Construction Materials Sector Outlook — September 2026

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MATERIALS › MATERIALS › CONSTRUCTION MATERIALS

Construction Materials: Three Markets Under One Label

A read across the sector's heavy materials core, its adjacent models, and what buyers paid for whole companies where terms were disclosed.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Construction Materials Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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   MATERIALS › MATERIALS › CONSTRUCTION MATERIALS

   Construction Materials: Three Markets Under One Label

   Cover slide introducing the sector outlook and its as-of date.

   We open with the sector's central finding: one label covers three different businesses, each pricing on its own logic. Over the following pages we show where the heavy materials core sits, where the adjacent names trade apart, and what buyers have paid for whole companies.

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   MATERIALS › MATERIALS › CONSTRUCTION MATERIALS Construction Materials: Three Markets Under One Label A read across the sector's heavy materials core, its adjacent models, and what buyers paid for whole companies where terms were disclosed. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Table of contents listing the report's five sections plus the appendix.

   We've built this report so the bottom line comes first — read section one and you have the whole argument. The sections that follow walk through the market landscape, valuation and situations, precedent transactions, and the strategic implications, with the full comparables set in the appendix. So a reader can go as deep as the decision requires, with the headline available on page one.

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   CONTENTS What This Report Covers 01 The Bottom Line Construction Materials Is Priced as Three Businesses, Not One 02 The Landscape Twelve Heavy Materials Names Carry the Set, Five Adjacent Names Run on Other Cycles 03 Valuation & Situations The Top of the Range Holds Growth the Forward Lens Has Already Credited 04 Precedent Transactions What Buyers Paid for Whole Companies Sits Above the Public Middle of the Range 05 Strategic Implications Mix, Price Flow-Through and Reserve Position Are What Owners Control 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Construction Materials Holds the Top of Its Range with Reserve-Backed Aggregates, the Bottom with Adjacent Models

   Summarizes the finding that reserve-backed aggregates names sit at the top of the valuation range and adjacent models sit at the bottom.

   This is the headline for the whole sector: reserve-backed aggregates names hold the top of the valuation range, while adjacent business models sit at the bottom. We built this view on EV/EBITDA for CY2027E consensus across the rated companies, with market data as of the date shown. The pattern is a read on business mix and forward growth already credited by the market, not a single year's earnings — so what it tells owners is where positioning has been rewarded.

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   01 · THE BOTTOM LINE Construction Materials Holds the Top of Its Range with Reserve-Backed Aggregates, the Bottom with Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (15 of 17 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Mix and Position Separate the Top of the Range from the Bottom Four of the 15 names with a CY2027E estimate sit at the top of the range, at 13.4x: Arcosa, Inc. (ACA), Vulcan Materials Company (VMC), Martin Marietta Materials, Inc. (MLM) and West Fraser Timber Co. Ltd. (WFG). The four at the bottom sit at 4.6x, a group weighted toward mining-adjacent and cross-border cement positions. 2 The Faster Growers Hold a Premium the Forward Lens Already Credits Of the 15 names with a CY2027E estimate, the 8 growing revenue above 6% sit at 8.8x, against 7.6x for the 7 below. A CY2027E multiple already credits forecast growth, so a gap that survives the forward lens points to durability rather than to a single strong year. 3 Margin on Its Own Has Not Carried the Multiple Here The 5 names carrying an EBITDA margin above 26% but growth below the sector cut sit at 7.7x. The 3 that clear both bars — Vulcan Materials Company (VMC), Martin Marietta Materials, Inc. (MLM) and Loma Negra Compañía Industrial Argentina Sociedad Anónima (LOMA) — sit at 13.1x, on a base of three names. 4 Whole-Company Prices Have Landed Above the Public Middle In the nine transactions shown, disclosed pricing runs to 11.6x for Quikrete Holdings, Inc. and Summit Materials, Inc., 10.7x for Arcosa, Inc. and the Construction Materials Business of Stavola Holding Corporation, and 10.0x for Summit Materials, Inc. and Argos USA. Those levels sit above the middle of the set, alongside aggregates-led, reserve-backed perimeters. 7.7x Sector median EV/EBITDA CY2027E consensus · 15 rated of 17 companies 13.4x Premium end EV/EBITDA vs 4.6x at the discount end top quartile (n=4) against bottom quartile (n=4) on EV/EBITDA — the spread the report explains 22 Transactions with disclosed terms 80 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Divider introducing the market landscape section covering heavy materials and adjacent names.

   This section maps the sector by business segment — what each group sells and on what demand clock it runs. We use it to set up the split between the heavy materials core and the adjacent names before we get into the numbers.

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   SECTION 02 02 THE LANDSCAPE Twelve Heavy Materials Names Carry the Set, Five Adjacent Names Run on Other Cycles What each group sells, and on what clock its demand arrives. 02 of 06 Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   The Heavy Materials Core Holds Most of the Set; The Adjacent Names Are Priced Apart

   Groups the 17 companies by business segment and shows median EV/EBITDA per group.

   We've grouped the full universe of companies by business segment and plotted the median valuation multiple each group carries. The heavy materials core holds most of the set, while the adjacent names price apart from it. That separation is why we treat this as three markets under one label, so comparing a heavy materials business against the whole sector average risks blending two different cycles.

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   02 · MARKET MAP The Heavy Materials Core Holds Most of the Set; The Adjacent Names Are Priced Apart 17 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED HEAVY BUILDING MATERIALS PRODUCERS 12 cos median 7.9x CRH Vulcan Materials (VMC) Martin Marietta (MLM) Amrize (AMRZ) Arcosa (ACA) CEMEX, S.A.B. de (CX) Eagle Materials (EXP) Knife River (KNF) United States (USLM) Titan America S.A. (TTAM) Cementos (CPAC) Loma Negra (LOMA) Twelve of the 17 names on the page: aggregates through cement, ready-mix and asphalt inside defined haul radii, and the group the sector's pricing convention is built around. ADJACENT: OILFIELD PROPPANT SAND AND WELLSITE LOGISTICS 2 cos 7.2x · 1 rated Atlas Energy (AESI) Smart Sand (SND) Two names selling sand into completions, where volumes follow the frac calendar and wellsite logistics rather than public lettings; one of the two carries a CY2027E estimate. ADJACENT MODELS 3 cos median 4.9x Vale S.A. (VALE) Kinross Gold (KGC) West Fraser (WFG) Three names carrying the materials label while earning on commodity price and mill economics — a different cycle from quarry and kiln economics.

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   02 · LANDSCAPE

   Twelve Heavy Materials Names Carry the Set; Five Adjacent Names Run on Other Cycles

   Describes what each segment sells and the demand cycle it runs on, split between heavy materials and adjacent names.

   Twelve names in this set carry the heavy materials core — aggregates, cement, ready-mix and asphalt sold inside a haul radius — while five adjacent names run on other cycles. Knowing which clock a business runs on is the first filter before comparing its multiple to peers. Full company-level detail sits in the appendix, so what we show here is the shape of the set.

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   02 · LANDSCAPE Twelve Heavy Materials Names Carry the Set; Five Adjacent Names Run on Other Cycles Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Diversified heavy building materials producers 12 71% 7.9x CRH plc (CRH) · Vulcan Materials Company (VMC) · +10 more Twelve names, pit to truck. Aggregates, cement, ready-mix and asphalt sold inside defined haul radii — 71% of the set, with 11 of the 12 carrying a CY2027E estimate. The group sits at 7.9x and spans both ends of the range, from aggregates-led names at the top to cross-border cement positions at the bottom. Adjacent: oilfield proppant sand and wellsite logistics 2 12% 7.2x n=1 Atlas Energy Solutions Inc. (AESI) · Smart Sand, Inc. (SND) Sand sold into completions. Two names, one of which carries a CY2027E estimate, at 7.2x. Shipments and realized pricing here track the frac calendar and wellsite logistics rather than state lettings, so the demand signal moves on a different clock from the aggregates book. Adjacent models 3 18% 4.9x Vale S.A. (VALE) · Kinross Gold Corporation (KGC) · +1 more Mining and wood, other cycles. Three names, 18% of the set, sitting at 4.9x together. They carry the materials label but earn on commodity price and mill economics, so reading them next to the quarry-and-kiln names mixes two cycles in one average.

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   SECTION 03

   03

   Divider introducing the public market valuation section.

   This section turns to how the market prices the rated companies today, on a forward earnings basis. Fifteen of the seventeen names on the page carry a CY2027E EBITDA estimate, and that's the basis we use throughout.

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   SECTION 03 03 VALUATION & SITUATIONS The Top of the Range Holds Growth the Forward Lens Has Already Credited 17 names on the page; 15 carry a CY2027E EBITDA estimate. 03 of 06 Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Top of the Range Holds Growth That Survived the Forward Lens

   Ranks the 15 rated companies by EV/EBITDA (CY2027E) against a sector median.

   We've sorted all 15 rated companies by EV/EBITDA on CY2027E consensus, against a sector median of 7.7x. The top of the range holds names whose growth has already been credited by the forward lens, which is a higher bar to clear than a trailing multiple. That's the group we'd point an owner or acquirer toward as the standard the market is already pricing.

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   03 · PUBLIC MARKET VALUATION The Top of the Range Holds Growth That Survived the Forward Lens EV / EBITDA (CY2027E) · all 15 rated companies, sorted descending · sector median 7.7x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (15 of 17 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 13.4x CORE · median 7.7x DISCOUNT · median 4.6x Sector median 7.7x WHAT SEPARATES THE TWO ENDS The top ships into growth. Among the four names at the top of the range, Arcosa, Inc. (ACA) carries 9% revenue growth, Martin Marietta Materials, Inc. (MLM) 7% and West Fraser Timber Co. Ltd. (WFG) 12%. Volume inside a growing haul radius is what sits behind those top lines. Margin alone does not travel. Kinross Gold Corporation (KGC) carries a 57% EBITDA margin and Vale S.A. (VALE) 41%, and both sit at the bottom of the range, while Arcosa, Inc. (ACA) sits at the top on a 22% margin. Margin here is read against the cycle behind it rather than on its own. The forward lens already credits growth. CY2027E EV/EBITDA prices a forecast year, not a trailing one, so forecast growth is already in the denominator. A premium that survives that lens suggests durability in realized pricing and reserve position rather than one good year of shipments.

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   03 · VALUATION DRIVERS

   The Faster-Growing Half Holds the Higher Multiple, Even After the Forward Lens

   Compares median EV/EBITDA by revenue-growth cohort and by EBITDA-margin cohort.

   Splitting the rated names at their covered median, the faster-growing half holds the higher multiple, and it holds after the forward lens has already priced in expected growth. We show the same cut by margin so a reader can see which driver is doing more of the work. The association we see is between growth and multiple, not proof of cause — but it's the pattern to test against.

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   03 · VALUATION DRIVERS The Faster-Growing Half Holds the Higher Multiple, Even After the Forward Lens Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=8; slower n=7; higher-margin n=8; lower-margin n=7). Driver readings are NeuraCap views on the supplied data — association, not causation. Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 6% · EBITDA-margin split at 26% Growth Above the Sector Cut Travels with a Higher Multiple The 8 names growing revenue above 6% sit at 8.8x on CY2027E EV/EBITDA; the 7 below sit at 7.6x. The lens already credits forecast growth, so the gap is what remains after that credit has been given. Margin and Multiple Do Not Line up Cleanly Martin Marietta Materials, Inc. (MLM) sits near the top of the range on a 34% margin, while Eagle Materials Inc. (EXP) at 33% sits in the core band and West Fraser Timber Co. Ltd. (WFG) sits at the top of the range on an 11% margin. Margin quality is read alongside mix and cycle position, not in place of them. Where a Name Sits in Its Own Volume Cycle Shows up in the Band Cementos Pacasmayo S.A.A. (CPAC) carries -1% revenue growth and still sits in the core band, while Atlas Energy Solutions Inc. (AESI) carries 15% growth in the same band. A soft shipment year and a fast one can land in the same place once buyers normalize for where the cycle sits. Two Names on the Page Carry No Forward Estimate 15 of the 17 names on the page carry a CY2027E estimate; United States Lime & Minerals, Inc. (USLM) and Smart Sand, Inc. (SND) do not. Smart Sand, Inc. (SND) shows -32% revenue growth on the same screen, a reminder that the sand-into-completions book moves on its own demand clock.

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    03 · SITUATION MAP

    Five of the 15 Names Sit Above the Middle on Both Price and Growth

    Cuts the 15 rated names into quadrants on price versus growth relative to the sector medians.

    We've placed each of the 15 rated names on a grid of valuation against growth, cut at the sector median for each. Five names sit above the middle on both dimensions — that's an observation about where they sit today, not a recommendation to act on any one name. It's a starting point for asking why a given position landed where it did.

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    03 · SITUATION MAP Five of the 15 Names Sit Above the Middle on Both Price and Growth Cut on EV / EBITDA vs the sector median (7.7x) (rows) and revenue growth vs the covered median (6%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium and Growing Above-median multiple · above-median revenue growth 5 names CRH plc (CRH) · Vulcan Materials Company (VMC) · Martin Marietta Materials, Inc. (MLM) · +2 more CRH plc (CRH), Vulcan Materials Company (VMC), Martin Marietta Materials, Inc. (MLM), Arcosa, Inc. (ACA) and West Fraser Timber Co. Ltd. (WFG) sit above the middle of the set on both the CY2027E multiple and revenue growth. For an owner benchmarking here, the standard being set is aggregates-led mix with volume inside growing haul radii. Premium on a Slower Top Line Above-median multiple · below-median revenue growth 3 names Amrize Ltd (AMRZ) · Eagle Materials Inc. (EXP) · Cementos Pacasmayo S.A.A. (CPAC) Amrize Ltd (AMRZ), Eagle Materials Inc. (EXP) and Cementos Pacasmayo S.A.A. (CPAC) hold an above-middle multiple on a below-middle top line. That combination is associated with margin quality and local market position rather than with volume; Cementos Pacasmayo S.A.A. (CPAC) carries -1% revenue growth on a 28% margin. Growing Below the Middle Multiple Below-median multiple · above-median revenue growth 3 names Titan America S.A. (TTAM) · Atlas Energy Solutions Inc. (AESI) · Loma Negra Compañía Industrial Argentina Sociedad Anónima (LOMA) Titan America S.A. (TTAM), Atlas Energy Solutions Inc. (AESI) and Loma Negra Compañía Industrial Argentina Sociedad Anónima (LOMA) grow faster than the middle of the set while trading below the middle multiple. Growth on its own has not lifted these three; cross-border exposure and demand tied to the frac calendar sit alongside them. Below the Middle on Both Below-median multiple · below-median revenue growth 4 names Vale S.A. (VALE) · Kinross Gold Corporation (KGC) · CEMEX, S.A.B. de C.V. (CX) · +1 more Vale S.A. (VALE), Kinross Gold Corporation (KGC), CEMEX, S.A.B. de C.V. (CX) and Knife River Corporation (KNF) sit below the middle on both measures. Two of the four earn on commodity prices rather than on shipments inside a haul radius, and Knife River Corporation (KNF) carries a 16% margin, in the lower part of the range among the heavy materials names.

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    03 · GROWTH VS PROFITABILITY

    Three Names Clear Both the Growth and the Margin Bar, and They Sit at the Top

    Plots the 15 rated names on revenue growth versus EBITDA margin, both cut at covered medians, with median EV/EBITDA per quadrant.

    Three names clear both the growth and the margin bar in this set, and they sit at the top of the valuation range. That combination — durable growth and margin together — is a tighter screen than either measure alone, and it's the group the market has rewarded most consistently here.

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    03 · GROWTH VS PROFITABILITY Three Names Clear Both the Growth and the Margin Bar, and They Sit at the Top Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 15 companies with both estimates · cuts at the covered medians (6% growth, 26% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=5; growth-only n=5; neither n=2). Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 5% 10% 15% 20% 40% MARGIN ONLY median 7.7x BALANCED median 13.1x NEITHER median 4.9x GROWTH ONLY median 8.6x VALE CPAC EXP KGC CX KNF AMRZ VMC CRH LOMA MLM TTAM ACA WFG AESI x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The chart splits the 15 names with a CY2027E estimate on revenue growth across and a 26% EBITDA margin bar up. Three clear both bars — Vulcan Materials Company (VMC), Martin Marietta Materials, Inc. (MLM) and Loma Negra Compañía Industrial Argentina Sociedad Anónima (LOMA) — and that group of three sits at 13.1x. The 5 names with margin but not growth sit at 7.7x, the 5 with growth but not margin at 8.6x, and the 2 clearing neither at 4.9x. The neither median rests on 2 names and is lifted by KNF at 7.6x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 3 of 15 names clear it (MLM, LOMA, KGC).

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    03 · THE AGENDA

    Mix, Price Flow-Through, Reserves and Kiln Economics Are Where Owners Have Room to Move

    Lists mix, price flow-through, reserves and kiln economics as the questions owners and acquirers should resolve.

    Based on the valuation patterns we've just shown, we see four questions where an owner or acquirer has room to move: mix, price flow-through, reserve position, and kiln economics. These are framed as questions to resolve, not conclusions to act on directly. They set up the strategic implications we return to later in the report.

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    03 · THE AGENDA Mix, Price Flow-Through, Reserves and Kiln Economics Are Where Owners Have Room to Move NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Push Mix Toward Aggregates-Led Volume Inside the Haul Radius The top of the range in this set is weighted toward aggregates-led producers with reserve-backed positions. Shifting mix toward pit-to-truck volume, and toward ready-mix and asphalt pulled through owned reserves, moves a business toward the part of the set that carries the higher multiples here. What changes the answer: Cash gross profit per ton rising while delivered volumes hold flat. Defend Flow-Through on Price Before Chasing Volume Only three of the 15 names with a CY2027E estimate clear both the growth and the margin bar. Holding the pricing calendar and the flow-through on price increase letters is the lever that shows up in both measures at once, and it is the defense when shipments turn soft. What changes the answer: Realized price per ton holding through a soft shipment quarter. Treat Permitted Reserve Life as a Capital Allocation Question Permits take years and community standing, and they cannot be arranged on deal timing. The larger transactions in this record are purchases of reserve- and plant-backed positions, which is the benchmark a long-dated quarry position is read against inside a growing metro radius. What changes the answer: A permit extension or zoning decision landing on a core pit. Decide Where Decarbonization Spend Earns and Where It Drains Clinker factor, supplementary cementitious materials and alternative fuel substitution are capital allocation choices that land directly in cash cost per ton at the kiln. On a forward EBITDA lens, that is the line the market is pricing, so the spend has to show up there rather than in the narrative. What changes the answer: Fuel substitution moving cash cost per ton by more than the price captured.

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    SECTION 04

    04

    Divider introducing the precedent transactions section.

    This section turns to what buyers have actually paid for whole companies. Nine transactions are shown with disclosed terms, spanning several years, and we use them to check where private market pricing sits against the public range.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Paid for Whole Companies Sits Above the Public Middle of the Range Nine transactions, May-2022 to Dec-2025, with multiples where terms were disclosed. 04 of 06 Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Disclosed Deal Values Show Where Whole-Company Pricing Has Landed

    Walks through three of the transactions with disclosed multiples as case studies, with the full list in the appendix.

    We've picked three transactions to walk through in detail, each with a disclosed deal value and, where available, a multiple on LTM financials at announcement. These deal multiples aren't directly comparable to the CY2027E public basis we use elsewhere — different time basis, no spread claimed — but they show where whole-company pricing has actually landed. The complete transaction list sits in the appendix and companion workbook.

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    04 · DEAL CASE STUDIES Disclosed Deal Values Show Where Whole-Company Pricing Has Landed 3 of 22 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 95 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 58 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Sep-2023 $3.2B Summit Materials, Inc. Summit Materials, Inc. paid $3.2B for Argos USA, and a year later the enlarged platform drew its own bid. EV / LTM revenue n/a EV / LTM EBITDA 10.0x WHY THE DEAL HAPPENED Summit Materials, Inc. is a US aggregates-and-cement platform and Argos USA brought cement capacity and terminal distribution into markets the buyer already served. The transaction suggests a buyer adding grinding and distribution inside an existing footprint rather than entering a new one. HOW THE TARGET WAS VALUED The deal was recorded at $3.2B and 10.0x EBITDA on completion in Sep-2023. That sits above the middle of the public set on the CY2027E lens and below the multiple disclosed a year later for the whole of Summit Materials, Inc. Aug-2024 $659M DACON Corp, DMCI Holdings Inc, Semirara Mining & Power Corp A Philippine industrial and power group took over Cemex Asian South East Corporation in its home market. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The buyers are domestic industrial and power operators and the target is a cement position in the same geography; the transaction suggests local operators consolidating a market a global parent was stepping back from. Cross-border cement positions of this kind turn on who can run the kiln line and hold the local market position day to day. HOW THE TARGET WAS VALUED The deal was recorded at $659M and completed in Aug-2024. Among the values disclosed in this record it sits between the Africa Business purchase and the larger US platform transactions, so it reads as a single-geography position rather than a platform. Jun-2023 $265M Huaxin Cement Co. Ltd. Huaxin Cement Co. Ltd. stepped into African cement with the Africa Business. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Huaxin Cement Co. Ltd. already operates kiln and grinding capacity, and the target is an Africa-based business; the transaction suggests a producer extending into markets where demand growth and import parity set the local price. For a buyer with kiln know-how, buying installed capacity adds volume without waiting out a permitting queue. HOW THE TARGET WAS VALUED The deal was announced in Jun-2023 and recorded at $265M, at the lower end of the disclosed values among the nine transactions shown. Against the US platform deals in the same record it reads as a foothold-scale entry into a new geography.

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    SECTION 05

    05

    Divider introducing the strategic implications section.

    This section closes the argument with what owners control day to day. Mix, price flow-through and reserve position are the operating levers that show up directly in the earnings line the market is pricing.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Mix, Price Flow-Through and Reserve Position Are What Owners Control Operating moves that show up in the line this market is priced on. 05 of 06 Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    The Economics of a Ton Is Where Diligence Concentrates: Mix, Price Flow-Through and Reserve Position

    Frames mix, price flow-through and reserve position as the questions diligence concentrates on for the next twelve months.

    We see the economics of a single ton — mix, price flow-through and reserve position — as where diligence concentrates over the next twelve months. These are the levers behind the multiple, not a substitute for the multiple itself. Working them directly is how a business moves toward the part of the set that carries the higher valuation.

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    05 · STRATEGIC IMPLICATIONS The Economics of a Ton Is Where Diligence Concentrates: Mix, Price Flow-Through and Reserve Position NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS The Premium in This Set Sits with Growth That Survived a Forward Lens CY2027E EV/EBITDA already credits forecast growth, and the faster-growing half of the 15 names with a CY2027E estimate still holds the higher multiple. The practical read is that durable shipment growth inside a defined haul radius stands up better than one strong margin year. FOR MANAGEMENT TEAMS Unit Economics per Ton Is Where the Multiple Gets Built Cash gross profit per ton, flow-through on price increases, kiln and grinding utilization and energy cost per ton are the operating lines behind the EBITDA being priced. Work the pricing calendar and the cash cost at the pit and the kiln first; the multiple is a read on those, not a substitute for them. FOR CAPITAL ALLOCATORS Build-Versus-Buy Is Already Priced in the Transaction Record Disclosed pricing across the nine transactions shown sits above the middle of the public set, so a bolt-on bought at those levels needs route density and haul-radius overlap to pay. Replacement cost and per-ton benchmarks on permitted reserves are the customary cross-check when the earnings year is cyclically distorted.

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    SECTION 06

    06

    Divider introducing the appendix covering the full comparables set, methodology and sources.

    This closing section carries the full universe behind every figure in the body, along with the valuation basis and where each underlying disclosure lives. We include it so a reader can trace any number back to its source.

    Everything on this page

    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 2)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Lists public comparables on EV/EBITDA (CY2027E), grouped by valuation tier, first of two pages.

    Here is the full comparables table behind the valuation pages, with 15 rated companies grouped by valuation tier against the sector median. Two names in the universe carry no eligible multiple and are listed separately in the companion workbook. This is the record a reader can check any figure in this report against.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (7.7x); amber marks below · 15 rated companies; 2 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 15 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥9.0x · median 13.4x · 4 companies Arcosa, Inc. ACA Diversified heavy building materials producers $8.6B 14.1x 9% 22% 31 Vulcan Materials Company VMC Diversified heavy building materials producers $37.1B 13.7x 6% 31% 37 Martin Marietta Materials, Inc. MLM Diversified heavy building materials producers $34.9B 13.1x 7% 34% 42 West Fraser Timber Co. Ltd. WFG Adjacent: wood building products $6.0B 9.0x 12% 11% 23 CORE — 6.0x–9.0x · median 7.7x · 7 companies Eagle Materials Inc. EXP Diversified heavy building materials producers $7.0B 8.9x 3% 33% 35 CRH plc CRH Diversified heavy building materials producers $77.6B 8.6x 6% 21% 27 Amrize Ltd AMRZ Diversified heavy building materials producers $27.1B 7.9x 5% 26% 31 Cementos Pacasmayo S.A.A. CPAC Diversified heavy building materials producers $1.4B 7.7x -1% 28% 28 Knife River Corporation KNF Diversified heavy building materials producers $4.4B 7.6x 5% 16% 21 Atlas Energy Solutions Inc. AESI Adjacent: oilfield proppant sand and wellsite logistics $2.2B 7.2x 15% 24% 39 Titan America S.A. TTAM Diversified heavy building materials producers $2.8B 6.2x 7% 23% 30 DISCOUNT — <6.0x · median 4.6x · 4 companies Loma Negra Compañía Industrial Argentina… LOMA Diversified heavy building materials producers $1.3B 5.8x 7% 33% 40 Kinross Gold Corporation KGC Adjacent: gold mining $27.6B 4.9x 3% 57% 61 Vale S.A. VALE Industrial minerals and silica sand $72.5B 4.3x -1% 41% 40

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    06 · PUBLIC COMPARABLES (2 OF 2)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Continues the public comparables table on EV/EBITDA (CY2027E), grouped by valuation tier.

    This continues the comparables table from the previous page, completing the set of 15 rated companies grouped by valuation tier. Together the two pages carry every rated name behind the valuation analysis in this report.

    Everything on this page

    06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (7.7x); amber marks below · 15 rated companies; 2 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 15 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 DISCOUNT — CONTINUED — <6.0x · median 4.6x · 4 companies CEMEX, S.A.B. de C.V. CX Diversified heavy building materials producers $8.5B 2.3x 4% 20% 24

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Lists precedent transactions with disclosed terms, newest first, first of two pages.

    This table carries the disclosed-terms transactions behind the precedent analysis, newest first, with deal values linked to the underlying filing. Some records carry data-quality flags noted in the source line, and transactions with neither a disclosed value nor a multiple are held in the companion workbook rather than listed here. This is the evidence base for the deal pricing we discussed earlier.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 22 transactions with disclosed terms in this tier (80 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 95 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 58 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 22 transactions shown; the rest are in the companion workbook. Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2025 Holcim Ltd. → Inversiones ASPI S.A. n/a n/a 9.0x Holcim Ltd. announced the purchase of Inversiones ASPI S.A. in Dec-2025 at 9.0x EBITDA. A global integrated producer adding a regional position is the most common buyer shape in this record. Nov-2024 Quikrete Holdings, Inc. → Summit Materials, Inc. n/a n/a 11.6x Quikrete Holdings, Inc. announced the acquisition of Summit Materials, Inc. in Nov-2024 at 11.6x, at the top of the disclosed multiples here. It is a buyer of packaged and bagged products taking an aggregates-and-cement platform in one step. Aug-2024 DACON Corp, DMCI Holdings Inc, Semirara Mining & Power Corp → Cemex Asian South East Corporation $659M n/a n/a DACON Corp, DMCI Holdings Inc, Semirara Mining & Power Corp completed the purchase of Cemex Asian South East Corporation in Aug-2024. A domestic industrial and power group took over a position a global parent had been rebalancing. Aug-2024 Arcosa, Inc. → Construction Materials Business of Stavola Holding Corporation n/a n/a 10.7x Arcosa, Inc. announced the purchase of the Construction Materials Business of Stavola Holding Corporation in Aug-2024 at 10.7x. It is the larger of the two Arcosa, Inc. transactions in this record and the higher-priced of the pair. May-2024 Sobi → InterCement Participações S.A. n/a 3.4x n/a Sobi announced the acquisition of InterCement Participações S.A. in May-2024, recorded at 3.4x revenue. Where the earnings line is cyclically distorted, a revenue benchmark and replacement cost are the customary cross-checks on the heavy side. Sep-2023 Summit Materials, Inc. → Argos USA $3.2B n/a 10.0x Summit Materials, Inc. completed the purchase of Argos USA in Sep-2023, and the enlarged platform was itself the subject of an announced bid in Nov-2024. Two moves by the same platform sit inside this record, fourteen months apart. Jun-2023 Huaxin Cement Co. Ltd. → Africa Business $265M n/a n/a Huaxin Cement Co. Ltd. announced the purchase of the Africa Business in Jun-2023. A producer already running kiln lines extending into a growth market is a recurring cross-border pattern here. Jun-2022 Adient PLC → CRH plc n/a n/a 7.0x Adient PLC announced a transaction involving CRH plc in Jun-2022, recorded at 7.0x EBITDA. That sits at the lower end of the disclosed multiples in this record. May-2022 Arcosa, Inc. → Recycled Aggregate Materials Company, Inc. n/a n/a 7.8x Arcosa, Inc. completed the purchase of Recycled Aggregate Materials Company, Inc. in May-2022 at 7.8x. The same buyer paid a higher disclosed multiple for its larger purchase two years later, which frames how perimeter and scale sat in the pricing.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Continues the list of precedent transactions with disclosed terms, newest first.

    This continues the precedent transaction table from the previous page. Together the two pages carry the disclosed-terms transactions that support the deal pricing conclusions in this report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 22 transactions with disclosed terms in this tier (80 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 95 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 58 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 22 transactions shown; the rest are in the companion workbook. Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2021 Arcosa, Inc. → Southwest Rock Products, LLC n/a n/a 10.7x Value shown as recorded in the filing; deal value unit unresolved. Jun-2021 Vulcan Materials Company → U.S. Concrete, Inc. n/a n/a 10.9x May-2021 Martin Marietta Materials, Inc. → Lehigh West Region Business n/a n/a 12.1x Value shown as recorded in the filing; deal value unit unresolved. Apr-2021 Martin Marietta Materials, Inc. → Tiller Corporation n/a n/a 8.5x Mar-2021 Arcosa, Inc. → StonePoint Materials LLC n/a n/a 12.9x Nov-2020 American Securities LLC → Foundation Building Materials, Inc. n/a n/a 8.3x Feb-2020 U.S. Concrete, Inc. → Coram Materials Corp. n/a n/a 9.1x Aug-2017 Polaris Materials Corporation → Vulcan Materials Company $16.9B 4.6x n/a Value shown as recorded in the filing; deal value unit unresolved. Dec-2015 Company → Gypsum Supply Company n/a n/a 8.5x Value shown as recorded in the filing; deal value unit unresolved.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explains the report's sources, valuation assumptions and data-quality handling.

    This page sets out how the report was built: the valuation basis, what was excluded and why, and where every underlying disclosure lives. We link every figure in this report back to its source, so a reader can verify any number rather than take it on faith.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Construction Materials Coverage | September 2026 | Confidential | Not investment advice 22 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (15 of 17 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Construction Materials and it clears the coverage gate with 15 of 17 companies (88%). EV / Revenue, P / E are carried as a cross-check. The set earns: 15 of the 15 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 8 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 1017 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (1016) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, the Higher Multiples Sit with Growth That Survived the Forward Lens.

    Closing slide restating that higher multiples in this set sit with growth that survived the forward lens.

    In this set, the higher multiples sit with growth that survived the forward lens — that's the finding we'd want a client to leave with. The companion tables carry the full universe and source index for anyone who wants to trace a figure further.

    Everything on this page

    In This Set, the Higher Multiples Sit with Growth That Survived the Forward Lens. NeuraCap AI — Construction Materials Coverage September 2026 · Prepared by NeuraCap AI · Confidential Construction Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 23

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