				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		Trailing-Twelve Months Ended
	March 31		March 31
	2025	2024	2025	2024
Net earnings attributable to Vulcan	$128.9	$102.7	$938.2	$915.2
Income tax expense, including discontinued operations	33.4	28.3	253.8	308.1
Interest expense, net	59.7	39.1	190.9	169.8
Depreciation, depletion, accretion and amortization	186.4	150.9	667.7	619.5
EBITDA	$408.4	$321.0	$2,050.6	$2,012.6
Loss on discontinued operations	$1.3	$2.3	$9.2	$14.1
Gain on sale of real estate and businesses, net	0.0	0.0	(36.7)	(67.1)
Loss on impairments	0.0	0.0	86.6	28.3
Charges associated with divested operations	0.0	0.0	17.7	7.6
Acquisition related charges1	1.2	0.1	17.4	1.7
Adjusted EBITDA	$410.9	$323.5	$2,144.7	$1,997.1
Total revenues	$1,634.6	$1,545.7	$7,506.6	$7,678.7
Adjusted EBITDA margin	25.1 %	20.9 %	28.6 %	26.0 %

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		Trailing-Twelve Months Ended
	March 31		March 31
	2025	2024	2025	2024
Net earnings attributable to Vulcan	$0.97	$0.77	$7.06	$6.85
Items included in Adjusted EBITDA above, net of tax	0.02	0.02	0.67	(0.08)
NOL carryforward valuation allowance	0.01	0.01	0.00	0.08
Adjusted diluted EPS attributable to Vulcan from
continuing operations	$1.00	$0.80	$7.73	$6.85

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:


2025 Projected Adjusted EBITDA
				(in millions)
				Mid-point
Net earnings attributable to Vulcan				$1,090
Income tax expense, including discontinued operations				315
Interest expense, net of interest income				245
Depreciation, depletion, accretion and amortization				800
Projected EBITDA				$2,450
Items included in Adjusted EBITDA above				$0
Projected Adjusted EBITDA				$2,450

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 FIRST QUARTER 2025 RESULTS