CRH PUBLIC LTD CO
For the period ended Mar 31, 2025. Filed May 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 5, 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-Q
Period ended 2024-09-30; filed 2024-11-07.
0001628280-24-045944
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-05.
0001628280-25-022195
Item 2. 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 215 previous paragraphs and 156 current paragraphs.
78 unchanged; 45 reworded; 33 added; 91 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 18 previous and 13 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 (33)
Current report
•Total revenues increased 3% to $6.8 billion;
Current report
•Net (loss) income was ($98) million compared with $114 million, a decrease of $212 million. Adjusted EBITDA*1 was $495 million, an increase of $50 million, or 11%; and
Current report
•The first 2025 quarterly dividend of $0.37 per share was declared in February 2025, and a second quarterly dividend of $0.37 per share was announced on May 5, 2025, representing an increase of 6% on the prior year. Cash paid to shareholders through dividends in the first quarter was $nil billion, compared to $0.8 billion in 2024, that related to the payment of a second interim 2023 dividend which was not repeated in Q1 2025; and
Current report
Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 28 to 29.1
Current report
CRH Form 10-Q 23
Current report
In the three months ended March 31, 2025, CRH completed eight acquisitions for a total consideration of $0.6 billion, compared with $2.2 billion in the first quarter of 2024. Americas Materials Solutions completed five acquisitions, the largest of which being Talley Construction, a vertically integrated asphalt and paving company with operations in Tennessee, Georgia, Alabama and North Carolina, while Americas Building Solutions completed three acquisitions.
Current report
With respect to divestitures, CRH realized proceeds from divestitures and disposals of long-lived assets of $0.1 billion, compared with $0.7 billion in the first quarter of the prior year.
Current report
Due to the localized nature of our operations, we do not expect a material direct impact from recent changes in global trade policies on our business. Notwithstanding the current macroeconomic uncertainty, the outlook for our business remains positive and we reaffirm our financial guidance for 2025. While it is still early in the construction season, we continue to expect positive underlying demand across our key end-use markets in 2025, underpinned by significant public investment in critical infrastructure and continued re-industrialization activity in key non-residential segments. Within the residential sector, the new-build segment is expected to remain subdued, while repair and remodel activity remains resilient. Assuming normal seasonal weather patterns and absent any major dislocations in the political or macroeconomic environment, CRH’s differentiated strategy and 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
Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 28 to 29.2
Current report
Total revenues were $6.8 billion for the three months ended March 31, 2025, an increase of $0.2 billion, or 3%, compared with the first quarter of 2024. This was driven by contributions from acquisitions and strong commercial management which more than offset the impact of divestitures and lower activity levels due to adverse weather in many regions.
Current report
Interest income was $37 million for the three months ended March 31, 2025, a decrease of $6 million from the comparable period in 2024, primarily due to lower cash deposits.
Current report
Other nonoperating (expense) income, net
Current report
Loss from equity method investments
Current report
Net (loss) income
Current report
Net loss was ($98) million for the three months ended March 31, 2025, a decrease of $212 million from the comparable period in 2024, with a positive underlying operating performance offset by the non-recurrence of gains on prior year divestitures.
Current report
Net (loss) income attributable to CRH and (loss) earnings per share
Current report
Net loss attributable to CRH was ($94) million for the three months ended March 31, 2025, a decrease of $210 million from the comparable period in 2024. Diluted loss per share for the three months ended March 31, 2025, was ($0.15), compared with a diluted earnings per share of $0.16 for the three months ended March 31, 2024.
Current report
Americas Materials Solutions’ total revenues were 2% ahead of the first quarter of 2024, as pricing progress and contributions from acquisitions more than offset weather-impacted volumes in many regions.
Current report
In Essential Materials, total revenues decreased by 3% due to lower volumes in most regions. Prices in aggregates and cement were ahead by 8% and 4%, respectively. Aggregates volumes declined by 5% while cement volumes declined by 2%, due to adverse weather in certain markets, partly offset bycontributions from acquisitions.
Current report
In Road Solutions, total revenues increased by 5% led by increased paving activity along with growth in both asphalt and readymixed concrete. Asphalt volumes increased 4% over the prior year while pricing increased by 3%. Readymixed concrete volumes were up 4% over the prior year and pricing increased by 1%. Construction backlogs increased on the prior year, supported by positive momentum in bidding activity.
Current report
First quarter Adjusted EBITDA for Americas Materials Solutions was well ahead of the prior year, driven by pricing improvements, disciplined cost management and operational efficiencies. Adjusted EBITDA margin increased by 190bps.
Current report
In Building & Infr astructure Solutions, total revenues were 4% ahead of Q1 2024, supported by increased volumes in the water and energy markets, along with the positive impact from acquisitions.
Current report
In Outdoor Living Solutions, total revenues were 3% behind the prior year period as demand was impacted by adverse weather across certain key markets.
Current report
International Solutions
Current report
International Solutions' total revenues were 7% ahead of the first quarter of 2024 supported by continued pricing progress and good contributions from acquisitions which offset the impact of adverse weather and lower activity in certain geographies.
Current report
In Essential Materials, total revenues were 7% ahead of the comparable period in 2024 as positive pricing and contributions from acquisitions offset lower weather-impacted activity in some regions and the divestiture of the European Lime operations. Overall aggregates and cement volumes were 9% and 11% ahead of the comparable period in 2024, with pricing 5% and 2% ahead, respectively, benefiting from contributions from the Adbri acquisition.
Current report
In Road Solutions, total revenues were 11% ahead of the comparable period in 2024, with volumes and prices in readymixed concrete ahead of 2024 by 22% and 9%, respectively, benefiting from higher activity levels in a number of European countries, and contributions from the Adbri acquisition. Asphalt volumes declined by 4% as a result of lower activity in the United Kingdom and Ireland, while asphalt pricing declined 1% compared to the prior year.
Current report
Within Building & Infrastructure Solutions and Outdoor Living Solutions, total revenues were 1% ahead of the comparable period in 2024 supported by contributions from acquisitions.
Current report
The seasonal impact on the Company’s operations disproportionately negatively impacts the quarterly operating cash flow results when compared with the full year. Net cash used in operating activities was $659 million for the three months ended March 31, 2025, a decrease of $53 million, compared to the same period in 2024. The decrease in net cash used in operating activities was primarily due to lower working capital investments and improved operating performance.
Current report
Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 28 to 29.3
Current report
Bank credit facilities
Current report
Debt Ratings 14
Current report
1 A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other rating.4
Removed paragraphs (91)
Previous report
•Total revenues increased 4% to $10.5 billion;
Previous report
•Net income was $1.4 billion compared with $1.3 billion, an increase of $71 million, or 5%. Adjusted EBITDA*1 was $2.5 billion, an increase of $264 million, or 12%;
Previous report
•Basic Earnings Per Share (EPS) was $1.99 compared to $1.81.
Previous report
CRH also delivered a strong performance in the nine months ended September 30, 2024 compared to the prior year, resulting in the following performance highlights (comparisons are versus the prior year's first nine months unless otherwise noted):
Previous report
•Total revenues of $26.7 billion were 2% higher;
Previous report
•Net income was $2.8 billion compared with $2.5 billion, an increase of $313 million, or 13%. Adjusted EBITDA* was $5.2 billion, an increase of $564 million, or 12%;
Previous report
•Net income margin was 10.5% compared with 9.5%, an increase of 100bps. Adjusted EBITDA margin* was 19.3%, an increase of 180bps ahead of prior year Adjusted EBITDA margin* of 17.5%; and
Previous report
•Basic EPS was $4.03 compared to $3.36.
Previous report
Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 32 to 33.1
Previous report
•Cash paid to shareholders through dividends was $1.5 billion, compared with $0.8 billion in the first nine months of the prior year. CRH transitioned to quarterly dividends during the first quarter of 2024, with a quarterly dividend of $0.35 per share declared in February 2024, May 2024 and August 2024 and a fourth quarterly dividend of $0.35 per share announced on November 7, 2024, repr esenting an annualized increase of 5% on the prior year;
Previous report
During the three months ended September 30, 2024, CRH completed 12 acquisitions for a total consideration of $1.4 billion, compared with $0.4 billion in the same period of 2023. Americas Materials Solutions compl eted seven acquisitions, Americas Building Solutions completed three acquisitions and Europe Materials Solutions completedtwo acquisitions.
Previous report
Overall, during the nine months ended September 30, 2024, CRH completed 28 acquisitions for a total consideration of $3.9 billion, compared with $0.6 billion in the first nine months of the prior year. On July 1, 2024, CRH completed the acquisition of a majority stake in Adbri Ltd (Adbri) for a total consideration of $0.8 billion. Adbri is an integrated materials business with high-quality assets and leading market positions in Australia that complements our core competencies in cement, concrete and aggregates and creates additional growth and development opportunities for our existing Australian business.
Previous report
During the three months ended September 30, 2024, cash proceeds from divestitures and disposals of long-lived assets were $0.1 billion, including the third and final phase of the divestiture of the European Lime operations, which was completed on August 30, 2024.
Previous report
For the nine months ended September 30, 2024, CRH realized cash proceeds from divestitures and disposals of long-lived assets of $1.2 billion, primarily related to the divestiture of the European Lime operations. No divestitures occurred in the first nine months of the prior year.
Previous report
We are pleased to reaffirm our guidance¹ midpoint for 2024, reflecting the continued strength of our financial performance, the positive underlying momentum in our business as well as the positive contribution from portfolio activity. 2
Previous report
Looking ahead to 2025 and notwithstanding some macroeconomic uncertainties, we expect positive underlying demand across our key end-use markets, underpinned by significant public investment in infrastructure and re-industrialization activity. A lower interest rate environment is expected to aid a gradual recovery in new-build residential construction activity. Through a combination of continued positive price momentum, favorable underlying demand and the benefits of our integrated, value-based solutions strategy we expect another year of progress in 2025.
Previous report
2¹ The above guidance does not reflect the potential Q4 impairment in the range of $0.3-$0.4 billion. See the discussion within 'Critical Accounting Policies and Estimates' on page 36.
Previous report
Total revenues were $10.5 billion for the three months ended September 30, 2024, an increase of $0.4 billion, or 4%, compared with the third quarter of 2023, driven by continued pricing progress and contributions from acquisitions partly offset by lower activity levels in certain regions due to adverse weather and divestitures.
Previous report
Similar trends were experienced for the nine months ended September 30, 2024 resulting in total revenues of $26.7 billion, an increase of $0.4 billion or 2% from the first nine months of 2023.
Previous report
For the nine months ended September 30, 2024, gross profit was $9.5 billion, an increase of $0.5 billion, or 6%, from the same period in 2023, with total revenues 2% ahead of the same period in 2023, while total cost of revenues decreased by 1%. The gross profit margin of 35.7% increased 140bps from 34.3% for the first nine months of the prior year. Total cost of revenues decreased from the first nine months of the prior year, with a 19% reduction in energy costs due to divestitures, a decline in energy prices and lower activity levels. These were partly offset by labor cost increases of 7%.
Previous report
For the nine months ended September 30, 2024, SG&A expenses were $5.9 billion, an increase of $0.3 billion, or 5%, from the comparable 2023 period. SG&A expenses increased primarily due to labor cost increases of 10% as a result of higher headcount from acquisitions, and wage inflation.
Previous report
Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 32 to 33.3
Previous report
Interest income was $33 million for the three months ended September 30, 2024, a decrease of $29 million from the comparable period in 2023, and $112 million for the nine months ended September 30, 2024, a decrease of $26 million from the comparable period in 2023, in both instances, primarily due to lower levels of cash deposits.
Previous report
Other nonoperating income, net
Previous report
Other nonoperating income, net, was $246 million for the nine months ended September 30, 2024, compared with $3 million in the comparable period for 2023. The increase in other nonoperating income, net, was primarily related to gains on the completed divestiture of the Company's European Lime operations and unrealized gains on certain investments.
Previous report
For the three months ended September 30, 2024, the Company had an income tax expense of $531 million, compared to $416 million for the comparable period in 2023. The effective tax rate was 28% for the third quarter in 2024 compared with an effective tax rate of 24% for the third quarter in 2023. The movement in the effective tax rate was mainly driven by the timing of discrete items occurring throughout the year, including non-deductible acquisition-related costs in the third quarter.
Previous report
Income from equity method investments
Previous report
Net income
Previous report
Net income was $1.4 billion for the three months ended September 30, 2024, an increase of $0.1 billion from the comparable period in 2023. For the nine months ended September 30, 2024 net income increased by $0.3 billion to $2.8 billion. The results with respect to prior year comparative periods were primarily driven by higher gross profit along with higher gains on disposal of long-lived assets and divestitures, which offset higher interest expenses and higher SG&A expenses.
Previous report
Net income attributable to CRH plc and earnings per share
Previous report
Net income attributable to CRH plc was $1.4 billion for the three months ended September 30, 2024, an increase of $0.1 billion from the comparable period in 2023. Basic EPS for the three months ended September 30, 2024, was $1.99, compared with $1.81 for the three months ended September 30, 2023.
Previous report
Net income attributable to CRH plc was $2.8 billion for the nine months ended September 30, 2024, an increase of $0.3 billion from the comparable period in 2023. Basic EPS for the nine months ended September 30, 2024, was $4.03, compared with $3.36 for the nine months ended September 30, 2023.
Previous report
Americas Materials Solutions 4
Previous report
Americas Materials Solutions’ total revenues were 4% ahead of the third quarter of 2023. Continued positive pricing across all lines of business was partly offset by adverse weather impacting volumes, resulting in organic total revenues* 1% ahead of the prior year.
Previous report
In Essential Materials, total revenues increased by 5% driven by pricing growth in both aggregates and cement, ahead by 10% and 9%, respectively. Cement volumes increased by 1%, as acquisition activity offset the adverse impact of major hurricanes. Aggregates volumes declined by 4%, negatively impacted by adverse weather.
Previous report
In Road Solutions, total revenues increased by 4% driven by improved pricing across all lines of business and continued funding support relating to the Infrastructure Investment and Jobs Act (IIJA) more than offsetting challenging weather in certain regions. Paving and construction revenue increased by 3% with growth in the Northeast and West regions. Construction backlogs were ahead of the prior year supported by positive momentum in bidding activity. Asphalt volumes decreased by 2% and pricing increased by 3%, while readymixed concrete volumes and prices increased by 2% and 7%, respectively.
Previous report
Third quarter Adjusted EBITDA for Americas Materials Solutions of $1.5 billion was 16% ahead of the prior year as pricing initiatives, cost management and operational efficiencies along with gains on certain land asset sales mitigated the impact of higher labor and raw materials costs. Organic Adjusted EBITDA* was 12% ahead of the third quarter of 2023. Adjusted EBITDA margin increased by 270bps.
Previous report
Americas Materials Solutions’ total revenues were 7% ahead in the first nine months of the year as price increases and the positive contribution from acquisitions more than offset lower activity levels due to adverse weather. Organic total revenues* were 4% ahead.
Previous report
In Essential Materials, total revenues increased by 6%, supported by aggregates and cement pricing which were ahead by 11% and 9%, respectively. Aggregates volumes declined 1% and cement volumes increased 1% compared to the same period in 2023. Weather negatively impacted revenues throughout the year, especially toward the end of the third quarter.
Previous report
In Road Solutions, total revenues increased by 7% driven by higher pricing and sustained activity levels through continued funding support relating to the IIJA. Asphalt prices increased by 4% while volumes were in line with the comparable period in 2023. Paving and construction revenues increased 7% on the same period in the prior year. Readymixed concrete pricing was 8% higher, while volumes were 1% ahead. Construction backlogs were ahead of the comparable period of the prior year supported by continued momentum in bidding activity.
Showing the first 40 of 91 passages. Open the source sections for the rest.
Reworded paragraphs (45)
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 the three and nine months ended September 30, 2024. This MD&A should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and related notes appearing in Part I, Item 1. "Financial Statements” of this Quarterly Report.
Current 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 the three months ended March 31, 2025. This MD&A should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and related notes appearing in Part I, Item 1. "Financial Statements” of this Quarterly Report.
Previous wording
CRH is a leading provider of building materials solutions that build, connect and improve our world. Since its 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 customers 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 and 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.
Previous wording
Operating in 28 countries, the Company has market leadership positions in North America and Europe. 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. Our European business benefits from strong economic and construction growth prospects across Central and Eastern Europe as well as recurring repair and remodel demand in Western Europe. In both geographies there is significant government support for infrastructure and increasing demand for integrated solutions in major infrastructure and commercial projects.
Current wording
Operating in 28 countries, the Company has market leadership positions in North America, Europe and Australia. 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. Our International businesses, which benefit from strong economic and construction growth prospects as well as recurring repair and remodel demand, are an important strategic part of the Company. CRH intends to continue to expand its North American and International operations given significant government support for infrastructure and increasing demand for customer-connected solutions in major infrastructure and commercial projects.
Previous wording
CRH has a proven track record in value creation through acquisitions which over the last decade has accounted for approximately two-thirds 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. 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.
Current wording
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 profit growth. We achieve this by acquiring businesses at attractive valuations and creating value by integrating them with our existing operations and generating synergies. 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.
Previous wording
Activity in the construction industry is dependent to a considerable extent on the seasonal impact of weather on the Company’s operating locations, with periods of higher activity in some markets during spring and summer which may reduce significantly in winter due to inclement weather. In addition to impacting demand for our products and services, adverse weather can negatively impact production processes for a variety of reasons. For example, workers may not be able to work outdoors in sustained high temperatures, heavy rainfall and/or other unfavorable weather conditions. Therefore, financial results for any particular quarter do not necessarily indicate the results expected for the full year.
Current wording
Activity in the construction industry is dependent to a considerable extent on the seasonal impact of weather on the Company’s operating locations, with periods of higher activity in some markets during spring and summer which may reduce significantly in winter due to inclement conditions and extreme weather events. In addition to impacting demand for our products and services, adverse weather can negatively impact the production processes for a variety of reasons. For example, workers may not be able to work outdoors in sustained high temperatures and heavy rainfall and/or other unfavorable weather conditions. Therefore, financial results for any particular quarter do not necessarily indicate the results expected for the full year.
Previous wording
CRH delivered a strong third quarter performance compared to the third quarter of 2023, resulting in the following performance highlights for the three months ended September 30, 2024 (comparisons are versus the prior year's third quarter unless otherwise noted):
Current wording
CRH delivered a good first quarter performance compared to the first quarter of 2024, resulting in the following performance highlights for the three months ended March 31, 2025 (comparisons are versus the prior year's first quarter unless otherwise noted):
Previous wording
•Net income margin was 13.2% compared with 13.0%, an increase of 20 basis points (bps). Adjusted EBITDA margin* was 23.3%, an increase of 170bps on the prior year's third quarter Adjusted EBITDA margin* of 21.6%; and
Current wording
•Net (loss) income margin was (1.5%) compared with 1.7%, a decrease of 320 basis points (bps). Adjusted EBITDA margin* was 7.3%, an increase of 50bps on the prior year's first quarter Adjusted EBITDA margin* of 6.8%.
Previous wording
•Cash returned to shareholders through share buybacks was $1.0 billion, a decrease of $1.0 billion versus the first nine months of the prior year. On November 6, 2024, the latest tranche of the share buyback program was completed, bringing the year-to-date cash returned to $1.2 billion. A further tranche has been announced, extending the ongoing share buyback program by an additional $0.3 billion to be completed no later than February 26, 2025; and
Current wording
•Cash returned to shareholders through share buybacks was $0.3 billion, a decrease of $0.1 billion versus the first three months of the prior year. On May 2, 2025, the latest tranche of the share buyback program was completed, bringing the year-to-date repurchases to $0.5 billion. A further tranche has been announced, extending the ongoing share buyback program by an additional $0.3 billion to be completed no later than August 5, 2025;
Previous wording
•28 acquisitions were completed for total consideration of $3.9 billion, compared with $0.6 billion in the first nine months of the prior year. A further $1.6 billion was invested in development and replacement capital expenditure projects, compared with $1.2 billion for the comparable 2023 period.
Current wording
•Eight acquisitions completed for total consideration of $0.6 billion, compared with $2.2 billion in the first three months of the prior year. A further $0.6 billion was invested in development and replacement capital expenditure projects, compared with $0.5 billion for the comparable 2024 period.
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
The table below summarizes the Company’s unaudited Condensed Consolidated Statements of Income for the periods indicated.3
Current wording
The table below summarizes CRH’s unaudited Condensed Consolidated Statements of Income for the periods indicated.2
Previous wording
For additional discussion on segment revenues, see “Segments” section on pages 28 to 31.
Current wording
For additional discussion on segment revenues, see “Segments” section on pages 26 to 27.
Previous wording
Gross profit for the three months ended September 30, 2024, was $4.1 billion, an increase of $0.3 billion, or 8%, from the same period in 2023, reflecting total revenues increase of 4%, while total cost of revenues increased by 1%. The gross profit margin of 38.6% increased 140bps from 37.2% for the third quarter of the prior year. Total costof revenues increased primarily as a result of an increase in labor costs of 9% and 18% higher depreciation charges mainly due to acquisitions. These were partly offset by lower energy costs of 13%.
Current wording
Gross profit for the three months ended March 31, 2025, was $1.8 billion, an increase of $30 million, or 2% from the same period in 2024, reflecting total revenues increase of 3%, while total cost of revenues increased by 4%. The gross profit margin of 27.2% decreased 50bps from 27.7% for the first quarter of the prior year. Total cost of revenues increased primarily as a result of an increase in labor costs of 8% driven by increased headcount from acquisitions and wage inflation, as well as a 22% higher depreciation charges, mainly due to acquisitions.
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 $2.2 billion for the three months ended September 30, 2024, an increase of $0.2 billion, or 10%, from the comparable 2023 period. This increase was primarily due to labor cost increases of 13% as a result of increased headcount from acquisitions, and wage inflation along with a 6% increase in haulage costs, mainly driven by acquisitions.
Current wording
Selling, general and administrative (SG&A) expenses, which are primarily comprised of haulage costs, labor costs, and other selling and administration expenses, were $1.8 billion for the three months ended March 31, 2025, an increase of $46 million, or 3%, from the comparable 2024 period. This increase was primarily due to labor cost increases of 9% as a result of increased headcount from acquisitions and wage inflation.
Previous wording
Gain on disposal of long-lived assets was $89 million for the three months ended September 30, 2024, an increase of $74 million compared with 2023, and $199 million for the nine months ended September 30, 2024, an increase of $161 million. The increase mainly related to the disposal of certain land assets.
Current wording
Gain on disposal of long-lived assets was $14 million for the three months ended March 31, 2025, an increase of $6 million compared with 2024. The increase mainly related to the disposal of certain land assets.
Previous wording
Interest expense was $164 million for the three months ended September 30, 2024, an increase of $33 million from the comparable period in 2023, and $452 million for the nine months ended September 30, 2024, an increase of $167 million from the prior period. The increases were primarily due to higher gross debt balances.
Current wording
Interest expense was $181 million for the three months ended March 31, 2025, an increase of $48 million from the comparable period in 2024. The increase was primarily due to higher gross debt balances.
Previous wording
Other nonoperating income, net, was $62 million for the three months ended September 30, 2024, compared with $1 million in the comparable period for 2023. Other nonoperating income, net, includes pension and postretirement benefit costs (excluding service costs), gains and losses from divestitures, and other miscellaneous income and expenses. The increase in other nonoperating income, net, was primarily related to gains on divestitures.
Current wording
Other nonoperating (expense) income, net, was an expense of ($20) million for the three months ended March 31, 2025, compared with an income of $161 million in the comparable period for 2024. Other nonoperating (expense) income, 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 primarily related to the non-recurrence of the gain on the divestiture of the European Lime operations and unrealized gains on certain investments.
Previous wording
For the nine months ended September 30, 2024, the Company had an income tax expense of $942 million compared to $781 million for the comparable period in 2023. The effective tax rate was 25% for the first nine months of 2024 compared with an effective tax rate of 24% for the same period in 2023. The movement in the effective tax rate was primarily due toa change in the mix of income earned in jurisdictions with a higher rate of tax and non-deductible acquisition-related costs which is partially offset by items arising in the first quarter (being the movement in tax provisions, a tax deduction for share-based compensation and the largely tax-exempt divestiture of phases one and two of the European Lime operations).
Current wording
For the three months ended March 31, 2025, the Company had an income tax benefit of $58 million, compared to $19 million for the comparable period in 2024. The effective tax rate was 40% for the first quarter in 2025 compared with an effective tax rate of (19%) for the first quarter in 2024. The movement in the effective tax rate is mainly driven by the inclusion in Q1 2024 of the largely tax-exempt divestiture of phases one and two of the European Lime operations and an increase in the tax deduction for share-based compensation, which has proportionately increased the tax benefit in Q1 2025.
Previous wording
For the three months ended September 30, 2024, a gain of $25 million was recorded in equity method investments, an increase of $11 million from the comparable period in 2023 and a gain of $27 million was recorded for the nine months ended September 30, 2024, an increase of $6 million from the comparable period in 2023.
Current wording
For the three months ended March 31, 2025, a loss of $10 million was recorded in equity method investments, a decrease of $6 million from the comparable period in 2024.
Previous wording
CRH is organized through four reportable segments across two divisions. CRH’s Americas Division comprises two segments: Americas Materials Solutions and Americas Building Solutions; and CRH’s Europe Division comprises the other two segments: Europe Materials Solutions and Europe Building Solutions.
Current wording
CRH is organized through three reportable segments across two Divisions. CRH’s Americas Division comprises two segments: Americas Materials Solutions and Americas Building Solutions; and CRH’s International Division comprises the other segment.
Previous wording
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 divestituresand unrealized gain/loss on investments, income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component.
Current wording
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 divestituresand investments, income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component.
Previous wording
In Building & Infrastructure Solutions, total revenues were in line as contributions from acquisitions were offset by adverse weather.
Current wording
Americas Building Solutions' total revenues were 1% behind the first quarter of 2024, as solid underlying demand in key markets as well as contributions from acquisitions were offset by adverse weather impacts.
Previous wording
Third quarter Adjusted EBITDA for Americas Building Solutions was 9% behind a strong prior year comparative, 11% behind on an organic* basis as adverse weather and subdued residential demand impacted profitability. Adjusted EBITDA margin was 230bps behind the third quarter of 2023.
Current wording
Adjusted EBITDA for Americas Building Solutions was 7% behind the first quarter of 2024 as adverse weather and subdued residential activity impacted results. Adjusted EBITDA margin was 110bps behind the prior year period.
Previous wording
Adjusted EBITDA in Europe Materials Solutions was $0.6 billion, 24% ahead of the comparable period in 2023, and 18% ahead on an organic* basis, primarily driven by increased pricing, lower energy costs, operational efficiencies and contributions from acquisitions. Adjusted EBITDA margin increased by 280bps compared with the third quarter of 2023.
Current wording
Adjusted EBITDA in International Solutions was 22% ahead of the first quarter of 2024, primarily driven by increased pricing, operational efficiencies and contributions from acquisitions. Adjusted EBITDA margin increased by 70bps compared to the prior year.
Previous wording
Adjusted EBITDA: Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, loss on impair ments, gain/loss on divestituresand unrealized gain/loss on investments, income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component. It is quoted by management in conjunction with other GAAP and non-GAAP financial measures to aid investors in their analysis of the performance of the Company. Adjusted EBITDA by segment is monitored by management in order to allocate resources between segments and to assess performance. Adjusted EBITDA margin is calculated by expressing Adjusted EBITDA as a percentage of total revenues.
Current wording
Adjusted EBITDA: Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, loss on impair ments, gain/loss on divestituresand investments, income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component. It is quoted by management in conjunction with other GAAP and non-GAAP financial measures to aid investors in their analysis of the performance of the Company. Adjusted EBITDA by segment is monitored by management in order to allocate resources between segments and to assess performance. Adjusted EBITDA margin is calculated by expressing Adjusted EBITDA as a percentage of total revenues.
Previous wording
Organic Revenue and Organic Adjusted EBITDA: CRH pursues a strategy of growth through acquisitions and investments, with total spend on acquisitions and investments of $3.9 billion in the nine months ended September 30, 2024, compared with $0.6 billion for the same period in 2023. Acquisitions completed in 2023 and the first nine months of 2024 contributed incremental total revenues of $0.6 billion and Adjusted EBITDA of $0.1 billion for the three months ended September 30, 2024 and total revenues of $1.0 billion and Adjusted EBITDA of $0.2 billion for the nine months ended September 30, 2024. Cash proceeds from divestitures and disposals of long-lived assets amounted to $1.2 billion for the nine months ended September 30, 2024, compared with $0.1 billion for the nine months ended September 30, 2023. The total revenues impact of divestitures was a negative $0.2 billion and the impact at an Adjusted EBITDA level was a negative $46 million for the three months ended September 30, 2024. For the nine months ended September 30, 2024, the total revenues impact of divestitures was a negative $0.5 billion and the impact at an Adjusted EBITDA level was a negative $0.1 billion.
Current wording
Organic Revenue and Organic Adjusted EBITDA: CRH pursues a strategy of growth through acquisitions and investments, with total spend on acquisitions and investments of $0.6 billion in the three months ended March 31, 2025, compared with $2.2 billion for the same period in 2024. Acquisitions completed in 2024 and the first quarter of 2025 contributed incremental total revenues of $0.6 billion and Adjusted EBITDA of $0.1 billion for the three months ended March 31, 2025. Cash proceeds from divestitures and disposals of long-lived assets amounted to $0.1 billion for the three months ended March 31, 2025, compared with $0.7 billion for the three months ended March 31, 2024. The total revenues impact of divestitures was a negative $0.1 billion and the impact at an Adjusted EBITDA level was a negative $11 million for the three months ended March 31, 2025.
Previous wording
The U.S. Dollar weakened against most major currencies during the three months ended September 30, 2024, from the comparable period in 2023, resulting in an overall positive currency exchange impact.
Current wording
The U.S. Dollar strengthened against most major currencies during the three months ended March 31, 2025, from the comparable period in 2024, resulting in an overall negative currency exchange impact.
Previous wording
Organic revenue and organic Adjusted EBITDA are arrived at by excluding the incremental revenue and Adjusted EBITDA contributions from current and prior year acquisitions and divestitures, the impact of exchange translation, and the impact of any one-off items. In Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section on pages 28 to 31, changes in organic revenue and organic Adjusted EBITDA are presented as additional measures of revenue and Adjusted EBITDA to provide a greater understanding of the performance of the Company. Organic change % is calculated by expressing the organic movement as a percentage of the prior year reporting period (adjusted for currency exchange effects). A reconciliation of the changes in organic revenue and organic Adjusted EBITDA to the changes in total revenues and Adjusted EBITDA by segment is presented with the discussion within each segment’s performance in tables contained in the segment discussion in Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” commencing on page 26.
Current wording
Organic revenue and organic Adjusted EBITDA are arrived at by excluding the incremental revenue and Adjusted EBITDA contributions from current and prior year acquisitions and divestitures, the impact of currency exchange translation, and the impact of any one-off items. In Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section on pages 26 to 27, changes in organic revenue and organic Adjusted EBITDA are presented as additional measures of revenue and Adjusted EBITDA to provide a greater understanding of the performance of the Company. Organic change % is calculated by expressing the organic movement as a percentage of the prior year reporting period (adjusted for currency exchange effects). A reconciliation of the changes in organic revenue and organic Adjusted EBITDA to the changes in total revenues and Adjusted EBITDA by segment is presented with the discussion within each segment’s performance in tables contained in the segment discussion in Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” commencing on page 23.
Previous wording
Total short and long-term debt was $13.9 billion at September 30, 2024, compared to $11.6 billion at December 31, 2023, and $11.4 billion at September 30, 2023. In January 2024, €600 million 1.875% euro Senior Notes were repaid on maturity. In May 2024, wholly owned subsidiaries of the Company completed the issuance of $750 million 5.20% Senior Notes due 2029 and $750 million 5.40% Senior Notes due 2034. In July 2024, as part of the Adbri acquisition $0.5 billion of external debt was acquired. In the nine months ended September 30, 2024, a net $0.6 billion of commercial paper was issued across the U.S. Dollar and Euro Commercial Paper Programs.
Current wording
Total short and long-term debt was $15.7 billion at March 31, 2025, compared to $14.0 billion at December 31, 2024, and $12.7 billion at March 31, 2024. In January 2025, wholly-owned subsidiaries of the Company completed the issuance of $1.25 billion 5.125% Senior Notes due 2030, $1.25 billion 5.500% Senior Notes due 2035, and $0.5 billion 5.875% Senior Notes due 2055. In the three months ended March 31, 2025, a net $1.5 billion of commercial paper was repaid across the U.S. Dollar and Euro Commercial Paper Programs. Net Debt* at March 31, 2025, was $12.7 billion, compared to $10.5 billion at December 31, 2024, and $9.6 billion at March 31, 2024. The increase in Net Debt*3 compared to December 31, 2024, reflects the seasonal net cash outflow from operating activities, acquisitions, cash returns to shareholders through continued share buybacks, as well as the purchase of property, plant and equipment.
Previous wording
CRH continued its ongoing share buyback program in the first nine months of 2024 repurchasing approximately 13.2 million ordinary shares for a total consideration of $1.0 billion and the Company is commencing an additional $0.3 billion tranche to be completed no later than February 26, 2025. The Company also made cash dividend payments of $1.5 billion in the first nine months of 2024.
Current wording
CRH continued its ongoing share buyback program in the first three months of 2025 repurchasing approximately 3.2 million Ordinary Shares for a total consideration of $0.3 billion and the Company is commencing an additional $0.3 billion tranche to be completed no later than August 5, 2025.
Previous wording
At September 30, 2024, CRH had cash and cash equivalents and restricted cash of $3.1 billion compared with $5.7 billion at September 30, 2023.
Current wording
At March 31, 2025, CRH had cash and cash equivalents and restricted cash of $3.4 billion, compared to $3.8 billion at December 31, 2024, and $3.3 billion at March 31, 2024. Total lease liabilities were $1.7 billion, compared to $1.6 billion at December 31, 2024, and $1.5 billion at March 31, 2024.
Previous wording
At September 30, 2024, CRH had $4.0 billion of undrawn committed facilities, almost all of which, are available until May 2029. At September 30, 2024, the weighted average maturity of the term debt (net of cash and cash equivalents)was 7.5 years.
Current wording
At March 31, 2025, CRH had $3.9 billion of undrawn committed facilities, $3.8 billion of which was available until May 2029. During April 2025, the Company completed a second one-year extension option on the undrawn committed facilities extending the maturity date to May 2030. At March 31, 2025, the weighted average maturity of the term debt (net of cash and cash equivalents)was 8.6 years.
Previous wording
Net cash used in investing activities was $4.4 billion for the nine months ended September 30, 2024, compared to $1.7 billion in the same period for 2023, an increase of $2.7 billion. During the nine months ended September 30, 2024, the Company invested $3.9 billion on acquisitions, an increase of $3.3 billion on the same period in 2023. Capital expenditure totaled $1.6 billion in the first nine months of 2024, resulting in an increased outflow of $0.5 billion versus the comparable prior year period. These outflows were partially offset by $1.1 billion of increased proceeds from divestitures and disposals of long-lived assets, primarily related to the completed divestiture of the European Lime operations and the divestiture of certain operations in Canada.
Current wording
Net cash used in investing activities was $1.0 billion for the three months ended March 31, 2025, compared to $2.1 billion in the same period for 2024, a decrease of $1.1 billion. During the three months ended March 31, 2025, the Company invested $0.6 billion in acquisitions, a decrease of $1.6 billion on the same period in 2024. Capital expenditure totaled $0.6 billion in the first three months of 2025, resulting in an increased outflow of $0.1 billion versus the comparable prior year period. These outflows were partially offset by $0.2 billion proceeds from divestitures and disposals of long-lived assets and other investing activities, compared to $0.6 billion in the prior year.
Previous wording
Net cash used in financing activities was $1.1 billion for the nine months ended September 30, 2024, in line with the comparable period in the prior year. Proceeds from debt issuances were $3.5 billion compared to $2.7 billion for the first nine months of 2023, an increase of $0.8 billion, which was primarily related to the issuance and sale of $750 million 5.20% Senior Notes due 2029 and $750 million 5.40% Senior Notes due 2034, as well as the issuance of $1.8 billion under the Company’s commercial paper programs in the first nine months of 2024. Payments on debt in the first nine months of 2024 were $1.9 billion, primarily the repayment of the €600 million 1.875% euro Senior Notes on maturity in January 2024 as well as the repayment of $1.2 billion issued under the Company’s commercial paper programs. This is compared with $0.9 billion in the prior year relating to the repayment of the €750 million 3.125% euro Senior Notes which were repaid on maturity in April 2023. Dividends paid for the first nine months of 2024 were$1.5 billion compared to $0.8 billion in the same period in the prior year. In 2024, the Company moved to quarterly dividends with a payment of the first, second and third quarter dividends in the first nine months of the year in addition to the payment of the 2023 final dividend while the same period in the prior year saw an outflow solely related to the final 2022 dividend. Outflows related to the purchases of common stock were $1.2 billion in the first nine months of 2024 compared to $2.0 billion for the same period in 2023.
Current wording
Net cash provided by financing activities was $1.1 billion for the three months ended March 31, 2025, compared to $0.2 billion net cash used in financing activities in the same period in the prior year. Proceeds from debt issuances were $3.0 billion, which was primarily related to the issuance of $3.0 billion in new senior notes in January 2025, an increase of $1.2 billion on the same period in 2024. Payments on debt in the first three months of 2025 were $1.5 billion, being the repayment of amounts issued under the Company’s commercial paper programs. This compared with a repayment of $0.7 billion in the prior year comparable period, which related to the repayment of a euro-denominated bond on maturity in January 2024. Dividends paid for the first three months of 2025 were $nil billion compared to $0.8 billion in the same period in the prior year. A second interim dividend for 2023 was paid in Q1 2024 which was not repeated in Q1 2025 as the Company moved to quarterly dividends in 2024. Outflows related to the purchases of common stock were $0.3 billion in the first three months of 2025 compared to $0.6 billion for the same period in 2024.
Previous wording
At September 30, 2024, we expect maturities for the next quarter as follows:
Current wording
At March 31, 2025, we expect maturities for the next three quarters as follows:
Previous wording
The main sources of Company debt funding are public bond markets in North America and Europe. See Note 9 “Debt” in Part I, Item 1. “Financial Statements” 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.
Current wording
The main sources of Company debt funding are public bond markets in North America and Europe. See Note 8 “Debt” in Part I, Item 1. “Financial Statements” for further details regarding our debt obligations. In January 2025, wholly-owned subsidiaries of the Company completed the issuance of $1.25 billion 5.125% Senior Notes due 2030, $1.25 billion 5.500% Senior Notes due 2035, and $0.5 billion 5.875% Senior Notes due 2055.
Previous wording
The Company manages its borrowing ability by entering into committed borrowing agreements. The Company’s multi-currency RCF, dated May 2023, 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 9 “Debt” in Part I, Item 1. “Financial Statements” for further details regarding the RCF. At September 30, 2024, the RCF was undrawn.
Current wording
The Company manages its borrowing ability by entering into committed borrowing agreements. The Company has a multi-currency RCF, dated May 2023, which is made available from a syndicate of lenders, consisting of a €3.5 billion unsecured, revolving loan facility. During April 2025, the Company completed a one-year extension option on the undrawn committed facilities extending the maturity date to May 11, 2030. See Note 8 “Debt” in Part I, Item 1. “Financial Statements” for further details regarding the RCF. At March 31, 2025, the RCF was undrawn. In December 2024, the Company entered into a new $750 million two-year fixed rate term loan facility which was fully drawn.
Previous wording
The Company has given letters of guarantee to secure obligations of subsidiary undertakings as follows: $12.9 billion in respect of loans and borrowings, bank advances and derivative obligations, and $0.5 billion in respect of letters of credit due within one year at September 30, 2024.
Current wording
The Company has given letters of guarantee to secure obligations of subsidiary undertakings as follows: $14.8 billion in respect of loans and borrowings, bank advances and derivative obligations, and $0.5 billion in respect of letters of credit due within one year at March 31, 2025.
Previous wording
As of September 30, 2024, the Company had a $4.0 billion U.S. Dollar Commercial Paper Program and a €1.5 billion Euro Commercial Paper Program. As of September 30, 2024, there was $1.3 billion of outstanding issued notes on the U.S. Dollar Commercial Paper Program and $0.4 billion of outstanding issued notes on the Euro Commercial Paper Program. The purpose of these programs is to provide short-term liquidity as required.
Current wording
As at March 31, 2025, the Company had a $4.0 billion U.S. Dollar Commercial Paper Program and a €1.5 billion Euro Commercial Paper Program available. Commercial paper borrowings bear interest at rates determined at the time of borrowing. As at March 31, 2025, there was $0.1 billion of outstanding issued notes under the U.S. Dollar Commercial Paper Program and-no outstanding issued notes under the Euro Commercial Paper Program. The purpose of these programs is to provide short-term liquidity.
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Previous report — wording carried elsewhere
Net Debt* at September 30, 2024, was $11.2 billion, compared to $5.4 billion at December 31, 2023, and $5.9 billion at September 30, 2023. The increase in Net Debt*7 compared to December 31, 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.