Core Insights - CRH plc is positioning itself for significant growth through major acquisitions in 2023, enhancing its geographical reach and material supply capabilities [1] - The company anticipates sustained demand for infrastructure projects, supported by funding from the Infrastructure Investment and Jobs Act (IIJA) [1] Group 1: Company Strategy - CRH is actively expanding its operations by making substantial acquisitions year-to-date [1] - The company is focusing on increasing its geographical presence and diversifying its materials supplies [1] Group 2: Market Outlook - There are durable expectations for infrastructure projects due to IIJA funding, which is likely to drive demand for materials [1]

Core Insights - Eco Material Technologies is being sold to CRH for a total consideration of $2.1 billion, positioning it for continued growth under CRH's management [1][4] - Eco Material was formed in 2022 through the merger of Boral Limited's North American fly ash business and Green Cement Inc, focusing on sustainable cement alternatives [2][6] - The company operates a national network for processing and recycling approximately seven million tons of fly ash and three million tons of synthetic gypsum annually, with additional capacity under construction [2][6] Company Overview - Eco Material Technologies is a leading independent supplier of Supplementary Cementitious Materials (SCMs) in North America, emphasizing environmentally friendly, near-zero carbon cement production [1][6] - The company recycles over 10 million tons per year of materials, significantly reducing emissions and avoiding landfill use [6] Strategic Partnerships - One Equity Partners and Warburg Pincus played crucial roles in Eco Material's growth by providing investment and partnership, which helped build a strong foundation for future expansion [3][4] - The transaction is expected to leverage CRH's national distribution network and innovation capabilities to enhance service to customers [3][4] Future Outlook - The proposed transaction is subject to regulatory approval and is anticipated to close in 2025, marking a new chapter for Eco Material under CRH's stewardship [4]

Mergers and Acquisitions - CRH is in advanced talks to acquire Eco Material for $2.1 billion [1] Market Expansion - The acquisition represents a major expansion in the cement-alternatives market in North America [1]

Company Performance - CRH's stock closed at $98.54, reflecting a -1.52% change from the previous day's closing price, underperforming the S&P 500 which gained 0.02% [1] - Over the last month, CRH's shares increased by 9.33%, lagging behind the Construction sector's gain of 10.7% and outperforming the S&P 500's gain of 4.93% [1] Earnings Forecast - The upcoming earnings report for CRH is scheduled for August 6, 2025, with projected EPS of $1.84, indicating a 0.54% decline compared to the same quarter last year [2] - Revenue is expected to reach $10.33 billion, representing a 6.99% growth year-over-year [2] Annual Estimates - Zacks Consensus Estimates forecast annual earnings of $5.62 per share and revenue of $37.96 billion, reflecting increases of +4.27% and +6.72% respectively compared to the previous year [3] - Recent analyst estimate revisions suggest a positive outlook for CRH's business and profitability [3] Valuation Metrics - CRH is currently trading at a Forward P/E ratio of 17.81, which is below the industry average of 19.26, indicating a discount [6] - The PEG ratio for CRH stands at 1.58, compared to the industry average of 2.11, suggesting a more favorable valuation relative to expected earnings growth [6] Industry Context - The Building Products - Miscellaneous industry, part of the Construction sector, has a Zacks Industry Rank of 148, placing it in the bottom 41% of over 250 industries [7] - Research indicates that industries in the top 50% of Zacks Rank outperform those in the bottom half by a factor of 2 to 1 [7]

Group 1: Stock Performance - CRH's stock increased by 1.37% to $95.54, outperforming the S&P 500's gain of 0.06% [1] - Over the past month, CRH shares gained 4.8%, lagging behind the Construction sector's 6.08% and the S&P 500's 5.88% [1] Group 2: Upcoming Earnings - CRH is expected to release its earnings report on August 6, 2025, with an anticipated EPS of $1.84, reflecting a 0.54% decline year-over-year [2] - Revenue is projected at $10.33 billion, indicating a 6.99% increase compared to the same quarter last year [2] Group 3: Full-Year Estimates - Zacks Consensus Estimates forecast CRH's full-year earnings at $5.62 per share and revenue at $38 billion, representing year-over-year increases of 4.27% and 6.81%, respectively [3] - Recent analyst estimate revisions suggest a positive outlook for CRH's business [3] Group 4: Zacks Rank and Valuation - CRH currently holds a Zacks Rank of 3 (Hold), with a recent consensus EPS projection down by 2.51% [5] - The company is trading at a Forward P/E ratio of 16.78, which is lower than the industry average of 17.9 [5] Group 5: PEG Ratio and Industry Ranking - CRH has a PEG ratio of 1.47, compared to the average PEG ratio of 1.9 for the Building Products - Miscellaneous industry [6] - The Building Products - Miscellaneous industry ranks in the top 40% of all industries, with a Zacks Industry Rank of 97 [7]

Group 1: Company Performance - CRH closed at $92.88, reflecting a -1.39% change from the previous day, underperforming the S&P 500's gain of 0.32% [1] - Over the past month, CRH shares increased by 4.88%, outperforming the Construction sector's gain of 4.6% and the S&P 500's gain of 4.51% [1] Group 2: Upcoming Financial Results - CRH is set to announce its earnings on August 6, 2025, with an expected EPS of $1.84, a decrease of 0.54% from the prior-year quarter [2] - The consensus estimate for revenue is $10.33 billion, indicating a 6.99% increase compared to the same quarter of the previous year [2] Group 3: Full Year Projections - For the full year, earnings are projected at $5.64 per share and revenue at $38.11 billion, representing changes of +4.64% and +7.14% from the prior year, respectively [3] Group 4: Analyst Estimates and Stock Performance - Recent adjustments to analyst estimates for CRH reflect short-term business trends, with positive revisions indicating analysts' confidence in performance [4] - Estimate alterations are linked to stock price performance, and investors can utilize the Zacks Rank for actionable insights [5] Group 5: Zacks Rank and Valuation - CRH currently holds a Zacks Rank of 3 (Hold), with the Zacks Consensus EPS estimate having decreased by 2.06% in the past month [6] - The Forward P/E ratio for CRH is 16.69, which is a discount compared to the industry average of 18.29, and the PEG ratio is 1.46, below the industry average of 1.95 [7] Group 6: Industry Context - The Building Products - Miscellaneous industry, part of the Construction sector, has a Zacks Industry Rank of 68, placing it in the top 28% of over 250 industries [8]

Group 1 - CRH's stock increased by 1.77% to $91.52, outperforming the S&P 500's gain of 1.11% and the Dow's gain of 1.19%, but underperformed compared to the Construction sector which gained 2.35% [1] - The upcoming financial results for CRH are anticipated to show an EPS of $2.07, reflecting an 11.89% increase year-over-year, with revenue expected to be $10.44 billion, indicating an 8.11% growth [2] - For the full year, analysts expect CRH to report earnings of $5.76 per share and revenue of $38.13 billion, representing increases of 6.86% and 7.18% respectively from the previous year [3] Group 2 - Recent changes in analyst estimates for CRH are important as they reflect short-term business trends, with positive revisions indicating confidence in the company's performance [4] - The Zacks Rank system, which incorporates estimate changes, has shown a track record of outperformance, with 1 stocks returning an average of 25% annually since 1988; CRH currently holds a Zacks Rank of 3 (Hold) [5][6] - CRH's Forward P/E ratio is 15.61, which is lower than the industry average of 16.42, suggesting a valuation discount [6] Group 3 - CRH has a PEG ratio of 1.37, which is below the industry average PEG ratio of 1.75, indicating a favorable valuation relative to expected earnings growth [7] - The Building Products - Miscellaneous industry, which includes CRH, is ranked 96 in the Zacks Industry Rank, placing it in the top 40% of over 250 industries, suggesting strong performance potential [8]

Core Insights - CRH reported revenue of $6.76 billion for the quarter ended March 2025, reflecting a year-over-year increase of 3.4% [1] - The earnings per share (EPS) was -$0.12, a decline from -$0.02 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $6.88 billion, resulting in a surprise of -1.86% [1] - The EPS also missed the consensus estimate of -$0.08, leading to a surprise of -50.00% [1] Revenue Breakdown - Revenue from Americas Materials Solutions was $2.24 billion, below the average estimate of $2.36 billion from three analysts [4] - Revenue from International Solutions reached $2.83 billion, exceeding the average estimate of $2.74 billion from three analysts [4] - Revenue from Americas Building Solutions was $1.68 billion, slightly below the average estimate of $1.70 billion from three analysts [4] Stock Performance - CRH shares have returned +21.8% over the past month, significantly outperforming the Zacks S&P 500 composite, which saw a change of +0.4% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Performance - Total revenues for the first quarter of 2025 increased by 3% to $6.8 billion compared to the same period in 2024[100] - Net loss for the first quarter of 2025 was $98 million, a decrease of $212 million from a net income of $114 million in the first quarter of 2024[120] - Adjusted EBITDA for the first quarter of 2025 was $495 million, an increase of $50 million or 11% compared to the first quarter of 2024[100] - The gross profit margin for the first quarter of 2025 was 27.2%, a decrease of 50 basis points from 27.7% in the first quarter of 2024[111] - Selling, general and administrative expenses increased by 3% to $1.8 billion in the first quarter of 2025, primarily due to a 9% increase in labor costs[112] - The effective tax rate for the first quarter of 2025 was 40%, compared to an effective tax rate of (19%) in the first quarter of 2024[117] - Net income for Q1 2025 was $1.485 billion, compared to $1.050 billion for the same period in 2024[170] Revenue Breakdown - The Americas Materials Solutions segment reported total revenues of $2.2 billion, a 2% increase from the first quarter of 2024[124] - Total revenues for Road Solutions increased by 5%, with asphalt volumes up 4% and pricing up 3%[126] - Americas Building Solutions reported total revenues of $1,682 million, a 1% decrease from Q1 2024, with adjusted EBITDA down 7% to $287 million[128] - International Solutions achieved total revenues of $2,831 million, a 7% increase, and adjusted EBITDA rose by 22% to $149 million[132] - Essential Materials saw total revenues increase by 7%, with aggregates and cement volumes up 9% and 11%, respectively[133] - Road Solutions' total revenues were 11% ahead of the comparable period, with readymixed concrete volumes up 22%[134] Cash Flow and Debt - Net cash used in operating activities was $659 million for Q1 2025, a decrease of $53 million compared to Q1 2024[151] - Total short and long-term debt was $15.7 billion at March 31, 2025, up from $12.7 billion a year earlier[148] - Net Debt at March 31, 2025, was $12.7 billion, compared to $9.6 billion at the same time last year[148] - Net cash provided by financing activities was $1.1 billion for Q1 2025, compared to a net cash used of $0.2 billion in Q1 2024[154] - Proceeds from debt issuances in Q1 2025 were $3.0 billion, an increase of $1.2 billion compared to the same period in 2024[154] - Payments on debt in Q1 2025 were $1.5 billion, up from $0.7 billion in Q1 2024[154] - Dividends paid in Q1 2025 were $nil billion, compared to $0.8 billion in Q1 2024[154] - The company has $15.7 billion in short and long-term debt, with $1.4 billion maturing in Q2 2025[162] Investments and Acquisitions - Eight acquisitions were completed in the first quarter of 2025 for a total consideration of $0.6 billion, compared to $2.2 billion in the same period of 2024[101] - The company invested $0.6 billion in acquisitions during Q1 2025, a decrease of $1.6 billion from the same period in 2024[153] Market Outlook - The outlook for 2025 remains positive, with expectations of continued demand driven by public investment in infrastructure and resilient repair and remodel activity[103] Debt Management and Hedging - The company's debt ratings as of March 31, 2025, were BBB+ from S&P and Fitch, and Baa1 from Moody's, all with a stable outlook[161] - As of March 31, 2025, the company had fixed rate debt of $13.9 billion (87%) and floating rate debt of $2.1 billion (13%), compared to $10.8 billion (76%) and $3.5 billion (24%) as of December 31, 2024[181] - The impact of a 100bps increase in interest rates on the variable rate cash and debt portfolio would be approximately $12 million favorable as of March 31, 2025, compared to $2 million favorable at December 31, 2024[182] - The gross notional amount of the company's foreign exchange forward contracts was $3.4 billion at March 31, 2025, down from $4.6 billion at December 31, 2024[184] - A 10% weakening in foreign currency exchange rates versus the U.S. Dollar would increase the fair market value of foreign currency contracts by approximately $24 million as of March 31, 2025[185] - The company manages commodity price risks through negotiated supply contracts and forward contracts to mitigate the impact of price volatility in oil, electricity, coal, and carbon credits[186] - The company has derivative hedging programs in place to neutralize variability arising from changes in commodity indices, with a timeframe of up to four years[187] - The company may enter into foreign exchange forward contracts to hedge against exchange rate fluctuations on cash flows denominated in foreign currencies[184] - The company maintains net debt in the same relative ratio as capital employed to act as an economic hedge against currency asset fluctuations[184] Cash and Liquidity - Cash and cash equivalents at March 31, 2025, were $3.4 billion, compared to $3.8 billion at December 31, 2024[181] - The company's interest rate swaps to convert fixed rate debt to floating rate debt were $1.4 billion as of March 31, 2025, unchanged from previous periods[181] - As of March 31, 2025, the company had a $4.0 billion U.S. Dollar Commercial Paper Program, with $0.1 billion outstanding[159] - The company issued $1.25 billion of 5.125% Senior Notes due 2030 and $1.25 billion of 5.500% Senior Notes due 2035 in January 2025[156]

[Q1 2025 Results Overview](index=1&type=section&id=Q1%202025%20Results%20Overview) CRH's Q1 2025 performance demonstrates a solid start to the year, driven by strategic differentiation, positive pricing, and acquisition contributions [Key Highlights](index=1&type=section&id=Key%20Highlights) CRH achieved a robust start to Q1 2025 with 3% total revenue growth and 11% adjusted EBITDA growth, supported by strategic differentiation, positive pricing, and acquisitions, while reaffirming its FY 2025 guidance 2025 Q1 Financial Summary | Summary Financials | Q1 2025 | Change | | :---------------- | :------ | :----- | | Total revenues | $6.8bn | +3% | | Net (loss) income | ($98m) | n/m | | Net (loss) income margin | (1.5%) | (320bps) | | Adjusted EBITDA* | $495m | +11% | | Adjusted EBITDA margin* | 7.3% | +50bps | | Diluted (loss) earnings per share | ($0.15) | n/m | - Despite adverse weather in Q1, the company achieved a strong start, driven by **differentiated strategy**, **positive pricing**, and **acquisition contributions**[5](index=5&type=chunk) - Completed **8 value-enhancing bolt-on acquisitions** totaling **$60 million**[5](index=5&type=chunk) - Continued share buybacks, with **$50 million completed year-to-date**, and initiated a new **$30 million quarterly buyback program**[5](index=5&type=chunk) - Declared a quarterly dividend of **$0.37 per share**, representing a **6% increase year-on-year**[5](index=5&type=chunk) - Reaffirmed FY 2025 guidance, expecting net income of **$3.7 billion - $4.1 billion** and adjusted EBITDA of **$7.3 billion - $7.7 billion**[5](index=5&type=chunk) [CEO Statement](index=1&type=section&id=CEO%20Statement) CEO Jim Mintern highlights strong Q1 performance, attributing it to strategic differentiation, sound business management, and acquisitions, with sustained underlying demand in key markets and a commitment to financial discipline - Strong Q1 performance was driven by the differentiated strategy, sound business management, and acquisition contributions[4](index=4&type=chunk) - Despite the seasonally quiet first quarter, underlying demand in key markets remains robust[4](index=4&type=chunk) - Maintained a strong balance sheet through financial control and discipline[4](index=4&type=chunk) - Reaffirmed 2025 financial guidance, expressing confidence in future growth and value creation[4](index=4&type=chunk) [Performance Overview](index=3&type=section&id=Performance%20Overview) CRH's Q1 2025 total revenues grew 3% to $6.8 billion, driven by acquisitions and commercial management, though a net loss of $98 million was recorded due to a prior-year divestiture gain 2025 Q1 Key Financial Metrics | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :------ | :------ | :--- | | Total revenues | $6.8bn | $6.5bn | +3% | | Net (loss) income | ($98m) | $114m | n/m | | Net (loss) income margin | (1.5%) | 1.7% | (320bps) | | Adjusted EBITDA | $495m | $445m | +11% | | Adjusted EBITDA margin | 7.3% | 6.8% | +50bps | | Diluted (loss) earnings per share | ($0.15) | $0.16 | n/m | - Total revenues increased by **3%**, primarily due to acquisition contributions and strong commercial management, offsetting divestitures and adverse weather impacts[6](index=6&type=chunk) - Net loss was mainly due to the **non-recurring impact of divestiture gains** in the prior year[6](index=6&type=chunk) - Adjusted EBITDA grew by **11%**, benefiting from the differentiated strategy, positive pricing, sustained cost control, and operational efficiencies[6](index=6&type=chunk) [Acquisitions and Divestitures](index=3&type=section&id=Acquisitions%20and%20Divestitures) In Q1 2025, CRH completed 8 acquisitions totaling $60 million, primarily in Americas Materials Solutions, while realizing $10 million from divestitures and asset disposals - Completed **8 acquisitions** in Q1 2025 with a total consideration of **$60 million**, lower than **$2.2 billion** in Q1 2024[7](index=7&type=chunk) - The Americas Materials Solutions segment completed **5 acquisitions**, with Talley Construction being the largest[7](index=7&type=chunk) - Divestitures and disposals of long-lived assets generated **$10 million** in proceeds, lower than **$70 million** in Q1 2024[8](index=8&type=chunk) [Dividends and Share Buybacks](index=3&type=section&id=Dividends%20and%20Share%20Buybacks) CRH's Board declared a quarterly dividend of $0.37 per share, a 6% increase, and the company repurchased $30 million in shares during Q1, with a new $30 million buyback program initiated - The Board declared a quarterly dividend of **$0.37 per share**, representing a **6% increase year-on-year**[9](index=9&type=chunk) - Repurchased approximately **3.2 million ordinary shares** for a total consideration of **$30 million** in Q1 2025[10](index=10&type=chunk) - Year-to-date buybacks totaled **$50 million** as of May 2[10](index=10&type=chunk) - The company will initiate an additional **$30 million share buyback program**, to be completed no later than August 5, 2025[10](index=10&type=chunk) [Innovation and Sustainability](index=3&type=section&id=Innovation%20and%20Sustainability) CRH is committed to driving profitable growth through innovative solutions that support a more sustainable built environment, leveraging technology to enhance efficiency and address global challenges - Committed to driving profitable growth through innovative solutions that support the transition to a more sustainable built environment[11](index=11&type=chunk) - Leverages existing and emerging technologies to enhance efficiency and profitability[11](index=11&type=chunk) - Transforms essential materials into value-added and innovative solutions to address global challenges such as water, circular economy, and decarbonization, making building simpler, safer, and more sustainable[11](index=11&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Performance) CRH's segments show varied performance in Q1 2025, with Americas Materials Solutions and International Solutions demonstrating revenue and EBITDA growth, while Americas Building Solutions experienced a slight revenue decline [Americas Materials Solutions](index=3&type=section&id=Americas%20Materials%20Solutions) Americas Materials Solutions saw a 2% revenue increase and a significant 293% adjusted EBITDA growth, driven by pricing, acquisitions, and operational efficiencies, despite weather-related activity declines Americas Materials Solutions Performance Analysis | in $ millions | Q1 2024 | Currency | Acquisitions | Divestitures | Organic | Q1 2025 | % change | | :------------ | :------ | :------- | :----------- | :----------- | :------ | :------ | :------- | | Total revenues | 2,202 | (10) | +144 | (16) | (77) | 2,243 | +2% | | Adjusted EBITDA | 15 | — | +10 | +6 | +28 | 59 | +293% | | Adjusted EBITDA margin | 0.7% | | | | | 2.6% | | - Total revenues increased by **2%**, primarily driven by continued pricing progress and acquisition contributions, offsetting activity level declines due to weather disruptions[12](index=12&type=chunk)[17](index=17&type=chunk) - Adjusted EBITDA significantly outpaced the prior year, growing by **293%**, mainly due to commercial progress, sustained cost management, and operational efficiencies[12](index=12&type=chunk)[20](index=20&type=chunk) [Essential Materials (Americas Materials Solutions)](index=7&type=section&id=Essential%20Materials%20(Americas%20Materials%20Solutions)) Essential Materials revenue decreased by 3% due to lower volumes across most regions, despite price increases in aggregates and cement, impacted by adverse weather - Essential Materials total revenues decreased by **3%**, primarily due to lower volumes across most regions[18](index=18&type=chunk) - Aggregates prices increased by **8%**, and cement prices increased by **4%**[18](index=18&type=chunk) - Aggregates volumes decreased by **5%**, and cement volumes decreased by **2%**, impacted by adverse weather[18](index=18&type=chunk) [Road Solutions (Americas Materials Solutions)](index=7&type=section&id=Road%20Solutions%20(Americas%20Materials%20Solutions)) Road Solutions revenue grew 5%, propelled by increased paving activity and growth in asphalt and ready-mixed concrete volumes and prices - Road Solutions total revenues increased by **5%**, driven by increased paving activity and growth in asphalt and ready-mixed concrete[19](index=19&type=chunk) - Asphalt volumes increased by **4%**, with prices up **3%**[19](index=19&type=chunk) - Ready-mixed concrete volumes increased by **4%**, with prices up **1%**[19](index=19&type=chunk) [Americas Building Solutions](index=3&type=section&id=Americas%20Building%20Solutions) Americas Building Solutions experienced a 1% revenue decline and a 7% adjusted EBITDA decrease, as strong water and energy markets and acquisitions were offset by weather-impacted demand and subdued residential activity Americas Building Solutions Performance Analysis | in $ millions | Q1 2024 | Currency | Acquisitions | Divestitures | Organic | Q1 2025 | % change | | :------------ | :------ | :------- | :----------- | :----------- | :------ | :------ | :------- | | Total revenues | 1,693 | (4) | +60 | (8) | (59) | 1,682 | (1 %) | | Adjusted EBITDA | 308 | — | +15 | (1) | (35) | 287 | (7 %) | | Adjusted EBITDA margin | 18.2% | | | | | 17.1% | | - Total revenues decreased by **1%**, as acquisition contributions and strong performance in water and energy markets were offset by weather-impacted demand[12](index=12&type=chunk)[21](index=21&type=chunk) - Adjusted EBITDA decreased by **7%**, primarily due to adverse weather and subdued residential activity[12](index=12&type=chunk)[23](index=23&type=chunk) [Building & Infrastructure Solutions (Americas Building Solutions)](index=7&type=section&id=Building%20%26%20Infrastructure%20Solutions%20(Americas%20Building%20Solutions)) Building & Infrastructure Solutions revenue increased by 4%, benefiting from higher volumes in water and energy markets and positive acquisition impacts - Total revenues increased by **4%**, benefiting from increased volumes in water and energy markets and positive acquisition impacts[22](index=22&type=chunk) [Outdoor Living Solutions (Americas Building Solutions)](index=7&type=section&id=Outdoor%20Living%20Solutions%20(Americas%20Building%20Solutions)) Outdoor Living Solutions revenue declined by 3% due to reduced demand in key markets, primarily impacted by unfavorable weather conditions - Total revenues decreased by **3%**, due to reduced demand in key markets impacted by adverse weather[22](index=22&type=chunk) [International Solutions](index=3&type=section&id=International%20Solutions) International Solutions reported a 7% revenue increase and 22% adjusted EBITDA growth, driven by acquisitions and pricing, despite adverse weather and activity declines in some markets International Solutions Performance Analysis | in $ millions | Q1 2024 | Currency | Acquisitions | Divestitures | Organic | Q1 2025 | % change | | :------------ | :------ | :------- | :----------- | :----------- | :------ | :------ | :------- | | Total revenues | 2,638 | (57) | +370 | (67) | (53) | 2,831 | +7% | | Adjusted EBITDA | 122 | (1) | +29 | (16) | +15 | 149 | +22% | | Adjusted EBITDA margin | 4.6% | | | | | 5.3% | | - Total revenues increased by **7%**, primarily driven by acquisition contributions and continued pricing progress, offsetting adverse weather and activity level declines in certain markets[12](index=12&type=chunk)[24](index=24&type=chunk) - Adjusted EBITDA increased by **22%**, mainly due to good commercial management, operational efficiencies, and acquisition contributions[12](index=12&type=chunk)[27](index=27&type=chunk) [Essential Materials (International Solutions)](index=8&type=section&id=Essential%20Materials%20(International%20Solutions)) Essential Materials revenue grew 7%, with positive pricing and acquisitions offsetting weather impacts, and increased volumes in aggregates and cement, boosted by the Adbri acquisition - Total revenues increased by **7%**, with positive pricing and acquisition contributions offsetting weather impacts[25](index=25&type=chunk) - Aggregates volumes increased by **9%**, with prices up **5%**[25](index=25&type=chunk) - Cement volumes increased by **11%**, with prices up **2%**, benefiting from the Adbri acquisition[25](index=25&type=chunk) [Road Solutions (International Solutions)](index=8&type=section&id=Road%20Solutions%20(International%20Solutions)) International Road Solutions revenue increased by 11%, with strong ready-mixed concrete growth driven by European activity and the Adbri acquisition, while asphalt volumes declined in the UK and Ireland - Total revenues increased by **11%**[26](index=26&type=chunk) - Ready-mixed concrete volumes increased by **22%**, with prices up **9%**, benefiting from increased activity levels in several European countries and the Adbri acquisition[26](index=26&type=chunk) - Asphalt volumes decreased by **4%**, with prices down **1%**, primarily due to lower activity levels in the UK and Ireland[26](index=26&type=chunk) [Building & Infrastructure Solutions and Outdoor Living Solutions (International Solutions)](index=8&type=section&id=Building%20%26%20Infrastructure%20Solutions%20and%20Outdoor%20Living%20Solutions%20(International%20Solutions)) International Building & Infrastructure Solutions and Outdoor Living Solutions saw a 1% revenue increase, primarily supported by acquisition contributions - Total revenues increased by **1%**, primarily supported by acquisition contributions[27](index=27&type=chunk) [Financial Position and Outlook](index=5&type=section&id=Financial%20Position%20and%20Outlook) CRH reaffirms its 2025 financial guidance, anticipating continued positive underlying demand in key end markets, while managing increased debt and maintaining strong liquidity [2025 Full Year Outlook](index=5&type=section&id=2025%20Full%20Year%20Outlook) CRH reaffirms its 2025 financial guidance, expecting net income between $3.7 billion and $4.1 billion and adjusted EBITDA between $7.3 billion and $7.7 billion, driven by public infrastructure investment and non-residential re-industrialization - Reaffirmed 2025 financial guidance, expecting positive underlying demand in key end markets[13](index=13&type=chunk) - Demand will benefit from public investment in critical infrastructure and re-industrialization activity in the non-residential sector[13](index=13&type=chunk) - The new residential market is expected to remain subdued, while repair and remodel activity is anticipated to be resilient[13](index=13&type=chunk) 2025 Financial Guidance | 2025 Guidance (i) | Low ($ billions) | High ($ billions) | | :---------------- | :--------------- | :---------------- | | Net income (ii) | 3.7 | 4.1 | | Adjusted EBITDA* | 7.3 | 7.7 | | Diluted earnings per share (ii) | $5.34 | $5.80 | | Capital expenditure | 2.8 | 3.0 | [Other Financial Items](index=9&type=section&id=Other%20Financial%20Items) In Q1 2025, depreciation, depletion, and amortization increased by $80 million to $477 million due to acquisitions, while net interest expense rose and other non-operating income turned negative, resulting in a diluted loss per share of $0.15 - Depreciation, depletion, and amortization expenses were **$477 million**, an increase of **$80 million** from the prior year, primarily due to acquisitions[28](index=28&type=chunk) - Interest income decreased to **$37 million**, mainly due to lower cash deposits[29](index=29&type=chunk) - Interest expense increased to **$181 million**, primarily due to an increase in the total debt balance[29](index=29&type=chunk) - Other non-operating (expense) income, net, was a **negative $20 million**, primarily due to the non-recurring impact of divestiture gains in the prior year[30](index=30&type=chunk) - Diluted loss per share was **$0.15**, compared to earnings per share of **$0.16** in the prior year, mainly due to the non-recurring impact of divestiture gains[30](index=30&type=chunk) [Balance Sheet and Liquidity](index=9&type=section&id=Balance%20Sheet%20and%20Liquidity) As of March 31, 2025, CRH's total debt was $15.7 billion and net debt was $12.7 billion, reflecting seasonal cash outflows, acquisitions, and shareholder returns, supported by $3.4 billion in cash and $3.9 billion in undrawn credit facilities - As of March 31, 2025, total short and long-term debt was **$15.7 billion**, up from **$14.0 billion** as of December 31, 2024[31](index=31&type=chunk) - Issued **$3.0 billion** of senior notes and repaid **$1.5 billion** of commercial paper in January 2025[31](index=31&type=chunk) - Net debt as of March 31, 2025, was **$12.7 billion**, up from **$10.5 billion** as of December 31, 2024, reflecting seasonal operating cash outflows, acquisitions, and share buybacks[32](index=32&type=chunk) - Held **$3.4 billion** in cash and cash equivalents and **$3.9 billion** in undrawn committed credit facilities at the end of Q1 2025[33](index=33&type=chunk) - Committed to maintaining a strong investment grade credit rating (BBB+ or equivalent)[34](index=34&type=chunk) [Corporate Information](index=9&type=section&id=Corporate%20Information) This section provides details on CRH's Q1 2025 conference call and the timetable for its quarterly dividend payment [Q1 2025 Conference Call](index=9&type=section&id=Q1%202025%20Conference%20Call) CRH will host a conference call and webcast on May 6, 2025, at 8:00 AM ET to discuss its Q1 2025 results and full-year outlook - A conference call and webcast will be held on **May 6, 2025, at 8:00 AM ET**[35](index=35&type=chunk) - The discussion will cover Q1 2025 results and the 2025 outlook[35](index=35&type=chunk) [Dividend Timetable](index=9&type=section&id=Dividend%20Timetable) CRH announced a quarterly dividend of $0.37 per share, with an ex-dividend date and record date of May 23, 2025, and a payment date of June 25, 2025 Quarterly Dividend Payment Timetable | Event | Date | | :--------- | :----------- | | Ex-dividend date | May 23, 2025 | | Record date | May 23, 2025 | | Payment date | June 25, 2025 | - The default payment currency is US Dollars, but shareholders holding depositary interests can elect to receive payment in Euro or Sterling[36](index=36&type=chunk)[37](index=37&type=chunk) [Appendices](index=11&type=section&id=Appendices) This section provides CRH's unaudited condensed consolidated financial statements and reconciliations of non-GAAP financial measures [Primary Statements](index=11&type=section&id=Primary%20Statements) This section presents CRH's unaudited condensed consolidated financial statements, including the statements of income, balance sheets, and cash flows, prepared under U.S. GAAP as of March 31, 2025 - The financial statements are a summary of the company's unaudited condensed consolidated financial statements as of March 31, 2025, prepared in accordance with U.S. GAAP[39](index=39&type=chunk) [Condensed Consolidated Statements of Income (Unaudited)](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20(Unaudited)) This statement details CRH's condensed consolidated income data for the three months ended March 31, 2025 and 2024, including total revenues, gross profit, operating income, net (loss) income, and (loss) earnings per share Condensed Consolidated Statements of Income (Unaudited) | (in $ millions, except share and per share data) | March 31 2025 | March 31 2024 | | :--------------------------------------------- | :------------ | :------------ | | Product revenues | 5,612 | 5,368 | | Service revenues | 1,144 | 1,165 | | Total revenues | 6,756 | 6,533 | | Cost of product revenues | (3,826) | (3,577) | | Cost of service revenues | (1,093) | (1,149) | | Total cost of revenues | (4,919) | (4,726) | | Gross profit | 1,837 | 1,807 | | Selling, general and administrative expenses | (1,833) | (1,787) | | Gain on disposal of long-lived assets | 14 | 8 | | Operating income | 18 | 28 | | Interest income | 37 | 43 | | Interest expense | (181) | (133) | | Other nonoperating (expense) income, net | (20) | 161 | | (Loss) income from operations before income tax expense and income from equity method investments | (146) | 99 | | Income tax benefit | 58 | 19 | | Loss from equity method investments | (10) | (4) | | Net (loss) income | (98) | 114 | | Net (income) attributable to redeemable noncontrolling interests | – | (2) | | Net loss attributable to noncontrolling interests | 4 | 4 | | Net (loss) income attributable to CRH | (94) | 116 | | (Loss) earnings per share attributable to CRH | | | | Basic | ($0.15) | $0.16 | | Diluted | ($0.15) | $0.16 | | Weighted average common shares outstanding | | | | Basic | 676.7 | 687.8 | | Diluted | 676.7 | 693.4 | [Condensed Consolidated Balance Sheets (Unaudited)](index=13&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) This statement presents CRH's condensed consolidated balance sheet data as of March 31, 2025, December 31, 2024, and March 31, 2024, covering total assets, liabilities, and shareholders' equity Condensed Consolidated Balance Sheets (Unaudited) | (in $ millions, except share data) | March 31 2025 | December 31 2024 | March 31 2024 | | :--------------------------------- | :------------ | :--------------- | :------------ | | Assets | | | | | Current assets: | | | | | Cash and cash equivalents | 3,352 | 3,720 | 3,308 | | Restricted cash | – | 39 | – | | Accounts receivable, net | 5,141 | 4,820 | 4,798 | | Inventories | 4,960 | 4,755 | 4,619 | | Assets held for sale | – | – | 236 | | Other current assets | 789 | 749 | 748 | | Total current assets | 14,242 | 14,083 | 13,709 | | Property, plant and equipment, net | 22,179 | 21,452 | 18,878 | | Equity method investments | 732 | 737 | 609 | | Goodwill | 11,475 | 11,061 | 10,125 | | Intangible assets, net | 1,208 | 1,211 | 1,093 | | Operating lease right-of-use assets, net | 1,272 | 1,274 | 1,285 | | Other noncurrent assets | 813 | 795 | 634 | | Total assets | 51,921 | 50,613 | 46,333 | | Liabilities, redeemable noncontrolling interests and shareholders' equity | | | | | Current liabilities: | | | | | Accounts payable | 2,777 | 3,207 | 2,730 | | Accrued expenses | 2,270 | 2,248 | 2,241 | | Current portion of long-term debt | 1,458 | 2,999 | 2,992 | | Operating lease liabilities | 247 | 265 | 255 | | Liabilities held for sale | – | – | 44 | | Other current liabilities | 1,960 | 1,577 | 1,735 | | Total current liabilities | 8,712 | 10,296 | 9,997 | | Long-term debt | 14,213 | 10,969 | 9,680 | | Deferred income tax liabilities | 3,141 | 3,105 | 2,684 | | Noncurrent operating lease liabilities | 1,075 | 1,074 | 1,120 | | Other noncurrent liabilities | 2,423 | 2,319 | 2,110 | | Total liabilities | 29,564 | 27,763 | 25,591 | | Commitments and contingencies | | | | | Redeemable noncontrolling interests | 379 | 384 | 326 | | Shareholders' equity | | | | | Preferred stock, €1.27 par value, 150,000 shares authorized and 50,000 shares issued and outstanding for 5% preferred stock and 872,000 shares authorized, issued and outstanding for 7% 'A' preferred stock, as of March 31, 2025, December 31, 2024, and March 31, 2024 | 1 | 1 | 1 | | Common stock, €0.32 par value, 1,250,000,000 shares authorized; 715,487,343, 718,647,277 and 729,477,337 issued and outstanding, as of March 31, 2025, December 31, 2024, and March 31, 2024 respectively | 289 | 290 | 294 | | Treasury stock, at cost (38,850,691, 41,355,384 and 41,897,429 shares as of March 31, 2025, December 31, 2024 and March 31, 2024 respectively) | (2,038) | (2,137) | (2,166) | | Additional paid-in capital | 298 | 422 | 337 | | Accumulated other comprehensive loss | (806) | (1,005) | (797) | | Retained earnings | 23,375 | 24,036 | 22,346 | | Total shareholders' equity attributable to CRH shareholders | 21,119 | 21,607 | 20,015 | | Noncontrolling interests | 859 | 859 | 401 | | Total equity | 21,978 | 22,466 | 20,416 | | Total liabilities, redeemable noncontrolling interests and equity | 51,921 | 50,613 | 46,333 | [Condensed Consolidated Statements of Cash Flows (Unaudited)](index=14&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) This statement provides CRH's condensed consolidated cash flow data for the three months ended March 31, 2025 and 2024, detailing cash flows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows (Unaudited) | (in $ millions) | March 31 2025 | March 31 2024 | | :--------------------------------------------- | :------------ | :------------ | | Cash Flows from Operating Activities: | | | | Net (loss) income | (98) | 114 | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | Depreciation, depletion and amortization | 477 | 397 | | Share-based compensation | 32 | 30 | | Loss (gain) on disposals from businesses and long-lived assets, net | 1 | (123) | | Deferred tax expense (benefit) | 4 | (36) | | Loss from equity method investments | 10 | 4 | | Pension and other postretirement benefits net periodic benefit cost | 6 | 9 | | Non-cash operating lease costs | 59 | 75 | | Other items, net | (14) | (25) | | Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | | | | Accounts receivable, net | (268) | (326) | | Inventories | (139) | (270) | | Accounts payable | (503) | (396) | | Operating lease liabilities | (78) | (75) | | Other assets | (210) | (77) | | Other liabilities | 72 | 1 | | Pension and other postretirement benefits contributions | (10) | (14) | | Net cash used in operating activities | (659) | (712) | | Cash Flows from Investing Activities: | | | | Purchases of property, plant and equipment | (645) | (506) | | Acquisitions, net of cash acquired | (585) | (2,206) | | Proceeds from divestitures | 36 | 729 | | Proceeds from disposal of long-lived assets | 35 | 10 | | Dividends received from equity method investments | 9 | 6 | | Settlements of derivatives | 20 | (13) | | Deferred divestiture consideration received | 36 | – | | Other investing activities, net | 130 | (116) | | Net cash used in investing activities | (964) | (2,096) |\ | Cash Flows from Financing Activities: | | | | Proceeds from debt issuances | 3,017 | 1,818 | | Payments on debt | (1,533) | (651) | | Settlements of derivatives | 15 | (1) | | Payments of finance lease obligations | (21) | (9) | | Deferred and contingent acquisition consideration paid | (11) | (7) | | Dividends paid | – | (750) | | Distributions to noncontrolling and redeemable noncontrolling interests | (17) | (17) | | Repurchases of common stock | (310) | (559) | | Proceeds from exercise of stock options | 1 | – | | Net cash provided by (used in) financing activities | 1,141 | (176) | | Effect of exchange rate changes on cash and cash equivalents, including restricted cash | 75 | (97) | | Decrease in cash and cash equivalents, including restricted cash | (407) | (3,081) | | Cash and cash equivalents and restricted cash at the beginning of period | 3,759 | 6,390 | | Cash and cash equivalents and restricted cash at the end of period | 3,352 | 3,309 | | Supplemental cash flow information: | | | | Cash paid for interest (including finance leases) | 63 | 45 | | Cash paid for income taxes | 134 | 159 | | Reconciliation of cash and cash equivalents and restricted cash | | | | Cash and cash equivalents presented in the Condensed Consolidated Balance Sheets | 3,352 | 3,308 | | Cash and cash equivalents included in Assets held for sale | – | 1 | | Total cash and cash equivalents and restricted cash presented in the Condensed Consolidated Statements of Cash Flows | 3,352 | 3,309 | [Non-GAAP Reconciliation and Supplementary Information](index=17&type=section&id=Non-GAAP%20Reconciliation%20and%20Supplementary%20Information) This section defines and reconciles CRH's non-GAAP financial measures, including Adjusted EBITDA, Net Debt, and Organic Revenue, to provide a clearer understanding of the company's financial performance - CRH uses non-GAAP performance measures to monitor financial performance, which may not be directly comparable to those of other companies[46](index=46&type=chunk) - Non-GAAP measures should not be considered as substitutes for GAAP measures[47](index=47&type=chunk) [Adjusted EBITDA Reconciliation](index=17&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, and amortization from continuing operations, adjusted for specific non-recurring items, with reconciliation to the nearest GAAP measure provided - Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, and amortization from continuing operations, excluding specific non-recurring items[48](index=48&type=chunk) Adjusted EBITDA Reconciliation Table | in $ millions | March 31 2025 | March 31 2024 | | :------------------------------------------- | :------------ | :------------ | | Net (loss) income | (98) | 114 | | Loss from equity method investments | 10 | 4 | | Income tax benefit | (58) | (19) | | Loss (gain) on divestitures and investments (i) | 26 | (160) | | Pension income excluding current service cost component (i) | (4) | (1) | | Other interest, net (i) | (2) | – | | Interest expense | 181 | 133 | | Interest income | (37) | (43) | | Depreciation, depletion and amortization | 477 | 397 | | Substantial acquisition-related costs (ii) | – | 20 | | Adjusted EBITDA | 495 | 445 | | Total revenues | 6,756 | 6,533 | | Net (loss) income margin | (1.5%) | 1.7% | | Adjusted EBITDA margin | 7.3% | 6.8% | 2025 Adjusted EBITDA Guidance Mid-Point Reconciliation | in $ billions | 2025 Mid-Point | | :------------------------ | :------------- | | Net income | 3.9 | | Income tax expense | 1.1 | | Interest expense, net | 0.6 | | Depreciation, depletion and amortization | 1.9 | | Adjusted EBITDA | 7.5 | [Net Debt Reconciliation](index=19&type=section&id=Net%20Debt%20Reconciliation) Net Debt, a management metric, measures the company's current debt position less available cash, including short and long-term debt, finance lease liabilities, cash, and net derivative financial instruments - Net Debt is used by management to measure the company's current debt position less available cash, including short and long-term debt, finance lease liabilities, cash and cash equivalents, and net derivative financial instruments[52](index=52&type=chunk) Net Debt Reconciliation Table | in $ millions | March 31 2025 | December 31 2024 | March 31 2024 | | :-------------------------------- | :------------ | :--------------- | :------------ | | Short and long-term debt | (15,671) | (13,968) | (12,672) | | Cash and cash equivalents (i) | 3,352 | 3,720 | 3,309 | | Finance lease liabilities | (336) | (257) | (145) | | Derivative financial instruments (net) | (31) | (27) | (92) | | Net Debt | (12,686) | (10,532) | (9,600) | [Organic Revenue and Organic Adjusted EBITDA Definition](index=19&type=section&id=Organic%20Revenue%20and%20Organic%20Adjusted%20EBITDA%20Definition) Organic Revenue and Organic Adjusted EBITDA are supplementary metrics used to assess the performance of existing businesses by excluding the incremental impact of acquisitions, divestitures, currency translation, and one-off items - Organic Revenue and Organic Adjusted EBITDA are additional measures used to assess the performance of existing (underlying, like-for-like, or continuing) businesses[53](index=53&type=chunk) - These are calculated by excluding the incremental contribution from current and prior year acquisitions and divestitures, the impact of currency translation, and any one-off items[54](index=54&type=chunk) [Disclaimer/Forward-Looking Statements](index=20&type=section&id=Disclaimer%2FForward-Looking%20Statements) This section contains CRH's forward-looking statements regarding its financial condition, operations, and future performance, highlighting inherent risks and uncertainties that may cause actual results to differ materially - This document contains forward-looking statements regarding CRH's financial condition, operating results, business, and future performance[56](index=56&type=chunk) - Forward-looking statements involve risks and uncertainties, and actual results may differ materially from expectations[58](index=58&type=chunk) - The company undertakes no obligation to publicly update or revise these statements unless required by applicable law[58](index=58&type=chunk) - Factors that could cause actual results to differ include economic and financial conditions, industry cyclicality, increased competition, rising costs, regulatory changes, adverse weather, political uncertainty, and failure to successfully integrate acquisitions[59](index=59&type=chunk)