EAGLE MATERIALS INC

Previous wording

Our business is organized into two sectors: Heavy Materials, which includes the Cement and Concrete and Aggregates segments; and Light Materials, which includes the Gypsum Wallboard and Recycled Paperboard segments. Financial results and other information for the three months ended June 30, 2025, and 2024, are presented on a consolidated basis and by business segment.

Current wording

Our business is organized into two sectors: Heavy Materials, which includes the Cement and Concrete and Aggregates segments; and Light Materials, which includes the Gypsum Wallboard and Recycled Paperboard segments. Financial results and other information for the three and six months ended September 30, 2025, and 2024, are presented on a consolidated basis and by business segment.

Previous wording

On January 7, 2025, we acquired Bullskin Stone & Lime LLC. The purchase price of this acquisition was approximately $150.0 million. This acquisition is included in our Heavy Materials sector, and its results of operations are reported in the Concrete and Aggregates business segment from the date of purchase. See Note (C) in the Notes to Unaudited Consolidated Financial Statements for more information regarding this acquisition.

Current wording

On January 7, 2025, we acquired Bullskin Stone & Lime LLC. The purchase price of this acquisition was approximately $149.9 million. This acquisition is included in our Heavy Materials sector, and its results of operations are reported in the Concrete and Aggregates business segment from the date of purchase. See Note (C) in the Notes to Unaudited Consolidated Financial Statements for more information regarding this acquisition.

Previous wording

Paper is a significant cost component in our Gypsum Wallboard business. The primary raw material used to produce paperboard is old corrugated containers (OCC). Recycled fiber prices are subject to change on short notice due to several factors, including supply of OCC and demand for OCC from both domestic and international companies. Our current customer contracts for gypsum liner include price adjustments that partially compensate for changes in the cost of raw materials, such as recycled fiber, natural gas, and electricity. However, because these price adjustments are not realized until future quarters, material costs in our Gypsum Wallboard segment are likely to fluctuate until the effects of these price adjustments are realized.

Current wording

Paper is a significant cost component in our Recycled Paperboard and Gypsum Wallboard businesses. The primary raw material used to produce paperboard is old corrugated containers (OCC). Recently, OCC prices have been declining; however, recycled fiber prices are subject to change on short notice due to several factors, including supply of OCC and demand for OCC from both domestic and international companies. Our current customer contracts for gypsum liner include price adjustments that partially compensate for changes in the cost of raw materials, such as recycled fiber, natural gas, and electricity. However, because these price adjustments are not realized until future quarters, material costs in our Gypsum Wallboard segment are likely to fluctuate until the effects of these price adjustments are realized.

Previous wording

Energy costs increased slightly in the first quarter, but are expected to remain relatively stable over the near future. Freight costs for our Gypsum Wallboard segment increased during the first quarter of fiscal 2026 and are expected to remain at this level for the rest of the calendar year. Freight costs for our Cement segment, which relies mostly on rail delivery, increased slightly in the first quarter, and are also expected to remain stable over the remainder of the calendar year. Additionally, labor constraints can adversely affect our Concrete and Aggregates businesses. If labor constraints were to worsen, it could cause delays and inefficiencies in these businesses.

Current wording

Energy costs decreased slightly in the second quarter but are expected to remain relatively stable over the near future. Freight costs for our Gypsum Wallboard segment increased during the second quarter of fiscal 2026 and are expected to remain at similar levels for the rest of the calendar year. Freight costs for our Cement segment, which relies mostly on rail delivery, increased slightly in the second quarter, and are also expected to remain stable over the remainder of the calendar year. Additionally, labor constraints, primarily drivers, can adversely affect our Concrete business. If labor constraints were to worsen, it could cause delays and inefficiencies in this business.

Previous wording

Maintenance costs are a significant part of our total operating expenses, and we expect a low single digit increase in inflation for maintenance in fiscal 2026, as equipment and contractor costs remain high.

Current wording

Maintenance costs are a significant part of our total operating expenses, and we expect a low single-digit increase in inflation for maintenance in fiscal 2026, as equipment and contractor costs remain elevated.

Previous wording

Revenue increased by $26.0 million, or 4%, to $634.7 million for the three months ended June 30, 2025. Excluding the $11.4 million related to the Aggregates Acquisitions, Revenue increased $14.6 million, or 2%. Higher Sales Volumes positively affected Revenue by $19.1 million, and were partially offset by lower gross sales prices, which adversely affected Revenue by approximately $4.5 million.

Current wording

Revenue increased by $15.3 million, or 2%, to $638.9 million for the three months ended September 30, 2025. Excluding the $11.6 million related to the Aggregates Acquisitions, Revenue increased $3.7 million. Higher Sales Volumes positively affected Revenue by $5.0 million, and were partially offset by lower gross sales prices, which adversely affected Revenue by approximately $1.3 million.

Previous wording

Corporate General and Administrative expenses increased by approximately $5.2 million, or 33%, for the three months ended June 30, 2025. The increase was due primarily to higher salary and incentive compensation, professional fees, and information technology costs of $2.2 million, $1.1 million, and $1.2 million, respectively.

Current wording

Corporate General and Administrative expenses increased by approximately $3.4 million, or 19%, for the three months ended September 30, 2025. The increase was due primarily to higher salary and incentive compensation, professional fees, and information technology costs of $1.7 million, $0.7 million, and $0.8 million, respectively.

Previous wording

Earnings Before Income Taxes decreased to $157.9 million during the three months ended June 30, 2025, primarily as a result of lower Gross Profit and Equity in Earnings of Unconsolidated Joint Venture, and higher Interest Expense, net and Corporate General and Administrative expense.

Current wording

Earnings Before Income Taxes decreased to $176.5 million during the three months ended September 30, 2025, primarily as a result of lower Gross Profit and Equity in Earnings of Unconsolidated Joint Venture, and higher Corporate General and Administrative expense, partially offset by lower Interest Expense, net.

Previous wording

Cost of Goods Sold increased by $27.3 million, or 6%, to $449.1 million for the three months ended June 30, 2025. Excluding the $9.6 million related to the Aggregates Acquisitions, Cost of Goods Sold increased $17.7 million, or 4%.The increase was due to higher Sales Volume and operating costs of $11.0 million and $6.7 million, respectively. Higher operating costs were primarily related to our Cement business and are discussed further in the segment analysis.

Current wording

Cost of Goods Sold increased by $46.7 million, or 6%, to $888.3 million for the six months ended September 30, 2025. Excluding the $17.8 million related to the Aggregates Acquisitions, Cost of Goods Sold increased $28.9 million, or 3%.The increase was due to higher Sales Volume and operating costs of $17.7 million and $11.1 million, respectively. Higher operating costs were primarily related to our Cement and Gypsum Wallboard businesses and are discussed further in the segment analysis.

Previous wording

Gross Profit decreased 1% to $185.6 million during the three months ended June 30, 2025. Excluding the $1.8 million of Gross Profit related to the Aggregates Acquisitions, Gross Profit decreased $3.1 million, or 2% .The decrease was primarily related to lower gross sales prices and higher operating costs of $4.5 million and $6.7 million, respectively, partially offset by higher Sales Volume of $8.1 million. The gross margin declined to 29%, with higher gross sales prices being partially offset by a rise in operating costs.

Current wording

Gross Profit decreased 1% to $385.3 million during the six months ended September 30, 2025. Excluding the $5.2 million of Gross Profit related to the Aggregates Acquisitions, Gross Profit decreased $10.6 million, or 3%. The decrease was primarily related to lower gross sales prices and higher operating costs of $5.7 million and $11.1 million, respectively, partially offset by higher Sales Volume of $6.2 million. The gross margin declined to 26%, primarily due to higher operating costs and lower gross sales prices.

Previous wording

Equity in Earnings of our Unconsolidated Joint Venture decreased by $3.9 million, or 51%, for the three months ended June 30, 2025. The decrease was due to lower Sales Volume and average gross sales prices of $0.5 million and $0.2 million, respectively, and increased operating costs of $3.2 million. Increased operating costs were primarily related to higher energy, freight, and fixed costs, which reduced operating earnings by $0.6 million, $0.9 million, and $2.0 million respectively.

Current wording

Equity in Earnings of our Unconsolidated Joint Venture decreased by $6.9 million, or 40%, for the six months ended September 30, 2025. The decrease was due to lower Sales Volume and increased operating costs of $1.1 million and $9.0 million, respectively. This was partially offset by $3.2 million from increased gross sales prices. Increased operating costs were primarily related to higher energy, freight, raw materials, and fixed costs, which reduced operating earnings by $1.7 million, $1.4 million, $2.9 million, and $2.0 million, respectively.

Previous wording

Income Tax Expense was $34.5 million for the three months ended June 30, 2025, compared with $37.1 million for the three months ended June 30, 2024. The effective tax rate remained consistent at 22% with the prior-year period.

Current wording

Income Tax Expense was $73.6 million for the six months ended September 30, 2025, compared with $78.8 million for the six months ended September 30, 2024. The effective tax rate remained at 22%, consistent with the prior-year period.

Previous wording

Three MONTHS ENDED June 30, 2025 COMPARED WITH three MONTHS ENDED June 30, 2024, BY SEGMENT

Current wording

Three and six MONTHS ENDED september 30, 2025, COMPARED WITH three and six MONTHS ENDED september 30, 2024, BY SEGMENT

Previous wording

The following presents results within our two business sectors for the three months ended June 30, 2025, and 2024. Revenue and operating results are organized by sector and discussed by individual business segments.

Current wording

The following presents results within our two business sectors for the three and six months ended September 30, 2025, and 2024. Revenue and operating results are organized by sector and discussed by individual business segments.

Previous wording

Cement Revenue was $347.6 million, a 2% increase, for the three months ended June 30, 2025. This increase was due to higher gross sales prices and Sales Volume, which increased Cement Revenue by $0.8 million and $7.6 million, respectively.

Current wording

Cement Revenue was $384.9 million, a 9% increase, for the three months ended September 30, 2025. This increase was due to higher gross sales prices and Sales Volume, which increased Cement Revenue by $3.4 million and $28.7 million, respectively.

Previous wording

Cement Operating Earnings decreased by $8.0 million to $81.1 million for the three months ended June 30, 2025. The decrease was due to higher operating costs of $11.0 million, which were partially offset by higher Sales Volume and higher gross sales prices of $2.2 million and $0.8 million, respectively. The increase in operating costs was mainly due to higher freight, energy, labor and other fixed costs, and purchased raw materials costs of approximately $0.8 million, $0.4 million, $7.1 million, and $1.6 million, respectively. The Operating Margin decreased to 23% from 26% because of higher operating costs, partially offset by the increase in gross sales prices.

Current wording

Cement Operating Earnings decreased by $4.2 million to $200.9 million for the six months ended September 30, 2025. The decrease was due to higher operating costs of $19.8 million, which were partially offset by higher Sales Volume and higher gross sales prices of $11.4 million and $4.2 million, respectively. The increase in operating costs was mainly due to higher freight, purchased raw materials, and labor and other fixed costs of approximately $2.4 million, $10.0 million, and $12.8 million, respectively. This was partially offset by lower maintenance costs of approximately $5.6 million. The Operating Margin decreased to 27% from 30% because of higher operating costs, partially offset by the increase in gross sales prices.

Previous wording

Concrete and Aggregates Revenue increased 20% to $77.6 million for the three months ended June 30, 2025. Excluding the Aggregates Acquisitions, Revenue increased $1.4 million, or 2%. The increase was due to higher gross sales prices of $1.4 million and higher Aggregates Sales Volume of $3.1 million, which was partially offset by lower Concrete Sales Volume, which reduced Revenue by $3.1 million.

Current wording

Concrete and Aggregates Revenue increased 23% to $85.8 million for the three months ended September 30, 2025. Excluding the Aggregates Acquisitions, Revenue increased $4.2 million, or 6%. The increase was due to higher Concrete gross sales prices of $1.4 million and higher Aggregates Sales Volume of $4.9 million, which was partially offset by lower Aggregates gross prices, which reduced Revenue by $2.1 million.

Previous wording

Operating Earnings were approximately $6.2 million, a 107% increase. Excluding the Aggregates Acquisitions, Operating Earnings increased $1.4 million, or 46%. The increase was due to higher gross sales prices and higher Aggregates Sales Volume, which positively affected Operating Earnings by $1.4 million and $1.7 million, respectively. Excluding the Aggregates Acquisitions, Sales Volume increased 29%, with most of the increase in our Northern Colorado and Northern Kentucky markets. The increase in Operating Earnings from higher gross sales prices and Sales Volume was partially offset by higher operating costs of $1.7 million. The increase in operating costs was primarily due to higher materials and maintenance expenses of approximately $0.7 million and $0.6 million, respectively.

Current wording

Operating Earnings were approximately $7.9 million, an 896% increase. Excluding the Aggregates Acquisitions, Operating Earnings increased $5.6 million, or 660%. The increase was due to higher Sales Volume and lower operating costs, which positively affected Operating Earnings by $1.1 million and $5.1 million, respectively, partially offset by lower gross sales prices of $0.6 million. Excluding the Aggregates Acquisitions, Sales Volume increased 35%, with most of the increase in our Northern Colorado and Northern Kentucky markets. The decrease in operating costs was primarily due to lower materials, delivery, and maintenance expenses of approximately $2.3 million, $2.2 million, and $0.3 million, respectively.

Previous wording

Gypsum Wallboard Revenue was $221.5 million, a 2% increase for the three months ended June 30, 2025. Higher Sales Volume increased Revenue by approximately $7.8 million, and was partially offset by lower gross sales prices of $4.1 million. Our market share remained relatively consistent during the three months ended June 30, 2025.

Current wording

Gypsum Wallboard Revenue was $183.5 million, a 15% decrease for the three months ended September 30, 2025. Lower gross sales prices and Sales Volume reduced Revenue by approximately $1.8 million and $29.7, respectively. Our market share remained relatively consistent during the three months ended September 30, 2025.

Previous wording

Operating Earnings decreased 1% to $92.6 million, primarily because of lower gross sales prices of $4.1 million and higher operating costs of $0.6 million, partially offset by higher Sales Volume of $3.4 million. The higher operating costs were primarily related to freight and energy, which reduced Operating Earnings by approximately $1.6 million and $0.8 million, respectively, and were partially offset by lower input costs, namely fiber, of $1.9 million. Operating Margin decreased to 42% for the three months ended June 30, 2025, primarily because of lower gross sales prices and higher operating costs. Fixed costs are not a significant portion of the overall cost of wallboard; therefore, changes in utilization have a relatively minor impact on our operating cost per unit.

Current wording

Operating Earnings decreased 25% to $67.3 million, primarily because of lower gross sales prices and Sales Volume of $1.8 million and $12.5 million, as well as higher operating costs of $8.6 million. The higher operating costs were primarily related to freight, maintenance, energy, input costs (mainly fiber), and fixed costs, which reduced Operating Earnings by approximately $0.8 million, $0.6 million, $1.4 million, $0.9 million, and $1.8 million, respectively. Operating Margin decreased to 37% for the three months ended September 30, 2025, primarily because of lower gross sales prices and higher operating costs. Fixed costs are less than 20% of the overall cost of wallboard; therefore, changes in utilization generally have a relatively minor impact on our operating cost per unit.

Previous wording

Recycled Paperboard Revenue decreased 6% to $51.1 million during the three months ended June 30, 2025. Lower gross sales prices and Sales Volume reduced Revenue by $2.8 million and $0.3 million, respectively. Lower gross sales prices were related to the pricing provisions in our long-term sales agreements.

Current wording

Recycled Paperboard Revenue decreased 5% to $99.7 million during the three months ended September 30, 2025. Lower gross sales prices and Sales Volume reduced Revenue by $2.5 million and $2.8 million, respectively. Lower gross sales prices were related to the pricing provisions in our long-term sales agreements.

Previous wording

Operating Earnings increased 12% to $9.5 million, primarily because of lower operating costs, which increased Operating Earnings by $3.8 million. This was partially offset by lower gross sales prices, which reduced Operating Earnings by approximately $2.8 million. The decrease in operating costs was primarily related to lower input costs, namely fiber, of approximately $4.4 million, which were partially offset by higher energy costs of $0.4 million. Operating Margin increased to 19%, with the decrease in operating costs offsetting the lower gross sales prices. Although the Company has certain pricing provisions in its long-term sales agreements, prices are adjusted only at certain times throughout the year, so price adjustments are not always reflected in the same period as the change in costs.

Current wording

Operating Earnings increased 24% to $20.5 million, primarily because of lower operating costs, which increased Operating Earnings by $6.6 million. This was partially offset by lower gross sales prices and Sales Volume, which reduced Operating Earnings by approximately $2.5 million and $0.4 million, respectively. The decrease in operating costs was primarily related to lower input costs, namely fiber, of approximately $9.0 million, which were partially offset by higher energy and fixed costs of $1.2 million and $0.5 million, respectively. Operating Margin increased to 21%, with the decrease in operating costs offsetting the lower gross sales prices. Although the Company has certain pricing provisions in its long-term sales agreements, prices are adjusted only at certain times throughout the year, so price adjustments are not always reflected in the same period as the change in costs.

Previous wording

Information regarding our Critical Accounting Policies can be found in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 (the Annual Report). The three Critical Accounting Policies that we believe are material to our financial statements, and either require the most judgment, or the selection or application of alternative accounting policies, are those related to long-lived assets, goodwill, and business combinations. Management has discussed the development and selection of these Critical Accounting Policies and estimates with the Audit Committee of our Board of Directors and with our independent registered public accounting firm. In addition, Note (A) in the Notes to Consolidated Financial Statements in our Annual Report contains a summary of our significant accounting policies.

Current wording

Information regarding our Critical Accounting Policies can be found in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 (the Annual Report). The three Critical Accounting Policies that we believe are material to our financial statements, and require either the most judgment, or the selection or application of alternative accounting policies, are those related to long-lived assets, goodwill, and business combinations. Management has discussed the development and selection of these Critical Accounting Policies and estimates with the Audit Committee of our Board of Directors and with our independent registered public accounting firm. In addition, Note (A) in the Notes to Consolidated Financial Statements in our Annual Report contains a summary of our significant accounting policies.

Previous wording

Working Capital increased by $40.3 million to $464.0 million at June 30, 2025, compared with March 31, 2025. The increase was primarily due to higher Cash, Accounts Receivable, net, and Prepaid and Other Assets of $39.3 million, $51.1 million, and $3.7 million, respectively. This was partially offset by $8.6 million of lower Income Tax Receivable, $21.8 million of lower Inventories, and $24.8 million of higher Income Tax Payable.

Current wording

Working Capital increased by $0.5 million to $424.1 million at September 30, 2025, compared with March 31, 2025. The increase was primarily due to higher Cash, Accounts Receivable, net, and Prepaid and Other Assets of $14.6 million, $38.5 million, and $2.9 million, respectively. This was partially offset by $10.2 million of lower Income Tax Receivable, net and $45.0 million of lower Inventories.

Previous wording

The increase in Accounts Receivable at June 30, 2025, was primarily related to higher Revenue during the three months ended June 30, 2025, particularly in the month of June, compared with the three months ended March 31, 2025. As a percentage of quarterly sales generated for the respective quarter, Accounts Receivable was approximately 42% and 45% at June 30, 2025, and March 31, 2025, respectively. Management measures the change in Accounts Receivable by monitoring the days sales outstanding on a monthly basis to determine if any deterioration has occurred in the collectability of the Accounts Receivable. No significant deterioration in the collectability of our Accounts Receivable was identified at June 30, 2025.

Current wording

The increase in Accounts Receivable at September 30, 2025, was primarily related to higher Revenue during the three months ended September 30, 2025, compared with the three months ended March 31, 2025. As a percentage of quarterly sales generated for the respective quarter, Accounts Receivable was approximately 40% and 45% at September 30, 2025, and March 31, 2025, respectively. Management measures the change in Accounts Receivable by monitoring the days sales outstanding on a monthly basis to determine if any deterioration has occurred in the collectability of the Accounts Receivable. No significant deterioration in the collectability of our Accounts Receivable was identified at September 30, 2025.

Previous wording

Our Inventory balance at June 30, 2025, decreased by approximately $21.8 million from our balance at March 31, 2025. Within Inventory, Raw Materials and Materials-in-Progress, Finished Cement, Aggregates, and Repair Parts and Supplies declined $13.4 million, $4.5 million, $1.3 million, and $1.8 million, respectively. The decline in Raw Materials and Materials-in-Progress is consistent with our business cycle; we generally build up clinker inventory over the winter months to meet the demand for cement in the spring and summer. The decrease in Repair Parts inventory was primarily due to the completion of most of our scheduled outages during the quarter. The largest individual balance in our Inventory is Repair Parts. These parts are necessary given the size and complexity of our manufacturing plants, and the age of certain of our plants, which creates the need to stock a high level of Repair Parts inventory. We believe all of these repair parts are necessary, and we perform semi-annual analyses to identify obsolete parts. We have less than one year’s sales of all product inventories, and our inventories have a low risk of obsolescence because our products are basic construction materials.

Current wording

Our Inventory balance at September 30, 2025, decreased by approximately $45.0 million from our balance at March 31, 2025. Within Inventory, Raw Materials and Materials-in-Progress, Finished Cement, and Aggregates declined $23.7 million, $19.4 million, and $2.5 million, respectively. The decline in Raw Materials and Materials-in-Progress and Finished Cement is consistent with our business cycle; we generally build up clinker inventory over the winter months to meet the demand for cement in the spring and summer. The largest individual balance in our Inventory is Repair Parts. These parts are necessary given the size and complexity of our manufacturing plants, and the age of certain of our plants, which creates the need to stock a high level of Repair Parts inventory. We believe all of these repair parts are necessary, and we perform semi-annual analyses to identify obsolete parts. We have less than one year’s sales of all product inventories, and our inventories have a low risk of obsolescence because our products are basic construction materials.

Previous wording

Net Cash Used in Investing Activities during the three months ended June 30, 2025, was approximately $76.1 million, compared with $33.1 million during the same period in 2024. The $43.0 million increase was primarily related to the modernization and expansion of our Mountain Cement facility.

Current wording

Net Cash Used in Investing Activities during the six months ended September 30, 2025, was approximately $184.6 million, compared with $124.5 million during the same period in 2024. The $60.1 million increase was primarily related to the modernization and expansion of our Mountain Cement facility.

Previous wording

Net Cash Used in Financing Activities was $21.2 million during the three months ended June 30, 2025 compared with $87.9 million during the same period in 2024. The $66.7 million decrease was mainly related to higher borrowings, net of repayments of $63.8 million and lower Purchase and Retirement of Common Stock of $6.9 million. This was partially offset by higher Shares Redeemed to Settle Employee Taxes on Stock Compensation of $4.2 million.

Current wording

Net Cash Used in Financing Activities was $142.0 million during the six months ended September 30, 2025 compared with $182.4 million during the same period in 2024. The $40.4 million decrease was mainly related to higher borrowings, net of repayments of $67.5 million, partially offset by higher Purchase and Retirement of Common Stock and Shares Redeemed to Settle Employee Taxes of $21.5 million and $4.1 million, respectively.

Previous wording

Our debt-to-capitalization ratio and net-debt-to-capitalization ratio were 46.9% and 45.7%, respectively, at June 30, 2025, compared with 46.1% and 45.7%, respectively, at March 31, 2025.

Current wording

Our debt-to-capitalization ratio and net-debt-to-capitalization ratio were 45.7% and 45.0%, respectively, at September 30, 2025, compared with 46.1% and 45.7%, respectively, at March 31, 2025.

Previous wording

The revolving borrowing capacity of our Revolving Credit Facility is $750.0 million (any revolving loans borrowed under the Revolving Credit Facility, as applicable, the Revolving Loans). The Revolving Credit Facility also includes a swingline loan sublimit of $25.0 million, and a $40.0 million letter of credit facility. At June 30, 2025, we had $275.0 million outstanding of Revolving Loans under the Revolving Credit Facility and $9.9 million of outstanding letters of credit, leaving us with $465.1 million of available borrowings under the Revolving Credit Facility, net of the outstanding letters of credit. We are contingently liable for performance under $47.9 million in performance bonds relating primarily to our mining operations. We do not have any off-balance sheet debt, or any outstanding debt guarantees.

Current wording

The revolving borrowing capacity of our Revolving Credit Facility is $750.0 million (any revolving loans borrowed under the Revolving Credit Facility, as applicable, the Revolving Loans). The Revolving Credit Facility also includes a swingline loan sublimit of $25.0 million, and a $40.0 million letter of credit facility. At September 30, 2025, we had $255.0 million outstanding of Revolving Loans under the Revolving Credit Facility and $9.9 million of outstanding letters of credit, leaving us with $485.1 million of available borrowings under the Revolving Credit Facility, net of the outstanding letters of credit. We are contingently liable for performance under $47.9 million in performance bonds relating primarily to our mining operations. We do not have any off-balance sheet debt, or any outstanding debt guarantees.

Previous wording

We had approximately $39.8 million of lease liabilities at June 30, 2025, with an average remaining life of approximately 11.8 years.

Current wording

We had approximately $38.8 million of lease liabilities at September 30, 2025, with an average remaining life of approximately 11.8 years.

Previous wording

Dividends paid were $8.3 million and $8.5 million for the three months ended June 30, 2025, and 2024, respectively. Each quarterly dividend payment is subject to review and approval by our Board of Directors, who will continue to evaluate our dividend payment amount on a quarterly basis.

Current wording

Dividends paid were $16.6 million and $17.0 million for the six months ended September 30, 2025, and 2024, respectively. Each quarterly dividend payment is subject to review and approval by our Board of Directors, who will continue to evaluate our dividend payment amount on a quarterly basis.

Previous wording

During the three months ended June 30, 2025, our share repurchases were as follows:

Current wording

During the six months ended September 30, 2025, our share repurchases were as follows:

Previous wording

On May 17, 2022, the Board of Directors authorized us to repurchase an additional 7.5 million shares. This authorization brought the cumulative total of common stock our Board has approved for repurchase in the open market to 55.9 million shares since we became publicly held in April 1994. Through June 30, 2025, we have repurchased approximately 51.9 million shares.

Current wording

On May 17, 2022, the Board of Directors authorized us to repurchase an additional 7.5 million shares. This authorization brought the cumulative total of common stock our Board has approved for repurchase in the open market to 55.9 million shares since we became publicly held in April 1994. Through September 30, 2025, we have repurchased approximately 52.0 million shares.

Previous wording

During the three months ended June 30, 2025, the Company withheld from employees 23,825 shares of stock upon the vesting of Restricted Shares that were granted under the Plan. We withheld these shares to satisfy the employees’ statutory tax withholding requirements, which is necessary once the Restricted Shares or Restricted Share Units are vested.

Current wording

During the six months ended September 30, 2025, the Company withheld from employees 23,968 shares of stock upon the vesting of Restricted Shares that were granted under the Plan. We withheld these shares to satisfy the employees’ statutory tax withholding requirements, which is necessary once the Restricted Shares or Restricted Share Units are vested.

Previous wording

Capital expenditures for fiscal 2026 are expected to range from $475.0 million to $525.0 million and will be allocated across both Heavy Materials and Light Materials sectors. These estimated capital expenditures will include the expansion and modernization of our Mountain Cement facility in Wyoming, the modernization and expansion of our gypsum wallboard plant in Oklahoma, and maintenance capital expenditures and improvements, as well as other safety and regulatory projects.

Current wording

Capital expenditures for fiscal 2026 are expected to range from $475.0 million to $500.0 million and will be allocated across both Heavy Materials and Light Materials sectors. These estimated capital expenditures will include the expansion and modernization of our Mountain Cement facility in Wyoming, the modernization of our gypsum wallboard plant in Oklahoma, and maintenance capital expenditures and improvements, as well as other safety and regulatory projects.