Martin Marietta Materials: 2Q26 Conference Call Highlights

研报英文原文证据摘录

Martin Marietta Materials: 2Q26 Conference Call Highlights

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

30 July 2026

Martin Marietta Materials Neutral

MLM, MLM US

2Q26 Conference Call Highlights Price (29 Jul 26):$569.66

Americas Construction Materials

• Rev Guidance Raised but Unchanged for EBITDA on Conservative Cost Adrian E Huerta AC

Assumptions. Management increased FY26 revenue guidance to $7.2-7.4 bn (52-81) 8152-8720

while reaffirming adjusted EBITDA guidance of $2.36-2.50 bn, reflecting adrian.huerta@jpmorgan.com

contributions from New Frontier Materials, and continued resilience in J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

aggregates demand. Importantly, management indicated shipments are Garrett Greenblatt

trending toward the high end of the volume range and pricing toward the low (1-212) 622-0424

end of the original range due primarily to acquisition and geographic mix garrett.greenblatt@jpmorgan.com

effects rather than pricing weakness. The decision to maintain a more J.P. Morgan Securities LLC

conservative EBITDA outlook appears largely driven by elevated diesel and

energy costs, with management explicitly assuming no meaningful cost

improvement in 2H26.

• Demand Trends Remain Constructive; Weather Delayed Rather Than

Destroyed Activity. Management remained highly constructive on end-

market demand, citing infrastructure and heavy non-residential construction as

the primary drivers of growth. Data centers, manufacturing facilities,

warehouses and energy-related projects continue to underpin activity across

the portfolio, while infrastructure demand benefits from multiyear DOT

programs and remaining federal funding allocations. On Q&A, management

acknowledged that Texas experienced meaningful weather disruptions during