Martin Marietta Materials, Inc. (MLM) 2026 Q2 法說會逐字稿

Ladies and gentlemen, welcome to Martin Marietta's second-quarter 2026 earnings conference call. (Operator Instructions)

各位女士、先生，歡迎參加 Martin Marietta 2026 年第二季財報電話會議。(接線員指示)

I will now turn the call over to your host, Ms. Jacklyn Rooker, Martin Marietta's Vice President of Investor Relations. Jacklyn, you may begin.

現在我將把電話交給本次會議主持人——Martin Marietta 投資人關係副總裁 Jacklyn Rooker 女士。Jacklyn，請開始。

Good morning, everyone, and thank you for joining Martin Marietta's second-quarter 2026 earnings call. With me today are Ward Nye, Chair, President, and Chief Executive Officer; and Michael Petro, Senior Vice President and Chief Financial Officer.

各位早安，感謝各位參加 Martin Marietta 2026 年第二季財報電話會議。今天與我一同出席的有董事長、總裁暨執行長 Ward Nye，以及資深副總裁暨財務長 Michael Petro。

As a reminder, today's discussion may include forward-looking statements as defined by United States securities laws. These statements relate to future events, operating results, or financial performance, and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Martin Marietta undertakes no obligation to publicly update or revise any forward-looking statements except if legally required, whether due to new information, future developments, or otherwise.

提醒各位，今天的討論可能包含依美國證券法定義之前瞻性陳述。這些陳述涉及未來事件、營運結果或財務表現，並受風險與不確定性影響，可能導致實際結果與該等陳述明示或暗示者存在重大差異。除非法律要求，Martin Marietta 不承擔公開更新或修訂任何前瞻性陳述之義務，不論係因新資訊、未來發展或其他原因。

For additional details, please refer to the legal disclaimers contained in today's earnings release and other public filings, which are available on both our own and the Securities and Exchange Commission's websites. Supplemental information summarizing our financial results and trends is available during this webcast and in the Investors section of our website.

如需更多細節，請參閱今日財報新聞稿及其他公開申報文件中的法律免責聲明，相關資料可於本公司網站及美國證券交易委員會（SEC）網站查閱。彙總本公司財務結果與趨勢之補充資訊可於本次網路直播期間取得，亦可於本公司網站的投資人專區查閱。

Definitions and reconciliations of non-GAAP measures to the most directly comparable GAAP measure are provided in the appendix to the supplemental information in our SEC filings and on our website.

非 GAAP 指標之定義，以及與最直接可比之 GAAP 指標的調節表，載於補充資訊附錄、我們向 SEC 提交的文件以及本公司網站。

Today's earnings call will begin with Ward Nye, who will discuss our second quarter and year-to-date accomplishments, 2026 outlook, and supporting market trends. Michael Petro will then review our financial results and capital allocation details, after which Ward will provide closing remarks. Please note that all comparisons are to the prior year's corresponding period.

今天的財報電話會議將先由 Ward Nye 開場，說明我們第二季與年初至今的成果、2026 年展望及支撐性的市場趨勢。接著 Michael Petro 將回顧財務結果與資本配置細節，之後 Ward 將作結語。請注意，所有比較皆以去年同期為基準。

Question-and-answer session will follow. Please limit your Q&A participation to one question.

隨後將進行問答環節。請將您的提問限制為一題。

I will now turn the call over to Ward.

現在我將把電話交給 Ward。

Thank you, Jacqueline. Good morning, and thank you for joining today's teleconference. Martin Marietta delivered another strong quarter, highlighted by record second-quarter revenues and adjusted EBITDA. Our results benefited from favorable demand in infrastructure and heavy nonresidential markets, disciplined execution across the organization and contributions from recent acquisitions.

謝謝你，Jacqueline。各位早安，感謝各位參加今天的電話會議。Martin Marietta 再次交出強勁的一季，第二季營收與調整後 EBITDA 均創下新高。我們的成果受惠於基礎建設與重型非住宅市場的有利需求、全公司嚴謹的執行力，以及近期併購帶來的貢獻。

During the quarter, we also took significant steps to thoughtfully advance our SOAR 2030 priorities, positioning Martin Marietta for its next phase of growth. Specifically, in May, we completed the acquisition of New Frontier Materials or NFM, a complementary bolt-on to our aggregates position along the I-70 corridor in Missouri, creating opportunities to further leverage our existing scale across our differentiated footprint.

本季我們也採取了重要步驟，審慎推進 SOAR 2030 的優先事項，為 Martin Marietta 下一階段的成長奠定定位。具體而言，我們於 5 月完成收購 New Frontier Materials（NFM），此為我們在密蘇里州 I-70 走廊骨材布局的互補型加掛式併購，創造更多機會，進一步運用我們在差異化版圖上的既有規模優勢。

Most recently, we announced a transformational agreement to combine with Lhoist North America Inc, or LNA, the nation's leading producer of Lime and Industrial Mineral products. The planned combination builds upon our aggregates-led foundation and is expected to substantially broaden our differentiated upstream specialties platform. The strategic fit is compelling.

最近，我們宣布一項具轉型意義的協議，將與 Lhoist North America Inc（LNA）合併；LNA 為全美領先的石灰與工業礦物產品生產商。此一規劃中的合併將建立在我們以骨材為主導的基礎之上，預期可大幅擴展我們具差異化的上游特種產品平台。其策略契合度極具吸引力。

Like construction aggregates, lime production begins with limestone reserves and relies on many of the same core competencies that have long defined Martin Marietta's success, including quarry operations, mineral resource management, and reserves optimization. With nearly 200 heritage limestone quarries across our portfolio, we're uniquely positioned to unlock significant value through recognizing the full potential of the combined limestone reserve base.

如同建築用骨材，石灰生產同樣始於石灰石儲量，並仰賴許多長期定義 Martin Marietta 成功的核心能力，包括採石場營運、礦產資源管理與儲量最佳化。我們的資產組合中擁有近 200 座傳承石灰石採石場，使我們具備獨特優勢，可透過充分發掘合併後石灰石儲量基礎的全部潛力來釋放顯著價值。

LNA brings to its leading positions in key geographies and end-user markets an advantaged Sun Belt footprint and more than 200 years of high-quality limestone reserves. Its products possess unique properties, making them mission-critical across industrial, infrastructure, manufacturing, environmental and other applications.

LNA 在關鍵地理區域與終端市場具領先地位，並擁有具優勢的陽光帶（Sun Belt）版圖與超過 200 年的高品質石灰石儲量。其產品具備獨特特性，使其在工業、基礎建設、製造、環境及其他應用中屬於關鍵不可或缺的材料。

With limited substitutes and a modest share of customers' overall production costs, lime benefits from attractive and durable demand fundamentals throughout economic cycles. Upon closing, the combination would diversify our end-market exposure, enhance free cash flow conversion, and create significant opportunities to realize commercial and operational synergies across our Aggregates and Specialties businesses.

由於替代品有限，且在客戶整體生產成本中占比不高，石灰在各種經濟循環中皆具備具吸引力且持久的需求基本面。交易完成後，該合併將使我們的終端市場曝險更為多元、提升自由現金流轉換率，並在骨材與特種產品業務之間創造可觀的商業與營運協同效益機會。

Taken together, the NFM acquisition and planned LNA combination demonstrate our disciplined approach to capital allocation and continued commitment to executing a strategy designed to enhance the quality, durability and long-term growth profile of Martin Marietta for the benefit of our shareholders, customers and employees.

綜合而言，NFM 收購案與規劃中的 LNA 合併案，展現我們在資本配置上的紀律，以及持續致力於執行一項策略——旨在提升 Martin Marietta 的品質、韌性與長期成長輪廓，造福股東、客戶與員工。

Importantly, our SOAR 2030 priorities extend far beyond portfolio optimization and acquisitions. They encompass a wide range of operational and commercial initiatives. Operationally, we identified approximately $350 million of run rate pre-tax cash flow improvement opportunities driven by enhanced asset utilization, network optimization, and lower sustaining capital requirements.

重要的是，我們的 SOAR 2030 優先事項遠不僅止於投資組合最佳化與併購。其涵蓋廣泛的營運與商業計畫。在營運面，我們辨識出約 3.5 億美元的稅前現金流量改善機會（以年化運行率計），主要由資產利用率提升、網路最佳化，以及較低的維持性資本需求所驅動。

Year-to-date, as compared with the prior year period, disciplined inventory management and reductions in capital spending alone have unlocked more than $200 million of cash flow benefits. Combined with our organic second-quarter cost performance, we've already made meaningful progress toward our efficiency and cash generation objectives with additional runway ahead of us.

年初至今，與去年同期相比，僅透過嚴謹的庫存管理與資本支出降低，我們就已釋放超過 2 億美元的現金流效益。再加上我們第二季的有機成本表現，我們已在效率與現金創造目標上取得實質進展，且未來仍有進一步提升的空間。

It's important to note that these benefits are not the result of deferred investment or actions that may negatively impact the business long-term rather, they reflect a more efficient alignment of our footprint, production capabilities, and capital requirements with our current and evolving portfolio.

需要強調的是，這些效益並非源自延後投資或可能對長期業務造成負面影響的作為；相反地，它們反映出我們更有效率地使版圖、產能與資本需求，與我們目前及持續演進的投資組合相匹配。

Commercially, I'm pleased to report that in June, we completed the enterprise-wide rollout of our PreciseIQ mobile quoting application and associated pricing algorithm. PreciseIQ enables greater customer responsiveness, enhanced pricing precision, improved commercial insights, and more consistent execution of go-to-market strategies.

在商業面，我很高興報告，我們已於 6 月完成 PreciseIQ 行動報價應用程式及其相關定價演算法的全企業導入。PreciseIQ 可提升對客戶的回應速度、強化定價精準度、改善商業洞察，並更一致地執行市場進入策略。

Turning to our year-to-date results, we delivered the best first-half safety performance in our company's history as measured both by total injury and lost time incident rates.

回到年初至今的成果，我們創下公司史上最佳的上半年安全績效，無論以總受傷率或損失工時事故率衡量皆然。

Safety is the foundation of everything we do and remains our most important measure of success. I'm grateful to every Martin Marietta employee, long-term team members, and recent additions alike for embracing our shared responsibility to care for one another and ensure that every team member returns home safely each day.

安全是我們一切工作的基礎，並始終是我們最重要的成功衡量指標。我感謝每一位 Martin Marietta 員工——無論是長期團隊成員或近期加入的同仁——共同承擔彼此照顧的責任，確保每位團隊成員每天都能平安返家。

Based on our strong first-half performance and continued momentum, we're raising our full year revenue guidance to $7.2 billion to $7.4 billion and reaffirming our adjusted EBITDA from continuing operations guidance of $2.36 billion to $2.5 billion. This guidance does not include contributions from the pending LNA transaction, which we will update following the closing.

基於我們上半年強勁表現與持續動能，我們上調全年營收指引至 72 億至 74 億美元，並重申持續營運之調整後 EBITDA 指引為 23.6 億至 25 億美元。此指引未包含尚待完成之 LNA 交易的貢獻；我們將於交易完成後更新。

Looking at our end markets, infrastructure remains the most durable and visible source of aggregate demand. Recent legislative proposals and continued bipartisan support for transportation investment reinforce our confidence in the long-term funding environment.

就終端市場而言，基礎建設仍是骨材需求最具韌性且能見度最高的來源。近期立法提案以及兩黨對交通運輸投資的持續支持，強化了我們對長期資金環境的信心。

Although a short-term extension of the current surface transportation authorization appears increasingly likely, we do not expect it to materially impact project activity or funding flows. State departments of transportation continue to advance large multi-year construction programs supported by elevated state revenues and the over $150 billion of federal infrastructure funds yet to be invested.

儘管現行地面運輸授權短期延長的可能性似乎愈來愈高，我們預期其不會對專案活動或資金流向造成重大影響。各州交通運輸部門持續推進大型多年期建設計畫，這些計畫受惠於較高的州稅收，以及仍有超過 1,500 億美元尚待投入的聯邦基礎建設資金。

As a result, we remain confident in sustained infrastructure demand over the coming years.

因此，我們仍對未來數年基礎設施需求的持續性充滿信心。

Heavy nonresidential construction continues to provide an important source of growth supported by investments in data centers, warehouses, power generation, and domestic manufacturing across our markets.

在我們的市場範圍內，受資料中心、倉儲、發電以及國內製造業投資所支撐，重型非住宅建築持續提供重要的成長來源。

According to Dodge Construction Network, more than 70% of planned or under construction data center square footage and 70% of manufacturing square footage are located within 55 miles of a Martin Marietta facility. This proximity advantage positions us to participate meaningfully in several of the secular growth trends reshaping the United States industrial economy.

根據 Dodge Construction Network 的資料，超過 70% 規劃中或正在建設的資料中心建築面積，以及 70% 的製造業建築面積，位於距離 Martin Marietta 設施 55 英里範圍內。這項鄰近優勢使我們得以在多項正在重塑美國工業經濟的長期結構性成長趨勢中，扮演具實質意義的參與者。

Upon closing, the planned LNA combination is expected to broaden our participation in these long-term growth opportunities while adding exposure to other durable end markets.

在交易完成後，規劃中的 LNA 合併預期將擴大我們對這些長期成長機會的參與，同時增加對其他具韌性的終端市場之曝險。

LNA's high-calcium and dolomitic lime products are essential to steel production, soil stabilization, water treatment, and other industrial applications. With its advantaged Sun Belt footprint, LNA is uniquely positioned to benefit as domestic steel production capacity and data center construction continues to migrate to the southeastern United States and Texas.

LNA 的高鈣與白雲石石灰產品，對鋼鐵生產、土壤穩定、水處理及其他工業應用至關重要。憑藉其在陽光帶（Sun Belt）的優勢布局，隨著美國國內鋼鐵產能與資料中心建設持續向美國東南部與德州遷移，LNA 具備獨特優勢可望受惠。

Taken together, these end markets provide an attractive balance of demand, a durable infrastructure base, compelling secular growth and heavy nonresidential construction and meaningful upside from an eventual residential recovery.

綜合而言，這些終端市場在需求面提供具吸引力的平衡：穩固的基礎設施基礎、引人注目的長期結構性成長與重型非住宅建築動能，以及住宅市場最終復甦所帶來的顯著上行空間。

I'll now turn the call over to Michael to discuss our second-quarter financial results and capital allocation. Michael, over to you.

接下來我將把電話會議交給 Michael，請他說明我們第二季的財務結果與資本配置。Michael，交給你。

Thank you, Ward, and good morning, everyone. Our core aggregates business generated record revenues of $1.5 billion, an increase of 16%. Supported by strong infrastructure and heavy nonresidential demand across our footprint, organic shipments increased 2.3%, while total shipments increased 17% to 61.6 million tonnes, reflecting contributions from Quikrete and a partial quarter contribution from the NFM acquisition.

謝謝你，Ward，各位早安。我們核心的骨材業務創下 15 億美元的營收新高，成長 16%。在我們布局範圍內強勁的基礎設施與重型非住宅需求支撐下，有機出貨量成長 2.3%，而總出貨量成長 17% 至 6,160 萬公噸，反映 Quikrete 的貢獻以及 NFM 併購案部分季度的貢獻。

Average selling prices decreased 2% but increased 3.7% on an organic basis after adjusting for geographic mix. The impact of acquisitions on headline ASP is expected to become more pronounced in the second half of the year as NFM contributes for the full period. That said, we expect strong realization of midyear increases in those relevant markets that are well below the company average.

平均售價下滑 2%，但在調整地理組合後，有機基礎平均售價上升 3.7%。隨著 NFM 在下半年提供完整期間的貢獻，併購對整體平均售價（ASP）的影響預期將更為明顯。即便如此，我們預期在那些明顯低於公司平均水準的相關市場中，年中調價將有強勁的落實成效。

Organic cost of goods sold per ton increased 3.6% inclusive of a 150-basis point headwind from higher pass-through external freight costs, such that our controllable cost growth was notably below the implied 3% in our guidance. This strong performance underscores the execution of our operating teams and the effectiveness of our cost management initiatives.

每噸有機銷貨成本增加 3.6%，其中包含因外部運輸費用轉嫁上升所帶來的 150 個基點不利因素，因此我們可控成本的成長顯著低於我們指引所隱含的 3%。這項強勁表現凸顯我們營運團隊的執行力，以及成本管理措施的有效性。

While we expect energy costs to remain elevated through year end, our focus will remain on what we can control to mitigate the current inflationary pressures and to protect and enhance margins.

雖然我們預期能源成本將在年底前維持高檔，但我們將持續聚焦於可控項目，以緩解目前的通膨壓力，並保護與提升利潤率。

Reported aggregates gross profit of $418 million was negatively impacted by a $52 million noncash inventory step-up charge, of which $45 million was an adjustment to EBITDA, as well as $42 million of higher depreciation, depletion, and amortization expenses.

骨材業務報告毛利為 4.18 億美元，受到 5,200 萬美元非現金存貨公允價值調增（inventory step-up）費用的不利影響，其中 4,500 萬美元計入 EBITDA 調整項目，另有 4,200 萬美元較高的折舊、耗竭與攤銷費用。

With most of the fair value inventory charges now behind us, we anticipate only modest residual impacts on aggregates gross profit during the balance of the year, allowing reported results to more closely align with the true underlying economics of the business.

由於大部分公允價值存貨費用已告一段落，我們預期今年剩餘期間對骨材毛利僅有溫和的殘餘影響，使報告結果能更貼近業務真正的基礎經濟實質。

Our Specialties Business delivered record quarterly revenues of $152 million and gross profit of $50 million, reflecting contributions from the July 2025 Premier Magnesia acquisition, and organic pricing gains across all products.

我們的特種業務（Specialties Business）創下單季營收 1.52 億美元與毛利 5,000 萬美元的新高，反映 2025 年 7 月 Premier Magnesia 併購案的貢獻，以及所有產品的有機定價提升。

As illustrated on slide seven and eight of our supplemental information, our single heritage lime plant in Woodville, Ohio has demonstrated the ability to compound profitability through macroeconomic cycles. Of note, during the financial crisis, Woodville volumes declined only 7% as compared to the US aggregates industry's 37% decline.

如我們補充資料第七與第八頁所示，我們位於俄亥俄州 Woodville 的單一傳承石灰廠，已展現能在總體經濟循環中持續累積獲利能力。值得注意的是，在金融危機期間，Woodville 的出貨量僅下滑 7%，相較之下，美國骨材產業下滑 37%。

By 2025, Woodville lime shipments exceeded 2006 levels by 2%, while US aggregates production remained 25% below its peak. This consistent demand profile, combined with average selling prices compounding at mid-single digits, resulted in gross profit compounding at a high-single digit rate for 19 years. This favorable algorithm is continuing in 2026.

到 2025 年，Woodville 石灰出貨量較 2006 年水準高出 2%，而美國骨材產量仍較峰值低 25%。這種一致的需求型態，加上平均售價以中個位數幅度複利成長，使毛利在 19 年間以高個位數的年複合成長率成長。這項有利的成長公式在 2026 年仍在延續。

Specifically, in the second quarter, Woodville's average selling prices increased 4% or 5% on a mix-adjusted basis, while shipments increased 1%, resulting in 7% growth in gross profit to a new record as compared with the prior year quarter's previous record, notwithstanding energy-related inflationary cost impacts.

具體而言，在第二季，Woodville 的平均售價上升 4%，或在調整產品組合後上升 5%，同時出貨量成長 1%，使毛利年增 7% 並創下新高，較去年同期的前一項紀錄再創新紀錄，儘管仍承受與能源相關的通膨成本影響。

These results demonstrate Lime's mission-critical nature and its value proposition to customers across a broad range of essential applications.

這些結果顯示石灰產品具任務關鍵性（mission-critical）的特質，以及其在廣泛必要應用中對客戶所提供的價值主張。

Looking ahead, we increased our full-year revenue guidance and reaffirmed our full-year adjusted EBITDA from continuing operations guidance, reflecting our strong first half performance and contributions from the NFM acquisition, partially offset by continued energy cost headwinds. As Ward mentioned, we plan to update our 2026 guidance following the closing of the LNA transaction.

展望未來，我們上調全年營收指引，並重申持續營運的全年調整後 EBITDA 指引，反映上半年強勁表現與 NFM 併購案的貢獻，但部分被持續的能源成本逆風所抵銷。如 Ward 所提到，我們計畫在 LNA 交易完成後更新 2026 年指引。

Turning to capital allocation, as indicated on slide nine, since 2022, we have fundamentally reshaped Martin Marietta's portfolio. We divested more than $525 million of EBITDA from our cement and ready-mixed concrete assets at attractive valuations near cyclical peaks and redeployed those proceeds into Aggregates and Specialties businesses with more durable and higher margin earnings profiles, all in a largely balance sheet neutral manner.

談到資本配置，如第九頁所示，自 2022 年以來，我們已從根本上重塑 Martin Marietta 的投資組合。我們在接近景氣循環高點時，以具吸引力的估值出售水泥與預拌混凝土資產，處分了超過 5.25 億美元的 EBITDA，並將所得資金重新投入至骨材與特種業務，這些業務具備更持久且更高利潤率的獲利結構，且整體上大致維持資產負債表中性。

What makes this transformation particularly compelling is that despite divesting businesses that contributed more than $0.5 billion of EBITDA, we still expect adjusted EBITDA to compound at approximately 10% annually over the five-year period ending in 2026. This performance highlights both the success of our portfolio optimization strategy and the exceptional underlying earnings power embedded within our core business.

使這項轉型格外引人注目的是：儘管我們處分了貢獻超過 5 億美元 EBITDA 的業務，我們仍預期在截至 2026 年的五年期間，調整後 EBITDA 仍可約以每年 10% 的速度複利成長。這項表現凸顯我們投資組合優化策略的成功，以及核心業務所蘊含的卓越基礎獲利能力。

That momentum has continued through the first half of 2026 as organic growth and the acquired Quikrete assets outperformance relative to our initial expectations have more than offset the EBITDA associated with the divested assets and the exchange transaction. As a result, we delivered a new first-half record of more than $1 billion of adjusted EBITDA.

這股動能在 2026 年上半年仍持續，因有機成長與所收購的 Quikrete 資產表現優於我們最初預期，已足以抵銷與已處分資產及交換交易相關的 EBITDA 影響，且有餘。因此，我們上半年交出超過 10 億美元調整後 EBITDA 的新紀錄。

The announced combination with LNA represents the next step in a natural extension of the portfolio strategy we have executed for years, further strengthening Martin Marietta through a broader mix of differentiated mission-critical upstream materials businesses with compelling long-term growth prospects. This transaction enhances the quality, scale and resilience of our earnings base, which expands our participation in attractive secular growth markets.

已宣布與 LNA 的合併，代表我們多年來所執行之投資組合策略自然延伸的下一步，透過更廣泛且具差異化、任務關鍵性的上游材料業務組合，並具備引人注目的長期成長前景，進一步強化 Martin Marietta。此交易提升我們獲利基礎的品質、規模與韌性，並擴大我們對具吸引力的長期結構性成長市場之參與。

Importantly, our approach remains unchanged. As we have consistently demonstrated through prior portfolio actions, we will pursue value creation with the same disciplined capital allocation framework that has guided our company for decades. Accordingly, we remain firmly committed to maintaining a strong investment-grade balance sheet and expect to deliver back to our targeted range within 24 months post-closing of the LNA transaction.

重要的是，我們的方法維持不變。如同我們過去在投資組合行動中一再證明的，我們將以數十年來引導公司前進的同一套嚴謹資本配置框架，追求價值創造。因此，我們仍堅定致力於維持強健的投資等級資產負債表，並預期在 LNA 交易完成後 24 個月內回到我們的目標區間。

With that, I will now turn the call back over to Ward.

接下來，我把電話會議交回給 Ward。

Thank you, Michael. The strategic actions we've taken over the past several years have strengthened Martin Marietta's portfolio, expanded our growth opportunities, and enhanced our ability to serve customers across attractive end markets and geographies. As we continue advancing SOAR 2030, our priorities remain clear. Operating safely and efficiently, successfully integrating acquired businesses, allocating capital with discipline, and delivering superior returns over the long-term.

謝謝你，Michael。我們在過去幾年採取的策略行動已強化 Martin Marietta 的投資組合、擴大我們的成長機會，並提升我們在具吸引力的終端市場與地理區域中服務客戶的能力。隨著我們持續推進 SOAR 2030，我們的優先事項依然明確。安全且高效率地營運、成功整合所收購的業務、以紀律配置資本，並在長期交付卓越報酬。

Supported by a high-quality asset base, resilient market fundamentals, and the dedication of our talented teams, we remain confident in our ability to execute our strategy and create sustainable long-term value for our shareholders.

在高品質資產基礎、具韌性的市場基本面，以及我們優秀團隊的投入支持下，我們仍對執行策略並為股東創造可持續的長期價值充滿信心。

If the operator will now provide the required instructions, we'll turn our attention to addressing your questions.

如果接線員現在能提供所需指示，我們將把重點轉向回答各位的提問。

(Operator Instructions)

(接線員指示)

Adam Thalhimer, Thompson Davis.

Adam Thalhimer，Thompson Davis。

Ward, I wanted to focus on your organic aggregates business. If you strip out deals, how is the underlying aggregates business performing versus your expectations?

Ward，我想聚焦在你們的有機骨材業務。如果把併購交易因素剔除，骨材本業的基本面表現相較於你們的預期如何？

I really appreciate the question because you're right, there are a lot of moving parts in today's release. So let me try to take you through that. So number one, I would say it was very strong and here are the reasons why. Organic volume was up 2.3%, so let's put that in context. That's the fourth consecutive quarter of good solid organic volume growth.

我非常感謝這個問題，因為你說得沒錯，今天的公告裡有很多變動因素。所以我試著帶你梳理一下。第一，我會說表現非常強勁，原因如下。有機銷量成長2.3%，我們把它放在脈絡中看。這是連續第四個季度出現穩健的有機銷量成長。

Mix adjusted pricing was up 3.7%. So that's more in keeping with what we would have expected. And keep in mind, part of what we've seen this year is portions of the United States, such as the Central and the West, growing at faster rates from a volume perspective than the East and the Southwest have seen. And so that's going to automatically give us a little bit of an optical headwind as we go through it.

經組合調整後的定價上升3.7%。這更符合我們原先的預期。另外請記住，今年我們看到美國部分地區（例如中部與西部）在銷量成長速度上快於東部與西南部。因此在我們推進的過程中，視覺上自然會帶來一些逆風。

So again, mix adjusted pricing up 3.7%. Here's what I'm really proud of. If I look at the cost of goods sold, they're up just 2.1% if we exclude the pass-through external freight component of it. So that tells me our teams are doing a great job in managing costs, but here's a factoid. If we want to go out and say, okay, what would have happened if energy had been even and we hadn't seen the spike in energy, we actually would have seen cost of goods sold flat for the quarter. I mean, to see that type of performance, I think in an inflationary environment, broadly speaking, is really impressive.

所以，再次強調，經組合調整後的定價上升3.7%。我真正感到自豪的是：如果我們把外部運輸費用的轉嫁（pass-through）部分排除，銷貨成本僅上升2.1%。這告訴我，我們的團隊在成本管理上做得非常好；但這裡有個小數據。如果我們假設能源價格持平、沒有出現能源飆升，實際上本季的銷貨成本會是持平。我的意思是，在整體通膨環境下能看到這樣的表現，我認為非常令人印象深刻。

So what that means to the bottom line is organic gross profit was up about 4.3%. But if we think about what this is going to look like going forward, Adam, I think that's really important, much of the non-cash inventory charges are now pretty much behind us and that's obviously we're going to see some modest impacts from NFM as we go into half two, but that's going to make the reported numbers much more easy to see.

因此反映到損益底線，有機毛利約成長4.3%。但若思考未來的走勢，Adam，我認為這點非常重要：多數非現金的存貨費用調整現在基本上已經過去了；當然，我們在下半年會看到一些來自NFM的溫和影響，但這會讓已揭露（reported）的數字更容易解讀。

But as we go through it, and I think as we're just talking about adjustments to make sure we get our heads around it. If we're looking at reported aggregates cash gross profit and we think about a bridge, I mean, here's the way I rack it up in my mind, $418 million reported, if we come back and adjust for the fair market value inventory adjustment, that's $52 million.

不過在我們討論的過程中，我想我們只是做一些調整，確保大家能掌握重點。如果我們看已揭露的骨材現金毛利，並用一個橋接（bridge）來理解，我腦中是這樣整理的：已揭露為4.18億美元；若回頭調整公允市場價值存貨調整（fair market value inventory adjustment），是5,200萬美元。

Then if we come back and look at the adjusted gross profit at that number, you're at $470 million, that's 9% over prior year. And then equally if we come back and take a look at the non-cash DD&A of $166 million, that gets us to adjusted cash gross profit of $636 million, and that's up 15% year over year.

接著看調整後毛利，會到4.70億美元，較去年成長9%。同樣地，如果再把1.66億美元的非現金折舊、耗竭與攤銷（DD&A）加回，就得到調整後現金毛利6.36億美元，年增15%。

And Adam, to your point, I think it's so easy for that to get lost when you're going through the gap and you're going through reported and you're going through adjusted and all the rest of it. So I really appreciate your question on what was happening in the organic aggregates business. And I know that was a long answer, but I hope it answered your question.

Adam，正如你所說，當你在看GAAP、已揭露、調整後等各種口徑差異時，這些很容易被忽略。所以我非常感謝你問到有機骨材業務到底發生了什麼。我知道回答有點長，但希望有解答你的問題。

Kathryn Thompson, Thompson Research Group.

Kathryn Thompson，Thompson Research Group。

Next up in queue and focus is acquisitions and more specifically with the last, now are in the midst of you've made the announcement, you've already had a call that gave some details at the time of the closing or the announcement of the acquisition. But where we sit today, what are you seeing as the risk and opportunities for this acquisition?

接下來排隊的問題聚焦在併購，尤其是最近這一筆；目前你們正處於進行中，你們已經發布公告，也在交割或宣布併購當時開過電話會議並提供了一些細節。但以今天的時點來看，你們認為這項併購的風險與機會分別是什麼？

I would say several things. If we just look at the opportunities, I'll come back and address the risks too. I mean, the opportunities is this is the leading producer of dolomitic lime and high-calcium lime in the United States. Look, there's a reason that we put some slides in today talking about what our heritage performances look like at Woodville.

我會說有幾點。如果先看機會，我也會回頭談風險。機會在於：這是美國白雲質石灰（dolomitic lime）與高鈣石灰（high-calcium lime）的領先生產商。你看，我們今天放了幾張投影片談Woodville的既有（heritage）表現，是有原因的。

I think when you look at Woodville, number one, you think that's an impressive business. It's done really well. And it's done really well in the central and northern tier of the United States. This business that we're picking up, one is the market leader, and it's in the southern half of the United States. So when we think about that geography and thinking about their network of 20 quarries and production facilities and then 45 distribution terminals, and how that's going to click into what we've had historically, we think that's a great opportunity.

我認為當你看Woodville，第一個感覺就是那是一門令人印象深刻的業務。它做得非常好。而且在美國中部與北部地帶表現尤其出色。我們這次收購的這個業務，一方面是市場領導者，另一方面位於美國南半部。因此當我們思考其地理布局、其20座採石場與生產設施，以及45個配送終端的網絡，如何與我們歷史既有布局相互契合時，我們認為這是很大的機會。

We think the leading market positions that they have across really attractive markets, including the Sun Belt, as I said in my prepared remarks, is pretty important to us. We equally think the fact that it's mission-critical products. Meaning, you're not making steel without it, water treatment is critical, flue gas treatment is important, non-ferrous metals are vital, but highways and mega construction projects are going to be very much in this business's wheelhouse now and after we close from the transaction.

我們認為他們在多個極具吸引力的市場（包括我在準備稿中提到的陽光帶 Sun Belt）所擁有的領先市場地位，對我們相當重要。我們也同樣認為，這些產品屬於關鍵任務型（mission-critical）產品這一點很重要。也就是說：沒有它就無法煉鋼；水處理至關重要；煙氣處理很重要；有色金屬產業也不可或缺；而公路與大型建設專案，在我們完成這筆交易交割後，將會非常符合這項業務的核心能力範圍。

The other opportunities, I mentioned it briefly, is it's going to change our end market exposure because it makes it even more well diversified. So part of what we try to build, Kathryn, is an upstream business that's differentiated, that has the capacity in up markets to outperform and in down markets to outperform, and I think that's what we're doing.

其他機會方面，我也簡要提過：它將改變我們的終端市場曝險，使組合更加多元分散。所以我們努力打造的部分，Kathryn，是一個具差異化的上游業務：在景氣上行時有能力跑贏，在景氣下行時也能跑贏；我認為我們正在做到這點。

Now, keep in mind, part of what I love about this business is it represents about 1% to 4% of our customers' production costs. So when we're looking at something that they have to buy that's not a big part of their overall cost, that looks, feels and sounds to me a lot like aggregates. So again, if we take a look at how this is trending, we continue to have really strong confidence in the synergies that we've talked about already. We hope to come back at some point and say that we will do better than those. Keep in mind that's precisely what we did.

另外請記住，我喜歡這門業務的一部分原因是：它約占客戶生產成本的1%到4%。因此當我們看到客戶必須購買、但在其總成本中占比不高的項目時，對我而言，這在觀感、感受與特性上都很像骨材。所以再看目前的趨勢，我們對先前談到的協同效益仍然非常有信心。我們希望未來某個時間點能回來說，我們會做得比那些目標更好。請記住，我們過去就是這麼做的。

The other part of your question, I'm not trying to ignore it at all, is what about risk mitigation, and what I would say is number one, we've got a proven track record of doing these types of deals and doing them well upscale. I'm not worried about that. We also have shown our ability to rapidly delever following transactions of scale. We've talked about the fact that in 24 months, we think we'll be back there.

你問題的另一部分，我完全不是要忽略，而是關於如何降低風險；我想說第一點是，我們在這類交易上有經過驗證的實績，而且一向能把交易做得很好、做到高品質。我對此並不擔心。我們也已展現出在大型交易之後能迅速去槓桿的能力。我們談過，在24個月內，我們認為會回到那個水準。

And then several things that we look at that we think mitigates the risk as well. I mean, the businesses are hugely complementary. Again, that's one of the reasons that we put in there what you've seen from Woodville today. The [last] has really operated almost as an independent business here in the United States, which means clipping it into what we're doing is not going to have a lot of the high degree of integration risks that you might see. Other businesses. And we've seen the team there.

接著，我們也看了幾件事，認為同樣能降低風險。我的意思是，這些業務高度互補。同樣地，這也是我們把你今天從Woodville看到的內容放進去的原因之一。這個[標的]在美國這裡幾乎一直是以獨立事業在運作，這表示把它納入我們正在做的事情，不會有你可能在其他業務看到的那種高度整合風險。其他業務。而且我們也看過那邊的團隊。

And at the end of the day, seeing the team, seeing the talent, seeing how well they performed, that they have a set of values and a culture that I think, again, joins ours very seamlessly. I see the opportunities. I'm never blind to the risks. I think the risks are very manageable. And the primary thing we want to do is get this deal closed. So again, Kathryn, I hope that helped.

歸根結底，看到那個團隊、看到人才、看到他們表現得多好，以及他們擁有一套價值觀與文化，我認為同樣能與我們非常無縫地結合。我看得到機會。我從不對風險視而不見。我認為風險是非常可控的。而我們最主要想做的，就是把這筆交易完成交割。所以再次，Kathryn，希望這有幫助。

It doesn't. In summary, it's maybe to be said it's a little bit different, but not a whole lot different from Martin's core strategy.

沒有。總結來說，也許可以說是有一點不同，但和Martin的核心策略並沒有太大的差異。

Yeah, that's a totally fair statement. I think what people forget, we have 200 limestone quarries today. I mean, what we're talking about doing, as I said in my prepared remarks, are core fundamental things that Martin Marietta has long done and long done well. And again, if we're looking at a business that has even better margins than we've had, a business that's had wonderful pricing power, a business that has come through downturns with remarkable resilience. It's all very much what we do. I think it makes us better, and I think we can make them better.

是的，這個說法完全合理。我想大家容易忘記的是，我們目前有200座石灰岩採石場。我的意思是，我們在談要做的事情，正如我在事先準備的發言中所說，是Martin Marietta長期以來一直在做、而且一直做得很好的核心基本功。而且再說一次，如果我們看的是一個毛利率甚至比我們更好的業務、一個擁有極佳定價能力的業務、一個在景氣下行時仍展現出驚人韌性的業務。這一切都非常符合我們的做法。我認為這會讓我們變得更好，也認為我們能讓他們變得更好。

Trey Grooms, Stephens.

Trey Grooms，Stephens。

My question is on the updated guidance for the year. You're taking the revenue guide up $140 million at the midpoint, reiterating the EBITDA range. So maybe if you could discuss some of the puts and takes here. You mentioned you're layering in NFM, but any other details you could give us here around the.

我的問題是關於今年更新後的財測指引。你們把營收指引在中位數上調了1.4億美元，但重申了EBITDA區間。所以也許你們可以談談這裡面的利多與利空因素。你們提到把NFM納入，但還有沒有其他細節可以補充，關於……

I'm going to give you some early comments on that. I'll ask Mark to come back and address in more detail. So if you think about what's happening, are we seeing shipments trending toward the high end of our range? Are we seeing pricing going more toward the lower end of the range? Yes, we are, and a lot of that's explained by what we've discussed before on geographic mix, product mix, et cetera.

我先給你一些初步的說明。我會請Mark再回來更詳細地說明。所以如果你想想正在發生什麼，我們是否看到出貨量走向我們區間的高端？我們是否看到價格更偏向區間的低端？是的，我們確實如此，而其中很大一部分可由我們之前討論過的地理組合、產品組合等等來解釋。

I think the primary thing that we're doing is we're simply looking at the energy markets and we're saying, but let's not bet on that getting better in the second half of the year. And so, I think we're taking a very conservative view of the way that we're going to approach costs for the rest of the year. But I'll ask Michael to take you through the guide and give you a bit more granularity.

我認為我們主要在做的是，我們只是看著能源市場，然後說：我們不要押注它在下半年會變好。因此，我想我們對於今年剩餘時間的成本管理方式採取非常保守的看法。不過我會請Michael帶你走一遍指引，並提供更細的拆解。

Ward hit it, but in a nutshell, what we're saying is the contributions to EBITDA from New York Frontier should largely offset continued elevated diesel costs. So a bit of conservatism on the cost side. Shipments certainly trending towards the high end. In fact, year-to-date organic volumes are up 4.3%. So you should assume organic volumes certainly trending towards the high end of the original guide.

Ward已經點到了，但簡而言之，我們的意思是：New York Frontier對EBITDA的貢獻，應可在很大程度上抵消柴油成本持續偏高的影響。所以在成本端我們稍微保守一些。出貨量確實正朝區間高端走。事實上，今年迄今有機量（organic volumes）成長4.3%。所以你可以假設，有機量肯定是朝原先指引的高端趨勢發展。

On the ASP front, that's towards the low end organically. We got to the mix adjusted 4% in the quarter, but where we started the year, just mathematically, it's going to be difficult to get to the higher end even with midyears. As we're talking about midyears, what I would say is realization of those is going to be strong in both the New Frontier and Quikrete markets, so we ought to get good momentum there, A, July 1 for Quikrete, the August 1 for New Frontier. And that really is going to set up coming back January 1 in both of those markets.

在ASP方面，有機ASP偏向低端。我們本季做到經組合調整後4%，但以我們年初的起點來看，純就數學上，即使有年中調價，要達到高端也會比較困難。談到年中調價，我想說的是，在New Frontier與Quikrete市場，這些調價的落實（realization）會很強，因此我們應該能在那裡取得不錯的動能：Quikrete是7月1日，New Frontier是8月1日。而這也將為兩個市場在1月1日的回歸奠定基礎。

On the heritage business, we're also quoting work at higher rates. So as Ward mentioned in his prepared remarks, we did complete the rollout of PreciseIQ. So we have the quoting tool and the algorithm and all of our sales reps hands that targeted price in the algorithm accounts for elevated inflation. So we ought to see nice new quoted work coming through at higher ASPs.

在既有（heritage）業務方面，我們也以更高的價格在報價承攬。因此，如Ward在事先準備的發言中提到的，我們已完成PreciseIQ的全面上線。所以我們把報價工具與演算法交到所有業務代表手上；演算法中的目標價格已反映通膨居高不下。因此，我們應該會看到新的報價案以更高的ASP逐步轉化進來。

The only segment that was relatively challenged relative to mid-years and it probably doesn't come as a surprise is given what's going on in single-family residential, price increases to the ready-mix concrete segment was probably not as strong as you would see on the quoted work.

唯一相對受到挑戰、相較於年中調價表現較弱的部門，而且考量到獨棟住宅市場的情況，這大概也不令人意外，就是預拌混凝土（ready-mix concrete）部門的漲價，可能不如你在報價承攬案上看到的那麼強。

From a COGS per ton perspective, what we think, and it does get lost in a lot of the noise, is just how strong we performed year-to-date. If you just strip out external pass-through freight alone, year-to-date organic COGS is up 3%. What we said after Q1 was, hey, look, we understand diesel is elevated, but we're not changing our guide on COGS because we're pulling certain levers relative to network optimization that we think we can maintain that 3% COGS per ton guide.

從每噸COGS的角度來看，我們認為、而且在許多雜訊中容易被忽略的是，我們今年迄今的表現其實非常強。如果你只把外部轉嫁的運費（external pass-through freight）拿掉，今年迄今有機COGS只上升3%。我們在Q1之後說過：嘿，我們理解柴油價格偏高，但我們不會改變COGS指引，因為我們正在透過網路優化等方式拉動一些槓桿，我們認為可以維持每噸COGS上升3%的指引。

You certainly saw that flow through in Q2. We feel pretty good about where we sit going into Q3 and Q4 because we're starting to lap those COGS on a COGS per ton basis of last year that were relatively elevated in the second half.

你在Q2確實看到這點反映出來。我們對進入Q3與Q4時的位置感到相當有信心，因為我們開始在每噸COGS的基礎上，與去年下半年相對偏高的COGS形成比較基期（lap）。

And the last piece, I would say, is just the Specialties business. So you saw the outperformance in Q2. The beauty of that business is it's not highly seasonal. So modeling it is very straightforward. So you can almost apply that $50 million of gross profit pro rata across Q3 and Q4.

最後一塊我想提的是Specialties業務。所以你在Q2看到超預期表現。那個業務的優點在於季節性不強。因此建模非常直接。所以你幾乎可以把那5,000萬美元的毛利按比例分攤到Q3和Q4。

Hey, Trey, the one thing I'd come back on the guide and say, it's not so much a granular portion of the guide for the rest of the year. But I think it's really important to look at the guide and try to put that in context too, because again, what we're going to deliver, and we said it in the prepared remarks, this is a CAGR of 10%, notwithstanding over $0.5 billion of divestitures with EBITDA neutral at 2.5 times exiting 2021, and 2.5 times today.

嘿，Trey，關於指引我想補充一點：這不太是今年剩餘時間指引的細部拆解問題。但我認為更重要的是，也要把指引放在脈絡中來看，因為再說一次，我們將交付的成果——而我們也在事先準備的發言中提到——這是一個10%的CAGR，儘管我們已進行超過5億美元的資產剝離且對EBITDA為中性（EBITDA neutral），而我們在2021年底退出時的槓桿倍數是2.5倍，今天也同樣是2.5倍。

So I'm really very pleased and proud of the way that guide has shaped up and the way that the shaping of the portfolio has gone to put us in this type of position. So again, Trey, a lot of data, but I hope that's helpful because we said coming into this year, with the M&A that we've seen, it is confusing. You do have to go through and make sure you're teasing out what's most relevant so you can truly see how the business is performing and the business is performing very well.

因此，我對這份指引最終成形的樣貌，以及我們在投資組合塑造上的進展，能讓我們處於這樣的位置，感到非常高興也很自豪。所以再說一次，Trey，資料很多，但我希望這些有幫助，因為我們在今年一開始就說過，從我們看到的併購（M&A）來看，確實令人困惑。你必須逐一梳理並確認，把最相關的部分抽絲剝繭地挑出來，才能真正看清業務表現，而我們的業務表現非常好。

Tyler Brown, Raymond James.

Tyler Brown，Raymond James。

So there has been quite a bit of noise in aggregates pricing. And I know that '27 is still a bit away, but I was hoping that you could maybe help me out conceptually. So it feels the '26 has been impacted by geo mix, product mix, M&A dilution. But as we look to next year, shouldn't those pricing optics improve because geo and product comp out, the mid-year should have a bigger outsized impact, you've got, let's call it commercial harmonization in the acquired operations and you've got this new PreciseIQ tool that's going to be fully utilized.

骨材定價方面一直有不少雜音。我知道‘27 還有一段時間，但我希望你能在概念上幫我釐清一下。感覺‘26 受到地理組合、產品組合、以及併購稀釋的影響。但當我們看向明年時，這些定價的呈現（optics）不應該會改善嗎？因為地理與產品的可比因素會消退（comp out），年中調價會帶來更大、更加顯著的影響，你們在收購的營運中也會進行（姑且稱之為）商業條件一致化（commercial harmonization），而且這個新的 PreciseIQ 工具也會被充分運用。

So I guess, why wouldn't we see reported pricing well in excess. 4% longer-term average as we think about next year?

所以我想問的是，為什麼我們不會在明年看到報表呈現的定價，明顯高於長期平均 4%？

Thanks for the question. And look, as you were going through your bullet points and your question mark, I kept thinking, yes. I think you've got it. I mean, it's fascinating for me to look at it because, for example, if we're looking at New Frontier, which we're so happy to own, I mean, their average selling price is $12 and some change. If we're looking at the Quikrete assets, again, which we are so happy to own, their ASP is dollars per ton below our average.

謝謝你的問題。你在列出要點並提出問號的時候，我一直在想：是的。我覺得你說得沒錯。對我來說很有意思，因為例如我們看 New Frontier——我們非常高興能擁有它——他們的平均售價（ASP）是每噸 12 美元多一點。如果我們看 Quikrete 的資產——同樣我們也非常高興能擁有——他們的 ASP 則比我們的平均值每噸低了好幾美元。

And then to your point, if we think about the fact that really in Q1, what you saw was a snowless period of time in the West. And the Central Division coming out really strongly. I mean, what's really happening this year is because of the timing of a really good Q1 for portions of our business that typically are sleepy and they weren't sleepy because of weather.

再來如你所說，如果我們考慮到其實在第一季（Q1），你看到的是西部一段幾乎沒有下雪的期間。而中部分部（Central Division）表現非常強勁。今年真正發生的情況是：由於第一季時點的關係，我們部分業務出現了一個非常好的 Q1；這些業務通常在那段時間會比較淡，但因為天氣因素，它們今年並不淡。

And then to your point, new acquisitions that are also coming in and the ASPs that come with those, that creates what you rightly said is an optical headwind. So when we're looking to report it down to, frankly, that doesn't mean anything. What means something is really what's happening relative to mix-adjusted pricing, and that's why seeing that trending toward four is more important than that.

然後如你所說，新的收購也進來了，而隨之而來的 ASP 水準，確實會造成你所說的「表觀上的逆風」（optical headwind）。所以當我們把它呈現在報表上時，坦白說，那並不代表什麼。真正有意義的是相對於「經組合調整後的定價」（mix-adjusted pricing）到底發生了什麼；這也是為什麼看到它趨近 4% 比單看那個數字更重要。

Now to your other point, as we think about the setup for 2027, here's what I'm excited about. When we go into 2027, we're going to be through all the inventory issues on purchase price accounting with Quikrete. We're going to be through all the inventory issues relative to New Frontier.

至於你另一個點，當我們思考 2027 年的布局時，以下是我感到興奮的地方。當我們進入 2027 年時，我們將會把與 Quikrete 相關、因收購價格分攤會計（purchase price accounting）所造成的所有存貨議題都處理完。我們也會把與 New Frontier 相關的所有存貨議題處理完。

And part of what happens with Loast is keep in mind, they don't keep a big host of inventory. So they'll actually work through that relatively quickly, which means, to your point on pricing in 2027, should it be a pretty compelling story? I think it should. But equally, when you think about 2027, what I'm excited about is we get to come out and just give you nice, clean, unadjusted numbers, and you get to see exactly what this business is doing.

而 Loast 的情況部分在於，請記住，他們不會持有大量存貨。因此他們其實會相對快速地把這些消化掉；也就是說，回到你對 2027 年定價的問題，這會不會是一個相當有吸引力的故事？我認為會。但同樣地，談到 2027 年，我更興奮的是：我們可以出來直接給你漂亮、乾淨、未經調整的數字，讓你清楚看到這門生意到底在做什麼。

So back to your original question, yes, and yes, as you went through your bullet points. But again, I wanted to make sure that we talked about, too, what I think the balance of the setup is going into 2027. I hope that answered your question.

所以回到你最初的問題：是的，而且是的——就像你列出的那些要點一樣。但我也想確保我們同時談到我認為在邁向 2027 年時，整體布局的平衡面是什麼。希望這回答了你的問題。

Philip Ng, Jefferies.

Philip Ng，Jefferies。

Just for Q2 pricing, could you just contextualize what the different mix headwinds were and which of those you think will abate in the second half and which of those will kind of continue? Obviously, the M&A ones will continue, but any of the product in geo mix will abate in the second half.

關於第二季（Q2）的定價，你能否幫我們把不同的組合逆風做個脈絡化說明？以及你認為哪些會在下半年減弱、哪些會持續？顯然併購（M&A）相關的會持續，但產品與地理組合中，有哪些會在下半年減弱？

Yeah, happy to do that. So if you think headline was down to 400 basis points of that was acquisition mix. So the reason in the prepared remarks, we said that headline ASP impact would become more pronounced in the second half. Keep in mind, we only had 45 days of New Frontier in Q2. And as Ward just mentioned on the last question, that product is selling for $12 a ton.

可以，很樂意。如果你看表觀數字（headline），下滑的 400 個基點中，有一部分是收購組合所致。所以我們在事先準備的講稿中才會說，表觀 ASP 的影響在下半年會更為明顯。請記住，我們在 Q2 只有 45 天納入 New Frontier。而且如 Ward 在上一題提到，那個產品的售價是每噸 12 美元。

So we're going to see that continue and become more pronounced of a mixed headwind in the back half, but also, understanding that that's where we're going to get very strong realization of mid-years as well. So that brings you to organic ASP on a headline basis of 2.1% of which about 160 basis points was geo mix related.

因此我們會看到這個情況延續，並在下半年成為更明顯的組合逆風；但同時也要理解，我們也會在那段期間看到年中調價帶來非常強的落地（realization）。因此，表觀口徑下的有機 ASP 為 2.1%，其中約 160 個基點與地理組合（geo mix）相關。

And so, as we look at it, if we look same on same geo mix from this quarter to last quarter, adjusted is 3.7%, so getting close to 4% geo-mix adjusted, and that's due to the fact that our Central Division and actually what we -- the takeaway is quite compelling. We're seeing a broadening out of demand in particular with data centers, energy and infrastructure and what we often refer to as our differentiated Central Division, and that's what we mean.

所以我們這樣看：如果以同一地理組合來比較本季與上季，調整後是 3.7%，也就是地理組合調整後接近 4%；這是因為我們的中部分部，實際上——我們的重點結論相當有說服力。我們看到需求正在擴散，特別是在資料中心、能源與基礎建設領域，以及我們常稱之為具差異化的中部分部，這就是我們的意思。

Not only was it the fastest-growing volume division organically in the quarter is also the fastest growing ASP division in the quarter. So we actually think that's a tailwind, not a headwind. It's obviously a headwind to reported metrics. That volume growing at that rate, our West Division volume growing at that rate, both of which have ASPs lower than the company average but growing at a faster rate really sets up 2027 to be quite compelling from an ASP standpoint.

它不僅在本季是有機量成長最快的分部，也是本季 ASP 成長最快的分部。所以我們其實認為那是順風，而不是逆風。當然，對報表呈現的指標來說，它是逆風。但以那樣的速度成長的出貨量，加上我們西部分部出貨量也以那樣的速度成長——兩者的 ASP 都低於公司平均，但成長更快——這從 ASP 的角度來看，確實讓 2027 年的故事相當有吸引力。

But keep in mind, I mean Texas, as some others have reported, I mean that was in a pretty bad spot with weather. So that just gives you a sense of how strong the Central Division and the West Division were if we were still putting up 2.3% when our state by revenue had the type of weather impacts that it had.

但請記住，我是說，德州——如同其他一些公司所提到的——天氣狀況其實相當糟。所以這讓你感受到中部分部與西部分部有多強：即便我們按營收計最大的州遭遇那樣的天氣影響，我們仍然繳出 2.3%。

That's a good detail. And then just a quick follow up, the $350 million number that you're calling out for cash cost saves, any way to contextualize that for actual drop down to either earnings or saves on like a cost per ton basis?

這個細節很有幫助。再快速追問一下：你們提到的 3.5 億美元現金成本節省（cash cost saves），有沒有辦法把它脈絡化到實際會反映到獲利的下滑/落地幅度，或是以每噸成本節省的角度來看？

So we put it into three buckets. So think about it as OpEx, working capital, in particular inventory and CapEx, sustaining CapEx as the three buckets of cash opportunity. We quantified what we've already delivered year-to-date. Just on inventory and CapEx alone, so you can get to that pretty quickly and the cash flow statement.

我們把它分成三個桶（buckets）。把它想成三類現金機會：營運費用（OpEx）、營運資金（working capital）——特別是存貨——以及資本支出（CapEx），也就是維持性資本支出（sustaining CapEx）。我們也量化了截至目前（year-to-date）已經交付的成果。光是存貨與 CapEx 這兩項，你就能很快在現金流量表上對得起來。

If you think about our CapEx guide for the year, it's nearly or a little over $200 million down from where it was exiting 2025. So that gives you a sense where CapEx will be of that $350 million number. We did not quantify the OpEx P&L direct piece just yet, except to say, hey, look, we just delivered 2.1% organic COGS per ton growth in the quarter with nearly a $20 million energy headwind.

如果你回頭看我們今年的資本支出（CapEx）指引，與 2025 年底退出時相比，幾乎或略高於減少了 2 億美元。因此，這能讓你對資本支出在 3.5 億美元這個數字中的位置有個概念。我們目前尚未量化營業費用（OpEx）在損益表（P&L）中直接反映的部分，只能說，我們本季在接近 2,000 萬美元能源逆風的情況下，已交出每噸有機 COGS 成長 2.1%。

So that gives you a sense without that energy headwind, we're starting to talk about organic COGS per ton as flat in the current inflationary environment. So the best way to back into a number there would just assume an inflation rate, subtract what we're printing and multiply it by the tons.

所以這也讓你理解：如果沒有那個能源逆風，在目前的通膨環境下，我們開始可以談每噸有機 COGS 大致持平。因此，倒推該數字的最佳方式，就是假設一個通膨率，減去我們目前呈現的數字，然後乘上噸數。

I would add a bit more color to that. I would say, number one, we're anticipating that $350 million at least in our minds today as an exiting '27 number just to contextualize it for you. Look, I think before then we're going to come back and probably adjust that for you and not adjust it down. I think we'll likely be adjusting that up.

我再補充一些背景。第一，我們目前心中預期的 3.5 億美元，至少是以 2027 年退出時的數字來看，先幫你做個情境化。我認為在那之前我們會再回來、可能會替你調整這個數字，而且不會往下調。我想我們更可能會往上調。

The other thing as we think about CapEx, and of course, Mike was talking about the heritage business or the going forward business in those numbers. Something that we're really pleased with as we've gotten to see even more of LNA is how well that business has been invested in. We are not anticipating that it's going to be a business that's going to be a significant outsized consumer of CapEx.

另外，當我們思考資本支出時，當然 Mike 談到那些數字中包含傳統既有業務或未來持續經營的業務。我們很高興的一點是，隨著我們看到更多 LNA 的情況，發現那個業務的投資做得非常到位。我們不預期它會是一個顯著、超比例消耗資本支出的業務。

And candidly, that's different than you would find in most circumstances because it's more typical when you buy a business that an owner might have gone relatively light on CapEx for a period of time leading up to the sale. That's not what we found in that business. So again, some building blocks for you to put some context to the $350 million number, please.

坦白說，這與多數情況不同，因為通常你收購一家公司時，原股東在出售前一段時間可能會相對減少資本支出。但我們在那個業務上並沒有看到這種情況。所以，再次提供一些組成要素，讓你能把 3.5 億美元這個數字放在脈絡中理解。

Timna Tanners, Wells Fargo.

Timna Tanners，富國銀行。

I wanted to ask first off, a clarification question on the magnesia guidance, the magnesia specialty segment guidance because of the comment from Michael on the run rate that implies the full year number could be closer to that $200 million to annualize the $50 million performance in Q2.

我想先問一個關於氧化鎂（magnesia）指引的釐清問題，特別是氧化鎂特種產品（specialty）部門的指引，因為 Michael 提到的 run rate（運行水準）暗示，若把第二季 5,000 萬美元的表現年化，全年數字可能更接近 2 億美元。

And then I know we made it this far without talking about the weather, but I thought I might bring it up and ask if you can quantify the hit to Q2. And any guidance on the weather impact potential for Q3 because so far, I guess, continuing to see pretty heavy rains. Thanks.

另外，我知道我們一路講到現在都還沒談天氣，但我想把它提出來，想問你們能否量化第二季受到的影響。以及對第三季天氣可能影響的任何指引，因為到目前為止，我想仍持續看到相當大的降雨。謝謝。

Thank you, Timna. On the Specialties business, of course, we have year-to-date already. You saw the $50 million and thereabouts you can probably plug in $50 million for. Q3 and Q4, so that's not a bad modeling assumption.

謝謝你，Timna。關於特種產品業務，當然我們目前已經有年初至今的數字。你看到的 5,000 萬美元左右，基本上你可以在第三季和第四季各先假設 5,000 萬美元左右，所以這樣的建模假設不算差。

On the weather, yeah, the Southeast, I wouldn't say on a comp basis to prior year, it was notably impacted. In fact, in certain portions of North Carolina, we were in a drought until we got to July. Texas was most impacted by weather in Q2.

至於天氣，是的，東南部若以與去年同期相比，我不會說受到特別明顯的影響。事實上，北卡羅來納州某些地區一直到 7 月之前都還在乾旱。第二季受天氣影響最大的是德州。

And what's good about that is a couple of things. One, all of those projects were pushed out, so they're starting to pick up certainly the megaprojects into the second half. And those megaprojects have certain escalators in them, so they reprice as you start to ship. So that's actually a nice tailwind moving into the second half.

而這件事的好處有幾點。第一，這些專案都被往後推，所以在下半年開始回升，尤其是那些大型專案（megaprojects）。而那些大型專案有特定的調價機制（escalators），因此當你開始出貨時會重新定價。所以這其實會成為下半年一個不錯的順風。

What I would say is July shipment trends, notwithstanding. It's probably rained every single day in North Carolina in the month of July. Daily shipment trends in July are very supportive of ARGOT.

我想說的是，先不論 7 月的出貨趨勢如何。北卡羅來納州在 7 月幾乎每天都在下雨。7 月的每日出貨趨勢對 ARGOT 非常有利。

So, Timna, coming back to it, look, I think the bigger issue relative to winter is we really didn't have major hurricane activity last year. And the fact is we try not to talk about weather as much as possible because it's outside and we just have to manage through it. And what we've seen is we manage through it really quite well. And to your point, was the Southwest pretty wet in Q2? Yes, it was. And is Texas our single largest revenue profit state, et cetera? Yes, it is.

所以，Timna，回到你的問題，我認為相較於冬季，更大的議題是去年我們其實沒有出現重大的颶風活動。而事實是，我們盡可能不談天氣，因為那是外部因素，我們只能設法管理並度過。而我們看到的是，我們確實把它管理得很好。而如你所說，西南部在第二季是不是很潮濕？是的。而德州是不是我們單一最大營收、獲利的州等等？是的。

But here's something I'll say too. You know what's going to be great in helping stabilize some of those wet soils? A whole lot of lime. And so we're actually seeing some nice upsides in what we think will allow us even to manage weather differently going forward. So I hope that helps you.

但我也要再說一點。你知道什麼能很好地幫助穩定那些濕軟的土壤嗎？大量的石灰。因此，我們其實看到一些不錯的上行空間，我們認為這甚至能讓我們未來以不同方式來管理天氣影響。希望這能回答你的問題。

Angel Castillo, Morgan Stanley.

Angel Castillo，摩根士丹利。

I guess maybe I wanted to hear more about how backlog and quoting activity has been converting to actual awards that you guys have been working on right now, particularly on the private and commercial side. And on top of that, are you seeing any pull forward or any push out behavior from any of the private customers just to assess like the current private demand market right now this year?

我想也許我想多聽一些，關於你們目前正在推進的案子中，積壓訂單（backlog）與報價活動（quoting activity）是如何轉換成實際得標（awards）的，特別是在民間與商業端。另外，今年在目前的民間需求市場下，你們是否看到任何民間客戶有提前拉貨（pull forward）或延後推遲（push out）的行為？我想藉此評估目前的民間需求狀況。

No, we're not seeing anything pushed off right now. We're seeing work just continue to flow through very nicely. I mean, if we're looking particularly on the private side and what's happening, of course, there's not that much happening on [RES] right now. So if we think about what the show really looks like, it's twofold, right? It's what's going on relative to infrastructure that's very constructive, and we don't see that changing.

沒有，我們目前沒有看到任何被推遲。我們看到工作量持續非常順暢地流入。我的意思是，如果我們特別看民間端以及正在發生的事情，當然目前在 [RES] 方面並沒有太多動靜。所以如果我們思考整體局面，其實是兩個面向，對吧？一是基礎建設相關的進展非常正向，我們不認為這會改變。

And it's what's going on relative to heavy non-res, and we continue to see the bidding, we can see the work, we see the backlog there, very attractive, and if we're looking at data centers in our world, they're up 90% if we're looking at power in our world, it's up 23%. And keep in mind, that's going to continue to chase the data centers for a while.

二是重型非住宅（heavy non-res）相關的進展，我們持續看到投標活動，我們看得到工作量，也看到那裡的積壓訂單，非常有吸引力；如果看我們世界裡的資料中心，成長了 90%；如果看我們世界裡的電力（power），成長了 23%。而且請記住，電力建設還會追著資料中心的需求跑一段時間。

So you would expect the data centers to be up more on a percentage basis and power to be somewhere behind that but growing. And we mentioned in the last couple of quarters that we continue to see good activity and increasing activity in warehousing. And we're seeing that year-to-date up 53%.

所以你會預期資料中心在百分比上會成長得更多，而電力會落後一些但仍在成長。我們在過去幾季也提到，我們持續看到倉儲（warehousing）有良好且增加中的活動。而我們看到年初至今成長了 53%。

And again, that's not on any base that feels overbuilt at all. And part of what I outlined in my prepared remarks is the percentage of that type of activity that's within a very close geographic proximity of a Martin Marietta location. So again, Esther, I hope that answered your question specifically.

而且再次強調，這並不是建立在任何讓人覺得已經過度建置的基礎之上。我在事先準備的發言中也提到，其中一部分是這類活動有相當高的比例，位於距離 Martin Marietta 據點非常近的地理範圍內。所以，Esther，再次希望這有具體回答你的問題。

Steven Fisher, UBS.

Steven Fisher，瑞銀（UBS）。

I just wanted to level set the pricing expectation for Q3. Compared to that 3.7% mix adjusted price in Q2, are we thinking that it's a little bit lower than that or just to kind of frame that if you could. And then really interesting to hear you're able to deliver those flat COGS after adjusting for the fuel and energy. I know Mike has said there's some comps that were a factor and you had some network optimization.

我只是想先把第三季（Q3）的定價預期校準一下。相較於第二季（Q2）3.7%的組合調整後價格，我們認為會比那個稍微低一些嗎？或是如果你能幫我們框定一下也可以。另外也很有意思聽到你們在扣除燃料與能源影響後，仍能做到銷貨成本（COGS）持平。我知道 Mike 曾提到有一些比較基期（comps）因素，而且你們也做了一些網路優化。

Can you just give us a sense of what some of the key actions that you took to get to that flat in this broader inflationary environment and is that sustainable in the second half?

你能否讓我們了解一下，在這個更廣泛的通膨環境下，你們採取了哪些關鍵行動來達到持平？而且這在下半年是否可持續？

Let me start with COGS because I think some of these data points by COGS category on the organic business are quite compelling. So if you look at labor per ton, that was down year over year. You look at repairs, contract services and other plant costs, production overhead, et cetera, all down.

我先從銷貨成本（COGS）談起，因為我認為按 COGS 類別來看，有機業務的一些數據點相當有說服力。如果你看每噸人工成本（labor per ton），年對年是下降的。再看維修、外包服務與其他廠務成本、生產製造費用（production overhead）等等，也都是下降的。

Really, if you look at line items, the only line items that were up year over year on a per-time basis were either energy directly or energy-derived, call it internal rail freight to terminals. So that's the type of cost performance that we saw. Some of it is network optimization certainly flowing through from some of those early markets that we put that into place.

實際上，如果你看各個明細項目，唯一按每噸基礎年對年上升的項目，要嘛是直接能源成本，要嘛是能源衍生成本，例如內部鐵路運費運到終端（internal rail freight to terminals）。所以這就是我們看到的成本表現。其中一部分當然是網路優化的成果，從我們在一些早期市場導入後逐步反映出來。

Others was just really good cost control and starting to lap some of those comps exactly as we said when we came into the year. We said Q1 was going to be a difficult cost comp, and then they got notably easier as we rolled through the balance of the year. You started to see that really in Q2.

其他部分則是非常好的成本控管，以及如同我們年初所說，開始跨過那些比較基期（comps）。我們說過第一季（Q1）的成本比較會很困難，之後隨著年度推進會明顯變得更容易。你們在第二季（Q2）已經開始真正看到這點。

On the ASP, organic ASP, yeah, look, we feel confident in the remaining quarters of our organic ASP guide starting to be in that mid-singles ZIP code. That being said, on a headline basis, given that we have New Frontier rolling through for the full back half, the reported and headline number is going to be notably lower than where it was for Q2 since we only had 45 days in that.

至於 ASP（平均售價），有機 ASP 方面，是的，你看，我們對於接下來幾季有機 ASP 指引落在「中個位數」區間仍有信心。但話說回來，在表觀（headline）口徑下，因為 New Frontier 在下半年完整併入，已揭露與表觀數字會明顯低於第二季（Q2），因為第二季我們只併入了 45 天。

But we'll continue to break out the acquisition mix to ASP. We'll be transparent about that so that you can see the true underlying performance of the business. But as Ward mentioned, just aggregates gross profit itself is going to be much cleaner in the back half, notwithstanding New Frontier impacts because all of the fair market value step-up is largely behind us, both for Quikrete and most of it for New Frontier.

但我們會持續把併購組合對 ASP 的影響拆分揭露。我們會在這方面保持透明，讓你能看到業務真正的底層表現。不過如 Ward 所提到的，下半年骨材（aggregates）毛利本身的彙總數字會乾淨很多；即便有 New Frontier 的影響，因為公允市價調增（fair market value step-up）大多已經過去了，Quikrete 的部分已大致結束，而 New Frontier 也大部分已結束。

We have some residual impacts here in July and maybe a little into August, and then the rest of the year is just clean reported aggregates gross profit.

我們在 7 月還會有一些殘餘影響，可能 8 月也會有一點，之後今年剩下的時間就是乾淨的、已揭露的骨材毛利。

Steven, the other thing that I think is so important to say again because I can't underscore enough. There's opportunity in the fact that the ASPs and those acquired businesses are where they are. So if you're looking at reported, again, it's an optimal headwind. If you're looking at what the opportunity set is, it's pretty significant.

Steven，另外一點我覺得非常重要，需要再說一次，因為我再怎麼強調都不為過。機會在於那些併購業務的 ASP 目前所處的位置。所以如果你看已揭露口徑，這再次是一個不利因素（headwind）。但如果你看機會集合（opportunity set），其實相當可觀。

It is 50% below the company average, to put it in perspective.

為了讓你有個概念，它比公司平均水準低了 50%。

Michael Dudas, Vertical Research Partners.

Michael Dudas，Vertical Research Partners。

Ward, wouldn't want to have a call in without you maybe sharing a little bit more insight on what might happen in Washington. Then it's been pretty quiet. They've been very busy on other things, so it seems like consensus is a CR is upon us. Your sense that something gets done before December 31?

Ward，如果電話會議沒有聽你多分享一點對華盛頓可能發生什麼事的看法，就不像一場完整的電話會議了。最近相當安靜。他們忙著處理其他事情，所以看起來市場共識是臨時撥款決議（CR）即將到來。你覺得在 12 月 31 日之前能把事情做完嗎？

Well, you're right. It would just be wrong not to have this conversation on an earnings call. So I appreciate the question so much. You always got my back. I'm grateful. So look, I mean, just to level set up where we are, obviously, the House Committee has come out with Bill 250. Approximately $580 billion over five years, right? So that's going to be roughly 300, let's call it $80 billion of guaranteed funding.

嗯，你說得對。在財報電話會議上不談這個反而不對。所以我非常感謝這個問題。你總是挺我。我很感激。那麼，先把現況校準一下：很明顯，眾議院委員會已提出第 250 號法案（Bill 250）。五年約 5,800 億美元，對吧？所以大概會有 300——我們就說約 800 億美元的保證資金（guaranteed funding）。

To your point, the Senate continues to develop its legislation. We haven't seen any text come out of that yet. I think simply given that -- I think it's just pragmatic to view that we're going to get a short-term extension. I think what's important is I haven't found the policymaker in either the House or the Senate who's not focused on maintaining the program continuity while preserving whatever time they need to negotiate a more broad multi-year arrangement.

如你所說，參議院仍在制定其立法內容。我們還沒看到任何條文文本釋出。我認為，基於現實考量，務實的看法是我們會先拿到一個短期延長。我覺得重要的是，我在眾議院或參議院都還沒遇到哪位政策制定者不把「維持計畫連續性」當作重點，同時保留他們所需的時間去談判一個更廣泛的多年期安排。

Do I think we'll end up with something before year end? The short answer is yeah, I think we probably will. Do I think it's likely to be something that from a structure perspective is more geared toward highways, bridges, roads and streets? Yeah, I think it is.

我認為年底前會有結果嗎？簡短答案是會，我覺得很可能會。我認為從結構上看，會更偏向高速公路、橋梁、道路與街道嗎？是的，我認為會。

If we look at what Senator Capito has said, who's clearly leading EPW, and that is she doesn't want to take anything that feels like a step backward on what we've seen from IIJA, I think she's really committed to that. So do I think they'll have something in place by September 30? No, I don't. Do I think there'll be a pretty significant push to get something in place by December 31? The answer is yeah, I think they probably will.

如果我們看 Capito 參議員的說法——她顯然在主導 EPW——她表示不想做任何看起來像是相較於我們從《IIJA》看到的內容有所倒退的事情，我認為她對此非常堅持。所以我認為他們會在 9 月 30 日前把東西定案嗎？不，我不這麼認為。我認為他們會在 12 月 31 日前大力推動把事情定案嗎？答案是會，我覺得他們很可能會。

And do I think that causes any degree of disruptions this year or heading into next year? No, I don't think it does. If we go back over time and just look at the way this process that's highly imperfect by nature typically works. This is pretty standard fare.

那我認為這會在今年或進入明年造成任何程度的干擾嗎？不，我不認為會。如果我們回顧過去，只要看看這個本質上高度不完美的流程通常如何運作。這其實是相當標準的情況。

So I think we're going to end up in a perfectly good spot and have that most aggregates intensive portion of our business that tends to be you've heard me describe it before is the ballast and the boat. It's never something that pops aggregates way up or takes them down. It just makes it good and steady for the biggest piece of our business. I think that works very nicely going into 2027.

所以我認為我們最後會落在一個相當好的位置，並且讓我們業務中最「骨材密集」的那一塊——你們以前聽我形容過——就像船的壓艙物（ballast）。它不會讓骨材業務突然大幅上升或下滑。它只是讓我們最大的一塊業務保持良好且穩定。我認為這對邁向 2027 年非常有利。

So thank you for the question. I hope that answered it.

所以謝謝你的問題。希望我有回答到。

Ivan Yee, Wolfe Research.

Ivan Yee，Wolfe Research。

Wanted to go back to M&A and we heard some concerns -- potential concerns about the low loss deal. While you're digesting such a large acquisition, does this mean Martin is perhaps out of the running for any future core aggregates acquisitions in the near to medium term? And I just want to see how does this acquisition change your future M&A strategy at all?

我想回到併購（M&A）話題，我們也聽到一些疑慮——對於低損耗交易（low loss deal）的潛在疑慮。在你們消化這麼大型的併購之際，這是否意味著 Martin 在短到中期內可能不會再競逐任何未來核心骨材（core aggregates）併購案？另外我也想了解，這筆併購是否會改變你們未來的併購策略？

Ivan, thanks for the question. I really appreciate it. The short answer is it really doesn't. The fact is with the coast-to-coast footprint that we have now, in many respects, the aggregate transactions that we anticipate seeing the most of are nice, steady, consistent, bolt-on aggregate transactions.

Ivan，謝謝你的提問。我非常感謝。簡短的答案是：其實並不會。事實是，以我們目前橫跨全美的佈局來看，在許多方面，我們預期最常見的整體交易將會是良好、穩定、持續的附加式整體（aggregates）交易。

And if you think about the way that we structured LNA relative to cash and relative to equity, we did that very purposefully. And we did that in large measure so we could continue to underscore to the agribusinesses with whom we're engaged. We're very interested in your business. We're focused on that, and we're in a position that we can move thoughtfully forward with you.

如果你回想我們在現金與股權之間如何設計 LNA 的結構，那是非常有意為之。我們這麼做在很大程度上是為了持續向我們正在合作的農業企業強調：我們對你們的業務非常有興趣。我們專注於此，而且我們也具備條件，能與你們一起審慎地向前推進。

And the other thing that Michael and our team have done very well is communicate with great clarity to the rating agencies as well. So we do not see losing our investment-grade credit rating. We will continue to be an aggregates-led business. So keep in mind what we've done. We've taken up the specialty side of the house. The two different arms of the business. One was the magnesia arm, the other was the Lime arm, and we've made both of those leaders in the United States.

另外，Michael 和我們的團隊也做得非常好的一點，是以非常清晰的方式與信評機構溝通。因此，我們不認為會失去投資級信用評等。我們將持續以骨材（aggregates）為主導的業務。所以請記住我們做了什麼。我們把公司的特種業務（Specialties）做大。業務有兩個不同的部門。一個是菱鎂礦（magnesia）部門，另一個是石灰（Lime）部門，而我們已讓這兩個部門都成為美國的領導者。

And we will see nice deleveraging over the next 24 months that will not get in the way materially towards us sticking to our knitting that's on the aggregate side. And what we'll see over time is the Specialties business will simply serve to further what we're doing on the aggregate side, I think in a pretty significant material and attractive way. So Ivan, I hope that helped.

未來 24 個月我們將看到良好的去槓桿（deleveraging），而這不會在實質上妨礙我們持續專注於骨材業務、堅守本業。而隨著時間推移，特種業務將只是用來進一步強化我們在骨材端所做的事情，我認為會以相當顯著、實質且具吸引力的方式。所以 Ivan，希望這對你有幫助。

Garrett Greenblatt, JP Morgan.

Garrett Greenblatt，摩根大通（JP Morgan）。

This may be part of the $350 million of additional cash generation you called out earlier, but can you give an update on the pilot program you started in Denver at the end of last year, the progress you've seen year-to-date within that particular market and any additional markets you plan on rolling that out to?

這可能是你先前提到的額外 3.5 億美元現金創造的一部分，但你能否更新一下你們在去年底於丹佛啟動的試點計畫、今年迄今在該市場看到的進展，以及你們計畫將其推廣到哪些其他市場？

What you're saying is exactly right. So we basically took what happened in Denver, we've used that as the prototype and pilot for what we're doing on the $350 million. Keep in mind, based on what we've seen so far, really, the $200 million that we've already put really to bed on that has been twofold, right? It's been relative to what's happened on inventory, what's happened on CapEx.

你說得完全正確。所以我們基本上把丹佛發生的事情，作為我們推動那 3.5 億美元計畫的原型與試點。請記住，根據目前為止我們看到的情況，我們已經基本落實的 2 億美元主要來自兩個方面，對吧？一是庫存的變化，二是資本支出（CapEx）的變化。

What it hasn't fully taken into account yet is what this network optimization can look like. And that's going to clearly be a primary focus of our division presence, who are being led very capably by Chris Samborski. And keep in mind, Chris was in large measure the architect of what we did in Colorado. So we would take what we did in Colorado, implement that same playbook, do it on a larger basis.

但目前尚未完全納入考量的是，這種網路最佳化（network optimization）可能呈現的樣貌。而這顯然將成為我們各事業部據點的主要重點，並由 Chris Samborski 非常稱職地領導。請記住，Chris 在很大程度上是我們在科羅拉多所做工作的設計者。因此，我們會把在科羅拉多所做的事情，依同樣的作戰手冊加以落地，並以更大規模推行。

And that was in part what I was referencing before, but do I feel. Like we're probably going to come back to you in the fullness of time and say, look, that $350 million that we talked about exiting 2027, we can probably refine that and most likely take that number up. I'd be surprised if we didn't.

這也部分是我先前所提到的，但我是否覺得——隨著時間推進，我們很可能會回過頭來跟你說：你看，我們談到在 2027 年底達到的 3.5 億美元，我們大概可以再精煉，而且很可能把這個數字往上調。如果我們沒有，我反而會感到意外。

But again, I hope that gives you a sense of where we are in Colorado, how we've parlayed that into the balance of the organization, and even as we've done that so far, where we've made. We're taking some ground and where we have more to go.

不過，再次希望這能讓你了解我們在科羅拉多的進度、我們如何把那套做法延伸到組織的其他部分，以及即便到目前為止我們已經這麼做了，我們在哪些地方取得進展。我們正在攻城掠地，也還有更多路要走。

And that concludes our question-and-answer session. I will now turn the conference back over to Mr. Ward Nye for closing remarks.

問答環節到此結束。我現在把電話會議交回給 Ward Nye 先生作結語。

Abby, thank you, and thank you all for joining today's earnings conference call. As we look ahead, we're confident in Martin Marietta's long-term growth prospects. Through the continued evolution of our portfolio and disciplined allocation of capital, we're expanding our participation in attractive growth markets while further enhancing the resilience of our business.

Abby，謝謝你，也謝謝各位參加今天的財報電話會議。展望未來，我們對 Martin Marietta 的長期成長前景充滿信心。透過持續演進我們的投資組合以及嚴謹的資本配置，我們正在擴大在具吸引力的成長市場中的參與度，同時進一步提升我們業務的韌性。

At the same time, our teams are strengthening Martin Marietta every day, building an increasingly differentiated company with a broader set of opportunities and a stronger foundation for the future. Guided by a culture of safety, stewardship, and disciplined execution, we believe Martin Marietta is well-positioned for its next phase of growth and to continue creating enduring value for our shareholders.

同時，我們的團隊每天都在強化 Martin Marietta，打造一家差異化程度日益提高的公司，擁有更廣泛的機會組合，以及更強健的未來基礎。在安全、盡責管理（stewardship）與嚴謹執行的文化引導下，我們相信 Martin Marietta 已為下一階段的成長做好準備，並將持續為股東創造長期價值。

We look forward to sharing our third quarter 2026 results in the fall. As always, we're available for any follow-up questions. Thank you again for your time and continued support of Martin Marietta.

我們期待在秋季分享 2026 年第三季的業績。一如既往，我們也隨時可就任何後續問題提供回覆。再次感謝各位的時間，以及對 Martin Marietta 的持續支持。

And ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束，感謝各位的參與。您現在可以掛線。