US Building Materials: No Stones Unturned: Positive aggregates pricing indications; Q2 previews for MLM, VMC

Research evidence excerpt

US Building Materials: No Stones Unturned: Positive aggregates pricing indications; Q2 previews for MLM, VMC

Powered by Lab Global7 JulyResearch2026ab Evidence UBS YES

US Building Materials: No Stones Unturned Equities

AmericasPositive aggregates pricing indications; Q2

previews for MLM, VMC Building Materials

Steven Fisher, CFA

Analyst

steven.fisher@ubs.com

Building materials channel checks and datapoints +1-212-713 8634

In this note, we highlight our recent private company channel checks and also present Avinatan Jaroslawicz

industry data (pricing, volumes) and Q2 previews. Analyst

avinatan.jaroslawicz@ubs.com

Our view: While the setups for Q2 for both Vulcan and Martin have some challenges, +1-212-713 1405

we see a favorable 12 month outlook for Martin Marietta (MLM) and Vulcan Materials Judah Aronovitz

(VMC). Both stocks have lagged the S&P500 and the XLI since the start of Q2, which we Associate Analyst

believe is driven by concerns about M&A, weather impact, infrastructure policy, and judah.aronovitz@ubs.com

possibly some lingering fuel and other inflationary pressures. +1-212-713-4881

Lauren Sullivan

Associate AnalystWeather is likely to be a factor in the South in 2Q26, but we think the market is

lauren.sullivan@ubs.com

underestimating the earnings recovery potential in 2027. We expect continued positive

+1-212-713 8230

volumes after organic declines in 2025, and we expect improving pricing trends. We

believe mid-year price increases could largely offset the higher diesel costs. M&A, Julian Radlinger, CFA

Analystparticularly for MLM, can be disruptive, and it will need to demonstrate its success over

julian.radlinger@ubs.com

time. +44-20-7901 6558

Looking forward, starts are up on big projects in selected aggregates-intensive

industries.