CRH PUBLIC LTD CO
For the period ended Mar 31, 2026. Filed Apr 30, 2026.
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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, 2026 · Filed Apr 30, 2026
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 2025-09-30; filed 2025-11-05.
0001628280-25-049574
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-30.
0001628280-26-028556
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 188 previous paragraphs and 144 current paragraphs.
54 unchanged; 55 reworded; 34 added; 76 removed; 3 previous and 1 current paragraphs rearranged.
Tables are not compared: 16 previous and 14 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 (34)
Current report
CRH is the leading provider of building materials critical to modernizing infrastructure. Our unmatched scale, connected portfolio, and deep local relationships make us the partner of choice for transportation, water and reindustrialization projects, shaping communities for a better tomorrow.
Current report
Operating in 28 countries across North America, Europe and Australia, CRH’s leading positions of scale serve transportation and critical infrastructure, reindustrialization projects, and commercial and residential construction activity.
Current report
•Total revenues increased 9% to $7.4 billion;
Current report
•Net loss was ($180) million compared with ($98) million, an increased loss of ($82) million on the prior year. Adjusted EBITDA*1 was $586 million, an increase of $91 million, or 18%;
Current report
•Diluted Loss Per Share (EPS) was ($0.27) compared to ($0.15). Diluted EPS pre-impairment* was ($0.20) compared to ($0.15).
Current report
•The first 2026 quarterly dividend of $0.39 per share was declared in February 2026, and a second quarterly dividend of $0.39 per share was announced on April 30, 2026, representing an increase of 5% on the prior year; and
Current report
*Represents a non-GAAP financial measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 28 to 29.1
Current report
Gain on disposal of long-lived assets was $22 million for the three months ended March 31, 2026, an increase of $8 million compared with 2025.
Current report
Loss on impairments
Current report
Loss on impairments for the three months ended March 31, 2026, was $48 million, compared to $nil million in the comparable period, and was related to the International Solutions segment.
Current report
*Represents a non-GAAP financial measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 28 to 29.2
Current report
Interest income was $21 million for the three months ended March 31, 2026, a reduction of $16 million from the comparable period in 2025, primarily due to lower interest rates and principal on deposit.
Current report
Other nonoperating expense, net
Current report
Income tax benefit
Current report
Loss from equity method investments
Current report
In Essential Materials, Total revenues increased by 31%, reflecting strong underlying demand across most regions as well as contributions from acquisitions. Aggregates volumes increased by 14% year-over-year, while pricing declined by 1%, reflecting geographic and project mix-effects. Cement volumes were 10% ahead of the prior year, while pricing was 1% behind.
Current report
In Road Solutions, Total revenues were 16% ahead of the prior year, driven by a strong start to the year due to robust project activity. Asphalt volumes increased by 13%, while pricing was in line with the prior year. Readymixed concrete volumes increased by 12%, with pricing up 4% over the same period. Paving and construction revenues increased by 16%, supported by strong project execution, backlog conversion, and contributions from acquisitions.
Current report
Americas Building Solutions' Total revenues were 1% behind the first quarter of 2025, due to subdued new-build residential demand and adverse weather conditions in certain markets, partly offset by contributions from acquisitions.
Current report
In Building & Infrastructure Solutions, Total revenues were 4% ahead of the first quarter of 2025, driven by strong demand in our utility infrastructure markets.
Current report
In Outdoor Living Solutions, Total revenues were 3% behind the prior year period, as subdued new-build residential demand and adverse weather impacted activity levels.
Current report
Adjusted EBITDA for Americas Building Solutions was in line with the first quarter of 2025, as strong cost control and operational efficiencies offset cost inflation and subdued new-build residential demand. Adjusted EBITDA margin was 10bps ahead of the prior year period.
Current report
International Solutions
Current report
In Essential Materials, Total revenues were 12% ahead of the comparable period in 2025. Aggregates volumes were 8% ahead of the prior year period, supported by acquisitions, while cement volumes were in line with the prior year. Aggregates pricing was in line with the prior year period, while cement pricing was 3% ahead.
Current report
In Road Solutions, Total revenues were in line with the comparable period in 2025, impacted by divestitures. Readymixed concrete volumes were 2% ahead of the prior year period, supported by acquisitions, while pricing increased by 3% year-over-year. Asphalt volumes and prices were 8% and 5% ahead of the comparable period in 2025, respectively, supported by higher activity levels in Western Europe.
Current report
Reconciliation to its most directly comparable GAAP measure is presented below:
Current report
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 (loss) adjusted for (i) Net (income) loss 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.
Current report
Reconciliation to its most directly comparable GAAP measure is presented below:
Current report
Total short and long-term debt was $18.5 billion as of March 31, 2026, compared with $17.7 billion as of December 31, 2025, and $15.7 billion as of March 31, 2025. In the three months ended March 31, 2026, $1.2 billion of U.S. Dollar Commercial Paper was issued and $0.2 billion of Euro Commercial Paper was repaid.
Current report
Represents a non-GAAP financial measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 28 to 29.
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 $0.6 billion for the three months ended March 31, 2026, compared to $0.7 billion in the same period in 2025. The decrease in net cash used in operating activities was primarily due to improved operating performance.
Current report
As of March 31, 2026, we expect maturities of our debt facilities and long-term debt obligations for the remainder of 2026 as follows:
Current report
Our credit ratings and outlooks as of March 31, 2026, are as follows:
Current report
evaluated independently of any other rating. Lower credit ratings generally result in higher-borrowing costs, including costs of derivative transactions and reduced access to debt capital
Current report
markets, and may adversely impact our liquidity.*
Removed paragraphs (76)
Previous report
CRH provides a connected offering of essential materials (aggregates and cementitious materials), value-added building products as well as construction services to our customers. 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 report
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 building materials in major infrastructure and commercial projects.
Previous report
•Total revenues increased 5% to $11.1 billion;
Previous report
•Net income increased by $130 million to $1.5 billion. Adjusted EBITDA*1 was $2.7 billion, an increase of $241 million, or 10%;
Previous report
•Diluted Earnings Per Share (EPS) was $2.21 compared to $1.97.
Previous report
•Total revenues increased 5% to $28.0 billion;
Previous report
•Net income was $2.8 billion, a decrease of $59 million compared to the prior year. Adjusted EBITDA*2 was $5.7 billion, an increase of $499 million, or 10%;
Previous report
•Net income margin was 9.8% compared with 10.5%, a decrease of 70bps. Adjusted EBITDA margin* was 20.2%, an increase of 90bps on the prior year Adjusted EBITDA margin* of 19.3%; and
Previous report
•Diluted EPS was $3.99 compared to $4.00.
Previous report
*Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 34 to 35.1
Previous report
CRH Form 10-Q 27
Previous report
•Cash paid to shareholders through dividends was $0.7 billion, compared with $1.5 billion in the first nine months 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. CRH declared a quarterly dividend of $0.37 per share in February 2025, May 2025 and August 2025 and a fourth quarterly dividend per share of $0.37 per share announced on November 5, 2025, representing an annualized increase of 6% on the prior year; and
Previous report
For the nine months ended September 30, 2025, CRH completed 22 acquisitions for a total consideration of $3.2 billion, compared with $3.9 billion in the first nine months of the prior year.
Previous report
In September 2025, CRH completed the acquisition of Eco Material, a leading supplier of cementitious materials in North America for a total consideration of $2.1 billion. The Eco Material transaction uniquely positions CRH to meet growing demand for cementitious products to modernize North America's infrastructure.
Previous report
CRH Form 10-Q 28
Previous report
For the nine months ended September 30, 2025, total revenues were $28.0 billion, an increase of 5% from the first nine months of 2024, reflecting effective commercial execution, continued pricing progress and contributions from acquisitions which helped offset the impact of divestitures and adverse weather conditions across several regions earlier in the year.
Previous report
Gross profit for the three months ended September 30, 2025, was $4.3 billion, an increase of $0.3 billion, or 6% from the same period in 2024. The gross profit margin of 38.9% increased 30bps from 38.6% in the third quarter of the prior year. Labor and energy costs both increased by 3%, while depreciation and amortization expenses increased by 18% reflecting the impact of acquisitions and higher capital expenditures. Other costs increased 4% from the same period in 2024, resulting in a total cost of revenues increase of 5% in the quarter.
Previous report
*Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 34 to 35.3
Previous report
CRH Form 10-Q 29
Previous report
For the nine months ended September 30, 2025, SG&A expenses were $6.3 billion, an increase of $0.4 billion, or 6%, from the comparable 2024 period. SG&A expenses increased primarily due to a 9% increase in labor costs impacted by higher headcount from acquisitions and wage inflation and a 6% increase in haulage expenses mainly due to acquisition activity.
Previous report
Gain on disposal of long-lived assets was $110 million for the three months ended September 30, 2025, an increase of $21 million compared with 2024. The increase was primarily due to the disposal of certain land assets in the Americas Buildings Solutions segment. For the nine months ended September 30, 2025, gain on disposal of long-lived assets was $153 million, a decrease of $46 million. The decrease was primarily due to the non-recurrence of equivalent levels of prior year gains on land asset sales in North America.
Previous report
Interest income was $37 million for the three months ended September 30, 2025, an increase of $4 million from the comparable period in 2024. For the nine months ended September 30, 2025, interest income was $104 million, a decrease of $8 million from the comparable period, primarily due to lower cash deposits in the period.
Previous report
Other nonoperating income (expense), net
Previous report
Other nonoperating income (expense), net, was an expense of ($17) million for the nine months ended September 30, 2025, compared with income of $246 million in the comparable period for 2024. 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 report
Income tax expense
Previous report
For the nine months ended September 30, 2025, the Company had an income tax expense of $795 million compared to $942 million for the comparable period in 2024. The effective tax rate was 23% for the first nine months of 2025 compared with an effective tax rate of 25% for the same period in 2024. The decrease in the effective tax rate for the nine months ended September 30, 2025, was mainly driven by movements in uncertain tax provisions and valuation allowances.
Previous report
Income from equity method investments
Previous report
Net income
Previous report
Net income was $1.5 billion for the three months ended September 30, 2025, an increase of $130 million from the comparable period in 2024, reflecting a strong underlying operating performance in the period.
Previous report
Net income was $2.8 billion for the nine months ended September 30, 2025, a decrease of $59 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 report
Net income attributable to CRH and earnings per share
Previous report
Net income attributable to CRH was $1.5 billion for the three months ended September 30, 2025, an increase of $127 million from the comparable period in 2024. Diluted EPS for the three months ended September 30, 2025, was $2.21, compared with diluted EPS of $1.97 for the three months ended September 30, 2024.
Previous report
Net income attributable to CRH was $2.7 billion for the nine months ended September 30, 2025, a decrease of $61 million from the comparable period in 2024. Diluted EPS for the nine months ended September 30, 2025, was $3.99, compared with $4.00 for the nine months ended September 30, 2024.
Previous report
CRH Form 10-Q 30
Previous report
In Essential Materials, total revenues increased by 9% due to positive pricing and solid underlying demand. Aggregates volumes increased by 7% supported by positive demand and contributions from acquisitions in the period, while underlying cement volumes were 4% ahead of the prior year. Aggregates pricing increased 4% year-on-year, impacted by a geographic and project-related shift in product mix during the period, while underlying cement pricing was up 1%.
Previous report
In Road Solutions, total revenues increased by 5%. Asphalt volumes increased by 6% supported by more favorable weather conditions, with pricing in line with the prior year. Readymixed concrete volumes increased by 1% compared to the prior year while pricing increased by 2%. Paving and construction revenues increased by 4% supported by contributions from acquisitions. Construction backlogs were ahead of the prior year, with positive momentum in bidding activity.
Previous report
Americas Materials Solutions
Previous report
In Essential Materials, total revenues increased by 4% supported by positive pricing and good contributions from acquisitions. Aggregates volumes increased by 4% driven by positive contributions from acquisitions, while underlying cement volumes were 1% ahead compared to the same period in 2024. Prices in aggregates were ahead by 5% year-on-year, impacted by product mix, while underlying cement prices were ahead by 2%.
Previous report
In Road Solutions, total revenues increased by 4% due to sustained activity levels, positive contributions from acquisitions and higher pricing. Readymixed concrete volumes were up 4% compared to the prior year, supported by acquisitions, while pricing increased by 2%. Paving and construction revenues increased by 2%, with construction backlogs ahead of the prior year. Asphalt volumes increased 3% over the prior year while pricing increased by 1%.
Previous report
Adjusted EBITDA for Americas Materials Solutions was 6% ahead of the comparable period in 2024, driven by positive acquisition performance, disciplined cost management and operational efficiencies. Adjusted EBITDA margin increased by 40bps on the same period in 2024.
Showing the first 40 of 76 passages. Open the source sections for the rest.
Reworded paragraphs (55)
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, 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 months ended March 31, 2026. 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
The following discussion contains trend information and forward-looking statements. Actual results could differ materially from those discussed in or implied by these forward-looking statements, as well as from our historical performance, due to various factors, including those discussed elsewhere in this Quarterly Report, particularly "Forward-Looking Statements," and Item 1A. "Risk Factors" in our 2024 Form 10-K and in our other filings with the SEC. 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 financial period presented, or period-to-period 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 this Quarterly Report, particularly "Forward-Looking Statements," and Item 1A. "Risk Factors" in our 2025 Form 10-K and in our other filings with the SEC. 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 financial period presented, or period-to-period comparisons of reported results, may not be indicative of future operating results.
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 connected portfolio uniquely integrates materials, products and services across the construction value chain, better serving our customers’ needs and driving repeat business. This customer centric approach is making construction simpler, safer and more sustainable.
Current wording
CRH’s connected portfolio supplies building materials across the construction value chain, better serving our customers’ needs and driving repeat business while making construction simpler, safer and more sustainable. This customer-centric approach combines our unique entrepreneurial culture, leading performance and local market knowledge with our value-added building products and services to be a valuable partner for customers across our end-markets.
Previous 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.
Current wording
The Company has a proven track record of growing and creating value through acquisition with over 1,250 deals completed in our history. We acquire businesses at attractive valuations and create value by connecting them with our existing operations and generating synergies. 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, 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.
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, our financial results for any particular quarter may not necessarily be indicative of our financial results for the full year or any future interim period.
Previous wording
CRH delivered a strong third quarter performance compared to the third quarter of 2024, resulting in the following performance highlights for the three months ended September 30, 2025 (comparisons are versus the prior year's third quarter):
Current wording
CRH delivered a strong first quarter performance compared to the first quarter of 2025, resulting in the following performance highlights for the three months ended March 31, 2026 (comparisons are versus the prior year's first quarter unless otherwise noted):
Previous wording
•Net income margin was 13.7% compared with 13.2%, an increase of 50 basis points (bps). Adjusted EBITDA margin* was 24.3%, an increase of 100bps on the prior year's third quarter Adjusted EBITDA margin* of 23.3%; and
Current wording
•Net loss margin was (2.4%) compared with (1.5%), a decline of 90 basis points (bps). Adjusted EBITDA margin* was 8.0%, an increase of 70bps on the prior year's first quarter Adjusted EBITDA margin* of 7.3%; and
Previous wording
•Cash returned to shareholders through share buybacks was $0.9 billion, a decrease of $0.1 billion versus the first nine months of the prior year. On November 4, 2025, the latest tranche of the share buyback program was completed, bringing the year-to-date repurchases to $1.1 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 17, 2026;
Current wording
•Cash returned to shareholders through share buybacks was $0.3 billion, in line with the first three months of the prior year. On April 28, 2026, the latest tranche of the share buyback program was completed, bringing year-to-date repurchases to $0.4 billion;
Previous wording
•A total of 22 acquisitions were completed for consideration of $3.2 billion, compared with $3.9 billion in the first nine months of the prior year. A further $1.9 billion was invested in growth and maintenance capital expenditure projects, compared with $1.6 billion for the comparable 2024 period.
Current wording
•A total of five acquisitions were completed for total consideration of $0.1 billion, compared with $0.6 billion in the first three months of the prior year. A further $0.6 billion was invested in growth and maintenance capital expenditure projects, in line with the $0.6 billion invested in the comparable period in 2025.
Previous wording
In the three months ended September 30, 2025, CRH completed nine acquisitions for a total consideration of $2.5 billion, compared with $1.4 billion in the same period of 2024. Americas Materials Solutions completed three acquisitions, Americas Building Solutions completed two acquisitions and International Solutions completed four acquisitions.
Current wording
In the three months ended March 31, 2026, CRH completed five acquisitions for total consideration of $0.1 billion, compared with $0.6 billion in the same period in 2025. Americas Materials Solutions completed three acquisitions and International Solutions completed two acquisitions.
Previous wording
With respect to divestitures, in the three months ended September 30, 2025, cash proceeds from divestitures and disposals of long-lived assets were $0.1 billion, in line with the same period in 2024 (Q3 2024: $0.1 billion). For the nine months ended September 30, 2025, CRH realized cash proceeds from divestitures and disposals of long-lived assets of $0.2 billion, compared with $1.2 billion in the prior year period.
Current wording
With respect to divestitures, in the three months ended March 31, 2026, cash proceeds from divestitures and disposals of long-lived assets were $34 million, compared with $107 million in the same period in 2025.
Previous wording
The outlook for the remainder of 2025 is positive, reflecting the continued execution of our strategy, leading performance across our markets, and contributions from acquisitions. Looking ahead to 2026, 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, 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 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.
Current wording
We continue to 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 anticipate resilient repair and remodel activity while the new-build segment is expected to remain subdued. Assuming normal seasonal weather patterns and absent any further major dislocations in the geopolitical 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
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 and solutions. The International Solutions segment provides a connected offering of building materials, products 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
The table below summarizes CRH’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
Total revenues were $11.1 billion for the three months ended September 30, 2025, an increase of $0.6 billion, or 5%, from the same period in 2024, driven by positive demand, strong commercial execution and contributions from acquisitions.
Current wording
Total revenues were $7.4 billion for the three months ended March 31, 2026, an increase of $0.6 billion, or 9%, from the first quarter of 2025, driven by positive underlying demand, disciplined commercial execution, and contributions from acquisitions.
Previous wording
For additional discussion on segment revenues, see “Segments” section on pages 31 to 33.
Current wording
For additional discussion on segment revenues, see “Segments” section on pages 26 to 27.
Previous wording
For the nine months ended September 30, 2025, gross profit was $10.2 billion, an increase of $0.6 billion, or 7%, from the same period in 2024, with total revenues 5% ahead of the same period in 2024, while total cost of revenues increased by 4%. The gross profit margin of 36.3% increased 60bps from 35.7% for the first nine months of the prior year. The increase in cost of revenues was primarily driven by a 5% increase in labor costs, attributable to higher headcount from acquisitions and inflationary pressures, as well as a 22% higher depreciation and amortization expense, reflecting the impact of acquisitions and increased capital expenditures. Energy costs increased by 3%, while other costs were 2% ahead of the prior year period.
Current wording
Gross profit for the three months ended March 31, 2026, was $2.0 billion, an increase of $0.2 billion, or 11% from the first quarter of 2025. The gross profit margin of 27.7% increased 50bps from 27.2% in the first quarter of the prior year. The increase in Total cost of revenues was primarily driven by a 22% higher depreciation and amortization charge, reflecting the impact of acquisitions and increased capital expenditure, as well as a 6% increase in labor costs, attributable to higher headcount from acquisitions and inflationary pressures. Energy costs also increased by 7% driven by higher activity levels, while other costs were 7% ahead of the first quarter of the prior year.
Previous wording
Selling, general and administrative (SG&A) expenses, which are primarily comprised of haulage costs, labor costs, and other selling and administrative expenses, were $2.3 billion for the three months ended September 30, 2025, an increase of $0.2 billion, or 7%, from the comparable 2024 period. The increase was primarily driven by a 9% increase in labor costs reflecting higher headcount and wage inflation and a 7% increase in haulage expenses resulting from acquisition activity.
Current wording
Selling, general and administrative 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 March 31, 2026, an increase of $0.2 billion, or 12%, from the comparable 2025 period. The increase was primarily driven by a 13% increase in haulage expenses resulting from acquisitions and higher activity levels, as well as an 11% increase in labor costs reflecting higher headcount from acquisitions and wage inflation.
Previous wording
Interest expense was $209 million for the three months ended September 30, 2025, an increase of $45 million from the comparable period in 2024 and $590 million for the nine months ended September 30, 2025, an increase of $138 million from the prior period. The increase was primarily due to higher gross debt balances.
Current wording
Interest expense was $203 million for the three months ended March 31, 2026, an increase of $22 million from the comparable period in 2025. The increase was primarily due to higher gross debt balances.
Previous wording
Other nonoperating income (expense), net, was $12 million for the three months ended September 30, 2025, compared with $62 million in the comparable period for 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.
Current wording
Other nonoperating expense, net, was $4 million for the three months ended March 31, 2026, compared with $20 million in the comparable period for 2025. Other nonoperating 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 primarily due to the non‑recurrence of the prior year loss on divestitures.
Previous wording
For the three months ended September 30, 2025, the Company had an income tax expense of $428 million, compared to $531 million for the comparable period in 2024. The effective tax rate was 22% for the third quarter of 2025 compared with an effective tax rate of 28% for the third quarter of 2024. The decrease in the effective tax rate for the three months ended September 30, 2025, was mainly driven by movements in uncertain tax provisions.
Current wording
For the three months ended March 31, 2026, the Company had an Income tax benefit of $55 million, compared to $58 million for the comparable period in 2025. The effective tax rate was 25% for the first quarter of 2026 compared with an effective tax rate of 40% for the first quarter of 2025. The decrease in the effective tax rate is primarily driven by a change in valuation allowances arising from the reclassification of the construction accessories operations to held for sale.
Previous wording
For the three months ended September 30, 2025, income of $26 million was recorded in income from equity method investments, an increase of $1 million from the comparable period in 2024. Income of $17 million was recorded for the nine months ended September 30, 2025, a decrease of $10 million from the comparable period in 2024.
Current wording
For the three months ended March 31, 2026, a loss of ($11) million was recorded in equity method investments, an increased loss of ($1) million from the comparable period in 2025.
Previous 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 supports the manufacturing, installation and maintenance of public highway infrastructure projects and commercial infrastructure. Building & Infrastructure Solutions provides products that connect, protect and transport critical water, energy and telecommunications infrastructure and deliver complex commercial building projects. Outdoor Living Solutions integrates 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
Americas Materials Solutions’ total revenues were 6% ahead of the third quarter of 2024, supported by favorable underlying activity levels, sustained pricing momentum and positive contributions from acquisitions.
Current wording
Americas Materials Solutions’ Total revenues were 21% ahead of the first quarter of 2025, driven by favorable underlying demand and contributions from acquisitions.
Previous wording
Third quarter Adjusted EBITDA for Americas Materials Solutions was 5% ahead of the prior year, supported by positive pricing momentum, disciplined cost management and contributions from acquisitions. Adjusted EBITDA margin was 40bps lower than the third quarter of 2024, primarily due to the non-recurrence of equivalent levels of prior year gains on land asset sales.
Current wording
Adjusted EBITDA for Americas Materials Solutions was 75% ahead of the prior year, driven by strong underlying demand, disciplined cost management, and contributions from acquisitions. Adjusted EBITDA margin was 120bps ahead of the first quarter of 2025.
Previous wording
Americas Materials Solutions’ total revenues were 4% ahead of the first nine months of 2024, as pricing progress and contributions from acquisitions more than offset weather-impacted volumes in some markets earlier in the year.
Current wording
International Solutions' Total revenues were 5% ahead of the first quarter of 2025, as contributions from acquisitions, positive pricing momentum, and currency tailwinds more than offset weather-impacted volumes and the impact of divestitures.
Previous wording
Within Building & Infrastructure Solutions and Outdoor Living Solutions, total revenues were 9% 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 4% ahead of the comparable period in 2025, with currency tailwinds more than offsetting the impact of divestitures.
Previous wording
Adjusted EBITDA in International Solutions was 15% ahead of the third quarter of 2024, driven by operational efficiencies, resilient pricing and contributions from acquisitions. Adjusted EBITDA margin increased by 170bps compared to the prior year.
Current wording
Adjusted EBITDA in International Solutions was 32% ahead of the first quarter of 2025, benefiting from positive pricing momentum, improved operational efficiencies and contributions from acquisitions. Adjusted EBITDA margin increased by 130bps compared to the prior year period.
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 most directly comparable 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 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.
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
A reconciliation to the most directly comparable GAAP measure is presented below:
Current wording
Reconciliation to the most directly comparable GAAP measure is presented below:
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 $3.1 billion in the nine months ended September 30, 2025, compared with $3.9 billion for the same period in 2024. Acquisitions completed in 2024 and the first nine months of 2025 contributed incremental total revenues of $0.4 billion and Adjusted EBITDA of $0.1 billion for the three months ended September 30, 2025, and total revenues of $1.7 billion and Adjusted EBITDA of $0.3 billion for the nine months ended September 30, 2025. Cash proceeds from divestitures and disposals of long-lived assets amounted to $0.2 billion for the nine months ended September 30, 2025, compared with $1.2 billion for the nine months ended September 30, 2024. The total revenues impact of divestitures was a negative $0.1 billion and the impact at an Adjusted EBITDA level was $nil for the three months ended September 30, 2025. The total revenues impact of divestitures was a negative $0.3 billion and the impact at an Adjusted EBITDA level was a negative $8 million for the nine months ended September 30, 2025.
Current wording
Organic Revenue and Organic Adjusted EBITDA: CRH pursues a strategy of growth through acquisitions and investments, with total consideration spend on acquisitions and investments of $0.1 billion in the three months ended March 31, 2026, compared with $0.6 billion for the same period in 2025. Acquisitions completed in 2025 and the first quarter of 2026 contributed incremental total revenues of $0.4 billion and Adjusted EBITDA of $0.1 billion for the three months ended March 31, 2026. Cash proceeds from divestitures and disposals of long-lived assets (including deferred divestiture consideration received) amounted to $34 million for the three months ended March 31, 2026, compared with $107 million for the three months ended March 31, 2025. The Total revenues impact of divestitures was a negative $181 million and the impact at an Adjusted EBITDA level was a positive $24 million for the three months ended March 31, 2026.
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 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 27 to 28, 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 27.
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 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 26.
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 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.
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 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
Net Debt**at September 30, 2025, was $15.0 billion, compared to $10.5 billion at December 31, 2024, and $11.2 billion at September 30, 2024. The increase in Net Debt* compared to December 31, 2024, reflects cash returns to shareholders through continued share buybacks and dividends, acquisitions, as well as the purchase of property, plant and equipment partially offset by inflows from operating activities.
Current wording
Net Debt* as of March 31, 2026, was $15.8 billion, compared to $14.2 billion as of December 31, 2025, and $12.7 billion as of March 31, 2025. The increase in Net Debt* compared to December 31, 2025, is driven by the seasonal net cash outflow from operating activities, as well as acquisitions, cash returns to shareholders through continued share buybacks and the purchase of property, plant and equipment in the quarter.
Previous wording
CRH continued its ongoing share buyback program in the first nine months of 2025 repurchasing approximately 9.6 million Ordinary Shares for a total consideration of $0.9 billion, and the Company is commencing an additional $0.3 billion tranche to be completed no later than February 17, 2026. The Company also made cash dividend payments of $0.7 billion in the first nine months of 2025.
Current wording
CRH continued its ongoing share buyback program in the first three months of 2026 repurchasing approximately 2.9 million Ordinary Shares for total consideration of $0.3 billion, compared to 3.2 million Ordinary Shares repurchased for total consideration of $0.3 billion in the first three months of 2025.
Previous wording
At September 30, 2025, CRH had cash and cash equivalents and restricted cash of $4.3 billion, compared to $3.8 billion at December 31, 2024, and $3.1 billion at September 30, 2024. Total lease liabilities were $2.0 billion, compared to $1.6 billion at December 31, 2024, and $1.6 billion at September 30, 2024.
Current wording
As of March 31, 2026, CRH had cash and cash equivalents and restricted cash of $3.3 billion, compared to $4.1 billion as of December 31, 2025, and $3.4 billion as of March 31, 2025. Total lease liabilities were $1.9 billion, compared to $2.1 billion as of December 31, 2025, and $1.7 billion as of March 31, 2025.
Previous wording
At September 30, 2025, CRH had $4.2 billion of undrawn committed facilities, $4.1 billion of which was available until May 2030. During April 2025, the Company extended the maturity date of $4.1 billion in undrawn committed facilities to May 2030. At September 30, 2025, the weighted average maturity of the term debt (net of cash and cash equivalents) was 7.2 years.
Current wording
As of March 31, 2026, CRH had $4.5 billion of undrawn committed facilities available until May 2030. As of March 31, 2026, the weighted average maturity of the term debt (net of cash and cash equivalents) was 8.4 years.
Showing the first 40 of 55 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Adjusted EBITDA margin is calculated by expressing Adjusted EBITDA as a percentage of Total revenues.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
CRH delivered a good performance in the nine months ended September 30, 2025 compared to the prior year, resulting in the following performance highlights (comparisons are versus the prior year's first nine months):
Previous report — wording carried elsewhere
A reconciliation to the most directly comparable GAAP measure is presented below:
Previous report — wording carried elsewhere
business and will be financed from internal resources.