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What changed in CRH PUBLIC LTD CO's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of CRH PUBLIC LTD CO's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+381 added−442 removedSource: 10-K (2026-02-18) vs 10-K (2025-02-26)

Top changes in CRH PUBLIC LTD CO's 2025 10-K

381 paragraphs added · 442 removed · 302 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

70 edited+20 added−35 removed21 unchanged
Biggest changeApproximately 60% of revenues came from sales to new-build construction, while 40% of revenues came from repair and remodel activity. Operating in 28 countries, the Company has market leadership positions in North America, Europe and Australia. In 2024, approximately 72% of net income and 74% of Adjusted EBITDA* was generated in North America.
Biggest changeThe Company, which has market leadership positions in North America, Europe and Australia, has grown rapidly since formation in 1970 and in 2025 generated $37.4 billion of Total revenues, $3.8 billion of Net income and $7.7 billion of Adjusted EBITDA*. 1 In 2025, 40% of Total revenues came from infrastructure, 32% from residential construction and 28% from non-residential construction. 60% of Total revenues came from sales to new-build construction, while 40% of Total revenues came from repair and remodel activity.
Learning and Development We are focused on creating a global workforce that will drive performance now and for years to come. Learning and development is integral to embedding our culture and values, ensuring compliance with policies and attracting, retaining and developing top talent.
We are focused on creating a global workforce that will drive performance now and for years to come. Learning and development is integral to embedding our culture and values, ensuring compliance with policies and attracting, retaining and developing top talent.
We post on our website news releases, announcements and other statements about our business performance, results of operations and sustainability matters, some of which may contain information that may be deemed material to investors.
We post news releases, announcements and other statements about our business performance, results of operations and sustainability matters on our website, some of which may contain information that may be deemed material to investors.
CRH Form 10-K 11 Available Information The Company maintains an internet address at www.crh.com and makes available free of charge through its website its annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments thereto, if any, filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, which are available as soon as reasonably practicable after CRH files or furnishes such information to the SEC.
Available Information The Company maintains an internet address at www.crh.com and makes available free of charge through its website its annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments thereto, if any, filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, which are available as soon as reasonably practicable after CRH files or furnishes such information to the SEC.
Management believes that its current provision for environmental and remediation costs is reasonable and that any potential non-compliance at its operations and facilities with applicable environmental laws and regulations is not likely to have a material adverse effect on CRH’s operations or financial condition. See Item 3. “Legal Proceedings" and Note 13 “Asset retirement obligations” in Item 8.
Management believes that its current provision for environmental and remediation costs is reasonable and that any potential non-compliance at its operations and facilities with applicable environmental laws and regulations is not likely to have a material adverse effect on CRH’s operations or financial condition. See Item 3. “Legal Proceedings" and Note 12 “Asset retirement obligations” in Item 8.
These include investments in licensing, permitting and monitoring, waste and water management plans, reductions in air emissions and energy consumption, promotion and protection of biodiversity, education and training, as well as employment of environmental specialists within CRH. These capital investments and expenditures were not material to CRH’s earnings, results of operations or financial condition in 2024 and 2023.
These include investments in licensing, permitting and monitoring, waste and water management plans, reductions in air emissions and energy consumption, promotion and protection of biodiversity, education and training, as well as employment of environmental specialists within CRH. These capital investments and expenditures were not material to CRH’s earnings, results of operations or financial condition in 2025 and 2024.
The terms and general availability of government permits required to conduct our business influence the scope of our operations on the respective sites. We are also required to obtain permits and adhere to applicable restrictions, often including establishing appropriate environmental management systems, to minimize the risk that necessary permits are revoked, modified or not renewed.
The terms and general availability of government permits required to conduct our business influence the scope of our operations at the respective sites. We are also required to obtain permits and adhere to applicable restrictions, often including establishing appropriate environmental management systems, to minimize the risk that necessary permits are revoked, modified or not renewed.
Our mining operations, manufacturing facilities and other operations are subject to a variety of worker health and safety requirements, including laws and regulations administered by the United States’ Occupational Safety and Health Administration (OSHA) and Mine Safety and Health Administration (MSHA) and their state-level and foreign equivalents.
Our mining operations, manufacturing facilities, and other operations are subject to a variety of worker health and safety requirements, including laws and regulations administered by the United States Occupational Safety and Health Administration (OSHA) and Mine Safety and Health Administration (MSHA) and their state-level and foreign equivalents.
The Company also posts its proxy statements on its corporate website. Investors may also access such documents via the SEC’s website at www.sec.gov . References in this document to other documents on the CRH website are included only as an aid to their location and are not incorporated by reference into this Annual Report on Form 10-K.
The Company also posts its Proxy Statements on its website. Investors may also access such documents via the SEC’s website at www.sec.gov . References in this document to other documents on the CRH website are included only as an aid to their location and are not incorporated by reference into this Form 10-K.
We encourage investors, the media and others interested in CRH to review the business and financial information we or our executive officers post on our website and the social media channels identified above. Information on CRH’s website or such social media channels does not form part of, and is not incorporated into, this Annual Report on Form 10-K.
We encourage investors, the media and others interested in CRH to review the business and financial information we or our executive officers post on our website and the social media channels identified above. Information on CRH’s website or such social media channels does not form part of, and is not incorporated into, this Form 10-K. 11 CRH FORM 10-K
We also invest in initiatives and programs across CRH, including training, technologies and our equipment to increase the standard of safety across our operations and reduce risks. CRH further supports our employees through our health and well-being programs providing tools, social support and strategies for physical and mental health.
We also invest in initiatives and programs across CRH, including training, technologies and equipment to increase the standard of safety across our operations and reduce risks. 10 CRH FORM 10-K CRH further supports our employees through our health and well-being programs providing tools, social support and strategies for physical and mental health.
The Company undertakes no obligation to update any statements contained in this Annual Report on Form 10-K or the documents incorporated by reference herein for revisions or changes after the filing date of this Annual Report on Form 10‐K, other than as required by law.
The Company undertakes no obligation to update any statements contained in this Form 10-K or the documents incorporated by reference herein for revisions or changes after the filing date of this Form 10‐K, other than as required by law.
Road Solutions CRH is a leading provider of solutions for sustainable road construction in North America and Europe. With our capabilities in manufacturing, installation, maintenance and circularity, we deliver a range of innovative solutions for our customers to better connect our communities, from major public highway infrastructure projects to residential roads, airports and parking lots.
Road Solutions CRH is a leading provider of materials, products and services for road construction in North America and Europe. With our capabilities in manufacturing, installation, maintenance and circularity, we deliver a range of innovative products and services for our customers to better connect our communities, from major public highway infrastructure projects to residential roads, airports and parking lots.
It forms the foundations of buildings and homes, roads, tunnels and bridges, water management systems and clean energy structures. While readymixed concrete is supplied to customers for on-site casting, CRH’s infrastructural concrete businesses produce and supply precast and pre-stressed concrete products such as floor and wall elements, beams and vaults, pipes and manholes.
It forms the foundations of buildings and homes, roads, tunnels and bridges, water management systems and clean energy structures. While readymixed concrete is supplied to customers for on-site casting, CRH’s infrastructural concrete businesses produce and supply precast and pre-stressed concrete products such as vaults, pipes and manholes.
In turn, this enables CRH to provide a value-enhancing, differentiated experience, saving time and reducing logistical challenges for customers. Through this customer-connected approach CRH aims to reduce lead times and complexity, deepening relationships, driving repeat business and increasing the share of customer wallet spent on CRH products and services.
In turn, this enables CRH to provide a value-enhancing, differentiated service, saving time and reducing logistical challenges for our customers. Through this customer-centric approach CRH aims to reduce lead times and complexity, deepening relationships, driving repeat business and increasing the share of customer wallet spent on CRH products and services.
We offer these products directly for sale and integrate them into our downstream products and services. Materials produced by our aggregates and cement businesses, for example, can be supplied to our downstream businesses for use in our Road Solutions, Building & Infrastructure Solutions and Outdoor Living Solutions businesses.
We offer these products directly for sale and integrate them into our downstream products and services. Materials produced by our aggregates and cementitious materials businesses, for example, can be supplied to our downstream businesses for use in o ur Road Solutions, Building & Infrastructure Solutions and Outdoor Living Solutions businesses.
In 2024, 94% of our locations had zero accidents and we achieved a lost time incident rate of 0.22 based on the number of incidents per 200,000 work hours for employees and contractors globally. We continue to monitor near misses, prioritizing those high potential learning events to achieve our goal of zero harm.
In 2025, 93% of our locations had zero accidents and we achieved a lost-time incident rate of 0.31 based on the number of incidents per 200,000 work hours for employees and contractors globally. We continue to monitor near misses, prioritizing those high potential learning events to achieve our goal of zero harm.
The Company’s research initiatives include: • A $250 million Venturing and Innovation Fund to support the development of new technologies and innovative solutions.
The Company’s research initiatives include: • A $250 million Venturing and Innovation Fund, launched in 2022, to support the development of new technologies and innovative solutions.
CRH has established itself as a leader in its markets, enabling strong value creation through commercial excellence and performance improvement initiatives, while serving growing demand across the construction value chain for innovative and value-added products and services. In 2024, this segment accounted for approximately 35% of CRH’s total revenues and 26% of Adju sted EBITDA.
CRH has established itself as a leader in its markets, enabling strong value creation through commercial excellence and performance improvement initiatives, while serving growing demand across the construction value chain for innovative and value-added products and services. In 2025, this segment accounted for 36% of CRH’s Total revenues and 29% of Adju sted EBITDA.
To date, research initiatives across the Company include hydrogen use, CO 2 mineralization projects, novel cements, artificial intelligence technology and Carbon Capture Usage and Storage (CCUS); • CRH Ventures, the Company’s venture capital arm, invests in, and partners with, construction technology and climate technology companies across the construction value chain to pilot and scale new technologies and innovations that will enable safer, smarter and more sustainable construction; and • iCSC, CRH’s global center of excellence provides expertise and leadership to identify and analyze global market and construction trends and new growth opportunities to maximize the value of sustainable innovation.
To date, research initiatives across the Company include hydrogen use, CO 2 mineralization projects, novel cements, AI technology and Carbon Capture Usage and Storage (CCUS); • CRH Ventures, the Company’s venture capital arm, invests in, and partners with, construction technology and climate technology companies across the construction value chain to pilot and scale new technologies and innovations that will enable safer, smarter and more sustainable construction; and • CRH’s internal innovation network provides expertise and leadership to identify and analyze global market and construction trends and new growth opportunities.
CRH’s ability to provide solutions which are tailored to the specific requirements of individual customer projects helps to drive competitive advantage and deliver sustainable growth in this segment. International Division CRH’s International Division, which comprises one segment, International Solutions, is a leading provider of integrated building solutions primarily across Europe and Australia.
CRH’s ability to provide products which are tailored to the specific requirements of individual customer projects helps to drive competitive advantage and deliver sustainable growth in this segment. International Division CRH’s International Division, which is comprised of one segment, International Solutions, is a leading provider of building materials across Europe and Australia.
CRH also utilizes various external suppliers and service providers throughout its business in addition to its internal supply chains, which enables it to economically source various raw materials, equipment and other inputs and to transport finished product to customers. The Company is committed to establishing a sustainable and resilient supply chain.
CRH also utilizes various external suppliers and service providers throughout its business in addition to its internal supply chains, which enables it to economically source various raw materials, equipment and other inputs and to transport finished products to customers. The Company is committed to establishing a sustainable and resilient supply chain and takes an active approach to monitoring it.
The Company takes an active approach to portfolio management and continuously reviews the competitive landscape for attractive investment and divestiture opportunities to deliver further growth and value creation for shareholders. In 2024, CRH completed 40 acquisitions for a total consideration of $5.0 billion compared with $0.7 billion in 2023.
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 compared with $5.0 billion in 2024.
Americas Materials Solutions Americas Materials Solutions provides building materials for the construction and maintenance of public infrastructure and commercial and residential buildings in North America. The primary materials produced by this segment include aggregates, cement, readymixed concrete and asphalt. This segment also provides paving and construction services for customers.
Americas Materials Solutions Americas Materials Solutions manufactures and supplies building materials for the construction and maintenance of public and private infrastructure, commercial and industrial applications, and residential buildings in North America. The primary materials produced by this segment include aggregates, cementitious materials, readymixed concrete and asphalt. This segment also provides paving and construction services for customers.
Key Trends and Opportunities Key trends affecting the development of CRH's businesses include: • Population growth and urbanization driving increasing demand for construction; • Economic development and further investment in infrastructure, commercial and residential projects; and • Recurring need to repair, maintain and upgrade the built environment as existing buildings and infrastructure age and wear.
In addition, broader key trends affecting the development of CRH's businesses include: • Population growth and urbanization driving increasing demand for construction and building materials; • Economic development and further investment in infrastructure, non-residential and residential projects; and • The recurring need to maintain, repair and upgrade the built environment as buildings and civil infrastructure age and wear.
Our operations are typically required to comply with government land use plans and zoning requirements. We are required by government authorities to obtain permits to operate certain workplaces, such as quarries, mines, production and distribution facilities, including water rights required to operate many of our sites.
Our operations are typically required to comply with government land use plans and zoning requirements. We are required by government authorities to obtain operating permits and resource rights, such as water rights, to conduct certain operations, such as quarries, mines, production and distribution facilities.
The iCSC incorporates a global network of laboratories and experts at CRH’s operating companies collaborating to advance research on sustainable building materials and processes, such as low-carbon cement and concrete. Through these initiatives, CRH is supporting the development of new technologies and innovative solutions to meet the increasingly complex needs of customers and evolving trends in construction.
CRH's network of laboratories and experts across operating companies collaborate to advance research on building materials and processes, such as climate-resilient water infrastructure and low-carbon cement and concrete. Through these initiatives, CRH is supporting the development of new technologies and innovative solutions to meet the increasingly complex needs of customers and evolving trends in construction.
CRH Form 10-K 9 CRH has an absolute carbon dioxide (CO 2 ) emissions reduction target of 30% by 2030 (from a 2021 base year) inclusive of organic business growth. The Science Based Targets initiative (SBTi) has validated our targets 3 in line with a 1.5°C trajectory.
CRH has an absolute carbon emissions reduction target of 30% by 2030 (from a 2021 base year) inclusive of organic business growth. In 2023, the Science Based Targets initiative (SBTi) validated CRH’s targets 5 in line with a 1.5°C trajectory.
The Division employs approximately 32,400 people at 1,808 locations across 27 countries . International Solutions International Solutions integrates building materials, products and services for the construction and renovation of public infrastructure, critical networks, commercial and residential buildings, and outdoor living spaces.
The International Division employs 33,204 people at 1,834 locations across 27 countries. International Solutions International Solutions 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 Clean Air Act in the United States and similar laws elsewhere require that certain of our facilities, including our cement plants, obtain and maintain air emissions permits that subject them to pollution control requirements and require pre-approval for constructing certain facilities. CRH is also required to comply with laws designed to promote biodiversity and protect ecosystems.
The Clean Air Act in the United States and similar laws elsewhere require that certain of our facilities, including our cement plants, obtain and maintain air emissions permits that subject them to pollution control requirements and require pre-approval for constructing certain facilities.
As part of our vertically integrated business model, we have established an extensive global network of extractive sites comprised of 1,296 properties, of which 246,058 acres of land are owned and 129,818 acres are leased. These extractive sites provide us with the raw materials to manufacture various primary building materials, such as aggregates, cement, asphalt, readymixed concrete and concrete products.
As part of our business model, we have established an extensive global network of extractive sites comprised of 1,334 properties, of which 252,791 acres of land are owned and 128,651 acres are leased. These extractive sites provide us with the raw materials to manufacture various primary building materials, such as aggregates, cementitious materials, asphalt, readymixed concrete and concrete products.
Our deep materials and market knowledge, along with our extensive network of locations and assets, drive our performance and helps us deliver value to our customers. Customers typically range from national, regional and local governments to contractors and other construction product and service providers.
Our focus on continuous business improvement, deep materials and local market knowledge and our extensive network of locations drives performance and helps us deliver value to our customers. Customers typically range from national, regional and local governments to contractors and other construction product and service providers.
In Eastern Europe and Australia we see higher-growth potential through strong economic activity, while in Western Europe, CRH’s businesses operate in attractive markets backed by significant public infrastructure spending and region- wide programs that support construction activity. In these regions, CRH is experiencing increasing demand for its customer-connected solutions offering.
In Eastern Europe and Australia we see high-growth potential through strong economic activity, while in Western Europe, CRH’s businesses operate in attractive markets backed by sign ificant public infrastructure spending and region-wide initiatives that promote increased construction activity. In these regions, CRH is experiencing increasing demand for its materials and product offering.
Human Capital Resources People are our priority, and we believe that building a safe and inclusive work environment that empowers and inspires our global workforce is core to our success. In 2024, we employed approximately 79,800 people at 3,816 locations in 28 countries, of which approximately 47,400 were in the Americas Division and 32,400 in the International Division.
Human Capital Resources People are our priority, and we believe that building a safe and inclusive work environment that empowers and inspires our global workforce is core to our success. In 2025, we employed 83,032 people at 3,961 locations in 28 countries, of which 49,828 were in the Americas Division and 33,204 in the International Division.
CRH Form 10-K 7 Americas Building Solutions Americas Building Solutions manufactures, supplies and delivers high-quality, value-added, innovative solutions for the built environment in communities across North America. Products in this segment are highly specified, designed and engineered thereby adding value for the customer.
Americas Building Solutions Americas Building Solutions manufactures and supplies high-quality, value-added innovative products that connect and protect critical infrastructure in communities across North America. Products in this segment are highly specified, designed and engineered thereby adding value for the customer.
These products are delivered to, and assembled at, construction sites where they are used throughout the modern built environment. Annualized readymixed concrete sales volumes 2 in 2024 for the Americas Division and International Division were 17.4 million cubic yards and 21.1 million cubic yards, respectively.
These products are delivered to, and assembled at, construction sites where they are used throughout the built environment. Annualized readymixed concrete sales volumes 2 in 2025 were 39.5 million cubic yards of which the Americas Division and International Division were 16.7 million cubic yards and 22.8 million cubic yards, respectively.
Annualized asphalt sales volumes 2 in 2024 for the Americas Division and International Division were 52.2 million tons and 10.0 million tons, respectively. Building Products CRH’s strategy of vertical integration utilizes our essential materials to produce a range of value-added building products and solutions.
Annualized asphalt sales volumes 2 in 2025 were 62.8 million tons of which the Americas Division and International Division were 52.9 million tons and 9.9 million tons, respectively. Building Products CRH’s connected portfolio utilizes our essential materials to produce a range of value-added building products.
Our vertically integrated businesses manufacture and supply these materials for use extensively in a wide range of construction applications, ranging from major road and infrastructure projects to the development and refurbishment of commercial buildings, private residences, public spaces and communities.
Essential Materials Essential Materials, consisting of aggregates and cementitious materials, are the foundation of CRH’s connected portfolio. Our businesses manufacture and supply these materials for use extensively in a wide range of construction applications, from major road and infrastructure projects to large-scale reindustrialization facilities and the development and refurbishment of commercial buildings, private residences and public spaces.
“Financial Statements and Supplementary Data” for additional information. Americas Division CRH’s Americas Division comprises two segments: Americas Materials Solutions and Americas Building Solutions. The North American market’s positive fundamentals, including strong population growth and significant public investment in construction, is driving demand for CRH’s connected portfolio of materials, products and services.
Americas Division CRH’s Americas Division is comprised of two segments: Americas Materials Solutions and Americas Building Solutions. The North American market’s positive fundamentals, including significant public investment in infrastructure and private investment in reindustrialization activity, is driving demand for CRH’s connected portfolio of materials, products and services.
Over several decades, CRH has established difficult to replicate, leading positions of scale across the United States and Canada. The Division employs approximately 47,400 people at 2,008 locations across 48 states of the United States and seven Canadian provinces.
Over several decades, CRH has established difficult to replicate, leading positions of scale across North America and employs 49,828 people at 2,127 locations across 48 U.S. states and seven Canadian provinces.
Compliance and Costs Compliance with applicable regulations requires capital investment and ongoing expenditures for the operation and maintenance of systems and implementation of improvement programs.
Our operations elsewhere are typically subject to both national and local regulatory requirements. Compliance and Costs Compliance with applicable regulations requires capital investment and ongoing expenditures for the operation and maintenance of systems and implementation of improvement programs.
This segment serves complex critical infrastructure (such as water, energy, transportation and telecommunications projects) and outdoor living solutions for enhancing private and public spaces. In 2024, Americas Building Solutions accounted for approximately 20% of CRH’s total revenues and 20% of Adjusted EBITDA .
This segment serves large-scale infrastructure construction (including transportation, water, energy and telecommunications projects), reindustrialization activity (including manufacturing and data center projects) and provides outdoor living solutions for enhancing private and public spaces. In 2025, Americas Building Solutions accounted for 19% of CRH’s Total revenues and 19% of Adjusted EBITDA .
CRH is not dependent on any one source for the supply of these materials and resources, other than in certain jurisdictions with regard to the supply of gas and electricity.
CRH is a significant purchaser of certain materials and resources important to its business, including cementitious materials, bitumen, steel, and energy supplies, all of which it acquires at market rates. CRH is not dependent on any one source for the supply of these materials and resources, other than in certain jurisdictions with regard to the supply of gas and electricity.
Our ERGs are voluntary, employee-led groups, open to all employees including allies. Their aim is to foster an inclusive workplace by strengthening communication, community and employee experience.
CRH promoted inclusion through a range of initiatives and developments in 2025, including the development of toolkits, forums, and supports for our Employee Resource Groups (ERGs). Our ERGs are voluntary, employee-led groups, open to all employees. Their aim is to foster an inclusive workplace by strengthening communication, community, and employee experience.
CRH has registered or applied for registration of trademarks, service marks and internet domain names, both domestically and internationally, where appropriate. CRH engages in ongoing research & development projects to improve existing and develop new technologies that will empower more sustainable forms of construction in the future.
CRH owns, or has applied for intellectual property rights, including patents, trademarks, service marks and internet domain names, both domestically and internationally, where appropriate. CRH engages in ongoing research & development projects to improve existing and develop new technologies to drive further growth and value creation.
Aggregates Aggregates are naturally occurring mineral deposits such as granite, limestone and sandstone. CRH extracts these deposits and processes them for sale as aggregates products such as crushed stone, sand and gravel. Typically, aggregates are used in road and rail infrastructure, building foundations and in the production of products including concrete and asphalt.
Materials and Products The following materials and products are produced and supplied by CRH’s connected portfolio of businesses. Aggregates Aggregates are naturally occurring mineral deposits such as granite, limestone and sandstone. CRH extracts these deposits and processes them for sale as aggregates products such as crushed stone, sand and gravel.
These include the manufacturing of concrete and polymer-based products such as underground vaults, drainage systems, enclosures and modular precast structures which are typically supplied to the water, energy, telecommunications and railroad markets.
These include the manufacturing of concrete and polymer-based products such as underground vaults, drainage systems, enclosures and modular precast structures. These are typically supplied to the transportation, water, energy and telecommunications markets, in addition to complex reindustrialization projects. CRH also manufactures a variety of concrete masonry, hardscape and related products including pavers, blocks and curbs, retaining walls and slabs.
The Americas Materials Solutions segment leverages our benefits of scale, strong market knowledge, deep industry expertise and extensive array of essential materials to implement CRH’s strategy, offering value-added solutions which combine different types of materials, products and services to satisfy multiple customer needs.
In 2025, this segment accounted for 45% of CRH’s Total revenues and 52% of Adjusted EBITDA. The Americas Materials Solutions segment leverages our benefits of scale, deep industry expertise, strong local brands and an extensive array of essential materials to implement CRH’s strategy, offering high-quality materials, products and services to satisfy multiple customer needs.
CRH Form 10-K 8 Further, CRH manufactures a variety of concrete masonry, hardscape and related products including pavers, blocks and curbs, retaining walls and slabs. CRH also produces fencing and railing systems, composite decking, lawn and garden products and packaged concrete mixes. These products are supplied to residential, commercial and do-it-yourself (DIY) construction markets.
Further CRH produces fencing and railing systems, lawn and garden products and packaged concrete mixes. These products are supplied to residential, commercial and do-it-yourself (DIY) construction markets.
Inclusion and Engagement At CRH, we want to enhance and sustain a culture where fairness, inclusion and belonging are achievable for everyone. The Board and management team are committed to building a respectful and inclusive culture where talented people of all backgrounds have opportunities and can perform at their best.
The Board and management team are committed to building an inclusive culture where talented people of all backgrounds have opportunities and can perform at their best. CRH has an engagement strategy which is built on, among other things, a firm commitment to nurture respect and inclusion.
In addition, there are several industry-specific trends that are shaping how CRH evolves to meet the needs of its customers: • Unprecedented levels of funding support for critical infrastructure and the onshoring of manufacturing activity; • An evolving regulatory landscape driving increasing customer demand for innovative, connected solutions to deliver a more resilient and sustainable built environment; and • Supply-side dynamics, such as labor constraints, driving increasing investment in automation, technology and digital solutions.
Key Trends and Opportunities Industry-specific megatrends that are shaping how CRH evolves to meet the needs of its customers include: • Increased levels of funding support for transportation infrastructure such as roads, bridges, tunnels, airports and rail networks; • Growing reindustrialization activity in North America, Europe and Australia driving construction in areas such as manufacturing and data centers; • The continued need to upgrade and modernize aging critical infrastructure such as water, energy and telecommunications systems; • A changing regulatory landscape supporting demand for innovative products for a more resilient and sustainable built environment; and • Supply-side dynamics, such as labor constraints, driving increasing investment in automation, technology and digital solutions.
Working with the executive leadership team (Global Leadership Team), CRH develops action plans based on the results of these engagements. The proximity of our senior leaders to daily operations across CRH is a key reason for the Company's continued success and enables dynamic engagement across our operations. We operate both unionized and non-unionized workplaces.
The proximity of our senior leaders to daily operations across CRH is a key reason for the Company's continued success and enables dynamic engagement across our operations. We respect the rights of our employees to form and join trade unions and take part in collective bargaining. We operate both unionized and non-unionized workplaces.
CRH’s building materials solutions play an important role in shaping a more sustainable built environment and, in 2024, revenues from products with enhanced sustainability attributes 1 was $14.6 billion, an increase of 5% compared with 2023 and an increase of 16% compared with 2022.
CRH’s connected portfolio of essential materials, infrastructure products, and value-added services play an important role in shaping a more resilient built environment and in 2025, revenues from products with enhanced sustainability attributes 3 were $15.7 billion, an increase of 7% compared with 2024.
As responsible operators considerate of our environmental impact, we optimize the use of recycled materials in our paving services, thereby reducing waste, emissions and energy consumption.
As responsible operators considerate of our environmental impact, we optimize the use of recycled materials in our paving services, thereby reducing waste, emissions and energy consumption. Together with our Essential Materials businesses, we have developed our roads offering to provide customers with quality, flexibility, speed, expertise and convenience through our deep market knowledge and highly capable team of professionals.
In 2024, we recycled 44.7 million tonnes of by-products and wastes, sourced internally and from other industries, for use as alternative materials and fuels in our products and processes (43.9 million tonnes in 2023).
CRH is continuing to advance its contribution to the circular economy, preserving scarce natural resources and using more recycled materials in construction. In 2025, CRH recycled 51.2 million tonnes of wastes and by-products, sourced internally and from other industries, for use as alternative materials and fuels in its products and processes (2024: 44.7 million tonnes).
In 2024, our Scope 1 and 2 absolute carbon emissions decreased by 4%, from 31.0 million tonnes 4 in 2023 to 29.7 million tonnes in 2024, as we made further progress implementing the key levers in our decarbonization roadmap which offset the impact of an increase in emissions arising from changes in our business portfolio.
In 2025, Scope 1 and 2 absolute carbon emissions decreased by 1%, from 29.7 million tonnes 4 in 2024 to 29.5 million tonnes in 2025, as CRH made further progress implementing the key levers in its decarbonization roadmap. CRH successfully delivered on its cement-specific net CO 2 emissions per tonne of cementitious product target of 520kg by 2025.
Annualized cement sales volumes 2 in 2024 for the Americas Division and International Division were 13.9 million tons and 35.7 million tons, respectively. Concrete Concrete is a highly versatile building material, comprised of aggregates bound together with cement and water. Readymixed concrete is the most commonly used form of concrete.
This includes volumes which are used internally (e.g. aggregates supplied internally for cement production). 7 CRH FORM 10-K Concrete Concrete is a highly versatile building material, comprised of aggregates bound together with cement and water. Readymixed concrete is the most commonly used form of concrete.
Failure to comply with these applicable workplace health and safety requirements can result in sanctions and claims for personal injury and property damage and/or the closure of sites. Employee Engagement Employee engagement is critical in generating insights regarding CRH’s performance culture, training and career development opportunities, safety culture, corporate purpose, initiatives to support inclusion and overall strategy.
Failure to comply with these applicable workplace health and safety requirements can result in sanctions and claims for personal injury and property damage and/or the closure of sites. Employee Engagement At CRH, we want to enhance and sustain a culture where everyone feels empowered, respected, and supported to grow.
CRH’s differentiated solutions strategy uniquely integrates materials, products and services across the construction value chain, better serving our customers’ needs and driving repeat business while making construction simpler, safer and more sustainable. The Company integrates essential materials (aggregates and cement), value-added building products as well as construction services, to provide our customers with complete connected solutions.
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.
We integrate design, materials, products and engineering to enable the transition to a more sustainable and resilient built environment. Our products have a particular focus on the below-ground built environment where we are a leading provider of multi-material infrastructure that connects and protects the critical projects that enhance the daily lives of millions of people. * Represents a non-GAAP measure.
With a particular focus on below-ground construction, we are a leading provider of multi-material products that renew and protect the critical infrastructure that enhances the daily lives of millions of people. Outdoor Living Solutions CRH’s Outdoor Living businesses integrate specialized materials, products and design features to enhance the quality of private and public spaces.
Environmental and Governmental Regulations Our operations in the United States are subject to federal, state and local laws, while our European operations are subject to national environmental laws and regulations stemming primarily from European Union (EU) directives and regulations. Our operations elsewhere are typically subject to both national and local regulatory requirements.
This includes volumes which are used internally (e.g. aggregates supplied internally for cement production). 8 CRH FORM 10-K Environmental and Governmental Regulations Our operations in the United States are subject to federal, state and local laws, while our European operations are subject to local, national and European Union (EU) laws and regulations.
We help our customers in residential and commercial markets create unique outdoor settings by providing solutions for repair, remodel and new construction projects.
We help our customers in residential and commercial markets create unique outdoor settings by providing products for repair, remodel and new construction projects. Outdoor Living is closely linked to our Essential Materials businesses and to our customers through a wide geographic network providing a comprehensive suite of products including hardscapes, masonry, fencing, railing and packaged lawn and garden products.
In order to support its operations, the Company has established a network of long-term reserves at quarry locations, predominantly adjacent to urban areas where demand for its materials and products is strongest. 1 Revenues from products with enhanced sustainability attributes is defined as revenues derived from those products that incorporate any, or a combination of: recycled materials; are produced using alternative energy and fuel sources; have a lower carbon footprint as compared to those products using traditional manufacturing processes; and are designed to specifically benefit the environment.
CRH’s roadmap includes incremental capital expenditure of approximately $150 million annually on average through 2030, which is subject to strict internal investment criteria and the net business benefit is expected to increase revenues and profitability. 3 Revenues from products with enhanced sustainability attributes is defined as revenues derived from those products that incorporate any, or a combination of: recycled materials; are produced using alternative energy and fuel sources; have a lower carbon footprint as compared to those products using traditional manufacturing processes; and/or are designed to specifically benefit the environment. 4 Note all sustainability metrics are presented in metric tonnes.
CRH has a proven track record in value creation through acquisition which over the last decade has accounted for approximately 60% of the Company’s growth. We achieve this by acquiring businesses at attractive valuations and creating value by integrating them with our existing operations and generating synergies.
CRH’s leading positions of scale serve transportation and critical infrastructure, reindustrialization projects and commercial and residential construction activity. CRH has a proven track record of growing and creating value through acquisition with over 1,250 deals completed in our history. We acquire businesses at attractive valuations and create value by connecting them with our existing operations and generating synergies.
Our CRH Ventures platform partners with and invests strategically in construction and climate technology start-ups across the entire construction value chain, to pilot and scale cutting-edge and innovative technologies. Our ability to replicate and scale our innovation and technical expertise between geographies provides us with opportunities for further growth.
Our ability to replicate and scale our innovation and technical expertise between our Americas’ and International businesses gives us further opportunities for growth. CRH Ventures, our venture capital arm, works in partnership with start-ups, industry players, and academic institutions to pilot and scale cutting-edge technologies and accelerate progress towards a more resilient built environment.
Annualized aggregates sales volumes 2 in 2024 for the Americas Division and International Division were 229.8 million tons and 143.1 million tons, respectively. Cement Cement is produced from limestone reserves and is the primary binding agent in the production of concrete products, including readymixed concrete and mortars, which are used extensively throughout the built environment.
Typically, aggregates are used in road and rail infrastructure, building foundations and in the production of products including concrete and asphalt. Annualized aggregates sales volumes 1 in 2025 were 380.7 million tons of which the Americas Division and International Division were 231.1 million tons and 149.6 million tons, respectively.
The Board has delegated responsibility for the management of employee engagement to the Nomination & Corporate Governance Committee. Through employee engagement, we gain a better understanding of what matters most to our employees. We continue to adapt engagement strategies, ways of working and leadership development approaches based on employee feedback.
Employee engagement is critical to understanding what matters most to our employees and in generating insights regarding CRH’s performance culture, training and career development opportunities, safety culture, corporate purpose, initiatives to support inclusion, and overall strategy. The Board has delegated responsibility for the management of employee engagement to the Nomination & Corporate Governance Committee.
From time to time, CRH may be required to install additional equipment or technologies to remain in compliance with such environmental regulations. Climate Change We believe the transition to a more sustainable built environment represents a significant commercial opportunity for CRH.
Therefore, CRH may from time to time be required to install additional equipment or technologies to remain in compliance with such environmental regulations. Sustainability Performance CRH is committed to driving profitable growth by providing its customers with innovative solutions that make construction simpler, safer, and more sustainable.
Fully integrated with our Essential Materials businesses, we have developed our Road Solutions offering to provide customers with quality, flexibility, speed, expertise and convenience through our deep market knowledge and highly capable team of professionals. Building and Infrastructure Solutions Our Building & Infrastructure Solutions connect, protect and transport critical water, energy and telecommunications infrastructure to help solve complex construction challenges.
Building and Infrastructure Solutions Our Building & Infrastructure Solutions connect and protect critical infrastructure to help solve complex construction challenges for transportation, water, energy, telecommunications and reindustrialization projects. Working closely with our Essential Materials and Roads businesses, we provide materials, products and engineering services to enable the transition to a more durable built environment.
Scope 1, 2 and 3 absolute CO 2 emissions were 47.1 million tonnes in 2024 (44.1 million tonnes in 2023). CRH Form 10-K 10 Intellectual Property and Research & Development CRH relies on a combination of intellectual property laws, confidentiality procedures and contractual provisions to protect its proprietary assets and brands.
Similarly, competitors may seek to expand their existing positions or enter new markets and the Company may experience competition for potential acquisitions identified by CRH management. Intellectual Property and Research & Development CRH relies on a combination of intellectual property laws, confidentiality procedures and contractual provisions to protect its proprietary assets and brands.
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Item 1. Business Overview CRH is a leading provider of building materials that build, connect and improve our world.
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Item 1. Business 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.
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In 2024, the Company generated $35.6 billion of revenues, $3.5 billion of net income and $6.9 billion of Adjusted EBITDA*. 1 Since formation in 1970, CRH has evolved from being a supplier of base materials to solving complex construction challenges for our customers.
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The largest acquisition in 2025 was in our Americas Materials Solutions segment where the Company completed the acquisition of Eco Material Technologies (Eco Material), North America’s leading supplier of Supplementary Cementitious Materials (SCMs).
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CRH’s capabilities, innovation and technical expertise enable it to be a valuable partner for transportation and critical infrastructure projects, complex non-residential construction and outdoor living solutions. CRH’s business addresses the needs of customers across infrastructure, non-residential and residential construction markets.
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Our Connected Portfolio CRH’s connected portfolio of value-added building materials, products and services serves transportation and critical infrastructure construction (including highways, bridges, rail, water, energy and telecommunications projects), reindustrialization activity (including manufacturing and data center projects) and commercial and residential markets across North America, Europe and Australia.
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In 2024, approximately 35% of revenues came from infrastructure (such as highways, streets, roads and bridges), 30% from non-residential construction (including construction and maintenance of critical water, energy and telecommunications projects, in addition to manufacturing, commercial, warehouse and data center facilities) and 35% from residential construction.
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We place a strong focus on anticipating the needs of customers by continually enhancing our offering through innovation and technology, portfolio expansion and multifaceted collaboration. * Represents a non-GAAP measure.
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The United States is expected to be a key driver of future growth for CRH due to continued economic expansion, a growing population and significant public investment in construction. In 2024, approximately 28% of net income and 26% of Adjusted EBITDA* was generated by our International Division.
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See “Non-GAAP Reconciliation and Supplementary Information” on pages 35 to 38 for a reconciliation to the most directly comparable GAAP measure. 1 6 CRH FORM 10-K Business Segment Information For the year ended December 31, 2025, CRH was organized through three segments across two Divisions.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeAdditional risks and uncertainties of which we are not aware or that we currently believe are immaterial may also adversely affect the business, financial condition and results of operations of the Company. If any of the possible events described below were to occur, the business, financial condition and results of operations of the Company could be materially and adversely affected.
Biggest changeThe risks and uncertainties we describe below relate to future events, expectations, trends, and operating periods, are subject to change and are not the only ones we face. Additional risks and uncertainties of which we are not aware or that we currently believe are immaterial may also adversely affect the business, financial condition, and results of operations of the Company.
With a significant proportion of construction activity undertaken outside (e.g. highway construction), demand for and the utilization of the Company's products and services such as aggregates, asphalt and concrete can be highly seasonal in line with customer demand, and may additionally be impacted by acute and/or chronic changes in global and/or localized weather events/conditions.
With a significant proportion of construction activity undertaken outside (e.g. highway construction), demand for and the utilization of the Company's products and services such as cementitious materials, aggregates, asphalt, concrete, and concrete products can be highly seasonal in line with customer demand, and may additionally be impacted by acute and/or chronic changes in global and/or localized weather events/conditions.
The allocation of government funding for public infrastructure programs is a key driver for our markets, such as the infrastructure elements of the Infrastructure Investment and Jobs Act (IIJA) in the United States, and large European infrastructure initiatives. However, government budget deficits might reduce government infrastructure investment and reduce demand for the Company’s products.
The allocation of government funding for public infrastructure programs is a key driver for our markets, such as the infrastructure elements of the IIJA in the United States and large European infrastructure initiatives. However, government budget deficits might reduce government infrastructure investment and reduce demand for the Company’s products.
A detailed discussion of the impairment testing process, the key assumptions used, the results of that testing and the related sensitivity analysis is contained in section “Critical Accounting Estimates” of Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations” on page 46.
A detailed discussion of the impairment testing process, the key assumptions used, the results of that testing, and the related sensitivity analysis is contained in section “Critical Accounting Estimates” of Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations” on page 42 .
Any event that materially inhibits our people from being able to work, including an inability to get to our facilities and/or customer sites or widespread sickness/pandemic, could materially disrupt our operations, with adverse impacts on financial performance. Cybersecurity CRH depends on multiple information and operational technology systems, including certain systems for which third-parties are in whole or in part responsible.
Any event that materially inhibits our people from being able to work, including an inability to get to our facilities and/or customer sites or widespread sickness/pandemic, could materially disrupt our operations, with adverse impacts on financial performance. 15 CRH FORM 10-K Cybersecurity CRH depends on multiple information and operational technology systems, including certain systems for which third-parties are in whole or in part responsible.
Any of our suppliers may experience temporary, prolonged or even permanent operational disruption and/or capacity in the market may fall below required levels (e.g. for haulage capacity), which could have an adverse impact on the Company’s operations, financial performance and reputation.
Any of our suppliers may experience temporary, prolonged or even permanent operational disruption (e.g. significant system outages) and/or capacity in the market may fall below required levels (e.g. for haulage capacity), which could have an adverse impact on the Company’s operations, financial performance, and reputation.
In addition, situations may arise where the Company may be liable for the past acts, omissions or liabilities of acquired companies, or may remain liable in cases of divestiture (including for potential environmental liabilities or potential on-going information technology (IT) support).
In addition, situations may arise where the Company may be liable for the past acts, omissions or liabilities of acquired companies, or may remain liable in cases of divestiture (including for potential environmental liabilities or potential ongoing information technology (IT) support).
CRH Form 10-K 15 Commodity Products and Substitution CRH manufactures and supplies a large number of commodity products into highly competitive markets. Failure by CRH to maintain pricing in an inflationary environment and to differentiate its products from its competitors could adversely impact our financial performance.
Commodity Products and Substitution CRH manufactures and supplies a large number of commodity products into highly competitive markets. Failure by CRH to maintain pricing in an inflationary environment and to differentiate its products from its competitors could adversely impact our financial performance.
In addition, in certain markets in which the Company operates, including markets for steel, cement, bitumen and supplementary cementitious materials, contracted market demand can far outstrip supply, which may restrict the Company’s ability to obtain alternative suppliers or additional volumes where necessary.
In addition, in certain markets in which the Company operates, including markets for steel, cement, bitumen and SCMs, contracted market demand can far outstrip supply, which may restrict the Company’s ability to obtain alternative suppliers or additional volumes where necessary.
In addition, potential issues with products could lead to health, safety and other issues for our broad range of stakeholders including our employees, contractors, customers and communities. The recurrence of Covid-19 and/or similarly disruptive/dangerous pandemics could materially endanger our workers and/or contractors.
In addition, potential issues with products could lead to health, safety and other issues for our broad range of stakeholders including our employees, contractors, customers, and communities. The occurrence or recurrence of disruptive/dangerous pandemics could materially endanger our workers and/or contractors.
In addition, CRH may also be negatively impacted by fluctuations in the price of fuel and principal energy-related raw materials, which accounted for approximately 10% of total revenues in 2024, compared to 11% in 2023, with no guarantee that the Company will continue to be able to absorb these inflationary pressures.
In addition, CRH may also be negatively impacted by fluctuations in the price of fuel and principal energy-related raw materials, which accounted for approximately 10% of Total revenues in 2025, consistent with 10% in 2024, with no guarantee that the Company will continue to be able to absorb these inflationary pressures.
CRH Form 10-K 14 Transition • Legal and Regulatory: As stakeholder expectations with regard to climate change continue to evolve, and various governmental bodies in our markets propose changes to laws and regulations covering emissions, carbon allowances and taxation, we may be exposed to increased operational, compliance and litigation related risks and costs.
Transition • Legal and Regulatory: As stakeholder expectations with regard to climate change continue to evolve, and various governmental bodies in our markets propose changes to laws and regulations covering emissions, carbon allowances and taxation, we may be exposed to increased operational, compliance and litigation related risks and costs.
CRH Form 10-K 16 Supply Chain Failure CRH’s ability to maintain production capacity and/or quality depends on the reliable and economic sourcing of various input materials, and failure to manage any material disruption in our supply chains could adversely impact our ability to service our customers and result in a deterioration in operational and/or financial performance.
Supply Chain Failure CRH’s ability to maintain production capacity and/or quality depends on the reliable and economic sourcing of various input materials, and failure to manage any material disruption in our supply chains could adversely impact our ability to service our customers and result in a deterioration in operational and/or financial performance.
Any failure to maintain strong customer relationships could result in an inability to respond to changing consumer preferences and approaches to construction. Failure to differentiate and innovate could lead to market share decline, with adverse impacts on financial performance.
Any failure to maintain strong customer relationships could result in an inability to respond to changing consumer preferences and approaches to construction. Failure to differentiate and innovate could lead to adverse impacts on financial performance.
However, market or economic conditions may make it difficult at times to realize this objective. In addition, continued focus on climate change by investors and lenders may affect their preferences and sentiments, potentially impacting the Company’s access to and cost of capital, and investment attractiveness.
However, market or economic conditions may make it difficult at times to realize this objective. In addition, continued focus on climate change by investors and lenders may affect their preferences and sentiments, potentially impacting the Company’s access to and cost of capital, and investment attractiveness. 6 * * Represents a non-GAAP measure.
Risks related to Company financing that could affect its operations and/or financial performance are discussed as follows: Interest rate and leverage risks As at December 31, 2024, the Company had outstanding gross indebtedness, including overdrafts, finance lease liabilities and the impact of derivatives, of approximately $14.3 billion, compared to $11.8 billion in 2023, and cash and cash equivalents and restricted cash of approximately $3.8 billion, compared to $6.4 billion in 2023.
Risks related to Company financing that could affect its operations and/or financial performance are discussed as follows: Interest rate and leverage risks As of December 31, 2025, the Company had outstanding gross indebtedness, including overdrafts, finance lease liabilities and the impact of derivatives, of approximately $18.2 billion, compared to $14.3 billion in 2024, and Cash and cash equivalents and Restricted cash of approximately $4.1 billion, compared to $3.8 billion in 2024.
However, we have faced attempted cyber-attacks and may face future cyber-attacks, including malware or ransomware attacks, or suffer other human or technological errors that have a material impact.
However, we have faced attempted cyber-attacks and are likely to face future cyber-attacks, including malware or ransomware attacks, or suffer other human or technological errors that have a material impact.
CRH Form 10-K 17 Foreign currency risks If the Company’s reporting currency weakens relative to the basket of foreign currencies in which Net Debt* 5 is denominated (including the euro, Pound Sterling, Canadian Dollar, Australian Dollar, Philippine Peso, Polish Zloty, and Swiss Franc), the Net Debt* balance would increase; the converse would apply if the Company’s reporting currency was to strengthen.
Foreign currency risks If the Company’s reporting currency weakens relative to the basket of foreign currencies in which Net Debt* 6 is denominated (including the euro, Pound Sterling, Canadian Dollar, Australian Dollar, Philippine Peso, Polish Zloty, and Swiss Franc), the Net Debt* balance would increase; the converse would apply if the Company’s reporting currency was to strengthen.
In addition, certain of the Company’s activities give rise to significant amounts receivable from counterparties at the balance sheet date; at December 31, 2024, this balance was $4.4 billion and in 2023 this balance was $4.1 billion.
In addition, certain of the Company’s activities give rise to significant amounts receivable from counterparties at the balance sheet date; as of December 31, 2025, this balance was $4.7 billion and in 2024 this balance was $4.4 billion.
The Company uses interest rate swaps to manage its interest rate profile. While current leverage is low, acquisition activity could adversely impact operating and financial flexibility as well as financial position. There can be no assurance that the Company will not be adversely impacted by increases in borrowing costs in the future.
The Company uses interest rate swaps to manage its interest rate profile. Significant acquisition activity could adversely affect our leverage profile and, in turn, adversely impact operating and financial flexibility as well as financial position. There can be no assurance that the Company will not be adversely impacted by increases in borrowing costs in the future.
The Company holds significant cash and cash equivalents and restricted cash on deposit and derivative transactions with a variety of highly rated financial institutions which at December 31, 2024, totaled $3.8 billion and $27 million, compared to $6.4 billion and $37 million, respectively, in 2023.
The Company holds significant cash and cash equivalents and restricted cash on deposit and derivative transactions with a variety of highly-rated financial institutions which as of December 31, 2025, totaled $4.1 billion and $60 million, compared to $3.8 billion and $27 million, respectively, in 2024.
The failure to plan adequately for current and future extraction and utilization or to ensure ongoing compliance with requirements of issuing authorities could lead to operational disruptions and negatively affect our long-term financial results. For additional information on the Company’s reserves position, see pages 22 to 26.
The failure to plan adequately for current and future extraction and utilization or to ensure ongoing compliance with requirements of issuing authorities could lead to operational disruptions and negatively affect our long-term financial results.
Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including the risks described below and elsewhere in this Annual Report on Form 10-K.
This Form 10-K also contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including (but not limited to) the risks described below and elsewhere in this Form 10-K.
In addition, as cybersecurity threats evolve, the Company is increasingly required to expend additional resources to enhance our cybersecurity protection measures and may be required to expend additional resources to investigate and remediate identified vulnerabilities.
In addition, as cybersecurity threats evolve, including from emerging technologies, such as advanced forms of AI and quantum computing, the Company is increasingly required to expend additional resources to enhance our cybersecurity protection measures and may be required to expend additional resources to investigate and remediate identified vulnerabilities.
CRH Form 10-K 13 Health and Safety Performance CRH’s businesses operate in an industry with inherent health and safety risks, including the operation of heavy vehicles, working at height, use of mechanized processes, and handling of substances and materials potentially hazardous to people, animal life and/or the environment.
The Board and management are actively monitoring the situation in Ukraine, as uncertainty continues to exist due to the ongoing conflict in the region. 12 CRH FORM 10-K Health and Safety Performance CRH’s businesses operate in an industry with inherent health and safety risks, including the operation of heavy vehicles, working at height, use of mechanized processes, and handling of substances and materials potentially hazardous to people, animal life and/or the environment.
In addition, CRH has people, assets and operations in Ukraine and neighboring countries, which face physical risk due to the ongoing conflict. The Board and management are actively monitoring the situation in Ukraine, as uncertainty continues to exist due to the ongoing conflict in the region.
In addition, CRH has people, assets, and operations in Ukraine and neighboring countries, which face physical risk due to the ongoing conflict.
The Company is also subject to various statutes, regulations and laws affecting land usage, zoning, labor and employment practices, competition/anti-trust, financial reporting, taxation, anti-fraud and theft, anti-bribery, anti-corruption, governance, data protection and data privacy and security, environmental, health and safety, and international trade and sanctions laws, among other matters.
The Company is also subject to various statutes, regulations and laws affecting land usage, zoning, labor and employment practices, competition/anti-trust, financial reporting, taxation, anti-fraud and theft, anti-bribery, anti-corruption, governance, data protection and data privacy and security, environmental, health and safety, and international trade and sanctions laws, among other matters. 16 CRH FORM 10-K There can be no assurance that the Company’s policies and procedures will afford adequate protection against compliance failures or other fraudulent and/or corrupt activities.
The existence of our share repurchase program could also cause increased volatility in the price of our ordinary shares or increase the price of our ordinary shares and thus reduce their liquidity. Additionally, repurchases and redemptions under our share repurchase program will diminish our cash reserves, which may adversely affect our financial position.
The existence of our share repurchase program could also cause increased volatility in the price of our Ordinary Shares or increase the price of our Ordinary Shares and thus reduce their liquidity.
Risks Related To Our Common Stock Payment of Dividends/Share Repurchase Program CRH may not pay dividends or make other returns of capital to shareholders in the future, and our current share repurchase program may not enhance long-term shareholder value.
Payment of Dividends/Share Repurchase Program CRH may not pay dividends or make other returns of capital to shareholders in the future, and our current share repurchase program may not enhance long-term shareholder value. We cannot guarantee that we will pay or maintain dividends at their current level, or effect other future returns of capital (including, without limitation, share repurchases).
Item 1A. Risk Factors In addition to the other information contained in this Annual Report on Form 10-K, you should carefully consider the following risk factors before investing in our ordinary shares. The risks and uncertainties we describe below are not the only ones we face.
Item 1A. Risk Factors In addition to the other information contained in this Form 10-K, you should carefully consider the following risk factors before investing in our Ordinary Shares. The following risks are considered material to our business based upon current knowledge, information, and assumptions.
While a non-cash item, a material write-down of goodwill could have a substantial impact on the Company’s retained earnings. Under U.S.
Significant underperformance in any of the Company’s major reporting units or the divestiture of businesses in the future may give rise to a material write-down of goodwill. While a non-cash item, a material write-down of goodwill could have a substantial impact on the Company’s retained earnings. Under U.S.
Early Stage Business/Technology Investment CRH’s venture capital unit may fail to achieve expected commercial success and financial returns, and CRH may lose all or part of its investments in early-stage companies.
Additionally, repurchases and redemptions under our share repurchase program will diminish our cash reserves, which may adversely affect our financial position. 14 CRH FORM 10-K Early-Stage Business/Technology Investment CRH’s venture capital unit may fail to achieve expected commercial success and financial returns, and CRH may lose all or part of its investments in early-stage companies.
Any failure to properly manage the customization and/or deployment of these systems or this complex operating environment may result in additional costs being incurred, and/or delayed or eroded benefit realization. If we fail to make the required technological investments at the right time, we may lose competitive advantage and/or inhibit our ability to comply with evolving laws and/or regulations.
Any failure to properly manage the customization and/or deployment of these systems or this complex operating environment may result in additional costs being incurred and/or delayed or eroded benefit realization.
Taxation Charge and Balance Sheet Provisioning CRH is exposed to uncertainties stemming from governmental actions in respect of taxes paid or payable in the future in all jurisdictions of operation. In addition, various assumptions are made in the computation of the overall tax charge and in balance sheet provisions which may need to be adjusted over time.
In addition, various assumptions are made in the computation of the overall tax charge and in balance sheet provisions which may need to be adjusted over time.
Climate Change and Policy The impact of climate change may adversely affect CRH’s operations and cost base and the stability of markets in which the Company operates.
For additional information on the Company’s reserves position, see pages 21 to 25. 13 CRH FORM 10-K Climate Change and Policy The impact of climate change may adversely affect CRH’s operations and cost base and the stability of markets in which the Company operates.
From year to year, adverse changes in the exchange rates used to translate these and other foreign currencies into the reporting currency have impacted and will continue to impact consolidated results. 5 * * Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.
From year to year, adverse changes in the exchange rates used to translate these and other foreign currencies into the reporting currency have impacted and will continue to impact consolidated results. Goodwill Impairment CRH may be required to write-down its goodwill, which could have an adverse impact on the Company’s retained earnings.
If that happens, the market price of our ordinary shares could decline, and holders of our ordinary shares could lose all or part of their investment. This Annual Report on Form 10-K also contains forward-looking statements that involve risks and uncertainties.
If any of the possible events described below were to occur, the business, financial condition, and results of operations of the Company could be materially and adversely affected. If that happens, the market price of our Ordinary Shares could decline, and holders of our Ordinary Shares could lose all or part of their investment.
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There can be no assurance that the Company’s policies and procedures will afford adequate protection against compliance failures or other fraudulent and/or corrupt activities.
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If we fail to make the required technological investments at the right time, or fail to appropriately leverage emerging technologies, we may lose competitive advantage and/or inhibit our ability to comply with evolving laws and/or regulations.
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CRH Form 10-K 18 Goodwill Impairment CRH may be required to write-down its goodwill, which could have an adverse impact on the Company’s retained earnings. Significant underperformance in any of the Company’s major reporting units or the divestiture of businesses in the future may give rise to a material write-down of goodwill.
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See “Non-GAAP Reconciliation and Supplementary Information” on pages 35 to 38 for a reconciliation to the most directly comparable GAAP measure. 17 CRH FORM 10-K Taxation Charge and Balance Sheet Provisioning CRH is exposed to uncertainties stemming from governmental actions in respect of taxes paid or payable in the future in all jurisdictions of operation.
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We cannot guarantee that we will pay or maintain dividends at their current level, or effect other future returns of capital (including, without limitation, share repurchases).
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Relocation of Primary Listing CRH faces risks associated with the relocation of our primary listing. On September 25, 2023, CRH relocated the primary listing of its ordinary shares from the LSE to the NYSE. The Company has an international secondary listing on the LSE and accordingly our ordinary shares are now listed on both exchanges.
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As a result of the relocation of the primary listing CRH has ceased to be eligible for inclusion in certain UK and European equity indices. Following the transition to the NYSE, CRH has been added to the MSCI USA Equity Index, the S&P TMI Index and the Russell 1000 Equity Index.
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The Company aims to be included in other relevant equity indices for which it believes it is eligible, including the S&P 500 Index. Inclusion is however at the discretion of the respective index providers. There is a risk that the Company may not be admitted, which may adversely affect the price and liquidity of the ordinary shares.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe divisional chief information officers have in excess of 20 years of experience, on average, in IT-related and cybersecurity-related roles and, together with the CISO, hold a variety of recognized and specialized credentials related to cybersecurity and IT. CRH also maintains a Company-wide incident response function centered in our Group Information Security (GIS) team, led by the CISO.
Biggest changeThe CISO has 25 years of experience working in IT, including more than a decade spent in prior technical and senior management roles related to cybersecurity. 19 CRH FORM 10-K The Divisional chief information officers have in excess of 20 years of experience, on average, in IT-related and cybersecurity-related roles and, together with the CISO, hold a variety of recognized and specialized credentials related to cybersecurity and IT.
Item 1C. Cybersecurity Cybersecurity Risk Management and Strategy CRH leverages its Enterprise Risk Management (ERM) framework, which accords with internationally recognized standards, to identify, assess, respond, monitor and report material cybersecurity risks facing the Company. CRH manages cybersecurity risk at multiple levels within the Company.
Item 1C. Cybersecurity Cybersecurity Risk Management and Strategy CRH leverages its Enterprise Risk Management (ERM) framework, which accords with internationally recognized standards, to identify, assess, respond, monitor, manage, and report material cybersecurity risks facing the Company. CRH manages cybersecurity risk at multiple levels within the Company.
The Audit Committee receives updates at least annually from the Chief Information Security Officer (CISO) on the design and progress of key information security initiatives in addition to regular briefings on cybersecurity and management of cybersecurity-related risks from relevant members of management, including the Head of ERM and our CISO.
The Audit Committee receives updates at least annually from the Chief Information Security Officer (CISO) on the design and progress of key information security initiatives in addition to regular briefings on cybersecurity and management of cybersecurity-related risks from relevant members of management, including the Head of ERM and the CISO.
At the Group level, CRH conducts a semi-annual bottom-up risk assessment focused on CRH’s operating companies and business units, including cybersecurity-related risks, which evaluates the impact and likelihood of the identified cyber risks and the effectiveness of existing security measures, policies, and procedures.
At the Enterprise-level, CRH conducts a semi-annual bottom-up risk assessment focused on CRH’s operating companies and business units, including cybersecurity-related risks, which evaluates the impact and likelihood of the identified cyber risks and the effectiveness of existing security measures, policies, and procedures.
The Risk Committee meets quarterly with the Head of ERM to assess risks facing CRH, and, on an as-needed basis, meets with other members of CRH management regarding cybersecurity risks and developments. The Risk Committee also reviews the half-yearly risk updates that are provided to the Audit Committee prior to dissemination.
The Risk Committee meets quarterly with the Head of ERM to assess risks facing CRH, and, on an as-needed basis, meets with other members of CRH management regarding cybersecurity risks and developments. The Risk Committee also reviews the semi-annual risk updates that are provided to the Audit Committee prior to dissemination.
CRH Form 10-K 20 The Risk Committee, which is made up of our Chief Financial Officer, Group General Counsel, Chief Operating Officer and the Divisional Presidents of CRH Americas and CRH International, is the executive oversight body for risk management, including cybersecurity risks and the work of the CISO, GIS and related teams.
The Risk Committee, which is made up of our Chief Financial Officer, Chief Legal and Corporate Affairs Officer, Chief Operating Officer, and the Divisional Presidents of CRH Americas and CRH International, is the executive oversight body for risk management, including cybersecurity risks and the work of the CISO, GIS and related teams.
CRH has established the role of CISO to provide technical leadership on a day-to-day basis in assessing and managing the Company’s material cybersecurity risks and liaising with the chief information officers of CRH’s Divisions. Our CISO has 25 years of experience working in IT, including more than a decade spent in prior technical and senior management roles related to cybersecurity.
CRH has established the role of CISO to provide technical leadership on a day-to-day basis in assessing and managing the Company’s material cybersecurity risks and liaising with the chief information officers of CRH’s Divisions.
Recent updates from the CISO have focused on the Company’s information security strategy, ongoing security assessments and ongoing projects. The Audit Committee is responsible for updating the Board on identified risks related to cybersecurity.
Recent updates from the CISO have focused on cyber transformation, threats and trends, security assessments, cyber resilience initiatives, and awareness and training. The Audit Committee is responsible for updating the Board on identified risks related to cybersecurity.
The Audit Committee is currently made up of six independent directors with a range of relevant cybersecurity, information technology and operational technology experience.
The Board has delegated to the Audit Committee primary responsibility for oversight of cybersecurity risk management and the associated internal control systems. The Audit Committee is currently made up of six independent directors with a range of relevant cybersecurity, information technology, and operational technology experience.
These systems would include the use of vendor security questionnaires, vulnerability assessments and annual audits. CRH has not been subject to a cyber-attack that has had a material impact on our operations or financial results. For additional information, please refer to Item 1A. “Risk Factors”.
CRH has not been subject to a cyber-attack that has had a material impact on our operations or financial results. For additional information, please refer to Item 1A. “Risk Factors”. Cybersecurity Governance Our Board is responsible for strategy, risk, and governance, including oversight of risks from cybersecurity threats.
GIS responds to potential incidents across CRH in accordance with predetermined severity classifications.
CRH also maintains a Company-wide incident response function centered in our Group Information Security (GIS) team, led by the CISO. GIS responds to potential incidents across CRH in accordance with predetermined severity classifications.
Removed
Cybersecurity Governance Our Board is responsible for strategy, risk and governance, including oversight of risks from cybersecurity threats. The Board has delegated to the Audit Committee primary responsibility for oversight of cybersecurity risk management and the associated internal control systems.
Added
These systems would include the use of vendor security questionnaires, vulnerability assessments, and annual audits. The Company’s Internal Audit function conducts regular audits of our IT infrastructure and implementation of our Global Information Security Policy and related significant internal cyber initiatives as part of our governance, risk, and compliance framework.
Added
These internal audits include a structured assessment of the design and implementation of IT and security controls and assess the operation of our Information Security Management Systems (ISMS). The internal audit program evaluates the effectiveness of technical, operational, and administrative security controls, and identifies opportunities for continual improvement.
Added
Board-level responsibility for overseeing information security is further supported by our Cyber Security Council, which provides strategic direction, governance, and oversight of all information security matters. The Council operates with senior management representation and regularly reviews cyber‑risk, compliance obligations, and our security performance.
Added
This governance structure aims to ensure that information security priorities, risks, and improvements are consistently aligned with organizational objectives and regulatory expectations.

Item 2. Properties

Properties — owned and leased real estate

27 edited+2 added−7 removed16 unchanged
Biggest changeResources Measured Indicated Total Measured & Indicated Inferred Total Resources (i) (ii) Country Tons (iii) Grade: % by rock type Tons (iii) Grade: % by rock type Tons (iii) Grade: % by rock type Tons (iii) Grade: % by rock type Hard Rock Sand & Gravel Other Hard Rock Sand & Gravel Other Hard Rock Sand & Gravel Other Hard Rock Sand & Gravel Other Aggregates Americas Materials Solutions United States 1,014 92% 5% 3% 1,583 82% 17% 1% 2,597 86% 12% 2% 4,333 75% 23% 2% 6,930 Canada 354 94% 6% – — — — — 354 94% 6% – 96 100% – – 450 International Solutions Western Europe (UK, IE, FR, ES, DK, FI) (iv) 331 20% 80% – 571 80% 19% 1% 902 58% 42% – 403 92% 8% – 1,305 Central & Eastern Europe (RO, SK, CH) (iv) 248 76% 24% – 52 78% 22% – 300 76% 24% – 16 14% 86% – 316 Australia 26 100% – – 347 67% 33 % – 373 70% 30 % – 516 100 % – – 889 Subtotal 1,973 79% 19% 2% 2,553 79% 20% 1% 4,526 79% 20% 1% 5,364 78% 20% 2% 9,890 Cement Americas Materials Solutions United States 38 85% – 15% 40 93% – 7% 78 89% – 11% 316 100% — – 394 Canada 49 89% – 11% — — – — 49 89% – 11% — — — – 49 International Solutions Western Europe (UK, IE, FR, ES) (iv) 138 100% – – 62 90% – 10% 200 97% – 3% 47 95% 5% – 247 Central & Eastern Europe (DE, RO, SK, UA) (iv) 347 57% – 43% 205 71% – 29% 552 62% – 38% 115 100% – – 667 Australia 2 100% – – – – – – 2 100% – – 2 100% – – 4 Philippines – – – – – – – – – – – – 32 99% 1% – 32 Subtotal 574 72% – 28% 307 78% – 22% 881 74% – 26% 512 100% – – 1,393 Lime International Solutions Australia 71 82% 18% – 218 48% 52% – 289 56% 44% – 1 – 100% – 290 Subtotal 71 82% 18% – 218 48% 52% – 289 56% 44% – 1 – 100% – 290 Total 2,618 78% 15% 7% 3,078 77% 20% 3% 5,696 77% 18% 5% 5,877 80% 18% 2% 11,573 (i) CRH has no individually material mineral-bearing properties requiring individual property disclosure under Subpart 1300.
Biggest changeResources Measured Indicated Total Measured & Indicated Inferred Total Resources (i) (ii) Tons (iii) Grade: % by rock type Tons (iii) Grade: % by rock type Tons (iii) Grade: % by rock type Tons (iii) Grade: % by rock type Country Hard Rock Sand & Gravel Other Hard Rock Sand & Gravel Other Hard Rock Sand & Gravel Other Hard Rock Sand & Gravel Other Aggregates Americas Materials Solutions United States 1,184 93% 4% 3% 2,167 86% 13% 1% 3,351 88% 10% 2% 4,605 78% 20% 2% 7,956 Canada 332 90% 10% – 1 – 100% – 333 90% 10% – 106 100% – – 439 International Solutions Western Europe (UK, IE, FR, ES, DK, FI) (iv) 367 34% 66% – 547 81% 18% 1% 914 63% 37% – 398 93% 7% – 1,312 Central & Eastern Europe (RO, SK, CH) (iv) 217 84% 16% – 52 78% 22% – 269 83% 17% – 16 14% 86% – 285 Australia 303 99% 1% – 495 77% 23 % – 798 85% 15% – 516 100% – – 1,314 Subtotal 2,403 84% 15% 1% 3,262 84% 15% 1% 5,665 84% 15% 1% 5,641 81% 17% 2% 11,306 Cement Americas Materials Solutions United States 38 85% – 15% 40 93% – 7% 78 89% – 11% 316 100% – – 394 Canada 49 89% – 11% – – – – 49 89% – 11% – 100% – – 49 International Solutions Western Europe (UK, IE, FR, ES) (iv) 138 100% – – 62 90% – 10% 200 97% – 3% 47 95% 5% – 247 Central & Eastern Europe (DE, RO, SK, UA) (iv) 328 55% – 45% 205 71% – 29% 533 61% – 39% 115 100% – – 648 Australia 2 100% – – – – – – 2 100% – – – – – – 2 Philippines – – – – – – – – – – – – 32 99% 1% – 32 Subtotal 555 72% – 28% 307 77% – 23% 862 74% – 26% 510 99% 1% – 1,372 Lime International Solutions Australia 71 82% 18% – 218 21% 79% – 289 36% 64% – 1 – 100% – 290 Subtotal 71 82% 18% – 218 21% 79% – 289 36% 64% – 1 – 100% – 290 Total 3,029 82% 12% 6% 3,787 79% 18% 3% 6,816 80% 16% 4% 6,152 82% 16% 2% 12,968 (i) CRH has no individually material mineral-bearing properties requiring individual property disclosure under Subpart 1300.
The clinker (the key intermediate product in the manufacture of cement) capacity for our significant building material locations is set out in the table below: Country Number of Plants Average Clinker Capacity (tons per hour) Americas Materials Solutions South United States 4 602 West United States 6 780 Great Lakes United States, Canada 2 298 International Solutions Western Europe United Kingdom, Ireland, France 8 898 Central & Eastern Europe Poland, Ukraine, Romania, Slovakia 8 1,712 Australia Australia 2 204 Philippines Philippines 5 714 During 2024, CRH’s material cement kilns operated on average at 73% utilization.
The clinker (the key intermediate product in the manufacture of cement) capacity for our significant building material locations is set out in the table below: Country Number of Plants Average Clinker Capacity (tons per hour) Americas Materials Solutions South United States 4 602 West United States 6 780 Great Lakes United States, Canada 2 298 International Solutions Western Europe United Kingdom, Ireland, France 8 898 Central & Eastern Europe Poland, Ukraine, Romania, Slovakia 8 1,712 Australia Australia 2 204 Philippines Philippines 5 714 During 2025, CRH’s material cement kilns operated on average at 72% utilization.
In addition, to provide further assurance over the Company’s mineral reserves and resources reporting process, the Company’s Internal Audit function completed a limited scope review across a sample of material reporting entities on the operation of these internal controls as of December 31, 2024.
In addition, to provide further assurance over the Company’s mineral reserves and resources reporting process, the Company’s Internal Audit function completed a limited scope review across a sample of material reporting entities on the operation of these internal controls as of December 31, 2025.
There is no certainty that any of the resources disclosed on page 24 will be converted into reserves. Resources have not been fully assessed using modifying factors, however, an initial assessment has been completed in accordance with Subpart 1300. Internal Controls CRH has established appropriate governance processes to support the publication of our 2024 reserves and resources disclosures.
There is no certainty that any of the resources disclosed on page 23 will be converted into reserves. Resources have not been fully assessed using modifying factors, however, an initial assessment has been completed in accordance with Subpart 1300. Internal Controls CRH has established appropriate governance processes to support the publication of our 2025 reserves and resources disclosures.
(iv) The country and their respective codes are Denmark: DK, Finland: FI, France: FR, Germany: DE, Hungary: HU, Ireland: IE, Poland: PL, Romania: RO, Serbia: RS, Slovakia: SK, Spain: ES, Switzerland: CH, Ukraine: UA, United Kingdom: UK. CRH’s mineral reserves and resources are used predominantly for the production and sale of aggregates, cement and lime.
(iv) The countries and their respective codes are Croatia: HR, Denmark: DK, Finland: FI, France: FR, Germany: DE, Hungary: HU, Ireland: IE, Poland: PL, Romania: RO, Serbia: RS, Slovakia: SK, Spain: ES, Switzerland: CH, Ukraine: UA, United Kingdom: UK. CRH’s mineral reserves and resources are used predominantly for the production and sale of aggregates, cement and lime.
Some of these operating locations are located on the same sites as our mining properties described below under the heading “Mineral Reserves and Resources: Background”. Significant building materials operating locations for CRH’s subsidiaries, as of December 31, 2024, are the cement facilities in the United States, Canada, United Kingdom, Ireland, France, Poland, Ukraine, Romania, Slovakia, Australia and the Philippines.
Some of these operating locations are located on the same sites as our mining properties described below under the heading “Mineral Reserves and Resources: Background”. Significant building materials operating locations for CRH’s subsidiaries, as of December 31, 2025, are the cementitious facilities in the United States, Canada, United Kingdom, Ireland, France, Poland, Ukraine, Romania, Slovakia, Australia, and the Philippines.
These internal controls have been embedded into the local control environments and operate across the business, including controls at an operating company, divisional and Group level.
These internal controls have been embedded into the local control environments and operate across the business, including controls at an operating company, Divisional and Enterprise-level.
(iii) The country and their respective codes are Denmark: DK, Finland: FI, France: FR, Germany: DE, Hungary: HU, Ireland: IE, Poland: PL, Romania: RO, Serbia: RS, Slovakia: SK, Spain: ES, Switzerland: CH, Ukraine: UA, United Kingdom: UK. CRH Form 10-K 25 CRH Mineral-Bearing Locations l Represents the location of CRH’s mineral-bearing properties CRH Form 10-K 26
(iii) The countries and their respective codes are Croatia: HR, Denmark: DK, Finland: FI, France: FR, Germany: DE, Hungary: HU, Ireland: IE, Poland: PL, Romania: RO, Serbia: RS, Slovakia: SK, Spain: ES, Switzerland: CH, Ukraine: UA, United Kingdom: UK. 24 CRH FORM 10-K CRH Mineral-Bearing Locations l Represents the location of CRH’s mineral-bearing properties 25 CRH FORM 10-K
Remote properties such as offices, distribution facilities and readymixed concrete plants are not included. (ii) Years to depletion is based on the average of the three years’ 2022 to 2024 annualized extraction.
Remote properties such as offices, distribution facilities and readymixed concrete plants are not included. (ii) Years to depletion is based on the average of the three years’ 2023 to 2025 annualized extraction.
The Company’s reserves and resources disclosures may not be comparable to similar disclosures disclosed in accordance with the requirements of other countries and should be read in conjunction with the disclosures that follow on pages 23 to 26.
The Company’s reserves and resources disclosures may not be comparable to similar disclosures disclosed in accordance with the requirements of other countries and should be read in conjunction with the disclosures that follow on pages 22 to 25.
The table below presents, by segment and geographic location, the tons of proven and probable aggregates, cement and lime mineral reserves at December 31, 2024, and the related percentages by rock type.
The table below presents, by segment and geographic location, the tons of proven and probable aggregates, cement, and lime mineral reserves as of December 31, 2025, and the related percentages by rock type.
The Company’s estimate of 26,685 million tons of reserves, as disclosed on page 23 analyzed by rock type (Hard rock, Sand & Gravel and Other), are of recoverable stone, sand, and gravel of suitable quality for economic extraction, based on drilling and studies by the Company’s geologists and engineers.
The Company’s estimate of 27,519 million tons of reserves, as disclosed on page 22 analyzed by rock type (Hard rock, Sand & Gravel, and Other), are of recoverable stone, sand, and gravel of suitable quality for economic extraction, based on drilling and studies by the Company’s geologists and engineers.
None of CRH’s mineral-bearing properties are individually material to the Company as of December 31, 2024. A summary disclosure of CRH’s mining operations is provided on pages 23 to 26.
None of CRH’s mineral-bearing properties are individually material to the Company as of December 31, 2025. A summary disclosure of CRH’s mining operations is provided on pages 22 to 25.
CRH Form 10-K 21 Mineral Reserves And Resources Background CRH’s mineral reserves (reserves) and mineral resources (resources) for the production of primary building materials (which encompasses aggregates (crushed stone, sand and gravel), cement and lime, asphalt, readymixed concrete and concrete products) fall into a variety of categories spanning a wide number of rock types and geological classifications.
CRH has a continuing program of improvements and replacements of properties when considered appropriate to meet the needs of the individual operations. 20 CRH FORM 10-K Mineral Reserves and Resources Background CRH’s mineral reserves (reserves) and mineral resources (resources) for the production of primary building materials (which encompasses aggregates (crushed stone, sand and gravel), cement and lime, asphalt, readymixed concrete and concrete products) fall into a variety of categories spanning a wide number of rock types and geological classifications.
The average sales price for the period January 1, 2024, to October 31, 2024, for aggregates and cement was $18.5 and $135.4 per ton, respectively, for our Americas Materials Solutions’ businesses and $12.0 and $119.3 per ton, respectively, for our International Solutions’ businesses.
The average sales price for the period January 1, 2025 to October 31, 2025, for aggregates and cement was $19.0 and $140.5 per ton, respectively, for our Americas Materials Solutions’ businesses and $12.6 and $121.1 per ton, respectively, for our International Solutions’ businesses.
As of December 31, 2024, the Company has 1,296 mining properties with 246,058 acres of owned and 129,818 acres of leased land, respectively, as disclosed in the table on page 25 the locations of which are presented by geographic location in the maps on page 26.
As of December 31, 2025, the Company has 1,334 mining properties with 252,791 acres of owned and 128,651 acres of leased land, respectively, as disclosed in the table on page 24, the locations of which are presented by geographic location in the maps on page 25.
Condition CRH believes that all the facilities are in good condition, adequate for their purpose and suitably utilized according to the individual nature and requirements of the relevant operations. CRH has a continuing program of improvements and replacements of properties when considered appropriate to meet the needs of the individual operations.
Condition CRH believes that all the facilities are in good condition, adequate for their purpose and suitably utilized according to the individual nature and requirements of the relevant operations.
As of December 31, 2024, the Company’s reserves and resources estimations of 26,685 million tons and 11,573 million tons, respectively, as disclosed on pages 23 to 24, are calculated in accordance with Subpart 1300.
As of December 31, 2025, the Company’s reserves and resources estimations of 27,519 million tons and 12,968 million tons, respectively, as disclosed on pages 22 to 23, are calculated in accordance with Subpart 1300.
Many of CRH’s properties require separate permits from multiple authorities, including but not limited to environmental, mining, regional and national administrative authorities. The periods of validity and the conditions of these permits may be different.
Many of CRH’s properties require separate permits from multiple authorities, including but not limited to environmental, mining, regional and national administrative authorities. The periods of validity and the conditions of these permits may be different. Resources Resources are classified into three categories, inferred, indicated or measured resources, in order of increasing geological confidence.
CRH Form 10-K 23 The table below presents, by segment and geographic location, the tons of measured, indicated and inferred aggregates, cement and lime resources as of December 31, 2024, and the related percentage of these resources by rock type. CRH’s mineral resources in the table below are disclosed exclusive of mineral reserves.
These prices, which are used for estimation of both mineral reserves and resources, are impacted by product mix, geographic location, and foreign currency. 22 CRH FORM 10-K The table below presents, by segment and geographic location, the tons of measured, indicated, and inferred aggregates, cement, and lime resources as of December 31, 2025, and the related percentages of these resources by rock type.
Item 2. Properties As of February 13, 2025, we had a total of 3,816 operating locations: Americas Materials Solutions Americas Building Solutions International Solutions United States 1,608 307 10 Europe – 4 1,587 Rest of World 66 23 211 Total 1,674 334 1,808 Our building materials operating locations include product production facilities, mobile plants and retail facilities.
Item 2. Properties As of February 4, 2026, we had a total of 3,961 operating locations: Americas Materials Solutions Americas Building Solutions International Solutions United States 1,725 311 9 Europe – 4 1,596 Rest of World 65 22 229 Total 1,790 337 1,834 Our building materials operating locations include product production facilities, mobile plants, and retail facilities.
Country No. of Quarries /pits Surface acreage (acres) (i) Annualized extraction (millions of tons) Years to Depletion (ii) Owned Leased 2022 2023 2024 Aggregates Americas Materials Solutions United States 719 138,464 71,662 203.2 211.6 207.1 86 Canada 33 14,129 1,717 20.5 20.3 17.1 32 International Solutions Western Europe (UK, IE, FR, ES, DK, FI) (iii) 394 40,870 24,117 85.8 79.6 76.3 40 Central & Eastern Europe (PL, RO, SK, CH, HU) (iii) 38 2,807 1,213 11.3 10.9 12.3 43 Australia 24 9,518 1,858 – – 10.4 67 Philippines 1 – 440 – – – – Subtotal 1,209 205,788 101,007 320.8 322.4 323.2 Cement Americas Materials Solutions United States 11 22,233 2,647 10.1 11.6 11.8 91 Canada 2 1,053 17 2.2 3.4 2.2 70 International Solutions Western Europe (UK, IE, FR, ES) (iii) 18 7,060 556 14.2 15.2 10.8 42 Central & Eastern Europe (DE, PL, RO, RS, SK, CH, UA) (iii) 29 3,131 4,595 16.5 17.1 18.1 73 Australia 12 3,632 1,127 – – 2.8 53 Philippines 5 2,469 531 7.2 7.7 7.0 70 Subtotal 77 39,578 9,473 50.2 55.0 52.7 Lime International Solutions Australia 10 692 19,338 – – 3.7 47 Subtotal 10 692 19,338 – – 3.7 Total 1,296 246,058 129,818 371.0 377.4 379.6 (i) The disclosures in the table above include the surface area of infrastructure, process plants, waste piles, water storage, water treatment plants and boundary areas of CRH’s mineral-bearing properties.
Country No. of Quarries/pits Surface acreage (acres) (i) Annualized extraction (millions of tons) Years to Depletion (ii) Owned Leased 2023 2024 2025 Aggregates Americas Materials Solutions United States 736 136,345 69,519 211.6 207.1 204.5 88 Canada 33 14,295 1,717 20.3 17.1 17.5 35 International Solutions Western Europe (UK, IE, FR, ES, DK, FI) (iii) 385 41,099 23,768 79.6 76.3 78.2 41 Central & Eastern Europe (PL, RO, SK, CH, HU, HR) (iii) 44 2,991 1,486 10.9 12.3 14.9 43 Australia 48 16,217 3,063 – 10.4 9.4 104 Philippines 1 – 440 – – – – Subtotal 1,247 210,947 99,993 322.4 323.2 324.5 Cement Americas Materials Solutions United States 11 23,537 2,647 11.6 11.8 12.0 85 Canada 2 1,053 17 3.4 2.2 1.9 72 International Solutions Western Europe (UK, IE, FR, ES) (iii) 18 7,118 571 15.2 10.8 10.5 45 Central & Eastern Europe (DE, PL, RO, RS, SK, CH, UA) (iii) 29 3,343 4,529 17.1 18.1 17.2 72 Australia 12 3,632 1,025 – 2.8 2.4 57 Philippines 5 2,469 531 7.7 7.0 6.1 73 Subtotal 77 41,152 9,320 55.0 52.7 50.1 Lime International Solutions Australia 10 692 19,338 – 3.7 1.9 20 Subtotal 10 692 19,338 – 3.7 1.9 Total 1,334 252,791 128,651 377.4 379.6 376.5 (i) The disclosures in the table above include the surface area of infrastructure, process plants, waste piles, water storage, water treatment plants, and boundary areas of CRH’s mineral-bearing properties.
Almost exclusively, CRH utilizes surface mining and, with a very limited number of exceptions, CRH and its subsidiaries are the only operators of the properties.
Almost exclusively, CRH utilizes surface mining and, with a very limited number of exceptions, CRH and its operating companies are the only operators of the properties. Reserves Reserves are classified into two categories, probable reserves and proven reserves, in order of increasing geological confidence.
Reserves Proven Probable Total Reserves (i) (ii) Country Tons (iii) Grade: % by rock type Tons (iii) Grade: % by rock type Tons (iii) Grade: % by rock type Hard Rock Sand & Gravel Other Hard Rock Sand & Gravel Other Hard Rock Sand & Gravel Other Aggregates Americas Materials Solutions United States 8,067 76% 16% 8% 9,745 86% 8% 6% 17,812 81% 12% 7% Canada 456 70% 30% – 169 84% 16% – 625 74% 26% – International Solutions Western Europe (UK, IE, FR, ES, DK, FI) (iv) 1,993 82% 18% – 1,262 93% 7% – 3,255 86% 14% – Central & Eastern Europe (PL, RO, SK, CH, HU) (iv) 267 82% 18% – 232 51% 49% – 499 68% 32% – Australia 476 89% 11% – 227 95% 5% – 703 91% 9% – Philippines 54 100% – – 5 100% – – 59 100% – – Subtotal 11,313 78% 17% 5% 11,640 86% 9% 5% 22,953 82% 13% 5% Cement Americas Materials Solutions United States 745 98% – 2% 272 100% – – 1,017 98% – 2% Canada 159 100% – – 22 100% – – 181 100% – – International Solutions Western Europe (UK, IE, FR, ES) (iv) 407 96% – 4% 151 94% – 6% 558 96% – 4% Central & Eastern Europe (DE, PL, RO, RS, SK, CH, UA) (iv) 695 95% 1% 4% 563 85% 3% 12% 1,258 91% 2% 7% Australia 145 100% – – 1 – – 100% 146 99% – 1% Philippines 455 69% 7% 24% 58 84% – 16% 513 70% 6% 24% Subtotal 2,606 92% 2% 6% 1,067 91% 1% 8% 3,673 92% 1% 7% Lime International Solutions Australia 30 30% 70% – 29 94% 6% – 59 61% 39% – Subtotal 30 30% 70% – 29 94% 6% – 59 61% 39% – Total 13,949 80% 14% 6% 12,736 86% 8% 6% 26,685 83% 11% 6% (i) CRH has no individually material mineral-bearing properties requiring individual property disclosure under Subpart 1300.
Reserves Proven Probable Total Reserves (i) (ii) Tons (iii) Grade: % by rock type Tons (iii) Grade: % by rock type Tons (iii) Grade: % by rock type Country Hard Rock Sand & Gravel Other Hard Rock Sand & Gravel Other Hard Rock Sand & Gravel Other Aggregates Americas Materials Solutions United States 8,406 76% 17% 7% 9,938 85% 9% 6% 18,344 81% 12% 7% Canada 472 72% 28% – 174 86% 14% – 646 75% 25% – International Solutions Western Europe (UK, IE, FR, ES, DK, FI) (iv) 1,885 82% 18% – 1,307 93% 7% – 3,192 87% 13% – Central & Eastern Europe (PL, RO, SK, CH, HU, HR) (iv) 328 86% 14% – 213 53% 47% – 541 73% 27% – Australia 591 91% 9% – 442 91% 9% – 1,033 91% 9% – Philippines 54 100% – – 5 100% – – 59 100% – – Subtotal 11,736 78% 17% 5% 12,079 85% 10% 5% 23,815 82% 13% 5% Cement Americas Materials Solutions United States 736 98% – 2% 270 100% – – 1,006 98% – 2% Canada 157 100% – – 22 100% – – 179 100% – – International Solutions Western Europe (UK, IE, FR, ES) (iv) 410 96% – 4% 137 94% – 6% 547 96% – 4% Central & Eastern Europe (DE, PL, RO, RS, SK, CH, UA) (iv) 684 96% – 4% 577 89% 2% 9% 1,261 93% 1% 6% Australia 145 100% – – 1 – 100% – 146 99% 1% – Philippines 449 68% 7% 25% 58 84% – 16% 507 70% 6% 24% Subtotal 2,581 92% 1% 7% 1,065 93% 1% 6% 3,646 92% 1% 7% Lime International Solutions Australia 29 32% 68% – 29 97% 3% – 58 65% 35% – Subtotal 29 32% 68% – 29 97% 3% – 58 65% 35% – Total 14,346 81% 14% 5% 13,173 87% 8% 5% 27,519 83% 12% 5% (i) CRH has no individually material mineral-bearing properties requiring individual property disclosure under Subpart 1300.
(iv) The country and their respective codes are Denmark: DK, Finland: FI, France: FR, Germany: DE, Hungary: HU, Ireland: IE, Poland: PL, Romania: RO, Slovakia: SK, Spain: ES, Switzerland: CH, Ukraine: UA, United Kingdom: UK.
(iv) The countries and their respective codes are Denmark: DK, Finland: FI, France: FR, Germany: DE, Hungary: HU, Ireland: IE, Poland: PL, Romania: RO, Slovakia: SK, Spain: ES, Switzerland: CH, Ukraine: UA, United Kingdom: UK. 23 CRH FORM 10-K The table below outlines the number of facilities by segment and geographic location along with the annualized extraction (in millions of tons) for each of the three years ending December 31, 2025.
This is generally required to establish compliance with regulations on product qualities. Verification testing confirms geological maps prepared during earlier exploration programs; and • In the case of cement raw materials, facility laboratories participate in an externally managed annual review process with ISO 17025 accredited independent laboratories.
Verification testing confirms geological maps prepared during earlier exploration programs; and • In the case of cement raw materials, facility laboratories participate in an externally managed annual review process with ISO 17025 accredited independent laboratories. 21 CRH FORM 10-K When exploration programs are conducted, QA/QC measures include: • Ensuring that surface or drill sampling results in the highest quality sample possible.
The average sales price for lime within our International Solutions' businesses over this time period was $165.6 per ton. These prices, which are used for estimation of both mineral reserves and resources, are impacted by product mix, geographic location and foreign currency.
The average sales price for lime within our International Solutions' businesses over this time period was $161.5 per ton.
Removed
Reserves Reserves are defined in Subpart 1300 as “ an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project.
Added
This is generally required to establish compliance with regulations on product qualities.
Removed
More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted ”. Reserves are classified into two categories, probable and proven reserves, in order of increasing geological confidence.
Added
CRH’s mineral resources in the table below are disclosed exclusive of mineral reserves.
Removed
Resources A mineral resource is defined in Subpart 1300 as “ a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction.
Removed
A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable ”.
Removed
Resources are classified into three categories, inferred, indicated or measured resources, in order of increasing geological confidence.
Removed
CRH Form 10-K 22 When exploration programs are conducted, QA/QC measures include: • Ensuring that surface or drill sampling results in the highest quality sample possible.
Removed
CRH Form 10-K 24 The table below outlines the number of facilities by segment and geographic location along with the annualized extraction (in millions of tons) for each of the three years ending December 31, 2024.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

0 edited+0 added−1 removed1 unchanged
Removed
CRH has elected to use a $1 million threshold for disclosing certain proceedings under environmental laws to which a governmental authority is a party. Applying this threshold, there were no relevant legal proceedings to disclose for this period.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

1 edited+0 added−0 removed0 unchanged
Biggest changeItem 4. Mine Safety Disclosures The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd‐Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S‐K (17 CFR 229.104) is included in Exhibit 95 to this Annual Report on Form 10‐K. CRH Form 10-K 27 PART II
Biggest changeItem 4. Mine Safety Disclosures The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd‐Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S‐K (17 CFR 229.104) is included in Exhibit 95 to this Form 10‐K. 26 CRH FORM 10-K PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

14 edited+1 added−2 removed14 unchanged
Biggest changeIt is also U.S. Dollar for shareholders holding their ordinary shares in registered form, unless a currency election is registered with CRH’s Transfer Agent, Computershare Trust Company N.A. in advance of the applicable record date. The default payment currency for shareholders holding their ordinary shares in the form of Depository Interests is euro.
Biggest changeDividends are paid wholly in cash. The default payment currency is U.S. Dollar for shareholders who hold their Ordinary Shares through a DTC participant. It is also U.S. Dollar for shareholders holding their Ordinary Shares in registered form, unless a currency election is registered with CRH’s Transfer Agent, Computershare Trust Company N.A., in advance of the applicable record date.
CAT is levied at a rate of 33% above certain tax-free thresholds. Shareholders in the United States should consult their own tax advisers as to whether CAT is creditable or deductible in computing U.S. tax liabilities. Stamp Duty: Transfer of our ordinary shares other than via transfer of book-entry interests in the DTC may be subject to Irish stamp duty.
CAT is levied at a rate of 33% above certain tax-free thresholds. Shareholders in the United States should consult their own tax advisers as to whether CAT is creditable or deductible in computing U.S. tax liabilities. Stamp Duty: Transfer of our Ordinary Shares other than via transfer of book-entry interests in DTC may be subject to Irish stamp duty.
Dividends on our ordinary shares that are owned by residents of the United States and held beneficially through the Depositary Trust Company (DTC), will not be subject to DWT provided that the address of the beneficial owner of the ordinary shares in the records of the broker is in the United States.
Dividends on our Ordinary Shares that are owned by residents of the United States and held beneficially through the Depository Trust Company (DTC) will not be subject to DWT provided that the address of the beneficial owner of the Ordinary Shares in the records of the broker is in the United States.
It is not being filed for purposes of Section 18 of the Exchange Act, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. Recent Sales Of Unregistered Securities None.
It is not being filed for purposes of Section 18 of the Exchange Act, and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or under the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
As of February 13, 2025, there were approximately 15,000 holders of record of our ordinary shares. Irish Taxation of U.S. Holders The following is a general summary of the main Irish tax considerations applicable to the purchase, ownership and disposition of our ordinary shares by U.S. holders.
As of February 4, 2026, there were approximately 14,350 holders of record of our Ordinary Shares. Irish Taxation of U.S. Holders The following is a general summary of the main Irish tax considerations applicable to the purchase, ownership and disposition of our Ordinary Shares by U.S. holders.
In the fourth quarter of 2024, the Company returned a further $0.3 billion of cash to shareholders through the repurchase of 2,672,603 ordinary shares (equivalent to 0.4% of the Company’s issued share capital). This brought total cash returned to shareholders under the Program to $8.4 billion since its commencement in May 2018.
In the fourth quarter of 2025, the Company returned a further $0.3 billion of cash to shareholders through the repurchase of 2,108,172 Ordinary Shares (equivalent to 0.3% of the Company’s issued share capital as of December 31, 2025). This brought total cash returned to shareholders under the Program to $9.6 billion since its commencement in May 2018.
Such shareholders can elect to receive dividends in U.S. Dollar or Pound Sterling by providing their instructions to the Company’s Depositary Interest provider, Computershare Investor Services plc, in advance of the applicable record date.
The default payment currency for shareholders holding their Ordinary Shares in the form of Depository Interests is euro. Such shareholders can elect to receive dividends in U.S. Dollar or Pound Sterling by providing their instructions to the Company’s Depositary Interest provider, Computershare Investor Services plc, in advance of the applicable record date.
The purchases in the fourth quarter of 2024 were completed under the following tranches: Date Announced Max Amount to be Repurchased (in $ millions) Expiry Date August 8, 2024 (Tranche 22) 300 November 6, 2024 November 7, 2024 (Tranche 23) 300 February 26, 2025
The purchases in the fourth quarter of 2025 were completed under the following tranches: Date Announced Max Amount to be Repurchased (in $ millions) Expiration Date August 6, 2025 (Tranche 26) 300 November 5, 2025 November 5, 2025 (Tranche 27) 300 February 17, 2026
CRH Form 10-K 28 Share Performance Graph The performance graph below compares the five-year cumulative total shareholder return of our ordinary shares from December 31, 2019, to December 31, 2024, with the cumulative total return for the same period of the S&P 500 Index and the S&P 500 Materials Index.
“Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” of this Form 10-K. 27 CRH FORM 10-K Share Performance Graph The performance graph below compares the five-year cumulative total shareholder return of our Ordinary Shares from December 31, 2020 to December 31, 2025, with the cumulative total return for the same period of the S&P 500 Index and the S&P 500 Materials Index.
In line with this dividend growth strategy, and our strong financial position, the Board approved dividends totaling $1.40 per share in respect of 2024, a 5% increase on the prior year (2023: $1.33), broken into quarterly dividends of $0.35 per share being paid on April 17, 2024, June 26, 2024, September 25, 2024, and December 18, 2024, respectively.
In line with the Company's policy of consistent long-term dividend growth and supported by its strong financial position, the Board approved dividends totaling $1.48 per share in respect of 2025, a 5.7% increase on the prior year (2024: $1.40), broken into quarterly dividends of $0.37 per share being paid on April 16, 2025, June 25, 2025, September 24, 2025, and December 16, 2025, respectively.
Securities Authorized For Issuance Under Equity Compensation Plans Our equity compensation plan information required by this item is incorporated by reference to the information in Part III, Item 12. “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” of this Annual Report on Form 10-K.
Securities Authorized For Issuance Under Equity Compensation Plans Our equity compensation plan information required by this item is incorporated by reference to the information in Part III, Item 12.
CRH Form 10-K 29 Issuer Purchases of Equity Securities Period (a) Total Number of Shares Purchased (b) Average Price Paid per Share (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (i) (d) Maximum Number of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs October 1 – October 31, 2024 1,073,950 $91.62 1,073,950 51,818,930 November 1 – November 30, 2024 796,638 $99.93 796,638 49,385,302 December 1 – December 31, 2024 802,015 $97.82 802,015 48,583,287 Total 2,672,603 2,672,603 (i) In May 2018, CRH announced its intention to introduce a share repurchase program to repurchase ordinary shares (the ‘Program’).
Recent Sales of Unregistered Securities None. 28 CRH FORM 10-K Issuer Purchases of Equity Securities Period (a) Total Number of Shares Purchased (b) Average Price Paid per Share (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (i) (d) Maximum Number of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs October 1 – October 31, 2025 671,015 $118.66 671,015 62,808,207 November 1 – November 30, 2025 740,757 $113.76 740,757 59,431,900 December 1 – December 31, 2025 696,400 $124.84 696,400 58,735,500 Total 2,108,172 2,108,172 (i) In May 2018, CRH announced its intention to introduce a share repurchase program to repurchase Ordinary Shares (the ‘Program’).
Comparative Total Return ($) 2019 2020 2021 2022 2023 2024 CRH plc 100.00 109.10 138.65 107.72 195.14 265.20 S&P 500 100.00 118.39 152.34 124.73 157.48 196.85 S&P 500 Materials 100.00 120.73 153.67 134.80 151.71 151.66 The performance graph above is being furnished solely to accompany this Annual Report on Form 10-K pursuant to Item 201(e) of Regulation S-K.
Comparative Total Return ($) 2020 2021 2022 2023 2024 2025 CRH 100.00 127.08 98.73 178.86 243.08 332.63 S&P 500 100.00 128.68 105.36 133.03 166.28 195.98 S&P 500 Materials 100.00 127.28 111.66 125.67 125.62 138.85 The performance graph above is being furnished solely to accompany this Form 10-K pursuant to Item 201(e) of Regulation S-K.
Dividend Policy CRH has paid dividends on its ordinary shares each fiscal year since the formation of the Company in 1970. Dividends are paid to shareholders on the Register of Members on the record date for the dividend. The Board continues to believe that a policy of consistent long-term dividend growth is appropriate for the Company.
Dividend Policy CRH has paid dividends on its Ordinary Shares each fiscal year since the formation of the Company in 1970. While we currently expect a dividend to be paid in the future, future dividend payments (and amounts thereof) will depend on our earnings, capital requirements, financial condition, and other factors considered relevant by our Board.
Removed
The potential for stamp duty could adversely affect the price of our ordinary shares.
Added
Dividends are paid to registered shareholders on the record date for the dividend.
Removed
It is proposed to pay a quarterly dividend of $0.37 per share on April 16, 2025 to shareholders registered at the close of business on March 14, 2025 in respect of the first quarter of 2025. Dividends are paid wholly in cash. The default payment currency is U.S. Dollar for shareholders who hold their ordinary shares through a DTC participant.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

127 edited+49 added−87 removed38 unchanged
Biggest changeReconciliation to its nearest GAAP measure is presented below: in $ millions, except share and per share data 2024 Per Share - basic 2023 Per Share - basic 2022 Per Share - basic Weighted average common shares outstanding – basic 683.3 723.9 758.3 Income from continuing operations 3,521 $5.15 3,072 $4.24 2,699 $3.56 Net (income) attributable to redeemable noncontrolling interests (28) ($0.04) (28) ($0.04) (27) ($0.03) Net (income) loss attributable to noncontrolling interests (1) – 134 $0.19 – – Adjustment of redeemable noncontrolling interests to redemption value (34) ($0.05) (24) ($0.03) 40 $0.05 Income from continuing operations for EPS 3,458 $5.06 3,154 $4.36 2,712 $3.58 Impairment of property, plant and equipment and intangible assets 161 $0.24 224 $0.30 – – Impairment of equity method investments (net of tax) 151 $0.22 – – – – Tax related to impairment charges (26) ($0.04) (9) ($0.01) – – Income from continuing operations for EPS – pre-impairment (i) 3,744 $5.48 3,369 $4.65 2,712 $3.58 (i) Reflective of CRH’s share of impairment of property, plant and equipment and intangible assets (2024: $161 million; 2023: $224 million), an impairment of equity method investments (2024: $190 million; 2023: $nil million) and related tax effect.
Biggest changeReconciliation 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.
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 unrealized gain/loss on investments, income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component.
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 .
(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 issuance. (iv) Purchase obligations include contracted-for capital expenditure.
(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.
The Com pany 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.
Th e Com pany 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.
The liabilities and costs associated with the Company’s defined benefit pension schemes (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.
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.
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 schemes may exhibit significant period-on-period volatility attributable primarily to changes in bond yields and longevity.
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.
Basic EPS pre‑impairment: Basic 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 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.
These performance 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.
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 key assumptions, methodology used and values applied to each of the key assumptions for these reporting units are in line with those outlined above (a 30-year annuity period has been used). The two reporting units have an aggregate goodwill of $254 million at the date of testing.
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.
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 31.
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.
Dollar and Euro Commercial Paper Programs, and committed credit lines, is expected to be sufficient to meet the Company’s working capital needs, capital expenditures, dividends, share repurchases, upcoming debt maturities, and other liquidity requirements associated with our operations for the foreseeable future.
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.
The discount rates employed in determining the present value of the schemes’ 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.
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.
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 expenditures or capital resources that may be material to investors.
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.
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 21 “Pension and other postretirement benefits” in Item 8. “Financial Statements and Supplementary Data”.
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”.
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 Annual Report on Form 10-K.
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.
Intercompany balances and transactions within the Obligor Group have been eliminated in the summarized financial information overleaf. 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.
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.
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* 1.2% and 2.1% Reduction in long-term growth rate 1.2% and 1.6% Increase in pre-tax discount rate 1.0% and 1.3% Pension and other postretirement benefits Costs arising in respect of the Company’s defined contribution pension schemes are charged to the Consolidated Statements of Income in the period in which they are incurred.
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.
Projected cash flows beyond the initial evaluation period have been extrapolated using real growth rates ranging from 1.7% in the Americas, 0.6% to 3.0% in Europe 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.
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.
Basic 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 information presented on a pre‑impairment basis is useful to investors as it provides an insight into the Company's underlying performance and profitability.
Dollar Commercial Paper Program and $0.3 billion of outstanding issued notes on the Euro Commercial Paper Program. The purpose of these programs is to provide short-term liquidity.
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.
Basis of presentation The following summarized financial information reflects, on a combined basis, the Balance Sheet as of December 31, 2024, and the Income Statement for the year ended December 31, 2024, of CRH America and CRH plc, which guarantees the registered debt; collectively the ‘Obligor Group’.
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’.
(ii) Lease liabilities are presented on an undiscounted basis as detailed in Note 12 “Leases” in Item 8. “Financial Statements and Supplementary Data”.
(ii) Lease liabilities are presented on an undiscounted basis as detailed in Note 11 “Leases” in Item 8. “Financial Statements and Supplementary Data”.
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 - www.crh.com ).
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 ).
The impairment evaluation is a critical accounting policy because goodwill is material to our total assets (as of December 31, 2024, 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 financial year.
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.
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.
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.
Basic EPS pre‑impairment is calculated as income from continuing operations adjusted for (i) net (income) attributable to redeemable noncontrolling interests (ii) net loss (income) 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 weighted average number of common shares outstanding for the year.
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.
The increase in Net Debt* between 2024 and 2023 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 and proceeds from divestitures .
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.
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” section on pages 37 to 39, 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.
“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.
Dollar weakened against most major currencies during 2024 resulting in an overall positive currency exchange impact in 2024.
Dollar weakened against most major currencies during 2025 resulting in an overall positive currency exchange impact in 2025.
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. This sensitivity analysis represents management’s assessment of the economic environment in which these reporting units operate.
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.
CRH continued its ongoing share buyback program in 2024 repurchasing 15.9 million ordinary shares for a total consideration of $1.3 billion, and in 2023 54.9 million ordinary shares were repurchased for total consideration of $3.0 billion. The Company also made cash dividend payments of $1.7 billion in 2024 and $0.9 billion in 2023.
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.
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 European Union and United Kingdom Emissions Trading Systems.
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.
Guarantees The Company has given letters of guarantee to secure obligations of subsidiary undertakings as follows: $13.1 billion in respect of loans and borrowings, bank advances and derivative obligations, compared with $11.3 billion in 2023, and $0.4 billion in respect of letters of credit due within one year, compared with $0.4 billion in 2023.
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.
At December 31, 2024, maturities for the next four quarters and for the next five years are as follows: 2025 Debt Maturities First Quarter $1.6 billion Second Quarter $1.3 billion Third Quarter – Fourth Quarter – 2025-2029 Debt Maturities 2025 $2.9 billion 2026 $1.9 billion 2027 $1.4 billion 2028 $1.5 billion 2029 $1.3 billion Unsecured senior notes The main sources of Company debt funding are debt capital markets in North America and Europe.
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 m arkets in North America and Europe.
Cash proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) amounted to $1.4 billion in 2024, compared with $0.1 billion in 2023. The total revenues impact of divestitures in 2024 was a negative $0.7 billion and the impact at an Adjusted EBITDA level was a negative $0.2 billion. The U.S.
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.
CRH Form 10-K 47 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.
“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.
CRH Form 10-K 35 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 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.
International After a resilient 2024, the outlook for 2025 in our International markets remains underpinned by government and EU funding for the infrastructure sector, which typically fluctuates less than residential and non-residential sectors.
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.
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 $5.0 billion in 2024, compared with $0.7 billion in 2023. Acquisitions completed in 2024 and 2023 contributed incremental total revenues of $1.6 billion and Adjusted EBITDA of $0.3 billion in 2024.
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.
Any adjustments to assets acquired or liabilities assumed beyond the measurement period, unless as a result of an error, are recorded through earnings. For additional information about business combinations and purchase price allocations, including details of provisional purchase price allocations at the balance sheet date, see Note 4 “Acquisitions” in Item 8. “Financial Statements and Supplementary Data”.
Any adjustments to assets acquired or liabilities assumed beyond the measurement period, unless as a result of an error, are recorded through earnings. 43 CRH FORM 10-K 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.
Aided by the IIJA, U.S. highway contract awards remained at elevated levels in 2024, underpinning a positive outlook for 2025 as state budgets reflect the need for increased public infrastructure funding for highways and bridges.
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.
CRH Form 10-K 44 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, 2024, there was $1.2 billion of outstanding issued notes on the U.S.
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.
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 with maturity in May 2029. See Note 11 “Debt” in Item 8.
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.
Selling, general and administrative expenses 2024 versus 2023 Selling, general and administrative (SG&A) expenses, which are primarily comprised of haulage costs, labor costs, and other selling and administration expenses, were $7.9 billion in 2024, an increase of $0.4 billion, or 5%, compared with 2023.
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 Americas Building Solutions segment manufactures, supplies and delivers high-quality building products and solutions. The International Solutions segment integrates building materials, product and services for the construction and renovation of public infrastructure, critical networks, commercial and residential buildings, and outdoor living spaces. The table below summarizes CRH’s Consolidated Statements of Income for the periods indicated.
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.
Our operating results depend upon economic cycles, seasonal and other weather‐related conditions, and trends in government expenditures, 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 a leading provider of building materials that build, connect and improve our world.
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.
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 unrealized gain/loss on investments, income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component.
Adjusted EBITDA: Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortiz ation, Lo ss on impairment s, gain/loss on divestitures and investments, I ncome/loss from equity method investments, substantial acquisition-related costs, and pension expense/income excluding current service cost component.
The non-GAAP performance measures as summarized below should not be viewed in isolation or as an alternative to the equivalent 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.
Assuming normal seasonal weather patterns and absent any major dislocations in the political or macroeconomic environment, CRH’s leading positions of scale in attractive higher-growth markets, together with our strong and flexible balance sheet, are expected to underpin another year of growth and value creation in 2025. 7 * Represents a non-GAAP measure.
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.
See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42. 17 CRH Form 10-K 46 (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 (90.3) (1.7) 95.7 4.1 Other postretirement benefits (2.8) (0.2) 2.9 0.3 Expected return on plan assets – (7.1) – 7.1 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.
See “Non-GAAP Reconciliation and Supplementary Information” on pages 35 to 38 for a reconciliation to the most directly comparable GAAP measure. 13 42 CRH FORM 10-K (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.
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 a stabilizing factor in some of our larger markets. Non-Residential In 2024, approximately 30% of revenues were derived from non-residential construction.
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.
Reconciliation to its nearest GAAP measure is presented below : in $ millions 2024 2023 2022 Short and long-term debt (13,968) (11,642) (9,636) Cash and cash equivalents (i) 3,720 6,390 5,936 Finance lease liabilities (257) (117) (81) Derivative financial instruments (net) (27) (37) (86) Net Debt (10,532) (5,406) (3,867) (i) 2023 includes $49 million cash and cash equivalents reclassified as held for sale.
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.
(iii) Represents expenses associated with non-routine substantial acquisitions, which meet the criteria for being separately reported in Note 4 “Acquisitions” of the audited financial statements. Expenses in 2024 and in 2022 primarily include legal and consulting expenses related to these non-routine substantial acquisitions.
(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.
CRH Form 10-K 39 Non-GAAP Reconciliation and Supplementary Information CRH uses a number of non-GAAP performance 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 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.
Development review In 2024, CRH completed 40 acquisitions for a total consideration of $5.0 billion. The largest acquisition in 2024 was in Americas Materials Solutions where CRH acquired an attractive portfolio of cement and readymixed concrete operations and assets in Texas, for a total consideration of $2.1 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, Americas Materials Solutions completed a further 20 acquisitions and Americas Building Solutions completed 10 acquisitions for a total 2024 spend in the Americas of $3.8 billion. International Solutions completed nine acquisitions 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.
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.
CRH Form 10-K 48 The summarized Income Statement information is as follows: in $ millions For the year ended December 31, 2024 Income from continuing operations before income tax expense and income from equity method investments (i) 1,051 - of which relates to transactions with non-obligor subsidiaries 1,183 Net income for the financial year – all of which is attributable to equity holders of the Company 1,050 - of which relates to transactions with non-obligor subsidiaries 1,183 (i) Revenue and Gross Profit for the Obligor Group for the year ended December 31, 2024, amounted to $nil.
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.
Infrastructure In 2024, approximately 35% of revenues were derived from infrastructure. Americas Our North American businesses expect positive momentum in infrastructure activity, underpinned by robust state and federal funding, and supported by the IIJA which was signed into law in November 2021.
“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 principal construction markets, for all segments, are infrastructure, including highways, streets, roads and bridges; non-residential, including construction and maintenance of critical infrastructure, manufacturing, commercial, warehouse and data center facilities; and residential, including new-build construction, and repair and remodel activity, of single and multi-family housing. See ‘Business Segment Information’ in Item 1. “Business” for details by segment.
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; a nd residential, including new-build construction, and repair and remodel activity, of single and multi-family housing.
Cash flows from investing activities For the years ended December 31 in $ millions 2024 2023 2022 Net cash used in investing activities (6,291) (2,391) (917) 2024 versus 2023 Net cash used in investing activities increased to $6.3 billion in 2024 from $2.4 billion in 2023, an increase of $3.9 billion.
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.
Income tax expense for the three-year period from 2022 to 2024 is shown below: in $ millions, except effective tax rate 2024 2023 2022 Income from continuing operations before income tax expense and income from equity method investments 4,714 4,014 3,461 Income tax expense (1,085) (925) (762) Effective tax rate 23% 23% 22% 2024 versus 2023 In 2024, the Company’s income tax expense was $1.1 billion, an increase of $0.2 billion compared with 2023.
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 Comp any’s Income tax expense was $1,041 million, a decrease of $44 million compared with 2024.
Reconciliation to its nearest GAAP measure is presented below: in $ millions 2024 2023 2022 Net income 3,521 3,072 3,889 Income from discontinued operations, net of income tax expense – – (1,190) Loss from equity method investments (i) 108 17 – Income tax expense 1,085 925 762 (Gain) loss on divestitures and unrealized gains on investments (ii) (250) – 99 Pension income excluding current service cost component (ii) (7) (3) (30) Other interest, net (ii) (1) 5 – Interest expense 612 376 344 Interest income (143) (206) (65) Depreciation, depletion and amortization 1,798 1,633 1,552 Loss on impairments (i) 161 357 – Substantial acquisition-related costs (iii) 46 – 27 Adjusted EBITDA 6,930 6,176 5,388 Total revenues 35,572 34,949 32,723 Net income margin 9.9 % 8.8 % 11.9 % Adjusted EBITDA margin 19.5% 17.7% 16.5% (i) 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.
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.
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 management’s perspective regarding operational and financial performance for fiscal years 2024, 2023 and 2022. This MD&A should be read in conjunction with the Consolidated Financial Statements in Item 8.
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.
Cash flows Cash flows from operating activities For the years ended December 31 in $ millions 2024 2023 2022 Net cash provided by operating activities 4,989 5,017 3,800 2024 versus 2023 Net cash provided by operating activities was $5.0 billion in 2024, in line with $5.0 billion in 2023.
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.
Supplemental Guarantor Information Guarantor financial information As of December 31, 2024, CRH plc (the 'Guarantor') has fully and unconditionally guaranteed $300 million 6.400% Senior Notes due 2033 (i) (the '6.400% Notes') issued by CRH America, Inc.
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.
At December 31, 2024, CRH had cash and cash equivalents and restricted cash of $3.8 billion compa red with $6.4 billion in 2023 and $5.9 billion in 2022. Total lease liabilities were $1.6 billion compared with $1.5 billion in 2023 and $1.3 billion in 2022.
As of December 31, 2025, CRH had cash and cash equivalents and restricted cash of $4.1 billion compa red with $3.8 billion in 2024. Total lease liabilities were $2.1 billion compared with $1.6 billion in 20 24 . As of December 31, 2025, CRH had $4.3 billion of undrawn committed facilities available until 2030.
Capital allocation highlights: • Cash paid to shareholders in 2024 through dividends was $1.7 billion and through share buybacks was $1.3 billion, compared with $0.9 billion and $3.0 billion, respectively, in 2023, and $0.9 billion and $1.2 billion, respectively, in 2022; • Full year dividend per share increase of 5% resulting in a dividend per share of $1.40 in 2024, from $1.33 in 2023 and $1.27 in 2022; • Ongoing share buyback program in 2024 repurchased approximately 15.9 million ordinary shares for a total consideration of $1.3 billion, compared with $3.0 billion in 2023 and $1.2 billion in 2022; and • 40 acquisitions completed for a total consideration of $5.0 billion in 2024, compared with $0.7 billion in 2023 and $3.3 billion in 2022.
A further $2.7 billion was inve sted in growth and maintenance c apital 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 bil lion, 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.
CRH Form 10-K 33 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, cement, readymixed concrete and asphalt, as well as providing paving and construction services.
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.
Consolidated Statements of Income 8 (in $ millions, except per share data) For the years ended December 31 2024 2023 2022 Total revenues 35,572 34,949 32,723 Total cost of revenues (22,871) (22,986) (21,908) Gross profit 12,701 11,963 10,815 Selling, general and administrative expenses (7,852) (7,486) (7,056) Gain on disposal of long-lived assets 237 66 50 Loss on impairments (161) (357) – Operating income 4,925 4,186 3,809 Interest income 143 206 65 Interest expense (612) (376) (344) Other nonoperating income (expense), net 258 (2) (69) Income from continuing operations before income tax expense and income from equity method investments 4,714 4,014 3,461 Income tax expense (1,085) (925) (762) Loss from equity method investments (108) (17) – Income from continuing operations 3,521 3,072 2,699 Income from discontinued operations, net of income tax expense – – 1,190 Net income 3,521 3,072 3,889 Net (income) attributable to redeemable noncontrolling interests (28) (28) (27) Net (income) loss attributable to noncontrolling interests (1) 134 – Net income attributable to CRH 3,492 3,178 3,862 Basic earning per share attributable to CRH from continuing operations $5.06 $4.36 $3.58 Basic earning per share attributable to CRH from continuing operations - pre-impairment* $5.48 $4.65 $3.58 Adjusted EBITDA* 6,930 6,176 5,388 Total revenues 2024 versus 2023 Total revenues were $35.6 billion in 2024, an increase of $0.6 billion, or 2%, comp ared with 2023, with resilient underlying demand in key end-use markets, continued commercial progress and contributions from acquisitions partly offset by lower activity levels in certain regions due to adverse weather and divestitures.
Consolidated Statements of Income 9 (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%, comp ared with 2024 , driven by favorable end-market demand, disciplined commercial execution and contributions from acquisitions .
These expenditures for replacement and new projects are in the ordinary course of business and will be financed from internal resources. (v) These retirement benefit commitments comprise the contracted payments related to our pension schemes in the United Kingdom.
These expenditures for replacement and new projects are in the ordinary course of business and will be financed from internal resources.
The summarized Balance Sheet information is as follows: As of December 31, 2024 Current assets 610 Current assets – of which is due from non-obligor subsidiaries 307 Noncurrent assets 3,446 Noncurrent assets – of which is due from non-obligor subsidiaries 3,446 Current liabilities 4,145 Current liabilities – of which is due to non-obligor subsidiaries 2,890 Noncurrent liabilities 758 CRH Form 10-K 49
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 44 CRH FORM 10-K
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) loss on divestitures and unrealized gains on 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.
(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.
Other nonoperating income (expense), net 2024 versus 2023 Other nonoperating income (expense), net, was income of $258 million in 2024, an increase of $260 million compared with 2023. 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.
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.
CRH Form 10-K 37 Americas Building Solutions 2024 Analysis of Change in $ millions 2023 Currency Acquisitions Divestitures Organic 2024 % change Total revenues 7,017 (4) +193 – (147) 7,059 +1% Adjusted EBITDA 1,442 (2) +34 – (85) 1,389 (4%) Adjusted EBITDA margin 20.6% 19.7% In 2024, Americas Building Solutions' total revenues were 1% ahead of the prior year as positive contributions from acquisitions were partially offset by subdued new-build residential demand and adverse weather.
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.
Interest on drawings on the Company's RCF are based upon Euro Interbank Offer Rate (EURIBOR) for euro drawings, the Secured Overnight Financing Rate (SOFR) for U.S. Dollar drawings, Sterling Overnight Index Average (SONIA) for Pound Sterling drawings and the Swiss Average Rate Overnight (SARON) for Swiss Franc drawings, respectively.
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 wa s undrawn.
See Note 11 “Debt” in Item 8. “Financial Statements and Supplementary Data” for further details regarding our debt obligations. In May 2024, wholly-owned subsidiaries of the Company completed the issuance and sale of $750 million 5.20% Senior Notes due 2029 and $750 million 5.40% Senior Notes due 2034.
See Note 10 “Debt” in Item 8. “Financial Statements and Supplementary Data” for further details regarding our debt obligations. I n 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.
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; partially offset by divestitures. 2023 versus 2022 SG&A expenses were $7.5 billion in 2023, an increase of $0.4 billion, or 6%, compared with 2022.
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.
See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42. CRH Form 10-K 32 Market Backdrop CRH’s results can be impacted by trends and factors in the wider construction markets it is exposed to.
Market Backdrop CRH’s results can be impacted by trends and factors in the wider construction markets it is exposed to.
As a result of the aging U.S. housing stock, repair and remodel activity is expected to be less subdued than new-build activity in the near-term. 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.
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.
Financial performance highlights: CRH delivered another record performance in 2024 resulting in the following performance highlights (compared to 2023 and 2022): • Total revenues increased to $35.6 billion, compared with $34.9 billion in 2023 and $32.7 billion in 2022; • Net inc ome increased to $3.5 billi on compared with $3.1 billion in 2023, primarily due to higher gross profit along with higher gains on disposal of long-lived assets and divestitures.
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 inc ome increased to $3.8 billi on compared with $3.5 billion in 2024.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeFor fixed rate debt instruments, interest rate changes affect the fair market value but do not impact earnings or cash flows. Conversely, for floating rate debt instruments, interest rate changes generally do not affect the fair market value of the instrument but impact future earnings and cash flows, assuming that other factors are held constant.
Biggest changeConversely, for floating rate debt instruments, interest rate changes generally do not affect the fair market value of the instrument but impact future earnings and cash flows, assuming that other factors are held constant. Cash balances are held on short-term deposits and changing interest rates will impact deposit interest income earned.
Where appropriate, the Company also has a number of derivative hedging programs in place to hedge commodity risks, with the aim of the programs being to neutralize variability in the Consolidated Statements of Income arising from changes in associated commodity indices. The timeframe for such programs can be up to four years. * Represents a non-GAAP measure.
Where appropriate, the Company also has a number of derivative hedging programs in place to hedge commodity risks, with the aim of the programs being to neutralize variability in the Consolidated Statements of Income arising from changes in associated commodity indices. The timeframe for such programs can be up to three years. * Represents a non-GAAP measure.
Financial risk management at the Company seeks to minimize the negative impact of foreign exchange, interest rate and commodity price fluctuations on the Company’s earnings, cash flows and equity. Management provides oversight for risk management and derivative activities, determines certain of the Company’s financial risk policies and objectives, and provides guidelines for derivative instrument utilization.
The Company’s financial risk management seeks to minimize the negative impact of foreign exchange, interest rate and commodity price fluctuations on the Company’s earnings, cash flows and equity. Management provides oversight for risk management and derivative activities, determines certain of the Company’s financial risk policies and objectives, and provides guidelines for derivative instrument utilization.
At December 31, 2024, the Company had fixed rate debt of $10.8 billion and floating rate debt of $3.5 billion, representing 76% and 24%, respectively, of total debt, including overdrafts, finance leases and the impact of derivatives.
As of December 31, 2024, the Company had fixed rate debt of $10.8 billion and floating rate debt of $3.5 billion, representing 76% and 24%, respectively, of total debt, including overdrafts, finance leases and the impact of derivatives.
Foreign Exchange Rates Risk 18 CRH’s exchange rate exposures result primarily from its investments and ongoing operations in countries outside of the United States and other business transactions such as the procurement of products and equipment from foreign sources.
Foreign Exchange Rate Risk 14 CRH’s exchange rate exposures result primarily from its investments and ongoing operations in countries outside of the United States and other business transactions such as the procurement of products and equipment from foreign sources.
Sensitivity to interest rate moves At December 31, 2024, the before-tax earnings and cash flows impact of a 100 bps increase in interest rates, including the offsetting impact of derivatives, on the variable rate cash and debt portfolio would be approximately $2 million favorable ($37 million favorable in 2023).
Sensitivity to interest rate moves As of December 31, 2025, the before-tax earnings and cash flows impact of a 100 bps increase in interest rates, including the offsetting impact of derivatives, on the variable rate cash and debt portfolio would be approximately $24 million favorable ($2 million favorable in 2024).
The Company’s interest rate swaps at December 31, 2024, whereby the Company swaps from floating interest rates to fixed interest rates, were $0.2 billion, compared to $nil billion as at December 2023.
The Company’s interest rate swaps as of December 31, 2025, whereby the Company swaps from floating interest rates to fixed interest rates, were $nil billion, compared to $0.2 billion as of December 2024.
The Company’s interest rate swaps at December 31, 2024, whereby the Company swaps from fixed interest rates to floating interest rates, were $1.4 billion, compared to $1.4 billion as of December 31, 2023.
The Company’s interest rate swaps as of December 31, 2025, whereby the Company swaps from fixed interest rates to floating interest rates, were $0.5 billion, compared to $1.4 billion as of December 31, 2024.
Cash and cash equivalents and restricted cash at December 31, 2024, were $3.8 billion, compared to $6.4 billion at December 31, 2023, which was all held on short-term deposits and investments.
Cash and cash equivalents and restricted cash as of December 31, 2025, were $4.1 billion, compared to $3.8 billion as of December 31, 2024, which was all held on short-term deposits and investments.
Dollar equivalent gross notional amount of the Company’s foreign exchange forward contracts was $4.6 billion at December 31, 2024, compared to $1.6 billion at December 31, 2023. Holding all other variables constant, if there were a 10% weakening in foreign currency exchange rates versus U.S.
Dollar equivalent gross notional amount of the Company’s foreign exchange forward contracts was $4.3 billion as of December 31, 2025, compared to $4.6 billion as of December 31, 2024. Holding all other variables constant, if there were a 10% weakening in the exchange rate and value of the U.S.
At December 31, 2023, the Company had fixed rate debt of $9.1 billion and floating rate debt of $2.7 billion, representing 77% and 23%, respectively, of total debt, including overdrafts, finance leases and the impact of derivatives.
As of December 31, 2025, the Company had fixed rate debt of $16.6 billion and floating rate debt of $1.6 billion, representing 91% and 9%, respectively, of total debt, including overdrafts, finance leases and the impact of derivatives.
Under these arrangements, the Company agrees to exchange, at specified intervals, the difference between fixed and benchmark floating interest rates calculated by reference to an agreed-upon notional principal amount.
The Company uses interest rate swaps to convert a portion of its fixed rate debt to floating rate and these may be designated and qualify as fair value hedges. Under these arrangements, the Company agrees to exchange, at specified intervals, the difference between fixed and benchmark floating interest rates calculated by reference to an agreed-upon notional principal amount.
The following discussion presents the sensitivity of the market value, earnings and cash flows of the Company’s financial instruments to hypothetical changes in interest and exchange rates assuming these changes occurred at December 31, 2024. Interest Rate Risk CRH may be impacted by interest rate volatility with respect to existing debt and future debt issuances as well as cash balances.
The following discussion presents the sensitivity of the market value, earnings and cash flows of the Company’s financial instruments to hypothetical changes in interest and exchange rates assuming these changes occurred as of December 31, 2025.
See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42. 18 CRH Form 10-K 50
See “Non-GAAP Reconciliation and Supplementary Information” on pages 35 to 38 for a reconciliation to the most directly comparable GAAP measure. 14 45 CRH FORM 10-K
Dollar for the portfolio, the fair market value of foreign currency contracts outstanding at December 31, 2024, would decrease by approximately $86 million (at December 31, 2023, would increase by approximately $2 million), which would be largely offset by a loss on the foreign currency fluctuation of the underlying exposure being hedged.
Dollar versus the other foreign currencies across the portfolio, the fair market value of foreign currency contracts outstanding as of December 31, 2025, would increase by approximately $201 million (as of December 31, 2024, would decrease by approximately $86 million), with an offsetting movement in the hedged foreign currency exposure.
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Cash balances are held on short-term deposits and changing interest rates will impact deposit interest income earned. The Company uses interest rate swaps to convert a portion of its fixed rate debt to floating rate and these may be designated and qualify as fair value hedges.
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Interest Rate Risk CRH may be impacted by interest rate volatility with respect to existing debt and future debt issuances as well as cash balances. For fixed rate debt instruments, interest rate changes affect the fair market value but do not impact earnings or cash flows.