     |

3b2b649c397fd4aad1cb204726514af294a8ccf3d3036e852e3f6c7353a0ce90

Mid-America Group

Southeast Group

East Group

West Group

Total Building Materials Business

Magnesia Specialties

Domestic Revenue

Foreign Revenue

Total Revenue

ddc95a1cab8833fb26662123faa9a2e91fa28193b058b03977b51d442c734b6c

1. Given the **119% increase in precipitation in Dallas-Fort Worth**  **[MLM_3397677_1]** , your largest and most profitable market, and the flooding in parts of the Midwest  **[MLM_3397677_1]** , how does the company plan to mitigate such significant weather-related risks in the future, and what measures are being implemented to manage the associated financial volatility?

2. With the lag effect of restrictive monetary policy pressuring interest rate-sensitive private construction demand **more than previously anticipated**  **[MLM_3397677_1]** , how is the company adjusting its strategic priorities to address the sharper-than-expected decline in private non-residential construction?

3. Your **value-over-volume philosophy contributed modestly to the shipment decline**  **[MLM_3397677_1]** , yet you emphasize margin expansion. Could this strategy potentially limit future **market share growth**, and how do you balance this approach with long-term volume growth objectives?

4. While the **M&A pipeline remains active**, focusing largely on pure-play aggregates businesses  **[MLM_3397677_1]** , how are you ensuring effective integration of recent acquisitions like Blue Water and Albert Frei & Sons  **[MLM_3397677_1]**  without overextending resources, and what metrics are you using to assess post-acquisition performance?

5. Considering the decline in state and local government highway, bridge, and tunnel contract awards to **$114 billion**, modestly below 2023 levels  **[MLM_3397677_1]** , how do you anticipate this will impact your infrastructure segment in the coming quarters, and what strategies are you implementing to offset potential softness in public spending?

45ce7859a1633c23b375047fadebb93ff52dce8b29cdfeae355642b4aa951729

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

8f4f1396da97d676d819617e1c5df285ba731c48f01037f9fe945e4a0ec1b363

Building Materials

- Aggregates

- Cement and Ready Mixed Concrete

- Asphalt and Paving Services

- Interproduct Revenues

- Freight

- Products and Services

b53959c0e9310aa821f0313e86e33d2f5011bf6c8405b43e312cafb5b295b561

- Arcosa, Inc.  **[0000950170-24-019275_mlm-20231231.htm:9]** 
- CEMEX S.A.B. de C.V.  **[0000950170-24-019275_mlm-20231231.htm:9]** 
- CRH plc  **[0000950170-24-019275_mlm-20231231.htm:9]** 
- Heidelberg Materials AG  **[0000950170-24-019275_mlm-20231231.htm:9]** 
- Holcim Ltd.  **[0000950170-24-019275_mlm-20231231.htm:9]** 
- Knife River Corporation  **[0000950170-24-019275_mlm-20231231.htm:9]** 
- Summit Materials, Inc.  **[0000950170-24-019275_mlm-20231231.htm:9]** 
- Vulcan Materials Company  **[0000950170-24-019275_mlm-20231231.htm:9]** 

2ba2e503b8de138a72fa3ddd5fe21f419f68931c33f72d150526102103b18793

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - **Adjusted EBITDA**: Revised to **$2.2 billion at the midpoint**  **[MLM_3397677_3]** **[MLM_3397677_1]** .
  - **Aggregates Pricing**: Reaffirmed **11% to 13% increase**  **[MLM_3397677_7]** .
  - **Aggregates Volume**: **1% to 4% decline** from an organic perspective  **[MLM_3397677_17]** .
  - **Cost of Goods Sold (COGS) per Ton**: Expected to be **up 7%** in the second half  **[MLM_3397677_19]** .
  - **Cement Production Capacity**: New finish mill to add **450,000 tons** of annual production capacity  **[MLM_3397677_3]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - **Adjusted EBIT**: Raised to **$2.37 billion** at the midpoint  **[MLM_3381487_3]** .
  - **Aggregates Gross Profit**: Set at **$1.75 billion** at the midpoint  **[MLM_3381487_3]** .
  - **Adjusted EBITDA**: Increased to **$2.30 billion to $2.44 billion**, midpoint **$2.37 billion**  **[MLM_3381487_1]** .
  - **Net Leverage**: Expected to be **1.4x** by year-end  **[MLM_3381487_3]** .
  - **COGS per Ton Inflation**: About **7%** for the full year  **[MLM_3381487_12]** .
  - **Aggregate Pricing**: Expected to increase by **12%** at the midpoint  **[MLM_3381487_6]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  - **Consolidated Adjusted EBITDA**: **$2.24 billion** at the midpoint  **[MLM_3373245_6]** **[MLM_3373245_1]** .
  - **Aggregates Pricing Growth**: **Double-digit** range  **[MLM_3373245_6]** .
  - **Net Interest Expense**: About **$60 million** at the midpoint  **[MLM_3373245_18]** .
  - **CapEx**: **8% to 10%** of sales  **[MLM_3373245_16]** .
  - **Gross Profit Per Ton**: Cost per ton up by mid-single digits  **[MLM_3373245_11]** .
  - **Volume Guidance**: Aggregate volumes expected to be flat  **[MLM_3373245_15]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: N/A
- **Guidance**: The documents do not contain information about the Q3 2024 earnings call for Martin Marietta (MLM), so I cannot provide the guidance metrics from that specific earnings call.

9c5e6ef27e06050ea7d9dfda2bc81b572ce4296d6cf7f52136e34521d795068f

| Name               | Position                                                      | Start Date | Short Bio                                                                                                                                                                                                 |
|--------------------|---------------------------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| C. Howard Nye      | Chair of the Board, President, and Chief Executive Officer    | 2010       | C. Howard Nye has served as **Chairman of the Board** since 2014, as **President** since 2006, and as **CEO and Director** since 2010. He previously worked at Hanson PLC and holds degrees from Duke University and Wake Forest University  **[0001193125-24-096366_d220348ddef14a.htm:27]** **[0001193125-23-100957_d390557ddef14a.htm:25]** . |
| James A. J. Nickolas | Executive Vice President and Chief Financial Officer         | 2023       | James A. J. Nickolas became the **Executive Vice President and CFO** in 2023. He was previously the **Principal Accounting Officer** in 2019 and **Senior Vice President, CFO** from 2017 to 2023  **[0000950170-24-019275_mlm-20231231.htm:59]** .                                          |
| Roselyn R. Bar     | Executive Vice President, General Counsel, and Corporate Secretary | 2015       | Roselyn R. Bar has been the **Executive Vice President, General Counsel, and Corporate Secretary** since 2015. She became General Counsel in 2001 and Corporate Secretary in 1997. She plans to retire in the second half of 2025  **[0000950170-24-019275_mlm-20231231.htm:59]** **[0000950170-23-004361_mlm-20221231.htm:60]** **[0000950170-24-132888_mlm-20241203.htm:1]** .      |
| Kelly G. Bennett   | Senior Vice President, Chief Human Resource Officer           | 2024       | Kelly G. Bennett assumed the role of **Senior Vice President, Chief Human Resource Officer** in 2024. Previously, Bennett was **Senior Vice President, Human Resources** from 2023 to 2024 and **Vice President of Total Rewards** from 2018 to 2023  **[0000950170-24-019275_mlm-20231231.htm:59]** . |
| Oliver W. Brooks   | Senior Vice President, Enterprise Excellence                  | 2022       | Oliver W. Brooks became the **Senior Vice President of Enterprise Excellence** in 2022. He was previously Vice President of Strategic Planning for the Southwest Division from 2020 to 2022 and General Manager for the North Texas/Oklahoma District from 2018 to 2020  **[0000950170-24-019275_mlm-20231231.htm:59]** **[0000950170-23-004361_mlm-20221231.htm:60]** . |
| Robert J. Cardin   | Senior Vice President, Controller, and Chief Accounting Officer | 2019       | Robert J. Cardin has been the **Senior Vice President, Controller, and Chief Accounting Officer** since 2019. He was previously Vice President and Corporate Controller in 2019 and held similar roles at Schweitzer-Mauduit International from 2013 to 2019  **[0000950170-24-019275_mlm-20231231.htm:59]** **[0000950170-23-004361_mlm-20221231.htm:60]** . |
| Michael J. Petro   | Senior Vice President, Strategy and Development               | 2021       | Michael J. Petro assumed the position of **Senior Vice President, Strategy and Development** in 2021. He was Vice President, Strategy and Development from 2018 to 2021 and Director, Strategy and Development from 2015 to 2018  **[0000950170-23-004361_mlm-20221231.htm:60]** .              |

b14e2cfcb45a3fd3b1447ab73714603327dcec5d28a2a0b4f7b2b24d37e9833c

daa48476ded171eef6e253e8bb31ada994b76325378ff40d0a3351d6e63da4bc

| Program Details         | Program 1       |
|-------------------------|-----------------|
| Approval Date           | **February 10, 2015**  **[0000950170-24-118821_mlm-20240930.htm:39]**  |
| End Date/Duration       | **No expiration date**  **[0000950170-24-118821_mlm-20240930.htm:39]**  |
| Total additional amount | **20 million shares**  **[0000950170-24-118821_mlm-20240930.htm:39]**  |
| Remaining authorization | **11,935,338 shares**  **[0000950170-24-118821_mlm-20240930.htm:39]**  |
| Details                 | Part of a strategy to utilize cash effectively and enhance shareholder value. The company believes the stock is undervalued and aims to address dilution from compensation-related stock issuance.  **[MLM_3249261_13]** **[MLM_3397677_16]**  |

5a82158dc6a3e707644b7bba38bc5f0dc64a4b0057100a42e19f6235b6dbd5c4

**Annual guidance for FY 2024:**
- **Adjusted EBITDA**: $2.07 billion  **[MLM_3404653_1]**  (lowered from $2.2 billion  **[MLM_3397677_3]** **[MLM_3397677_1]** )  
- **Aggregates Shipments**: -2.5% to -4%  **[MLM_3404653_20]**  (lowered from -1% to -4%  **[MLM_3397677_17]** )

**Annual guidance for FY 2025:**
- **Aggregates Shipments**: low single digits  **[MLM_3404653_2]**  (no prior guidance)  
- **Aggregates Pricing**: mid- to high single digits  **[MLM_3404653_2]**  (no prior guidance)  
- **Capital Expenditures (CapEx)**: 9% to 9.5% of revenues  **[MLM_3404653_12]**  (no prior guidance)  
- **Volume Growth**: could exceed low single digits if weather conditions normalize  **[MLM_3404653_20]**  (no prior guidance)  

4e7835ee441114f2b409a7e934af24b4824b766dbff903e064bd6573c4913496

1. **Revised Guidance and Outlook**  
   **Q:** Walk us through the revised guide.  
   **A:** Management reaffirmed their pricing guide of **11% to 13% up**  **[MLM_3397677_7]** , including midyear adjustments. Due to weather impacts and early second-half conditions, volumes are revised to reflect an impacted first half and early wet conditions in the second half.  **[MLM_3397677_7]**  Despite growing EBITDA in 2023 by **33%**  **[MLM_3397677_7]** , they anticipate modest headwinds due to inventory drawdown but maintain confidence in achieving a **2-year EBITDA CAGR approaching 20%**.  **[MLM_3397677_7]** 

2. **Pricing Outlook for 2025**  
   **Q:** Prospects for double-digit pricing in '25?  
   **A:** Management expects infrastructure to remain attractive, housing has found bottom, and heavy non-residential will stay strong.  **[MLM_3397677_10]**  They foresee pricing continuing at new levels, likely in the **double-digit** range.  **[MLM_3397677_10]**  They are experiencing a step change in pricing, which they believe is appropriate.  **[MLM_3397677_10]** 

3. **State Funding Environment**  
   **Q:** Update on state funding and growth areas?  
   **A:** Top states like Texas, Colorado, North Carolina, Georgia, and Florida are increasing budgets.  **[MLM_3397677_12]**  For example, Texas DOT lettings are up **17%** to **$13.7 billion** for FY24 and expected to increase next year.  **[MLM_3397677_12]**  Overall, in their top ten states, funding is up except for Minnesota and California.  **[MLM_3397677_12]**  Highway contract awards are up **25%** over the past year.  **[MLM_3397677_12]** 

4. **Integration of Recent Acquisitions**  
   **Q:** Performance of Blue Water and Albert Frei?  
   **A:** Integration is complete, and these acquisitions are performing well operationally.  **[MLM_3397677_9]**  Safety numbers are extraordinary.  **[MLM_3397677_9]**  Pricing at acquired locations is notably below corporate average by over **$4 per ton**  **[MLM_3397677_9]** , suggesting potential for further price increases.  **[MLM_3397677_9]**  The M&A pipeline remains attractive, focusing on pure aggregates businesses.  **[MLM_3397677_9]** 

5. **Cost Outlook and Management**  
   **Q:** Provide updated cost outlook for the year.  
   **A:** Cost of goods sold per ton is up **7%** in the second half versus last year.  **[MLM_3397677_20]**  Inflation is moderating.  **[MLM_3397677_20]**  The company is focusing on controlling costs in repairs and maintenance, reducing contract services, and benefiting from lower diesel costs.  **[MLM_3397677_20]** 

6. **Impact of Weather on Volumes**  
   **Q:** Impact of weather on Q2 volumes?  
   **A:** Weather significantly affected Q2 volumes, with **119% more rain** in Dallas-Fort Worth than last year.  **[MLM_3397677_5]**  North Texas and Central division, representing nearly **40%** of Q2 shipments, were impacted by rain and flooding.  **[MLM_3397677_5]**  Approximately **50%** of volume impact was due to weather, **25%** due to market conditions, and **25%** due to value over volume strategy.  **[MLM_3397677_5]** 

7. **Cement Business and Pricing**  
   **Q:** Will there be further cement price increases?  
   **A:** The company plans to discuss pricing with customers in September.  **[MLM_3397677_16]**  Dallas-Fort Worth is a strong cement market, and they have seen significant pricing increases.  **[MLM_3397677_16]**  Management agrees that DFW has reacted most attractively on pricing.  **[MLM_3397677_16]** 

8. **Aggregates Volume Guidance**  
   **Q:** What's in the aggregates volume guide?  
   **A:** The anticipated decline of **1% to 4%** in aggregates volumes is considered all organic going forward.  **[MLM_3397677_18]**  They foresee a busy second half in infrastructure but are cautious due to wet July and August.  **[MLM_3397677_18]**  Swing factors include ongoing weather conditions and potential winter impacts.  **[MLM_3397677_18]** 

9. **Price Over Volume Strategy**  
   **Q:** Is price over volume affecting certain markets?  
   **A:** No overriding trend in any one market causing concern.  **[MLM_3397677_13]**  The preference for value over volume may affect volumes, but the strategy is proving effective.  **[MLM_3397677_13]** 

10. **Magnesia Specialties Business**  
    **Q:** Update on Magnesia outlook and implications?  
    **A:** Revenues are flat overall, with chemicals up **7%** and lime up **24%**.  **[MLM_3397677_21]**  Pricing gains offset lower chemical shipments.  **[MLM_3397677_21]**  EBITDA is strong despite lower volumes.  **[MLM_3397677_21]**  Safety records have improved notably.  **[MLM_3397677_21]** 

11. **Election Impact on Business**  
    **Q:** Any risk from elections on projects?  
    **A:** Not seeing slowdown in public projects due to elections.  **[MLM_3397677_22]**  The company is relatively agnostic to election outcomes.  **[MLM_3397677_22]**  Infrastructure investment is expected to continue regardless of administration.  **[MLM_3397677_22]** 

12. **Share Repurchases**  
    **Q:** Outlook on share repurchases?  
    **A:** The company had over **$2 billion** in cash and is below their target leverage ratio.  **[MLM_3397677_17]**  Believing the stock was undervalued, they opportunistically repurchased shares.  **[MLM_3397677_17]** 

d242352fcc0227be44782539f8a87b16ea20d1a8474e4e15922421676b04596e

| Name                     | Start Date   | End Date   | Reason for Change                                                                 |
|--------------------------|--------------|------------|----------------------------------------------------------------------------------|
| PricewaterhouseCoopers LLP (PwC) | March 14, 2016  **[0001564590-16-015054_mlm-8k_20160314.htm:1]**  | Present   | Current auditor.                                                             |
| Ernst & Young LLP (EY)          | N/A          | March 14, 2016  **[0001564590-16-015054_mlm-8k_20160314.htm:1]**  | The Audit Committee conducted a competitive process to select a new auditor.  **[0001564590-16-015054_mlm-8k_20160314.htm:1]**  |

c0505fb380f2a0894adf9d80c7d8d4c5d9e2789ec75cbabf39eae9c6af0cabd5

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $1,889 million (**-5% YoY**)  **[0000950170-23-057372_mlm-20230930.htm:25]** **[0000950170-24-118821_mlm-20240930.htm:19]** **[0000950170-24-118821_mlm-20240930.htm:25]** **[0000950170-24-118821_mlm-20240930.htm:3]**   
- Building Materials: $1,807 million (**-6% YoY**)  **[0000950170-23-057372_mlm-20230930.htm:25]** **[0000950170-24-118821_mlm-20240930.htm:19]** **[0000950170-24-118821_mlm-20240930.htm:25]**   
- Magnesia Specialties: $82 million (**+8% YoY**)  **[0000950170-23-057372_mlm-20230930.htm:25]** **[0000950170-24-118821_mlm-20240930.htm:19]** **[0000950170-24-118821_mlm-20240930.htm:25]**   

fa5055e199be6a25ea48e64c35bb299fa0cac0b95746b4f52d982b3db3e840f4

dad09ca8017f048d45416cd888411171ff698d275a27595a749f9a1306bd0cc9

40279ca9e02c3c76180b99d7595e962dc4dd87fccaf053313c54dd17865a5d0c

44415a8778ac5f2a2db6530e70c9ff652377ef381e1e985efc9caede9719e398

| Year | Amount Due (in millions) | Debt Type         | Interest Rate (%) | % of Total Debt |
|----------|------------------------------|------------------------|-----------------------|---------------------|
| 2025     | $125 **[0000950170-24-118821_mlm-20240930.htm:14]**                 | 7% Debentures         | 7.00 **[0000950170-24-118821_mlm-20240930.htm:14]**          | 3.1% = (125 / 4043) * 100 **[0000950170-24-118821_mlm-20240930.htm:14]** |
| 2027     | $299 **[0000950170-24-118821_mlm-20240930.htm:14]**                 | 3.450% Senior Notes   | 3.450 **[0000950170-24-118821_mlm-20240930.htm:14]**         | 7.4% = (299 / 4043) * 100 **[0000950170-24-118821_mlm-20240930.htm:14]** |
| 2027     | $493 **[0000950170-24-118821_mlm-20240930.htm:14]**                 | 3.500% Senior Notes   | 3.500 **[0000950170-24-118821_mlm-20240930.htm:14]**         | 12.2% = (493 / 4043) * 100 **[0000950170-24-118821_mlm-20240930.htm:14]** |
| 2030     | $472 **[0000950170-24-118821_mlm-20240930.htm:14]**                 | 2.500% Senior Notes   | 2.500 **[0000950170-24-118821_mlm-20240930.htm:14]**         | 11.7% = (472 / 4043) * 100 **[0000950170-24-118821_mlm-20240930.htm:14]** |
| 2031     | $890 **[0000950170-24-118821_mlm-20240930.htm:14]**                 | 2.400% Senior Notes   | 2.400 **[0000950170-24-118821_mlm-20240930.htm:14]**         | 22.0% = (890 / 4043) * 100 **[0000950170-24-118821_mlm-20240930.htm:14]** |
| 2037     | $228 **[0000950170-24-118821_mlm-20240930.htm:14]**                 | 6.25% Senior Notes    | 6.25 **[0000950170-24-118821_mlm-20240930.htm:14]**          | 5.6% = (228 / 4043) * 100 **[0000950170-24-118821_mlm-20240930.htm:14]** |
| 2047     | $591 **[0000950170-24-118821_mlm-20240930.htm:14]**                 | 4.250% Senior Notes   | 4.250 **[0000950170-24-118821_mlm-20240930.htm:14]**         | 14.6% = (591 / 4043) * 100 **[0000950170-24-118821_mlm-20240930.htm:14]** |
| 2051     | $850 **[0000950170-24-118821_mlm-20240930.htm:14]**                 | 3.200% Senior Notes   | 3.200 **[0000950170-24-118821_mlm-20240930.htm:14]**         | 21.0% = (850 / 4043) * 100 **[0000950170-24-118821_mlm-20240930.htm:14]** |

14f7a7e6c4725e72e587c42342accc469cd066315bb44a93e4f1142a1f87dfee

- **Martin Marietta Materials expects flat aggregate shipments in 2024**, suggesting limited volume growth despite increased infrastructure investments and heavy non-residential projects of scale.  **[MLM_3363240_4]**
- **The company experienced softness in aggregates shipments in the Southwest and Midwest**, attributed to extreme heat, timing of large energy projects, and softening in warehousing and data centers, which could continue to affect volumes.  **[MLM_3363240_12]**
- **Persistent cost inflation remains elevated**, especially in parts costs, which are still quite high and may continue to pressure margins despite some moderation in other areas.  **[MLM_3363240_17]**

2a10036fc9fff9910d832e6034cf17814a58bf7b551c05c238705063ac58ca8f

- *• Significant Growth through Strategic Acquisitions:** Martin Marietta has identified potential M&A targets producing approximately **238 million tons of aggregates annually**, effectively another Martin Marietta to acquire over time, indicating substantial growth opportunities ahead.  **[MLM_3381487_10]**
- *• Margin Expansion through Value-over-Volume Strategy:** The company's focus on obtaining appropriate value for its products is driving significant margin expansion, with strong pricing expected to stick and volumes anticipated to recover, leading to robust earnings growth.  **[MLM_3381487_8]** **[MLM_3381487_17]** **[MLM_3381487_6]** **[MLM_3381487_7]**
- *• Successful Integration of Recent Acquisitions Enhancing Earnings:** The integration of recent acquisitions, Albert Frei & Sons (AFS) and Blue Water Industries (BWI), is proceeding well, unlocking synergies and contributing to increased **EBITDA guidance for the year, now raised to $2.37 billion, up 11% over last year**.  **[MLM_3381487_5]** **[MLM_3381487_6]**

e148267086b5aa7441bbcc1db6ce17becfb8578ceb55434e430e20bfac54b265

- **Martin Marietta revised its full-year 2024 adjusted EBITDA guidance down to $2.2 billion**, reflecting lower shipments due to significant weather disruptions and weakening private construction demand caused by high interest rates. The company anticipates slower shipment trends to persist in the second half of the year.  **[MLM_3397677_1]** , **[MLM_3397677_3]**
- **Q2 2024 shipments were significantly impacted**, with nearly **40% of shipments** affected by heavy rainfall in key markets like Dallas-Fort Worth and the Central Division. This "serious body blow" resulted in shipment declines and lower revenues.  **[MLM_3397677_5]** , **[MLM_3397677_1]**
- The company's **Building Materials business saw revenues decrease by 3% and gross profit decrease by 7%** in Q2 2024. Despite price increases, there's uncertainty if pricing strength can offset the negative impacts of declining volumes due to market challenges such as restrictive monetary policy and weather disruptions.  **[MLM_3397677_3]**

6522032ab01e213f1359e6d866c1a7a727e047c7d5de11e74c21e3f38c8b708a

- **Margins are expected to expand in 2024** due to **pricing growth exceeding cost inflation**. The company anticipates **low double-digit aggregates pricing growth** next year.  **[MLM_3363240_10]** **[MLM_3363240_8]**
- **Increased infrastructure investment and population growth in key states** like **Texas, Colorado, North Carolina, and Georgia** are driving higher demand for aggregates, particularly for **capacity expansion projects** which are **more aggregates-intensive**.  **[MLM_3363240_18]**
- **Strong financial position** with a **debt-to-EBITDA ratio of 1.8x**, **below the targeted range**, positions the company to pursue **attractive M&A opportunities**. The company expects to announce new deals **early next year**.  **[MLM_3363240_9]**

42ad1e4bac988e85771d8f906e1a7e3231ef9bc1738e4c78da220ac0a8f0e328

- **Integration of Blue Water and Albert Frei & Sons acquisitions is complete**, with combined financial performance **exceeding management's initial expectations**, and ongoing synergy realization.  **[MLM_3397677_9]**
- **Customer backlogs are up sequentially**, with strong demand in **infrastructure**, **factories**, **energy**, and **data centers**, supporting growth in 2025 and beyond.  **[MLM_3397677_5]** **[MLM_3397677_6]**
- **Resilient pricing strategy leading to expanded adjusted EBITDA margins**, with expectations of **continued attractive pricing levels** in coming years.  **[MLM_3397677_5]** **[MLM_3397677_10]**

2335f7b180cde134df5fc72f353be0f8e7eb040462133486a9eff0eef5b52ea4

1. **Pricing Outlook for 2025**  
   **Q:** Why was pricing guidance revised down, and what's the 2025 outlook?  
   **A:** Management expects **mid- to high single-digit pricing growth in 2025**, emphasizing the high end, driven by stronger pricing in heritage businesses and acquisitions.  **[MLM_3404653_8]**  The revision in current year pricing guidance was due to weather-impacted delays, a geographic mix of lower-priced materials, and fewer midyear price increases compared to last year.  **[MLM_3404653_8]**  The carryover into next year is about **80 basis points**, smaller than prior years.  **[MLM_3404653_8]** 

2. **Volume Outlook for Q4 and 2025**  
   **Q:** What's the volume outlook for Q4 and 2025?  
   **A:** Aggregates volumes are expected to be **up 5% in Q4**, as weather has improved.  **[MLM_3404653_11]**  For 2025, management anticipates **low single-digit volume growth**, largely on an organic basis.  **[MLM_3404653_11]**  The positive outlook is supported by increased backlogs, up mid-single digits year-over-year and sequentially.  **[MLM_3404653_9]** 

3. **Acquisitions Impact on 2025**  
   **Q:** How will recent acquisitions affect 2025 results?  
   **A:** The company completed acquisitions in South Florida and California, adding over **150 million tons** of reserves in areas with shortages.  **[MLM_3404653_7]**  These pure aggregates bolt-ons are margin accretive and will be fully integrated with new pricing effective January 1.  **[MLM_3404653_7]**  While not contributing to 2024 guidance due to purchase accounting, they set up for growth in 2025.  **[MLM_3404653_7]** 

4. **Cost Inflation Expectations**  
   **Q:** What are cost inflation expectations heading into 2025?  
   **A:** Management anticipates **mid-single-digit cost inflation** in 2025, about **5%**, which is below current inflation trends.  **[MLM_3404653_10]**  The price/cost spread is expected to remain favorable, with ASP growth projected in the mid- to high single digits.  **[MLM_3404653_10]** 

5. **Capex Increase Due to Acquisitions**  
   **Q:** Why did Capex guidance increase, and what's the outlook for 2025?  
   **A:** Capex guidance was raised to **$875 million** from $700 million, primarily due to one of the acquisitions being structured as Capex.  **[MLM_3404653_12]**  For 2025, Capex is expected to be around **9% to 9.5% of revenues**, consistent with historical levels.  **[MLM_3404653_12]** 

6. **Impact of Weather on Q3 and Volumes**  
   **Q:** How did weather affect Q3 results and future volumes?  
   **A:** Severe weather in Q3, including a hurricane every **2.5 weeks**, significantly impacted shipments, volumes, profitability, and midyear price increases, especially in the Southeast.  **[MLM_3404653_5]**  However, October has seen more normal conditions, leading to a positive outlook with aggregates up **5% in Q4**.  **[MLM_3404653_5]** 

7. **Backlogs and Market Trends**  
   **Q:** How are backlogs trending, and what does it mean for 2025?  
   **A:** Backlogs are up **mid-single digits** both year-over-year and sequentially.  **[MLM_3404653_9]**  This indicates a much-improved volume outlook for 2025, supported by strong public construction activity, residential markets beginning to turn, and positive signs in warehousing and light non-residential sectors.  **[MLM_3404653_9]** 

8. **Infrastructure Spend and IIJA Impact**  
   **Q:** When will IIJA funds significantly impact results?  
   **A:** 2024 is the first year with significant IIJA dollars flowing through, but only about **20%** of authorized funds have been spent.  **[MLM_3404653_16]**  Management expects public infrastructure spending to improve notably in 2025 and continue building into 2026 as more IIJA funds are deployed.  **[MLM_3404653_16]** 

9. **Regional Dynamics and Market Outlook**  
   **Q:** Which regions are expected to perform well in 2025?  
   **A:** Southern California is expected to be a bright spot due to resolved pricing dynamics and recent M&A.  **[MLM_3404653_15]**  Texas, particularly North Texas, continues to be strong.  **[MLM_3404653_15]**  Florida remains important, with new in-state operations enhancing private market participation.  **[MLM_3404653_15]**  States like North Carolina, Indiana, Georgia, Colorado, and Arizona have increasing DOT budgets for next year.  **[MLM_3404653_15]** 

10. **Cement Tariffs Impact**  
    **Q:** How would cement tariffs affect the Dallas-Fort Worth market?  
    **A:** The Dallas-Fort Worth market already benefits from limited cement imports due to logistical challenges.  **[MLM_3404653_14]**  If cement tariffs are implemented, it would make the **already strong DFW market even better**.  **[MLM_3404653_14]** 

c046f775a2b9c11ebab7c1cbfa2526cdec6b8becdcf916e6a93485860a2dd146

- **Martin Marietta expects continued high cost inflation of 7% in cost of goods sold per ton for 2024**, with diesel tailwinds from the first quarter fading, which could pressure margins in future quarters.  **[MLM_3381487_12]**
- **The company anticipates softness in light non-residential and residential markets due to higher interest rates and high office vacancy rates**, potentially leading to weaker demand in these segments.  **[MLM_3381487_8]** **[MLM_3381487_13]**
- **Their value-over-volume strategy resulted in a 12% decline in volumes in the first quarter**, and they expect organic aggregates volumes to decline 2-3% for the year, which may limit growth potential if volume declines continue.  **[MLM_3381487_13]** **[MLM_3381487_17]**

d4311649037872bcfebdad0c6f27e556ce1434dad9bd1911ecbf9672c48f6461

1. **M&A Pipeline and Leverage**  
   **Q:** What's left in the M&A pipeline and how much more capital can be deployed?  
   **A:** Despite recent acquisitions, the company remains at **1.85x leverage**, below their typical **2-2.5x range**. They anticipate more transactional activity this year, potentially including significant pure stone transactions, and are prepared to leverage up to seize attractive opportunities.  **[MLM_3373245_13]** 

2. **Aggregates Pricing Outlook**  
   **Q:** Will the industry return to slower pricing cadence in 2025?  
   **A:** The company believes their value-over-volume strategy will continue to support strong pricing. They expect pricing to remain robust due to the difficulty of replacing reserves and the essential role of aggregates in construction projects, anticipating their pricing approach to differ fundamentally from a decade ago.  **[MLM_3373245_13]** 

3. **Volume Guidance and Trajectory**  
   **Q:** Could volumes inflect in the back half and into 2025?  
   **A:** They maintain a flattish volume outlook for the full year, factoring in recent acquisitions and divestitures. However, they see potential for volume upside in the second half if housing recovers and non-residential projects pick up, which could set up **2025** to be an even more productive year.  **[MLM_3373245_14]** 

4. **Impact of IIJA on Infrastructure Demand**  
   **Q:** How is the IIJA benefiting the company and what's the cadence?  
   **A:** They are starting to see IIJA funds pull through, with infrastructure volumes up **6%** in the quarter. States like Texas, Florida, and North Carolina are significantly increasing their DOT budgets, indicating strong infrastructure demand for the next several years.  **[MLM_3373245_19]** ,  **[MLM_3373245_14]** 

5. **Capital Allocation Priorities**  
   **Q:** How are you thinking about capital allocation and its impact on free cash flow and CapEx?  
   **A:** Their first priority is deploying capital on the right transactions. The second is reinvesting in the business, with CapEx within the typical **8-10% of sales** range. They plan to maintain a meaningful and sustainable dividend and pursue share buybacks at the right time, expecting free cash flow to improve even with slightly higher CapEx.  **[MLM_3373245_17]** 

6. **CapEx Guidance and Free Cash Flow**  
   **Q:** What is included in the higher CapEx guidance for 2024?  
   **A:** CapEx is slightly higher due to large projects like the finishing mill and the Beckman plant upgrade. Opportunistic real estate purchases may also contribute. Despite higher CapEx, operating cash flow is growing significantly, improving the cash conversion ratio.  **[MLM_3373245_16]** ,  **[MLM_3373245_17]** 

7. **Cement Business Outlook**  
   **Q:** What are the expectations for the remaining cement business in 2024?  
   **A:** They expect cement volumes to be modestly over **2 million tons**, with a pricing increase of around **$15 per ton** in North Texas effective around April. They aim to maintain attractive margins similar to the previous year, ensuring disciplined market approach.  **[MLM_3373245_21]** 

8. **Aggregates Cost Inflation**  
   **Q:** What is driving the 7% inflation in aggregates cost per ton?  
   **A:** Costs are being pushed up by oil lubricants, explosives, and parts and equipment. Lower increases in labor costs, diesel, electricity, and natural gas help balance overall cost inflation to about **7%**.  **[MLM_3373245_11]** 

9. **SOAR 2025 Update**  
   **Q:** How are you progressing on SOAR 2025 and future portfolio moves?  
   **A:** They have effectively doubled market cap in each SOAR increment and continue to focus on commercial execution and strategic M&A. The pipeline includes pure-play aggregates businesses, aligning with their aggregates-led strategy to drive sustainable growth.  **[MLM_3373245_11]** 

10. **Data Center and Warehouse Demand**  
    **Q:** What are you seeing in data center and warehouse demand?  
    **A:** Despite expectations of moderation, they observe resilience in certain markets, with several data centers under construction in Eastern Nebraska, Western Iowa, and a new one in Covington, Georgia. Their markets are holding up better than most, contributing positively to demand.  **[MLM_3373245_22]** 

10be0de38b3452f61eb4aa56ae77baf1453c05e41c1c01f351dc56a8535c8902

- Martin Marietta expects a **significant decrease in first-quarter gross profits**, from **15% in Q1 2023 to 11.5% in Q1 2024**, due to **worse weather conditions** impacting operations.  **[MLM_3373245_9]**
- The **divestiture of their South Texas Cement and ready-mix business** resulted in a loss of approximately **$170 million of EBITDA**, and contributions from acquisitions like Bluewater Industries, expected to add **$135 million of EBITDA**, are **not yet included in 2024 earnings guidance**, potentially leading to an **earnings gap**.  **[MLM_3373245_8]** **[MLM_3373245_12]**
- There is **potential for delays and disruptions** related to the **Bluewater Industries acquisition**, which is **subject to regulatory approvals** and **may not close until the second half of the year**, affecting the company's ability to offset lost earnings from divested assets.  **[MLM_3373245_12]**

5a819b86988047bf893d84d7685cf41f55d11e5248ba8af0c2c4585edefb82ca

- **Martin Marietta's recent acquisitions**, including Fry & Sons and the pending Bluewater Industries deal, will significantly expand their aggregates business, adding approximately **16 million tons of stone** and entering key markets like **Denver, Nashville, Knoxville, and Miami**.  **[MLM_3373245_7]** **[MLM_3373245_12]**
- The company expects their **aggregate gross profit mix to reach 77% in 2024**, with plans to increase it further to **80% and beyond**, reinforcing their position as an **aggregates-led business** that can **outperform through cycles**.  **[MLM_3373245_21]**
- **Strong pricing power and commercial excellence** are expected to continue driving growth, with **ASP increases of 11% at the midpoint**, not including potential mid-year price increases, demonstrating their commitment to a **value over volume strategy**.  **[MLM_3373245_10]** **[MLM_3373245_13]**

ec1ae25b08b15260687056ade0ddc2b25b5863fcd203a003d2a0c2d5f2635be5

1. **EBITDA Guidance Increase**  
   **Q:** Are you raising the stand-alone EBITDA guidance?  
   **A:** Yes, we are increasing the EBITDA midpoint to **$2.37 billion**, which is **11% over last year**.  **[MLM_3381487_6]**  This includes a year's worth of Blue Water in only nine months, and we are also seeing improvement in our Heritage business.  **[MLM_3381487_6]** 

2. **Acquisition Integration Progress**  
   **Q:** How is the integration of AFS and BWI going?  
   **A:** The integration is going very well.  **[MLM_3381487_5]**  Our teams have completed the people integration, and we have rebranded the operations.  **[MLM_3381487_5]**  We announced midyear price increases effective July 15 in Blue Water markets.  **[MLM_3381487_5]**  We are achieving quick wins in operational excellence without incremental CapEx and planning plant upgrades and fleet modernization.  **[MLM_3381487_5]**  BWI was a carve-out with no corporate SG&A, so it was already synergized in that respect.  **[MLM_3381487_5]** 

3. **Demand Outlook and Volume Guidance**  
   **Q:** Are you adjusting your view of the demand environment and volume guidance?  
   **A:** Yes, we are adjusting our volume guidance.  **[MLM_3381487_5]**  Initially, we expected volumes between minus 2% and plus 2%, midpoint zero.  **[MLM_3381487_5]**  Now, we think organic or heritage volume is closer to the lower end, down **2% to 3%**.  **[MLM_3381487_5]**  The new guidance includes the acquisitions' effect.  **[MLM_3381487_5]**  We saw a **5 million ton** volume decrease in Q1 due to fewer shipping days, slower private demand, weather, and our value-over-volume strategy.  **[MLM_3381487_5]** 

4. **Pricing Guidance and Midyear Increases**  
   **Q:** How much of the pricing guidance includes midyear actions?  
   **A:** The pricing guidance includes some midyear increases, but not all we expect.  **[MLM_3381487_7]**  We have built in specific midyears, such as in Blue Water where price increases were effective July 15.  **[MLM_3381487_7]**  We still anticipate more midyear increases and will provide more details in the summertime.  **[MLM_3381487_7]** 

5. **Magnesia Specialties Performance**  
   **Q:** What can we read through from Magnesia Specialties' outperformance?  
   **A:** Despite difficult global chemical markets, Magnesia Specialties had its **best quarter ever**.  **[MLM_3381487_7]**  Steel utilization is about **72%**, indicating steel is doing relatively well.  **[MLM_3381487_7]**  The recovery in TPO roofing is encouraging and suggests a manufacturing renaissance in the U.S., as TPO roofing is used in data centers and new battery plants.  **[MLM_3381487_7]** 

e73632bf583eb72e8fda8b94fd46885cb85c424c9b2ed74d09c977cecb22c435

Martin Marietta Materials Inc (MLM)

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