渥肯建材 (VMC) 2025 Q3 法說會逐字稿

Good morning, everyone. Welcome to the Vulcan Materials Company third-quarter 2025 earnings call. My name is Bo, and I will be your conference call coordinator today. Please be reminded that today's call is being recorded and will be available for replay after today's call later today on the company's website. (Operator Instructions)

各位早安。歡迎參加 Vulcan Materials 公司 2025 年第三季財報電話會議。我叫博，今天我將擔任你們的電話會議協調員。請注意，今天的電話會議正在錄音，稍後將在公司網站上提供回放。（操作說明）

Now I will turn the call over to your host, Mr. Mark Warren, Vice President of Investor Relations for Vulcan Materials. Please go ahead, sir.

現在我將把電話交給主持人，Vulcan Materials 投資者關係副總裁 Mark Warren 先生。請繼續，先生。

Thank you, operator. Joining me today are Tom Hill, Chairman and CEO; Ronnie Pruitt, Chief Operating Officer; and Mary Andrews Carlisle, Senior Vice President and Chief Financial Officer.

謝謝接線生。今天與我一同出席的有：董事長兼執行長湯姆·希爾；營運長羅尼·普魯伊特；以及高級副總裁兼財務長瑪麗·安德魯斯·卡萊爾。

Today's call is accompanied by a press release and a supplemental presentation posted to our website, vulcanmaterials.com. Please be advised that today's discussion may include forward-looking statements which are subject to risks and uncertainties.

本次電話會議附帶新聞稿和補充演示文稿，已發佈在我們的網站 vulcanmaterials.com 上。請注意，今天的討論可能包含前瞻性陳述，這些陳述受風險和不確定性因素的影響。

These risks, along with other legal disclaimers, are described in detail in the company's earnings release and in other filings with the Securities and Exchange Commission. Reconciliations of non-GAAP financial measures are defined and reconciled in our earnings release, supplemental presentation and other SEC filings. During the Q&A, we ask that you limit your participation to one question. This will allow us to accommodate as many as possible during our time we have available.

這些風險以及其他法律免責聲明，在公司的獲利報告和提交給美國證券交易委員會的其他文件中均有詳細描述。非GAAP財務指標的調節表已在我們的獲利報告、補充說明和其他提交給美國證券交易委員會的文件中進行了定義和調節。在問答環節，我們要求每位參與者只提出一個問題。這樣我們就能在有限的時間內接待盡可能多的客人。

And with that, I'll turn the call over to Tom.

那麼，我就把電話交給湯姆了。

Thank you, Mark, and thank all of you for joining our call this morning. Mary Andrews and I are happy to have Ronnie joining us today as we discuss the third-quarter results and what lies ahead for the remainder of 2025 and moving into 2026. The third-quarter financial results clearly demonstrate the consistent solid execution of our teams across the footprint. Gross margin and unit profitability expanded in each segment and adjusted EBITDA margin expanded 310 basis points. Adjusted EBITDA of $735 million improved 27% compared to the prior year.

謝謝你，馬克，也謝謝各位今天上午參加我們的電話會議。今天，我和瑪麗·安德魯斯很高興羅尼能加入我們，一起討論第三季業績以及2025年剩餘時間和2026年的發展計畫。第三季財務表現清楚地表明，我們各個業務部門的團隊都保持了持續穩健的執行力。各業務部門的毛利率和單位獲利能力均有所提高，調整後的 EBITDA 利潤率提高了 310 個基點。調整後的 EBITDA 為 7.35 億美元，比上年增長 27%。

Thankfully, this year, we were not confronted with the same extreme weather events as the prior year. Aggregates shipments increased 12% in the quarter, resulting in 3% higher shipments on a year-to-date basis. Aggregates cash gross profit per ton grew 9% in the quarter through a combination of commercial and operational execution. As anticipated, the prior year acquisitions and a higher percentage of base shipments contributed to 150 basis points of mix headwinds in our aggregate freight-adjusted selling price. Mix-adjusted pricing improved 5% in the quarter and 7% on a year-to-date basis.

值得慶幸的是，今年我們沒有遇到像去年那樣的極端天氣事件。本季骨材出貨量成長了 12%，使得今年迄今的出貨量成長了 3%。本季骨材每噸現金毛利成長了 9%，這得益於商業和營運執行的共同努力。正如預期的那樣，上一年的收購和較高的基礎出貨量比例導致我們經運費調整後的總售價出現了 150 個基點的不利因素。經產品組合調整後的價格在本季上漲了 5%，年初至今上漲了 7%。

Our volume of operating efforts continue to benefit our cost performance. Aggregates freight-adjusted unit cash cost of sales was 2% lower than the prior year in the third quarter. I'm proud of the way our operators are adopting new tools and disciplines to drive plant efficiencies. And I'm excited about the runway ahead for continued profitability improvements, especially as private demand recovers. Currently, strong momentum continues in public construction activity.

我們的營運規模持續提升，進而有利於我們的成本效益。第三季度，經運費調整後的單位銷售現金成本比去年同期下降了 2%。我為我們的操作員採用新工具和新方法來提高工廠效率的方式感到自豪。我對未來獲利能力持續提升的前景感到興奮，尤其是在私人需求復甦的情況下。目前，公共建設活動仍保持強勁勢頭。

The private nonresidential end use is improving while residential demand remains weak. Since there has been little relief and affordability to date, single-family housing starts and permits continue to decelerate across most US markets. With our leading footprint, we are confident we are in the right markets to benefit from an eventual single-family residential recovery.

私人非住宅終端用途正在改善，而住宅需求仍然疲軟。由於迄今幾乎沒有緩解措施和提高住房可負擔性，美國大部分市場的獨棟住宅開工量和許可證發放量繼續放緩。憑藉我們領先的市場佈局，我們有信心進入正確的市場，從而受益於單戶住宅市場的最終復甦。

In multifamily residential and use, current data is more varied across geographies. Some states are already showing growth in starts, which should begin to help offset weakness in single-family activity. Private nonresidential construction activity is improving. Overall starts in our markets are positive on a trailing six-month basis.

在多戶住宅和使用方面，目前的數據在不同地區之間差異較大。一些州的房屋開工量已經出現成長，這應該有助於抵消獨棟住宅活動的疲軟。非住宅私人建築活動正在改善。從過去六個月的數據來看，我們市場的整體開工情況為正。

Data center activity remains robust with approximately 60 million square feet under construction and another 140 million square feet proposed and in the planning stages. Nearly 80% of data center projects in the planning stage are within 30 miles of a Vulcan operation. For both data centers and large project opportunities like LNG, which are also gaining momentum, Vulcan is in the right markets and well positioned to supply these projects and help create value for our customers.

資料中心活動依然強勁，目前約有 6,000 萬平方英尺正在興建中，另有 1.4 億平方英尺正在規劃或計畫中。近 80% 處於規劃階段的資料中心專案都位於 Vulcan 營運地點 30 英里範圍內。對於資料中心和液化天然氣等大型專案機會（這些機會也正在蓬勃發展），Vulcan 已進入正確的市場，並處於有利地位，可以為這些專案提供供應，並幫助我們的客戶創造價值。

The same is true on the public side. Growth in public contract awards in our markets continue to outpace other markets. Trailing 12 months awards were up 17% year over year in our footprint. And importantly, there's a long tail to public strength since approximately 60% of the IIJA funds are still yet to be spent. Given shipment trends year-to-date, coupled with the demand I just described, we now anticipate full-year shipments to increase approximately 3%, yielding full-year adjusted EBITDA of $2.35 billion to $2.45 billion, a 17% increase over the prior year at midpoint.

公眾方面的情況也是如此。我們市場的公共合約授予成長速度持續超過其他市場。過去 12 個月，我們業務範圍內的獎項數量年增了 17%。而且重要的是，公共實力還有很長的路要走，因為大約 60% 的 IIJA 資金尚未支出。鑑於今年迄今的出貨趨勢，加上我剛才所描述的需求，我們現在預計全年出貨量將成長約 3%，全年調整後 EBITDA 將達到 23.5 億美元至 24.5 億美元，比去年同期成長 17%。

Now I'll turn the call over to Ronnie to discuss our continued execution of our aggregates-led two-pronged growth strategy, Ronnie?

現在我將把電話交給羅尼，讓他來討論我們繼續執行以骨材為主導的雙管齊下成長策略，羅尼？

Thank you, Tom, and good morning. Over the last 24 months as Chief Operating Officer, I've been highly focused on growing the profitability of our existing business in addition to shaping our portfolio for optimal future growth. In the third quarter, our trailing 12 months aggregates cash gross profit per ton was $11.51, 27% higher than just two years ago. Our commitment to the Vulcan Way of selling and the Vulcan Way of Operating has supported this growth. Our organic growth, coupled with disciplined M&A and portfolio management positions us well to continue compounding results and creating value for shareholders.

謝謝你，湯姆，早安。在過去 24 個月擔任營運長期間，我一直高度專注於提高現有業務的獲利能力，同時致力於優化我們的業務組合，以實現未來最佳成長。第三季度，我們過去 12 個月的累積現金毛利為每噸 11.51 美元，比兩年前增加了 27%。我們對 Vulcan 銷售方式和 Vulcan 營運方式的堅持，為此成長提供了支持。我們的內生成長，加上嚴謹的併購和投資組合管理，使我們能夠繼續取得持續的績效成長，並為股東創造價值。

In early October, we completed the disposition of our asphalt and construction services assets. We believe that these downstream positions that we strategically built over time are now more valuable to the acquirers than to us, and we will redeploy the proceeds into attractive growth opportunities in the future.

10月初，我們完成了瀝青和建築服務資產的處置。我們相信，我們多年來策略性地建立的這些下游地位，現在對收購方來說比對我們更有價值，我們將把所得資金重新投入到未來有吸引力的成長機會中。

I'll now pass the call to Mary Andrews to provide some additional details on our financial results and capital allocation before we share some of our preliminary views about next year.

現在我將把電話交給瑪麗·安德魯斯，讓她提供一些關於我們財務表現和資本配置的更多細節，然後再分享我們對明年的一些初步看法。

Thanks, Ronnie, and good morning. The aggregates unit profitability improvement that Ronnie and our division teams are driving each day is foundational to our cash generation, overall growth and return on invested capital. Over the last 12 months, our free cash flow has increased by 31% to over $1 billion, and our conversion is 94%.

謝謝你，羅尼，早安。Ronnie 和我們各部門團隊每天努力提高單位總獲利能力，這對我們的現金流量、整體成長和投資報酬率至關重要。過去 12 個月，我們的自由現金流成長了 31%，超過 10 億美元，轉換率為 94%。

Complementing our free cash flow with incremental debt of $1 billion, we have grown our franchise through over $2 billion of acquisitions and returned approximately $300 million to shareholders through dividends and share repurchases, all while maintaining our adjusted EBITDA leverage ratio, just below our targeted range of 2 to 2.5 times and improving our return on invested capital by 40 basis points. We are poised for additional profitable growth.

我們透過新增 10 億美元的債務來補充自由現金流，並透過超過 20 億美元的收購擴大了我們的特許經營權，並透過股息和股票回購向股東返還了約 3 億美元，同時將調整後的 EBITDA 槓桿率保持在略低於 2 至 2.5 倍的目標範圍，並將投資資本收益提高了 40 個回報率基點。我們已做好準備，迎接進一步的獲利成長。

We also continue to prioritize reinvesting in our franchise. Year-to-date, we have deployed $442 million towards maintenance and growth capital expenditures and plan to spend approximately $700 million for the full year. Our trailing 12 months SAG expenses were $566 million and consistent with the prior year's trailing 12 months as a percentage of revenue at 7.2%. We are pleased with the results our investments in technology and talent are yielding in the business.

我們將繼續優先考慮對特許經營業務進行再投資。今年迄今為止，我們已投入 4.42 億美元用於維護和成長資本支出，並計劃全年投入約 7 億美元。過去 12 個月，我們的 SAG 支出為 5.66 億美元，與前一年過去 12 個月的收入百分比一致，為 7.2%。我們對公司在技術和人才方面的投資所取得的成果感到滿意。

I'll now turn the call back over to Ronnie to provide some preliminary thoughts on 2026 before Tom makes some closing remarks.

現在我將把電話交還給羅尼，讓他就 2026 年發表一些初步看法，之後湯姆將作總結發言。

Thank you, Mary, Andrews. Tom shared earlier our views on the current demand environment, and we anticipate those trends to continue into next year. Consistent growth in public improving private non-res and lingering softness in residential. Overall, we expect organic shipments to return to growth in 2026 and improved modestly year over year. We also anticipate mid-single-digit pricing improvement. We will maintain our focus on efficiency gains and cost discipline through our Vulcan Way of Operating efforts to continue to deliver expansion in aggregate cash gross profit per ton that exceeds historical averages.

謝謝你，瑪麗，安德魯斯。Tom 先前分享了我們對當前需求環境的看法，我們預計這些趨勢將持續到明年。公共領域持續成長，改善私人非住宅市場，而住宅市場持續疲軟。總體而言，我們預計有機產品出貨量將在 2026 年恢復成長，並逐年小幅成長。我們也預計價格將有中等個位數的改善。我們將繼續專注於提高效率和控製成本，透過我們的 Vulcan 營運方式，持續提高每噸總現金毛利，使其超過歷史平均水準。

Before I turn the call back over to Tom, I would like to express my gratitude for the opportunity to lead this organization and leverage the strong foundation Tom has built over the last decade. He has cultivated a culture of continuous improvement and created meaningful value for our shareholders. I'm excited about what lies ahead, and I'm confident Vulcan Materials will continue to deliver.

在將電話轉回給湯姆之前，我想表達我對有機會領導這個組織並利用湯姆在過去十年中建立的強大基礎的感激之情。他創造了持續改進的企業文化，並為股東創造了有意義的價值。我對未來充滿期待，並相信 Vulcan Materials 將繼續取得成功。

Tom, back over to you.

湯姆，該你上場了。

Thank you, Ronnie. I want to thank all the men and women of Vulcan Materials for living out the Vulcan Way each and every day, doing the right thing, the right way at the right time. Our safety and financial performance are evidence of their commitment to excellence and to continuous improvement. We are ready to finish the year strong and to continue our long track record of durable growth as we move into 2026.

謝謝你，羅尼。我要感謝 Vulcan Materials 的所有員工，感謝他們每天都實踐 Vulcan 之道，在正確的時間以正確的方式做正確的事。我們的安全表現和財務表現證明了他們對卓越和持續改進的承諾。我們已做好準備，以強勁的勢頭結束今年，並延續我們長期以來持續增長的良好記錄，邁入 2026 年。

And now, Mary Andrews, Ronnie and I will be happy to take your questions.

現在，瑪麗安德魯斯、羅尼和我將樂意回答大家的問題。

(Operator Instructions) Trey Grooms, Stephens.

（操作說明）Trey Grooms，Stephens。

First, I want to say congratulations, Ronnie, on your new role, well deserved and also to Tom, it's been a pleasure working with you over the last several years, and we wish you the best on your next chapter. And I guess with that, Ronnie, maybe if you could, highlight some of your top priorities that you have for the Vulcan Materials team here as you take the reins and transition into your new position?

首先，我要祝賀羅尼榮升新職，這是你應得的；同時，我也要祝賀湯姆，過去幾年與你共事非常愉快，祝你在人生的下一個階段一切順利。羅尼，我想說的是，在你接管 Vulcan Materials 團隊並過渡到新職位之際，你能不能重點介紹你最重視的幾項工作？

Sure. Thanks, Trey, for the question. First and foremost, I'm going to continue to build on the culture that Tom has grown through his leadership of Vulcan. And our culture is based on safety is our foundation and our people own and drive our results. Our strategic approach will continue to focus on enhancing our core through Vulcan Way of Operating and Vulcan Way of Selling. And strategically, we'll continue to expand our reach through disciplined aggregate-centric acquisitions as well as greenfield initiatives that are going to continue to complement our aggregate leading positions in our network.

當然。謝謝 Trey 的提問。首先，我將繼續發揚湯姆在領導 Vulcan 期間所建立的企業文化。我們的企業文化以安全為基石，員工是公司績效的主人翁和驅動力。我們的策略方針將繼續專注於透過 Vulcan 營運方式和 Vulcan 銷售方式來增強我們的核心競爭力。從策略上講，我們將繼續透過有條不紊的以骨材為中心的收購以及全新的項目來擴大我們的業務範圍，這些舉措將繼續鞏固我們在骨材領域的領先地位。

Tyler Brown, Raymond James.

泰勒布朗，雷蒙德詹姆斯。

First off, congrats, Ronnie. Congrats, Tom. But hey, this quarter's volumes were obviously great, benefited obviously for some pretty cold weather. We have the wake stone comp. But you guys are guiding kind of towards the low end for the full year. Can you just talk about the trends into Q4? What's kind of driving towards the low end there? And then I appreciate the look on '26. But when you say modest improvement, can you put a finer point there, maybe talk about some of the puts and takes in, call it, the three big end markets?

首先，恭喜你，羅尼。恭喜你，湯姆。但是，本季銷量顯然非常出色，顯然得益於寒冷的天氣。我們有喚醒石比賽。但你們的預測似乎更偏向全年低端水準。能談談第四季的發展趨勢嗎？是什麼因素導致了低端市場的出現？然後，我很欣賞 '26' 的外觀。但您說的是小幅改善，能否更具體地說明一下，例如談談三大終端市場的一些買賣情況？

Yeah. I think you got to look back a little bit at the third quarter before we go to Q4. Weather definitely cooperated in the third quarter. Volumes were up obviously double digit. But the big jump in volume was a combination of pent-up demand from the first half of the year, easy comps from last year and then, importantly, strong and growing public demand and improving nonresidential demand.

是的。我認為在進入第四季之前，我們需要稍微回顧一下第三季的情況。第三季天氣確實很配合。成交量明顯實現了兩位數的成長。但銷售量大幅成長是多種因素共同作用的結果，包括上半年積壓的需求、去年同期較低的可比性，以及至關重要的強勁且不斷增長的公共需求和非住宅需求的改善。

Now Q4 weather last year was very good. So tough comps in Q4. We predict 3% volume growth for the full year. With the exception of single-family construction, we see demand in other sectors getting better. I would tell you that October supported the full-year guide of 3%.

去年第四季的天氣非常好。第四季競爭非常激烈。我們預測全年銷量將成長3%。除了獨棟住宅建設之外，我們看到其他行業的需求都在改善。我可以告訴你，10 月的業績支持了全年 3% 的業績目標。

But Ronnie, why don't you talk a little bit about '26.

但是羅尼，為什麼不談談 1926 年的事呢？

Yeah, Tom, thanks. As Tom said, I think single-family will continue to be challenging until we get some of the affordability issues behind us. Public is quite strong. And as we look into public into 2026, we'll continue to see improved funding. And I think the more mature DOT execution from the states to get that money put in play. On the private non-res side, our starts have been positive in our markets for the previous six months. And as we look internally, our bidding activity, our bookings and our backlog really support demand growth as we go into next year.

是啊，湯姆，謝謝。正如湯姆所說，我認為在解決一些住房負擔能力問題之前，獨棟住宅仍將面臨挑戰。公眾力量相當強大。展望 2026 年，我們將繼續看到公共資金的改善。我認為各州較成熟的交通部執行機制能夠更好地將資金投入使用。在私人非住宅方面，過去六個月我們市場的開工情況一直良好。從內部來看，我們的投標活動、預訂量和積壓訂單都實際支撐了明年的需求成長。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

Congrats to you both on your new roles moving forward. I wanted to ask just on the pricing, both the growth in the quarter and your confidence in the outlook in '26 that ticked down sequentially. Is there anything specific driving that? And how should we think about pricing a little bit more detail into 2026?

恭喜你們兩位履新！我只想問一下定價方面的問題，包括本季的成長情況以及您對 2026 年前景的信心（該信心環比下降）。有什麼具體原因導致這種情況嗎？那我們應該如何更詳細地考慮 2026 年的定價呢？

I would call pricing as expected, 5% -- 150 basis points of mix in there, which we talked about last quarter. Obviously, acquisitions have been a drag on prices, but pricing in those markets continues to improve, I'd call it as planned. But in the quarter, we had 20% more base driven by really good highway work in data centers. And while base is lower price, it's also lower cost, so we kept our unit margin momentum.

我會稱定價符合預期，其中包含 5% 到 150 個基點的組合，這是我們上個季度討論過的。顯然，收購對價格造成了拖累，但這些市場的定價仍在持續改善，我認為這符合預期。但本季度，由於資料中心高速公路建設的出色工作，我們的基數增加了 20%。雖然基本款價格較低，但成本也較低，因此我們維持了單位利潤率的成長動能。

I'm very pleased with our ability to take that price to the bottom line and then some, as you saw costs go down in the quarter. And looking forward, I think growing highway demand and improvements in nonres will support higher prices and unit margins in '26.

我非常高興我們能夠將成本降到最低，甚至更低，正如你所看到的，本季成本有所下降。展望未來，我認為高速公路需求的成長和非住宅需求的改善將支撐 2026 年更高的房價和單位利潤率。

But Ronnie, why don't you talk a little bit about '26.

但是羅尼，為什麼不談談 1926 年的事呢？

Yeah, Tom is correct. I mean, improving demand in public and private nonres will definitely support 2026 pricing. We sent out our letters in September for effective January 1. So we're in the middle of having those conversations now. I've been encouraged with those conversations, and that's really around the fixed plant, 40% of our business.

是的，湯姆說得對。我的意思是，公共和私人非住宅需求的改善肯定會支撐 2026 年的定價。我們已於9月份寄出信函，生效日期為1月1日。所以我們現在正在進行這些對話。這些對話讓我備受鼓舞，而這主要圍繞著固定工廠展開，占我們業務的 40%。

On the bid work, our trailing three-month backlog prices are showing acceleration and most of that work will ship in next year. And so still work to be done. But this, coupled with our operating performance, should still provide us with continued superior unit margin growth over historical norms.

在投標工作方面，我們過去三個月的積壓訂單價格顯示出加速上漲的趨勢，而且大部分訂單將在明年交付。所以還有很多工作要做。但是，再加上我們的經營業績，應該仍能使我們的單位利潤率持續高於歷史平均。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

This is Andrew on for Brian. I had a question about the unit cost down 2% in the quarter. How much of that was Vulcan Way of Operating versus lower inflation versus volume benefits? And then additionally, as you're looking at next year, do you have any preliminary thoughts on how you're thinking about inflation or the cost piece into 2026 following such a phenomenal year this year?

這裡是安德魯替布萊恩報道。我有一個關於本季單位成本下降 2% 的問題。其中有多少是 Vulcan 營運方式帶來的效益，又有多少是通貨膨脹降低所帶來的效益，還有多少是銷售成長帶來的效益？此外，展望明年，在經歷瞭如此輝煌的一年之後，您對2026年的通貨膨脹或成本問題有什麼初步想法嗎？

Yeah. Short answer, we've got no relief on inflation. I mean, no prices have come down. They're not going up as fast. But I would really point it to the Vulcan Way of Operating, if you look at the whole year. I'm very pleased with our operators' performance in our 2025 cost. In the quarter and the year, we're seeing improved operating efficiencies, but still early innings of Vulcan Way of Operating.

是的。簡而言之，我們沒有得到任何緩解通膨的措施。我的意思是，價格並沒有下降。它們的上漲速度沒有那麼快。但如果你縱觀全年，我會把矛頭指向瓦肯人的行事方式。我對我們業者在2025年成本方面的表現非常滿意。從季度和年度來看，我們的營運效率有所提高，但 Vulcan 的營運方式仍處於早期階段。

And remember, in the first half of the year, we had weather issues. We had volume issues that actually hurt costs. But Ronnie and his team were still able to keep the cost down. In Q3, we probably had some tailwinds from efficiencies, volume and more base sales.

別忘了，今年上半年我們遇到了天氣問題。我們遇到了銷售問題，這實際上增加了成本。但羅尼和他的團隊仍然能夠控製成本。第三季度，我們可能會受惠於效率提升、銷售成長和基礎銷售增加等利多因素。

I think Ronnie and his operators have worked very hard with the Vulcan Way of Operating and he should be pleased with this performance.

我認為羅尼和他的隊員們在瓦肯式操作方法方面付出了很多努力，他應該對這樣的表現感到滿意。

Yeah. Thanks, Tom. I know our operators will appreciate those comments. First and foremost, our safety performance is really good and it's continuing to improve. And so when I look at our disciplines and our investment in technology, they're working. And that's the Vulcan Way of Operating.

是的。謝謝你，湯姆。我知道我們的操作員會感謝這些評論。首先，我們的安全表現非常出色，而且還在持續進步。所以，當我審視我們的學科設置和對技術的投入時，我發現它們是有效的。這就是瓦肯人的行事方式。

There's still improvement ahead, and so we'll continue to focus on those disciplines as we get into '26. But I've got confidence in our people and our processes and our disciplines and our technology. And I think it will be exciting to watch the Vulcan Way of Operating as we continue to go. Selling and as far as -- and our disciplines, I mean, our technology as well as growing our margins, and I think our margin growth will continue to be even more dependable in the future.

未來還有進步空間，因此我們將繼續專注於這些領域，直到 2026 年。但我對我們的人員、流程、紀律和技術充滿信心。我認為，隨著我們繼續前進，觀察瓦肯人的行事方式將會是一件令人興奮的事情。銷售方面，就我們的紀律而言——我的意思是，我們的技術以及利潤率的成長，我認為我們的利潤率成長在未來會更加可靠。

Anthony Pettinari, Citi.

安東尼佩蒂納裡，花旗銀行。

This is Asher Sohnen on for Anthony. Congratulations all around. You guys talked about stronger backlogs, but I was wondering if you could maybe walk through some of your key geographies and what you're seeing there, like on an individual or a regional basis.

這是阿舍·索恩替安東尼發言。恭喜大家！你們談到了積壓案件增多的問題，但我很想知道你們能否詳細介紹一下你們的一些重點地區以及你們在那裡看到的情況，例如從個人或區域的角度來分析。

Yeah. Actually, it's pretty widespread. I can't think of any that are down at this point. Probably the healthiest is going to be the Southeast, which is a benefit for us because that's probably where the higher unit margins are. But we've really seen a turn in the nonres side of the business, data centers have helped that, and really strong growth in public demand. And I think that growth continues to accelerate for the next two or three years. So a good story. Obviously, single-family is still a drag for us and probably will be for a while. Hopefully, that turns next year. But in the meantime, the other sectors are taken up for that.

是的。事實上，這種情況相當普遍。我目前想不出有哪家公司倒閉了。東南部的市場狀況可能最為健康，這對我們來說是個好消息，因為那裡的單位利潤率可能更高。但我們已經看到非住宅業務方面出現了真正的轉變，數據中心對此起到了推動作用，公共需求也實現了強勁增長。我認為未來兩三年內，這種成長動能還會繼續加速。真是個好故事。顯然，獨棟住宅對我們來說仍然很麻煩，而且這種情況可能會持續一段時間。希望明年情況會有所好轉。但同時，其他產業也承擔了這項工作。

Kathryn Thompson, Thompson Research Group.

Kathryn Thompson，Thompson 研究小組。

First off, Tom, it's been a pleasure working with you over the years. Look forward to keeping up with you and Ronnie. We go back a couple of companies and congratulations on starting in CEO role in January. So looking forward, you did a great job of shaping our portfolio as was highlighted in the quarter you just reported.

湯姆，首先，這些年來與你共事非常愉快。期待與你和羅尼繼續保持聯繫。我們回顧了之前的幾家公司，並祝賀您於一月開始擔任執行長一職。展望未來，正如您在剛發布的季度報告中所強調的那樣，您在建立我們的投資組合方面做得非常出色。

How are you thinking about what fits in your portfolio? And maybe what may not or who may be a better owner? And can you approach it from thinking about from either a product type, which was we saw this quarter, or a geographic focus? And just maybe thinking bigger picture about how you're thinking about that portfolio shaping going forward.

您是如何考慮哪些內容適合納入您的作品集的？或許什麼情況可能不適用，或誰可能是更適合的擁有者？您可以從產品類型（就像我們本季看到的那樣）或地理重點的角度來考慮這個問題嗎？或許可以從更宏觀的角度思考一下，你未來該如何建構你的投資組合。

This is Ronnie. I'll take that question. I continue to be really pleased with the downstream business that we have. In the asphalt business, those businesses are really heavily influenced by the public funding and the strength in public funding. And so we're going to continue to focus on, one, safety as well as our financial performance.

這是羅尼。我來回答這個問題。我對我們的下游業務仍然非常滿意。在瀝青產業，這些企業確實深受公共資金及其實力的影響。因此，我們將繼續關注兩方面：一是安全，二是財務表現。

And we talk about the concrete and the divestiture that we announced this week. I mean, that's our strategy. And we said early on when we bought Superior that we were going to evaluate that business and we would decide whether that was a business that we wanted to be in long term. We continue to see challenges on the private side in California. And so we thought the acquirers, it was a business that was going to be more valuable to them.

讓我們來談談本周宣布的具體事項和資產剝離計劃。我的意思是，這就是我們的策略。我們收購 Superior 之初就說過，我們會對這項業務進行評估，並決定是否要長期從事這項業務。我們持續看到加州私人領域面臨挑戰。因此我們認為，對於收購方來說，這是一家更有價值的企業。

I'll remind you that since the acquisition of US Concrete, we now only have a couple of plants left in the Virginia D.C. area that are integrated with very successful Vulcan legacy concrete business, but we've also retained all those aggregates. So it complements our strategy of being aggregate led, and we're going to keep the expertise of both the asphalt and the concrete business. So if those businesses, as we look in the future and M&A presents those to us, we're not scared of that. But it's going to continue to be aggregate led. And I think that's our strategy, and you'll see us continue to be focused heavily on those aggregate-led businesses.

我提醒各位，自從收購美國混凝土公司以來，我們在弗吉尼亞州和華盛頓特區地區只剩下幾家工廠，這些工廠與非常成功的 Vulcan 傳統混凝土業務相結合，但我們也保留了所有這些骨料。因此，這與我們以骨材為主導的策略相輔相成，我們將保留瀝青和混凝土業務的專業知識。所以，展望未來，如果併購交易出現，我們不害怕這些企業。但這仍將以聚合反應為主導。我認為這就是我們的策略，你會看到我們將繼續專注於那些以骨材為主導的業務。

Phil Ng, Jefferies.

Phil Ng，傑富瑞集團。

This is Jesse on for Phil. Congrats to Tom and Ronnie. Just real quick on M&A. Can you just kind of help us how you're thinking about the pipeline? You obviously will have quite a bit of dry powder given where your leverage is and post the divestitures. Just any geographies that you're particularly targeting?

這裡是傑西，替菲爾報道。恭喜湯姆和羅尼。簡單談談併購。能簡單介紹一下您對這條管道的設想嗎？鑑於你目前的談判地位以及資產剝離後的情況，你顯然會手握相當多的可用資金。你們特別關注哪些地區？

Yeah, this is Ronnie. I would tell you, one, we have a number of greenfields that are still in process. And greenfields for us is a strategy of growth. It takes time. Those will be timed with both market-driven as well as the timing of permits. And so we still have that going.

是的，這是羅尼。我想告訴你，第一，我們還有一些正在開發中的綠地專案。對我們來說，開發綠地是一種成長策略。這需要時間。這些措施的實施時間將取決於市場需求以及許可證的發放時間。所以，我們仍然在做這件事。

When we talk about M&A opportunities, it's been a quiet year. We continue to have a really good list of targets out there. But the timing of those targets are really driven twofold, one by the seller in their readiness and then also by the market conditions.

談到併購機會，今年可謂風平浪靜。我們仍然有很多非常優秀的潛在目標可供選擇。但這些目標的達成時間其實受兩方面因素驅動，一是賣方的準備情況，二是市場狀況。

And so I would tell you, M&A this year is not surprising to us. We knew through some of the uncertainties with tariffs and other pauses in the interest rates that M&A was going to be paused, but I can assure you that we're still very active. We have a really strong list, and those M&A opportunities are going to continue to be aggregate led.

所以，我可以告訴你，今年的併購活動對我們來說並不令人意外。我們知道，由於關稅和其他利率暫停帶來的不確定性，併購活動將會暫停，但我可以向你保證，我們仍然非常活躍。我們擁有非常強大的候選名單，而這些併購機會將繼續以整體收購為主。

Keith Hughes, Truist.

Keith Hughes，Truist。

Congratulations on a tremendous run here. I do have a question for Ronnie. You had talked about '26 kind of from a high level of continuing this just wonderful run of cash gross profit per [time]. Just from a general level, from what you know today in the market, will we see something similar to the last couple of years with the numbers you've been putting up, and what could potentially take that higher?

恭喜你在這裡取得如此輝煌的成績。我有個問題想問羅尼。您之前談到過“26”，從高層角度來看，要延續這種令人欣喜的現金流和毛利成長勢頭。[時間]。從整體來看，根據你目前對市場的了解，我們會看到類似過去幾年你所發表的數據那樣的成長嗎？什麼因素有可能使成長進一步提高？

What was the last part of that, Keith?

基思，最後那部分是什麼？

And what would take it get higher? What kind of things would you need to see, something that would set even better than what we've seen in the last couple of years?

什麼因素會讓它更高？你希望看到什麼樣的事情，才能比過去幾年我們看到的更好？

Look, we're coming off three years of muted demand in our markets. And so what we've been able to accomplish over the last three years, we're growing our cash gross profit has been twofold. One, the inflationary stuff helped our pricing early on. And this year, we've had some momentum on the cost side of our business. And so as we said earlier, demand is going to help.

你看，我們的市場已經連續三年需求低迷了。因此，在過去的三年裡，我們取得了顯著的成就，現金毛利翻了一番。第一，通貨膨脹因素在早期對我們的定價有幫助。今年，我們在業務成本控制方面取得了一些進展。正如我們之前所說，需求將起到幫助作用。

Some recovery in demand is going to help our pricing story. And when we look forward to that, but the Vulcan Way of Operating and Vulcan Way of Selling both support that from a cost side as well as the commercial side. And so I would tell you, as I said earlier in my comments, I think our cash gross profit will continue above historical norms and I think both sides of it, the cost and the commercial efforts, will play a role into that, but some demand will definitely help the pricing side of our story.

需求的復甦將有助於我們更好地闡述定價策略。當我們展望未來時，Vulcan 的營運方式和 Vulcan 的銷售方式都從成本和商業角度支持這一點。因此，正如我之前在評論中所說，我認為我們的現金毛利將繼續高於歷史平均水平，我認為成本和商業努力這兩個方面都會對此產生影響，但一定的需求肯定會有助於我們的定價。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼，D.A.戴維森。

Congrats to all the team as well. I guess a two-part question, I guess, just in terms of thinking about that mid-single-digit price growth in 2026. Part of the question is just that, is that consistent with the annual price increases you're planning for next year?

也祝賀整個團隊。我想這個問題可以分成兩部分，就考慮2026年中位數個位數的價格成長而言。問題的一部分就在於，這是否與您計劃明年實施的年度價格上漲計劃一致？

And then the other thing I was wondering is just around that, how much sort of volume you bring into 2026 from acquisitions that sort of, lack of a better word, underpriced than you're pushing towards that Vulcan Way of Selling?

我還想知道，到 2026 年，你透過收購（姑且這麼說吧）獲得的成交量會有多少，而你正在努力實現的「瓦肯式銷售」價格卻低於預期？

Yeah. I would tell you the [5.5%] to mid-single digit is a combination of what we're seeing both with our backlog as we go into the year. So our bidding work, which accounts for about 60% as well as the announced letters that we have out with our fixed plants, which is about 40% of our business. And so those conversations, like I said, are happening now. Those letters were sent out in September.

是的。我會告訴你，5.5% 到個位數百分比的增長，是我們看到的積壓訂單數量和年初至今訂單量增長情況的綜合結果。因此，我們的投標工作約佔 60%，而我們向固定工廠發出的公告函約占我們業務的 40%。所以，就像我剛才說的，這些對話現在正在進行中。這些信件是在九月寄出的。

Those fixed plant increases will go into effect in January. When I look overall at how that is going to shape up, I think our backlog, and I said on a trailing three months, our bookings prices have been accelerating. And so it's a combination of that bid work and what opportunity we're seeing, especially around the private nonres side as well as we still need some help on single family. And so I feel good about our pricing going into next year. I think there's opportunities on both sides on the public and private side.

這些固定工廠的增產措施將於1月生效。從整體來看，我認為我們的積壓訂單，正如我過去三個月所說，我們的預訂價格一直在加速上漲。因此，這取決於投標工作和我們看到的機會，尤其是在私人非住宅方面，同時我們仍然需要在獨棟住宅方面獲得一些幫助。因此，我對我們明年的定價策略感到樂觀。我認為公共部門和私營部門都存在機會。

But that's where we're at. And I think those conversations are going well. As far as acquired volumes, I think it's about 10 million tons of acquired volume coming out of last year, which was both Wake and Superior. And so as we've said before, it's taken us time. We're on that campaign. It's going as expected as far as North Carolina goes. And so I would anticipate that gap being made up with our normal Vulcan markets and what we're seeing in Raleigh, that gap will continue to be made up over the next 12 months.

但這就是我們目前的處境。我認為這些對話進展順利。就收購量而言，我認為去年收購量約為 1,000 萬噸，其中包括 Wake 和 Superior 兩個油田。正如我們之前所說，這需要時間。我們正在參與這項活動。就北卡羅來納州而言，一切都在預期之中。因此，我預計這一缺口將透過我們正常的 Vulcan 市場以及我們在羅利看到的情況來彌補，這一缺口將在未來 12 個月內繼續得到彌補。

Steven Fisher, UBS.

史蒂文費雪，瑞銀集團。

Congrats, Tom and Ronnie. Just first a clarification. Have you changed your pricing expectation for the full year of 2025? I'm not sure if I missed that. And then on volumes, the 1% reduction, is that basically just single-family? And within your '26 outlook, are you starting -- if it is single-family affecting '25, do you assume that -- sort of that's still a drag in the first part of '26 and then a more accelerating part of the second half? I know it's still early, but just curious how you're seeing those dynamics.

恭喜湯姆和羅尼。首先需要澄清一點。您是否調整了對2025年全年的定價預期？我不確定我是否錯過了這一點。那麼，就銷量而言，1% 的降幅，基本上只指獨棟住宅嗎？在你的 2026 年展望中，如果 2025 年受到單戶住宅的影響，你是否認為 2026 年上半年仍然會受到拖累，然後在下半年加速成長？我知道現在下結論還為時過早，但我只是好奇你是如何看待這些動態的。

Yeah. So on pricing, I would call it fourth quarter probably very similar to third quarter as we continue to enjoy the big base volumes. Like I said, while they are at lower price, they're also at lower cost and very good margins. So happy to have that work with the data centers and the big highway work. If you look at nonres going forward, I think it continues to grow. Public is very good. I think we probably see headwinds from res for a while, but it probably starting to bottom sometime in '26.

是的。所以就定價而言，我認為第四季可能與第三季非常相似，因為我們繼續享受較大的基數。正如我所說，雖然它們的價格較低，但成本也較低，利潤空間非常大。很高興能參與資料中心和大型高速公路的建設工作。展望未來，我認為非房地產市場將持續成長。公眾素質很高。我認為我們可能會在一段時間內受到水資源方面的不利影響，但這種情況可能會在 2026 年的某個時候開始觸底。

Angel Castillo, Morgan Stanley.

安吉爾‧卡斯蒂略，摩根士丹利。

Ronnie, Tom, I echo everyone's congratulations and well wishes and looking forward to working with you, Ronnie. Maybe just regarding your quoting activity and projects pipeline, the acceleration you talked about, I was wondering if you could kind of dive a little deeper into that. Maybe just kind of as a starting point, just putting a finer point on the magnitude of what you saw in October versus perhaps 3Q levels? I know you've given kind of the last few months, but just if you could split that up. And then maybe if you could expand also just on what's driving or what you think is driving the acceleration here in activity.

羅尼、湯姆，我向大家表示祝賀和美好的祝愿，羅尼，期待與你共事。關於您的報價活動和專案流程，以及您提到的加速發展，我想請您更深入地探討一下。或許可以把它當作一個起點，更精確地說明一下你在 10 月看到的情況與第三季的水平相比有多麼嚴重？我知道你過去幾個月付出了很多，但如果你能把這些時間分成幾段就好了。然後，您能否再詳細說明是什麼因素在推動或您認為是什麼因素在推動這種活動加速成長？

The reason I ask is because I feel like we've kind of heard about project backlogs and quoting activity being robust the last couple of years and conversion rates and delays shipments have disappointed a little bit. So trying to understand, I guess, what gives us confidence that something has changed that will result in kind of the letting of projects moving faster. And within private, if you could expand a bit more like, is that -- are you seeing it happen outside of data centers and semiconductors as well? Or is it primarily just those two?

我這麼問是因為我覺得過去幾年我們聽到了很多關於專案積壓和報價活動強勁的消息，但轉換率和出貨延遲卻有點令人失望。所以，我想，我們試著了解是什麼讓我們確信某些方面已經發生了變化，從而導致專案推進速度加快。在私人領域，如果您能再詳細說說，您是否也看到這種情況發生在資料中心和半導體產業之外？還是主要就只有這兩個人？

Yeah. So look, we talked some in the first part of the year about pricing projects and then kind of getting postponed or pushed to pause button. We're not seeing that anymore. In fact, we've seen a lot of those projects actually go at supporting growth in our backlog. If we put it in our backlog, we're pretty sure it's going to happen.

是的。所以你看，今年上半年我們討論了一些專案定價的問題，然後這些專案就被推遲或暫停了。我們現在看不到這種情況了。事實上，我們已經看到很多這樣的項目最終都用於支持我們積壓訂單的成長。如果我們把它列入待辦事項清單，我們幾乎可以肯定它一定會實現。

It's very rare that once we put them in there, the projects don't go. So I have very good confidence that our backlog will be shipped and that growth will support growth as we look at 2026. I think that if you look forward, I think the nonresidential continues to grow.

一旦我們把專案放進去，專案就停滯不前的情況非常罕見。因此，我對我們積壓的訂單能夠按時交付，並且展望 2026 年，成長將支撐成長充滿信心。我認為展望未來，非住宅市場將持續成長。

Ronnie, why don't you talk a little bit about volume drivers in '26 and the momentum we carry into that?

羅尼，為什麼不談談 2026 年的銷售驅動因素以及我們延續到那時的勢頭呢？

Yeah. I mean, when I look at starts on the private nonres side, as Thomas said, in Vulcan-served markets, in September, on a trailing six month, we're up 7%, trailing three we're up 8%. And so that momentum continues. As I look at the subsegments of our private non-res, office data, stores and warehouses, institutional are all up. And our quoting activity and our bidding are on the same trajectory. And so as we look at it, I mean, there is a lot of data center work out there.

是的。我的意思是，正如托馬斯所說，當我查看私人非住宅方面的開工情況時，在 Vulcan 服務的市場中，9 月份，過去六個月的增長率為 7%，過去三個月的增長率為 8%。於是，這種勢頭得以延續。當我查看我們私人非住宅、辦公室資料、商店和倉庫、機構等細分市場時，發現所有細分市場都在成長。我們的報價活動和投標活動也朝著同一方向發展。所以從我們的角度來看，我的意思是，資料中心的工作機會很多。

And that subcategory itself is up 26%. But we've also booked two LNG projects. We booked a couple of manufacturing projects. We booked some retail. And so it's a combination. Data centers has definitely been a very good tailwind for us. But there's other sectors within the private nonres that also give us confidence as we look in 2026.

而該子類別本身也成長了 26%。但我們也預定了兩個液化天然氣項目。我們接了幾個製造項目。我們預訂了一些零售商品。所以這是一種組合。資料中心無疑地為我們帶來了極大的助力。但展望 2026 年，私人非房地產領域的其他一些方面也讓我們充滿信心。

Yeah. I would tell you that I think that as Ronnie, Mary Andrews, as we all look at '26, pretty good confidence we'll see volume growth. The public side -- I think I can't tell you how strong the public side is. It's very, very good. We've seen the turn. We think in nonres, data centers is bigger than what we thought it was going to be. We think warehouses is now probably turning to growth in most of our markets. So as we talk a lot about single-family, it's still a headwind, but I think it continues to probably -- it will get better as we march through next year. So I think our confidence level, that's pretty good.

是的。我想說的是，我認為，就像 Ronnie 和 Mary Andrews 一樣，當我們展望 2026 年時，我們都非常有信心會看到銷量成長。公眾方面－我覺得我無法告訴你公眾方面有多強大。非常好。我們已經看到了轉機。我們認為，在非住宅領域，資料中心的規模比我們預想的要大得多。我們認為，在我們的大多數市場中，倉儲業現在可能正在轉向成長。所以，儘管我們經常談到獨棟住宅，但它仍然是一個不利因素，但我認為隨著我們邁入明年，情況可能會繼續好轉。所以我覺得我們的信心程度相當不錯。

David MacGregor, Longbow Research.

David MacGregor，Longbow Research。

This is Joe Nolan on for David. Congrats on a nice quarter. I was just hearing on public infrastructure, slide 5 shows a nice acceleration in contract awards. I was just hoping you could break it down in some of your key markets and give any detail on how fiscal year '26 DOT budgets look there?

這裡是喬諾蘭替大衛報道。恭喜你本季業績出色。我剛才在聽關於公共基礎設施的會議，第 5 張幻燈片顯示合約授予數量出現了明顯的增長。我只是希望您能針對您的一些主要市場進行細分，並詳細說明一下2026財政年度交通部的預算狀況？

Yeah. I would tell you, in our markets, it's very widespread. The public side, I can't underscore it, it's good and getting better. Remember, we're in year four of IIJA and it took two years to really get that started, which frustrated everyone, including us, but as expected. So now we're seeing the state DOTs mature into substantially increased federal and state funding.

是的。我可以告訴你，在我們的市場中，這種情況非常普遍。公眾方面，我必須強調，它很好，而且還在不斷好轉。請記住，IIJA 已經進入第四年了，而真正啟動這個計畫花了兩年時間，這讓包括我們自己在內的所有人都感到沮喪，但也在意料之中。現在我們看到各州交通部門正在逐步發展，並獲得大幅增加的聯邦和州政府資金。

All of our -- the best -- our top 10 DOTs are all up for fiscal year '26. Trailing 12-month highway starts, as we said, are up 17% in Vulcan states and 5% in other states. So we are aware the DOTs are growing. I think simply put, the DOTs are putting that money to work now and they continue to get better at it. And remember, only 40% of the IIJA funds have been spent. So there's a long tail to this past '26.

我們所有——最好的——我們排名前 10 的 DOT 都已入選 2026 財年。正如我們所說，過去 12 個月的高速公路開工量在 Vulcan 州增長了 17%，在其他州增長了 5%。所以我們知道DOT正在增長。簡而言之，我認為交通部現在正在有效利用這筆資金，而且他們在這方面做得越來越好。請記住，IIJA 的資金只用了 40%。所以，2026 年的這一系列事件還有很長的後續影響。

Yeah. And I think, as Tom said, those funds will carry us well into '26 and '27 and beyond. And I would tell you there's three rules around reauthorization: One, it never happens on time; two, it will happen; and three, it's historically always been larger than the bill before. And so we're anticipating that. We think public will continue to remain strong. And if you think about the infrastructure of the country, we still got a lot of work to do. And so we're happy with where we're at on the public side, and we think it's going to continue strong in the future.

是的。正如湯姆所說，我認為這些資金將足以支撐我們到 2026 年、2027 年以及更遠的未來。我會告訴你，關於重新授權有三條規則：第一，它永遠不會按時完成；第二，它一定會完成；第三，從歷史上看，它總是比之前的法案規模更大。所以我們正在預料到這種情況。我們認為公眾情緒將持續保持強勁。而從國家的基礎建設來看，我們還有很多工作要做。因此，我們對目前在公眾領域的發展狀況感到滿意，並且我們認為未來將繼續保持強勁勢頭。

Michael Dudas, Vertical Research.

邁克爾·杜達斯，垂直研究。

Michael, we cannot hear you right now.

邁克爾，我們現在聽不到你說話。

Adrian Huerta, JPMorgan.

Adrian Huerta，摩根大通。

Tom, congrats and best wishes. It was a pleasure to work with you all these years. And welcome, Ronnie. I know you for a few years since US Concrete, and I'm sure you're going to deliver very good results as well.

湯姆，恭喜你，並致以最美好的祝愿。這些年來與您共事非常愉快。歡迎你，羅尼。我從美國混凝土公司時期就認識你了，我相信你也會有非常好的成績。

Quick question on the costs. It's been quite impressive what you guys have been doing on the cost per ton side over the last couple of quarters. I think you mentioned that you're still in the early innings on many of these measures that you're taking. Can you give us a sense on the action you've been taking and for how many more quarters we can see very good performance on cost as we have seen in the last few quarters?

關於費用，請問一下。過去幾個季度，你們在降低每噸成本方面所取得的成就令人印象深刻。我想你提到過，你採取的許多措施仍處於早期階段。您能否簡要介紹一下您一直在採取的措施，以及我們還能在接下來的幾個季度中看到像過去幾季那樣出色的成本控製表現？

Yeah. Thank you for the question. I would tell you, we're still in the early innings, and we've talked about Vulcan Way of Operating. The technology investment is complete within our top 127 plants, which represents over 70% of our production as a company. Where we're at today is really in the final stages of the human behavioral side.

是的。謝謝你的提問。我想說，我們還處於起步階段，而且我們已經討論過瓦肯人的行事方式。這項技術投資已在我們最重要的 127 家工廠完成，這些工廠的產量占公司總產量的 70% 以上。我們現在所處的階段，其實已經是人類行為的最後階段了。

And so we have a lot of training going on with our plant operators using the tools, the process intelligence, the scheduling systems with our labor focus. And so my anticipation is we've got a long ways to go, but it's really exciting to watch.

因此，我們正在對工廠操作員進行大量培訓，利用這些工具、流程智慧和調度系統，並專注於勞動力。因此，我預計我們還有很長的路要走，但看著這一切真的令人興奮。

And I would tell you that as I look at what's transpired this year and then what we're forecasting for next year, these tools, these investments we've made and the processes that we go through around our operations and focusing on our critical size production and the yield on that and in the labor side, labor savings, I think we've got a lot of room. And I'm excited about it. And I think more importantly, our operators are the ones that are driving this. And so a lot more to come, but I would tell you, my anticipation is '26 is going to be even more momentum than it was in '25.

我想說，回顧今年發生的一切，再看看我們對明年的預測，我們利用這些工具和投資，圍繞運營開展各項工作，專注於關鍵規模的生產及其產量，並在勞動力方面節省成本，我認為我們還有很大的發展空間。我對此感到很興奮。而且我認為更重要的是，是我們的營運人員在推動這一切。所以未來還有很多事情要做，但我可以告訴你，我預計 2026 年的發展勢頭會比 2025 年更強勁。

I would say that it's not just a quarter thing. This is years of marching forward with operating efficiency improvements. I think that Ronnie and his team, as I said earlier, should be very proud of their performance this year. And they got to get help from weather and volume in Q3, but they did not in Q1 and Q2. In fact, surprisingly, how good the cost was given the conditions. But I think they have years of improvement ahead of them.

我認為這不僅僅是四分之一的問題。這是多年來在提高營運效率方面不斷取得進步的歷程。正如我之前所說，我認為羅尼和他的團隊應該為他們今年的表現感到非常自豪。第三季度，他們得益於天氣和銷售的幫助，但第一季和第二季卻沒有。事實上，考慮到當時的條件，這個價格真的非常划算，令人驚訝。但我認為他們未來還有很長的路要走。

Ivan Yi, Wolfe Research.

Ivan Yi，Wolfe Research。

First congrats to Tom and Ronnie. I just want to go back to the aggregate pricing again. Price per ton in 3Q was the smallest in a few years. And I get that there's some negative mix in there. But why is the year-over-year growth decelerated in recent quarters? It had been double digits and now you're guiding to 5% in '26. Just some color there.

首先恭喜湯姆和羅尼。我只想恢復到匯總定價模式。第三季每噸價格為近幾年來的最低點。我明白這裡面確實存在一些負面因素。但為什麼近幾季年增速放緩？之前是兩位數，現在你們預測 2026 年將降至 5%。加點顏色而已。

Yeah. I think a couple of things there. Obviously, we had headwinds from acquisitions. In the first part of the year, we had headwinds from lower volumes in the Southeast, driven by weather. That got back more normal in Q3. But you're sitting here on three years of negative volume and that does put some pressures on price. So we're kind of probably at a low point. I believe that the continued acceleration in public and now visibility to the private nonres going up really helps our conversations for pricing and our backlog pricing as we look into '26.

是的。我覺得有兩點要考慮。顯然，收購給我們帶來了不利影響。今年上半年，由於天氣原因，東南地區的銷售下降，給我們帶來了不利影響。第三季情況逐漸恢復正常。但是，目前已經連續三年銷售量為負，這確實會對價格造成一些壓力。所以我們現在可能正處於低谷。我認為，公共領域以及現在私人領域非住宅物業的可見度持續上升，確實有助於我們討論定價以及我們在展望 2026 年的積壓訂單定價。

Ronnie called that out, that we've put out in January, when price increases, we're having those conversations are going well. But importantly, before that, over the last few months, we're seeing acceleration in our backlog pricing, which is a very good foreshadowing for what's going to happen in 2026.

羅尼指出，我們在1月就發布了價格上漲的公告，目前這些討論進展順利。但重要的是，在此之前，在過去的幾個月裡，我們看到積壓訂單的定價正在加速上漲，這很好地預示了 2026 年會發生什麼。

Michael Dudas, Vertical Research.

邁克爾·杜達斯，垂直研究。

Congrats to Tom and Ronnie. Also congrats to Mary Andrews with a great cash generation and the great cash flow numbers you've been putting up here. So congrats to all. Maybe just as we get closer to wrap up here for Ronnie, as you look into to your tenure here for the next several years, maybe even a decade or so, as you look out maybe past 2026, how much different or not will Vulcan look like?

恭喜湯姆和羅尼。也要祝賀 Mary Andrews，她創造了豐厚的現金流，並取得了非常出色的現金流數據。所以，恭喜大家。也許就在羅尼即將結束他在這裡的任期之際，當你展望未來幾年，甚至十年左右，展望2026年以後，Vulcan會變成什麼樣子，或者不會變成什麼樣子呢？

And do you see the sense of the industry fundamentals and where we are? And given what you're seeing from competitors and from clients that this type of growth and sustainability in volume, pricing and certainly profit per ton growth is sustainable over the next several years.

您是否了解產業基本面以及我們所處的位置？鑑於從競爭對手和客戶那裡了解到的情況，這種銷售、價格以及每噸利潤的成長和可持續性在未來幾年內是可持續的。

Yeah. Great question, I mean. I think as if you look out past '26, '27, '28 in the future, Vulcan is going to look very similar. And I would tell you, we're going to continue to be led by our strategy around enhancing our core, which is really investing in -- continuing to invest in Vulcan Way of Operating and Vulcan Way of Selling, which is going to really complement our margin growth, and it gives us confidence in that margin growth with those tools that we've invested in.

是的。問得好。我認為，展望 2026 年、2027 年、2028 年後的未來，Vulcan 的外觀將會非常相似。我想告訴大家，我們將繼續以增強核心競爭力為策略指導，也就是繼續投資於 Vulcan 的運作方式和銷售方式，這將真正促進我們的利潤成長，並讓我們對利潤成長充滿信心，因為我們投資了這些工具。

And then on the strategic side, when we talk about expanding our reach, we're going to stay aggregate focused, both within the markets that we serve and building the franchise that we have. And also as we look at geographical expansion, it's still going to be an aggregate led company. And so I wouldn't tell you that as you look into the future, you're going to see anything different than what Vulcan has continued to execute on. Those growth opportunities will be there, and we'll be right in the middle of it, but we're going to be very disciplined on what we look like. And what those businesses are going to be led by is always going to be aggregates.

在策略方面，當我們談到擴大業務範圍時，我們將始終以整體為中心，無論是在我們服務的市場內，還是在我們已有的特許經營體系內。而且，從地域擴張的角度來看，它仍然會是一家以聚合為主導的公司。所以，我不會告訴你，展望未來，你會看到與 Vulcan 一直以來所執行的有所不同的事情。那些成長機會就在那裡，我們將身處其中，但我們會非常自律地控制自己的形象。而這些企業的發展始終將以聚合體為主導。

And gentlemen, it appears we have no further questions this morning. Mr. Hill, I'll turn things back to you, sir, for any closing comments.

先生們，看來今天早上我們沒有其他問題了。希爾先生，我把發言權交還給您，請您作最後的總結陳詞。

Thank you and thank you all for your time this morning. As I step back and look at Vulcan's future, I feel both pride and excitement. Vulcan has fantastic talent and bench strength throughout the organization and particularly in leadership. Ronnie and Mary Andrews and their teams are seasoned, talented industry experts who are armed with a superior set of tools and disciplines embedded in the Vulcan Way of Selling and the Vulcan Way of Operating. Putting that together with our continuous improvement culture, we'll take Vulcans to remarkable heights.

謝謝大家，也謝謝各位今天早上抽出時間。當我回顧 Vulcan 的未來時，我既感到自豪又感到興奮。Vulcan公司擁有非常優秀的人才和強大的後備力量，尤其是在領導方面。Ronnie 和 Mary Andrews 以及他們的團隊都是經驗豐富、才華橫溢的行業專家，他們擁有一套卓越的工具和紀律，這些工具和紀律都融入了 Vulcan 銷售方式和 Vulcan 運作方式中。結合我們持續改進的文化，我們將帶領 Vulcans 取得輝煌的成就。

I'm very proud to have represented the men and women of Vulcan and I look forward to supporting Ronnie and Mary Andrews in the future. Thank you all for your interest in Vulcan and your friendships. Keep you and your families safe and healthy. Thank you.

我非常榮幸能夠代表 Vulcan 的男男女女，並期待在未來繼續支持 Ronnie 和 Mary Andrews。感謝大家對Vulcan的關注和友誼。保護您和家人的安全健康。謝謝。

Thank you very much, Mr. Hill. Again, ladies and gentlemen, that will conclude today's Vulcan Materials Company earnings conference call. Again, thanks so much for joining us, everyone, and we wish you all a great day. Goodbye.

非常感謝您，希爾先生。女士們、先生們，今天的 Vulcan Materials 公司財報電話會議到此結束。再次感謝各位的參與，祝福大家今天過得愉快。再見。