Vulcan Materials: 2Q26 Conference Call Highlights

研报英文原文证据摘录

Vulcan Materials: 2Q26 Conference Call Highlights

J P M O R G A N North America Equity Research

29 July 2026

Vulcan Materials Neutral

VMC, VMC US

2Q26 Conference Call Highlights Price (28 Jul 26):$288.42

Americas Construction Materials

• Demand Trends Remain Intact Despite Weather Disruptions; July Adrian E Huerta AC

Tracking as Expected. Management reiterated that underlying demand (52-81) 8152-8720

remains largely consistent with expectations despite significant weather adrian.huerta@jpmorgan.com

disruptions across Texas and portions of the Southeast during 2Q and J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

continued unusual weather patterns into July. Importantly, management Garrett Greenblatt

indicated current backlogs remain similar to levels entering the year and (1-212) 622-0424

characterized quoting activity as “very robust,” supporting confidence in garrett.greenblatt@jpmorgan.com

achieving FY26 volume growth guidance. Public infrastructure, highways, J.P. Morgan Securities LLC

data centers, manufacturing projects, LNG facilities, and power-related

investments continue to provide meaningful support, while residential

construction remains the primary area of weakness. Management emphasized

that shipment trends in July are progressing broadly as expected despite

ongoing weather volatility. The persistence of healthy backlogs and project

pipelines appears to reinforce confidence that underlying demand remains

supportive entering 2H26.

• Public Infrastructure and Build America 250 Represent a Meaningful

Multi-Year Tailwind. Management remained constructive on public

construction activity and highlighted continued strength in infrastructure

indicators across Vulcan’s footprint. Highway awards in Vulcan markets