# CRH PUBLIC LTD CO (CRH)

Informational only - not investment advice.

CIK: 0000849395
SIC: 3241 Cement, Hydraulic
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 32](/major-group/32/) > [SIC 3241 Cement, Hydraulic](/industry/3241/)
Latest 10-K filed: 2026-02-18
SEC page: https://www.sec.gov/edgar/browse/?CIK=849395
Filing source: https://www.sec.gov/Archives/edgar/data/849395/000162828026009043/crh-20251231.htm

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 37447000000 | USD | 2025 | 2026-02-18 |
| Net income | 3753000000 | USD | 2025 | 2026-02-18 |
| Assets | 58329000000 | USD | 2025 | 2026-02-18 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-18. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000849395.json. Derived margins are computed from the extracted annual SEC facts.

| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | 29,206,000,000 | 32,723,000,000 | 34,949,000,000 | 35,572,000,000 | 37,447,000,000 |
| Net income | 2,630,000,000 | 3,862,000,000 | 3,178,000,000 | 3,492,000,000 | 3,753,000,000 |
| Operating income | 3,327,000,000 | 3,809,000,000 | 4,186,000,000 | 4,925,000,000 | 5,440,000,000 |
| Gross profit | 9,827,000,000 | 10,815,000,000 | 11,963,000,000 | 12,701,000,000 | 13,528,000,000 |
| Diluted EPS | 3.32 | 5.11 | 4.33 | 5.02 | 5.51 |
| Assets |  | 45,319,000,000 | 47,469,000,000 | 50,613,000,000 | 58,329,000,000 |
| Liabilities |  | 22,279,000,000 | 25,848,000,000 | 27,763,000,000 | 32,851,000,000 |
| Stockholders' equity |  | 22,157,000,000 | 20,854,000,000 | 21,607,000,000 | 24,004,000,000 |
| Cash and cash equivalents | 5,783,000,000 | 5,936,000,000 | 6,341,000,000 | 3,720,000,000 | 4,096,000,000 |
| Net margin | 9.00% | 11.80% | 9.09% | 9.82% | 10.02% |
| Operating margin | 11.39% | 11.64% | 11.98% | 13.85% | 14.53% |

## Macro Cross-References
- [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit
- [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food
- [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy
- [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter
- [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index
- [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate
- [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate
- [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio
- [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed
- [CE16OV](/indicator/CE16OV/): Employment Level
- [ICSA](/indicator/ICSA/): Initial Claims
- [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm
- [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period
- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income
- [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate
- [M2SL](/indicator/M2SL/): M2
- [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance

## Latest 10-K MD&A

Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization.
Confidence: high

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

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 2025 and 2024. This MD&A should be read in conjunction with the Consolidated Financial Statements in Item 8. “Financial Statements and Supplementary Data” of this 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 1A. “Risk Factors” and “Forward-Looking Statements – Safe Harbor Provisions Under The Private Securities Litigation Reform Act Of 1995” and elsewhere in this Form 10-K. 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 year presented, or year‐to‐year comparisons of reported results, may not be indicative of future operating results.

Overview

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.

Financial performance highlights:

CRH delivered another record performance in 2025 resulting in the following performance highlights (compared to 2024):

•Total revenues increased to $37.4 billion, compared with $35.6 billion in 2024;

•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 margin was 10.1% in 2025 and 9.9% in 2024. Adjusted EBITDA margin* was 20.5% in 2025, an increase of 100 basis points (bps) compared with an Adjusted EBITDA margin* of 19.5% in 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

•Diluted Earnings Per Share (EPS) in 2025 was $5.51 compared with $5.02 in 2024. Diluted EPS pre-impairment* was $5.57 in 2025 and

$5.43 in 2024.

Capital allocation highlights:

•38 acquisitions completed for a total consideration of $4.1 billion in 2025, compared with $5.0 billion in 2024. A further $2.7 billion was invested in growth and maintenance capital expenditure projects in 2025, compared with $2.6 billion in 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.

Development review

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 2025, CRH completed 38 acquisitions for a total consideration of $4.1 billion. Our largest acquisition in 2025 was in our Americas Materials Solutions segment where we acquired Eco Material, a leading supplier of SCMs in 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 segment and five acquisitions in our Americas Building Solutions segment for a total 2025 investment in the Americas of $3.4 billion. We also completed 14 acquisitions in our International Solutions segment for a total 2025 investment of $0.7 billion. CRH completed six divestitures and realized proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) of $0.5 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

30

CRH FORM 10-K

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.

Outlook

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'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.

Market Backdrop

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, roads, tunnels and bridges; non-residential, including construction of critical infrastructure for the transport of water and energy, manufacturing, commercial, distribution 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.8

Infrastructure

Americas

Our North American businesses expect positive momentum in infrastructure activity, underpinned by robust state and federal funding, and continued support from the IIJA which was signed into law in November 2021. The IIJA is expected to provide federal highway funding of approximately $350 billion, including $110 billion of incremental 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 2025, underpinning a positive outlook for 2026 as state budgets reflect the need for increased public investment in infrastructure.

International

After a solid 2025, the outlook for 2026 in our International markets is underpinned by government and EU funding for the infrastructure sector, which typically fluctuates less than residential and non-residential sectors. In this sector, 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.

Non-Residential

Americas

In North America, a key driver of demand in the non-residential sector is increased reindustrialization activity across our operating footprint. Large, multi-year construction projects (including data centers, semiconductors, pharmaceutical & auto manufacturing facilities) are underpinned by supportive U.S. government policies including significant pledged investments in areas such as manufacturing and industrial capabilities. In addition, we expect critical infrastructure to continue to receive significant funding over the life of the IIJA in areas such as water (approximately $48 billion), energy (approximately $79 billion) and technology (approximately $65 billion).

International

The non-residential sector outlook is expected to improve in our International markets in 2026, supported by increased investment in technology-related sectors such as semiconductor manufacturing and data center facilities. Having stabilized in 2025, non-residential construction activity is expected to grow in Eastern Europe, underpinned by improving economic fundamentals. In Western Europe and Australia, improving construction confidence and supportive government initiatives are expected to support growth across the region.

Residential

Americas

Repair and remodel activity is expected to remain resilient in the near-term due to the continued need to maintain and renew the existing housing stock. The new-build residential sector continues to be challenged by affordability constraints and uncertainty resulting from persistent inflation, rising home prices and fluctuating mortgage rates. Despite the recent decline in interest rates and positive long-term demand fundamentals, the new-build segment is expected to remain subdued.

International

Our International businesses are more heavily exposed to the new-build residential sector, which is expected to gradually recover as a lower interest rate environment unfolds.

* 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.8

31

CRH FORM 10-K

Results Of Operations

Revenues are derived from a range of products and services across three segments. The Americas Materials Solutions segment utilizes an extensive network of reserve-backed quarry locations to produce and supply a range of materials including aggregates, cementitious materials, readymixed concrete, and asphalt, as well as providing paving and construction services. The Americas Building Solutions segment manufactures, supplies and delivers high-quality building products. The International Solutions segment integrates building materials, products and services for the construction and renovation of transportation infrastructure, critical utility networks, commercial and residential buildings, and outdoor living spaces.

The table below summarizes CRH’s Consolidated Statements of Income for the periods indicated.

Consolidated Statements of Income9

(in $ millions, except per share data)

For the years ended December 31

2025

2024

2023

Total revenues

37,447

35,572

34,949

Total cost of revenues

(23,919)

(22,871)

(22,986)

Gross profit

13,528

12,701

11,963

Selling, general and administrative expenses

(8,283)

(7,852)

(7,486)

Gain on disposal of long-lived assets

235

237

66

Loss on impairments

(40)

(161)

(357)

Operating income

5,440

4,925

4,186

Interest income

146

143

206

Interest expense

(810)

(612)

(376)

Other nonoperating income (expense), net

29

258

(2)

Income before income tax expense and income from equity method investments

4,805

4,714

4,014

Income tax expense

(1,041)

(1,085)

(925)

Income (loss) from equity method investments

26

(108)

(17)

Net income

3,790

3,521

3,072

Net (income) attributable to redeemable noncontrolling interests

(28)

(28)

(28)

Net (income) loss attributable to noncontrolling interests

(9)

(1)

134

Net income attributable to CRH

3,753

3,492

3,178

Diluted earning per share attributable to CRH

$5.51

$5.02

$4.33

Diluted earning per share attributable to CRH - pre-impairment*

$5.57

$5.43

$4.62

Adjusted EBITDA*

7,681

6,930

6,176

Total revenues

Total revenues were $37.4 billion in 2025, an increase of $1.9 billion, or 5%, compared with 2024, driven by favorable end-market demand, disciplined commercial execution and contributions from acquisitions.

For additional discussion on segment revenues, see “Segments” section on pages 33 to 34.

Gross profit

Gross profit was $13.5 billion in 2025, an increase of $0.8 billion, or 7%, compared with 2024. This reflected Total revenues growth of 5%, with Total cost of revenues also 5% higher. The Gross profit margin of 36.1% increased 40bps from 35.7% in 2024, driven by disciplined cost management, continued operating efficiencies and ongoing business improvement initiatives. The increase in Total cost of revenues was primarily driven by a 6% increase in labor costs, attributable to higher headcount from acquisitions and inflationary pressures, as well as a 20% higher depreciation and amortization expense, reflecting the impact of acquisitions and increased capital expenditure. Energy costs were also impacted by acquisitions in the period and increased by 8%, while other costs were 2% ahead of prior year.

Selling, general and administrative expenses

Selling, general and administrative (SG&A) expenses, which are primarily comprised of haulage costs, labor costs, and other selling and administrative expenses, were $8.3 billion in 2025, an increase of $0.4 billion, or 5%, compared with 2024. The increase in SG&A expenses was primarily due to labor cost increases of 9%, as a result of increased headcount from acquisitions and wage inflation and a 6% increase in haulage expenses resulting from acquisition activity.

Gain on disposal of long-lived assets

Gain on disposal of long-lived assets was $235 million in 2025, a decrease of $2 million compared with 2024.

Loss on impairments

Loss on impairments in 2025 was $40 million, compared with $161 million in 2024, and was principally related to International Solutions. The decrease reflects the absence of the larger impairments recorded in 2024, primarily in the International Solutions segment.

Interest income

Interest income was $146 million in 2025, an increase of $3 million compared with 2024.

9* 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.

32

CRH FORM 10-K

Interest expense

Interest expense was $810 million in 2025, an increase of $198 million, or 32%, compared with 2024. The increase was primarily due to higher gross debt balances. For additional information on our fixed rate debt issuances in 2025, see Note 10 “Debt” in Item 8. “Financial Statements and Supplementary Data”.

Other nonoperating income (expense), net

Other nonoperating income (expense), net was $29 million in 2025, a decrease of $229 million compared with 2024. Other nonoperating 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 reflective of the non-recurrence of prior year gains on divestitures.

Income tax expense

The Company’s tax rate is driven by the tax rates in jurisdictions in which the Company operates and the relative amount of income earned in each jurisdiction. Income tax expense for the three-year period from 2023 to 2025 is shown below:

in $ millions, except effective tax rate

2025

2024

2023

Income before income tax expense and income from equity method investments

4,805

4,714

4,014

Income tax expense

(1,041)

(1,085)

(925)

Effective tax rate

22%

23%

23%

In 2025, the Company’s Income tax expense was $1,041 million, a decrease of $44 million compared with 2024. The effective tax rate was 22% for 2025 compared with 23% for 2024.

Income (loss) from equity method investments

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.

Segments

CRH is organized through three reportable segments across two Divisions. CRH’s Americas Division is comprised of two segments: Americas Materials Solutions and Americas Building Solutions; and CRH’s International Division contains the other segment.

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 telecommunications 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.

The Company’s measure of segment profit is Adjusted EBITDA, which is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, Loss on impairments, gain/loss on divestitures and investments, Income/loss from equity method investments, substantial acquisition-related costs, and pension expense/income excluding current service cost component.

Americas Materials Solutions

Analysis of Change

in $ millions

2024

Currency

Acquisitions

Divestitures

Organic

2025

% change

Total revenues

16,173

(16)

+961

(16)

(73)

17,029

+5%

Adjusted EBITDA

3,745

(2)

+180

+6

+73

4,002

+7%

Adjusted EBITDA margin

23.2%

23.5%

Americas Materials Solutions’ Total revenues were 5% ahead of 2024, as contributions from acquisitions and pricing progress more than offset weather-impacted volumes earlier in the year.

In Essential Materials, Total revenues increased by 8%, supported by good pricing momentum and contributions from acquisitions. Aggregates volumes were 4% ahead of the same period in 2024, driven by contributions from acquisitions, while cement volumes increased by 1%. Aggregates pricing increased by 4% year-on-year, reflecting adverse mix-effects, while cement prices were ahead by 1%.

In Road Solutions, Total revenues increased by 4% as improved pricing and contributions from acquisitions more than offset weather-impacted volumes. Readymixed concrete volumes increased by 3% compared to the prior year, driven by acquisitions, while pricing increased by 2%. Paving and construction revenues increased by 2%, with construction backlogs ahead of the prior year. Asphalt volumes increased 4% over the prior year and pricing was in line.

Adjusted EBITDA for Americas Materials Solutions was 7% ahead of 2024, driven by disciplined cost management, operational efficiencies and strong performance from acquisitions. Adjusted EBITDA margin was 30bps ahead of the prior year.

33

CRH FORM 10-K

Americas Building Solutions

Analysis of Change

in $ millions

2024

Currency

Acquisitions

Divestitures

Organic

2025

% change

Total revenues

7,059

(4)

+203

(34)

(102)

7,122

+1%

Adjusted EBITDA

1,389

—

+54

(7)

+38

1,474

+6%

Adjusted EBITDA margin

19.7%

20.7%

Americas Building Solutions' Total revenues were up 1% compared to the prior year, supported by disciplined commercial management and contributions from acquisitions, which offset the impact of adverse weather earlier in the year.

In Building & Infrastructure Solutions, Total revenues were 2% ahead of 2024, driven by a strong performance in the energy sector with increased activity in the data center end-market, good underlying activity in our water businesses and contributions from acquisitions.

In Outdoor Living Solutions, Total revenues were in line with the prior year, as incremental growth from acquisitions was offset by subdued residential demand and adverse weather conditions across certain markets.

Adjusted EBITDA for Americas Building Solutions was 6% ahead of prior year, supported by ongoing business improvements, asset optimization initiatives and contributions from acquisitions, which more than offset the impact of adverse weather and subdued residential activity. Adjusted EBITDA margin was 100bps ahead of the prior year period.10

International Solutions

Analysis of Change

in $ millions

2024

Currency

Acquisitions

Divestitures

Organic

2025

% change

Total revenues

12,340

+441

+1,057

(452)

(90)

13,296

+8%

Adjusted EBITDA

1,796

+81

+140

+10

+178

2,205

+23%

Adjusted EBITDA margin

14.6%

16.6%

International Solutions’ Total revenues were 8% ahead of the prior year, driven by contributions from acquisitions and favorable pricing.

In Essential Materials, Total revenues were 9% ahead of 2024, as contributions from acquisitions and favorable pricing more than offset the impact of prior year divestitures. Aggregates and cement pricing were 2% and 1% ahead of the prior year, respectively, while aggregates and cement volumes were 5% and 7% ahead of the prior year, benefiting from acquisitions.

In Road Solutions, Total revenues were 7% ahead of 2024, with volumes and prices in readymixed concrete ahead by 11% and 4%, respectively, benefiting from volume growth and contributions from acquisitions. Asphalt volumes declined 4%, while pricing was in line with the prior year.

Total revenues in Building & Infrastructure Solutions and Outdoor Living Solutions increased by 8% compared to the prior year, supported by contributions from acquisitions.

Adjusted EBITDA in International Solutions was 23% ahead of the prior year, with contributions from acquisitions, pricing progress and operational efficiencies driving improvement. Adjusted EBITDA margin increased by 200bps compared to the prior year.

10

34

CRH FORM 10-K

Non-GAAP Reconciliation and Supplementary Information

CRH uses a number of non-GAAP financial measures to monitor financial performance. These measures are referred to throughout the discussion of our reported financial position and operating performance on a continuing operations basis unless otherwise defined and are measures which are regularly reviewed by CRH management. These financial measures may not be uniformly defined by all companies and accordingly may not be directly comparable with similarly titled measures and disclosures by other companies.

Certain information presented is derived from amounts calculated in accordance with U.S. GAAP but is not itself an expressly permitted GAAP measure. The non-GAAP financial measures as summarized below should not be viewed in isolation or as an alternative to the most directly comparable GAAP measure.

Adjusted EBITDA: Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, Loss on impairments, gain/loss on divestitures and investments, Income/loss from equity method investments, substantial acquisition-related costs, and pension expense/income excluding current service cost component. It is quoted by management in conjunction with other GAAP and non-GAAP financial measures to aid investors in their analysis of the performance of the Company. Adjusted EBITDA by segment is monitored by management in order to allocate resources between segments and to assess performance.

Adjusted EBITDA margin is calculated by expressing Adjusted EBITDA as a percentage of Total revenues.

Reconciliation to its most directly comparable GAAP measure is presented below:

in $ millions

2025

2024

2023

Net income

3,790

3,521

3,072

(Income) loss from equity method investments (i)

(26)

108

17

Income tax expense

1,041

1,085

925

Gain on divestitures and investments (ii)

(1)

(250)

—

Pension income excluding current service cost component (ii)

(21)

(7)

(3)

Other interest, net (ii)

(7)

(1)

5

Interest expense

810

612

376

Interest income

(146)

(143)

(206)

Depreciation, depletion and amortization

2,156

1,798

1,633

Loss on impairments (i)

40

161

357

Substantial acquisition-related costs (iii)

45

46

—

Adjusted EBITDA

7,681

6,930

6,176

Total revenues

37,447

35,572

34,949

Net income margin

10.1 

%

9.9 

%

8.8 

%

Adjusted EBITDA margin

20.5%

19.5%

17.7%

(i) For the year ended December 31, 2025, the Loss on impairments totaled $40 million, principally related to International Solutions. For the year ended December 31, 2024, the total impairment loss comprised $0.35 billion, principally related to the Architectural Products reporting unit within International Solutions and the equity method investment in China. For the year ended December 31, 2023, the total impairment loss comprised $62 million within Americas Materials Solutions and $295 million within International Solutions.

(ii) Gain on divestitures and investments, pension income excluding current service cost component and other interest, net have been included in Other nonoperating income (expense), net in the Consolidated Statements of Income.

(iii) Represents expenses associated with non-routine substantial acquisitions, which meet the criteria for being separately reported in Note 3 “Acquisitions” of the audited financial statements, as well as other acquisition costs of an extraordinary nature. Expenses in 2025 and 2024 primarily include legal, consulting and other tax expenses related to these acquisitions.

Adjusted Return on Invested Capital (Adjusted ROIC): Effective for the year ended December 31, 2025, we transitioned from presenting Return on Net Assets (RONA), which is a pre-tax metric, to Adjusted Return on Invested Capital (Adjusted ROIC), which is an after-tax metric adjusted for items affecting comparability because they are of a non-recurring or extraordinary nature. Management believes Adjusted ROIC is a meaningful metric for investors because it illustrates the Company’s effectiveness in generating operating income from invested capital. This metric also reflects the impact of taxation and excludes certain items of a non-recurring or extraordinary nature, offering a more consistent period-over-period comparison of the Company’s underlying return performance.

Adjusted ROIC is an after-tax measure of operating performance and can be used by management and investors to assess how efficiently we use capital to generate operating income. The metric measures management’s ability to generate after-tax adjusted operating income from the capital invested in the business, focusing on both after-tax operating income maximization and the maintenance of an efficient asset base. It is meaningful in order to evaluate fixed asset maintenance programs, decision-making with respect to expenditures on property, plant and equipment and timeliness of disposal of surplus assets. It also supports the evaluation of management of the Company’s working capital base. Adjusted ROIC is calculated by expressing net operating income after tax from continuing operations and net operating income after tax from discontinued operations adjusted for certain items affecting comparability because they are of a non-recurring or extraordinary nature as a percentage of the average of current year and prior year invested capital. The items affecting comparability because they are of a non-recurring or extraordinary nature for the periods presented below are Loss on impairments and substantial acquisition-related costs. Invested capital is comprised of total equity as shown in the Consolidated Balance Sheets in Item 8. “Financial Statements and Supplementary Data” and Net Debt (as defined on page 37) and excludes equity method investments. The average invested capital for the year is the simple average of the opening and closing balance sheet figures.

35

CRH FORM 10-K

Reconciliation to its most directly comparable GAAP measure is presented below:

in $ millions

2025

2024

2023

Operating income

5,440

4,925

4,186

Loss on impairments (i)

40

161

357

Substantial acquisition-related costs (ii)

45

46

—

Adjusted operating income

5,525

5,132

4,543

Income tax adjustment (iii)

(1,197)

(1,180)

(1,047)

Numerator for Adjusted ROIC computation – adjusted net operating income after tax

4,328

3,952

3,496

Current year

Total equity

25,048

22,466

21,288

Redeemable noncontrolling interests

430

384

333

Short and long-term debt

17,653

13,968

11,642

Finance leases

534

257

117

Derivative financial instruments (net)

60

27

37

Cash and cash equivalents (iv)

(4,096)

(3,720)

(6,390)

Adjusted for:

Equity method investments

(502)

(737)

(620)

Invested capital

39,127

32,645

26,407

Prior year

Total equity

22,466

21,288

22,732

Redeemable noncontrolling interests

384

333

308

Short and long-term debt

13,968

11,642

9,636

Finance leases

257

117

81

Derivative financial instruments (net)

27

37

86

Cash and cash equivalents (iv)

(3,720)

(6,390)

(5,936)

Adjusted for:

Equity method investments

(737)

(620)

(649)

Invested capital

32,645

26,407

26,258

Denominator for Adjusted ROIC computation – average invested capital

35,886

29,526

26,332

Operating income/average invested capital

15.2 

%

16.7 

%

15.9 

%

Adjusted ROIC

12.1 

%

13.4 

%

13.3 

%

(i) For the year ended December 31, 2025, the Loss on impairments totaled $40 million, principally related to International Solutions. For the year ended December 31, 2024, the total impairment loss comprised $0.35 billion, principally related to the Architectural Products reporting unit within International Solutions and the equity method investment in China. For the year ended December 31, 2023, the total impairment loss comprised $62 million within Americas Materials Solutions and $295 million within International Solutions.

(ii) Represents expenses associated with non-routine substantial acquisitions, which meet the criteria for being separately reported in Note 3 “Acquisitions” of the audited financial statements, as well as other acquisition costs of an extraordinary nature. Expenses in 2025 and 2024 primarily include legal, consulting and other tax expenses related to these acquisitions.

(iii) Income tax adjustment is defined as adjusted operating income multiplied by the Company’s effective tax rate of 22% in 2025 (23% in both 2024 and 2023).

(iv) 2023 includes $49 million cash and cash equivalents reclassified as held for sale.

36

CRH FORM 10-K

Net Debt: Net Debt is used by management as it gives additional insight into the Company’s current debt position less available cash. Net Debt is provided to enable investors to see the economic effect of gross debt, related hedges and cash and cash equivalents in total. Net Debt is comprised of short and long-term debt, finance lease liabilities, cash and cash equivalents, and current and noncurrent derivative financial instruments (net).

Reconciliation to its most directly comparable GAAP measure is presented below:

in $ millions

2025

2024

2023

Short and long-term debt

(17,653)

(13,968)

(11,642)

Cash and cash equivalents (i)

4,096

3,720

6,390

Finance lease liabilities

(534)

(257)

(117)

Derivative financial instruments (net)

(60)

(27)

(37)

Net Debt

(14,151)

(10,532)

(5,406)

(i) 2023 includes $49 million cash and cash equivalents reclassified as held for sale.

Organic Revenue and Organic Adjusted EBITDA: CRH pursues a strategy of growth through acquisitions and investments, with total consideration spent on acquisitions and investments of $4.1 billion in 2025, compared with $5.0 billion in 2024. Acquisitions completed in 2025 and 2024 contributed incremental total revenues of $2.2 billion and Adjusted EBITDA of $0.4 billion in 2025. Cash proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) amounted to $0.5 billion in 2025, compared with $1.4 billion in 2024. The total revenues impact of divestitures in 2025 was a negative $0.5 billion and the impact at an Adjusted EBITDA level was a positive $9 million.

The U.S. Dollar weakened against most major currencies during 2025 resulting in an overall positive currency exchange impact in 2025.

Because of the impact of acquisitions, divestitures, currency exchange translation and other non-recurring items on reported results each year, CRH uses organic revenue and organic Adjusted EBITDA as additional performance indicators to assess performance of pre-existing (also referred to as underlying, like-for-like or ongoing) operations each year.

Organic revenue and organic Adjusted EBITDA are arrived at by excluding the incremental revenue and Adjusted EBITDA contributions from current and prior year acquisitions and divestitures, the impact of exchange translation, and the impact of any one-off items. In the Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section on pages 33 to 34, changes in organic revenue and organic Adjusted EBITDA are presented as additional measures of revenue and Adjusted EBITDA to provide a greater understanding of the performance of the Company. Organic change % is calculated by expressing the organic movement as a percentage of the prior year (adjusted for currency exchange effects). A reconciliation of the changes in organic revenue and organic Adjusted EBITDA to the changes in Total revenues and Adjusted EBITDA by segment, is presented with the discussion within each segment’s performance in tables contained in the segment discussion in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” commencing on page 30.

Diluted EPS pre‑impairment: Diluted EPS pre‑impairment is a measure of the Company's profitability per share from continuing operations excluding any Loss on impairments (which is non-cash) and the related tax impact of such impairments. It is used by management to evaluate the Company's underlying profit performance and its own past performance. Diluted EPS information presented on a pre‑impairment basis is useful to investors as it provides an insight into the Company's underlying performance and profitability. Diluted EPS pre‑impairment is calculated as Net income adjusted for (i) Net (income) attributable to redeemable noncontrolling interests (ii) Net (income) loss attributable to noncontrolling interests (iii) adjustment of redeemable noncontrolling interests to redemption value and excluding any Loss on impairments (and the related tax impact of such impairments) divided by the diluted weighted average number of common shares outstanding for the year.

Reconciliation to its most directly comparable GAAP measure is presented below:

in $ millions, except share and per share data

2025

Per Share - diluted

2024

Per Share - diluted

2023

Per Share - diluted

Weighted average common shares outstanding – diluted

677.0

689.5

729.2

Net income

3,790

$5.60

3,521

$5.11

3,072

$4.21

Net (income) attributable to redeemable noncontrolling interests

(28)

($0.04)

(28)

($0.04)

(28)

($0.04)

Net (income) loss attributable to noncontrolling interests

(9)

($0.02)

(1)

– 

134

$0.19

Adjustment of redeemable noncontrolling interests to redemption value

(23)

($0.03)

(34)

($0.05)

(24)

($0.03)

Net income attributable to CRH for EPS

3,730

$5.51

3,458

$5.02

3,154

$4.33

Impairment of property, plant and equipment and intangible assets

40

$0.06

161

$0.23

224 

$0.30

Tax related to impairment charges

– 

– 

(26)

($0.04)

(9)

($0.01)

Impairment of equity method investments (net of tax)

– 

– 

151

$0.22

– 

—

Net income attributable to CRH for EPS – pre-impairment (i)

3,770

$5.57

3,744

$5.43

3,369

$4.62

(i) Reflective of CRH’s share of impairment of property, plant and equipment, intangible and other assets (2025: $40 million; 2024: $161 million; 2023: $224 million), an impairment of equity method investments (2024: $190 million) and related tax effect.

37

CRH FORM 10-K

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.

Management believes that Adjusted Free Cash Flow and Adjusted Free Cash Flow Conversion are useful metrics for both management and investors in evaluating the Company’s ability to generate cash flow from operations after making investments in maintaining its asset base. As is the case with the other non-GAAP measures presented, users should consider the limitations of using Adjusted Free Cash Flow and Adjusted Free Cash Flow Conversion, including the fact that those measures do not provide a complete measure of our cash flows for any period. In particular, Adjusted Free Cash Flow and Adjusted Free Cash Flow Conversion are not intended to be a measure of cash flow available for management’s discretionary use, as these measures do not reflect certain cash requirements, such as debt service requirements and other contractual commitments.

Reconciliation to its most directly comparable GAAP measure is presented below:

in $ millions

2025

2024

2023

Net cash provided by operating activities

5,625

4,989

5,017

Proceeds from disposal of long-lived assets

315

272

104

Maintenance capital expenditure (i)

(971)

(1,036)

(866)

Adjusted Free Cash Flow

4,969

4,225

4,255

Net income

3,790

3,521

3,072

Net cash provided by operating activities/Net income

148%

142%

163%

Adjusted Free Cash Flow Conversion

131%

120%

139%

(i) Maintenance capital expenditure refers to capital expenditure that is routine, essential, and part of day-to-day operations, focusing on preserving the value, functionality, and profitability of existing assets. Growth capital expenditure is intended to increase profitability by expanding capacity, improving efficiency or fulfilling strategic objectives. A reconciliation of total capital expenditure to maintenance capital expenditure is provided below:

in $ millions

2025

2024

2023

Purchases of property, plant and equipment and intangibles (total capital expenditure)

(2,713)

(2,578)

(1,817)

Growth capital expenditure

(1,742)

(1,542)

(951)

Maintenance capital expenditure

(971)

(1,036)

(866)

38

CRH FORM 10-K

Liquidity and Capital Resources11

The Company’s primary source of incremental liquidity is cash flows from operating activities, which combined with the year-end cash and cash equivalents balance, the uncommitted U.S. Dollar and Euro Commercial Paper Programs, and committed credit lines, is expected to be sufficient to meet the Company’s working capital needs, capital expenditure, dividends, share repurchases, upcoming debt maturities, and other liquidity requirements associated with our operations for the foreseeable future. In addition, the Company believes that it will have sufficient ability to fund additional acquisitions via cash flows from internally available cash, cash flows from operating activities and, subject to market conditions, via obtaining additional borrowings and/or issuing additional debt or equity securities.

Total short and long-term debt was $17.7 billion as of December 31, 2025, compared with $14.0 billion in 2024. In January 2025, wholly-owned subsidiaries of the Company completed the issuance of $1.25 billion 5.125% Senior Notes due 2030, $1.25 billion 5.500% Senior Notes due 2035, and $0.5 billion 5.875% Senior Notes due 2055. In October 2025, a wholly-owned subsidiary of the Company completed the issuance of $1.0 billion 4.400% Senior Notes due 2031, $1.0 billion 5.000% Senior Notes due 2036, and $0.5 billion 5.600% Senior Notes due 2056. During the year ended December 31, 2025, $1.2 billion net of U.S. Dollar Commercial Paper and $0.2 billion net of Euro Commercial Paper was repaid. The $1.25 billion Senior Notes due 2025 were repaid on maturity in May 2025. For additional information on fixed rate debt issuances in 2025, see Note 10 “Debt” in Item 8. “Financial Statements and Supplementary Data”.

Net Debt* as of December 31, 2025, was $14.2 billion, compared with $10.5 billion in 2024. The increase in Net Debt* between 2025 and 2024 reflects acquisitions, cash returns to shareholders through dividends and continued share buybacks, as well as the purchase of property, plant and equipment, partially offset by inflows from operating activities.

CRH continued its ongoing share buyback program in 2025 repurchasing 11.7 million Ordinary Shares for a total consideration of $1.2 billion, and, in 2024, 15.9 million Ordinary Shares were repurchased for total consideration of $1.3 billion. The Company also made cash dividend payments of $1.0 billion in 2025 and $1.7 billion in 2024.

As of December 31, 2025, CRH had cash and cash equivalents and restricted cash of $4.1 billion compared with $3.8 billion in 2024. Total lease liabilities were $2.1 billion compared with $1.6 billion in 2024.

As of December 31, 2025, CRH had $4.3 billion of undrawn committed facilities available until 2030. During April 2025, the Company extended the maturity date of its €3.5 billion ($4.1 billion) multi-currency revolving credit facility to May 2030. As of December 31, 2025, the weighted average maturity of the term debt (net of cash and cash equivalents) was 9.5 years.

Cash flows

Cash flows from operating activities

For the years ended December 31

in $ millions

2025

2024

2023

Net cash provided by operating activities

5,625 

4,989

5,017

Net cash provided by operating activities increased to $5.6 billion in 2025 from $5.0 billion in 2024, an increase of $0.6 billion. The improvement was driven by higher operating income and favorable working capital movements, reflecting stronger profitability and continued efficient management of operating assets and liabilities during the year.

Cash flows from investing activities

For the years ended December 31

in $ millions

2025

2024

2023

Net cash used in investing activities

(6,045)

(6,291)

(2,391)

Net cash used in investing activities of $6.0 billion in 2025 decreased by $0.3 billion from $6.3 billion in 2024. This decrease was primarily driven by lower spend on acquisitions in the year, partly offset by lower proceeds from divestitures, resulting in $0.3 billion less cash used in the period. Capital expenditure of $2.7 billion, increased by $0.1 billion compared with the prior year, reflecting the Company’s continued investment in growth projects.

Cash flows from financing activities

For the years ended December 31

in $ millions

2025

2024

2023

Net cash provided by (used in) financing activities

596 

(1,186)

(2,380)

Net cash provided by financing activities was $0.6 billion for the year ended December 31, 2025, an increase of $1.8 billion. Proceeds from debt issuances were $10.5 billion, an increase of $6.5 billion, which was primarily related to the issuance of $3.0 billion and $2.5 billion in new senior notes issued in January and October 2025, respectively, and the issuance of $4.8 billion of commercial paper. Payments on debt were $7.6 billion, primarily the repayment of $6.0 billion issued under the Company’s commercial paper programs and the repayment of a $1.25 billion bond on maturity in May 2025. Dividends paid were $1.0 billion while outflows related to repurchases of common stock were $1.2 billion in the year.

*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. 11

39

CRH FORM 10-K

Debt facilities

The following section summarizes certain material provisions of our debt facilities and long-term debt obligations. The following description is only a summary, does not purport to be complete and is qualified in its entirety by reference to the documents governing such indebtedness (available in the Investors section of our website - www.crh.com).

As of December 31, 2025, maturities for the next four quarters and for the next five years are as follows:

2026 Debt Maturities

First Quarter

$0.2 billion

Second Quarter

– 

Third Quarter

– 

Fourth Quarter

$0.9 billion

2026-2030 Debt Maturities

2026

$1.1 

 billion

2027

$2.2 

 billion

2028

$2.0 

 billion

2029

$1.4 

 billion

2030

$2.3 billion

Unsecured senior notes

The main sources of Company debt funding are debt capital markets in North America and Europe. See Note 10 “Debt” in Item 8. “Financial Statements and Supplementary Data” for further details regarding our debt obligations. In January 2025, wholly-owned subsidiaries of the Company completed the issuance of $1.25 billion 5.125% Senior Notes due 2030, $1.25 billion 5.500% Senior Notes due 2035, and $0.5 billion 5.875% Senior Notes due 2055. In May 2025, $1.25 billion 3.875% Senior Notes due 2025 were repaid on maturity. In October 2025, a wholly-owned subsidiary of the Company completed the issuance of $1.0 billion 4.400% Senior Notes due 2031, $1.0 billion 5.000% Senior Notes due 2036, and $0.5 billion 5.600% Senior Notes due 2056.

Bank credit facilities

The Company manages its borrowing ability by entering into committed borrowing agreements. The Company has a multi-currency revolving credit facility (the ‘RCF’), dated May 2023, which is made available from a syndicate of lenders, consisting of a €3.5 billion unsecured, revolving loan facility. During April 2025, the Company completed a one-year extension option of the RCF extending the maturity date to May 2030. See Note 10 “Debt” in Item 8. “Financial Statements and Supplementary Data” for further details regarding the RCF.

Interest on drawings on the RCF are based upon the Secured Overnight Financing Rate (SOFR) for U.S. Dollar drawings, Euro Interbank Offer Rate (EURIBOR) for euro drawings, Sterling Overnight Index Average (SONIA) for Pound Sterling drawings and the Swiss Average Rate Overnight (SARON) for Swiss Franc drawings, respectively. As of December 31, 2025, and December 31, 2024, the RCF was undrawn.

Guarantees

The Company has given letters of guarantee to secure obligations of subsidiary undertakings as follows: $16.6 billion in respect of loans and borrowings, bank advances and derivative obligations, compared with $13.1 billion in 2024, and $0.5 billion in respect of letters of credit due within one year, compared with $0.4 billion in 2024.

Commercial paper programs

The Company has a $4.0 billion U.S. Dollar Commercial Paper Program and a €1.5 billion Euro Commercial Paper Program. Commercial paper borrowings bear interest at rates determined at the time of borrowing. As of December 31, 2025, there was $nil billion of outstanding issued notes on the U.S. Dollar Commercial Paper Program and $0.2 billion of outstanding issued notes on the Euro Commercial Paper Program. The purpose of these programs is to provide short-term liquidity.

Off-Balance sheet arrangements

CRH does not have any off-balance sheet arrangements that have, or are reasonably likely to have a current or future effect on CRH’s financial condition, revenues or expenses, results of operations, liquidity, capital expenditure or capital resources that may be material to investors.

Credit ratings712

Our credit ratings and outlooks as of December 31, 2025, are as follows:

Short-Term

Long-Term

Outlook

S&P

A-2

BBB+

Stable

Moody’s

P-2

Baa1

Stable

Fitch

F1

BBB+

Stable

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

40

CRH FORM 10-K

Contractual obligations

An analysis of the maturity profile of debt, leases capitalized, purchase obligations, deferred and contingent acquisition consideration, and retirement benefit obligation commitments as of December 31, 2025, is as follows:

Payments due by period

Total

Less than 1 year

2-3 years

4-5 years

More than 5 years

in $ millions

Short and long-term debt (i)

17,738 

1,192 

4,273 

3,690 

8,583 

Lease liabilities (ii)

2,592 

432 

684 

461 

1,015 

Estimated interest payments on contractually committed debt (iii)

6,694 

736 

1,322 

1,034 

3,602 

Deferred and contingent acquisition consideration

70 

56 

7 

5 

2 

Purchase obligations (iv)

2,380 

1,673 

381 

92 

234 

Total (v)

29,474 

4,089 

6,667 

5,282 

13,436 

(i)     Of the $17.7 billion short and long-term debt, $0.7 billion is drawn on revolving facilities which may be repaid and redrawn up to the date of maturity.

(ii)     Lease liabilities are presented on an undiscounted basis as detailed in Note 11 “Leases” in Item 8. “Financial Statements and Supplementary Data”.

(iii)     These interest payments have been estimated on the basis of the following assumptions: (a) no change in variable interest rates; (b) no change in exchange rates; (c) that all debt is repaid as if it falls due from future cash generation; and (d) that none is refinanced by future debt issuances.

(iv)     Purchase obligations include contracted-for capital expenditure. These expenditures for replacement and new projects are in the ordinary course of business and will be financed from internal resources.

(v)     Over the long term, CRH believes that our available cash and cash equivalents, cash from operating activities, along with the access to borrowing facilities will be sufficient to fund our long-term contractual obligations, maturing debt obligations and capital expenditure.

41

CRH FORM 10-K

Critical Accounting Estimates

Impairment of goodwill 13

Goodwill represents the excess of the cost of net assets acquired in business combinations over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. Goodwill impairment exists when the fair value of a reporting unit is less than its carrying amount. Goodwill is tested for impairment on an annual basis or more frequently whenever events or changes in circumstances would more likely than not reduce the fair value of a reporting unit below its carrying amount. The impairment evaluation is a critical accounting policy because goodwill is material to our total assets (as of December 31, 2025, goodwill represents 22% of total assets), and the evaluation involves the use of significant estimates, key assumptions and judgment. There has been no change to the impairment of goodwill critical accounting estimate in the current fiscal year.

Goodwill is tested for impairment at the reporting unit level, one level below our reportable segments, with 26 reporting units identified for testing. The Company has the option of either assessing qualitative factors to determine whether it is more likely than not that the carrying value of our reporting units exceeds their respective fair value or proceeding directly to a quantitative test. We elected to perform the quantitative impairment test for all years presented. If the fair value exceeds its carrying value, the goodwill of the reporting unit is not considered impaired. However, if the carrying value of a reporting unit exceeds its fair value, an impairment loss is recognized by writing down the assets to their fair value.

We determine the carrying value of each reporting unit by assigning assets and liabilities, including goodwill, to those reporting units as of the measurement date. We estimate the fair values using a discounted cash flow model which requires management to make significant estimates and judgments regarding the future cash flows expected to be generated by reporting units to which goodwill has been allocated. The cash flow forecasts are primarily based on a five-year strategic plan document formally approved by the Board of Directors. In assessing the fair value, cash flow forecasts are extrapolated using long-term growth rates to determine the basis for an annuity-based terminal value. These net cash flow forecasts reflect volume, price and cost (including the cost of carbon where applicable) assumptions in addition to other cash flow movements. Adjusted EBITDA margin* is deemed an appropriate measure for assessing the estimation uncertainty associated with price and cost assumptions. Future cash flows, including the terminal value, are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the future cash flow estimates have not been adjusted. The estimates of future cash flows exclude cash inflows or outflows attributable to financing activities and income tax. Management periodically evaluates and updates the estimates based on the conditions which influence these variables.

As in prior years, the terminal value is based on a 20-year annuity, with the exception of certain long-lived cement assets, where an assumption of a 30-year annuity has been used. Projected cash flows beyond the initial evaluation period have been extrapolated using real growth rates ranging from 1.7% to 1.8% in the Americas, 0.6% to 3.0% in Europe, 1.9% in Australia and 3.0% in Asia. Such real growth rates do not exceed the long-term average growth rates for the countries in which each reporting unit operates. The fair value represents the present value of the future cash flows, including the terminal value, discounted at a rate appropriate to each reporting unit.

We also considered the potential impact of a scenario of estimated higher carbon costs past the strategic plan period across our reporting units subject to the EU and UK Emissions Trading Systems. These reporting units have sufficient levels of headroom to absorb the estimated higher carbon costs which may not be recovered through pricing.

The assumptions and conditions for determining impairments of goodwill reflect management’s best assumptions and estimates, but these items involve inherent uncertainties described above, many of which are not under management’s control. As a result, the accounting for such items as a change to a reporting unit’s prospects, which may result from a change in market conditions, market trends, interest rates or other factors outside our control, or underperformance relative to historical or forecast projections, could result in a different estimate of the fair value of our reporting unit resulting in an impairment charge in the future.

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 carrying 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 $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:

Two reporting units

Reduction in Adjusted EBITDA margin*

1.0% and 3.8%

Reduction in long-term growth rate

0.7% and 3.5%

Increase in pre-tax discount rate

0.6% and 2.7%

Pension and other postretirement benefits

Costs arising in respect of the Company’s defined contribution pension plans are charged to the Consolidated Statements of Income in the period in which they are incurred. The Company has no legal or constructive obligation to pay further contributions in the event that the fund does not hold sufficient assets to meet its benefit commitments.

The liabilities and costs associated with the Company’s defined benefit pension plans (both funded and unfunded) are assessed on the basis of the projected unit credit method by professionally qualified actuaries and are arrived at using actuarial assumptions based on market expectations at the balance sheet date.

* 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. 13

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(Favorable) Unfavorable

0.25 Percentage Point Increase

0.25 Percentage Point Decrease

in $ millions

Inc (Dec) in Benefit Obligation

Inc (Dec) in Annual Benefit Cost

Inc (Dec) in Benefit Obligation

Inc (Dec) in Annual Benefit Cost

Actuarial Assumptions

Discount Rates

Pension

(87.67)

(3.55)

92.70

2.86

Other postretirement benefits

(3.30)

(0.28)

3.48

0.31

Expected return on plan assets

—

(7.74)

—

7.74

The assumptions underlying the actuarial valuation of the projected benefit obligation (including discount rates, rates of increase in future compensation levels, mortality rates and healthcare cost trends) from which the amounts recognized in the Consolidated Financial Statements are determined, are updated annually based on current economic conditions and for any relevant changes to the terms and conditions of the pension and postretirement plans. These assumptions can be affected by (i) for the discount rates, changes in the rates of return on high-quality corporate bonds; (ii) for future compensation levels, future labor market conditions; and (iii) for healthcare cost trend rates, the rate of medical cost inflation in the relevant regions.

The assumption underlying the performance of plan assets (expected return on plan assets) is a long-term assumption which is reviewed annually and is used to estimate future asset returns. Once set, the expected return on plan assets assumption is used to determine the Company’s net periodic pension (income)/cost.

The assumptions that are the most significant to the measurement of retirement benefit obligations are the discount rates. The discount rates employed in determining the present value of the plans’ liabilities are determined by reference to market yields at the balance sheet date on high-quality corporate bonds of a currency and term consistent with the currency and term of the associated postretirement benefit obligations.

While management believes that the assumptions used are appropriate, differences in actual experience or changes in assumptions may affect the obligations and expenses recognized in future accounting periods. The assets and liabilities of defined benefit pension plans may exhibit significant period-on-period volatility attributable primarily to changes in bond yields and longevity. In addition to future service contributions, significant cash contributions may be required to remediate past service deficits.

For additional information about pension and other postretirement benefits, see Note 20 “Pension and other postretirement benefits” in Item 8. “Financial Statements and Supplementary Data”.

Business combinations – allocation of purchase price

The purchase price of assets acquired and liabilities assumed is determined based on the fair value of consideration transferred to and liabilities assumed from the seller as of the date of acquisition. The Company allocates the purchase price to the fair values of the tangible and intangible assets acquired, and liabilities assumed as valued at the acquisition date. Any excess of the purchase price over the fair value of the assets acquired and liabilities assumed is recorded as goodwill.

The purchase price allocation is a critical accounting estimate because the estimation of fair values of acquired assets and assumed liabilities is judgmental and requires management to utilize various assumptions. Further, the amounts and useful lives assigned to depreciable and amortizable assets versus amounts assigned to goodwill can affect the results of operations in the period of and for periods after a business combination.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction, and therefore represents an exit price. A fair value measurement assumes the highest and best use of the asset by market participants. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as described below:

•Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

•Level 2: Inputs that are derived from, or corroborated by, quoted prices or observable market data.

•Level 3: Inputs that are unobservable and are significant to the fair value of the assets or liabilities.

Level 1 fair values are used to value equity investments and long-term debt.

Level 2 fair values are typically used to value acquired receivables, inventory and equity method investments. Additionally, Level 2 fair values are typically used to value contracts acquired at other than market rates.

Level 3 fair values are used to value acquired property, plant and equipment, mineral-bearing land and other identifiable intangible assets.

An in-use valuation premise is applied for property, plant and equipment, such that the fair value of property, plant and equipment reflects the benefit of permits in place, architect and engineering fees, freight, tax, installation and other direct and indirect costs incurred. This premise assumes that each of the assets will continue to be used as is and as part of the ongoing business in connection with other assets.

To determine the value of plant and equipment, a replacement cost methodology is typically applied, which relies upon identifying a direct replacement cost associated with replacing assets with new assets, and incorporates estimates of obsolescence, and depreciation based on economic useful lives. These estimations are based on management’s historical experience, the use of third-party experts and available market and industry data. For the valuation of land, we engage third-party valuation experts. Other identifiable intangible assets may include, but are not limited to, customer relationships, patents and supply contracts. The fair values of these assets are typically determined by an excess earnings method approach. While we believe these assumptions and estimates are reasonable, they are inherently uncertain.

We may adjust the amounts recognized in an acquisition during a measurement period after the acquisition date. Any such adjustments are the result of subsequently obtaining additional information that existed at the acquisition date regarding the assets acquired or the liabilities assumed. Measurement period adjustments are generally recorded as increases or decreases to goodwill, if any, recognized in the transaction. The cumulative impact of measurement period adjustments on depreciation, amortization and other income statement items are recognized in the period the adjustment is determined. The measurement period ends once we have obtained all necessary information that existed as of the acquisition date but does not extend beyond one year from the acquisition date. Any adjustments to assets acquired or liabilities assumed beyond the measurement period, unless as a result of an error, are recorded through earnings.

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For additional information about business combinations and purchase price allocations, including details of provisional purchase price allocations at the balance sheet date, see Note 3 “Acquisitions” in Item 8. “Financial Statements and Supplementary Data”.

Accounting Developments And Changes

Refer to Note 1 “Summary of significant accounting policies” in Item 8. “Financial Statements and Supplementary Data” for a discussion of new accounting developments.

Supplemental Guarantor Information

Guarantor financial information

As of December 31, 2025, CRH plc (the 'Guarantor') has fully and unconditionally guaranteed: (1) $750 million of 5.200% Senior Notes due 2029 (the '5.200% Notes') and $1,250 million of 5.125% Senior Notes due 2030 (the '5.125% Notes'), each issued by CRH SMW Finance Designated Activity Company (‘SMW Finance’); (2) $300 million of 6.400% Senior Notes due 2033(i) (the '6.400% Notes') issued by CRH America, Inc. (‘CRH America’); and (3) $1,000 million of 4.400% Senior notes due 2031 (the ‘4.400% Notes’), $750 million of 5.400% Senior Notes due 2034 (the '5.400% Notes'), $1,250 million of 5.500% Senior Notes due 2035 (the '5.500% Notes'), $1,000 million of 5.000% Senior notes due 2036 (the ‘5.000% Notes’), $500 million of 5.875% Senior Notes due 2055 (the '5.875% Notes'), and $500 million of 5.600% Senior notes due 2056 (the ‘5.600% Notes’), each issued by CRH America Finance, Inc. (‘America Finance’). Together, the 5.200% Notes, the 5.125% Notes, the 6.400% Notes, the 4.400% Notes, the 5.400% Notes, the 5.500% Notes, the 5.000% Notes, the 5.875% Notes and the 5.600% Notes are referred to in this Supplemental Guarantor Information as the 'Notes', and together, SMW Finance, CRH America and CRH America Finance are referred to in this Supplemental Guarantor Information as the 'Issuers'.

The Issuers are each 100% owned by CRH plc, directly or indirectly. SMW Finance is an indirect wholly-owned finance subsidiary of CRH plc incorporated under the laws of Ireland and is a financing vehicle for CRH’s group companies. America Finance is an indirect wholly-owned finance subsidiary of CRH plc incorporated under the laws of the State of Delaware and is a financing vehicle for CRH’s U.S. operating companies.

Each series of Notes is unsecured and ranks equally with all other present and future unsecured and unsubordinated obligations of the relevant Issuer and CRH plc, subject to exceptions for obligations required by law. Each series of Notes is fully and unconditionally guaranteed by CRH plc as defined in the respective indenture governing each series of Notes. Each guarantee is a full, irrevocable, and unconditional guarantee of the principal, interest, premium, if any, and any other amounts due in respect of the relevant series of Notes given by CRH plc.

(i) Originally issued in September 2003 as $300 million 6.400% Senior Notes due 2033. CRH subsequently acquired $87 million of the 6.400% Notes in liability management exercises in August 2009 and December 2010.

Basis of presentation

The following summarized financial information reflects, on a combined basis, the Balance Sheet as of December 31, 2025, and the Statement of Income for the fiscal year ended December 31, 2025, of CRH America and CRH plc, which guarantees the registered debt; collectively the ‘Obligor Group’. Intercompany balances and transactions within the Obligor Group have been eliminated in the summarized financial information below. Amounts attributable to the Obligor Group’s investment in non-obligor subsidiaries have also been excluded. Intercompany receivables/payables and transactions with non-obligor subsidiaries are separately disclosed as applicable. This summarized financial information has been prepared and presented pursuant to Regulation S-X Rule 13-01 and is not intended to present the financial position and results of operations of the Obligor Group in accordance with U.S. GAAP.

The summarized Statement of Income information is as follows:

in $ millions

For the year ended December 31, 2025

Income before income tax expense and income from equity method investments (i)

3,503

- of which relates to transactions with non-obligor subsidiaries

3,431

Net income for the fiscal year – all of which is attributable to equity holders of the Company

3,502

- of which relates to transactions with non-obligor subsidiaries

3,431

(i) Revenues and Gross profit for the Obligor Group for the year ended December 31, 2025, amounted to $nil.

The summarized Balance Sheet information is as follows:

As of December 31, 2025

Current assets

864

Current assets – of which is due from non-obligor subsidiaries

613

Noncurrent assets

2,235

Noncurrent assets – of which is due from non-obligor subsidiaries

2,235

Current liabilities

1,594

Current liabilities – of which is due to non-obligor subsidiaries

1,587

Noncurrent liabilities

743

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