CRH PUBLIC LTD CO

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 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.

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 and six months ended June 30, 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 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.

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 connected 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

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.

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, summer and autumn which may reduce significantly in winter due to inclement conditions or generally as a result of 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 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):

Current wording

CRH delivered a strong second quarter performance compared to the second quarter of 2024, resulting in the following performance highlights for the three months ended June 30, 2025 (comparisons are versus the prior year's second quarter):

Previous 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%.

Current wording

•Net income margin was 13.1% compared with 13.6%, a decrease of 50 basis points (bps). Adjusted EBITDA margin* was 24.1%, an increase of 70bps on the prior year's second quarter Adjusted EBITDA margin* of 23.4%; and

Previous 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;

Current wording

•Cash returned to shareholders through share buybacks was $0.6 billion, a decrease of $0.1 billion versus the first six months of the prior year. On August 5, 2025, the latest tranche of the share buyback program was completed, bringing the year-to-date repurchases to $0.8 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 November 5, 2025;

Previous wording

•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 wording

•Cash paid to shareholders through dividends was $0.5 billion, compared with $1.2 billion in the first half of the prior year. The decrease primarily reflects the payment of a second interim 2023 dividend in Q1 2024, which was not repeated in Q1 2025. The first 2025 quarterly dividend of $0.37 per share was declared in February 2025, a second quarterly dividend of $0.37 per share was announced in May 2025, and a third quarterly dividend of $0.37 per share announced on August 6, 2025, representing an annualized increase of 6% on the prior year; and

Previous 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.

Current wording

•A total of 13 acquisitions were completed for consideration of $0.7 billion, compared with $2.6 billion in the first half of the prior year. A further $1.3 billion was invested in development and replacement capital expenditure projects, compared with $1.1 billion for the comparable 2024 period.

Previous wording

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 wording

In the three months ended June 30, 2025, CRH completed five acquisitions for a total consideration of $0.1 billion, compared with $0.4 billion in the same period of 2024. Americas Materials Solutions completed two acquisitions, while International Solutions completed three acquisitions.

Previous wording

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 wording

The outlook for our business remains positive and we raise our financial guidance for 2025. We continue to expect favorable 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 proven 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.

Previous 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.

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, products 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 CRH’s unaudited Condensed Consolidated Statements of Income for the periods indicated.2

Current wording

The table below summarizes CRH’s unaudited Condensed Consolidated Statements of Income for the periods indicated.3

Previous wording

For additional discussion on segment revenues, see “Segments” section on pages 26 to 27.

Current wording

For additional discussion on segment revenues, see “Segments” section on pages 30 to 32.

Previous 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.

Current wording

Gross profit for the three months ended June 30, 2025, was $4.0 billion, an increase of $0.4 billion, or 10% from the same period in 2024, reflecting total revenues increase of 6%, while total cost of revenues increased by 3%. The gross profit margin of 39.4% increased 130bps from 38.1% in the second quarter of the prior year. Total cost of revenues increased primarily as a result of higher labor costs of 5%, driven by increased headcount from acquisitions and inflationary pressures, as well as a 26% increase in depreciation and amortization expenses, reflecting the impact of acquisitions and higher capital expenditures.

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 $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.

Current wording

Selling, general and administrative (SG&A) expenses, which are primarily comprised of haulage costs, labor costs, and other selling and administrative expenses, were $2.1 billion for the three months ended June 30, 2025, an increase of $0.2 billion, or 9%, from the comparable 2024 period. The increase was primarily driven by a 7% increase in haulage expenses resulting from acquisition activity and a 9% increase in labor costs reflecting higher headcount and wage inflation.

Previous wording

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 wording

Interest income was $30 million for the three months ended June 30, 2025, a decrease of $6 million from the comparable period in 2024, and $67 million for the six months ended June 30, 2025, a decrease of $12 million from the comparable period. The decrease was primarily due to lower cash deposits.

Previous 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.

Current wording

Interest expense was $200 million for the three months ended June 30, 2025, an increase of $45 million from the comparable period in 2024 and $381 million for the six months ended June 30, 2025, an increase of $93 million from the prior period. The increase was primarily due to higher gross debt balances.

Previous 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.

Current wording

Other nonoperating (expense) income, net, was an expense of ($9) million for the three months ended June 30, 2025, compared with an income of $23 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 was reflective of the non-recurrence of prior year gains on divestitures.

Previous 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.

Current wording

For the six months ended June 30, 2025, the Company had an income tax expense of $367 million compared to $411 million for the comparable period in 2024. The effective tax rate was 23% for the first half of 2025 compared with an effective tax rate of 22% for the same period in 2024. The increase was primarily driven by the inclusion of the largely tax-exempt divestiture of the European Lime operations in the six months ended June 30, 2024.

Previous 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.

Current wording

For the three months ended June 30, 2025, income of $1 million was recorded in equity method investments, a decrease of $5 million from the comparable period in 2024 and a loss of $9 million was recorded for the six months ended June 30, 2025, a decrease of $11 million from the comparable period in 2024.

Previous wording

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 wording

Net income was $1.2 billion for the six months ended June 30, 2025, a decrease of $189 million from the comparable period in 2024, with a positive underlying operating performance offset by the non-recurrence of gains on prior year divestitures.

Previous wording

Net (loss) income attributable to CRH and (loss) earnings per share

Current wording

Net income attributable to CRH and earnings per share

Previous wording

Within CRH’s segments, revenue is disaggregated by principal activities and products. Business lines are revi ewed and evaluated as follows: (1) Essential Materials, (2) Road Solutions, (3) Building & Infrastructure Solutions, and (4) Outdoor Living Solutions. The vertically integrated Essential Materials businesses manufacture and supply aggregates and cement for use in a range of construction and industrial applications. Road Solutions support the manufacturing, installation and maintenance of public highway infrastructure projects and commercial infrastructure. Building & Infrastructure Solutions connect, protect and transport critical water, energy and telecommunications infrastructure and deliver complex commercial building projects. Outdoor Living Solutions integrate specialized materials, products and design features to enhance the quality of private and public spaces.

Current wording

Within CRH’s segments, revenue is disaggregated by principal activities and products. Business lines are reviewed and evaluated as follows: (1) Essential Materials, (2) Road Solutions, (3) Building & Infrastructure Solutions, and (4) Outdoor Living Solutions. The vertically integrated Essential Materials businesses manufacture and supply aggregates and cement for use in a range of construction and industrial applications. Road Solutions support the manufacturing, installation and maintenance of public highway infrastructure projects and commercial infrastructure. Building & Infrastructure Solutions connect, protect and transport critical water, energy and telecommunications infrastructure and deliver complex commercial building projects. Outdoor Living Solutions integrate specialized materials, products and design features to enhance the quality of private and public spaces.

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 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 divestitures and investments, income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component.

Previous wording

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 wording

Americas Materials Solutions’ total revenues were 2% ahead of the first six months of 2024, as pricing progress and contributions from acquisitions more than offset weather-impacted volumes.

Previous wording

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 wording

In Essential Materials, total revenues increased by 1% supported by positive pricing and good contributions from acquisitions. Prices in aggregates and cement were ahead by 5% and 2%, respectively. Aggregates volumes increased by 1% while cement volumes were in line with the same period in 2024.

Previous wording

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 wording

In Road Solutions, total revenues increased by 3% due to increased paving activity and growth in readymixed concrete. Readymixed concrete volumes were up 6% over the prior year, driven by acquisitions, while pricing increased by 2%. Paving and construction revenues increased by 1% while weather impacted asphalt volumes decreased 1% over the prior year and pricing increased by 1%.

Previous 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.

Current wording

Americas Building Solutions' total revenues were 2% ahead of the second quarter of 2024, as good commercial management and contributions from acquisitions offset adverse weather impacts in some markets.

Previous wording

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 wording

In Outdoor Living Solutions, total revenues were in line with the prior year, as incremental growth from acquisitions was offset by the impact of adverse weather across certain key markets.

Previous 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.

Current wording

Adjusted EBITDA for Americas Building Solutions was 1% ahead of prior year driven by contributions from acquisitions and offsetting the impact of challenging weather and subdued residential activity. Adjusted EBITDA margin was 10bps behind the prior year period.

Previous wording

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 wording

In Road Solutions, total revenues were 16% ahead of the comparable period in 2024, with volumes and prices in readymixed concrete ahead of 2024 by 21% and 9%, respectively, benefiting from higher activity levels and contributions from the Adbri acquisition. Asphalt volumes declined by 3%, as a result of lower activity levels while asphalt pricing declined 4% compared to the prior year.

Previous wording

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 wording

Within Building & Infrastructure Solutions and Outdoor Living Solutions, total revenues were 6% ahead of the comparable period in 2024 supported by contributions from acquisitions.

Previous 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.

Current wording

Adjusted EBITDA in International Solutions was 23% ahead of the second quarter of 2024, driven by the successful integration of acquisitions, increased pricing and operational efficiencies. Adjusted EBITDA margin increased by 170bps 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 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 impairments, gain/loss on divestitures and investments, income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component. It is quoted by management in conjunction with other GAAP and non-GAAP financial measures to aid investors in their analysis of the performance of the Company. Adjusted EBITDA by segment is monitored by management in order to allocate resources between segments and to assess performance. Adjusted EBITDA margin is calculated by expressing Adjusted EBITDA as a percentage of total revenues.

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 $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.

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 six months ended June 30, 2025, compared with $2.5 billion for the same period in 2024. Acquisitions completed in 2024 and the first six months of 2025 contributed incremental total revenues of $0.7 billion and Adjusted EBITDA of $0.1 billion for the three months ended June 30, 2025 and total revenues of $1.3 billion and Adjusted EBITDA of $0.2 billion for the six months ended June 30, 2025. Cash proceeds from divestitures and disposals of long-lived assets amounted to $0.1 billion for the six months ended June 30, 2025, compared with $1.0 billion for the six months ended June 30, 2024. The total revenues impact of divestitures was a negative $0.1 billion and the impact at an Adjusted EBITDA level was a positive $3 million for the three months ended June 30, 2025. The total revenues impact of divestitures was a negative $0.2 billion and the impact at an Adjusted EBITDA level was a negative $8 million for the six months ended June 30, 2025.

Previous 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.

Current wording

The U.S. Dollar weakened against most major currencies during the three months ended June 30, 2025, from the comparable period in 2024, resulting in an overall positive currency exchange impact.

Previous wording

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

Current wording

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

Previous 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.

Current wording

Total short and long-term debt was $15.8 billion at June 30, 2025, compared to $14.0 billion at December 31, 2024, and $13.1 billion at June 30, 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 six months ended June 30, 2025, $0.3 billion of Euro Commercial Paper was repaid, and the $1.25 billion Senior Notes due 2025 were repaid on maturity in May.

Previous 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.

Current wording

CRH continued its ongoing share buyback program in the first six months of 2025 repurchasing approximately 6.9 million Ordinary Shares for a total consideration of $0.6 billion, and the Company is commencing an additional $0.3 billion tranche to be completed no later than November 5, 2025. The Company also made cash dividend payments of $0.5 billion in the first six months of 2025.

Previous 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.

Current wording

At June 30, 2025, CRH had cash and cash equivalents and restricted cash of $2.9 billion, compared to $3.8 billion at December 31, 2024, and $3.9 billion at June 30, 2024. Total lease liabilities were $1.8 billion, compared to $1.6 billion at December 31, 2024, and $1.5 billion at June 30, 2024.