CRH 10-K & 10-Q changes, risk factors and insider trading
Crh Public Ltd. Co. · NYSE · Cement, Hydraulic · CIK 849395 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
Removed heading “Risks Related To Our Common Stock”
Removed heading “Relocation of Primary Listing”
Removed heading “CRH faces risks associated with the relocation of our primary listing.”
Largest changes
“CRH faces risks associated with the relocation of our primary listing.”see in full comparison
“Following the transition to the NYSE, CRH has been added to the MSCI USA Equity Index, the S&P TMI Index and the Russell 1000 Equity Index. The Company aims to be included in other relevant equity indices for which it believes it is eligible, including the S&P 500 Index. Inclusion is however at the discretion of the respective index providers. There is a risk that the Company may not be admitted, which may adversely affect the price and liquidity of the ordinary shares.”see in full comparison
In addition, the Company regularly engages in acquisition activity as part of its active portfolio management. Many newly-acquired companies rely on different information and operational technology systems to the rest of the Company and may not have cybersecurity protections comparable to those implemented throughout the existing Company. Integrating newly-acquired companies and assets and implementing appropriate cybersecurity controls may be more resource-intensive and time-consuming than anticipated. Failure to appropriately integrate new acquisitions into our cybersecurity and IT systems can lead to vulnerabilities and make our systems more complex to secure. Further, the global nature of our operations and diverse information and operational technologies used across the Company may result in potential delays in the detection and reporting of cyber incidents. In addition, as cybersecurity threats evolve, including from emerging technologies, such as advanced forms of AI and quantum computing, the Company is increasingly required to expend additional resources to enhance our cybersecurity protection measures and may be required to expend additional resources to investigate and remediate identified vulnerabilities.see in full comparison
“On September 25, 2023, CRH relocated the primary listing of its ordinary shares from the LSE to the NYSE. The Company has an international secondary listing on the LSE and accordingly our ordinary shares are now listed on both exchanges. As a result of the relocation of the primary listing CRH has ceased to be eligible for inclusion in certain UK and European equity indices.”see in full comparison
Full comparison: every changed paragraph (48)
In addition to the other information contained in this Annual Report on Form 10-K, you should carefully consider the following risk factors before investing in our ordinaryOrdinary shares.Shares. The following risks are considered material to our business based upon current knowledge, information, and assumptions. The risks and uncertainties we describe below relate to future events, expectations, trends, and operating periods, are subject to change and are not the only ones we face. Additional risks and uncertainties of which we are not aware or that we currently believe are immaterial may also adversely affect the business, financial conditioncondition, and results of operations of the Company. If any of the possible events described below were to occur, the business, financial conditioncondition, and results of operations of the Company could be materially and adversely affected. If that happens, the market price of our ordinaryOrdinary sharesShares could decline, and holders of our ordinaryOrdinary sharesShares could lose all or part of their investment.
This Annual Report on Form 10-K also contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including (but not limited to) the risks described below and elsewhere in this Annual Report on Form 10-K.
Given the nature of our core products, many of which cannot be transported on a cost-effective basis over long distances, our operations are particularly sensitive to the economic conditions in the local markets in which we operate. In general, economic uncertainty and rising interest rates can exacerbate negative trends in construction activity, including when current and/or prospective customers are unable to obtain credit or issue bonds, which can lead to the postponement, delay and/or cancellation of projects, and an associated negative impact on demand for building materials and related services. With a significant proportion of construction activity undertaken outside (e.g. highway construction), demand for and the utilization of the Company's products and services such as cementitious materials, aggregates, asphaltasphalt, concrete, and concrete products can be highly seasonal in line with customer demand, and may additionally be impacted by acute and/or chronic changes in global and/or localized weather events/conditions.
In addition, CRH may also be negatively impacted by fluctuations in the price of fuel and principal energy-related raw materials, which accounted for approximately 10% of totalTotal revenues in 2024,2025, comparedconsistent towith 11%10% in 2023,2024, with no guarantee that the Company will continue to be able to absorb these inflationary pressures.
A significant percentage of the Company’s products and/or services is consumed by public infrastructure projects, including the construction of highways and bridges. Accordingly, demand for our products may be impacted by adverse changes in public policy, as well as the financial resources and investment strategy of government bodies in our markets. The allocation of government funding for public infrastructure programs is a key driver for our markets, such as the infrastructure elements of the Infrastructure Investment and Jobs Act (IIJA) in the United States,States and large European infrastructure initiatives.
Adverse public policy, economic, socialsocial, and political situations in any country in which the Company operates could lead to a number of risks including health and safety risks for the Company's people, a fall in demand for the Company’s products, business interruption, restrictions on repatriation of earnings and/or a loss of plant access.
CRH primarily operates across North America, EuropeEurope, and Australia. The economies of these countries in which we operate are broadly stable. However, they are at varying stages of development, which presents multiple risks and uncertainties that could adversely affect the Company’s operations and financial results. These risks and uncertainties include:
In addition, CRH has people, assetsassets, and operations in Ukraine and neighboring countries, which face physical risk due to the ongoing conflict. The Board and management are actively monitoring the situation in Ukraine, as uncertainty continues to exist due to the ongoing conflict in the region.
CRH Form 10-K 13
Further, CRH is subject to a broad and stringent range of existing and evolving laws, regulations, standardsstandards, and best practices with respect to health and safety in each of the jurisdictions in which it operates. Should CRH’s health and safety frameworks, processesprocesses, and controls fail to comply with such regulations, the Company could be exposed to significant potential legal liabilities and penalties. Any failure resulting in the discharge or release of hazardous substances to the environment (e.g. storage tank leaks,leaks or explosions) could in addition expose CRH to significant liability remediation costs and/or penalties that impact our financial position.
In addition, potential issues with products could lead to health, safety and other issues for our broad range of stakeholders including our employees, contractors, customerscustomers, and communities.
The occurrence or recurrence of Covid-19 and/or similarly disruptive/dangerous pandemics could materially endanger our workers and/or contractors.
CRH may not achieve its strategic objectives if it is not successful in attracting, engaging, retainingretaining, and developing employees with the required skill sets, planning for leadership succession, developing an engaged and inclusive workforce, and building constructive relationships with collective representation groups.
The identification and subsequent assessment, management, developmentdevelopment, and deployment of talented individuals is of major importance in continuing to deliver on the Company’s strategy and in ensuring that succession planning objectives for key executive roles throughout its international operations are satisfied. As well as ensuring the Company identifies, hires, integrates, engages, developsdevelops, and promotes talent, the Company must attract and retain a broad workforce representing diversity of thought and perspective and maintain an inclusive working environment. Our ability to achieve these objectives depends on the availability of a pool of workers with the required training and skills, and the attractiveness of our employer value proposition compared with competing employers.
The Company operates in a labor-intensive industry and can face frontline labor shortages that impact its ability to produce goods, operate facilitiesfacilities, and install products. Additionally, any significant loss of employee resources for a sustained period of time (e.g. due to sickness or a public health emergency) could impact the Company’s ability to maintain operations.
The Company must also maintain constructive relationships with the trade/labor unions that represent certain employees under collective agreements. Failure to do so could mean that the Company cannot renegotiate on appropriate terms the relevant collective agreements upon expiration and may face strikes or work stoppages as a consequence. Poor labor relations could create reputational risk for the Company and/or disrupt our businesses, raise costscosts, and reduce revenues and earnings from the affected locations, with potential adverse effects on the results of operations and financial condition of the Company.
Failure of CRH to maintain access to mineral resources and reserves, plan for reserve depletiondepletion, and secure or maintain permits for its mining operations may result in operation stoppages, adversely impacting financial performance.
The impact of climate change may adversely affect CRH’s operations and cost base and the stability of markets in which the Company operates. Risks related to climate change that could affect the Company’s operations and financial performance include both physical risks (such as acute and chronic changes in weather) and transitional risks (such as technological development, policy and regulation changechange, and market and economic responses).
CRH Form 10-K 14
CRH engages in acquisition and divestiture activity as part of active portfolio management, and this portfolio management activity presents risks around due diligence, executionexecution, and integration of assets. Additionally, the Company may be liable for liabilities of companies it has acquired or divested. Failure to efficiently identify and execute deals may limit the Company’s growth potential and impact financial performance.
The Company’s acquisition strategy depends on successfully identifying and acquiring suitable assets at prices that satisfy our stringent cash flow and return on investment criteria. The Company may not be able to identify such companies, and, even if identified, may not be able to acquire them because of a variety of factors including the outcome of due diligence processes, the ability to raise required funds on acceptable terms, regulatory approvals (including in certain instances from competition authorities) and competition for transactions from peers and other entities acquiring companies in the building materials sector. In addition, situations may arise where the Company may be liable for the past acts, omissions or liabilities of acquired companies, or may remain liable in cases of divestiture (including for potential environmental liabilities or potential on-goingongoing information technology (IT) support).
Early StageEarly-Stage Business/Technology Investment
CRH, through its $250 million Venturing and Innovation Fund, makes investments in early stageearly-stage ventures focused on construction, sustainability and digitalization technology whose products and services may offer us future competitive advantage.
Investing in early-stage businesses and/or technologies presents inherent risks, with the potential that we may lose all or part of our investment if they fail to achieve anticipated strategic, technologicaltechnological, and financial returns. If we realize losses on our venture investments, our results of operations and financial condition may be adversely impacted.
CRH Form 10-K 15
Any failure to maintain strong customer relationships could result in an inability to respond to changing consumer preferences and approaches to construction. Failure to differentiate and innovate could lead to market share decline, with adverse impacts on financial performance.
The Company makes significant capital investments in information and operational technology, and systems to promote operational efficiency and maintain competitive advantage. Some of these investments relate to complex, multi-year technology deployments that require specialist customization and project management to deliver expected value (including Enterprise Reporting Program (ERP) and industrial control systems deployments and upgrades). The Company maintains a complex operating environment in relation to both information and operating technology, that includes on-premises, hybrid and cloud technologies supported by a mixture of third-party outsourced service providers and internal resources. Any failure to properly manage the customization and/or deployment of these systems or this complex operating environment may result in additional costs being incurred,incurred and/or delayed or eroded benefit realization. If we fail to make the required technological investments at the right time, or fail to appropriately leverage emerging technologies, we may lose competitive advantage and/or inhibit our ability to comply with evolving laws and/or regulations.
The ongoing, efficient operation of our facilities is often dependent on important pieces of equipment and IT networks/infrastructure. These can present single points of failure and can be difficult to quickly and/or easily replace due to long supply chain lead times and high associated capital costs. It is possible we could experience periodic disruption to equipment availability for a variety of reasons, including accidents, mechanical failures, fires/explosionsexplosions, and extreme weather conditions.
The Company has not been subject to a cyber-attack that has had a material impact on our operations or financial results. However, we have faced attempted cyber-attacks and mayare likely to face future cyber-attacks, including malware or ransomware attacks, or suffer other human or technological errors that have a material impact. Breaches, significant IT interruptions or errors could disrupt production software, permit manipulation of financial data, and could lead to corruption or theft of sensitive data that we collect and retain about our customers, suppliers, employeesemployees, and business performance. Following a material cybersecurity incident, the Company may incur significant remediation costs, may face regulatory proceedings and/or private litigation, and may suffer damage to our reputation and customer confidence in our operations.
In addition, the Company regularly engages in acquisition activity as part of its active portfolio management. Many newly-acquired companies rely on different information and operational technology systems to the rest of the Company and may not have cybersecurity protections comparable to those implemented throughout the existing Company. Integrating newly-acquired companies and assets and implementing appropriate cybersecurity controls may be more resource-intensive and time-consuming than anticipated. Failure to appropriately integrate new acquisitions into our cybersecurity and IT systems can lead to vulnerabilities and make our systems more complex to secure. Further, the global nature of our operations and diverse information and operational technologies used across the Company may result in potential delays in the detection and reporting of cyber incidents. In addition, as cybersecurity threats evolve, including from emerging technologies, such as advanced forms of AI and quantum computing, the Company is increasingly required to expend additional resources to enhance our cybersecurity protection measures and may be required to expend additional resources to investigate and remediate identified vulnerabilities.
CRH Form 10-K 16
Some of the raw materials, equipment, transport and other inputs that the Company requires are limited to a small number of suppliers from which the Company can economically and/or practically source, which often have long lead times. Any of our suppliers may experience temporary, prolonged or even permanent operational disruption (e.g. significant system outages) and/or capacity in the market may fall below required levels (e.g. for haulage capacity), which could have an adverse impact on the Company’s operations, financial performanceperformance, and reputation. In addition, in certain markets in which the Company operates, including markets for steel, cement, bitumen and supplementary cementitious materials,SCMs, contracted market demand can far outstrip supply, which may restrict the Company’s ability to obtain alternative suppliers or additional volumes where necessary. Our focus on responsible sourcing practices and other Environmental & Social Governance (ESG) considerations may also limit the pool of acceptable suppliers from which we may choose to source.
In addition, we are incorporated under Irish law, which treats interested director and officer transactions and shareholder lawsuits differently than the laws generally applicable to U.S.-incorporatedU.S. incorporated corporations and our shareholders may thus have more difficulty protecting their interests than would shareholders of a corporation incorporated in a jurisdiction of the United States. As we are an Irish company, the duties of our directors and officers are generally owed to CRH plc. Our shareholders will generally not have a personal right of action against our directors or officers and in limited circumstances only may exercise rights of action on behalf of the Company.
CRH uses financial instruments throughout its businesses giving rise to interest rate and leverage, foreign currency, counterparty, credit ratingrating, and liquidity risks. A downgrade of the Company’s credit ratings may give rise to increases in future funding costs and may impair the Company’s ability to raise funds on acceptable terms. In addition, insolvency of the financial institutions with which the Company conducts business may adversely impact the Company’s financial position.
As atof December 31, 2024,2025, the Company had outstanding gross indebtedness, including overdrafts, finance lease liabilities and the impact of derivatives, of approximately $14.3$18.2 billion, compared to $11.8$14.3 billion in 2023,2024, and cashCash and cash equivalents and restrictedRestricted cash of approximately $3.8$4.1 billion, compared to $6.4$3.8 billion in 2023.2024. The Company uses interest rate swaps to manage its interest rate profile. While current leverage is low,Significant acquisition activity could adversely affect our leverage profile and, in turn, adversely impact operating and financial flexibility as well as financial position. There can be no assurance that the Company will not be adversely impacted by increases in borrowing costs in the future.
CRH Form 10-K 17
Insolvency of the financial institutions with which the Company conducts business or a downgrade in their credit ratings may lead to losses in the cash balances that the Company holds with such financial institutions or losses in derivative transactions that the Company has entered into with these parties and may render it more difficult for the Company to utilize existing debt capacity or otherwise obtain financing for operations. The Company holds significant cash and cash equivalents and restricted cash on deposit and derivative transactions with a variety of highly ratedhighly-rated financial institutions which atas of December 31, 2024,2025, totaled $4.1 billion and $60 million, compared to $3.8 billion and $27 million, compared to $6.4 billion and $37 million, respectively, in 2023.2024. In addition, certain of the Company’s activities give rise to significant amounts receivable from counterparties at the balance sheet date; atas of December 31, 2024,2025, this balance was $4.7 billion and in 2024 this balance was $4.4 billion and in 2023 this balance was $4.1 billion.
The principal liquidity risks stem from the maturation of debt obligations and derivative transactions. The Company aims to achieve flexibility in funding sources through a variety of means including; (i) maintaining cash and cash equivalents with a number of highly ratedhighly-rated counterparties; (ii) meeting the bulk of debt requirements through debt capital markets or other term financing; (iii) limiting the annual maturity of such balances; and (iv) having surplus committed bank lines of credit. However, market or economic conditions may make it difficult at times to realize this objective. In addition, continued focus on climate change by investors and lenders may affect their preferences and sentiments, potentially impacting the Company’s access to and cost of capital, and investment attractiveness.
6** Represents a non-GAAP measure. See “Non-GAAP Reconciliation and Supplementary Information” on pages 35 to 38 for a reconciliation to the most directly comparable GAAP measure.
Given the geographic spread of the Company, a significant proportion of its revenues, expenses, assetsassets, and liabilities are denominated in currencies other than the Company’s reporting currency, including the euro, Pound Sterling, Canadian Dollar, Australian Dollar, Philippine Peso, Polish Zloty, and Swiss Franc. From year to year, adverse changes in the exchange rates used to translate these and other foreign currencies into the reporting currency have impacted and will continue to impact consolidated results.
5** Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.
CRH Form 10-K 18
Under U.S. GAAP, goodwill and indefinite-lived intangible assets are subject to annual impairment testing, or more frequently if events or circumstances change in a manner that would more likely than not reduce the fair value of a reporting unit below its carrying value. A detailed discussion of the impairment testing process, the key assumptions used, the results of that testingtesting, and the related sensitivity analysis is contained in section “Critical Accounting Estimates” of Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations” on page 46.42.
Risks Related To Our Common Stock
Relocation of Primary Listing
CRH faces risks associated with the relocation of our primary listing.
On September 25, 2023, CRH relocated the primary listing of its ordinary shares from the LSE to the NYSE. The Company has an international secondary listing on the LSE and accordingly our ordinary shares are now listed on both exchanges. As a result of the relocation of the primary listing CRH has ceased to be eligible for inclusion in certain UK and European equity indices.
Following the transition to the NYSE, CRH has been added to the MSCI USA Equity Index, the S&P TMI Index and the Russell 1000 Equity Index. The Company aims to be included in other relevant equity indices for which it believes it is eligible, including the S&P 500 Index. Inclusion is however at the discretion of the respective index providers. There is a risk that the Company may not be admitted, which may adversely affect the price and liquidity of the ordinary shares.
Management's Discussion & Analysis (MD&A)
Removed heading “Delivering On Our Vision”
Removed heading “A business optimized for industry-leading performance”
Removed heading “Income from continuing operations”
Removed heading “Income from discontinued operations, net of income tax expense”
Removed heading “Net income attributable to CRH and earnings per share”
Largest changes
see in full comparisonThe results of our annual impairment testing for 2024 indicated that all of our reporting units exceeded their carrying value except for the Architectural Products reporting unit within International Solutions. Its fair value did not exceed carrying value, driven by challenging market conditions which had an impact on growth prospects and as such an impairment loss of $72 million has been recorded, resulting in a goodwill balance of $nil million.A qualitative and quantitative assessment has been performed which resulted in a sensitivity analysis being prepared for two reporting units where their fair values did not substantially exceed their carryingvalues.values, with an aggregate headroom of 13%. This sensitivity analysis represents management’s assessment of the economic environment in which these reporting units operate. The key assumptions, methodology used and values applied to each of the key assumptions for these reporting units are in line with those outlined above (a 30-year annuity period has been used). The two reporting units have an aggregate goodwill of$254$249 million at the date of testing. The table below identifies the amounts by which each of the following assumptions may either decline or increase to arrive at a zero excess headroom of the present value of future cash flows over the carrying value of net assets in the two reporting units selected for sensitivity analysis disclosures:
“7 A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other rating. Lower credit ratings generally result in higher-borrowing costs, including costs of derivative transactions and reduced access to debt capital markets, and may adversely impact our liquidity.12”see in full comparison
“Adjusted Free Cash Flow: Adjusted Free Cash Flow is a liquidity measure and is defined as Net cash provided by operating activities adjusted for Proceeds from disposal of long-lived assets less Maintenance capital expenditure. Adjusted Free Cash Flow Conversion is defined as Adjusted Free Cash Flow divided by Net income.”see in full comparison
“Gross profit was $12.0 billion in 2023, an increase of $1.2 billion, or 11%, compared with 2022. This reflected total revenues growth of 7%, with total cost of revenues increasing by 5%. The gross profit margin of 34.2%, increased 110bps from 33.1% in the prior year, due to revenue growth exceeding increases in total cost of revenues. Total cost of revenues increased primarily as a result of subcontractor costs and repairs and maintenance increasing 11% and 9%, respectively, due to the impact of cost inflation. …”see in full comparison
“In 2025, income of $26 million was recorded in equity method investments, reflecting contributions from the Company’s investments in North America and Australia, compared with a loss of $108 million in 2024 as a result of an impairment of Yatai Building Materials in China.”see in full comparison
“In 2024, a loss of $108 million was recorded in equity method investments, primarily driven by an impairment in the Company’s equity method investment in Yatai Building Materials (YBM) in China, where market conditions remained challenging.”see in full comparison
Full comparison: every changed paragraph (211)
Our Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to convey and promote understanding of management’s perspective regarding operational and financial performance for fiscal years 2024, 20232025 and 2022.2024. This MD&A should be read in conjunction with the Consolidated Financial Statements in Item 8. “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K.
For a discussion of our fiscal year 2024 results compared with our fiscal year 2023 results, please refer to Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" portion of the Company's 2024 Annual Report on Form 10-K, filed with the SEC on February 26, 2025.
The following discussion contains trend information and forward-looking statements. Actual results could differ materially from those discussed in these forward-looking statements, as well as from our historical performance, due to various factors, including, but not limited to, those discussed in Item 1A1A. “Risk Factors” and “Forward-Looking Statements – Safe Harbor Provisions Under The Private Securities Litigation Reform Act Of 1995” and elsewhere in this Annual Report on Form 10-K. Our operating results depend upon economic cycles, seasonal and other weather‐related conditions, and trends in government expenditures,funding initiatives, among other factors. Accordingly, financial results for any year presented, or year‐to‐year comparisons of reported results, may not be indicative of future operating results.
CRH is the leading provider of building materials critical to modernizing infrastructure. With our team of 83,032 people across 3,961 locations, our unmatched scale, connected portfolio, and deep local relationships make us the partner of choice for transportation, water and reindustrialization projects, shaping communities for a better tomorrow.
CRH’s connected portfolio supplies building materials across the construction value chain, better serving our customers’ needs and driving repeat business while making construction simpler, safer and more sustainable. This customer-centric approach combines our unique entrepreneurial culture, leading performance and local market knowledge with our value-added building products and services to be a valuable partner for customers across our end-markets. CRH’s leading positions of scale serve transportation and critical infrastructure, reindustrialization projects, and commercial and residential construction activity in North America, Europe and Australia.
CRH is a leading provider of building materials that build, connect and improve our world. Since formation in 1970, CRH has evolved from being a supplier of base materials to solving complex construction challenges for our customers. CRH’s differentiated solutions strategy uniquely integrates materials, products and services across the construction value chain, better serving our customers’ needs and driving repeat business. This customer-connected approach is making construction simpler, safer and more sustainable.
CRH integrates essential materials (aggregates and cement), value-added building products as well as construction services, to provide our customers with complete solutions. CRH’s capabilities, innovation and technical expertise enable it to be a valuable partner for transportation and critical infrastructure projects, complex non-residential construction and outdoor living solutions.
CRH delivered another record performance in 20242025 resulting in the following performance highlights (compared to 2023 and 20222024):
•Total revenues increased to $35.6$37.4 billion, compared with $34.9$35.6 billion in 2023 and $32.7 billion in 20222024;
•Net income increased to $3.8 billion compared with $3.5 billion in 2024. Adjusted EBITDA* increased to $7.7 billion in 2025 from $6.9 billion in 2024;
•Net income increased to $3.5 billion compared with $3.1 billion in 2023, primarily due to higher gross profit along with higher gains on disposal of long-lived assets and divestitures. Net income was $3.9 billion in 2022. Adjusted EBITDA* increased to $6.9 billion in 2024 from $6.2 billion in 2023. In 2022 Adjusted EBITDA* was $5.4 billion;
•Net income margin was 10.1% in 2025 and 9.9% in 2024, 8.8% in 2023 and 11.9% in 2022.2024. Adjusted EBITDA margin* was 19.5%20.5% in 2024,2025, an increase of 180100 basis points (bps) compared with an Adjusted EBITDA margin* of 17.7%19.5% in 2023. In 2022, the Adjusted EBITDA margin* was 16.5%2024;
•Operating cash flow6 and Net cash provided by operating activities as a percentage of Net income of $5.6 billion and 148% were ahead of 2024 levels of $5.0 billion and 142%, respectively. Adjusted Free Cash Flow* and Adjusted Free Cash Flow Conversion* of $5.0 billion and 131% were ahead of 2024 levels of $4.2 billion and 120%, respectively; 7
•Operating income as a percentage of average invested capital was 15.2% in 2025 and 16.7% in 2024. Adjusted Return on Invested Capital* (Adjusted ROIC), decreased by 130bps to 12.1% in 2025, from 13.4% in 2024; and
•Operating cash flow5 of $5.0 billion was in line with 2023 operating cash flow of $5.0 billion and ahead of 2022 operating cash flow of $3.8 billion; 6
•Return on Net Segment Assets was 15.3% in 2024, 14.4% in 2023 and 13.1% in 2022. Return on Net Assets (RONA)* increased by 20bps to 15.5% in 2024, from 15.3% in 2023. RONA* was 13.3% in 2022; and
•BasicDiluted Earnings Per Share (EPS) from continuing operations in 20242025 was $5.06$5.51 compared with $4.36$5.02 in 20232024. and $3.58 in 2022. BasicDiluted EPS pre-impairment* from continuing operations was $5.48$5.57 in 2024,2025 $4.65and $5.43 in 2023 and $3.58 in 2022.2024.
•Cash paid to shareholders in 2024 through dividends was $1.7 billion and through share buybacks was $1.3 billion, compared with $0.9 billion and $3.0 billion, respectively, in 2023, and $0.9 billion and $1.2 billion, respectively, in 2022;
•Full year dividend per share increase of 5% resulting in a dividend per share of $1.40 in 2024, from $1.33 in 2023 and $1.27 in 2022;
•Ongoing share buyback program in 2024 repurchased approximately 15.9 million ordinary shares for a total consideration of $1.3 billion, compared with $3.0 billion in 2023 and $1.2 billion in 2022; and
•4038 acquisitions completed for a total consideration of $4.1 billion in 2025, compared with $5.0 billion in 2024, compared with $0.7 billion in 2023 and $3.3 billion in 2022.2024. A further $2.6$2.7 billion was invested in developmentgrowth and replacementmaintenance capital expenditure projects in 2024,2025, compared with $1.8 billion and $1.5$2.6 billion in 2023 and 2022, respectively.2024;
•Cash paid to shareholders in 2025 through dividends was $1.0 billion and through share buybacks was $1.2 billion, compared with $1.7 billion and $1.3 billion, respectively, in 2024;
•Full year dividend per share increase of 6% resulting in a dividend per share of $1.48 in 2025, from $1.40 in 2024; and
•Ongoing share buyback program in 2025 repurchased approximately 11.7 million Ordinary Shares for a total consideration of $1.2 billion, compared with $1.3 billion in 2024.
Delivering On Our Vision
CRH continues to evolve its business to improve performance, deliver for its stakeholders and respond to the ever-changing needs of its customers. Our strategy enables CRH to realize our vision to develop sustainable solutions that build, connect and improve our world. CRH has a specific set of capabilities in the markets in which it operates along with decades of experience and deep customer relationships. CRH leverages its scale and best practices across the Company to provide value-added materials, products and services as construction solutions that solve complex problems for its customers.
These solutions allow us to create further value for our customers by combining our products, materials and services which drive commercial and operational benefits. This connected portfolio allows us to leverage production and logistics efficiencies to drive increased profitability and asset utilization. We can reduce waste and advance the sustainability of construction. We believe it also makes our business less capital intensive and drives a higher rate of return delivering superior long-term value and higher growth for shareholders.
* Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.
5 Operating cash flow refers to net cash provided by operating activities as reported in the Consolidated Statements of Cash Flows on pages 56 to 57.6 CRH Form 10-K 31
A business optimized for industry-leading performance
Through the successful execution of its strategy, CRH has shaped its business to capitalize on the attractive fundamentals driving demand in higher-growth construction markets in North America, Europe and Australia.
Customer-connected solutions strategy: Our differentiated strategy is focused on uniquely integrating materials, products and services across the construction value chain. We leverage our scale, expertise and best practices to provide sustainable solutions that solve complex problems for our customers. We utilize specific expertise in areas such as materials science, design and engineering to innovate and create new products. This allows us to do more for our customers and help deliver a higher performing and more sustainable built environment.
Performance-focused operator: CRH has the ability to leverage its connected portfolio of assets in the most attractive markets and this has resulted in our record 2024 results with 12% increase in Adjusted EBITDA*, 180 bps increase in Adjusted EBITDA margin* and 16% higher basic EPS from continuing operations, with basic EPS from continuing operations on a pre-impairment*7basis 18% higher. These results are underpinned by a differentiated strategy delivered by an experienced management team with deep industry knowledge and a proven track record of consistent financial and operational delivery.
Strong and flexible balance sheet: At December 31, 2024, total short-term and long-term debt was $14.0 billion, cash and cash equivalents and restricted cash were $3.8 billion and Net Debt* was $10.5 billion. We believe our strong and flexible balance sheet provides CRH with significant financial capacity for long-term value creation through accretive acquisitions, expansionary capital expenditure and cash returns to shareholders through dividends and share buybacks.
Focused growth
Our customers have an increasing need for more holistic solutions and CRH maximizes its overall growth potential by focusing on its ability to deliver solutions that meet this growing need. We are focused on delivering our customer-connected solutions strategy and to do so we are working to better connect our people, capabilities, assets and customers across businesses, markets, and geographies. We acquire businesses at attractive valuations and create value by integrating them with our existing operations and realizing synergies in areas including procurement, operational excellence, human resources, technology and sales.
The Company takes an active approach to portfolio management and continuously reviews the competitive landscape for attractive investment and divestiture opportunities to deliver further growth and value creation for shareholders.
In 2024, CRH completed 40 acquisitions for a total consideration of $5.0 billion.
TheIn 2025, CRH completed 38 acquisitions for a total consideration of $4.1 billion. Our largest acquisition in 20242025 was in our Americas Materials Solutions segment where CRHwe acquired anEco attractiveMaterial, portfolioa leading supplier of cement and readymixed concrete operations and assetsSCMs in Texas,North America, for a total consideration of $2.1 billion. The Eco Material transaction strategically positions CRH to meet growing demand for SCMs to modernize North America's infrastructure. In addition, we completed another 18 acquisitions in our Americas Materials Solutions completedsegment aand further 20five acquisitions andin our Americas Building Solutions completed 10 acquisitionssegment for a total 20242025 spendinvestment in the Americas of $3.8$3.4 billion. We also completed 14 acquisitions in our International Solutions completed nine acquisitionssegment for a total 20242025 spendinvestment of $1.2$0.7 billion,billion. includingCRH thecompleted acquisitionsix divestitures and realized proceeds from divestitures and disposal of along-lived majorityassets stake(including indeferred Adbri,divestiture aconsideration marketreceived) leaderof in$0.5 cement and aggregates in Australia.billion.
* Represents a non-GAAP measure. See “Non-GAAP Reconciliation and Supplementary Information” on pages 35 to 38 for a reconciliation to the most directly comparable GAAP measure.
6 Operating cash flow refers to Net cash provided by operating activities as reported in the Consolidated Statements of Cash Flows on pages 52 to 53.7 In 2024, CRH completed 40 acquisitions for a total consideration of $5.0 billion. Our largest acquisition in 2024 was in our Americas Materials Solutions segment where we acquired an attractive portfolio of cement and readymixed concrete operations and assets in Texas, for a total consideration of $2.1 billion. In addition, we completed another 20 acquisitions in our Americas Materials Solutions segment and 10 acquisitions in our Americas Building Solutions segment for a total 2024 spend in the Americas of $3.8 billion. We also completed nine acquisitions in our International Solutions segment for a total 2024 spend of $1.2 billion, including the acquisition of a majority stake in Adbri, a market leader in cement and aggregates in Australia. In 2024, CRH completed 10 divestitures and realized proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) of $1.4 billion, primarily related to the divestiture of the European Lime operations.
CRH completed 10 divestitures and realized proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) of $1.4 billion, primarily related to the divestiture of the European Lime operations.
In 2023, CRH completed 22 acquisitions for a total consideration of $0.7 billion. On the divestitures front, CRH realized proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) of $0.1 billion.
The largest acquisition in 2023 was in Americas Building Solutions where the Company completed the acquisition of Hydro International, a leading provider of stormwater products, wastewater treatment products, wastewater services, and data solutions in North America and Europe. In addition, Americas Building Solutions completed a further four acquisitions and Americas Materials Solutions completed eight acquisitions in the United States, for a total 2023 spend in the Americas of $0.4 billion. International Solutions completed nine acquisitions for a total 2023 spend of $0.3 billion.
In 2022, CRH completed 29 acquisitions for a total consideration of $3.3 billion.
The largest acquisition in 2022 was in Americas Building Solutions where the Company completed its acquisition of Barrette Outdoor Living, Inc. (Barrette) for $1.9 billion. In addition, Americas Building Solutions completed a further seven acquisitions and Americas Materials Solutions completed 10 acquisitions for a total 2022 spend in the Americas of $3.1 billion. International Solutions completed 11 acquisitions for a total 2022 spend of $0.2 billion.
The largest divestiture in 2022 was the Building Envelope business for cash proceeds of $3.5 billion (enterprise value of $3.8 billion including lease liabilities transferred of $0.3 billion). A further eight divestitures were completed across CRH, realizing total proceeds of $0.2 billion and $0.2 billion was realized from the disposal of long-lived assets and deferred divestiture consideration.
We expect positive underlying demand across our key end-use markets in 2025, underpinned by significant public investment in critical infrastructure, combined with increased re-industrialization activity in key non-residential segments. This backdrop is expected to support overall demand levels and further positive pricing across our business.
Our North American businesses expect continued positive momentum in infrastructure activity, supported by robust state and federal funding. Non-residential activity continues to benefit from secular tailwinds in key growth areas. Although the residential sector continues to be supported by strong long-term demand fundamentals, the new-build segment is expected to remain subdued while repair and remodel activity remains resilient.
In our International operations, we expect infrastructure activity to be underpinned by government and EU funding. Non-residential construction continues to be aided by onshoring of supply chains and industrial manufacturing activity. Residential markets are expected to stabilize with structural demand fundamentals supporting a gradual recovery.
We expect favorable underlying demand across our key end-markets, underpinned by significant public investment in infrastructure and continued reindustrialization activity. Within the residential sector we expect resilient repair and remodel activity while the new-build segment is expected to remain subdued. Assuming normal seasonal weather patterns and absent any major dislocations in the political or macroeconomic environment, CRH’sCRH's superior strategy, connected portfolio and leading positions of scale in attractive higher-growthhigh-growth markets, together with our strong and flexible balance sheet, are expected to underpin another year of growth and value creation in 2025.2026.
7* Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.
CRH Form 10-K 32
CRH’s results can be impacted by trends and factors in the wider construction markets it is exposed to. The principal construction markets, for all segments, are infrastructure, including highways, streets, roadsroads, tunnels and bridges; non-residential, including construction and maintenance of critical infrastructure,infrastructure for the transport of water and energy, manufacturing, commercial, warehousedistribution and data center facilities; and residential, including new-build construction, and repair and remodel activity, of single and multi-family housing. North America is expected to be a key driver of future growth for CRH due to its positive demographic and economic fundamentals, including significant public investment in infrastructure and private investment in reindustrialization activity. Our International businesses, which benefit from strong economic and construction growth prospects as well as recurring repair and remodel demand, are an important strategic part of the Company. In 2025, approximately 75% of Net income and 71% of Adjusted EBITDA* was generated in North America, while approximately 25% of Net income and 29% of Adjusted EBITDA* was generated by our International Division. CRH intends to continue to expand its North American and International operations given significant government support for infrastructure and increasing investment in transportation, water and reindustrialization projects. See ‘Business Segment Information’ in Item 1. “Business” for details by segment.segment.8
In 2024, approximately 35% of revenues were derived from infrastructure.
Our North American businesses expect positive momentum in infrastructure activity, underpinned by robust state and federal funding, and supportedcontinued bysupport from the IIJA which was signed into law in November 2021. ThisThe providesIIJA is expected to provide federal highway funding of approximately $350 billion over five years,billion, including $110 billion inof newincremental funding for roads, bridges, and other infrastructure projects. We see significant funding runway ahead with approximately 50% of expected funds yet to be deployed. Aided by the IIJA, U.S. highway and bridge contract awards remained at elevated levels in 2024,2025, underpinning a positive outlook for 20252026 as state budgets reflect the need for increased public infrastructureinvestment fundingin for highways and bridges.infrastructure.
After a resilientsolid 2024,2025, the outlook for 20252026 in our International markets remainsis underpinned by government and EU funding for the infrastructure sector, which typically fluctuates less than residential and non-residential sectors. In this sectorsector, the impact of the business cycle is mitigated by long-term projects and a high share of activities financed by the public sector, with multinational EU funds serving as a stabilizing factor in some of our larger markets.
In 2024, approximately 30% of revenues were derived from non-residential construction.
In Americas,North America, a key driver of demand in the non-residential sector is theincreased onshoringreindustrialization ofactivity criticalacross manufacturing.our operating footprint. Large, multi-year construction projects (including data centers, semiconductorsemiconductors, chips,pharmaceutical liquefied& naturalauto gasmanufacturing facilities) are underpinned by initiativessupportive U.S. government policies including significant pledged investments in areas such as the U.S. CHIPSmanufacturing and Scienceindustrial Act, a $280 billion bill with the aim to bolster the United States’ semiconductor capacity.capabilities. In addition, we expect critical infrastructure isto expectingcontinue to receive significant funding fromover the life of the IIJA –in areas such as water (approximately $48 billion), energy (approximately $79 billion) and technology (approximately $65 billion).
The non-residential sector outlook remainsis mixedexpected to improve in our International markets in 2025.2026, supported by increased investment in technology-related sectors such as semiconductor manufacturing and data center facilities. Having declinedstabilized in 2024,2025, non-residential construction activity is expected to grow in Eastern Europe, underpinned by improving economic fundamentals. In theWestern UnitedEurope Kingdom,and Australia, improving construction confidence improvedand steadilysupportive throughgovernment 2024initiatives althoughare sentimentexpected remainsto subduedsupport ingrowth other markets. Non-residential activity inacross the Division remains supported by increased efforts to onshore manufacturing activity via government stimulus measures.region.
What changed in the latest 10-Q
Risk Factors
New heading “Portfolio Management”
New heading “CRH engages in acquisition and divestiture activity as part of active portfolio management, and this portfolio management activity presents risks around due diligence, execution, and integration of assets. Additionally, the Company may be liable for liabilities of companies it has acquired or divested. Failure to efficiently identify and execute deals may limit the Company’s growth potential and impact financial performance.”
New heading “Financial Instruments”
New heading “CRH uses financial instruments throughout its businesses giving rise to interest rate and leverage, foreign currency, counterparty, credit rating, and liquidity risks. A downgrade of the Company’s credit ratings may give rise to increases in future funding costs and may impair the Company’s ability to raise funds on acceptable terms. In addition, insolvency of the financial institutions with which the Company conducts business may adversely impact the Company’s financial position.”
Largest changes
“CRH uses financial instruments throughout its businesses giving rise to interest rate and leverage, foreign currency, counterparty, credit rating, and liquidity risks. A downgrade of the Company’s credit ratings may give rise to increases in future funding costs and may impair the Company’s ability to raise funds on acceptable terms. In addition, insolvency of the financial institutions with which the Company conducts business may adversely impact the Company’s financial position.”see in full comparison
“In addition, the Company’s ability to realize the expected benefits from acquisitions depends in part on its ability to integrate newly-acquired businesses. If the Company fails to integrate acquisitions, it may not achieve expected growth synergies or financial, operating or other benefits, and it may incur write-downs, impairment charges or unforeseen liabilities that could negatively affect its operating results or financial position or could otherwise harm its business. …”see in full comparison
“CRH engages in acquisition and divestiture activity as part of active portfolio management, and this portfolio management activity presents risks around due diligence, execution, and integration of assets. Additionally, the Company may be liable for liabilities of companies it has acquired or divested. Failure to efficiently identify and execute deals may limit the Company’s growth potential and impact financial performance.”see in full comparison
“The Company may also, from time to time, enter into larger-scale transactions. For example, on June 22, 2026, the Company announced entry into a definitive agreement to acquire Arcosa, which is subject to the approval of Arcosa’s stockholders, regulatory approvals and other customary closing conditions. Transactions such as the Arcosa Acquisition are subject to additional risks and uncertainties and may be subject to increased legal and regulatory scrutiny, including under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. …”see in full comparison
Full comparison: every changed paragraph (12)
ThereThe following is an update to the risk factors set forth in our 2025 Form 10-K for the fiscal year ended December 31, 2025. Other than the following update, there have been no material changes with respect to the risk factors disclosed in 'Item 1A. Risk Factors' of our 2025 Form 10-K.
Portfolio Management
CRH engages in acquisition and divestiture activity as part of active portfolio management, and this portfolio management activity presents risks around due diligence, execution, and integration of assets. Additionally, the Company may be liable for liabilities of companies it has acquired or divested. Failure to efficiently identify and execute deals may limit the Company’s growth potential and impact financial performance.
The Company’s acquisition strategy depends on successfully identifying and acquiring suitable assets at prices that satisfy our stringent cash flow and return on investment criteria. The Company may not be able to identify such companies, and, even if identified, may not be able to acquire them because of a variety of factors including the outcome of due diligence processes, the ability to raise required funds on acceptable terms, regulatory approvals (including in certain instances from competition authorities) and competition for transactions from peers and other entities acquiring companies in the building materials sector. In addition, situations may arise where the Company may be liable for the past acts, omissions or liabilities of acquired companies, or may remain liable in cases of divestiture (including for potential environmental liabilities or potential ongoing information technology (IT) support).
In addition, the Company’s ability to realize the expected benefits from acquisitions depends in part on its ability to integrate newly-acquired businesses. If the Company fails to integrate acquisitions, it may not achieve expected growth synergies or financial, operating or other benefits, and it may incur write-downs, impairment charges or unforeseen liabilities that could negatively affect its operating results or financial position or could otherwise harm its business. Further, integrating an acquired business, products, or technology, or remediating post-acquisition underperformance and associated operational challenges, could divert management time and resources from other matters.
The Company may also, from time to time, enter into larger-scale transactions. For example, on June 22, 2026, the Company announced entry into a definitive agreement to acquire Arcosa, which is subject to the approval of Arcosa’s stockholders, regulatory approvals and other customary closing conditions. Transactions such as the Arcosa Acquisition are subject to additional risks and uncertainties and may be subject to increased legal and regulatory scrutiny, including under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. These larger-scale transactions may also involve increased transaction costs and indebtedness, structural or behavioral remedies that may be imposed as a condition to obtaining antitrust or other regulatory approvals and certain termination fees, including, in the case of the Arcosa Acquisition a termination fee equal to 5% of the aggregate merger consideration payable to Arcosa if the Company fails to obtain antitrust or other required regulatory clearances. The completion of these transactions (including the Arcosa Acquisition) is not assured, and the Company may experience negative reactions, including negative impacts on the market price of ordinary shares, if the transactions are not completed.
Separately, the Company may decide to use its ordinary shares to complete an acquisition and/or make strategic investments in other companies, which may dilute the ownership interests of existing shareholders and adversely impact the price of our shares.
Financial Instruments
CRH uses financial instruments throughout its businesses giving rise to interest rate and leverage, foreign currency, counterparty, credit rating, and liquidity risks. A downgrade of the Company’s credit ratings may give rise to increases in future funding costs and may impair the Company’s ability to raise funds on acceptable terms. In addition, insolvency of the financial institutions with which the Company conducts business may adversely impact the Company’s financial position.
Risks related to Company financing that could affect its operations and/or financial performance are discussed as follows:
Interest rate and leverage risks
As of June 30, 2026, the Company had outstanding gross indebtedness, including overdrafts, finance lease liabilities and the impact of derivatives, of approximately $18.4 billion, compared to $16.3 billion as of June 30, 2025, and Cash and cash equivalents and Restricted cash of approximately $3.1 billion, compared to $2.9 billion as of June 30, 2025. The Company expects to increase indebtedness by approximately $8.75 billion in connection with the Arcosa Acquisition, which will increase the Company’s overall leverage profile. Significant additional acquisition activity, including the Arcosa Acquisition, could adversely affect the Company’s leverage profile and, in turn, its financial position which may impact its operating and financial flexibility including the timing and scale of investments, strategic acquisitions and capital expenditures. There can be no assurance that the Company will not be adversely impacted by increases in borrowing costs in the future. The Company uses interest rate swaps to manage its interest rate profile.
Management's Discussion & Analysis (MD&A)
New heading “Americas Materials Solutions”
New heading “Americas Building Solutions”
New heading “International Solutions”
Removed heading “Loss on impairments”
Largest changes
“Gross profit for the first six months ended June 30, 2026, was $6.3 billion, an increase of $0.5 billion, or 8% from the same period of 2025. The gross profit margin of 34.9% increased 30bps from 34.6% in the first six months of the prior year. The increase in Total cost of revenues was primarily driven by a 15% higher depreciation and amortization charge, reflecting the impact of acquisitions, as well as a 5% increase in labor costs, attributable to higher headcount from acquisitions and wage inflation. …”see in full comparison
“Selling, general and administrative expenses, were $4.3 billion for the six months ended June 30, 2026, an increase of $0.4 billion, or 9%, from the comparable 2025 period. The increase was primarily driven by an 18% increase in haulage expenses resulting from acquisitions, higher activity levels and fuel price inflation, as well as a 7% increase in labor costs reflecting higher headcount from acquisitions and wage inflation.”see in full comparison
Full comparison: every changed paragraph (103)
Our Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to convey management’s perspective regarding operational and financial performance for the three and six months ended MarchJune 31,30, 2026. This MD&A should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and related notes appearing in Part I, Item 1. "Financial Statements” of this Quarterly Report.
The following discussion contains trend information and forward-looking statements. Actual results could differ materially from those discussed in these forward-looking statements, as well as from our historical performance, due to various factors, including, but not limited to, those discussed in this Quarterly Report, particularly "Forward-Looking Statements," and Item 1A. "Risk Factors" in ourthis Quarterly Report and the Company's 2025 Form 10-K and in our other filings with the SEC. Our operating results depend upon economic cycles, seasonal and other weather‐related conditions, and trends in government funding initiatives, among other factors. Accordingly, financial results for any financial period presented, or period-to-period comparisons of reported results, may not be indicative of future operating results.
CRH delivered a strong firstsecond quarter performance compared to the first quarter of 2025,performance, resulting in the following performance highlights for the three months ended March 31, 2026 (comparisons are versus the prior year's firstsecond quarter unless otherwise noted):
•Net lossincome was ($180)$1.5 millionbillion compared with ($98)$1.3 million,billion, an increased lossincrease of ($82)$0.2 millionbillion onor the prior year.13%. Adjusted EBITDA*1was $586$2.6 million,billion, an increase of $91$0.2 million,billion, or 18%7%;
•Net lossincome margin was (2.4%)14.0% compared with (1.5%),13.1%, aan declineincrease of 90 basis points (bps).90bps. Adjusted EBITDA margin* was 8.0%,24.4%, an increase of 70bps30bps on the prior year's firstsecond quarter Adjusted EBITDA margin* of 7.3%24.1%; and
•Diluted LossEarnings Per Share (EPS) was ($0.27)$2.21 compared to ($0.15). Diluted EPS pre-impairment* was ($0.20) compared to ($0.15).$1.94.
CRH delivered a strong performance in the six months ended June 30, 2026, resulting in the following performance highlights (comparisons are versus the prior year's first six months):
•Total revenues increased 7% to $18.1 billion;
•Net income was $1.3 billion compared with $1.2 billion, an increase of $0.1 billion or 8%. Adjusted EBITDA*2was $3.2 billion, an increase of $0.3 billion, or 9%;
•Net income margin was 7.3%, in line with the prior year's first six months. Adjusted EBITDA margin* was 17.7%, an increase of 30bps on the prior year's first six months Adjusted EBITDA margin* of 17.4%; and
•Diluted EPS was $1.93 compared to $1.78. Diluted EPS pre-impairment* was $2.01 compared to $1.78.
*Represents a non-GAAP financial measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 31 to 33.1
•Cash returned to shareholders through share buybacks was $0.3$0.6 billion,billion for the six months ended June 30, 2026, in line with the firstcomparable threeperiod monthsin of the prior year.2025. On AprilJuly 28, 2026, the latest tranche of the share buyback program was completed, bringing year-to-date repurchases to $0.4$0.7 billionbillion. As announced on June 22, 2026, in connection with the agreement to acquire Arcosa, CRH has not initiated a new tranche of its share buyback program;
•The first 2026 quarterly dividend of $0.39 per share was declared in February 2026, a second quarterly dividend of $0.39 per share was declared in April 2026, and a secondthird quarterly dividend of $0.39 per share was announced on AprilJuly 30, 2026, representing an annualized increase of 5% on the prior year; and
•A total of five16 acquisitions were completed for a total consideration of $0.1$1.2 billion, compared with $0.6$0.7 billion in the first threesix months of the prior year. ASubsequent to the period end, a further $0.6 billionacquisition was investedcompleted in growthJuly andfor maintenancea capitalconsideration expenditureof projects,$0.2 inbillion, line withbringing the $0.6year-to-date total consideration to $1.4 billion; invested in the comparable period in 2025.and
•$1.2 billion was invested in the six months ended June 30, 2026, in growth and maintenance capital expenditure projects, compared with the $1.3 billion invested in the comparable period in 2025.
In the three months ended MarchJune 31,30, 2026, CRH completed five11 value-accretive acquisitions for total consideration of $0.1$1.1 billion, compared with $0.6$0.1 billion in the same period in 2025. Americas Materials Solutions completed threefive acquisitions, Americas Building Solutions completed two acquisitions and International Solutions completed twofour acquisitions.
For the six months ended June 30, 2026, CRH completed 16 acquisitions for a total consideration of $1.2 billion, compared to $0.7 billion in the first six months of the prior year. The largest acquisition, which completed on May 29, 2026, was the acquisition of Axius Water for a total consideration of $0.7 billion. Axius is a leading provider of specialized water quality solutions in North America.
On June 22, 2026, the Company announced a definitive agreement to acquire Arcosa, a leading U.S. provider of infrastructure-related materials, products and solutions, headquartered in Dallas, Texas, in an all-cash transaction for $150 per share reflecting a total enterprise value of approximately $8.5 billion. Arcosa is highly complementary to CRH, advancing the Company’s connected portfolio strategy. The transaction reinforces CRH’s position as the leader in U.S. aggregates, expands our capabilities in U.S. energy infrastructure, and increases exposure to some of the fastest-growing Metropolitan Statistical Areas in the U.S. The acquisition is expected to close in Q1 2027 subject to approval of Arcosa’s stockholders, regulatory approvals, and other customary closing conditions.
With respect to divestitures, in the three months ended June 30, 2026, cash proceeds from divestitures and disposals of long-lived assets were $1.7 billion, net of disposal costs and deferred proceeds, compared with $31 million in the same period in 2025. For the six months ended June 30, 2026, CRH realized cash proceeds from divestitures and disposals of long-lived assets of $1.8 billion, net of disposal costs and deferred proceeds, compared with $0.1 billion in the same period of the prior year. These primarily comprised the divestiture of three non-core businesses: CRH's construction accessories operations for $0.7 billion, lawn and garden operations for $1.1 billion, and MoistureShield, a manufacturer of composite decking for $0.1 billion.
With respect to divestitures, in the three months ended March 31, 2026, cash proceeds from divestitures and disposals of long-lived assets were $34 million, compared with $107 million in the same period in 2025.
*Represents a non-GAAP financial measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 28 to 29.1
We continue to expect favorable underlying demand across our key end-markets, underpinned by significant public investment in infrastructure and continued reindustrialization activity. Within the residential sector we anticipate resilient repair and remodel activityactivity, while the new-build segment is expected to remain subdued. Assuming normal seasonal weather patterns and absent any further major dislocations in the geopolitical or macroeconomic environment, CRH's superior strategy, connected portfolio and leading positions of scale in attractive high-growth markets, together with our strong and flexible balance sheet, are expected to underpin another year of growth and value creation in 2026.
Total revenuesrevenues4
Total revenues were $7.4$10.8 billion for the three months ended MarchJune 31,30, 2026, an increase of $0.6 billion, or 9%,6%, from the firstsecond quarter of 2025, driven by positive pricing momentum, good underlying demand, disciplined commercial execution, and contributions from acquisitions.
Total revenues were $18.1 billion for the six months ended June 30, 2026, an increase of $1.2 billion, or 7%, from the first six months of 2025, driven by positive underlying demand, disciplined commercial execution, and contributions from acquisitions.
Gross profit for the three months ended MarchJune 31,30, 2026, was $2.0$4.3 billion, an increase of $0.2$0.3 billion, or 11%7% from the firstsecond quarter of 2025. The gross profit margin of 27.7%39.8% increased 50bps40bps from 27.2%39.4% in the firstsecond quarter of the prior year. The increase in Total cost of revenues was primarily driven by a 22%16% increase in energy costs, driven by higher depreciationactivity levels, cost inflation and amortization charge, reflecting the impact of acquisitions and increased capital expenditure, as well asacquisitions, a 6%4% increase in labor costs, attributable to higher headcount from acquisitions and inflationary pressures.pressures, Energyand costsan also8% increasedincrease byin 7%depreciation drivenand byamortization highercharges, activityreflecting levels,the impact of acquisitions, while other costs were 7%4% ahead of the firstsecond quarter of the prior year.
Gross profit for the first six months ended June 30, 2026, was $6.3 billion, an increase of $0.5 billion, or 8% from the same period of 2025. The gross profit margin of 34.9% increased 30bps from 34.6% in the first six months of the prior year. The increase in Total cost of revenues was primarily driven by a 15% higher depreciation and amortization charge, reflecting the impact of acquisitions, as well as a 5% increase in labor costs, attributable to higher headcount from acquisitions and wage inflation. Energy costs also increased by 12% driven by higher activity levels, cost inflation and acquisitions, while other costs were 5% ahead of the first six months of the prior year.
Selling, general and administrative expenses, which are primarily comprised of haulage costs, labor costs, and other selling and administrative expenses,expenses were $2.1$2.3 billion for the three months ended MarchJune 31,30, 2026, an increase of $0.2$0.1 billion, or 12%,7%, from the comparable 2025 period. The increase was primarily driven by a 13%21% increase in haulage expenses resulting from acquisitions andacquisitions, higher activity levels,levels and fuel price inflation, as well as ana 11%3% increase in labor costs reflecting higher headcount from acquisitions and wage inflation.
Selling, general and administrative expenses, were $4.3 billion for the six months ended June 30, 2026, an increase of $0.4 billion, or 9%, from the comparable 2025 period. The increase was primarily driven by an 18% increase in haulage expenses resulting from acquisitions, higher activity levels and fuel price inflation, as well as a 7% increase in labor costs reflecting higher headcount from acquisitions and wage inflation.
Gain on disposal of long-lived assets was $22$52 million for the three months ended MarchJune 31,30, 2026, an increase of $8$23 million compared with the same period in 2025, and $74 million for the six months ended June 30, 2026, an increase of $31 million compared with the same period in 2025.
Loss on impairments
Loss on impairments for the three months ended March 31, 2026, was $48 million, compared to $nil million in the comparable period, and was related to the International Solutions segment.
*Represents a non-GAAP financial measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 28 to 29.2
Interest income was $21$22 million for the three months ended MarchJune 31,30, 2026, a reduction of $16$8 million from the comparable period in 2025, and $43 million for the six months ended June 30, 2026, a reduction of $24 million from the comparable period in 2025, primarily due to lower interest rates and principalcash on deposit.
4*Represents a non-GAAP financial measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 31 to 33.
Interest expense was $203$220 million for the three months ended MarchJune 31,30, 2026, an increase of $22$20 million compared with the same period in 2025, and $423 million for the six months ended June 30, an increase of $42 million from the comparable period in 2025. The increase was primarily due to higher gross debt balances.
Other nonoperating expense,income (expense), net
Other nonoperating expense, net, was $4 million forFor the three months ended MarchJune 31,30, 2026, Other nonoperating income (expense), net, was an income of $282 million, primarily related to the gain on divestiture of the lawn and garden operations within Americas Building Solutions, compared with $20an expense of $9 million in the comparable period for 2025. Other nonoperating expense,income (expense), net, includes pension and postretirement benefit costs (excluding service costs), gains and losses from divestitures, and other miscellaneous income and expenses. The reduction versus prior year was primarily due to the non‑recurrence of the prior year loss on divestitures.
For the six months ended June 30, 2026, Other nonoperating income (expense), net, was an income of $278 million, primarily related to the gain on divestiture of the lawn and garden operations within Americas Building Solutions, compared with an expense of $29 million in the comparable period for 2025.
Income tax benefitexpense
For the three months ended MarchJune 31,30, 2026, the Company had an Income tax benefitexpense of $55$661 million, compared to $58$425 million for the comparable period in 2025. The effective tax rate was 25%31% for the firstsecond quarter of 2026 compared with an effective tax rate of 40%24% for the firstsecond quarter of 2025. The decreaseincrease in the effective tax rate is primarilymainly driven by a change in valuation allowances arising from the reclassificationdivestiture of the lawn and garden and construction accessories operations toin heldthe for sale.period.
For the six months ended June 30, 2026, the Company had an Income tax expense of $606 million, compared to $367 million for the comparable period in 2025. The effective tax rate was 31% for the first six months of 2026 compared with an effective tax rate of 23% for the first six months of 2025. The increase in the effective tax rate is also mainly driven by the divestiture of the lawn and garden and construction accessories operations in the period.
LossIncome (loss) from equity method investments
For the three months ended MarchJune 31,30, 2026, aan lossincome of ($11)$9 million was recorded in equity method investments, an increased lossincrease of ($1)$8 million from the comparable period of 2025, and a loss of $2 million was recorded in equity method investments for the first six months of 2026, compared with a loss of $9 million for the first six months of 2025.
Within CRH’s segments, revenue is disaggregated by principal activities and products. Business lines are reviewed and evaluated as follows: (1) Essential Materials, (2) Road Solutions, (3) Building & Infrastructure Solutions, and (4) Outdoor Living Solutions. The Essential Materials businesses manufacture and supply aggregates and cementitious materials for use in a range of construction and industrial applications. Road Solutions support the manufacturing, installation and maintenance of public highway infrastructure projects and commercial infrastructure. Building & Infrastructure Solutions connect and protect critical water, energy and telecommunicationsdata infrastructure and deliver complex commercial building projects. Outdoor Living Solutions integrate specialized materials, products and design features to enhance the quality of private and public spaces.
Americas Materials Solutions’Solutions' Total revenues were 21%10% ahead of the firstsecond quarter of 2025, driven by favorablepositive underlyingpricing demandmomentum and contributions from acquisitions.
In Essential Materials, Total revenues increased by 20%, reflecting positive pricing momentum in aggregates and contributions from acquisitions, mainly the 2025 acquisition of Eco Material Technologies. Aggregates volumes increased by 2%, while cement volumes declined by 2% impacted by adverse weather in certain markets and subdued residential demand. Aggregates prices increased by 5%, while cement prices were 1% behind the comparable period in 2025 reflecting adverse geographic mix-effects.
In Essential Materials, Total revenues increased by 31%, reflecting strong underlying demand across most regions as well as contributions from acquisitions. Aggregates volumes increased by 14% year-over-year, while pricing declined by 1%, reflecting geographic and project mix-effects. Cement volumes were 10% ahead of the prior year, while pricing was 1% behind.
In Road Solutions, Total revenues were 16%6% ahead of the prior year, driven by agood strongunderlying startdemand, todisciplined thecommercial yearexecution dueand tocontributions robustfrom project activity.acquisitions. Asphalt volumes increased by 13%,3%, while pricing wasincreased by 6%. Readymixed concrete volumes were in line with the prior year.year, Readymixed concrete volumes increased by 12%, withwhile pricing was up 4% over the same period.2%. Paving and construction revenues increased by 16%,5%, supported by strong project execution, backlog conversion, and contributions from acquisitions.
Adjusted EBITDA for Americas Materials Solutions was 75%12% ahead of the prior year, drivensupported by strongpositive underlyingpricing demand,momentum, disciplined cost management,management and contributions from acquisitions. Adjusted EBITDA margin was 120bps40bps ahead of the firstsecond quarter of 2025.
Americas Materials Solutions
Americas Materials Solutions' Total revenues were 14% ahead of the first six months of 2025, driven by favorable underlying demand, positive pricing momentum and contributions from acquisitions.
In Essential Materials, Total revenues increased by 24%, reflecting good underlying demand, positive pricing momentum in aggregates and contributions from acquisitions. Aggregates volumes increased by 6% year-over-year, while pricing increased by 3% reflecting strong commercial execution but also geographic and project mix-effects. Cement volumes were 3% ahead of the prior year, while pricing was 1% behind.
In Road Solutions, Total revenues were 9% ahead of the prior year, driven by robust project activity. Asphalt volumes increased by 5%, while pricing increased by 5%. Readymixed concrete volumes increased by 4%, with pricing up 3% over the same period. Paving and construction revenues increased by 8%, supported by strong project execution, backlog conversion, and contributions from acquisitions.
Adjusted EBITDA for Americas Materials Solutions was 14% ahead of the prior year, driven by strong underlying demand, positive pricing, disciplined cost management, and contributions from acquisitions. Adjusted EBITDA margin was 10bps ahead of the first six months of 2025.
Americas Building Solutions' Total revenues were 1% behind the first quarter of 2025, due to subdued new-build residential demand and adverse weather conditions in certain markets, partly offset by contributions from acquisitions.
InAmericas Building & Infrastructure Solutions,Solutions' Total revenues were 4%2% ahead ofbehind the firstsecond quarter of 2025, driven byas strong demanddata incenter ourand utility infrastructure markets.demand was offset by the impact of divestitures.
In Building & Infrastructure Solutions, Total revenues were 10% ahead of the second quarter of 2025, driven by strong performance in the energy and data infrastructure markets.
In Outdoor Living Solutions, Total revenues were 3%7% behind the prior year period, asreflecting the impact of divestitures and subdued new-build residential demand and adverse weather impacted activity levels.demand.
CRH insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 1 filing (1 insider, 1 trade date, 1,492 shares, about $155.8K). Net open-market shares: -1,492 (purchases minus sales); net value about -$155.8K.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-05-15 | Oriordain Padraig |
Open-market sale | 1,492 | $104.45 | $155.8K |
| 2026-05-13 | Khan Badar |
Shares withheld for tax | 962 | $108.75 | $104.6K |
| 2026-05-13 | Khan Badar |
Option exercise | 2,004 | — | — |
| 2026-05-13 | Verchere Christina Campbell |
Option exercise | 2,004 | — | — |
| 2026-05-13 | Verchere Christina Campbell |
Shares withheld for tax | 962 | $108.75 | $104.6K |
| 2026-05-13 | Oriordain Padraig |
Shares withheld for tax | 1,317 | $110.41 | $145.4K |
| 2026-05-13 | Oriordain Padraig |
Option exercise | 2,522 | — | — |
| 2026-05-13 | Dowling Caroline |
Option exercise | 2,004 | — | — |
| 2026-05-13 | Dowling Caroline |
Shares withheld for tax | 1,047 | $108.75 | $113.9K |
| 2026-05-13 | Karlstrom Johan |
Option exercise | 2,004 | — | — |
| 2026-05-13 | Karlstrom Johan |
Shares withheld for tax | 962 | $108.75 | $104.6K |
| 2026-05-13 | Boucher Richard Aidan Hugh |
Option exercise | 3,339 | — | — |
| 2026-05-13 | Boucher Richard Aidan Hugh |
Shares withheld for tax | 1,603 | $108.75 | $174.3K |
| 2026-05-13 | Bryan Aylwyn |
Option exercise | 1,169 | — | — |
| 2026-05-13 | Bryan Aylwyn |
Shares withheld for tax | 632 | $110.41 | $69.8K |
| 2026-05-13 | Mintern Denis James |
Option exercise | 15,194 | — | — |
| 2026-05-13 | Mintern Denis James |
Shares withheld for tax | 7,932 | $109.29 | $866.9K |
| 2026-05-13 | San Agustin Juan Pablo |
Option exercise | 2,745 | — | — |
| 2026-05-13 | San Agustin Juan Pablo |
Shares withheld for tax | 1,247 | $110.43 | $137.7K |
| 2026-05-13 | Lane Kristin |
Option exercise | 2,225 | — | — |
| 2026-05-13 | Lane Kristin |
Shares withheld for tax | 876 | $108.75 | $95.3K |
| 2026-05-13 | Mckay Lamar |
Option exercise | 2,004 | — | — |
| 2026-05-13 | Mckay Lamar |
Shares withheld for tax | 962 | $108.75 | $104.6K |
| 2026-05-13 | Rhinehart Mary K |
Shares withheld for tax | 962 | $108.75 | $104.6K |
| 2026-05-13 | Rhinehart Mary K |
Option exercise | 2,004 | — | — |
| 2026-05-13 | Lake Randy |
Option exercise | 6,381 | — | — |
| 2026-05-13 | Lake Randy |
Shares withheld for tax | 2,843 | $108.75 | $309.2K |
| 2026-05-13 | Creech Nathan |
Shares withheld for tax | 2,044 | $108.75 | $222.3K |
| 2026-05-13 | Creech Nathan |
Option exercise | 5,194 | — | — |
| 2026-05-13 | Platt Gillian L. |
Shares withheld for tax | 962 | $108.75 | $104.6K |
| 2026-05-13 | Platt Gillian L. |
Option exercise | 2,004 | — | — |
| 2026-05-13 | Buckley Peter J. |
Shares withheld for tax | 1,742 | $110.43 | $192.4K |
| 2026-05-13 | Buckley Peter J. |
Option exercise | 3,487 | — | — |
| 2026-05-13 | Talbot Siobhan |
Shares withheld for tax | 1,047 | $108.75 | $113.9K |
| 2026-05-13 | Talbot Siobhan |
Option exercise | 2,004 | — | — |
| 2026-05-13 | Fearon Richard H |
Shares withheld for tax | 962 | $108.75 | $104.6K |
| 2026-05-13 | Fearon Richard H |
Option exercise | 2,004 | — | — |
| 2026-05-13 | Wheatley Philip |
Shares withheld for tax | 1,046 | $110.41 | $115.5K |
| 2026-05-13 | Wheatley Philip |
Option exercise | 2,003 | — | — |
| 2026-05-13 | Kelly Shaun |
Shares withheld for tax | 962 | $108.75 | $104.6K |
| 2026-05-13 | Kelly Shaun |
Option exercise | 2,004 | — | — |
Well-known investors holding CRH (13F)
None of the 59 investors we track reported a position in their latest 13F.