Here are 1-3 brief analogies for Vulcan Materials (VMC):

• The **ExxonMobil** of rocks and sand, providing the essential bulk aggregates (like crushed stone and gravel) that literally build our roads, bridges, and buildings.

• Like the **U.S. Steel** of raw construction materials, supplying the foundational crushed stone, sand, and gravel that underpins all infrastructure projects.

• The **Sysco** of construction aggregates, acting as the primary B2B supplier of essential foundational materials for builders and infrastructure projects.

• Crushed Stone: Used as a base material in construction projects, concrete, and asphalt production.
• Sand and Gravel: Natural aggregates essential for concrete, asphalt, and various construction fills.
• Asphalt Mix: A pavement material primarily used in road construction and repair.
• Ready-Mixed Concrete: Concrete batched and mixed for delivery to construction sites.

• Heavy Highway and Infrastructure Contractors: These companies are engaged in large-scale public works projects, including the construction and maintenance of roads, highways, bridges, airports, ports, and other essential infrastructure. They are significant consumers of aggregates, asphalt, and ready-mixed concrete.
• Commercial Construction Contractors and Developers: This category includes businesses involved in building commercial structures such as office buildings, retail centers, industrial parks, warehouses, hospitals, and other institutional facilities.
• Residential Construction Companies: Homebuilders and developers who construct single-family homes, multi-family housing units, and residential communities, utilizing aggregates and concrete for foundations, driveways, and community infrastructure.

J. Thomas Hill, Chairman and Chief Executive Officer

Mr. Hill was elected Chairman of the Board for Vulcan Materials Company in December 2015, and President and Chief Executive Officer in July 2014. He has been with Vulcan for more than 25 years, serving in a variety of operations and general management assignments since first joining the Company in 1979 as an operations trainee. Prior to being named CEO, Mr. Hill was executive vice president and chief operating officer. He also served as president of Vulcan's former Florida Rock Division and Southwest Division. From 1990 to 1996, he worked for Redlands Stone Products in sales and operations management before rejoining Vulcan in 1996 as vice president and general manager of the Southwest Division. Effective January 1, 2026, Mr. Hill will transition to the role of Executive Chairman of the Board.

Ronnie A. Pruitt, Chief Operating Officer (Incoming Chief Executive Officer effective January 1, 2026)

Mr. Pruitt will become Chief Executive Officer of Vulcan Materials Company, effective January 1, 2026. He currently serves as Chief Operating Officer, a role he has held since August 2023. Mr. Pruitt joined Vulcan as part of the Company's August 2021 acquisition of U.S. Concrete, Inc. Prior to his current position at Vulcan, he served as President and Chief Executive Officer of U.S. Concrete. He joined U.S. Concrete in 2015 and held various leadership roles there, including chief operating officer and senior vice president. Mr. Pruitt is a veteran of the building materials industry with over three decades of experience.

Mary Andrews Carlisle, Senior Vice President and Chief Financial Officer

Ms. Carlisle is Senior Vice President and Chief Financial Officer for Vulcan Materials Company. She joined Vulcan in May 2006 and has held various leadership roles within the Company's accounting and finance departments. Prior to her current position, Ms. Carlisle was vice president of finance and also served as vice president of financial planning, analysis and reporting, vice president of business development, and vice president of finance for the Southern and Gulf Coast Division.

Thompson S. Baker II, President

Mr. Baker serves as President of Vulcan Materials Company.

Stanley G. Bass, Chief Strategy Officer

Mr. Bass is Chief Strategy Officer for Vulcan Materials Company and has served in this role since February 2016. He joined the Company in 1996 and has held a variety of operations and general management assignments. Prior to his current position, Mr. Bass was senior vice president of the West Region, and also served as senior vice president of the Central Region and president of the Midsouth and Southwest Divisions.

The key risks to Vulcan Materials' business are primarily linked to its dependence on the cyclical construction industry, vulnerability to weather conditions, and exposure to stringent regulatory and environmental challenges.

1. Economic Sensitivity and Dependence on Construction Industry Cycles: Vulcan Materials' business growth is highly susceptible to overall economic conditions and the cyclical nature of the construction industry. A decline in construction activity, whether due to economic downturns or reductions in public funding for infrastructure projects, directly impacts the demand for aggregates and can significantly reduce the company's revenues and profitability. For example, a poor residential market in 2009 led to a 26.3% decline in Vulcan Materials' total revenue.
2. Weather-Related Disruptions and Seasonality: As Vulcan Materials' products are primarily used in outdoor public and private construction projects, its operations are significantly affected by weather conditions and the inherent seasonality of the construction business. Adverse weather can create substantial headwinds, impacting production and sales volumes, which can lead to variability in quarterly financial results. Poor weather conditions in Q3 FY24 created significant headwinds for the company.
3. Regulatory Hurdles, Environmental Liabilities, and Legal Challenges: Operating in a heavily regulated industry, Vulcan Materials faces ongoing risks from changes in legal requirements and governmental policies, particularly those related to environmental matters such as emissions, land use, and water quality. The company also faces potential financial and reputational risks from environmental liabilities, including involvement in Superfund sites, and legal proceedings. Legal and Regulatory is identified as a top risk category for the company.

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Vulcan Materials Company's main products and their addressable market sizes in the U.S. are as follows:

• Construction Aggregates (crushed stone, sand, and gravel): The U.S. construction aggregate market was valued at USD 75 billion in 2024 and is projected to reach USD 151 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 6.57% from 2025 to 2035.
• Asphalt: The asphalt manufacturing industry in the U.S. is expected to reach USD 36.7 billion in revenue in 2025, reflecting a 1.7% increase from 2024. The market has grown at a CAGR of 2.9% between 2020 and 2025.
• Ready-Mixed Concrete: The ready-mix concrete market size in the U.S. was over USD 130 billion in 2024 and is anticipated to grow at a CAGR of more than 8% from 2025 to 2034. Additionally, the U.S. ready-mix concrete market is projected to reach an estimated value of USD 475.30 billion by 2032.

Vulcan Materials (VMC) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic pricing, increased shipment volumes, and a favorable demand environment in key construction sectors.

The anticipated drivers are:

1. Pricing Increases: Vulcan Materials anticipates continued mid-single-digit growth in pricing, supported by a healthy overall pricing environment in its markets. Management expects this trend to contribute to another year of earnings growth in 2026.

2. Growth in Shipments (Volume): The company projects modest growth in aggregate shipments. For the full year 2025, shipments are expected to increase by approximately 3% year-over-year. Organic shipments are also forecasted to return to growth in 2026.

3. Strong Public Construction Activity: Continued strength in public construction is a significant driver, largely fueled by ongoing infrastructure investments. Approximately 60% of the funds from the Infrastructure Investment and Jobs Act (IIJA) are yet to be spent, indicating a sustained tailwind for public projects.

4. Improving Private Nonresidential Construction: Vulcan Materials expects an improving outlook for private nonresidential construction. This includes robust activity in sectors such as data centers, with nearly 80% of proposed data center projects located within 30 miles of a Vulcan operation, positioning the company to capitalize on this demand.

Share Repurchases

• Vulcan Materials returned $294 million to shareholders through dividends and share repurchases for the trailing twelve months ending September 30, 2025.
• In the first quarter of 2025, the company made $38 million in stock repurchases.

Share Issuance

• No significant share issuance information was found within the last 3-5 years.

Inbound Investments

• No large inbound investments by third-parties like strategic partners or private equity firms were identified in the last 3-5 years.

Outbound Investments

• Vulcan Materials deployed $2,068 million for strategic acquisitions in the trailing twelve months ending September 30, 2025.
• The company acquired Superior Ready Mix in December 2024 and Wake Stone in September 2024.
• In June 2021, Vulcan Materials acquired U.S. Concrete for $1.29 billion.

Capital Expenditures

• Capital expenditures for maintenance and growth projects totaled $235 million in the third quarter of 2025.
• Year-to-date capital expenditures through the third quarter of 2025 were $442 million, with a full-year 2025 expectation of approximately $700 million.
• The primary focus of capital expenditures is for maintenance and growth projects, including greenfields.