CRH PUBLIC LTD CO
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 26, 2025
CRH$94.81-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-02-29.
0001628280-24-007773
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2024-12-31; filed 2025-02-26.
0001628280-25-008179
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 264 previous paragraphs and 263 current paragraphs.
102 unchanged; 83 reworded; 72 added; 79 removed; 0 previous and 6 current paragraphs rearranged.
Tables are not compared: 23 previous and 22 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (72)
Current report
•Net income increased to $3.5 billion compared with $3.1 billion in 2023, primarily due to higher gross profit along with higher gains on disposal of
Current report
long-lived assets and divestitures. Net income was $3.9 billion in 2022. Adjusted EBITDA* increased to $6.9 billion in 2024 from $6.2 billion in 2023. In 2022 Adjusted EBITDA* was $5.4 billion;
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pre-impairment* from continuing operations was $5.48 in 2024, $4.65 in 2023 and $3.58 in 2022.
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Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.
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In 2024, CRH completed 40 acquisitions for a total consideration of $5.0 billion.
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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. 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.
Current report
We expect positive underlying demand across our key end-use markets in 2025, underpinned by significant public investment in critical infrastructure, combined with increased re-industrialization activity in key non-residential segments. This backdrop is expected to support overall demand levels and further positive pricing across our business.
Current report
Our North American businesses expect continued positive momentum in infrastructure activity, supported by robust state and federal funding. Non-residential activity continues to benefit from secular tailwinds in key growth areas. Although the residential sector continues to be supported by strong long-term demand fundamentals, the new-build segment is expected to remain subdued while repair and remodel activity remains resilient.
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In our International operations, we expect infrastructure activity to be underpinned by government and EU funding. Non-residential construction continues to be aided by onshoring of supply chains and industrial manufacturing activity. Residential markets are expected to stabilize with structural demand fundamentals supporting a gradual recovery.
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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.
Current report
The non-residential sector outlook remains mixed in our International markets in 2025. Having declined in 2024, construction activity is expected to grow in Eastern Europe, underpinned by improving economic fundamentals. In the United Kingdom, construction confidence improved steadily through 2024 although sentiment remains subdued in other markets. Non-residential activity in the Division remains supported by increased efforts to onshore manufacturing activity via government stimulus measures.
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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.
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Consolidated Statements of Income 8
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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.
Current report
Gross profit was $12.7 billion in 2024, an increase of $0.7 billion, or 6%, compared with 2023, reflecting total revenues growth of 2%, with total cost of revenues 1% lower. The gross profit margin of 35.7% increased 150bps from 34.2% in the prior year, driven by commercial progress, ongoing cost control and operational efficiencies. Total cost of revenues decreased primarily as a result of an 18% decrease in energy costs due to a decline in energy prices, lower activity levels and divestitures. These were partly offset by an increase in labor costs of 6% driven by wage inflation and increased headcount due to acquisitions.
Current report
Gain on disposal of long-lived assets was $237 million in 2024, an increase of $171 million compared with 2023. The increase mainly related to the disposal of certain land assets.
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Interest income was $143 million in 2024, a decrease of $63 million compared with 2023, primarily due to lower levels of cash deposits.
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Interest expense was $612 million in 2024, an increase of $236 million, or 63%, compared with 2023. The increase was primarily due to higher gross debt balances and increased interest rates. For additional information on new fixed rate debt issuance, see Note 11 “Debt” in Item 8. “Financial Statements and Supplementary Data”.
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Other nonoperating income (expense), net
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Loss from equity method investments
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Income from continuing operations in 2024 amounted to $3.5 billion, an increase of $0.4 billion on 2023. This result was primarily driven by higher gross profit along with higher gains on divestitures and disposal of long-lived assets, which offset higher interest and SG&A expenses.
Current report
Income from discontinued operations, net of income tax expense was $nil million in both 2024 and 2023.
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Net income attributable to CRH was $3.5 billion in 2024, an increase of $0.3 billion from 2023. Basic EPS from continuing operations for 2024 was $5.06, an increase of 16% on 2023. Basic EPS pre-impairment* from continuing operations for 2024 was $5.48, an increase of 18% on 2023.9
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Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.9
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During the fourth quarter of 2024, the Company's reportable segments changed to the following three segments: Americas Materials Solutions, Americas Building Solutions, and International Solutions; across two Divisions: CRH Americas and CRH International.
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Americas Materials Solutions’ total revenues were 5% ahead of the prior year as price increases and contributions from acquisitions offset lower activity levels which were impacted by adverse weather. Organic total revenues* were 1% ahead.
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In Essential Materials, total revenues were 5% ahead of the prior year, supported by aggregates and cement pricing, which were ahead by 10% and 8%, respectively. Aggregates volumes declined by 3% while cement volumes increased by 1% compared to 2023.
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In Road Solutions, total revenues increased by 5% driven by pricing progression and sustained activity levels through continued state and federal funding support. Asphalt prices increased by 3% while volumes, impacted by weather, declined 2% against 2023. Paving and construction revenues increased 5% versus the prior year. Readymixed concrete pricing was 6% higher than the prior year, while volumes were 1% ahead.
Current report
Adjusted EBITDA for Americas Materials Solutions of $3.7 billion was 22% ahead of the prior year with growth across all regions. Positive pricing, disciplined cost management and operational efficiencies along with gains on land asset sales offset lower volumes in certain markets. Organic Adjusted EBITDA* was 18% ahead of 2023. Adjusted EBITDA margin increased by 340bps.
Current report
11* Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.
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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. Organic total revenues* were 2% behind the prior year.
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In Building & Infrastructure Solutions, total revenues were 2% ahead of the prior year as contributions from acquisitions offset lower activity levels due to adverse weather conditions and subdued new-build residential demand.
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In Outdoor Living Solutions, total revenues were flat compared with 2023 as unfavorable weather conditions offset increased sales into the retail channel.
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Adjusted EBITDA for Americas Building Solutions was 4% behind 2023 and 6% behind on an organic* basis as adverse weather and subdued new-build residential demand impacted performance. Adjusted EBITDA margin was 90bps behind the prior year.
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Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.12
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International Solutions’ total revenues were 1% behind the prior year. Organic total revenues* were 4% behind as positive pricing momentum and good volume growth in Central and Eastern Europe were offset by lower volumes in Western Europe as well as lower trading activities in the Building & Infrastructure Solutions and Outdoor Living Solutions businesses.
Current report
In Essential Materials, total revenues were 2% behind as continued pricing progress and contributions from acquisitions were offset by the divestiture of the European Lime operations. Aggregates volumes were 3% ahead of 2023 with cement volumes 5% ahead, supported by good growth in Central and Eastern Europe as well as recent acquisitions. Aggregates pricing was 4% ahead and overall cement pricing was 3% ahead of 2023.
Current report
In Road Solutions, total revenues were 2% ahead of 2023. Volumes and prices were ahead in the readymixed concrete business by 8% and 3%, respectively, benefiting from volume growth in Central and Eastern Europe as well as acquisitions in the period. Asphalt volumes and pricing declined 2% and 1%, respectively. Paving and construction revenues were behind 2023 due to lower activity levels in Western Europe.
Current report
Total revenues in Building & Infrastructure Solutions and Outdoor Living Solutions declined by 6% compared with the prior year, amid continued subdued new-build residential activity.
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Adjusted EBITDA in International Solutions was $1.8 billion, 7% ahead of 2023, and 8% ahead on an organic* basis, primarily driven by increased pricing, lower energy costs and operational efficiencies. Adjusted EBITDA margin increased by 120bps compared with 2023.
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Removed paragraphs (79)
Previous report
Effective January 1, 2023, the Company transitioned from International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS) to accounting principles generally accepted in the United States (U.S. GAAP). The accompanying MD&A, including all periods presented, has been presented and analyzed under U.S. GAAP. This MD&A should be read in conjunction with the Consolidated Financial Statements in Part II, Item 8. “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K.
Previous report
•Net income decreased to $3.1 billion compared with $3.9 billion in 2022, primarily due to the income from discontinued operations, net of income tax expense, of $1.2 billion in 2022. Net income was $2.7 billion in 2021. Adjusted EBITDA* increased to $6.2 billion in 2023 from $5.4 billion in 2022. In 2021 Adjusted EBITDA* was $4.8 billion;
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Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 38 to 40.
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CRH Form 10-K 28
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In November 2023, CRH agreed to acquire an attractive portfolio of cement and readymixed concrete assets and operations in Texas for a total consideration of $2.1 billion. The transaction was completed in February 2024. In 2023, CRH also entered into an agreement to divest its lime operations in Europe for $1.1 billion. The transaction was structured in three phases. The first phase of the divestiture, comprising CRH’s lime operations in Germany, Czech Republic and Ireland, completed in January 2024.
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The largest acquisition in 2021 was in our Americas Materials Solutions segment where the Company completed its acquisition of Angel Brother Enterprises, a vertically-integrated asphalt paving business in Texas. In addition, Americas Materials Solutions completed a further seven acquisitions and Americas Building Solutions completed six acquisitions in the United States, for a total 2021 spend in the Americas of $1.4 billion. The Europe Materials Solutions segment completed four acquisitions and Europe Building Solutions completed one acquisition for a total 2021 spend in Europe of $0.1 billion.
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The largest divestiture in 2021 was the divestiture of the Brazilian operations by the Americas Materials Solutions segment for consideration of $0.2 billion. A further ten divestitures were completed across CRH, realizing total proceeds of $0.3 billion.
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Overall, we expect a favorable market backdrop and continued positive pricing momentum in 2024 driven by significant infrastructure investment and re-industrialization activity across our key markets in North America and Europe.
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Our operations in North America are expected to benefit from increased infrastructure activity underpinned by strong federal and state funding, while investments in critical manufacturing and clean energy initiatives are expected to support key non-residential segments. New-build residential activity is expected to remain subdued in 2024 due to ongoing affordability constraints arising from the current interest rate environment, while residential repair and remodel activity is expected to remain resilient.
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In Europe, we expect to benefit from positive pricing, disciplined cost control and good underlying demand in infrastructure and key non-residential markets which are supported by government and EU funding initiatives, while residential construction activity is expected to remain subdued.
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CRH Form 10-K 29
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Assuming normal seasonal weather patterns and no major dislocations in the macroeconomic environment, CRH remains well positioned for another year of growth in 2024 as we continue to execute our uniquely integrated and value-added solutions strategy, supported by the strength and flexibility of our balance sheet and disciplined approach to capital allocation. 8
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Europe
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Europe
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In Europe, the non-residential construction sector outlook remains mixed in 2024. Construction confidence remains subdued however activity is underpinned by increased efforts to onshore manufacturing activity due to the European Chips Act.
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Europe
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The European businesses are more heavily exposed to the new-build residential sector, and the residential sector remains subdued with residential building permits declining.
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CRH Form 10-K 30
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In Americas Materials Solutions, total revenues in Essential Materials and Road Solutions increased by 10% and 7%, respectively. In Americas Building Solutions, total revenues in Building & Infrastructure Solutions increased by 6% and total revenues in Outdoor Living Solutions increased by 18%.
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In Europe Materials Solutions, in Essential Materials, total revenues finished 5% ahead of 2022 while Road Solutions total revenues were 2% ahead. In Europe Building Solutions, total revenues in Building & Infrastructure Solutions decreased by 3% and total revenues in Outdoor Living Solutions increased by 4%.
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Total revenues were $32.7 billion, an increase of $3.5 billion, or 12%, compared with 2021, reflecting price increases offsetting lower volumes compared with the prior year.
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In Americas Materials Solutions, Essential Materials total revenues increased by 9% and Road Solutions total revenues increased by 19%. In Americas Building Solutions, total revenues in Building & Infrastructure Solutions increased by 63% and total revenues in Outdoor Living Solutions increased by 20%.
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In Europe Materials Solutions, in Essential Materials, total revenues finished 1% behind 2021 while Road Solutions total revenues were flat. In Europe Building Solutions, total revenues in Building & Infrastructure Solutions increased by 5% and total revenues in Outdoor Living Solutions decreased by 4%.9
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Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 38 to 40.9
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Gross profit was $10.8 billion in 2022, an increase of $1.0 billion, or 10%, compared with 2021. This reflected total revenues growth of 12%, with total cost of revenues increasing by 13% as a result of higher levels of cost inflation. The gross profit margin of 33.1%, decreased 50bps from 33.6% in the prior year as total cost of revenues increased in an inflationary environment. Total cost of revenues increased primarily as a result of raw materials costs increasing by 17%, due to supply chain constraints and cost inflation. Energy costs increased 39%, resulting from global energy cost inflation, and subcontractor costs increasing 16%, as a result of higher volumes and cost inflation. Labor expenses included in total costs of revenues also increased by 6% due to wage inflation driven by labor shortages and increased headcount.
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SG&A expenses were $7.1 billion in 2022, an increase of $0.5 billion, or 8%, compared with 2021. The increase in SG&A expenses were primarily due to haulage cost increases of 8%, driven by fuel cost inflation and driver & truck shortages, and a 1% increase in labor expenses as a result of labor cost inflation and increased headcount.
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Gain on disposal of long-lived assets was $50 million in 2022, an increase of $12 million compared with 2021, primarily due to disposals of land and buildings.
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Higher interest rates on deposits resulted in interest income of $65 million in 2022 compared with $nil interest income in 2021.
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Interest expense was $344 million in 2022, an increase of $29 million, or 9%, compared with 2021. The increase was primarily due to increased interest rates payable on borrowings.
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Other nonoperating (expense) income, net
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Other nonoperating (expense) income, net was an expense of $69 million in 2022, compared to income of $90 million in 2021. This movement was primarily driven by a loss on divestitures of $99 million in 2022 compared to a gain of $78 million in 2021, partly offset by pension-related movements of $21 million.
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The Company’s income tax expense was $762 million for 2022, an increase of $112 million compared with 2021. The effective tax rate attributable to continuing operations was 22% for 2022 compared with 21% for 2021. The increase in the effective tax rate compared with prior year was primarily due to the tax impact of divestitures during the period as well as changes in the statutory tax rate in the United Kingdom and the Philippines, and movements on provisions for uncertain tax positions.
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(Loss) income from equity method investments
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In 2022, income from equity method investments was $nil, a reduction of $55 million compared with prior year. This was primarily as a result of the performance of Yatai Building Materials in China where activity levels were negatively impacted by Covid-19 restrictions.
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Income from continuing operations in 2022 amounted to $2.7 billion, an increase of $0.2 billion on prior year.
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Income from discontinued operations, net of income tax expense on the divestiture of the Building Envelope business, which was completed in April 2022, amounted to $1.2 billion. For 2021, income from discontinued operations, net of income tax expense amounted to $0.2 billion.
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Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 38 to 40.10
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Net income attributable to CRH plc was $3.9 billion in 2022, an increase of $1.2 billion from 2021. This increase was driven by the divestiture of the Building Envelope business, which accounted for a movement of $1.0 billion between 2022 and 2021, and increased income from continuing operations of $0.2 billion compared with 2021. Basic EPS from continuing operations was $3.58 per share for 2022, and $3.12 per share for 2021. Basic EPS pre-impairment* from continuing operations for 2022 was $3.58.
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Effective January 1, 2023, CRH restructured into two Divisions, CRH Americas and CRH Europe. As a result, CRH’s segments increased from three to the following four segments: Americas Materials Solutions, Americas Building Solutions, Europe Materials Solutions and Europe Building Solutions.
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Americas Materials Solutions’ total revenues were 15% ahead of 2021, 12% on an organic* basis, driven primarily by price progression across all lines of business which was partly offset by lower volumes impacted by unfavorable weather.
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Reworded paragraphs (83)
Previous wording
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 2023, 2022 and 2021.
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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. “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K.
Previous wording
The following discussion contains trend information and forward-looking statements. Actual results could differ materially from those discussed in these forward-looking statements, as well as from our historical performance, due to various factors, including, but not limited to, those discussed in “Risk Factors” and “Forward-Looking Statements – Safe Harbor Provisions Under The Private Securities Litigation Reform Act Of 1995” and elsewhere in this Annual Report on Form 10-K. Our operating results depend upon economic cycles, seasonal and other weather‐related conditions, and trends in government expenditures, 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.
Current wording
The following discussion contains trend information and forward-looking statements. Actual results could differ materially from those discussed in these forward-looking statements, as well as from our historical performance, due to various factors, including, but not limited to, those discussed in Item 1A “Risk Factors” and “Forward-Looking Statements – Safe Harbor Provisions Under The Private Securities Litigation Reform Act Of 1995” and elsewhere in this Annual Report on Form 10-K. 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.
Previous wording
CRH is a leading provider of building materials solutions that build, connect and improve our world. Since formation in 1970, CRH has evolved from being a supplier of base materials to providing end-to-end value-added solutions that solve complex construction challenges for our customers. CRH works closely with the customer across the entire project lifecycle from planning, design, manufacture, installation and maintenance through to end-of-life recycling, using our engineering and innovation expertise to provide superior materials, products and services.
Current wording
CRH is a leading provider of building materials that build, connect and improve our world. Since formation in 1970, CRH has evolved from being a supplier of base materials to solving complex construction challenges for our customers. CRH’s differentiated solutions strategy uniquely integrates materials, products and services across the construction value chain, better serving our customers’ needs and driving repeat business. This customer-connected approach is making construction simpler, safer and more sustainable.
Previous wording
The Company integrates essential materials (aggregates and cement), value-added building products as well as construction services, to provide our customers with complete end-to-end solutions. CRH’s capabilities, innovation and technical expertise enable it to be a valuable partner for transportation and critical utility infrastructure projects, complex non-residential construction and outdoor living solutions.
Current wording
CRH integrates essential materials (aggregates and cement), value-added building products as well as construction services, to provide our customers with complete solutions. CRH’s capabilities, innovation and technical expertise enable it to be a valuable partner for transportation and critical infrastructure projects, complex non-residential construction and outdoor living solutions.
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•Total revenues increased to $34.9 billion, compared with $32.7 billion in 2022 and $29.2 billion in 2021;
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•Total revenues increased to $35.6 billion, compared with $34.9 billion in 2023 and $32.7 billion in 2022;
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•Net income margin was 8.8% in 2023, 11.9% in 2022 and 9.2% in 2021. Adjusted EBITDA margin* was 17.7% in 2023, an increase of 120 basis points (bps) compared with an Adjusted EBITDA margin* of 16.5% in 2022. In 2021, the Adjusted EBITDA margin* was 16.5%;
Current wording
•Net income margin was 9.9% in 2024, 8.8%in 2023 and 11.9% in 2022. Adjusted EBITDA margin* was 19.5% in 2024, an increase of 180 basis points (bps) compared with an Adjusted EBITDA margin* of 17.7% in 2023. In 2022, the Adjusted EBITDA margin* was 16.5%;
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•Operating cash flow 5 of $5.0 billion was ahead of 2022 operating cash flow of $3.8 billion and ahead of 2021 operating cash flow of $4.0 billion; 6
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•Operating cash flow 5 of $5.0 billion was in line with 2023 operating cash flow of $5.0 billion and ahead of 2022 operating cash flow of $3.8 billion; 6
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•Return on Net Segment Assets were 14.4% in 2023, 13.1% in 2022 and 11.8% in 2021. Return on Net Assets (RONA)* increased by 200bps to 15.3% in 2023, from 13.3% in 2022. RONA* was 12.7% in 2021; and
Current wording
•Return on Net Segment Assets was 15.3% in 2024, 14.4% in 2023 and 13.1% in 2022. Return on Net Assets (RONA)* increased by 20bps to 15.5% in 2024, from 15.3% in 2023. RONA* was 13.3% in 2022; and
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•Basic Earnings Per Share (EPS) from continuing operations in 2023 was $4.36 compared with $3.58 in 2022 and $3.12 in 2021. Basic EPS pre-impairment* from continuing operations was $4.65 in 2023, $3.58 in 2022 and $3.12 in 2021.
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•Basic Earnings Per Share (EPS) from continuing operations in 2024 was $5.06 compared with $4.36 in 2023 and $3.58 in 2022. Basic EPS
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•Cash paid to shareholders in 2023 through dividends was $0.9 billion and through share buybacks was $3.0 billion, compared with $0.9 billion and $1.2 billion, respectively, in 2022, and $0.9 billion and $0.9 billion, respectively, in 2021;
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•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
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•Full year dividend per share increase of 5% resulting in a dividend per share of $1.33 in 2023, from $1.27 in 2022 and $1.21 in 2021;
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•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;
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•Ongoing share buyback program in 2023 repurchased approximately 54.9 million ordinary shares for a total consideration of $3.0 billion, compared with $1.2 billion in 2022 and $0.9 billion in 2021; and
Current wording
•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
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•22 acquisitions completed for total consideration of $0.7 billion in 2023, compared with $3.3 billion in 2022 and $1.5 billion in 2021. A further $1.8 billion was invested in development and replacement capital expenditure projects in 2023, compared with $1.5 billion and $1.6 billion in 2022 and 2021, respectively.
Current wording
•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 $2.6 billion was inve sted in development and replacement capital expenditure projects in 2024, compared with $1.8 billion and $1.5 billion in 2023 and 2022, respectively.
Previous wording
CRH continues to evolve its business to improve performance, deliver for its stakeholders and respond to the ever-changing needs of its customers. CRH’s differentiated solutions strategy enables it to realize its vision to develop sustainable solutions that build, connect and improve our world. CRH has a specific set of capabilities in the markets in which it operates along with decades of experience and deep customer relationships. CRH leverages its scale and best practice across the Company to provide value-added materials, products and services as end-to-end solutions that solve complex problems for its customers.
Current wording
CRH continues to evolve its business to improve performance, deliver for its stakeholders and respond to the ever-changing needs of its customers. Our strategy enables CRH to realize our vision to develop sustainable solutions that build, connect and improve our world. CRH has a specific set of capabilities in the markets in which it operates along with decades of experience and deep customer relationships. CRH leverages its scale and best practices across the Company to provide value-added materials, products and services as construction solutions that solve complex problems for its customers.
Previous wording
These solutions allow us to create further value for our customers by combining our products, materials and services which drives commercial and operational benefits. We can leverage production and logistics efficiencies to drive increased profitability and asset utilization. We can reduce waste and advance the sustainability of construction. We believe it also makes our business less capital-intensive and drives a higher rate of return delivering superior long-term value and higher growth for shareholders.
Current wording
These solutions allow us to create further value for our customers by combining our products, materials and services which drive commercial and operational benefits. This connected portfolio allows us to leverage production and logistics efficiencies to drive increased profitability and asset utilization. We can reduce waste and advance the sustainability of construction. We believe it also makes our business less capital intensive and drives a higher rate of return delivering superior long-term value and higher growth for shareholders.
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5 Operating cash flow refers to net cash provided by operating activities as reported in the Consolidated Statements of Cash Flows on pages 54 to 55.6
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5 Operating cash flow refers to net cash provided by operating activities as reported in the Consolidated Statements of Cash Flows on pages 56 to 57.6
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Through its differentiated strategy, CRH has shaped its business to capitalize on the attractive fundamentals driving demand in high growth construction markets in North America and Europe.
Current wording
Through the successful execution of its strategy, CRH has shaped its business to capitalize on the attractive fundamentals driving demand in higher-growth construction markets in North America, Europe and Australia.
Previous wording
Differentiated strategy: Our differentiated strategy is focused on uniquely integrating materials, products and services across the construction value chain. We leverage our scale, expertise and best practice to provide end-to-end solutions that solve complex problems for our customers. We utilize specific expertise in areas such as materials science, design and engineering to innovate and create new products. This allows us to do more for our customers and help deliver a higher performing and more sustainable built environment.
Current wording
Customer-connected solutions strategy: Our differentiated strategy is focused on uniquely integrating materials, products and services across the construction value chain. We leverage our scale, expertise and best practices to provide sustainable solutions that solve complex problems for our customers. We utilize specific expertise in areas such as materials science, design and engineering to innovate and create new products. This allows us to do more for our customers and help deliver a higher performing and more sustainable built environment.
Previous wording
Performance-focused operator: CRH has the ability to leverage its high performing assets in the most attractive markets which has resulted in our record 2023 results with a 7% increase in total revenues, 32% increase in operating cash flow, and 22% higher basic EPS from continuing operations, with basic EPS from continuing operations 30% higher on a pre-impairment*7 basis. These results are underpinned by a differentiated strategy delivered by an experienced management team with deep industry experience and a proven track record of consistent financial and operational delivery.
Current wording
Performance-focused operator: CRH has the ability to leverage its connected portfolio of assets in the most attractive markets and this has resulted in our record 2024 results with 12% increase in Adjusted EBITDA*, 180 bps increase in Adjusted EBITDA margin* and 16% higher basic EPS from continuing operations, with basic EPS from continuing operations on a pre-impairment*7 basis 18% higher. These results are underpinned by a differentiated strategy delivered by an experienced management team with deep industry knowledge and a proven track record of consistent financial and operational delivery.
Previous wording
Strong and flexible balance sheet: At December 31, 2023, total short-term and long-term debt was $11.6 billion, cash and cash equivalents were $6.4 billion and Net Debt* was $5.4 billion. We believe our strong and flexible balance sheet provides CRH with significant financial capacity for long-term value creation through accretive acquisitions, expansionary capital expenditure and cash returns to shareholders through dividends and share buybacks.
Current wording
Strong and flexible balance sheet: At December 31, 2024, total short-term and long-term debt was $14.0 billion, cash and cash equivalents and restricted cash were $3.8 billion and Net Debt* was $10.5 billion. We believe our strong and flexible balance sheet provides CRH with significant financial capacity for long-term value creation through accretive acquisitions, expansionary capital expenditure and cash returns to shareholders through dividends and share buybacks.
Previous wording
Our customers have an increasing need for more holistic solutions and CRH maximizes its overall growth potential by focusing on its ability to deliver solutions that meet this growing need. We are focused on delivering our integrated solutions strategy and to do so we are working to better connect our people, capabilities, assets and customers across businesses, markets, and geographies. We acquire businesses at attractive valuations and create value by integrating them with our existing operations and realizing synergies in areas including procurement, human resources, technology and sales.
Current wording
Our customers have an increasing need for more holistic solutions and CRH maximizes its overall growth potential by focusing on its ability to deliver solutions that meet this growing need. We are focused on delivering our customer-connected solutions strategy and to do so we are working to better connect our people, capabilities, assets and customers across businesses, markets, and geographies. We acquire businesses at attractive valuations and create value by integrating them with our existing operations and realizing synergies in areas including procurement, operational excellence, human resources, technology and sales.
Previous wording
In 2021, CRH completed 19 acquisitions for total consideration of $1.5 billion. On the divestiture front, CRH completed 11 divestitures and realized proceeds from divestitures and disposals of long-lived assets (including deferred divestiture consideration received) of $0.5 billion.
Current wording
CRH completed 10 divestitures and realized proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) of $1.4 billion, primarily related to the divestiture of the European Lime operations.
Previous wording
In 2023, CRH completed 22 acquisitions for total consideration of $0.7 billion. On the divestitures front, CRH realized proceeds from divestitures and disposals of long-lived assets (including deferred divestiture consideration received) of $0.1 billion.
Current wording
In 2023, CRH completed 22 acquisitions for a total consideration of $0.7 billion. On the divestitures front, CRH realized proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) of $0.1 billion.
Previous wording
The largest acquisition in 2023 was in our Americas Building Solutions segment where the Company completed the acquisition of Hydro International, a leading provider of stormwater products, wastewater treatment products, wastewater services, and data solutions in North America and Europe. In addition, Americas Building Solutions completed a further four acquisitions and Americas Materials Solutions completed eight acquisitions in the United States, for a total 2023 spend in the Americas of $0.4 billion. The Europe Materials Solutions segment completed five acquisitions and Europe Building Solutions completed four acquisitions for a total 2023 spend in Europe of $0.3 billion.
Current wording
The largest acquisition in 2023 was in Americas Building Solutions where the Company completed the acquisition of Hydro International, a leading provider of stormwater products, wastewater treatment products, wastewater services, and data solutions in North America and Europe. In addition, Americas Building Solutions completed a further four acquisitions and Americas Materials Solutions completed eight acquisitions in the United States, for a total 2023 spend in the Americas of $0.4 billion. International Solutions completed nine acquisitions for a total 2023 spend of $0.3 billion.
Previous wording
In 2022, CRH completed 29 acquisitions for total consideration of $3.3 billion. On the divestiture front, CRH completed nine divestitures and realized proceeds from divestitures and disposals of long-lived assets (including deferred divestiture consideration received) of $3.9 billion primarily relating to the proceeds from the Building Envelope divestiture.
Current wording
In 2022, CRH completed 29 acquisitions for a total consideration of $3.3 billion.
Previous wording
The largest acquisition in 2022 was in our Americas Building Solutions segment where the Company completed its acquisition of Barrette for $1.9 billion. In addition, Americas Building Solutions completed a further seven acquisitions in the United States and Americas Materials Solutions completed ten acquisitions in the United States, for a total 2022 spend in the Americas of $3.1 billion. The Europe Building Solutions segment completed two acquisitions and Europe Materials Solutions completed nine acquisitions for a total 2022 spend in Europe of $0.2 billion.
Current wording
The largest acquisition in 2022 was in Americas Building Solutions where the Company completed its acquisition of Barrette Outdoor Living, Inc. (Barrette) for $1.9 billion. In addition, Americas Building Solutions completed a further seven acquisitions and Americas Materials Solutions completed 10 acquisitions for a total 2022 spend in the Americas of $3.1 billion. International Solutions completed 11 acquisitions for a total 2022 spend of $0.2 billion.
Previous wording
The largest divestiture in 2022 was the Building Envelope business for cash proceeds of $3.5 billion (enterprise value of $3.8 billion including lease liabilities transferred of $0.3 billion). A further eight divestitures were completed across CRH, realizing total proceeds of $0.2 billion and $0.2 billion was realized from the disposal of long-lived assets and deferred divestiture proceeds.
Current wording
The largest divestiture in 2022 was the Building Envelope business for cash proceeds of $3.5 billion (enterprise value of $3.8 billion including lease liabilities transferred of $0.3 billion). A further eight divestitures were completed across CRH, realizing total proceeds of $0.2 billion and $0.2 billion was realized from the disposal of long-lived assets and deferred divestiture consideration.
Previous wording
7* Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 38 to 40.
Current wording
7* Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.
Previous wording
CRH’s results can be impacted by trends and factors in the wider construction markets it is exposed to. The principal construction markets, for all segments, are infrastructure, including highways, streets, roads, bridges, and critical utility infrastructure; non-residential, including construction and maintenance of manufacturing, datacenter and distribution facilities; and residential, including new-build construction, and repair and remodel activity, of single and multi-family housing.
Current wording
CRH’s results can be impacted by trends and factors in the wider construction markets it is exposed to. The principal construction markets, for all segments, are infrastructure, including highways, streets, roads 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.
Previous wording
In 2023, approximately 35% of revenues were derived from infrastructure. See ‘Business Segment Information’ in Item 1. “Business” for details by segment.
Current wording
In 2024, approximately 35% of revenues were derived from infrastructure.
Previous wording
The $1.2 trillion IIJA signed into law in November 2021, provides federal highway funding of approximately $350 billion over five years, including $110 billion in new funding for roads, bridges, and other infrastructure projects. Critical utility infrastructure is also receiving funding from IIJA – water (approximately $48 billion), energy (approximately $79 billion) and technology (approximately $65 billion). U.S. highway contract awards increased in 2023, with a high single-digit increase compared with 2022. The outlook for 2024 is positive as state budgets reflect the need for increased public infrastructure funding for highways and bridges.
Current wording
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. This provides expected federal highway funding of approximately $350 billion over five years, including $110 billion in new funding for roads, bridges, and other infrastructure projects. 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.
Previous wording
In Europe, the outlook for 2024 remains supportive backed by a resilient critical infrastructure sector, including in the rail, energy, and water sectors, which fluctuates less than residential and non-residential sectors. In the infrastructure 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.
Current wording
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. 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.
Previous wording
In Americas, a key driver of demand in the non-residential sector is the onshoring of critical manufacturing. Large, multi-year construction projects (EV battery plants, semiconductor chips, liquefied natural gas facilities) are underpinned by federal investment through the Inflation Reduction Act (IRA) which directs nearly $370 billion in federal funding to clean energy and the U.S CHIPS and Science Act, a $280 billion bill with the aim to bolster the United States’ semi-conductor capacity. According to industry forecasts, a total of $300 billion is planned for investment in these sectors by 2027.
Current wording
In Americas, a key driver of demand in the non-residential sector is the onshoring of critical manufacturing. Large, multi-year construction projects (data centers, semiconductor chips, liquefied natural gas facilities) are underpinned by initiatives such as the U.S. CHIPS and Science Act, a $280 billion bill with the aim to bolster the United States’ semiconductor capacity. In addition, critical infrastructure is expecting to receive significant funding from the IIJA – water (approximately $48 billion), energy (approximately $79 billion) and technology (approximately $65 billion).
Previous wording
The residential sector’s recent weakness is driven by affordability constraints with inflation challenges, rising home prices and high mortgage rates. Repair and remodel activity is expected to be less subdued than new-build activity, as a result of aging housing stock.
Current wording
The residential sector’s recent performance has been influenced by affordability constraints with inflation challenges, rising home prices and high mortgage rates. While residential construction activity continues to be supported by long-term demand fundamentals, the new-build segment is expected to remain subdued. 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.
Previous wording
Revenues are derived from a range of products and services across four segments. The Materials Solutions segments in Americas and Europe utilize 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 and Europe Building Solutions segments manufacture, supply and deliver high quality building products and solutions.
Current wording
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 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.
Previous wording
For additional discussion on segment revenues, see “Segments” section on pages 34 to 37.
Current wording
For additional discussion on segment revenues, see “Segments” section on pages 37 to 39.
Previous wording
Total revenues were $34.9 billion in 2023, an increase of $2.2 billion, or 7%, compared with 2022, reflecting good underlying demand across key end-use markets, positive pricing and contributions from acquisitions which offset lower volumes compared with the prior year.
Current wording
Total revenues were $34.9 billion, an increase of $2.2 billion, or 7%, compared with 2022, reflecting good underlying demand across key end-use markets, positive pricing and contributions from acquisitions which offset lower volumes compared with the prior year.
Previous wording
8* Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 38 to 40.
Current wording
8* Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.
Previous wording
Gross profit was $12.0 billion in 2023, an increase of $1.2 billion, or 11%, compared with 2022, reflecting total revenues growth of 7%, with total cost of revenues increasing by 5%. The gross profit margin of 34.2% increased 110bps from 33.1% in the prior year, due to revenue growth exceeding increases in total cost of revenues. Total cost of revenues increased primarily as a result of subcontractor costs and repairs and maintenance increasing 11% and 9%, respectively, due to the impact of cost inflation. Labor expenses increased by 8% due to the impact of acquisitions, wage inflation impacted by continued labor shortages and increased headcount. Energy costs were in line with 2022 and raw materials costs decreased by 1% primarily as a result of lower volumes.
Current wording
Gross profit was $12.0 billion in 2023, an increase of $1.2 billion, or 11%, compared with 2022. This reflected total revenues growth of 7%, with total cost of revenues increasing by 5%. The gross profit margin of 34.2%, increased 110bps from 33.1% in the prior year, due to revenue growth exceeding increases in total cost of revenues. Total cost of revenues increased primarily as a result of subcontractor costs and repairs and maintenance increasing 11% and 9%, respectively, due to the impact of cost inflation. Labor costs increased by 8% due to the impact of acquisitions, wage inflation impacted by continued labor shortages and increased headcount. Energy costs were in line with 2022 and raw materials costs decreased by 1% primarily as a result of lower volumes.
Previous wording
Selling, general and administrative (SG&A) expenses, which are primarily comprised of haulage costs, labor costs, and other selling and administration expenses, were $7.5 billion in 2023, an increase of $0.4 billion, or 6%, compared with 2022. The increase in SG&A expenses primarily reflects labor cost increases of 14%, as a result of increased headcount, impacted by acquisitions and wage inflation; partially offset by lower haulage costs which decreased 4% compared with 2022 as a result of lower volumes and lower fuel costs.
Current wording
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 primarily reflects labor cost increases of 14%, as a result of increased headcount, impacted by acquisitions and wage inflation; partially offset by lower haulage costs which decreased 4% compared with 2022 as a result of lower volumes and lower fuel costs.
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Current report — wording carried from elsewhere
$3.0 billion, respectively, in 2023, and $0.9 billion and $1.2 billion, respectively, in 2022;
Current report — wording carried from elsewhere
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. 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.
Current report — wording carried from elsewhere
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. The increase was primarily related to gains ondivestitures.
Current report — wording carried from elsewhere
In 2024, the Company’s income tax expense was $1.1 billion, an increase of $0.2 billion compared with 2023. The effective tax rate attributable to continuing operations was 23% for 2024, in line with 23% for 2023.
Current report — wording carried from elsewhere
In 2024, a loss of $108 million was recorded in equity method investments, primarily driven by an impairment in the Company’s equity method investment in Yatai Building Materials (YBM) in China, where market conditions remained challenging.
Current report — wording carried from elsewhere
Net cash provided by operating activities was $5.0 billion in 2024, in line with $5.0 billion in 2023. Net cash provided by operating activities in 2024 was primarily from net income of $3.5 billion, adjusted for depreciation, depletion, and amortization of $1.8 billion and loss on impairments of $0.35 billion, partly offset by higher non-operating cash adjustments and working capital outflows.