Martin Marietta Materials, Inc.

“supplies aggregates (crushed stone, sand and gravel) through its network of approximately 400 quarries, mines and distribution yards in 28 states, Canada and The Bahamas”

“two reportable segments, organized by geography: the East Group and the West Group. The East Group provides aggregates and asphalt products. The West Group provides aggregates, ready mixed concrete, asphalt and paving services”

“The Company’s Building Materials business generated the majority of consolidated revenues and earnings from continuing operations.”

“the Specialties business or Building Materials business”

“37% of its 2025 aggregates shipments sold to customers for use in highway and other public infrastructure projects”

“the Company’s aggregates distribution facilities consisted of 89 distribution yards”

“produces high-purity natural and synthetic magnesia-based products, including magnesium sulfate, magnesium oxide and magnesium hydroxide”

“annual clinker (an intermediary product of cement production) capacity at December 31, 2025 of approximately 2.4 million tons. The facility operated at approximately 61% utilization for clinker production in 2025”

“We sell most of our aggregates (our primary business) and our cement products to the construction industry”

“The ten-largest revenue-generating states (Texas, North Carolina, Colorado, California, Georgia, Florida, South Carolina, Arizona, Iowa and Minnesota) accounted for 76% of the Building Materials business’ revenues from continuing operations in 2025”

“Revenues $ 6,150 100 $ 5,662 100 $ 5,851”

“Our businesses require a continued supply of diesel fuel, natural gas, coal, petroleum coke and other energy.”

“The business tries to mitigate the short-term effects of currency exchange rates by denominating sales in the U.S. Dollar.”

“acquired Premier Magnesia, LLC (Premier), a privately-owned producer and distributor of magnesia-based products. Premier is the largest producer of natural magnesite and magnesium sulfate, or Epsom salt, in the United States”

“the acquisition of 20 active aggregates operations in Alabama, South Carolina, South Florida, Tennessee and Virginia from affiliates of Blue Water Industries LLC (BWI Southeast) for $2.05 billion in cash”

“because the Company transports aggregates products by various methods, including rail and water, it may be able to mitigate supply or transportation issues in any location caused by severe weather”

“Most domestic cement producers are owned by large non-U.S. companies operating in multiple international markets”

“Demand for aggregates products, particularly in the infrastructure construction market, has historically been negatively affected by federal and state budget challenges and uncertainty over future highway funding levels.”

“completed the sale of its South Texas cement business and certain of its related ready mixed concrete operations to CRH Americas Materials, Inc., a subsidiary of CRH plc, for $2.1 billion in cash”

“the $1.2 trillion Infrastructure Investment and Jobs Act (IIJ Act), which was signed into law in November 2021, provides billions of dollars in new funding for roads, bridges and other major infrastructure projects which require aggregates for construction”

“the Company is the largest operator of underground aggregates mines in the United States, with 13 active underground mines located in the East Group”

“Martin Marietta would receive aggregates facilities producing approximately 20 million tons annually across Virginia, Missouri, Kansas and Vancouver, British Columbia, and cash proceeds”

“a leverage ratio ... within a range of 2.0 times to 2.5 times within a reasonable period of time (typically within 18 months) following the completion of a debt-financed transaction”

“The Company has continued its rollout of Portland Limestone Cement (PLC) with more than 90% of its Type I/II customers converted to the PLC product. PLC has reduced the GHG footprint of the Company's cement product line more than 10%.”

“We expect to continue to pursue acquisitions, joint ventures, leaseholds, licenses and other strategic transactions to strengthen our existing locations, expand our operations and enter new geographic markets”

“In 2025, our cement and Specialties operations incurred shutdown costs of $23 million and $8 million, respectively.”

“The Manistee and Gabbs facilities may have to absorb extra costs due to the regulation of GHG emissions to maintain competitive pricing in its markets. The Company cannot reasonably predict the amount of those potential increased costs.”

“In 2025, the Company submitted annual reports in accordance with the GHG Rule relating to operations at its cement plant in Texas, as well as its Specialties facilities in Woodville, Ohio, and Manistee, Michigan”

“Federal transportation funding has been directly tied to compliance with the Clean Air Act.”

“the Company anticipates that any increased operating costs or taxes relating to GHG emission limitations at the Woodville lime plant or Midlothian cement plant would be passed on to customers”

“Our ability to sustain and grow the business depends on replacing depleting reserves with quality aggregates deposits that we can mine economically, with appropriate permits, near either growing markets or long-haul transportation corridors”

“Our manufacturing processes are dependent upon critical pieces of equipment, such as our kilns and finishing mills.”

“the Company’s operations in coastal markets near the Atlantic Ocean and Gulf Coast and in The Bahamas are exposed to hurricanes and tropical storms. The Company also faces risks from Pacific storms”

“The property and machinery needed to produce our products are very costly. Therefore, we require large amounts of cash to operate our businesses.”

“Our ready mixed concrete and asphalt and paving operations typically generate lower profit margins than our aggregates and cement operations due to potentially volatile input costs, highly competitive market dynamics and lower barriers to entry.”

“Credit-market stress and tighter financing conditions could reduce construction demand, slow customer payments, constrain our liquidity, and increase our cost of capital.”

“Aggregates pricing is set locally and is sensitive to supply-demand conditions within each market”

“It is possible a large strategic acquisition would require that we issue new equity and debt securities in order to maintain our investment-grade credit rating”

“Further, an increase in leverage could lead to deterioration in our credit ratings. A reduction in our credit ratings, regardless of the cause, could also limit our ability to obtain additional financing and/or increase our cost of obtaining financing.”

“ome non-U.S. laws, regulations and policies, including laws related to anticorruption, antibribery, export and import compliance, antitrust and money laundering, due to our operations.”

“Reports from the Public Company Accounting Oversight Board’s (PCAOB) inspections of public accounting firms continue to outline findings and recommendations that could require these firms to perform additional work”