火神材料 2025年度报告

Winning the Futurein Aggregates RONNIE PRUITTChief Executive Officer CEO’s Letter to Shareholders INTRODUCTION I am honored to be leading Vulcan Materials Company andrepresenting the men and women who make us the nation’sleading producer of construction aggregates. Since joiningVulcan in 2021, and in my previous role as Chief OperatingOfficer, I have seen first-hand what sets Vulcan apart: fromthe beginning, we have been focused on aggregates andhave concentrated on doing it better than anyone else. Vulcan has long been synonymous with excellence andan employer of choice in our industry. Our people-focusedculture, strategic disciplines, implementation of cutting-edge technology and proprietary training programs continueto strengthen our underlying business and position us totake advantage of growth opportunities in the year ahead.Our company’s vision and results are directly related to theleadership of Tom Hill during his tenure as Chairman andCEO. I appreciate his continued support and guidance asour Executive Chairman. I am proud of our outstanding achievements over the past yearas we build on the momentum of Tom’s leadership. We remaincommitted to winning the future in aggregates The VulcanWay — doing the right thing, the right way, at the right time. 2025 FINANCIAL OVERVIEW This accomplishment is the perfect example of ourcommitment to controlling what we can control. We leveragedour talent, technology, and strategic disciplines to compoundunit profitability and reach our goal on far fewer tons thanoriginally anticipated. Our aggregates-led business continues to perform at ahigh-level. In 2025, we generated net earnings of $1,076.7million, an 18% increase from the prior year, and deliveredAdjusted EBITDA* of $2,323.6 million, a 13% increasefrom the prior year. We achieved these results in the faceof a muted demand environment, underscoring our durablegrowth and cash-generative business model. Vulcan’s financial position is exceptionally strong. Wecontinued our disciplined capital stewardship, ending theyear with a net debt to Adjusted EBITDA ratio of 1.8 times.Our cash generation and balance sheet strength are strategicadvantages, providing us with the financial flexibility toreinvest in our core business, fund our pipeline of strategicacquisitions and greenfield projects, and consistently returnexcess capital to our shareholders through a steadily growingdividend and share repurchases. In 2022, we established a target of $11 to $12 ofaggregates cash gross profit per ton, projecting we wouldreach this milestone at volumes of 260 million to 270million tons. I am incredibly proud to report that weachieved $11.33 per ton in 2025 on just 227 million tons. THE INDUSTRY STANDARD FOR SAFETY, HEALTHAND ENVIRONMENTAL PERFORMANCE Vulcan Operations MSHA Incident Rate vs. Industry Incidents per 200,000 work hours In 2025, we achieved notable results from our safety andhealth, and environmental efforts and our performancecontinued to lead the industry. This past year, we experienced an overall Mine Safetyand Health Administration (MSHA) performance of 0.9injuries per 200,000 employee hours worked, which iswell below the 2024 industry average of 1.8 injuries. Wealso successfully reduced MSHA/OSHA recordable injuriesby 24% year-over-year, alongside a 42% decrease in LostTime Injuries. We realized a 48% reduction in SIFs/pSIFs(Serious and Potentially Serious Injuries and Fatalities)through the implementation of enhanced pre-work plansand critical control validations. Our environmental performance continues to set thepace in our industry. With a focus on compliance at everylevel within our operations, this past year, 99% of ourinspections were citation free. The Environmental Challengeis our signature program that is designed to strengthenenvironmental awareness and improve site conditionsthroughout our operations. This program recognizes and 99% of our 2025 inspectionswerecitation free rewards environmental achievements at our plants. Ourteams completed more than 16,000 challenges — anincrease of over 50% from the prior year — focused onair, land, and water. This spirited approach to continuousimprovement affirms our commitment to a best-in-classenvironmental program. ENHANCING OUR CORE: DRIVING ORGANIC GROWTH The men and women of Vulcan are dedicated each and everyday to growing our underlying business through improvedprofitability. We call this Enhancing our Core. We haveremained dedicated to our strategic disciplines and continueto enhance both the Vulcan Way of Selling and the VulcanWay of Operating, which are ingrained in our culture and arefundamental to our organic growth. Our greatest strength isour people. Through the Vulcan Way of Talent, we recruitexceptional people, deliver customized training for criticalroles and empower our employees through a unified cultureof accountability and collective success. This approachmaximizes the talent in our workforce and yields positiveresults for ou