EX-99.1 2 ef20078928_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1   July 29, 2026     FOR IMMEDIATE RELEASE     Investor Contact:  Mark Warren (205) 298-3220     Media Contact:  Jack Bonnikson (205) 298-3220 VULCAN REPORTS SECOND QUARTER 2026 RESULTS Commercial Discipline and Cost Control Drive Continued Expansion in Aggregates Unit Profitability Execution in Aggregates Underpins Reaffirmed Full Year Earnings Outlook Birmingham, Alabama – July 29, 2026 – Vulcan Materials Company (NYSE: VMC), the nation’s largest producer of construction aggregates, today announced results for the quarter ended June 30, 2026. Ronnie Pruitt, Vulcan Materials’ Chief Executive Officer, said, “Commercial and operational execution drove solid results in the second quarter.  Our industry-leading aggregates cash gross profit per ton grew to over $12 per ton, despite significant energy inflation and disruptive weather.  These results demonstrate the resiliency of our uniquely advantaged pure-play aggregates business. “Consistent with our aggregates growth strategy, during the second quarter we completed several portfolio enhancing actions.  The pipeline for strategic acquisitions remains active, and we have the financial strength and flexibility to capitalize on the most value-accretive opportunities.” Financial Highlights Include:     Second Quarter     Year-to-Date     Trailing-Twelve Months   Amounts in millions, except per unit data   2026     2025     2026     2025     2026     2025   Total revenues   $ 2,156     $ 2,102     $ 3,912     $ 3,737     $ 8,116     $ 7,595   Gross profit   $ 626     $ 625     $ 1,048     $ 991     $ 2,232     $ 2,093   Selling, Administrative and General (SAG)   $ 141     $ 144     $ 277     $ 283     $ 558     $ 550   As % of Total revenues     6.6 %     6.9 %     7.1 %     7.6 %     6.9 %     7.2 % Net earnings attributable to Vulcan   $ 323     $ 321     $ 489     $ 450     $ 1,116     $ 951   Adjusted EBITDA   $ 654     $ 660     $ 1,101     $ 1,070     $ 2,354     $ 2,201   Adjusted EBITDA Margin     30.3 %     31.4 %     28.1 %     28.6 %     29.0 %     29.0 % Earnings attributable to Vulcan from continuing operations per diluted share   $ 2.47     $ 2.43     $ 3.74     $ 3.41     $ 8.49     $ 7.21   Adjusted earnings attributable to Vulcan from continuing operations per diluted share   $ 2.59     $ 2.45     $ 3.93     $ 3.45     $ 8.49     $ 7.84   Aggregates segment                                                 Shipments (tons)     59.9       59.3       109.9       107.0       229.6       218.7   Freight-adjusted sales price per ton   $ 22.97     $ 22.11     $ 22.89     $ 22.07     $ 22.38     $ 21.70   Gross profit per ton   $ 9.47     $ 9.44     $ 8.81     $ 8.57     $ 8.78     $ 8.70   Cash gross profit per ton   $ 12.02     $ 11.88     $ 11.53     $ 11.32     $ 11.42     $ 11.25   Page 2 July 29, 2026 FOR IMMEDIATE RELEASE Segment Results Aggregates Continued pricing discipline and operational execution drove gross profit growth despite energy headwinds and challenging weather-related operating conditions throughout the quarter.  Segment gross profit increased to $567 million ($9.47 per ton), and cash gross profit improved to $720 million ($12.02 per ton). As compared to the prior year, second quarter aggregates shipments increased 1 percent and continued to benefit from healthy public construction activity and large projects.  Shipments in Texas and certain Southeastern markets were impacted by significant rainfall, particularly in May and June. The pricing environment remains positive with widespread growth across the Company’s footprint.  Freight-adjusted selling prices increased 5 percent on a mix-adjusted basis (4 percent, or $0.86 per ton, on a reported basis) as compared to the prior year’s second quarter.  Freight-adjusted unit cash cost of sales increased 7 percent, or $0.72 per ton, over the prior year.  Excluding the impact of higher diesel fuel costs, cash cost of sales increased 3 percent, reflecting a continued focus on cost management and operating efficiencies. Asphalt and Concrete Non-aggregates segment gross profit in the second quarter was $58 million, and cash gross profit was $73 million.  Asphalt gross profit margin remained strong at 15 percent, despite lower shipments due to weather and higher liquid asphalt costs.  The prior year results included the Company’s Houston asphalt and construction business that was divested in the fourth quarter of 2025.  Second quarter concrete results included two months of the Company’s California ready-mixed concrete business.  The divestiture of these operations was completed in early June of 2026. Selling, Administrative and General (SAG) SAG expense in the quarter was $141 million, 2 percent lower than the prior year and 30 basis points lower as a percentage of revenue.  On a trailing-twelve months basis, SAG expense as a percent of total revenues was 6.9 percent and 30 basis points lower than the prior year. Financial Position, Liquidity and Capital Allocation Capital expenditures for maintenance and growth projects were $176 million in the second quarter, and the Company returned $318 million to shareholders through $250 million of common stock repurchases and $68 million of dividends. In early June, the Company completed the previously announced divestiture of its ready-mixed concrete operations in California.  Additionally, the Company acquired a quarry in southern Colorado and a rail yard in Dallas-Fort Worth from Brannan Sand & Gravel.  These portfolio actions align with our aggregates-led growth strategy by expanding our reach into southern Colorado and strengthening our distribution network in Dallas-Fort Worth. Page 3 July 29, 2026 FOR IMMEDIATE RELEASE On a trailing-twelve months basis, return on average invested capital improved 20 basis points over the prior year to 16.1 percent.  As of June 30, 2026, the ratio of total debt to trailing-twelve months Adjusted EBITDA was 1.9 times and below the Company’s target range of 2.0 to 2.5 times.  The Company remains well positioned for continued growth with a strong liquidity position and balance sheet profile. Outlook Regarding the Company’s outlook, Mr. Pruitt said, “Our aggregates business is executing well, and we reiterate our full-year outlook to deliver between $2.4 and $2.6 billion of Adjusted EBITDA.  The construction environment remains supportive of continued aggregates price growth, and large projects and public construction activity continue to support our expectation for volume growth in 2026.  As always, our focus remains on compounding aggregates unit profitability to drive earnings growth and strong cash generation for our shareholders.” Conference Call Vulcan will host a conference call at 9:00 a.m. CT on July 29, 2026.  A webcast will be available via the Company’s website at www.vulcanmaterials.com.  Investors and other interested parties may access the teleconference live by calling 800-420-1459, or 203-518-9861 if outside the U.S.  The conference ID is 5427524.  The conference call will be recorded and available for replay at the Company’s website approximately two hours after the call. About Vulcan Materials Company Vulcan Materials Company, a member of the S&P 500 Index with headquarters in Birmingham, Alabama, is the nation’s largest supplier of construction aggregates – primarily crushed stone, sand and gravel – and a major producer of aggregates-based construction materials, including asphalt and ready-mixed concrete.  For additional information about Vulcan, go to www.vulcanmaterials.com . Non-GAAP Financial Measures Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures, other than the reconciliation of Projected Adjusted EBITDA as included in Appendix 2 hereto. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results. Page 4 July 29, 2026 FOR IMMEDIATE RELEASE FORWARD-LOOKING STATEMENT DISCLAIMER This document contains forward-looking statements.  Statements that are not historical fact, including statements about Vulcan’s beliefs and expectations, are forward-looking statements.  Generally, these statements relate to future financial performance, results of operations, business plans or strategies, projected or anticipated revenues, expenses, earnings (including EBITDA and other measures), dividend policy, shipment volumes, pricing, levels of capital expenditures, intended cost reductions and cost savings, anticipated profit improvements and/or planned divestitures and asset sales.  These forward-looking statements are sometimes identified by the use of terms and phrases such as “believe,” “should,” “would,” “expect,” “project,” “estimate,” “anticipate,” “intend,” “plan,” “will,” “can,” “may” or similar expressions elsewhere in this document.  These statements are subject to numerous risks, uncertainties, and assumptions, including but not limited to general business conditions, competitive factors, pricing, energy costs, and other risks and uncertainties discussed in the reports Vulcan periodically files with the SEC. Forward-looking statements are not guarantees of future performance and actual results, developments, and business decisions may vary significantly from those expressed in or implied by the forward-looking statements.  The following risks related to Vulcan’s business, among others, could cause actual results to differ materially from those described in the forward-looking statements: general economic and business conditions; domestic and global political, economic or diplomatic developments, including the military conflict in the Middle East involving the United States, Israel and Iran; a pandemic, epidemic or other public health emergency; Vulcan’s dependence on the construction industry, which is subject to economic cycles; the timing and amount of federal, state and local funding for infrastructure; changes in the level of spending for private residential and private nonresidential construction; changes in Vulcan’s effective tax rate; the increasing reliance on information technology infrastructure, including the risks that the infrastructure does not work as intended, experiences technical difficulties or is subjected to cyber-attacks; the impact of the state of the global economy on Vulcan’s businesses and financial condition and access to capital markets; international business operations and relationships, including actions taken by the Mexican government with respect to Vulcan’s property and operations in that country;   the highly competitive nature of the construction industry; the impact of future regulatory or legislative actions, including those relating to climate change, biodiversity, land use, wetlands, greenhouse gas emissions, the definition of minerals, tax policy and domestic and international trade; the outcome of pending legal proceedings; pricing of Vulcan’s products; weather and other natural phenomena, including the impact of climate change and availability of water; availability and cost of trucks, railcars, barges and ships as well as their licensed operators for transport of Vulcan’s materials; energy costs; costs of hydrocarbon-based raw materials; healthcare costs; labor relations, shortages and constraints; the amount of long-term debt and interest expense incurred by Vulcan; changes in interest rates; volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans; the impact of environmental cleanup costs and other liabilities relating to existing and/or divested businesses; Vulcan’s ability to secure and permit aggregates reserves in strategically located areas; Vulcan’s ability to identify, close and successfully integrate acquisitions; the effect of changes in tax laws, guidance and interpretations; significant downturn in the construction industry may result in the impairment of goodwill or long-lived assets; changes in technologies, which could disrupt the way Vulcan does business and how Vulcan’s products are distributed; the risks of open pit and underground mining; expectations relating to sustainability considerations; claims that our products do not meet regulatory requirements or contractual specifications; and other assumptions, risks and uncertainties detailed from time to time in the reports filed by Vulcan with the SEC.  All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.  Vulcan disclaims and does not undertake any obligation to update or revise any forward-looking statement in this document except as required by law. Source: Vulcan Materials Company Table A Vulcan Materials Company and Subsidiary Companies (in millions, except per share data)   Consolidated Statements of Earnings Three Months Ended June 30 Six Months Ended June 30 (Condensed and unaudited)   2026     2025     2026     2025   Total revenues   $ 2,155.8     $ 2,102.4     $ 3,911.7     $ 3,737.0   Cost of revenues     (1,530.3 )     (1,477.2 )     (2,863.5 )     (2,746.5 ) Gross profit     625.5       625.2       1,048.2       990.5   Selling, administrative and general expenses     (141.3 )     (144.5 )     (277.1 )     (282.7 ) Gain (loss) on sale of property, plant & equipment and businesses     (11.3 )     1.2       (11.6 )     8.6   Other operating expense, net     (17.4 )     (10.9 )     (38.6 )     (19.0 ) Operating earnings     455.5       471.0       720.9       697.4   Other nonoperating income (expense), net     3.7       2.4       5.1       (0.2 ) Interest expense, net     (54.7 )     (59.2 )     (108.6 )     (118.9 ) Earnings from continuing operations before income taxes     404.5       414.2       617.4       578.3   Income tax expense     (81.4 )     (91.3 )     (127.2 )     (125.0 ) Earnings from continuing operations     323.1       322.9       490.2       453.3   Gain (loss) on discontinued operations, net of tax     1.2       (2.1 )     0.1       (3.1 ) Net earnings     324.3       320.8       490.3       450.2   (Earnings) loss attributable to noncontrolling interest     (0.9 )     0.1       (1.4 )     (0.4 ) Net earnings attributable to Vulcan   $ 323.4     $ 320.9     $ 488.9     $ 449.8                                     Basic earnings (loss) per share attributable to Vulcan                                 Continuing operations   $ 2.48     $ 2.44     $ 3.75     $ 3.42   Discontinued operations   $ 0.01     $  (0.01 )   $ 0.00     $  (0.02 ) Net earnings   $ 2.49     $ 2.43     $ 3.75     $ 3.40                                     Diluted earnings (loss) per share attributable to Vulcan                           Continuing operations   $ 2.47     $ 2.43     $ 3.74     $ 3.41   Discontinued operations   $ 0.01     $  (0.01 )   $ 0.00     $  (0.03 ) Net earnings   $ 2.48     $ 2.42     $ 3.74     $ 3.38                                     Weighted-average common shares outstanding                                 Basic     129.8       132.2       130.2       132.3   Assuming dilution     130.3       132.9       130.8       132.9   Effective tax rate from continuing operations     20.1 %     22.0 %     20.6 %     21.6 % Table B Vulcan Materials Company and Subsidiary Companies                 (in millions)   Consolidated Balance Sheets   June 30     December 31     June 30   (Condensed and unaudited)   2026     2025     2025   Assets                   Cash and cash equivalents   $ 194.2     $ 183.3     $ 347.4   Restricted cash     94.5       6.1       3.6   Accounts and notes receivable                         Accounts and notes receivable, gross     1,111.0       898.2       1,092.2   Allowance for credit losses     (10.7 )     (10.5 )     (13.3 ) Accounts and notes receivable, net     1,100.3       887.7       1,078.9   Inventories                         Finished products     557.1       557.7       574.4   Raw materials     41.0       36.7       57.8   Products in process     7.0       5.4       10.9   Operating supplies and other     83.6       80.7       82.4   Inventories     688.7       680.5       725.5   Other current assets     86.3       101.8       88.1   Assets held for sale     0.0       708.5       0.0   Total current assets     2,164.0       2,567.9       2,243.5   Investments and long-term receivables     174.0       33.7       32.9   Property, plant & equipment                         Property, plant & equipment, cost     14,671.9       14,504.7       14,558.8   Allowances for depreciation, depletion & amortization     (6,500.1 )     (6,356.1 )     (6,222.0 ) Property, plant & equipment, net     8,171.8       8,148.6       8,336.8   Operating lease right-of-use assets, net     523.4       521.5       546.1   Goodwill     3,780.9       3,780.9       3,831.8   Other intangible assets, net     1,438.5       1,489.0       1,831.6   Other noncurrent assets     189.4       158.8       152.0   Total assets   $ 16,442.0     $ 16,700.4     $ 16,974.7   Liabilities                         Current maturities of long-term debt     400.0       0.4       0.5   Short-term debt     0.0       0.0       550.0   Trade payables and accruals     382.3       438.5       383.5   Other current liabilities     449.0       487.9       407.9   Liabilities held for sale     0.0       29.3       0.0   Total current liabilities     1,231.3       956.1       1,341.9   Long-term debt     3,964.3       4,361.7       4,359.2   Deferred income taxes, net     1,290.5       1,358.3       1,323.6   Deferred revenue     127.0       130.6       134.3   Noncurrent operating lease liabilities     521.2       522.6       536.1   Other noncurrent liabilities     819.1       822.2       849.9   Total liabilities   $ 7,953.4     $ 8,151.5     $ 8,545.0   Equity                         Common stock, $1 par value     129.4       130.6       132.0   Capital in excess of par value     2,916.1       2,930.0       2,904.5   Retained earnings     5,541.9       5,590.1       5,494.9   Accumulated other comprehensive loss     (122.7 )     (125.6 )     (124.5 ) Total shareholder’s equity     8,464.7       8,525.1       8,406.9   Noncontrolling interest     23.9       23.8       22.8   Total equity   $ 8,488.6     $ 8,548.9     $ 8,429.7   Total liabilities and equity   $ 16,442.0     $ 16,700.4     $ 16,974.7   Table C Vulcan Materials Company and Subsidiary Companies           (in millions)   Consolidated Statements of Cash Flows Six Months Ended June 30    (Condensed and unaudited)   2026     2025                 Operating Activities             Net earnings   $ 490.3     $ 450.2   Adjustments to reconcile net earnings to net cash provided by operating activities                 Depreciation, depletion, accretion and amortizati