EX-99.2 3 ex99-2.htm INVESTOR PRESENTATION
Exhibit 99.2

 ASSET EXCHANGE  SUPPLEMENTAL INFORMATION  February 23, 2026 
 

 Asset Exchange 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. 
 

 Asset Exchange Supplemental Information  ASSET EXCHANGE IMPROVES PRODUCT MIX, MARGIN PROFILE AND EARNINGS DURABILITY  STRATEGIC RATIONALE  1. Premier Magnesia, LLC (Premier) acquisition, the asset exchange with Quikrete Holdings, Inc. (QUIKRETE) and the acquisition  of Minnesota aggregates and FOB asphalt assets from CRH, are collectively referred to as the “Transactions”.  …for ~20M Tons  Of High-Margin Annual Aggregates Production in Targeted Geographies  TAX-EFFICIENT ENHANCEMENT OF OUR CORE AGGREGATES PORTFOLIO  $3.0B of Divestiture Assets Used As  Consideration…  N. Texas Cement  N. Texas Ready Mix Concrete  British Columbia  $450 Million Cash  DIVESTITURE VALUE  (net of cash taxes)  $2.8B  Expands geographic diversification and complements existing differentiated Central Division footprint  Reduces cyclical product exposure while simultaneously enhancing  contribution from secular aggregates product line  Meaningful synergies expected through unit EBITDA normalization  Structured land and mineral exchange under Section 1031 of the Internal Revenue Code enhances tax efficiency  Maintains balance sheet strength for future growth  ACQUISITION VALUE  $2.6B  AGGREGATES CONTRIBUTION TO REPORTABLE  SEGMENT GROSS ROFIT  VS.  Start of SOAR 2025  ~75%  For the year ended December 31, 2020  End of SOAR 2025  ~90%  Giving effect as if Transactions1 all closed on January 1, 2025  3 
 

 Asset Exchange Supplemental Information  2026 GUIDANCE UPDATED TO REFLECT NET PORTFOLIO ACTIONS  4  2026 Updated Guidance reflects continuing operations and includes estimated contributions from the Transactions as of their respective closing dates.  Non-GAAP financial measure. A reconciliation for 2026 Adjusted EBITDA from continuing operations guidance is not available without unreasonable effort due to the inherent difficulty in forecasting and quantifying the individual impacts of various purchase accounting adjustments and acquisition, divestiture and integration-related expenses, as well as comparable GAAP measures and related adjustments that would be necessary for such a reconciliation.  Reflects FactSet mean consensus estimates as of February 22, 2026.  Volume changes are in comparison to 2025 shipments of 198.5 million tons and ASP changes are in comparison to 2025 ASP of $23.30 per ton.  2026  UPDATED GUIDANCE1  $7.16B  Revenues  $2.43B  Adjusted EBITDA From  Continuing Operations2  2026  CONSENSUS  $6.89B  Revenues3  $2.43B  Adjusted EBITDA3  2026 UPDATED AGGREGATES GUIDANCE1  2026 ORGANIC AGGREGATES GUIDANCE  222M  Shipment Tons  +12.0%4  202M  Organic Shipment Tons  +2.0%4  $24.47  Organic ASP  +5.0%4  $23.89  Average Selling Price (ASP)  +2.5%4  (Inclusive of 250-basis-point acquisition headwinds) 
 

 Asset Exchange Supplemental Information  5  EXPANSIVE, DIVERSE COAST-TO-COAST FOOTPRINT WITH PREMIER POSITIONS IN HIGH-GROWTH MARKETS  ~85 Years of Reserves  based on 2025 production levels2  450+  Aggregates quarries, mines, and yards2  Reflects annualized estimate of 2025 Building Materials Revenues by Destination giving effect as if the Transactions closed on January 1, 2025.  Reflects number of active aggregates quarries, mines and yards as of December 31, 2025, giving effect as if the Transactions closed on January 1, 2025.  Annualized Estimate of 2025 Building Materials Revenues by Destination1  Production and Sales  Sales  TX  18%  CA  6%  MN  6%  AZ  4%  FL  5%  AL GA  1% 6%  LA  1%  <1%  UT  <1%  WA  <1%  MS  <1%  DE <1%  MD 2%  NOVA SCOTIA  <1%  BAHAMAS  <1%  WY  <1%  CO  9%  NE  2%  KS  2%  IA  4%  MO  5%  IN OH  3% 1%  KY  PA  <1%  WV VA  <1% 2%  OK  2%  AR  <1%  TN 3%  NC 11%  SC  4%  BRITISH COLUMBIA 2% 
 

 Asset Exchange Supplemental Information  6  ASSET EXCHANGE CONCLUDES SOAR 2025  Inorganic New Market Expansion  Organic Growth Highlights  Price / Cost Spread  Growth Capex  T A R G E T :  200 BPS  Price / Cost Spread  A C H I E V E D :  208 BPS  Price / Cost Spread  Bridgeport Plant Capacity and Automation  3 Million  Annual Tons  S O A R 2 0 2 5  T O T A L S H A R E H O L D E R R E T U R N S  Current Footprint  SOAR 2025 Target Market  GOAL 100% ACHIEVED 126%