Kathryn Thompson

Jim cited $1.4B across 17 deals YTD plus the $8.5B Arcosa agreement (expected to close early 2027), a strong pipeline backed by $40B of financial capacity, and continued disciplined divestitures.

Jim outlined water infrastructure as core growth platform with strong secular tailwinds. Axius adds water quality capabilities with commercial, operational and self-supply synergies. Pipeline is strong with $40B financial capacity over 5 years across 4 platforms.

Jim detailed how 4,000+ locations and connected portfolio provide M&A optionality across 4 growth platforms. Most deals sourced locally through decades-long relationships giving exclusive looks. $40B financial capacity to 2030 with 70% to growth. Connected portfolio also drives performance: higher share of wallet on data centers, roads business 6x profit multiplier from $1 ag to $6 connected.

Jim detailed roads as most predictable revenue stream with 4,000 annual jobs. Randy noted encouraging bipartisan conversations and potential focus on surface transportation in next bill.

Randy noted supportive bipartisan environment, Chairman Graves framework focusing on surface transportation, and need for new sustainable funding mechanism.

Jim noted green shoots in Central/Eastern Europe on interest rate cuts, U.S. recovery not until back end of 2026 at earliest given 30-year fix at 6.6%.

Jim confirmed no change in capital allocation priorities, strong pipeline with optionality. Randy highlighted building state lettings momentum and Chairman Graves' new revenue concept for highway bill.

Randy highlighted bipartisan infrastructure support, Transportation Secretary's advocacy for big projects, and CRH's top 5 states receiving ~20% of overall IIJA funding.

Addressed both sides: leading Sun Belt positions and mission-critical products on opportunity, low integration risk and a deleveraging track record on risk.

Ward confirmed successor bill will be core highway/bridge/roads surface transportation only. House targeting May markup, Senate expected to push higher numbers. Short CR if needed would not disrupt funding.

Ward detailed: both chambers pursuing 5-year reauth, targeting spring text release, larger highway/bridge share vs IIJA ($350B of $1.2T). Expects on-time passage by September 30. Even worst-case CR would maintain record $72.1B funding. Mecklenburg County's $19.4B referendum shows local governments picking up their game. Ballot measures pass ~88% of the time.

Ward broke down Q3: pricing 8% total vs 7.9% organic, disproving assumption that acquisitions drove the spread. Volumes 8% total vs 5.5% organic. Base stone was the biggest product growth category, which is a future clean stone indicator. Both East and West groups performed well.

Ward confirmed July showed double-digit volume growth enterprise-wide. Volume through July above midpoint of prior guide. Pricing trending toward high end.

Ward cited strong infrastructure outlook, data center momentum, warehouse bottom, rising backlogs, and no project cancellations as supporting volume confidence.

Ward detailed potential positives from steel/cement tariffs for Magnesia Specialties and North Texas cement, with modest Canadian stone import headwind.

Detailed answer spanning solar, four coal-to-gas conversions, Georgia and Alabama utilities, and Texas, with quoting activity as the evidence.

Ronnie confirmed $500B-$700B range consistent with their intelligence. Expects first reading mid-May. New bill will be more purely highway/infrastructure focused with less non-highway spending. Bipartisan support expected.

Ronnie said 50% of IIJA unspent, providing tail into 2027. California highway starts up 47%, Southeast bookings up significantly. Mary Andrews confirmed divested ready-mix excluded from guide.

Ronnie discussed divesting California ready-mix as part of aggregate-led strategy. Retained all U.S. Concrete aggregates and legacy concrete in Virginia/D.C.

Tom confirmed all-of-the-above acceleration from IIJA, state DOTs, and local funding. Contract awards in Vulcan states up 22%, distinctly outpacing other states.

No cancellations on started projects. Bidding a lot of work that's not going right away due to macro uncertainty. Backlogs healthy with pent-up demand.

Tom attributed cost improvement to better weather, less negative volumes, and maturing Vulcan Way of Operating technology. Mary Andrews expected year-over-year margin improvement each quarter in 2025.