SEC Form 11-K filed by Vulcan Materials Company (Holding Company)
$VMC
Mining & Quarrying of Nonmetallic Minerals (No Fuels)
Industrials
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2025
Commission File Number: 001-33841
VULCAN 401(k) PLAN
(Full title of the Plan)
(Name of issuer of the securities held pursuant to the Plan)
1200 Urban Center Drive
Birmingham, Alabama 35242
(205) 298-3000
(Address of issuer’s principal executive offices and address of the Plan)
Financial Statements as of December 31, 2025 and 2024
and for the Year Ended December 31, 2025.
Supplemental Schedule as of December 31, 2025
and Report of Independent Registered Public Accounting Firm.
VULCAN 401(k) PLAN
| CONTENTS | ||
| 1 | ||||||||
| Financial Statements: | ||||||||
| 2 | ||||||||
| 3 | ||||||||
| 4 | ||||||||
| Supplemental Schedule: | ||||||||
| 10 | ||||||||
| Note: | All other schedules required by Section 2520.103–10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended (ERISA), have been omitted because they are not applicable. | |||||||
| 11 | ||||||||
| 12 | ||||||||
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Trustees and Plan Participants of the Vulcan 401(k) Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for plan benefits of the Vulcan 401(k) Plan (the Plan) as of December 31, 2025 and 2024, and the related statement of changes in net assets available for plan benefits for the year ended December 31, 2025, and the related notes and schedule (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for plan benefits for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Information
The supplemental information contained in the schedule of assets (held at end of year) as of December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ WARREN AVERETT, LLC
Atlanta, Georgia
June 18, 2026
We have served as the Plan's auditor since 2025.
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VULCAN 401(k) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
| As of December 31 | |||||||||||
| in thousands | 2025 | 2024 | |||||||||
| Assets: | |||||||||||
| Investments: | |||||||||||
| Participant-directed investments, at fair value | $ | $ | |||||||||
| Participant-directed investments, at contract value: | |||||||||||
| Stable Value Fund (see Note 3) | |||||||||||
| Total investments | |||||||||||
| Receivables: | |||||||||||
| Employer contributions | |||||||||||
| Participant contributions | |||||||||||
| Notes receivable from participants | |||||||||||
| Total receivables | |||||||||||
| Net assets available for benefits | $ | $ | |||||||||
See notes to financial statements.
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VULCAN 401(k) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
| For the year ended | |||||
| in thousands | December 31, 2025 | ||||
| Additions (reductions) to net assets: | |||||
| Investment income: | |||||
| Net appreciation in fair value of investments | $ | ||||
| Interest and dividend income | |||||
| Net investment income | |||||
| Interest income on notes receivable from participants | |||||
| Contributions: | |||||
| Participants | |||||
| Employer | |||||
| Rollovers | |||||
| Total contributions | |||||
| Benefits paid to participants | ( | ||||
| Administrative expenses | ( | ||||
| Increase in net assets before plan transfers | |||||
| Transfers into the plan: | |||||
| Transfers of participants' investments to the Plan as a result of an acquisition | |||||
| Net transfers of participants' investments from other Vulcan Materials Company Plans | |||||
| Increase in net assets | |||||
| Net assets available for benefits: | |||||
| Beginning of year | |||||
| End of year | $ | ||||
See notes to financial statements.
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VULCAN 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE 1: DESCRIPTION OF THE PLAN
General
The Vulcan 401(k) Plan (Plan), a defined contribution employee benefit plan established effective July 15, 2007, and most recently restated effective January 1, 2020, provides for accumulation of savings, including the option to participate in the Vulcan Materials Company (Company) stock fund for:
▪all qualified employees of the Company hired on or after July 15, 2007
▪any employee who was eligible to participate in the Vulcan Materials Company Thrift Plan for Salaried Employees immediately prior to its merger into the Plan effective January 1, 2014
▪any employee who was eligible to participate in the CMG Hourly 401(k) Plan who transferred to a salaried position on or after January 1, 2014
The Company has designated a portion of the Plan consisting of the Company’s stock fund as an Employee Stock Ownership Plan (ESOP). The ESOP fund allows a participant to elect to have the dividends on the Company’s stock fund reinvested in the Company’s stock fund or paid to the participant in cash.
A participant may transfer between the Company’s two defined contribution employee benefit plans (as defined in the Plan). When a participant transfers between plans, the net assets of the participant’s account will be transferred to the other plan. For the year ended December 31, 2025, $1,226,000 was transferred to the Plan from the CMG Hourly 401(k) Plan.
On April 1, 2025, assets totaling $32,724,000 were transferred to the Plan from the former Wake Stone Corporation Profit Sharing and 401(k) Savings Plan. The Company acquired Wake Stone Corporation in November 2024.
Investment assets of the Plan are held by Empower Trust Company, LLC (Trustee). Empower Retirement (Recordkeeper), a subsidiary of Empower Trust Company, LLC, is the recordkeeper for the Plan.
Participation and Vesting
Generally, all qualified employees participate on the first day of employment. Participants are fully vested in all contributions at all times. As such, the Plan does not provide for forfeitures.
Contributions
The Plan is funded through contributions by participants and the Company. The Plan provides for three types of employee contributions to the Plan: pay conversion contributions (pretax contributions), after-tax contributions and Roth contributions. An employee may designate multiples of 1 % (ranging from 1 % to 80 %) of earnings as pretax contributions, after-tax contributions, Roth contributions or any combination of the three. Contributions are subject to certain Internal Revenue Code (IRC) limitations. Participants may also contribute amounts representing distributions from other qualified plans (rollovers).
The Company expects to make matching contributions to match a portion of an employee’s contribution equal to 100 % of that contribution, not to exceed 6 % of the employee’s earnings. In addition, the Company will make an annual employer contribution of at least 3 % of the earnings of each participant. The annual employer contribution was 3 % of each participant’s earnings, or $26,835,000 and $25,485,000 for the years ended December 31, 2025 and 2024, respectively. These annual contributions are reflected as an employer receivable in the Statements of Net Assets Available for Benefits for the years ended December 31, 2025 and 2024, respectively.
Investment Options
Participants may invest in 24 separate investment funds of the Plan, a stable value fund or in a self-directed brokerage account in proportions elected by the participant. Contributions, allocations and transfers to the Patriot Transportation Holding, Inc. common stock fund are no longer an option. The Company’s matching contributions and annual employer contributions are invested as selected by the participant. In the event that no contribution investment election is made by the participant, the Company’s matching contributions and the annual employer contribution are invested in the State Street Target Retirement 2030 SL CL VI fund and are available for immediate reallocation by the participant.
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Participant Accounts
Separate accounts are maintained for each investment option: pretax contributions, after-tax contributions, Roth contributions, rollovers and transfers, and Company contributions and accumulated earnings thereon. Earnings (losses) are allocated daily to each participant’s account in the ratio of the participant’s account balance to total participants’ account balances. Distributions and withdrawals are charged to participant accounts.
Benefits Paid To Participants
A participant’s total account is distributed upon retirement, disability, death, or termination of employment, unless the account value is greater than $7,000 , in which case the participant may defer distribution until age 73. Distributions are made in cash, except that the portion invested in the Company stock fund may be distributed in whole shares of such stock, if requested by the participant or beneficiary. Participants eligible to receive a distribution from the Plan may elect either a lump-sum payment or various installment options offered by the Plan (subject to the IRC’s required minimum distribution rules).
Prior to a termination of employment, a participant may withdraw any amount up to the value of his or her entire account subject to certain restrictions (as defined in the Plan). However, no portion of an actively employed participant’s pretax contribution account may be distributed to him or her before age 59 ½ unless the participant is approved for a “hardship” withdrawal as defined in the Plan and consistent with IRC guidelines.
Notes Receivable From Participants
A participant may apply for a loan at any time provided that the participant is receiving compensation from which payroll deductions can be made. The amount of the loan cannot exceed the lesser of 50 % of the participant’s total account, less the outstanding balance of all existing loans, or $50,000 , reduced by the highest outstanding balance of existing loans during the 12 months preceding the effective date of such loan. Additionally, participants are generally only permitted to have two loans outstanding at any one time.
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The accompanying financial statements of the Plan have been prepared in accordance with accounting principles generally accepted in the United States of America (generally accepted accounting principles or GAAP).
Valuation of Investments and Income Recognition
The Plan’s investments are reported based on the fair values, net asset values or contract values of the underlying investments. Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Investments in securities traded on national and over-the-counter exchanges are valued at the closing bid price of the security as of the last trading day of the year.
Investments in common/collective trust funds are stated at net asset value as determined by the issuer of the funds based on the underlying investments. The stable value fund is stated at contract value which is principal plus accrued interest, the value at which participants ordinarily transact (see Note 3).
Security transactions are recorded on the trade date. Distributions of stock, if any, to participants are recorded at the market value of such stock at the time of distribution. Interest income is recorded on the accrual basis. Net appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year. Dividends are recorded on the ex-dividend date. Investment manager fees are netted against Plan investment income and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments. Expenses incurred in connection with the transfer of securities, such as brokerage commissions and transfer taxes, are added to the cost of such securities or deducted from the proceeds thereof.
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Use of Estimates and Risks and Uncertainties
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are recorded as distributions based upon the terms of the Plan.
Excess Contributions Payable
The Plan is required to return contributions received during the Plan year in excess of the IRC limits. There were no
Payment of Benefits
Benefits are recorded when paid. There were no participants who elected to withdraw from the Plan that had not been paid at December 31, 2025 or 2024.
Administrative Expenses
NOTE 3: STABLE VALUE FUND — GUARANTEED INVESTMENT CONTRACT (GIC)
The Plan contains a stable value investment option (Fund or GIC) that meets the criteria of a fully benefit-responsive investment contract and is therefore reported at contract value. Contract value represents contributions made to the Fund, plus earnings, less participant withdrawals. The Fund is comprised of a portfolio of bonds and other fixed income securities and an investment contract issued by an insurance company or other financial institution, designed to provide a contract value “wrapper” around the fixed income portfolio to guarantee a specific interest rate which is reset quarterly and that cannot be less than zero. The wrapper contract provides that realized and unrealized gains and losses on the underlying fixed income portfolio are not reflected immediately in the net assets of the Fund; rather, they are amortized over the duration of the underlying assets through adjustments to the future interest crediting rate. Primary variables impacting future crediting rates of the Fund include the current yield, duration, and existing difference between market and contract value of the underlying assets within the wrapper contract.
Limitations on the Ability of the Guaranteed Investment Contract to Transact at Contract Value
Certain events may limit the ability of the Fund to transact at contract value or may allow for the termination of the wrapper contract at less than contract value. The following employer-initiated events may limit the ability of the Fund to transact at contract value:
•A failure of the Plan to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA
•Any communication given to participants designed to influence a participant not to invest in the Fund or to transfer assets out of the Fund
•Any transfer of assets from the Fund directly into a competing investment option
•The establishment of a defined contribution plan that competes for employee contributions
•Complete or partial termination of a Company sponsored plan or merger of plans
The wrapper contract contains provisions that limit the ability of the Fund to transact at contract value upon the occurrence of certain events. These events include: any substantive modification of the Fund or the administration of the Fund that is not consented to by the wrapper issuer; any change in law, regulation, or administrative ruling applicable to a plan that could have a material adverse effect on the Fund’s cash flow; and employer-initiated transactions as described above.
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In the event that the wrapper contract fails to perform as intended, the Fund’s net asset value may decline if the market value of its assets declines. The Fund’s ability to receive amounts due pursuant to the wrapper contract is dependent on the third-party issuer’s ability to meet its financial obligations. The wrapper issuer’s ability to meet its contractual obligations under the wrapper contract may be affected by future economic and regulatory developments.
The Fund is unlikely to maintain a stable net asset value if, for any reason, it cannot obtain or maintain wrapper contracts covering all of its underlying assets. This could result from the Fund’s inability to promptly find a replacement wrapper contract following termination of a wrapper contract. Wrapper contracts are not transferable and have no trading market. There are a limited number of wrapper issuers. The Fund may lose the benefit of wrapper contracts on any portion of its assets in default in excess of a certain percentage of portfolio assets.
Company management believes that the occurrence of events that may limit the ability of the Fund to transact at contract value is not probable.
NOTE 4: FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan classifies its investments into a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of these three levels:
Level 1 — Quoted prices in active markets for identical assets or liabilities
Level 2 — Inputs that are derived principally from or corroborated by observable market data
Level 3 — Inputs that are unobservable and significant to the overall fair value measurement
Investment assets measured using either the net asset value (NAV) per share practical expedient or contract value are not categorized in the fair value hierarchy.
The following tables set forth, by Level within the fair value hierarchy, the Plan’s investment assets at fair value for the years ended December 31, 2025 and 2024, respectively:
| As of December 31, 2025 | |||||||||||||||||||||||
| in thousands | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
| Vulcan Materials Company Stock Fund | $ | $ | $ | $ | |||||||||||||||||||
| Mutual funds | |||||||||||||||||||||||
| Empower self-directed brokerage account | |||||||||||||||||||||||
| Other domestic equities | |||||||||||||||||||||||
| Investments in the fair value hierarchy | $ | $ | $ | $ | |||||||||||||||||||
| Interests in common/collective trust funds (at NAV) | |||||||||||||||||||||||
| Stable value fund (GIC at contract value) | |||||||||||||||||||||||
| Total investment assets | $ | ||||||||||||||||||||||
| As of December 31, 2024 | |||||||||||||||||||||||
| in thousands | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
| Vulcan Materials Company Stock Fund | $ | $ | $ | $ | |||||||||||||||||||
| Mutual funds | |||||||||||||||||||||||
| Empower self-directed brokerage account | |||||||||||||||||||||||
| Other domestic equities | |||||||||||||||||||||||
| Investments in the fair value hierarchy | $ | $ | $ | $ | |||||||||||||||||||
| Interests in common/collective trust funds (at NAV) | |||||||||||||||||||||||
| Stable value fund (GIC at contract value) | |||||||||||||||||||||||
| Total investment assets | $ | ||||||||||||||||||||||
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Asset Valuation Techniques
The following methods and assumptions were used to estimate the values of the Plan’s investments. There have been no changes in the methodologies used at December 31, 2025 and 2024, respectively.
Vulcan Materials Company Stock Fund — The fair value of the Company’s stock fund is based on the quoted market price.
Mutual Funds — These investments are valued daily at the closing price as reported on the active market in which the securities are traded.
Other Domestic Equities — These investments include common stock, preferred stock and other equity investments. Fair value is based on quoted market prices.
Common/Collective Trust Funds — These investments include various index funds for domestic equities and fixed income securities, as well as international equities. Investments are valued at the net asset value of units of a bank collective trust. The net asset value, as provided in each fund’s audited financial statements, is used as a practical expedient to estimate fair value. The net asset value is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported net asset value. Were the Plan to initiate a full redemption of the collective trust, the investment advisor reserves the right to temporarily delay withdrawal from the collective trust in order to ensure that securities liquidations will be carried out in an orderly business manner. In addition, there are no unfunded commitments for any of the common/collective trust funds.
Empower Self-Directed Brokerage Account — The investments in this account include various mutual funds and money market funds. Fair value is based on quoted market prices.
Stable Value Fund — The stable value fund is measured at contract value as described in Note 3. Contract value represents contributions made to the fund, plus earnings, less participant withdrawals.
The methods described above may produce a fair value calculation that may not be indicative of net asset value or reflective of future fair value. Furthermore, while the Plan’s valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in different estimates of fair value at the reporting date.
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NOTE 5: PLAN TERMINATION
Although it has not expressed any intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth under ERISA. In the event of termination, the net assets of the Plan will be distributed in accordance with ERISA.
NOTE 6: FEDERAL INCOME TAX STATUS
The Internal Revenue Service (IRS) has determined and informed the Company by a letter dated August 7, 2020, that the Plan and related trust are designed in accordance with the applicable sections of the IRC. Although the Plan has been amended since receiving the determination letter, the Plan administrator and the Plan's tax counsel believe that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the IRC and, therefore, believe that the Plan is qualified and the related trust is tax-exempt.
NOTE 7: EXEMPT PARTY-IN-INTEREST TRANSACTIONS
Trustee and recordkeeping fees paid to the Trustee and the Recordkeeper qualify as exempt party-in-interest transactions.
At December 31, 2025 and 2024, the Plan’s trust held 350,000 and 404,000 shares of common stock of the Company with a cost basis of $69,654,000 and $77,794,000 , respectively. The Plan recorded dividend income of $747,000 attributable to its investment in the Company’s stock fund for the year ended December 31, 2025. A significant decline in the market value of the Company’s common stock would significantly affect the net assets available for benefits.
See Note 2 under the caption Use of Estimates and Risks and Uncertainties for information related to risks, including volatility in the financial markets, to the Plan’s investment in the Company’s stock fund.
NOTE 8: NEW ACCOUNTING STANDARDS
Accounting Standards Recently Adopted
None
Accounting Standards Pending Adoption
None
NOTE 9: SUBSEQUENT EVENTS
For the year ended December 31, 2025, subsequent events were evaluated through June 18, 2026, the date the financial statements were available to be issued. Effective July 31, 2026, assets totaling no more than $86,900,000 will transfer into the Plan from the former Superior Ready Mix Corporation 401(k) Plan. This follows the Company’s divestiture of its ready-mixed concrete businesses in California on June 5, 2026. Terminated participants of the former Superior Ready Mix Corporation 401(k) Plan have the option to withdraw their account balances from June 5, 2026, through July 29, 2026. These withdrawals will reduce the total assets transferred on the effective date.
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VULCAN 401(k) PLAN
Employer ID No: 20-8579133
Plan No: 041
FORM 5500, SCHEDULE H, PART IV, LINE 4i -
SCHEDULE OF ASSETS (HELD AT END OF YEAR) AS OF DECEMBER 31, 2025
| (a) | (b)Identity of Issue, Borrower, Lessor, or Similar Party | (c)Description of Investment, Including Maturity Date, Rate of Interest, Collateral, and Par or Maturity Value | ** (d) Cost | (e) Current Value (in 000s) | ||||||||||
| State Street S&P 500 Index SL CL II | Collective Trust | $ | ||||||||||||
| State Street Global All Cap Equity Ex-US Index SL CL II | Collective Trust | |||||||||||||
| State Street US Bond Index SL CL XIV | Collective Trust | |||||||||||||
| State Street Russell Small/Mid Cap Index SL CL II | Collective Trust | |||||||||||||
| State Street Target Retirement 2035 SL CL VI | Collective Trust | |||||||||||||
| State Street Target Retirement 2030 SL CL VI | Collective Trust | |||||||||||||
| State Street Target Retirement 2045 SL CL VI | Collective Trust | |||||||||||||
| State Street Target Retirement 2025 SL CL VI | Collective Trust | |||||||||||||
| State Street U.S. Inflation Protected Bond Index SL CL II | Collective Trust | |||||||||||||
| State Street Target Retirement 2040 SL CL VI | Collective Trust | |||||||||||||
| State Street Target Retirement Income SL CL VI | Collective Trust | |||||||||||||
| State Street Target Retirement 2050 SL CL VI | Collective Trust | |||||||||||||
| State Street Target Retirement 2055 SL CL VI | Collective Trust | |||||||||||||
| Wellington CIF II World Bond S2 | Collective Trust | |||||||||||||
| State Street Target Retirement 2060 SL CL VI | Collective Trust | |||||||||||||
| State Street Target Retirement 2065 SL CL VI | Collective Trust | |||||||||||||
| Baird Core Plus Bond Instl | Mutual Fund | |||||||||||||
| Vanguard Equity Income Adm | Mutual Fund | |||||||||||||
| JP Morgan Large Cap Growth R6 | Mutual Fund | |||||||||||||
| American Funds EuroPacific Growth R6 | Mutual Fund | |||||||||||||
| William Blair Small Mid Cap Growth R6 | Mutual Fund | |||||||||||||
DFA Emerging Markets Core Equity 2 Port I | Mutual Fund | |||||||||||||
| AllianceBernstein Discovery Value Z | Mutual Fund | |||||||||||||
| * | Empower Self-Directed Brokerage Account | Self-Directed Brokerage Account | ||||||||||||
| * | Vulcan Materials Company | Stock Fund | ||||||||||||
| Patriot Transportation Holding Inc. | Stock Fund | |||||||||||||
| Metlife GAC 12439 | Stable Value Fund | |||||||||||||
| * | Participant loans | Interest rates ranging from | ||||||||||||
| $ | ||||||||||||||
*Party-in-interest.
**Cost information is not required for participant-directed investments and, therefore, is not included.
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| EXHIBIT INDEX | |||||
| Exhibit 23(a) | |||||
11
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
VULCAN 401(k) PLAN
/s/ Steven Smith | |||||
| Steven Smith | |||||
| Vice President, Compensation and Employee Benefits | |||||
Date: June 18, 2026
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