Thermal insulation materials used in civil engineering have been developing throughout time. One of the latest thermal insulation used in construction sites with gained popularity is EPS aggregate and mineral binder-based composite. Waste recycling potential, low cost, and ease of installation have brought popularity to the material. This research investigates such material which is formulated by EPS aggregates and pure Portland cement binder thus making EPS aggregate concrete (EAC). Many contractors use such untested and uncertified EAC material due to the low cost of the raw materials. In this research, EAC was taken directly from the construction site. Material physical and mechanical properties are evaluated and compared to commercial counterparts. The drying of the material was investigated, following the practice in the construction sites where upper covering layers are built according to the time schedule ignoring material drying process. Results were compared with commercial EAC. Results indicate that rapid construction schedule with layer-to-layer covering of wet EAC results in dramatically slow drying of such composites, which is one of the main problems for safe use in civil engineering. EAC density from 113 to 169 kg/m3 was measured with an average compressive strength of 49 kPa. The thermal conductivity of the tested EAC was from 0.050 to 0.055 W/(mK).