Appendix 2

Reconciliation of Non-GAAP Measures (Continued)

'GAAP does not define "Earnings Before Interest, Taxes, Depreciation and Amortization" (EBITDA), and it should not be considered as an alternative to earnings measures defined by GAAP. We use this metric to assess the operating performance of our business and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. We do not use this metric as a measure to allocate resources. We adjust EBITDA for certain items to provide a more consistent comparison of earnings performance from period to period. Reconciliation of this metric to its nearest GAAP measure is presented below (numbers may not foot due to rounding):

EBITDA and Adjusted EBITDA

(in millions)

Three Months Ended

Nine Months Ended

Trailing Twelve Months Ended

September 30

September 30

September 30

2024

2023

2024

2023

2024

2023

Net earnings attributable to Vulcan

$207.6

$276.5

$618.2

$705.8

$845.6

$825.1

Income tax expense, including discontinued operations

84.7

84.8

206.7

191.3

311.0

218.8

Interest expense, net

38.4

46.6

117.7

142.2

155.1

189.8

Depreciation, depletion, accretion and amortization

160.7

161.1

468.4

464.4

620.9

616.9

EBITDA

$491.3

$569.0

$1,411.0

$1,503.8

$1,932.6

$1,850.7

Loss on discontinued operations

$1.8

$3.8

$6.8

$11.7

$9.8

$15.1

Gain (loss) on sale of real estate and businesses, net

0.0

0.0

0.0

(15.2)

(51.9)

2.2

Charges associated with divested operations

0.0

0.0

1.0

4.7

4.2

7.4

Acquisition related charges ¹

0.8

1.2

1.8

2.0

1.9

6.1

Loss on impairments

86.6

28.3

86.6

28.3

86.6

28.3

Adjusted EBITDA

$580.6

$602.2

$1,507.1

$1,535.1

$1,983.3

$1,909.8

¹ Represents charges associated with acquisitions requiring clearance under federal antitrust laws.

'Similar to our presentation of Adjusted EBITDA, we present Adjusted Diluted Earnings Per Share (EPS) attributable to Vulcan from continuing operations to provide a more consistent comparison of earnings performance from period to period. This metric is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below:

Adjusted Diluted EPS attributable to Vulcan from Continuing Operations (Adjusted Diluted EPS)

Three Months Ended

Nine Months Ended

Trailing Twelve Months Ended

September 30

September 30

September 30

2024

2023

2024

2023

2024

2023

Net earnings attributable to Vulcan

$1.56

$2.07

$4.65

$5.28

$6.35

$6.17

Items included in Adjusted EBITDA above, net of tax

0.65

0.18

0.69

0.17

0.43

0.33

NOL carryforward valuation allowance

0.01

0.04

0.03

0.09

0.05

0.12

Adjusted diluted EPS attributable to Vulcan from

continuing operations

$2.22

$2.29

$5.37

$5.54

$6.83

$6.62

Projected Adjusted EBITDA is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation of this metric to its nearest GAAP measure is presented below:

2024 Projected Adjusted EBITDA

(in millions)

Mid-point

Net earnings attributable to Vulcan

$845

Income tax expense, including discontinued operations

274

Interest expense, net of interest income

155

Depreciation, depletion, accretion and amortization

630

Projected EBITDA

$1,904

Items included in Adjusted EBITDA above

96

Projected Adjusted EBITDA

$2,000

Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures, other than the reconciliation of Projected Adjusted EBITDA as noted above. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.

VULCAN REPORTS THIRD QUARTER 2024 RESULTS