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, 2026, and 2025, 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, 2026, and 2025, are presented on a consolidated basis and by business segment.

Previous wording

We expect demand for cement to remain steady in the near term supported by bipartisan federal, state, and local support for public infrastructure projects and continued spending on certain elements of private-nonresidential construction, including data centers. A significant amount of federal funding from the trillion-dollar Infrastructure Investment and Jobs Act (IIJA) remains to be spent, and state Department of Transportation (DOT) budgets remain supportive.

Current wording

We expect demand for cement to remain steady in the near term supported by bipartisan federal, state, and local support for public infrastructure projects and continued spending on private-nonresidential construction, including data centers. A significant amount of federal funding from the trillion-dollar Infrastructure Investment and Jobs Act (IIJA) remains to be spent, and state Department of Transportation (DOT) budgets remain supportive.

Previous wording

The backdrop for residential construction activity remained challenging in the first quarter of fiscal 2027, primarily because of housing affordability concerns driven by persistently elevated mortgage interest rates, as well as other macroeconomic uncertainties. At the same time, the national supply of homes remains constrained by years of underbuilding. Recently, new home construction has slowed as builders have pulled back on production because of mixed demand signals and higher levels of new home inventory in certain markets. This recent pullback affected our wallboard sales volume, which was down approximately 2% in the first quarter of fiscal 2027. The path ahead for mortgage rates, and the corresponding effect on residential construction activity, is unclear, and thus the timing of a recovery in new-home construction remains uncertain. Nonetheless, we believe our geographic footprint across the U.S. heartland and fast-growing Sun Belt region positions us to capitalize on these market dynamics in the near and longer term.

Current wording

The backdrop for residential construction activity remained challenging in the second quarter of fiscal 2027, primarily because of housing affordability concerns driven by persistently elevated mortgage interest rates, as well as other macroeconomic uncertainties. At the same time, the national supply of homes remains limited by years of underbuilding. Recently, new home construction has slowed as builders have pulled back on production because of mixed demand signals and higher levels of new home inventory in certain markets. This pullback affected our wallboard average net sales price, which was down approximately 10% in the second quarter of fiscal 2027. The path ahead for mortgage rates, and the corresponding effect on residential construction activity, remains unclear, and thus the timing of a recovery in new-home construction remains uncertain. Nonetheless, we believe our geographic footprint across the U.S. heartland and fast-growing Sun Belt region positions us to capitalize on market dynamics over the longer term.

Previous wording

We believe we are well-positioned to manage our cost structure and meet our customers’ needs. Our major costs include raw materials, energy, freight, labor, and maintenance.

Current wording

We believe we are well-positioned to manage our cost structure and meet our customers’ needs. Our major costs are raw materials, energy, freight, labor, and maintenance.

Previous wording

Recycled fiber and finished paper are significant cost components in our Recycled Paperboard and Gypsum Wallboard businesses, respectively. 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. OCC prices have increased recently. Our current customer contracts for gypsum liner include price adjustments that partially compensate for changes in the cost of raw materials, such as OCC and energy, including natural gas and electricity. However, because these price adjustments are not realized until future quarters, adjustments to material costs in our Gypsum Wallboard segment could be delayed until the effects of these price adjustments are realized.

Current wording

Recycled fiber and finished paper are significant cost components in our Recycled Paperboard and Gypsum Wallboard businesses, respectively. The primary raw material used to produce paperboard is old corrugated containers (OCC). Recycled fiber prices are subject to change on short notice as a result of several factors, including supply of OCC and demand for OCC from both domestic and international companies. OCC prices have increased recently. Our current customer contracts for gypsum liner include price adjustments that partially compensate for changes in the cost of raw materials, such as OCC and energy, including natural gas and electricity. However, because these price adjustments are not realized until future quarters, adjustments to material costs in our Gypsum Wallboard segment could be delayed until the effects of these price adjustments are realized.

Previous wording

Our energy costs were nearly flat during the first quarter of fiscal 2027 compared with the first quarter of fiscal 2026 and are expected to remain relatively stable over the near future. Freight costs for our Gypsum Wallboard segment, which delivers mostly by trucks, increased in the first quarter of fiscal 2027, and with current fuel prices increasing, they could continue to increase in fiscal 2027. Freight costs for our Cement segment, which relies mostly on rail delivery, also increased in the first quarter of fiscal 2027, and are expected to increase in fiscal 2027. Additionally, labor shortages, primarily of truck drivers, can adversely affect our Concrete business. Any worsening of labor constraints could cause delays and inefficiencies in this business.

Current wording

Our energy costs related to production activities increased 2% during the second quarter of fiscal 2027 compared with the second quarter of fiscal 2026 and are expected to remain relatively stable over the near future. Freight costs for our Gypsum Wallboard segment, which delivers mostly by trucks, were up in the second quarter of fiscal 2027, and with current fuel prices increasing, they could continue to escalate in fiscal 2027. Freight costs for our Cement segment, which relies mostly on rail delivery, were also elevated in the second quarter of fiscal 2027 and could continue to increase in fiscal 2027. Additionally, labor shortages, primarily of truck drivers, can adversely affect our Concrete business. Any worsening of labor constraints could cause delays and inefficiencies in this business. We expect low single-digit inflation for maintenance costs, as equipment and contractor costs are expected to increase modestly.

Previous wording

THREE MONTHS ENDED June 30, 2026, Compared WITH THREE MONTHS ENDED June 30, 2025

Current wording

THREE MONTHS ENDED September 30, 2026, Compared WITH THREE MONTHS ENDED

Previous wording

Revenue increased by $16.3 million, or 3%, to $651.0 million for the three months ended June 30, 2026. Higher Sales Volume positively affected Revenue by $19.8 million, and was partially offset by lower gross sales prices, which adversely affected Revenue by approximately $3.5 million.

Current wording

Revenue increased by $13.8 million, or 2%, to $652.7 million for the three months ended September 30, 2026. Higher Sales Volume positively affected Revenue by $17.0 million, and was partially offset by lower gross sales prices, which adversely affected Revenue by approximately $3.2 million.

Previous wording

Gross Profit decreased 13% to $161.2 million during the three months ended June 30, 2026. The decrease was primarily related to higher operating costs of $25.7 million and lower gross sales prices of $3.5 million, partially offset by higher Sales Volume of $4.8 million. The gross margin declined to 25%, with higher operating costs being partially offset by higher Sales Volume.

Current wording

Gross Profit decreased 13% to $174.7 million during the three months ended September 30, 2026. The decrease was primarily related to higher operating costs of $27.2 million and lower gross sales prices of $3.2 million, partially offset by higher Sales Volume of $5.4 million. The gross margin declined to 27%, primarily because of higher operating costs.

Previous wording

Interest Expense, net increased by approximately $1.2 million, or 11%, during the three months ended June 30, 2026. This increase was due to increased interest expense of approximately $5.2 million and increased other expenses of $0.4 million, which was partially offset by higher Interest Capitalized of approximately $2.5 million and higher interest income of $1.9 million. The increase in interest expense was primarily a result of our 5.000% Senior Unsecured Notes due March 2036, which were issued on November 13, 2025. The increase in Interest Capitalized was due primarily to capital spending for the expansion and modernization of our cement plant in Laramie, Wyoming and our gypsum wallboard plant in Duke, Oklahoma.

Current wording

Interest Expense, net increased by approximately $2.5 million, or 27%, during the three months ended September 30, 2026. This increase was due to increased interest expense of approximately $6.6 million and increased other expenses of $0.4 million, which was partially offset by higher Interest Capitalized of approximately $2.9 million and higher interest income of $1.5 million. The increase in interest expense was primarily a result of our 5.000% Senior Unsecured Notes due March 2036, which were issued on November 13, 2025. The increase in Interest Capitalized was due primarily to capital spending for the expansion and modernization of our cement plant in Laramie, Wyoming and our gypsum wallboard plant in Duke, Oklahoma.

Previous wording

Earnings Before Income Taxes decreased to $131.7 million during the three months ended June 30, 2026, primarily as a result of lower Gross Profit and Equity in Earnings of Unconsolidated Joint Venture, and higher Interest Expense, net.

Current wording

Earnings Before Income Taxes decreased to $143.5 million during the three months ended September 30, 2026, primarily as a result of lower Gross Profit and higher Corporate General and Administrative expense and Interest Expense, net.

Previous wording

Income Tax Expense was $29.6 million for the three months ended June 30, 2026, compared with $34.5 million for the three months ended June 30, 2025. The effective tax rate remained consistent at 22% with the prior-year period.

Current wording

Income Tax Expense was $32.0 million for the three months ended September 30, 2026, compared with $39.1 million for the three months ended September 30, 2025. The effective tax rate remained consistent at 22% with the prior-year period.

Previous wording

Equity in Earnings of our Unconsolidated Joint Venture decreased by $1.0 million, or 25%, for the three months ended June 30, 2026. The decrease was due to lower average gross sales prices of $0.5 million and increased operating costs of $1.1 million, partially offset by higher Sales Volume of $0.7 million. Increased operating costs were primarily related to higher maintenance and freight costs of $1.6 million and $0.8 million, respectively, which was partially offset by lower purchased cement costs of $1.4 million.

Current wording

Equity in Earnings of our Unconsolidated Joint Venture decreased by $0.7 million, or 7%, for the six months ended September 30, 2026. The decrease was due to lower average gross sales prices of $2.1 million, partially offset by higher Sales Volume and lower operating costs of $1.2 million and $0.2 million, respectively.

Previous wording

Corporate General and Administrative expenses decreased by approximately $0.6 million, or 3%, for the three months ended June 30, 2026. The decrease was due primarily to lower salary and incentive compensation of $2.8 million, which was partially offset by higher information technology costs and insurance costs of $1.8 million and $0.5 million, respectively.

Current wording

Corporate General and Administrative expenses increased by approximately $5.0 million, or 12%, for the six months ended September 30, 2026. The increase was due primarily to increased health insurance costs, information technology costs, rent and utilities, and travel costs of $2.5 million, $4.3 million, $0.4 million, and $0.3 million, respectively. This was partially offset by lower salary and incentive compensation of $3.1 million.

Previous wording

Three MONTHS ENDED June 30, 2026, COMPARED WITH three MONTHS ENDED June 30, 2025, BY SEGMENT

Current wording

Three and six MONTHS ENDED september 30, 2026, COMPARED WITH three and six MONTHS ENDED september 30, 2025, BY SEGMENT

Previous wording

The following presents results within our two business sectors for the three months ended June 30, 2026, and 2025. 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, 2026, and 2025. Revenue and operating results are organized by sector and discussed by individual business segments.

Previous wording

(1) Total of wholly owned subsidiaries and proportionately consolidated 50% interest in the Joint Venture’s results.

Current wording

(1) Total of wholly owned subsidiaries and proportionately consolidated 50% interest of the Joint Venture’s results.

Previous wording

Cement Revenue was $377.9 million, a 9% increase, for the three months ended June 30, 2026. This increase was due to higher Sales Volume and gross sales prices, which increased Cement Revenue by $25.8 million and $4.5 million, respectively.

Current wording

Cement Revenue was $390.5 million, a 1% increase, for the three months ended September 30, 2026. This increase was due to higher gross sales prices and Sales Volume, which increased Cement Revenue by $3.4 million and $2.2 million, respectively.

Previous wording

Cement Operating Earnings decreased by $7.5 million to $73.6 million for the three months ended June 30, 2026. The decrease was due to higher operating costs of $17.9 million, which were partially offset by higher Sales Volume and higher gross sales prices of $5.9 million and $4.5 million, respectively. The increase in operating costs was due to higher maintenance, purchased raw materials, and inefficiencies associated with unexpected downtime at our Mountain Cement facility of approximately $7.4 million, $4.2 million, and $6.0 million, respectively. The Operating Margin decreased to 19% from 23% because of higher operating costs, partially offset by the increase in Sales Volume.

Current wording

Cement Operating Earnings decreased by $18.5 million to $182.4 million for the six months ended September 30, 2026. The decrease was due to higher operating costs of $32.9 million, which were partially offset by higher Sales Volume and higher gross sales prices of $6.5 million and $7.9 million, respectively. The increase in operating costs was mainly due to higher freight, purchased raw materials, and maintenance costs of approximately $4.9 million, $9.8 million, and $13.4 million, respectively. The Operating Margin decreased to 24% from 27% because of higher operating costs, partially offset by the increase in gross sales prices and Sales Volume.

Previous wording

Concrete and Aggregates Revenue increased 4% to $80.7 million for the three months ended June 30, 2026. The increase was due to higher gross sales prices of $3.3 million and higher Aggregates Sales Volume of $0.1 million, which was partially offset by lower Concrete Sales Volume, which reduced Revenue by $0.9 million.

Current wording

Concrete and Aggregates Revenue increased 7% to $91.4 million for the three months ended September 30, 2026. The increase was due to higher Concrete and Aggregates gross sales prices of $2.5 million and $1.9 million, respectively, and higher Concrete Sales Volume of $2.8 million, which were partially offset by lower Aggregates Sales Volume, which reduced Revenue by $1.6 million.

Previous wording

Gypsum Wallboard Revenue was $204.7 million, an 8% decrease for the three months ended June 30, 2026. Lower gross sales prices and lower Sales Volume decreased Revenue by approximately $13.4 million and $3.4 million, respectively. Our market share remained relatively consistent during the three months ended June 30, 2026, based on the Gypsum Association's data.

Current wording

Gypsum Wallboard Revenue was $185.7 million, a 1% increase, for the three months ended September 30, 2026. Higher Sales Volume increased Revenue by $13.6 million, partially offset by lower gross sales prices of approximately $11.4 million. Our market share remained relatively consistent during the three months ended September 30, 2026.

Previous wording

Recycled Paperboard Revenue increased 8% to $55.4 million during the three months ended June 30, 2026. Higher gross sales prices and Sales Volume increased Revenue by $3.1 million and $1.2 million, respectively. Higher gross sales prices were related to the pricing provisions in our long-term sales agreements.

Current wording

Recycled Paperboard Revenue increased 10% to $53.6 million during the three months ended September 30, 2026. Higher Sales Volume and gross sales prices increased Revenue by $3.0 million and $2.1 million, respectively. Higher gross sales prices were related to the pricing provision changes in our long-term sales agreements.

Previous wording

Operating Earnings increased 38% to $13.1 million, primarily due to higher gross sales prices, increased Sales Volume, and lower operating costs, which increased Operating Earnings by $3.1 million, $0.2 million and $0.3 million, respectively. As a result, Operating Margin increased to 24% from 19% in the quarter ended June 30, 2025. 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 decreased 1% to $10.9 million, primarily because of higher operating costs, which decreased Operating Earnings by $2.9 million. This was partially offset by higher gross sales prices and Sales Volume, which increased Operating Earnings by approximately $2.1 million and $0.7 million, respectively. The increase in operating costs was primarily related to higher fiber and fiber freight of approximately $2.6 million and $1.1 million, respectively, which was partially offset by lower depreciation of $1.4 million. Operating Margin decreased to 20% in the quarter ended September 30, 2026, from 22% in the quarter ended September 30, 2025, largely because of the increase in operating costs. 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, 2026 (the Annual Report). The two 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 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, 2026 (the Annual Report). The two 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 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

We believe we have access at the present time to sufficient financial resources from our liquidity sources to fund our business and operations, including contractual obligations, capital expenditures, and debt service obligations, for at least the next 12 months. In the long term, we intend to rely on our existing financial resources, together with borrowings under existing and future credit facilities and potential offerings of our securities in private or public markets. We regularly monitor any potential disruptions to the economy, and to our operations, particularly changing fiscal policy or economic conditions affecting our industries. Please see the Debt Financing Activities section below for a discussion of our revolving credit facility and the amount of borrowings available to us in the next 12-month period.

Current wording

We believe we have access at the present time to sufficient financial resources from our liquidity sources to fund our business and operations, including contractual obligations, capital expenditures, and debt service obligations, for at least the next 12 months. In the long term, we intend to rely on our existing financial resources, together with borrowings under existing and future credit facilities and potential offerings of our securities in private or public markets. We regularly monitor potential disruptions to the economy, and to our operations, particularly changing fiscal policy or economic conditions affecting our industries. Please see the Debt Financing Activities section below for a discussion of our revolving credit facility and the amount of borrowings available to us in the next 12-month period.

Previous wording

The following table provides a summary of our cash flows:

Current wording

The following table provides a summary of our cash flow.

Previous wording

Net Cash Provided by Operating Activities increased by $17.7 million to $154.4 million during the three months ended June 30, 2026. This increase was primarily attributable to higher cash flows from changes in Working Capital and noncash activity of $13.3 million and $25.6 million, respectively, partially offset by lower Operating Earnings of $21.2 million.

Current wording

Net Cash Provided by Operating Activities increased by $23.1 million to $364.3 million during the six months ended September 30, 2026. This increase was primarily attributable to higher cash flows from changes in Working Capital and non-cash activity of $24.8 million and $45.4 million, respectively, partially offset by lower Operating Earnings of $47.1 million.

Previous wording

Working Capital decreased by $49.0 million to $641.8 million at June 30, 2026, compared with March 31, 2026. The decrease was primarily due to lower Cash, Inventories, and Income Tax Receivable of $64.4 million, $28.8 million, and $1.2 million, respectively, and higher Accounts Payable, Accrued Liabilities, and Income Taxes Payable of $18.0 million, $6.1 million, and $2.8 million, respectively. This was partially offset by higher Accounts Receivable, net of $65.2 million and higher Prepaid and Other Assets of $7.7 million.

Current wording

Working Capital decreased by $72.7 million to $618.1 million at September 30, 2026, compared with March 31, 2026. The decrease was primarily due to lower Cash and Inventories as well as higher Accounts Payable, of $56.8 million, $46.7 million, and $10.6 million, respectively. This was partially offset by $35.5 million of higher Accounts Receivable, net and $5.9 million of higher Prepaids and Other Assets.

Previous wording

The increase in Accounts Receivable at June 30, 2026, was primarily related to higher Revenue during the three months ended June 30, 2026, particularly in the month of June, compared with the three months ended March 31, 2026. As a percentage of quarterly sales generated for the respective quarters, Accounts Receivable was approximately 45% and 48% at June 30, 2026, and March 31, 2026, 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, 2026.

Current wording

The increase in Accounts Receivable at September 30, 2026, was primarily related to higher Revenue during the three months ended September 30, 2026, compared with the three months ended March 31, 2026. As a percentage of quarterly sales generated for the respective quarter, Accounts Receivable was approximately 40% and 48% at September 30, 2026, and March 31, 2026, 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, 2026.

Previous wording

Our Inventory balance at June 30, 2026, decreased by approximately $28.8 million from our balance at March 31, 2026. Within Inventory, Raw Materials and Materials-in-Progress, Finished Cement, Aggregates, Recycled Paperboard, Repair Parts and Supplies, and Fuel and Coal declined $24.4 million, $0.8 million, $0.3 million, $2.1 million, $2.1 million, and $1.0 million, respectively. This was partially offset by an increase in Gypsum Wallboard inventory of $1.9 million. 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 plants, which creates the need to stock a high level of Repair Parts inventory. We believe all 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, 2026, decreased by approximately $46.7 million from our balance at March 31, 2026. Within Inventory, Raw Materials and Materials-in-Progress and Finished Cement declined $42.3 million and $4.9 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 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, 2026, was approximately $120.8 million, compared with $76.1 million during the same period in 2025. The $44.7 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, 2026, was approximately $249.7 million, compared with $184.6 million during the same period in 2025. The $65.0 million increase was primarily related to the modernization and expansion of our Mountain Cement facility in Laramie, Wyoming.

Previous wording

Net Cash Used in Financing Activities was $98.0 million during the three months ended June 30, 2026 compared with $21.2 million during the same period in 2025. The $76.8 million increase was mainly related to lower borrowings, net of repayments of $75.0 million and higher Purchase and Retirement of Common Stock of $5.2 million. This was partially offset by lower Shares Redeemed to Settle Employee Taxes on Stock Compensation of $3.1 million.

Current wording

Net Cash Used in Financing Activities was $171.4 million during the six months ended September 30, 2026, compared with $142.0 million during the same period in 2025. The $29.5 million increase was mainly related to lower borrowings, net of repayments of $55.0 million, partially offset by lower Purchase and Retirement of Common Stock and Shares Redeemed to Settle Employee Taxes of $21.7 million and $3.0 million, respectively.

Previous wording

Our debt-to-capitalization ratio and net-debt-to-capitalization ratio were 54.5% and 50.9%, respectively, at June 30, 2026, compared with 54.7% and 50.1%, respectively, at March 31, 2026.

Current wording

Our debt-to-capitalization ratio and net-debt-to-capitalization ratio were 53.6% and 50.0%, respectively, at September 30, 2026, compared with 54.7% and 50.1%, respectively, at March 31, 2026.

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, 2026, we had no outstanding Revolving Loans under the Revolving Credit Facility and $9.9 million of outstanding letters of credit, leaving us with $740.1 million of available borrowings under the Revolving Credit Facility, net of outstanding letters of credit. We are contingently liable for performance under $52.2 million in performance bonds relating primarily to our mining operations. We do not have any off-balance sheet debt or any outstanding debt guarantees as of June 30, 2026.

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, 2026, we had no outstanding Revolving Loans under the Revolving Credit Facility and $13.1 million of outstanding letters of credit, leaving us with $736.9 million of available borrowings under the Revolving Credit Facility, net of outstanding letters of credit. We are contingently liable for performance under $52.9 million in performance bonds relating primarily to our mining operations. We do not have any off-balance sheet debt or any outstanding debt guarantees as of September 30, 2026.

Previous wording

As market conditions warrant, the Company may from time to time seek to purchase or repay its outstanding debt securities or loans, including the 2.500% Senior Unsecured Notes, 5.000% Senior Unsecured Notes, the Term Loan, and any Revolving Credit Loans, in each case, in privately negotiated or open market transactions, by tender offer or otherwise. Subject to any applicable limitations contained in the agreements governing our indebtedness, any purchases we make may be funded by using cash on our balance sheet or issuing new debt. The amounts involved in any such purchase transactions, individually or in aggregate, may be material.

Current wording

As market conditions warrant, the Company may from time to time seek to purchase or repay its outstanding debt securities or loans, including the 2.500% Senior Unsecured Notes, 5.000% Senior Unsecured Notes, the Term Loan, and any Revolving Credit Loans, in privately negotiated or open market transactions, by tender offer or otherwise. Subject to any applicable limitations contained in the agreements governing our indebtedness, any purchases we make may be funded by using cash on our balance sheet or issuing new debt. The amounts involved in any such purchase transactions, individually or in aggregate, may be material.

Previous wording

We had approximately $38.4 million of lease liabilities at June 30, 2026, with an average remaining life of approximately 11.1 years.

Current wording

We had approximately $40.3 million of lease liabilities at September 30, 2026, with an average remaining life of approximately 10.8 years.

Previous wording

Dividends paid were $8.0 million and $8.3 million for the three months ended June 30, 2026, and 2025, 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 $15.6 million and $16.6 million for the six months ended September 30, 2026, and 2025, 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, 2026, our share repurchases were as follows.

Current wording

During the six months ended September 30, 2026, 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 a publicly held company in April 1994. Through June 30, 2026, we have repurchased approximately 53.0 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, 2026, we have repurchased approximately 53.7 million shares.

Previous wording

During the three months ended June 30, 2026, the Company withheld from employees 29,228 shares of stock upon the vesting of Restricted Shares that were granted under the 2023 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, 2026, the Company withheld from employees 29,534 shares of stock upon the vesting of Restricted Shares that were granted under the 2023 Equity Incentive 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.