Page 52 - Martin Marietta - 2024 Proxy Statement

SUMMARY OF OUR COMPENSATION CONSIDERATIONS /

While we opposed the shareholder proposal for the reasons provided in our 2023 Proxy Statement, we engaged with
almost 70% of our shareholders regarding the request and took the following actions to be responsive to their requests.

May July Sept Nov
2023 Climate Ac on 100+ 2023 CDP 2023 SBTi 2023 Sustainaly cs

Submi ed responses and Par cipated in CDP Climate and Submi ed commitment le er Submi ed feedback and
addi onal informa on Water surveys, as well as to develop and submit science- valida on data to
related supply chain and plas cs based targets within 24 months Sustainaly cs
Net Zero GHG Emissions
modules
Ambi on by 2050 Began gathering Scope 3 Received an updated
emissions Sustainaly cs report

Our 2023 Performance
Building on prior-year success and continuing to demonstrate the resiliency and strength of our business and strategic
plan, 2023 proved to be another year of outstanding financial and safety performance for Martin Marietta and we
achieved our 12 consecutive year of profitability growth. For continuing operations, we achieved consolidated revenues
th
of $6.8 billion, up 10.0% from $6.2 billion in the prior year. These record revenues, as well as our record Net Earnings
from Continuing Operations Attributable to Martin Marietta of $1.20 billion and our Adjusted EBITDA from continuing
operations of $2.1 billion in 2023, were driven by double-digit pricing gains across our aggregates, ready mixed concrete,
cement and magnesia specialties businesses, underpinned by our value-over-volume strategy. Our record financial results
reflected the benefits of our operational and commercial excellence efforts which more than offset lower shipment levels.
Earnings per diluted share from continuing operations in 2023 were $19.32, up 41% from the prior year. We also
delivered world-class safety performance. For the third-consecutive year, our Total Injury Incident Rate (TIIR) surpassed the
world class benchmark, while our Total Lost Time Incident Rate (LTIR) achieved the world-class level for the seventh-
consecutive year. Additionally, we continued optimizing our portfolio with strategic divestitures, including a full exit from
the California cement market and the sale of our South Texas cement and ready mixed concrete businesses in early 2024.
These divestitures, together with those completed in 2022, demonstrated our ability to quickly de-leverage following large
acquisitions. Total proceeds from the non-core business divestitures announced in 2023 exceeded $2.4 billion. Despite a
challenging macroeconomic environment in 2023, we continue to maintain our industry-leading TSR position over 5- and
10-year periods.

RECORD FINANCIAL RESULTS reflected commercial
excellence efforts and record aggregates unit profitability
that more than offset lower shipment levels; NET $324 MILLION RETURNED TO SHAREHOLDERS;
EARNINGS FROM CONTINUING OPERATIONS $150 million in share repurchases and 12% dividend
ATTRIBUTABLE TO MARTIN MARIETTA WERE UP increase
+40% TO $1.20 BILLION AND ADJUSTED EBITDA*
SURPASSED $2.1 BILLION
Continuous commitment to SUSTAINABILITY AND Exited year at 1.44X NET LEVERAGE RATIO* as of
ENTERPRISE EXCELLENCE, which is included in our December 31, 2023; extended our $800 million revolving
strategy and compensation decisions credit agreement to 2028
Successful completion of several portfolio optimizing
SAFEST YEAR ON RECORD; Safety performance better divestitures in line with the Company’s SOAR 2025
than world-class levels Strategic Plan that generated $2.4 billion in proceeds
(including a $2.1 billion transaction closed in early 2024)

* Adjusted EBITDA and Net Leverage Ratio are non-GAAP measures. See Appendix B for reconciliation to reported net earnings from continuing
operations attributable to Martin Marietta and related disclosures.

46 2024 PROXY STATEMENT