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 fiscal years 2024, 2023 and 2022. This MD&A should be read in conjunction with the Consolidated Financial Statements in Item 8. “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K.

Current wording

Our Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to convey and promote understanding of management’s perspective regarding operational and financial performance for fiscal years 2025 and 2024. This MD&A should be read in conjunction with the Consolidated Financial Statements in Item 8. “Financial Statements and Supplementary Data” of this Form 10-K.

Previous wording

The following discussion contains trend information and forward-looking statements. Actual results could differ materially from those discussed in these forward-looking statements, as well as from our historical performance, due to various factors, including, but not limited to, those discussed in Item 1A “Risk Factors” and “Forward-Looking Statements – Safe Harbor Provisions Under The Private Securities Litigation Reform Act Of 1995” and elsewhere in this Annual Report on Form 10-K. Our operating results depend upon economic cycles, seasonal and other weather‐related conditions, and trends in government expenditures, among other factors. Accordingly, financial results for any year presented, or year‐to‐year comparisons of reported results, may not be indicative of future operating results.

Current wording

The following discussion contains trend information and forward-looking statements. Actual results could differ materially from those discussed in these forward-looking statements, as well as from our historical performance, due to various factors, including, but not limited to, those discussed in Item 1A. “Risk Factors” and “Forward-Looking Statements – Safe Harbor Provisions Under The Private Securities Litigation Reform Act Of 1995” and elsewhere in this Form 10-K. Our operating results depend upon economic cycles, seasonal and other weather‐related conditions, and trends in government funding initiatives, among other factors. Accordingly, financial results for any year presented, or year‐to‐year comparisons of reported results, may not be indicative of future operating results.

Previous wording

CRH delivered another record performance in 2024 resulting in the following performance highlights (compared to 2023 and 2022):

Current wording

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

Previous wording

•Net income margin was 9.9% in 2024, 8.8%in 2023 and 11.9% in 2022. Adjusted EBITDA margin* was 19.5% in 2024, an increase of 180 basis points (bps) compared with an Adjusted EBITDA margin* of 17.7% in 2023. In 2022, the Adjusted EBITDA margin* was 16.5%;

Current wording

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

Previous wording

•Basic Earnings Per Share (EPS) from continuing operations in 2024 was $5.06 compared with $4.36 in 2023 and $3.58 in 2022. Basic EPS

Current wording

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

Previous wording

•40 acquisitions completed for a total consideration of $5.0 billion in 2024, compared with $0.7 billion in 2023 and $3.3 billion in 2022. A further $2.6 billion was inve sted in development and replacement capital expenditure projects in 2024, compared with $1.8 billion and $1.5 billion in 2023 and 2022, respectively.

Current wording

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

Previous wording

•Cash paid to shareholders in 2024 through dividends was $1.7 billion and through share buybacks was $1.3 billion, compared with $0.9 billion and

Current wording

•Cash paid to shareholders in 2025 through dividends was $1.0 billion and through share buybacks was $1.2 billion, compared with $1.7 billion and $1.3 billion, respectively, in 2024;

Previous wording

•Full year dividend per share increase of 5% resulting in a dividend per share of $1.40 in 2024, from $1.33 in 2023 and $1.27 in 2022;

Current wording

•Full year dividend per share increase of 6% resulting in a dividend per share of $1.48 in 2025, from $1.40 in 2024; and

Previous wording

•Ongoing share buyback program in 2024 repurchased approximately 15.9 million ordinary shares for a total consideration of $1.3 billion, compared with $3.0 billion in 2023 and $1.2 billion in 2022; and

Current wording

•Ongoing share buyback program in 2025 repurchased approximately 11.7 million Ordinary Shares for a total consideration of $1.2 billion, compared with $1.3 billion in 2024.

Previous wording

5 Operating cash flow refers to net cash provided by operating activities as reported in the Consolidated Statements of Cash Flows on pages 56 to 57.6

Current wording

6 Operating cash flow refers to Net cash provided by operating activities as reported in the Consolidated Statements of Cash Flows on pages 52 to 53.7

Previous wording

The largest acquisition in 2024 was in Americas Materials Solutions where CRH acquired an attractive portfolio of cement and readymixed concrete operations and assets in Texas, for a total consideration of $2.1 billion. In addition, Americas Materials Solutions completed a further 20 acquisitions and Americas Building Solutions completed 10 acquisitions for a total 2024 spend in the Americas of $3.8 billion. International Solutions completed nine acquisitions for a total 2024 spend of $1.2 billion, including the acquisition of a majority stake in Adbri, a market leader in cement and aggregates in Australia.

Current wording

In 2024, CRH completed 40 acquisitions for a total consideration of $5.0 billion. Our largest acquisition in 2024 was in our Americas Materials Solutions segment where we acquired an attractive portfolio of cement and readymixed concrete operations and assets in Texas, for a total consideration of $2.1 billion. In addition, we completed another 20 acquisitions in our Americas Materials Solutions segment and 10 acquisitions in our Americas Building Solutions segment for a total 2024 spend in the Americas of $3.8 billion. We also completed nine acquisitions in our International Solutions segment for a total 2024 spend of $1.2 billion, including the acquisition of a majority stake in Adbri, a market leader in cement and aggregates in Australia. In 2024, CRH completed 10 divestitures and realized proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) of $1.4 billion, primarily related to the divestiture of the European Lime operations.

Previous wording

Assuming normal seasonal weather patterns and absent any major dislocations in the political or macroeconomic environment, CRH’s leading positions of scale in attractive higher-growth markets, together with our strong and flexible balance sheet, are expected to underpin another year of growth and value creation in 2025.

Current wording

We expect favorable underlying demand across our key end-markets, underpinned by significant public investment in infrastructure and continued reindustrialization activity. Within the residential sector we expect resilient repair and remodel activity while the new-build segment is expected to remain subdued. Assuming normal seasonal weather patterns and absent any major dislocations in the political or macroeconomic environment, CRH's superior strategy, connected portfolio and leading positions of scale in attractive high-growth markets, together with our strong and flexible balance sheet, are expected to underpin another year of growth and value creation in 2026.

Previous wording

CRH’s results can be impacted by trends and factors in the wider construction markets it is exposed to. The principal construction markets, for all segments, are infrastructure, including highways, streets, roads and bridges; non-residential, including construction and maintenance of critical infrastructure, manufacturing, commercial, warehouse and data center facilities; and residential, including new-build construction, and repair and remodel activity, of single and multi-family housing. See ‘Business Segment Information’ in Item 1. “Business” for details by segment.

Current wording

CRH’s results can be impacted by trends and factors in the wider construction markets it is exposed to. The principal construction markets, for all segments, are infrastructure, including highways, streets, roads, tunnels and bridges; non-residential, including construction of critical infrastructure for the transport of water and energy, manufacturing, commercial, distribution and data center facilities; and residential, including new-build construction, and repair and remodel activity, of single and multi-family housing. North America is expected to be a key driver of future growth for CRH due to its positive demographic and economic fundamentals, including significant public investment in infrastructure and private investment in reindustrialization activity. Our International businesses, which benefit from strong economic and construction growth prospects as well as recurring repair and remodel demand, are an important strategic part of the Company. In 2025, approximately 75% of Net income and 71% of Adjusted EBITDA* was generated in North America, while approximately 25% of Net income and 29% of Adjusted EBITDA* was generated by our International Division. CRH intends to continue to expand its North American and International operations given significant government support for infrastructure and increasing investment in transportation, water and reindustrialization projects. See ‘Business Segment Information’ in Item 1. “Business” for details by segment.8

Previous wording

Our North American businesses expect positive momentum in infrastructure activity, underpinned by robust state and federal funding, and supported by the IIJA which was signed into law in November 2021. This provides expected federal highway funding of approximately $350 billion over five years, including $110 billion in new funding for roads, bridges, and other infrastructure projects. Aided by the IIJA, U.S. highway contract awards remained at elevated levels in 2024, underpinning a positive outlook for 2025 as state budgets reflect the need for increased public infrastructure funding for highways and bridges.

Current wording

Our North American businesses expect positive momentum in infrastructure activity, underpinned by robust state and federal funding, and continued support from the IIJA which was signed into law in November 2021. The IIJA is expected to provide federal highway funding of approximately $350 billion, including $110 billion of incremental funding for roads, bridges, and other infrastructure projects. We see significant funding runway ahead with approximately 50% of expected funds yet to be deployed. Aided by the IIJA, U.S. highway and bridge contract awards remained at elevated levels in 2025, underpinning a positive outlook for 2026 as state budgets reflect the need for increased public investment in infrastructure.

Previous wording

After a resilient 2024, the outlook for 2025 in our International markets remains underpinned by government and EU funding for the infrastructure sector, which typically fluctuates less than residential and non-residential sectors. In this sector the impact of the business cycle is mitigated by long-term projects and a high share of activities financed by the public sector, with multinational EU funds a stabilizing factor in some of our larger markets.

Current wording

After a solid 2025, the outlook for 2026 in our International markets is underpinned by government and EU funding for the infrastructure sector, which typically fluctuates less than residential and non-residential sectors. In this sector, the impact of the business cycle is mitigated by long-term projects and a high share of activities financed by the public sector, with multinational EU funds serving as a stabilizing factor in some of our larger markets.

Previous wording

In Americas, a key driver of demand in the non-residential sector is the onshoring of critical manufacturing. Large, multi-year construction projects (data centers, semiconductor chips, liquefied natural gas facilities) are underpinned by initiatives such as the U.S. CHIPS and Science Act, a $280 billion bill with the aim to bolster the United States’ semiconductor capacity. In addition, critical infrastructure is expecting to receive significant funding from the IIJA – water (approximately $48 billion), energy (approximately $79 billion) and technology (approximately $65 billion).

Current wording

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

Previous wording

The residential sector’s recent performance has been influenced by affordability constraints with inflation challenges, rising home prices and high mortgage rates. While residential construction activity continues to be supported by long-term demand fundamentals, the new-build segment is expected to remain subdued. As a result of the aging U.S. housing stock, repair and remodel activity is expected to be less subdued than new-build activity in the near-term.

Current wording

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

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, cementitious materials, readymixed concrete, and asphalt, as well as providing paving and construction services. The Americas Building Solutions segment manufactures, supplies and delivers high-quality building products. The International Solutions segment integrates building materials, products and services for the construction and renovation of transportation infrastructure, critical utility networks, commercial and residential buildings, and outdoor living spaces.

Previous wording

For additional discussion on segment revenues, see “Segments” section on pages 37 to 39.

Current wording

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

Previous wording

Selling, general and administrative (SG&A) expenses, which are primarily comprised of haulage costs, labor costs, and other selling and administration expenses, were $7.9 billion in 2024, an increase of $0.4 billion, or 5%, compared with 2023. The increase in SG&A expenses was primarily due to labor cost increases of 9%, as a result of increased headcount from acquisitions and wage inflation; partially offset by divestitures.

Current wording

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

Previous wording

Interest expense was $612 million in 2024, an increase of $236 million, or 63%, compared with 2023. The increase was primarily due to higher gross debt balances and increased interest rates. For additional information on new fixed rate debt issuance, see Note 11 “Debt” in Item 8. “Financial Statements and Supplementary Data”.

Current wording

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

Previous wording

Other nonoperating income (expense), net, was income of $258 million in 2024, an increase of $260 million compared with 2023. Other nonoperating income (expense) net, includes pension and postretirement benefit costs (excluding service costs), gains and losses from divestitures, and other miscellaneous income and expenses. The increase was primarily related to gains ondivestitures.

Current wording

Other nonoperating income (expense), net was $29 million in 2025, a decrease of $229 million compared with 2024. Other nonoperating income (expense), net includes pension and postretirement benefit costs (excluding service costs), gains and losses from divestitures, and other miscellaneous income and expenses. The reduction versus prior year was reflective of the non-recurrence of prior year gains on divestitures.

Previous wording

In 2024, the Company’s income tax expense was $1.1 billion, an increase of $0.2 billion compared with 2023. The effective tax rate attributable to continuing operations was 23% for 2024, in line with 23% for 2023.

Current wording

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

Previous wording

In 2024, a loss of $108 million was recorded in equity method investments, primarily driven by an impairment in the Company’s equity method investment in Yatai Building Materials (YBM) in China, where market conditions remained challenging.

Current wording

In 2025, income of $26 million was recorded in equity method investments, reflecting contributions from the Company’s investments in North America and Australia, compared with a loss of $108 million in 2024 as a result of an impairment of Yatai Building Materials in China.

Previous wording

Within CRH’s segments, revenue is disaggregated by principal activities and products and by primary geographic market. 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 projects. 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 Essential Materials businesses manufacture and supply aggregates and cementitious materials for use in a range of construction and industrial applications. Road Solutions support the manufacturing, installation and maintenance of public highway infrastructure projects and commercial infrastructure. Building & Infrastructure Solutions connect and protect critical water, energy and telecommunications infrastructure and deliver complex commercial building projects. Outdoor Living Solutions integrate specialized materials, products and design features to enhance the quality of private and public spaces.

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

Current wording

The Company’s measure of segment profit is Adjusted EBITDA, which is defined asearnings 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

In Essential Materials, total revenues were 5% ahead of the prior year, supported by aggregates and cement pricing, which were ahead by 10% and 8%, respectively. Aggregates volumes declined by 3% while cement volumes increased by 1% compared to 2023.

Current wording

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

Previous wording

Total revenues in Building & Infrastructure Solutions and Outdoor Living Solutions declined by 6% compared with the prior year, amid continued subdued new-build residential activity.

Current wording

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

Previous wording

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

Current wording

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

Previous wording

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

Current wording

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

Previous 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 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, amortiz ation, 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.

Previous wording

Return on Net Assets (RONA): Return on Net Assets is a key internal pre-tax and pre-impairment (which is non-cash) measure of operating performance throughout the Company and can be used by management and investors to measure the relative use of assets between CRH’s segments. The metric measures management’s ability to generate income from the net assets required to support that business, focusing on both profit maximization and the maintenance of an efficient asset base; it encourages effective fixed asset maintenance programs, good decisions regarding expenditure on property, plant and equipment and the timely disposal of surplus assets. It also supports the effective management of the Company’s working capital base. RONA is calculated by expressing operating income from continuing operations and operating income from discontinued operations excluding loss on impairments (which is non-cash) as a percentage of average net assets. Net assets comprise total assets by segment (including assets held for sale) less total liabilities by segment (excluding finance lease liabilities and including liabilities associated with assets classified as held for sale) as shown below and detailed in Note 3 “Assets held for sale and discontinued operations” in Item 8. “Financial Statements and Supplementary Data” and excludes equity method investments and other financial assets, Net Debt (as defined on page 42) and tax assets and liabilities. The average net assets for the year is the simple average of the opening and closing balance sheet figures.

Current wording

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

Previous wording

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

Current wording

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

Previous wording

Organic Revenue and Organic Adjusted EBITDA: CRH pursues a strategy of growth through acquisitions and investments, with total consideration spent on acquisitions and investments of $5.0 billion in 2024, compared with $0.7 billion in 2023. Acquisitions completed in 2024 and 2023 contributed incremental total revenues of $1.6 billion and Adjusted EBITDA of $0.3 billion in 2024. Cash proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) amounted to $1.4 billion in 2024, compared with $0.1 billion in 2023. The total revenues impact of divestitures in 2024 was a negative $0.7 billion and the impact at an Adjusted EBITDA level was a negative $0.2 billion.

Current wording

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

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 the Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section on pages 37 to 39, changes in organic revenue and organic Adjusted EBITDA are presented as additional measures of revenue and Adjusted EBITDA to provide a greater understanding of the performance of the Company. Organic change % is calculated by expressing the organic movement as a percentage of the prior year (adjusted for currency exchange effects). A reconciliation of the changes in organic revenue and organic Adjusted EBITDA to the changes in total revenues and Adjusted EBITDA by segment, is presented with the discussion within each segment’s performance in tables contained in the segment discussion in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” commencing on page 31.

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

Previous wording

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

Current wording

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

Previous wording

The Company’s primary source of incremental liquidity is cash flows from operating activities, which combined with the year-end cash and cash equivalents balance, the 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 sufficient ability to fund additional acquisitions via cash flows from internally available cash, cash flows from operating activities and, subject to market conditions, via obtaining additional borrowings and/or issuing additional debt or equity securities.

Current wording

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

Previous wording

Total short and long-term debt was $14.0 billion at December 31, 2024, compared with $11.6 billion in 2023 and $9.6 billion in 2022. In January 2024, €600 million 1.875% euro Senior Notes were repaid on maturity. In May 2024, wholly-owned subsidiaries of the Company issued $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 December 2024, the Company entered into and drew down a $750 million two-year term loan at a fixed rate of 4.91%. For additional information on new fixed rate debt issuance, see Note 11 “Debt” in Item 8. “Financial Statements and Supplementary Data”. Net Debt* at December 31, 2024, was $10.5 billion, compared with $5.4 billion in 2023. The increase in Net Debt* between 2024 and 2023 reflects acquisitions, cash returns to shareholders through dividends and continued share buybacks, as well as the purchase of property, plant and equipment, partially offset by inflows from operating activities and proceeds from divestitures.

Current wording

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

Previous wording

CRH continued its ongoing share buyback program in 2024 repurchasing 15.9 million ordinary shares for a total consideration of $1.3 billion, and in 2023 54.9 million ordinary shares were repurchased for total consideration of $3.0 billion. The Company also made cash dividend payments of $1.7 billion in 2024 and $0.9 billion in 2023.

Current wording

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

Previous wording

At December 31, 2024, CRH had cashand cash equivalents and restricted cashof $3.8 billion compared with $6.4 billion in 2023 and $5.9 billion in 2022. Total lease liabilities were $1.6 billion compared with $1.5 billion in 2023 and $1.3 billion in 2022.

Current wording

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