Martin Marietta Materials, Inc.

Ladies and gentlemen, welcome to Martin Marietta's second quarter 2026 earnings conference call. All participants are currently in a listen-only mode. A question and answer session will follow the company's prepared remarks. As a reminder, today's call is being recorded and will be available for replay on the company's website. I will now turn the call over to your host, Ms. Jacklyn Rooker, Martin Marietta's Vice President of Investor Relations. Jacklyn, you may begin.

Good morning, everyone. and thank you for joining Martin Marietta's second quarter 2026 earnings call. With me today are Ward Nye, Chair, President and Chief Executive Officer and Michael Petro, Senior Vice President and Chief Financial Officer. As a reminder, today's discussion may include forward-looking statements as defined by United States securities laws. These statements relate to future events, operating results or financial performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Martin Marietta undertakes no obligation to publicly update or revise any forward-looking statements except as legally required, whether due to new information, future developments, or otherwise. For additional details, please refer to the legal disclaimers contained in today's earnings release and other public filings which are available on both our own and the Securities and Exchange Commission's websites. Supplemental information summarizing our financial results and trends is available during this webcast and in the investor section of our website. Definitions and reconciliations of non-GAAP measures to the most directly comparable GAAP measure are provided in the appendix to the supplemental information in our SEC filings and on our website. Today's earnings call will begin with Ward Nye, who will discuss our second quarter and year-to-date accomplishments, 2026 outlook, and supporting market trends. Michael Petro will then review our financial results and capital allocation details, after which Ward will provide closing remarks. Please note that all comparisons are to the prior year's corresponding period. A question-and-answer session will follow. Please limit your Q&A participation to one question. I will now turn the call over to Ward.

Thank you, Jacklyn. Good morning, and thank you for joining today's teleconference. Martin Marietta delivered another strong quarter, highlighted by record second quarter revenues and adjusted EBITDA. Our results benefited from favorable demand in infrastructure and heavy non-residential markets, disciplined execution across the organization, and contributions from recent acquisitions. During the quarter, we also took significant steps to thoughtfully advance our SOAR 2030 priorities, positioning Martin Marietta for its next phase of growth. Specifically, in May, we completed the acquisition of New Frontier Materials, or NFM, a complementary bolt-on to our aggregates position along the I-70 corridor in Missouri, creating opportunities to further leverage our existing scale across our differentiated Central Division footprint. Most recently, we announced a transformational agreement to combine with Loas North America, Inc., or LNA, the nation's leading producer of lime and industrial mineral products. The planned combination builds upon our aggregates-led foundation and is expected to substantially broaden our differentiated upstream specialties platform. The strategic fit is compelling. Like construction aggregates, lime production begins with limestone reserves and and relies on many of the same core competencies that have long defined Martin Marietta's success, including quarry operations, mineral resource management, and reserves optimization. With nearly 200 heritage limestone quarries across our portfolio, we're uniquely positioned to unlock significant value through recognizing the full potential of the combined limestone reserve base. L&A brings to us leading positions in key geographies and end-user markets, an advantaged Sunbelt footprint, and more than 200 years of high-quality limestone reserves. Its products possess unique properties, making them mission-critical across industrial, infrastructure, manufacturing, environmental, and other applications. With limited substitutes and a modest share of customers' overall production costs, Lime benefits from attractive and durable demand fundamentals throughout economic cycles. Upon closing, the combination will diversify our in-market exposure, enhance free cash flow conversion, and create significant opportunities to realize commercial and operational synergies across our aggregates and specialties businesses. Taken together, the NFM acquisition and planned LNA combination demonstrate our disciplined approach to capital allocation and continued commitment to executing a strategy designed to enhance the quality, durability, and long-term growth profile of Martin Marietta for the benefit of our shareholders, customers, and employees. Importantly, our SOAR 2030 priorities extend far beyond portfolio optimization and acquisitions. They encompass a wide range of operational and commercial initiatives. Operationally, we identified approximately $350 million of run rate pre-tax cash flow improvement opportunities driven by enhanced asset utilization, network optimization, and lower sustaining capital requirements. Year-to-date, as compared with the prior year period, disciplined inventory management and reductions in capital spending alone have unlocked more than $200 million of cash flow benefits. Combined with our organic second quarter cost performance, we've already made meaningful progress toward our efficiency and cash generation objectives with additional runway ahead of us. It's important to note that these benefits are not the result of deferred investment or actions that may negatively impact the business long term. Rather, they reflect a more efficient alignment of our footprint, production capabilities, and capital requirements with our current and evolving portfolio. Commercially, I'm pleased to report that in June, we completed the enterprise-wide rollout of our PreciseIQ mobile quoting application and associated pricing algorithm. PreciseIQ enables greater customer responsiveness, enhanced pricing precision, improved commercial insights, and more consistent execution of go-to-market strategies. Turning to our year-to-date results, we delivered the best first-half safety performance in our company's history as measured both by total injury and lost-time incident rates. Safety is the foundation of everything we do and remains our most important measure of success. I'm grateful to every Martin Marietta employee, long-term team members, and recent additions alike for embracing our shared responsibility to care for one another and ensure that every team member returns home safely each day. Based on our strong first half performance and continued momentum, we're raising our full year revenue guidance to $7.2 billion to $7.4 billion and reaffirming our adjusted EBITDA from continuing operations guidance of $2.36 billion to $2.5 billion. This guidance does not include contributions from the pending L&A transaction, which we will update following the closing. Looking at our end markets, infrastructure remains the most durable and visible source of aggregate demand. Recent legislative proposals and continued bipartisan support for transportation investment reinforce our confidence in the long-term funding environment. Although a short-term extension of the current surface transportation authorization appears increasingly likely, we do not expect it to materially impact project activity or funding flows. State departments of transportation continue to advance large, multi-year construction programs supported by elevated state revenues and the over $150 billion of federal infrastructure funds yet to be invested. As a result, we remain confident in sustained infrastructure demand over the coming years. Having non-residential construction continues to provide an important source of growth supported by investments in data centers, warehouses, power generation, and domestic manufacturing across our markets. According to Dodge Construction Network, more than 70% of planned or under-construction data center square footage and 70% of manufacturing square footage are located within 55 miles of a Martin Marietta facility. This proximity advantage positions us to participate meaningfully in several of the secular growth trends reshaping the United States industrial economy. Upon closing, the planned LNA combination is expected to broaden our participation in these long-term growth opportunities while adding exposure to other durable end markets. LNA's high calcium and dolomitic lime products are essential to steel production, soil stabilization, water treatment, and other industrial applications. With its advantaged Sunbelt footprint, LNA is uniquely positioned to benefit as domestic steel production capacity and data center construction continues to migrate to the southeastern United States and Texas. Taken together, these end markets provide an attractive balance of demand. A durable infrastructure base, compelling secular growth and heavy non-residential construction, and meaningful upside from an eventual residential recovery. I'll now turn the call over to Michael to discuss our second quarter financial results and capital allocation.