Dear Fellow Shareholders,
For Martin Marietta, 2025 marked the successful completion of our
Strategic Operating Analysis and Review (SOAR) 2025 plan, a period defined
by deliberate action, disciplined capital allocation and an unwavering focus
on long-term value creation. Our accomplishments throughout SOAR 2025
have fundamentally reshaped our portfolio and positioned Martin Marietta
as a stronger, more durable and resilient enterprise that serves as the
foundation as we begin SOAR 2030.
Martin Marietta Again Delivered Record Financial Performance and
Further Extended its Leadership Position as North America’s Premier,
Aggregates-Led Building Materials Company
LETTER TO SHAREHOLDERS
C. Howard Nye
Chair, President and Chief Executive Officer
Successfully Positioned Business for Next Phase of Growth with SOAR 2025 Objectives Achieved;
Enters 2026 With Strong Momentum, Poised to Advance SOAR 2030 Initiatives
The culmination of SOAR 2025 was clearly reflected in our 2025 results,
highlighted by record performance in our aggregates business, underscoring
the durability of our core product line, the resilience of the markets in
which we operate, and the effectiveness of our commercial execution. Our
Specialties business also delivered record results, reinforcing the strategic
*Non-GAAP financial measure; see the Appendix of the Q4 and Full-Year 2025 Supplemental Information on the Company’s website for a reconciliation to the
nearest GAAP measure.
Achieved world-class total injury incident rate (TIIR) for the 5th consecutive year
Achieved a world-class lost time injury incident rate (LTIR) for the 9th consecutive year
99.8% of our employees experienced zero lost-time incidents
2025 Safety Highlights
value this platform provides within our enterprise. Perhaps most importantly, safety remained a defining hallmark in 2025, once
again exceeding world-class standards. Our unwavering commitment to continuous safety improvement underpins our ability
to execute our SOAR strategy and deliver long-term financial success.
The following table highlights selected 2025 accomplishments.
Grew aggregates gross profit by 16% to a record ~$1.7 billion, and by 12% to a record
$8.45 on a per ton basis
Expanded Adjusted EBITDA* from continuing operations margin by 229 basis points
Generated record cash flow from operations of ~$1.8 billion
Advanced $6.3 billion of portfolio-enhancing strategic transactions
Delivered total shareholder return of 21% as compared with the S&P 500’s 18%
2025 Financial Highlights
2025 Annual Report Page 1
World-Class Safety Achieved
At Martin Marietta, we have a steadfast commitment to safety grounded in our Guardian Angel safety culture. Our efforts
in 2025 reflect our dedication to continuous improvements across safety, operations and commercial execution. We again
delivered world-class safety performance, as measured by both total and lost-time incident rates, achieving another year of
exceptional, industry-leading safety results. For the fifth consecutive year, we achieved a world-class TIIR with a companywide
rate of 0.69 and, for the ninth consecutive year, a world-class LTIR with a companywide rate of 0.17.
LETTER TO SHAREHOLDERS
LEADING SAFETY AND FINANCIAL PERFORMANCE
Our journey toward ZERO safety incidents across our Company remains the goal. We have proven that it is achievable as 99.8%
of employees experienced zero lost-time incidents, while 99.3% of employees recorded ZERO reportable incidents, reflecting
the strength of our prevention-focused approach.
In 2025, we built on our legacy and reinforced our safety culture with the launch of the Guardian Angel Fundamentals program,
including our enterprise-wide standardized Stop, Look, Assess and Manage (SLAM) form, targeted safety engagements and
updated training programs. We also strengthened our focus on life- and limb-critical exposures and enhanced best-in-class
capabilities, including revised safety guidelines and a new safety dashboard designed to improve visibility and support decision-
making. These efforts have been widely recognized. In fact, our teams earned both national and regional recognition, including
the National Mining Association’s Sentinels of Safety Award and Certificates of Achievement in Safety at more than 210 locations
from the Mine Safety and Health Administration (MSHA).
Looking ahead, we have designed a roadmap for continuous safety improvement to drive meaningful and lasting progress for
Martin Marietta. Safety excellence is not only central to our commitment to the health and well-being of our employees and
communities, it is a proven driver of strong performance, profitability and value creation.
Ninth Consecutive Year of World-Class
Lost-Time Incident Rate (LTIR) Performance
Fifth Consecutive Year of World-Class
Total Injury Incident Rate (TIIR) Performance
World-Class
Safety Level
(0.90)
World-Class
Safety Level
(0.20)
Page 2 2025 Annual Report
LETTER TO SHAREHOLDERS
Record Setting Financial Results and Significant Portfolio Actions
Our 2025 financial results reflect a record year of strong, broad-based performance, driven by our disciplined commercial
strategy and acquisition contributions. The Company reported $6.2 billion in revenues from continuing operations and Adjusted
EBITDA* from continuing operations of $2.1 billion, representing year-over-year increases of 9% and 17%, respectively, along
with Adjusted EBITDA* from continuing operations margin improvement of 229 basis points. Importantly, we delivered these
results despite continued challenges in private construction, underscoring the efficacy of our aggregates-led product strategy
and disciplined approach to portfolio optimization.
The aggregates business remained the primary driver of our results, achieving gross profit improvement of 16% and contributing
88% of gross profit from continuing operations. Our Specialties business also delivered exceptional performance driven by strong
organic growth and partial-year contributions from the July 2025 Premier Magnesia, LLC (Premier) acquisition. In addition,
nonoperating property dispositions yielded $20 million of cash proceeds, extending a five-year track record of incremental
contributions. As discussed at our September 2025 Capital Markets Day, the inherent residual value within our owned real
property portfolio of over 180,000 acres remains a meaningful, and often underappreciated, value driver that we manage with
great care.
In 2025, we continued to strengthen and streamline our portfolio through strategic actions. A key milestone was reaching a
definitive agreement for an asset exchange with Quikrete Holdings, Inc. (QUIKRETE), which subsequently closed after year-end
in February. Through this transaction, Martin Marietta received aggregates operations producing approximately 20 million tons
annually in Virginia, Missouri, Kansas and Vancouver, British Columbia, as well as $450 million in cash. In exchange, QUIKRETE
received our Midlothian cement plant, related cement terminals, Texas ready-mixed concrete assets, and certain nonoperating
land. Through the tax-efficient exchange of more cyclical cement and ready-mixed concrete assets for the largest aggregates
acquisition in our Company’s history, we reaffirmed our disciplined approach to capital allocation and commitment to higher-
value, strategically aligned assets. This portfolio-enhancing transaction established new growth platforms in key SOAR-target
markets, while further strengthening our differentiated Central Division footprint.
In December 2025, we expanded our presence in Minnesota by acquiring certain aggregates operations and asphalt production
assets from CRH plc, which sell asphalt to third-party customers responsible for its laydown – often referred to as FOB asphalt.
This complementary bolt-on further strengthens the Company’s existing operations in the Twin Cities and St. Cloud markets,
while also adding approximately 40 million tons of aggregates reserves to our substantial, long-lived assets.
In addition, we completed the acquisition of Premier, a privately-owned producer of magnesia-based products with operations
in Nevada, North Carolina, Indiana and Pennsylvania, enhancing the Company’s position as the leading producer of natural
and synthetic magnesia-based products in the United States. This acquisition wholly aligns with our strategic plan to grow
our highly complementary Specialties business, which possesses aggregates-like characteristics, compelling margins and core
competencies closely tied to our traditional strengths in drilling, blasting, loading, hauling and crushing rock.
2025 was also a record year for operating cash flow generation, which we deployed across our long-stated and consistent
capital allocation priorities: targeted M&A, organic investments and returning cash to shareholders. We invested $812 million
in business and land acquisitions, $680 million across our plants and equipment, and returned $647 million to shareholders,
representing a total cash yield of approximately 1.7%, through both $197 million of dividends and $450 million of opportunistic
share repurchases at an attractive average price of $494.04 per share. Notably, the Board of Directors approved a 5% increase
to Martin Marietta’s quarterly cash dividend in August 2025, our tenth consecutive annual increase, reflecting continued
confidence in the durability of our growth strategy and free cash flow generation.
*Non-GAAP financial measure; see the Appendix of the Q4 and Full-Year 2025 Supplemental Information on the Company’s website for a reconciliation to the
nearest GAAP measure.
2025 Annual Report Page 3
LETTER TO SHAREHOLDERS
SOAR 2025 Execution
2025 marked the successful completion of our SOAR 2025 plan. From its inception over 15 years ago, SOAR, which is reviewed
and refined on a five-year cycle, has been and continues to be our disciplined framework for sustainable growth and prudent
capital deployment. We have a long history of doing what we say we are going to do; SOAR 2025 was no exception. The graphic
below highlights our performance against the SOAR 2025 objectives presented at our February 2021 Investor Day:
DISCIPLINED EXECUTION OF A PROVEN STRATEGIC PLAN
Through the disciplined execution of our strategic plan and the unwavering commitment of our teams, we further solidified our
position as North America’s premier, aggregates-led building materials company. In doing so, we continue to extend our long
track record of delivering above-market returns since the launch of SOAR in 2010:
SOAR 2025 TOTAL
SHAREHOLDER RETURN
GOAL 100%
ACHIEVED
(12/31/2010 – 12/31/2025)
(12/31/2015 – 12/31/2025)
(12/31/2020 – 12/31/2025)
Inorganic New Market Expansion
Organic Growth Highlights
A core pillar of SOAR is disciplined, value-enhancing M&A. During SOAR 2025, we advanced this strategy through targeted
geographic expansion and active portfolio management, executing over $16 billion of portfolio-enhancing transactions. By
redeploying capital from cement and downstream divestitures into pure-aggregates businesses, we expanded our footprint
coast-to-coast, further strengthened earnings quality and enhanced our margin profile. We exit SOAR 2025 with significant
capacity to continue executing our proven M&A playbook in what remains a highly fragmented industry.
Since SOAR Inception
Total Shareholder Return
Since SOAR 2020
Total Shareholder Return
SOAR 2025
Total Shareholder Return
126%
Page 4 2025 Annual Report
LETTER TO SHAREHOLDERS
Launch of SOAR 2030 Enterprise Strategy
At our September 2025 Capital Markets Day, we unveiled SOAR 2030, which is focused on, among other things, opportunities
to scale the business and to use data and analytics to inform better and faster decision making. While our SOAR 2030 targets
are ambitious, they are wholly achievable. Delivering them starts with focusing on what we can control: our core enterprise
strengths in commercial and operational excellence.
Commercial and Operational Excellence
Commercial Excellence, a central element of our enterprise strategy, is disciplined pricing and our go-to-market approach. As
highlighted at our 2025 Capital Markets Day, we launched PrecisIQ in July 2025, and a phased enterprise rollout is underway.
By enabling consistent, data-driven pricing and mobile-first capabilities, PrecisIQ will be instrumental in optimizing revenues,
enhancing customer service and establishing a scalable data and AI architecture for the enterprise. As we advance our
commercial capabilities, we are simultaneously undertaking a comprehensive review of our quarry and terminal networks to
better align production with prevailing demand levels, efforts we expect will unlock meaningful rationalization opportunities
and operational efficiencies.
Disciplined M&A
M&A has been a core pillar of our strategy and remains integral to SOAR 2030. With portfolio optimization under SOAR 2025
substantially complete, SOAR 2030’s M&A will be distinctly growth focused. Most opportunities will more resemble bolt-ons
given our geographic breadth, streamlining integration and enhancing synergy realization across our broader network. As
always, we will evaluate opportunities with discipline and a focus on scale, targeting assets that strengthen our aggregates-led
platform and improve long-term returns.
SOAR 2030 aligns our strengths – price/cost leadership and disciplined, accretive M&A – into a clear growth agenda.
Combined with a robust balance sheet and ample liquidity, this approach further enhances the cash-generative power
of the business, enabling reinvestment in organic opportunities and ongoing returns of capital to shareholders, reinforcing
a balanced, repeatable cycle of compounding growth and value creation. Together, these levers position us to achieve our
SOAR 2030 targets.
Source: USGS and management estimates.
¹ Reflects average USGS annual U.S. crushed stone and construction sand and gravel production for the period 2000 to 2024 in short tons.
² As of 2024, approximately 1,400 companies produced crushed stone and approximately 3,400 companies produced construction sand and gravel.
SOAR 2025 Delivered Value-Enhancing
Portfolio Transformation
Robust and Active M&A Pipeline
in a Fragmented Industry
2025 Annual Report Page 5
LETTER TO SHAREHOLDERS
At Martin Marietta, we are committed to driving growth and creating shareholder value through sustainable and responsible
business practices supported by best-in-class governance. Engaging with our shareholders remains a top priority, and we have
continued to embraced transparency. I, along with the senior management team and members of the Board of Directors,
engage regularly with numerous investors and stakeholders to discuss their perspectives on sustainability objectives as well as
to solicit feedback on our strategy, execution and business operations. In this context, we continue to look for opportunities to
reduce our Company’s carbon footprint and invest in a sustainable future, while prioritizing the well-being of our employees
and the hundreds of communities in which we operate. In response to shareholder feedback in 2025, we monitored, reviewed
and responded to various sustainability indices and surveys, including CDP, GRI and Sustainalytics, among others. In addition,
we are pleased to have been recognized as a Trendsetter Company in the 2025 CPA-Zicklin Index for the second consecutive
year, meaning Martin Marietta earned a score of 90% or higher for the strength of the Company’s political spending disclosure
practices and oversight policies.
Martin Marietta’s prospects for profitable growth are more compelling than ever. The advancements made under SOAR
2025 and subsequent launch of SOAR 2030 underscore our commitment to disciplined growth and enterprise excellence.
With an optimized portfolio, a resilient aggregates-led platform, complementary Specialty businesses, and a strong financial
position–alongwiththeindustry’sbestteam–MartinMariettaisexceptionallywell-positionedtocapitalizeontheopportunities
ahead in the near, medium and long term.
I wish to thank our team of over 9,000 colleagues across the United States, Canada and The Bahamas for their tremendous
efforts. None of our achievements would be possible without their unwavering dedication and expertise, and their contributions
continue to drive Martin Marietta’s success.
On behalf of the Board and the entire Martin Marietta team, thank you for your continued support. We look forward to
continuing to keep you informed on our progress.
WELL-POSITIONED FOR SUSTAINABLE GROWTH AND VALUE CREATION
Respectfully yours,
C. Howard Nye
Chair, President and Chief Executive Officer
April 15, 2026
SOAR 2030 TARGETS
Page 6 2025 Annual Report