Ivan Yi

Rejected the premise and tied it to the deliberate cash-and-equity structure of LNA and preserving the investment-grade rating.

Ward explained MLM ships 30M tons by rail annually as the largest rail stone shipper. Florida operations import granite by CSX, Norfolk Southern, and Panamax vessels. Michael added East Texas terminals serve Haynesville shale and West Texas terminals serve data center projects.

Ward said 2026 is a measured starting point for SOAR 2030, with spread expected to build through the period. Volume recovery in private construction and ongoing cost discipline are the key drivers. Expressed high confidence in hitting the Capital Markets Day targets.

Ward attributed 2022-2024 double-digit pricing to inflationary environment. Current mid-single digits reflect normalized inflation. Return to double digits would require significant volume acceleration and tight supply in key geographies. Commercial aspects of the business have fundamentally changed, but volume is the swing factor.

Ward previewed September Capital Markets Day: SOAR 2030 5-year plan, M&A strategy, commercial innovation, and leadership team presentation. History of doubling market cap every 5 years.

Answered both parts: executed mid-years are in the guide, incremental actions are not, and gross margin should expand in the fourth quarter.

Ronnie confirmed delivery is a pass-through cost with surcharges in place. Rail capacity limited to existing yards in high-growth markets. Mary Andrews added that rising transportation costs can widen Vulcan's logistical moat advantages.

Ronnie said backlog represents 40-45% of shipments, split 50/50 public/private. Conservative on single-family until affordability improves. Three years of down volume warrants caution.

Tom said 3 years of negative volume puts pricing pressure. Believes at low point now. Public acceleration and private non-resi improving will support 2026 pricing.

Tom said VMC ships within each railroad's network, not cross-carrier, so the merger would have minimal impact.

Rafael expects focus on safety and automation advances, including yards and 0-to-0 air brake control. FRA waiver requests advancing, seen as positive for sector efficiency.

John explained restored tax benefits don't materially change WAB's effective rate but improve customer IRR on locomotive purchases through accelerated depreciation, enhancing the investment case.

Rafael expressed confidence in preserving margins through combination of USMCA exemptions, supply chain adjustments, and pricing actions without quantifying pass-through percentage.

Management did not quantify import exposure but cited five-year track record of managing inflation and tariffs while expanding margins. Not included in guidance.

Management confirmed margin expansion front-end loaded, starting with 2025 guidance. Continuous improvement process with operationalized project deck.

Kevin said China exposure is limited and concentrated in intermodal freight coming over the West Coast. East Coast positioning provides natural insulation from China trade disruption.