CRH PUBLIC LTD CO 10-Q

Item 1. Financial Statements Condensed Consolidated Statements of Income (Unaudited) (in $ millions, except share and per share data) Three months ended Six months ended June 30 June 30 2025 2024 2025 2024 Product revenues 7,919 7,308 13,531 12,676 Service revenues 2,287 2,346 3,431 3,511 Total revenues 10,206 9,654 16,962 16,187 Cost of product revenues ( 4,083 ) ( 3,759 ) ( 7,909 ) ( 7,336 ) Cost of service revenues ( 2,097 ) ( 2,220 ) ( 3,190 ) ( 3,369 ) Total cost of revenues ( 6,180 ) ( 5,979 ) ( 11,099 ) ( 10,705 ) Gross profit 4,026 3,675 5,863 5,482 Selling, general and administrative expenses ( 2,120 ) ( 1,948 ) ( 3,953 ) ( 3,735 ) Gain on disposal of long-lived assets 29 102 43 110 Operating income 1,935 1,829 1,953 1,857 Interest income 30 36 67 79 Interest expense ( 200 ) ( 155 ) ( 381 ) ( 288 ) Other nonoperating (expense) income, net ( 9 ) 23 ( 29 ) 184 Income from operations before income tax expense and income from equity method investments 1,756 1,733 1,610 1,832 Income tax expense ( 425 ) ( 430 ) ( 367 ) ( 411 ) Income (loss) from equity method investments 1 6 ( 9 ) 2 Net income 1,332 1,309 1,234 1,423 Net (income) attributable to redeemable noncontrolling interests ( 8 ) ( 10 ) ( 8 ) ( 12 ) Net (income) loss attributable to noncontrolling interests ( 5 ) ( 2 ) ( 1 ) 2 Net income attributable to CRH 1,319 1,297 1,225 1,413 Earnings per share attributable to CRH Basic $ 1.95 $ 1.89 $ 1.79 $ 2.05 Diluted $ 1.94 $ 1.88 $ 1.78 $ 2.03 Weighted average common shares outstanding Basic 674.8 685.5 675.8 686.6 Diluted 677.7 688.8 679.9 691.1 The accompanying notes form an integral part of the Condensed Consolidated Financial Statements. CRH Form 10-Q 3 Condensed Consolidated Statements of Comprehensive Income (Unaudited) (in $ millions) Three months ended Six months ended June 30 June 30 2025 2024 2025 2024 Net income 1,332 1,309 1,234 1,423 Other comprehensive income (loss), net of tax: Currency translation adjustment 511 ( 49 ) 749 ( 197 ) Net change in fair value of effective portion of cash flow hedges, net of tax of $ 3 million and $( 4 ) million for the three months ended June 30, 2025, and June 30, 2024, respectively; and $ 5 million and $ 2 million for the six months ended June 30, 2025, and June 30, 2024, respectively ( 10 ) 19 ( 33 ) ( 18 ) Actuarial (losses) gains and prior service (costs) credits for pension and other postretirement plans, net of tax of $ nil million and $ nil million for the three months ended June 30, 2025, and June 30, 2024, respectively; and $ 1 million and $ 1 million for the six months ended June 30, 2025, and June 30, 2024, respectively ( 9 ) 2 ( 16 ) ( 1 ) Other comprehensive income (loss) 492 ( 28 ) 700 ( 216 ) Comprehensive income 1,824 1,281 1,934 1,207 Comprehensive (income) attributable to redeemable noncontrolling interests ( 8 ) ( 10 ) ( 8 ) ( 12 ) Comprehensive (income) loss attributable to noncontrolling interests ( 36 ) 10 ( 41 ) 21 Comprehensive income attributable to CRH 1,780 1,281 1,885 1,216 The accompanying notes form an integral part of the Condensed Consolidated Financial Statements. CRH Form 10-Q 4 Condensed Consolidated Balance Sheets (Unaudited) (in $ millions, except share data) June 30 December 31 June 30 2025 2024 2024 Assets Current assets: Cash and cash equivalents 2,876 3,720 3,066 Restricted cash – 39 869 Accounts receivable, net 6,490 4,820 5,893 Inventories 5,051 4,755 4,514 Assets held for sale – – 67 Other current assets 734 749 704 Total current assets 15,151 14,083 15,113 Property, plant and equipment, net 23,017 21,452 19,235 Equity method investments 712 737 484 Goodwill 11,673 11,061 10,251 Intangible assets, net 1,239 1,211 1,086 Operating lease right-of-use assets, net 1,295 1,274 1,279 Other noncurrent assets 897 795 657 Total assets 53,984 50,613 48,105 Liabilities, redeemable noncontrolling interests and shareholders’ equity Current liabilities: Accounts payable 3,303 3,207 3,363 Accrued expenses 2,266 2,248 2,272 Current portion of long-term debt 1,171 2,999 3,218 Operating lease liabilities 247 265 259 Liabilities held for sale – – 14 Other current liabilities 1,697 1,577 1,422 Total current liabilities 8,684 10,296 10,548 Long-term debt 14,642 10,969 9,900 Deferred income tax liabilities 3,202 3,105 2,914 Noncurrent operating lease liabilities 1,096 1,074 1,114 Other noncurrent liabilities 2,730 2,319 2,178 Total liabilities 30,354 27,763 26,654 Commitments and contingencies (Note 17) Redeemable noncontrolling interests 389 384 335 Shareholders’ equity Preferred stock, € 1.27 par value, 150,000 shares authorized and 50,000 shares issued and outstanding for 5 % preferred stock and 872,000 shares authorized, issued and outstanding for 7 % 'A' preferred stock, as of June 30, 2025, December 31, 2024, and June 30, 2024 1 1 1 Common stock, € 0.32 par value, 1,250,000,000 shares authorized; 711,792,599 , 718,647,277 and 725,113,896 issued and outstanding, as of June 30, 2025, December 31, 2024, and June 30, 2024 respectively 288 290 292 Treasury stock, at cost ( 38,589,802 , 41,355,384 and 41,540,247 shares as of June 30, 2025, December 31, 2024, and June 30, 2024 respectively) ( 2,028 ) ( 2,137 ) ( 2,143 ) Additional paid-in capital 323 422 359 Accumulated other comprehensive loss ( 345 ) ( 1,005 ) ( 813 ) Retained earnings 24,106 24,036 23,030 Total shareholders’ equity attributable to CRH shareholders 22,345 21,607 20,726 Noncontrolling interests 896 859 390 Total equity 23,241 22,466 21,116 Total liabilities, redeemable noncontrolling interests and equity 53,984 50,613 48,105 The accompanying notes form an integral part of the Condensed Consolidated Financial Statements. CRH Form 10-Q 5 Condensed Consolidated Statements of Cash Flows (Unaudited) (in $ millions) Six months ended June 30 2025 2024 Cash Flows from Operating Activities: Net income 1,234 1,423 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 1,005 821 Share-based compensation 66 63 Gains on disposals from businesses and long-lived assets, net ( 12 ) ( 248 ) Deferred tax expense 5 197 Loss (income) from equity method investments 9 ( 2 ) Pension and other postretirement benefits net periodic benefit cost 12 18 Non-cash operating lease costs 134 151 Other items, net 2 ( 16 ) Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: Accounts receivable, net ( 1,397 ) ( 1,371 ) Inventories ( 107 ) ( 175 ) Accounts payable ( 58 ) 232 Operating lease liabilities ( 153 ) ( 151 ) Other assets ( 250 ) ( 107 ) Other liabilities 249 ( 39 ) Pension and other postretirement benefits contributions ( 20 ) ( 23 ) Net cash provided by operating activities 719 773 Cash Flows from Investing Activities: Purchases of property, plant and equipment ( 1,300 ) ( 1,130 ) Acquisitions, net of cash acquired ( 648 ) ( 2,522 ) Proceeds from divestitures 37 978 Proceeds from disposal of long-lived assets 65 118 Dividends received from equity method investments 13 15 Settlements of derivatives ( 33 ) ( 3 ) Deferred divestiture consideration received 38 55 Other investing activities, net 33 ( 128 ) Net cash used in investing activities ( 1,795 ) ( 2,617 ) CRH Form 10-Q 6 Condensed Consolidated Statements of Cash Flows (Unaudited) (in $ millions) Six months ended June 30 2025 2024 Cash Flows from Financing Activities: Proceeds from debt issuances 4,542 3,370 Payments on debt ( 3,352 ) ( 1,691 ) Settlements of derivatives 77 ( 3 ) Payments of finance lease obligations ( 46 ) ( 21 ) Deferred and contingent acquisition consideration paid ( 13 ) ( 10 ) Dividends paid ( 500 ) ( 1,231 ) Distributions to noncontrolling and redeemable noncontrolling interests ( 22 ) ( 22 ) Transactions involving noncontrolling interests 2 – Repurchases of common stock ( 644 ) ( 907 ) Amounts related to employee share plans ( 56 ) – Net cash used in financing activities ( 12 ) ( 515 ) Effect of exchange rate changes on cash and cash equivalents, including restricted cash 205 ( 85 ) Decrease in cash and cash equivalents, including restricted cash ( 883 ) ( 2,444 ) Cash and cash equivalents and restricted cash at the beginning of period 3,759 6,390 Cash and cash equivalents and restricted cash at the end of period 2,876 3,946 Supplemental cash flow information: Cash paid for interest (including finance leases) 251 216 Cash paid for income taxes 304 304 Reconciliation of cash and cash equivalents and restricted cash Cash and cash equivalents presented in the Condensed Consolidated Balance Sheets 2,876 3,066 Cash and cash equivalents included in Assets held for sale – 11 Restricted cash presented in the Condensed Consolidated Balance Sheets – 869 Total cash and cash equivalents and restricted cash presented in the Condensed Consolidated Statements of Cash Flows 2,876 3,946 The accompanying notes form an integral part of the Condensed Consolidated Financial Statements. CRH Form 10-Q 7 Condensed Consolidated Statements of Changes in Equity (Unaudited) (in $ millions, except share and per share data) Preferred stock Common stock Treasury stock Additional Paid-in Capital Accumulated Other Comprehensive Loss Retained Earnings Total Shareholders' Equity Attributable to CRH Shareholders Noncontrolling Interests Total Equity Shares Amount Shares Amount Shares Amount Balance at March 31, 2025 0.9 $ 1 715.4 $ 289 ( 38.9 ) ($ 2,038 ) $ 298 ($ 806 ) $ 23,375 $ 21,119 $ 859 $ 21,978 Net income – – – – – – – – 1,319 1,319 5 1,324 Other comprehensive income – – – – – – – 461 – 461 31 492 Share-based compensation – – – – – – 34 – – 34 – 34 Repurchases and retirement of common stock – – ( 3.7 ) ( 1 ) – – – – ( 333 ) ( 334 ) – ( 334 ) Shares issued under employee share plans – – – – 0.3 10 ( 9 ) – – 1 – 1 Dividends declared on common stock – – – – – – – – ( 249 ) ( 249 ) – ( 249 ) Distributions to noncontrolling interests – – – – – – – – – – ( 1 ) ( 1 ) Transactions involving noncontrolling interests – – – – – – – – – – 2 2 Adjustment of redeemable noncontrolling interests to redemption value – – – – – – – – ( 6 ) ( 6 ) – ( 6 ) Balance at June 30, 2025 0.9 $ 1 711.7 $ 288 ( 38.6 ) ($ 2,028 ) $ 323 ($ 345 ) $ 24,106 $ 22,345 $ 896 $ 23,241 For the three months ended June 30, 2025, dividends declared on Common stock were $ 0.37 per common share. Preferred stock Common stock Treasury stock Additional Paid-in Capital Accumulated Other Comprehensive Loss Retained Earnings Total Shareholders' Equity Attributable to CRH Shareholders Noncontrolling Interests Total Equity Shares Amount Shares Amount Shares Amount Balance at December 31, 2024 0.9 $ 1 718.6 $ 290 ( 41.4 ) ($ 2,137 ) $ 422 ($ 1,005 ) $ 24,036 $ 21,607 $ 859 $ 22,466 Net income – – – – – – – – 1,225 1,225 1 1,226 Other comprehensive income – – – – – – – 660 – 660 40 700 Share-based compensation – – – – – – 66 – – 66 – 66 Repurchases and retirement of common stock – – ( 6.9 ) ( 2 ) – – – – ( 642 ) ( 644 ) – ( 644 ) Shares issued under employee share plans – – – – 2.8 109 ( 165 ) – – ( 56 ) – ( 56 ) Dividends declared on common stock – – – – – – – – ( 500 ) ( 500 ) – ( 500 ) Distributions to noncontrolling interests – – – – – – – – – – ( 6 ) ( 6 ) Transactions involving noncontrolling interests – – – – – – – – – – 2 2 Adjustment of redeemable noncontrolling interests to redemption value – – – – – – – – ( 13 ) ( 13 ) – ( 13 ) Balance at June 30, 2025 0.9 $ 1 711.7 $ 288 ( 38.6 ) ($ 2,028 ) $ 323 ($ 345 ) $ 24,106 $ 22,345 $ 896 $ 23,241 For the six months ended June 30, 2025, dividends declared on Common stock were $ 0.74 per common share. CRH Form 10-Q 8 Condensed Consolidated Statements of Changes in Equity (Unaudited) (in $ millions, except share and per share data) Preferred stock Common stock Treasury stock Additional Paid-in Capital Accumulated Other Comprehensive Loss Retained Earnings Total Shareholders' Equity Attributable to CRH Shareholders Noncontrolling Interests Total Equity Shares Amount Shares Amount Shares Amount Balance at March 31, 2024 0.9 $ 1 729.5 $ 294 ( 41.9 ) ($ 2,166 ) $ 337 ($ 797 ) $ 22,346 $ 20,015 $ 401 $ 20,416 Net income – – – – – – – – 1,297 1,297 2 1,299 Other comprehensive loss – – – – – – – ( 16 ) – ( 16 ) ( 12 ) ( 28 ) Share-based compensation – – – – – – 33 – – 33 – 33 Repurchases and retirement of common stock – – ( 4.4 ) ( 2 ) – – – – ( 346 ) ( 348 ) – ( 348 ) Shares issued under employee share plans – – – – 0.4 23 ( 11 ) – ( 24 ) ( 12 ) – ( 12 ) Dividends declared on common stock – – – – – – – – ( 240 ) ( 240 ) – ( 240 ) Distributions to noncontrolling interests – – – – – – – – – – ( 1 ) ( 1 ) Adjustment of redeemable noncontrolling interests to redemption value – – – – – – – – ( 3 ) ( 3 ) – ( 3 ) Balance at June 30, 2024 0.9 $ 1 725.1 $ 292 ( 41.5 ) ($ 2,143 ) $ 359 ($ 813 ) $ 23,030 $ 20,726 $ 390 $ 21,116 For the three months ended June 30, 2024, dividends declared on common stock were $ 0.35 per common share. Preferred stock Common stock Treasury stock Additional Paid-in Capital Accumulated Other Comprehensive Loss Retained Earnings Total Shareholders' Equity Attributable to CRH Shareholders Noncontrolling Interests Total Equity Shares Amount Shares Amount Shares Amount Balance at December 31, 2023 0.9 $ 1 734.5 $ 296 ( 42.4 ) ($ 2,199 ) $ 454 ($ 616 ) $ 22,918 $ 20,854 $ 434 $ 21,288 Net income (loss) – – – – – – – – 1,413 1,413 ( 2 ) 1,411 Other comprehensive loss – – – – – – – ( 197 ) – ( 197 ) ( 19 ) ( 216 ) Share-based compensation – – – – – – 63 – – 63 – 63 Repurchases of common stock – – – – ( 2.6 ) ( 179 ) – – – ( 179 ) – ( 179 ) Repurchases and retirement of common stock – – ( 9.4 ) ( 4 ) – – – – ( 724 ) ( 728 ) – ( 728 ) Shares issued under employee share plans – – – – 3.5 235 ( 158 ) – ( 89 ) ( 12 ) – ( 12 ) Dividends declared on common stock – – – – – – – – ( 481 ) ( 481 ) – ( 481 ) Distributions to noncontrolling interests – – – – – – – – – – ( 5 ) ( 5 ) Divestiture of noncontrolling interests – – – – – – – – – – ( 18 ) ( 18 ) Adjustment of redeemable noncontrolling interests to redemption value – – – – – – – – ( 7 ) ( 7 ) – ( 7 ) Balance at June 30, 2024 0.9 $ 1 725.1 $ 292 ( 41.5 ) ($ 2,143 ) $ 359 ($ 813 ) $ 23,030 $ 20,726 $ 390 $ 21,116 For the six months ended June 30, 2024, dividends declared on Common stock were $ 0.70 per common share. The accompanying notes form an integral part of the Condensed Consolidated Financial Statements. CRH Form 10-Q 9 Notes to Condensed Consolidated Financial Statements (Unaudited) 1. Summary of significant accounting policies 1.1. Description of business CRH operates in the building materials industry, providing essential materials and services for construction projects across its Americas and International footprint. The Company is a major producer of aggregates, cement, readymixed concrete, aspha lt, precast concrete and outdoor living products an d is a supplier of paving and construction services, providing solutions to a wide range of customers, including Federal and local authorities, general contractors, and the commercial and residential markets. CRH is one of the largest suppliers of building materials globally. 1.2. Basis of presentation and use of estimates The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and in Article 10 of Regulation S-X. The Company has continued to follow the accounting policies set forth in the audited Consolidated Financial Statements and related notes thereto included in the Company’s 2024 Form 10-K. In the opinion of our management, these statements reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of our results of operations and financial condition for the periods and at the dates presented. Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The Condensed Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Financial Statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s 2024 Form 10-K. The preparation of the Company's Condensed Consolidated Financial Statements requires management to make certain estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenues and expenses. Such estimates include impairment of long-lived assets, impairment of goodwill, pension and other postretirement benefits, tax matters and litigation, including insurance and environmental compliance costs. These estimates and assumptions are based on management’s judgment. Estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates may be necessary if there are changes in the circumstances or experiences on which the estimate was based or as a result of new information. Changes in estimates, including those resulting from changes in the economic environment, are reflected in the period in which the change in estimate occurs. Certain amounts in the prior period have been reclassified to conform with the current period presentation in the Condensed Consolidated Statements of Cash Flows. These reclassifications had no effect on the previously reported net cash provided by (used in) operating, investing, or financing activities, or in the Condensed Consolidated Balance Sheets or Condensed Consolidated Statements of Income. 1.3. Cash and cash equivalents and restricted cash The Company had restricted cash of $ 6 million at June 30, 2025, December 31, 2024, and June 30, 2024, respectively, included within Cash and cash equivalents in the Condensed Consolidated Balance Sheets. The Company is restricted from utilizing the cash for purposes other than with government approval as it is linked to the awarding of government licenses for quarrying. Restricted cash of $ 39 million and $ 869 million as separately presented in the Condensed Consolidated Balance Sheets at December 31, 2024, and June 30, 2024, respectively, consists of amounts held in escrow which at December 31, 2024 were primarily designated for exchange of assets under Section 1031 of the U.S. Internal Revenue Code of 1986, as amended and at June 30, 2024 were primarily related to amounts payable for the acquisition of Adbri Ltd (Adbri). 1.4. New accounting standards Refer to Note 1.25 in the 2024 Form 10-K for impacts of new accounting standards. There were no material impacts from the adoption of new accounting standards for the six months ended June 30, 2025. CRH Form 10-Q 10 2. Revenue The Company disaggregates revenue based on its operating and reportable segments. The Company’s operating and reportable segments are: (1) Americas Materials Solutions, (2) Americas Building Solutions and (3) International Solutions. 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. 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. Three months ended June 30, 2025 in $ millions Americas Materials Solutions Americas Building Solutions International Solutions Total Principal activities and products Essential Materials 1,365 – 1,376 2,741 Road Solutions (i) 3,144 – 1,392 4,536 Building & Infrastructure Solutions (ii) – 697 585 1,282 Outdoor Living Solutions – 1,462 185 1,647 Total revenues 4,509 2,159 3,538 10,206 Three months ended June 30, 2024 in $ millions Americas Materials Solutions Americas Building Solutions International Solutions Total Principal activities and products Essential Materials 1,312 – 1,207 2,519 Road Solutions (i) 3,094 – 1,197 4,291 Building & Infrastructure Solutions (ii) – 680 528 1,208 Outdoor Living Solutions – 1,436 200 1,636 Total revenues 4,406 2,116 3,132 9,654 Six months ended June 30, 2025 in $ millions Americas Materials Solutions Americas Building Solutions International Solutions Total Principal activities and products Essential Materials 2,241 – 2,438 4,679 Road Solutions (i) 4,511 – 2,527 7,038 Building & Infrastructure Solutions (ii) – 1,265 1,091 2,356 Outdoor Living Solutions – 2,576 313 2,889 Total revenues 6,752 3,841 6,369 16,962 Six months ended June 30, 2024 in $ millions Americas Materials Solutions Americas Building Solutions International Solutions Total Principal activities and products Essential Materials 2,215 – 2,197 4,412 Road Solutions (i) 4,393 – 2,220 6,613 Building & Infrastructure Solutions (ii) – 1,228 1,021 2,249 Outdoor Living Solutions – 2,581 332 2,913 Total revenues 6,608 3,809 5,770 16,187 CRH Form 10-Q 11 (i) Revenue from contracts with customers in the Road Solutions principal activities and products category that is recognized over time was: Three months ended Six months ended June 30 June 30 in $ millions 2025 2024 2025 2024 Americas Materials Solutions 1,709 1,736 2,347 2,332 International Solutions 448 453 843 867 Total revenue from contracts with customers 2,157 2,189 3,190 3,199 (ii) Revenue from contracts with customers in the Building & Infrastructure Solutions principal activities and products category that is recognized over time was: Three months ended Six months ended June 30 June 30 in $ millions 2025 2024 2025 2024 Americas Building Solutions 14 26 28 49 International Solutions 116 131 213 263 Total revenue from contracts with customers 130 157 241 312 Contract assets were $ 834 million, $ 690 million and $ 887 million and contract liabilities were $ 396 million, $ 500 million and $ 448 million, at June 30, 2025, December 31, 2024, and June 30, 2024, respectively. The Company recognized revenue of $ 334 million and $ 339 million for the six months ended June 30, 2025, and June 30, 2024, respectively, which was previously included in the contract liability balance at December 31, 2024, and December 31, 2023, respectively. Contract assets include unbilled revenue and retentions held by customers in respect of construction contracts at June 30, 2025, December 31, 2024, and June 30, 2024 amounting to $ 618 million and $ 216 million, $ 450 million and $ 240 million, and $ 664 million and $ 223 million, respectively. Unbilled revenue represents the estimated value of unbilled work for projects with performance obligations recognized over time. Retentions represent amounts that have been billed to customers but payment is withheld until final acceptance of the performance obligation by the customer. Retentions that have been billed, but are not due until completion of performance and acceptance by customers, are generally expected to be collected within one year. The Company applies the practical expedient and does not adjust any of its transaction prices for the time value of money. On June 30, 2025, the Company had $ 4,046 million of transaction price allocated to remaining performance obligations. The majority of open contracts at June 30, 2025 are expected to close and revenue to be recognized within 12 months of the balance sheet date. CRH Form 10-Q 12 3. Acquisitions The Company strategically acquires companies in order to increase its footprint and offer products and services that enhance its existing offerings. These acquisitions are accounted for as business combinations using the acquisition method, whereby the purchase price is allocated to the assets acquired and liabilities assumed, based on their estimated fair values at the date of the acquisition with the remaining amount recorded in Goodwill. During the six months ended June 30, 2025, the Company completed the acquisition of 13 companies. The total cash consideration for these acquisitions, net of cash acquired, was $ 648 million. The estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition dates. The Company expects to finalize the valuation and complete the purchase price allocations as soon as practical but no later than one year from the acquisition dates. The provisional amounts for assets acquired, liabilities assumed, and consideration related to the acquisitions at June 30, 2025, including adjustments to provisional fair values in respect of acquisitions completed in the previous twelve months, were: in $ millions Total (i) Identifiable assets acquired and liabilities assumed Assets Cash and cash equivalents 6 Accounts receivable, net 46 Inventories 26 Other current assets 5 Property, plant and equipment, net 274 Equity method investments ( 48 ) Intangible assets, net 37 Operating lease right-of-use assets, net 19 Total assets 365 Liabilities Accounts payable 31 Accrued expenses 2 Operating lease liabilities 20 Deferred income tax liabilities ( 9 ) Other liabilities 34 Total liabilities 78 Total identifiable net assets at fair value 287 Goodwill 371 Total consideration 658 Consideration satisfied by: Cash payments 654 Deferred consideration (stated at net present cost) 4 Total consideration 658 Acquisitions of businesses, net of cash acquired Cash consideration 654 Less: cash and cash equivalents acquired ( 6 ) Total outflow in the Condensed Consolidated Statements of Cash Flows 648 (i) Acquisitions are aggregated on the basis of individual immateriality. The acquisition balance sheet presented in this note reflects the identifiable net assets acquired in respect of acquisitions completed in the six months to 30 June 2025, together with adjustments to provisional fair values in respect of acquisitions completed during the previous twelve months; none of which were material. As a result of the acquisitions completed through June 30, 2025, including adjustments to provisional values, the Company recognized $ 37 million of amortizable intangible assets and $ 371 million of goodwill. Goodwill represents the excess of the consideration paid over the fair value of net assets acquired and includes the expected benefit of cost savings and synergies within the Company’s segments and intangible assets that do not qualify for separate recognition. Of the goodwill recognized in respect of the acquisitions completed in the six months ended June 30, 2025, $ 324 million is expected to be deductible for tax purposes. The amortizable intangible assets will be amortized against earnings over a weighted average of five years . On July 29, 2025, the Company announced that it had entered into a binding agreement to acquire Eco Material Technologies (‘Eco Material’), a leading supplier of Supplementary Cementitious Materials in North America, headquartered in Utah, for a total consideration of $ 2.1 billion. The acquisition is expected to close in 2025, subject to regulatory approval and customary closing conditions. CRH Form 10-Q 13 Acquisition-related costs Acquisition-related costs have been included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Income. These costs include legal and consulting expenses incurred in connection with completed acquisitions. The Company incurred the following acquisition-related costs: Three months ended Six months ended June 30 June 30 in $ millions 2025 2024 2025 2024 Acquisition-related costs Substantial acquisition-related (i) – 2 – 22 Other acquisitions 10 2 15 2 Total acquisition-related costs 10 4 15 24 (i) Represents expenses associated with the non-routine substantial acquisition of a portfolio of cement and readymixed concrete operations and assets in Texas, during the first quarter of 2024. For the period from acquisition date through June 30, 2025, and June 30, 2024, respectively, acquisitions contributed $ 134 million and $ 179 million to Total revenues and a loss of $ 8 million and $ 17 million to Net income attributable to CRH, excluding substantial acquisition-related costs that arose in that period and including the effect of interest expense to finance the acquisitions, respectively. Pro forma results of operations for the current year acquisitions, as if they were combined as of January 1, 2024, have not been presented because they are not material to the Condensed Consolidated Financial Statements. 4. Accounts receivable, net Accounts receivable, net, were: June 30 December 31 June 30 in $ millions 2025 2024 2024 Trade receivables 5,326 3,829 4,788 Construction contract assets 834 690 887 Total accounts receivable 6,160 4,519 5,675 Less: allowance for credit losses ( 151 ) ( 140 ) ( 142 ) Other current receivables 481 441 360 Total accounts receivable, net 6,490 4,820 5,893 Of the total Accounts receivable, net balances, $ 62 million, $ 46 million and $ 34 million at June 30, 2025, December 31, 2024, and June 30, 2024, respectively, were due from equity method investments. The changes in the allowance for credit losses were: in $ millions 2025 2024 At January 1 140 149 Charge-offs ( 7 ) ( 5 ) Provision for credit losses 2 – Foreign currency translation and other 16 ( 2 ) At June 30 151 142 5. Inventories Inventories were: June 30 December 31 June 30 in $ millions 2025 2024 2024 Raw materials 2,434 2,074 2,158 Work-in-process 270 267 200 Finished goods 2,347 2,414 2,156 Total inventories 5,051 4,755 4,514 CRH Form 10-Q 14 6. Goodwill The changes in the carrying amount of goodwill were: in $ millions Americas Materials Solutions Americas Building Solutions International Solutions Total Carrying value, December 31, 2024 5,803 3,070 2,188 11,061 Acquisitions 182 142 47 371 Foreign currency translation adjustment 23 11 210 244 Divestitures – – ( 3 ) ( 3 ) Carrying value, June 30, 2025 6,008 3,223 2,442 11,673 in $ millions Americas Materials Solutions Americas Building Solutions International Solutions Total Carrying value, December 31, 2023 4,417 2,752 1,989 9,158 Acquisitions 1,426 333 385 2,144 Foreign currency translation adjustment ( 40 ) ( 12 ) ( 114 ) ( 166 ) Impairment charge for the period – – ( 72 ) ( 72 ) Divestitures – ( 3 ) ( 201 ) ( 204 ) Reclassified as held for sale – – 201 201 Carrying value, December 31, 2024 5,803 3,070 2,188 11,061 in $ millions Americas Materials Solutions Americas Building Solutions International Solutions Total Carrying value, December 31, 2023 4,417 2,752 1,989 9,158 Acquisitions 1,120 57 ( 6 ) 1,171 Foreign currency translation adjustment ( 17 ) ( 6 ) ( 57 ) ( 80 ) Divestitures – – ( 197 ) ( 197 ) Reclassified from held for sale – – 199 199 Carrying value, June 30, 2024 5,520 2,803 1,928 10,251 There were no charges for goodwill impairment in the six months ended June 30, 2025, and June 30, 2024. CRH Form 10-Q 15 7. Additional financial information Other current assets were: June 30 December 31 June 30 in $ millions 2025 2024 2024 Prepayments 451 303 343 Income tax recoverable 214 216 140 Other 69 230 221 Total other current assets 734 749 704 Accrued expenses were: June 30 December 31 June 30 in $ millions 2025 2024 2024 Accrued payroll and employee benefits 962 1,062 966 Other accruals 1,304 1,186 1,306 Total accrued expenses 2,266 2,248 2,272 Other current liabilities were: June 30 December 31 June 30 in $ millions 2025 2024 2024 Construction contract liabilities 396 500 448 Insurance liability 184 185 162 Income tax payable 58 97 26 Other 1,059 795 786 Total other current liabilities 1,697 1,577 1,422 Other noncurrent liabilities were: June 30 December 31 June 30 in $ millions 2025 2024 2024 Income tax payable 873 726 712 Asset retirement obligations 348 319 290 Pension liability 238 223 250 Insurance liability 297 269 259 Other 974 782 667 Total other noncurrent liabilities 2,730 2,319 2,178 CRH Form 10-Q 16 8. Debt Long-term debt was: June 30 December 31 June 30 in $ millions Effective interest rate 2025 2024 2024 Long-term debt (U.S. Dollar denominated unless otherwise noted) 3.875 % Senior Notes due 2025 3.93 % – 1,250 1,250 1.250 % euro Senior Notes due 2026 1.25 % 879 780 802 3.400 % Senior Notes due 2027 3.49 % 600 600 600 4.000 % euro Senior Notes due 2027 4.13 % 586 520 535 3.950 % Senior Notes due 2028 4.07 % 900 900 900 1.375 % euro Senior Notes due 2028 1.42 % 703 624 642 5.200 % Senior Notes due 2029 5.30 % 750 750 750 4.125 % Sterling Senior Notes due 2029 4.22 % 548 501 506 5.125 % Senior Notes due 2030 5.25 % 1,250 – – 1.625 % euro Senior Notes due 2030 1.72 % 879 780 802 4.000 % euro Senior Notes due 2031 4.10 % 879 780 802 6.400 % Senior Notes due 2033 (i) 6.43 % 213 213 213 5.400 % Senior Notes due 2034 5.52 % 750 750 750 5.500 % Senior Notes due 2035 5.57 % 1,250 – – 4.250 % euro Senior Notes due 2035 4.38 % 879 780 802 5.125 % Senior Notes due 2045 5.25 % 500 500 500 4.400 % Senior Notes due 2047 4.44 % 400 400 400 4.500 % Senior Notes due 2048 4.63 % 600 600 600 5.875 % Senior Notes due 2055 5.97 % 500 – – USD interest bearing loan due 2026 4.96 % 750 750 – PHP interest bearing loan due 2027 5.89 % 410 379 386 AUD interest bearing loan due 2029 4.66 % 483 478 – U.S. Dollar Commercial Paper 4.76 % 1,002 1,189 1,260 Euro Commercial Paper – – 347 498 Other 78 48 33 Unamortized discounts and debt issuance costs ( 83 ) ( 68 ) ( 72 ) Total long-term debt (ii) 15,706 13,851 12,959 Less: current portion of long-term debt (iii) ( 1,064 ) ( 2,882 ) ( 3,059 ) Long-term debt 14,642 10,969 9,900 (i) The $ 300 million 6.400 % Senior Notes were issued in September 2003, and at the time of issuance the Senior Notes were partially swapped to floating interest rates. In August 2009 and December 2010, $ 87 million of the issued Senior Notes were acquired by the Company as part of liability management exercises undertaken and the interest rate hedge was closed out. The remaining fair value hedge adjustment on the hedged item in the Condensed Consolidated Balance Sheets was $ 25 million, $ 27 million, and $ 28 million at June 30, 2025, December 31, 2024, and June 30, 2024, respectively. (ii) Of the Company’s nominal fixed rate debt at June 30, 2025, December 31, 2024, and June 30, 2024, $ 500 million, $ 1,375 million and $ 1,375 million, respectively, was hedged to daily compounded Secured Overnight Financing Rate (SOFR) using interest rate swaps. Of the Company’s nominal floating rate debt at June 30, 2025, December 31, 2024, and June 30, 2024, $ nil million, $ 140 million, and $ nil million, respectively, was hedged to fixed rates using interest rate swaps. (iii) Excludes borrowings from bank overdrafts of $ 107 million, $ 117 million and $ 159 million, which are recorded within Current portion of long-term debt in the Condensed Consolidated Balance Sheets at June 30, 2025, December 31, 2024, and June 30, 2024, respectively. Senior Notes: The Senior Notes are issued by wholly-owned subsidiaries of the Company and carry full and unconditional guarantees from the Company, as defined in the indentures that govern them. These Senior Notes represent senior unsecured obligations of the Company and hold an equal standing in payment priority with the Company's existing and future senior unsubordinated indebtedness. With the exception of the 6.400 % Senior Notes due 2033, all other Senior Notes can be redeemed before their respective par call dates, at a make-whole redemption price. Post par call dates and before the respective maturity dates, the Senior Notes can be redeemed at a price equal to 100 % of the principal amount, along with any accrued and unpaid interest. In the event of a change-of-control repurchase event, the Company is obligated to offer repurchase options for the 3.400 % Senior Notes due 2027, 3.950 % Senior Notes due 2028, 5.200 % Senior Notes due 2029, 5.125 % Senior Notes due 2030, 5.400 % Senior Notes due 2034, 5.500 % Senior Notes due 2035, 5.125 % Senior Notes due 2045, 4.400 % Senior Notes due 2047, 4.500 % Senior Notes due 2048 and 5.875 % Senior Notes due 2055. This repurchase involves a cash payment equal to 101 % of the principal amount, along with any accrued and unpaid interest. CRH Form 10-Q 17 If the Company's credit rating falls below investment-grade, the Company would be required to make an additional coupon step-up payment on the 5.125 % Senior Notes due 2045. The increase is 25 basis points per rating notch per agency, capped at 100 basis points per agency. However, this coupon step-up would reverse if the Company returns to an investment-grade rating. In May 2025, $ 1.25 billion 3.875 % Senior Notes due 2025 were repaid on maturity. Bank Debt: The Company maintains a multi-currency Revolving Credit Facility (the 'RCF') with a syndicate of lenders. The RCF offers a senior unsecured revolving credit facility of € 3,500 million over five years , maturing May 11, 2030. Borrowings under the RCF bear interest at rates based upon an underlying base rate, plus a margin determined in accordance with a ratings-based pricing grid. Base rates include SOFR for U.S. Dollar, Euro Interbank Offer Rate (EURIBOR) for euros, Sterling Overnight Index Average (SONIA) for Sterling, and Swiss Average Rate Overnight (SARON) for Swiss Francs, respectively. A commitment fee is payable on a quarterly basis based on a percentage of the applicable margin and calculated on the daily undrawn amount of the facility. The deferred financing costs associated with the RCF were $ 6 million at June 30, 2025. The total potential credit available through this arrangement is € 3,500 million, inclusive of the ability to issue letters of credit. At June 30, 2025, December 31, 2024, and June 30, 2024, there were no outstanding borrowings or letters of credit issued under the RCF and the undrawn committed facilities available to be drawn by the Company at June 30, 2025 were $ 4,104 million (€ 3,500 million equivalent). The RCF includes customary terms and conditions for investment-grade borrowers. There are no financial covenants. In December 2024, the Company entered into a new $ 750 million two-year fixed rate term loan facility which was fully drawn. Philippines (PHP) Debt: In March 2017, the Company's subsidiary, Republic Cement & Building Materials, Inc., entered into a credit arrangement with the Bank of the Philippine Islands. The Company does not provide a guarantee for this facility. The initial credit agreement provided for total commitments of PHP 12.5 billion for a 10-year term, which was later expanded to PHP 22.5 billion. The funds drawn from this facility carry a combination of fixed and floating interest rates. Australian (AUD) Debt: In July 2024, the Company acquired Adbri which has committed credit agreements with a range of banks and credit institutions totaling AUD 940 million. The Company does not provide a guarantee for these facilities. The funds drawn from these facilities carry a combination of fixed and floating interest rates. Commercial Paper: At June 30, 2025, the Company had a $ 4,000 million U.S. Dollar Commercial Paper Program and a € 1,500 million Euro Commercial Paper Program. The purpose of these programs is to provide short-term liquidity as required. The Company’s RCF supports the commercial paper programs with a separate € 750 million swingline sublimit which allows for same-day drawing in either euro or U.S. Dollar. Commercial paper borrowings may vary during the period, largely as a result of fluctuations in funding requirements. The long-term debt maturities, net of the unamortized discounts and debt issuance costs, for the periods subsequent to June 30, 2025 are as follows: in $ millions Remainder of 2025 2026 2027 2028 2029 2030 and thereafter Total Long-term debt maturities 1,064 2,939 1,478 1,457 2,744 6,024 15,706 9. Fair value measurement Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured using inputs in one of the following three categories: Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation of these items does not entail a significant amount of judgment. Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities. Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. The carrying values of the Company’s Long-term debt were $ 15,706 million, $ 13,851 million, and $ 12,959 million at June 30, 2025, December 31, 2024, and June 30, 2024, respectively. The fair values of the Company’s Long-term debt were $ 15,587 million, $ 13,604 million, and $ 12,520 million at June 30, 2025, December 31, 2024, and June 30, 2024, respectively. The Company’s Long-term debt obligations are Level 2 instruments whose fair value is derived from quoted market prices. The Redeemable noncontrolling interests included in the Condensed Consolidated Balance Sheets are marked to fair value on a recurring basis using Level 3 inputs. The redemption value of Redeemable noncontrolling interests approximates the fair value and is based on a range of estimated potential outcomes of the expected payment amounts primarily dependent on underlying performance metrics. The unobservable inputs in the valuation include a discount rate determined using a Capital Asset Pricing Model methodology with ranges of between 6.51 % and 7.55 %. See Note 16 for the changes in the fair value of Redeemable noncontrolling interests. The carrying values of the Company’s Cash and cash equivalents, Restricted cash, Accounts receivable, net, Current portion of long-term debt, Accounts payable, Accrued expenses, and Other current liabilities approximate their fair values because of the short-term nature of these instruments. CRH Form 10-Q 18 10. Income taxes The Company’s tax provision for the interim period is calculated using an estimated annual effective tax rate based on the expected full-year results which is applied to ordinary year-to-date income or loss. The tax provision is adjusted for discrete items that occur in the applicable interim period to arrive at the effective income tax rate. The summary of the income tax expense from operations was: Three months ended Six months ended June 30 June 30 in $ millions 2025 2024 2025 2024 Total tax expense 425 430 367 411 Effective income tax rate 24 % 25 % 23 % 22 % The decrease in the effective tax rate for the three months ended June 30, 2025 is mainly driven by movements in valuation allowances. The increase in the effective tax rate for the six months ended June 30, 2025 is primarily driven by the inclusion of the largely tax-exempt divestiture of phases one and two of the European Lime operations in the six months ended June 30, 2024. 11. Earnings per share (EPS) The calculation of basic and diluted earnings per share was: Three months ended Six months ended June 30 June 30 in $ millions, except share and per share data 2025 2024 2025 2024 Numerator Net income 1,332 1,309 1,234 1,423 Net (income) attributable to redeemable noncontrolling interests ( 8 ) ( 10 ) ( 8 ) ( 12 ) Net (income) loss attributable to noncontrolling interests ( 5 ) ( 2 ) ( 1 ) 2 Adjustment of redeemable noncontrolling interests to redemption value ( 6 ) ( 3 ) ( 13 ) ( 7 ) Net income attributable to CRH for EPS - basic and diluted 1,313 1,294 1,212 1,406 Denominator Weighted average common shares outstanding - basic (i) 674.8 685.5 675.8 686.6 Effect of dilutive employee share awards (ii) 2.9 3.3 4.1 4.5 Weighted average common shares outstanding - diluted 677.7 688.8 679.9 691.1 Earnings per share attributable to CRH Basic $ 1.95 $ 1.89 $ 1.79 $ 2.05 Diluted $ 1.94 $ 1.88 $ 1.78 $ 2.03 (i) The weighted average number of common shares included in the computation of basic and diluted earnings per share has been adjusted to exclude shares repurchased and held by the Company as Treasury stock given that these shares do not rank for dividend. (ii) Common Shares that would only be issued contingent on certain conditions totaling 3,757,241 at June 30, 2025, and 4,904,276 at June 30, 2024, are excluded from the computation of diluted earnings per share where the conditions governing exercisability have not been satisfied as of the end of the reporting period or they are antidilutive for the period presented. CRH Form 10-Q 19 12. Accumulated other comprehensive loss The changes in the balances for each component of Accumulated other comprehensive loss, net of tax, were: in $ millions Currency Translation Cash Flow Hedges Pension and Other Postretirement Plans Total Balance at March 31, 2025 ( 627 ) ( 86 ) ( 93 ) ( 806 ) Other comprehensive income (loss) before reclassifications 519 ( 11 ) – 508 Amounts reclassified from Accumulated other comprehensive loss ( 8 ) 1 ( 9 ) ( 16 ) Net current-period other comprehensive income (loss) 511 ( 10 ) ( 9 ) 492 Other comprehensive (income) attributable to noncontrolling interests ( 31 ) – – ( 31 ) Balance at June 30, 2025 ( 147 ) ( 96 ) ( 102 ) ( 345 ) Balance at December 31, 2024 ( 856 ) ( 63 ) ( 86 ) ( 1,005 ) Other comprehensive income (loss) before reclassifications 783 ( 32 ) – 751 Amounts reclassified from Accumulated other comprehensive loss ( 34 ) ( 1 ) ( 16 ) ( 51 ) Net current-period other comprehensive income (loss) 749 ( 33 ) ( 16 ) 700 Other comprehensive (income) attributable to noncontrolling interests ( 40 ) – – ( 40 ) Balance at June 30, 2025 ( 147 ) ( 96 ) ( 102 ) ( 345 ) Balance at March 31, 2024 ( 580 ) ( 84 ) ( 133 ) ( 797 ) Other comprehensive (loss) income before reclassifications ( 44 ) 27 – ( 17 ) Amounts reclassified from Accumulated other comprehensive loss ( 5 ) ( 8 ) 2 ( 11 ) Net current-period other comprehensive (loss) income ( 49 ) 19 2 ( 28 ) Other comprehensive loss attributable to noncontrolling interests 12 – – 12 Balance at June 30, 2024 ( 617 ) ( 65 ) ( 131 ) ( 813 ) Balance at December 31, 2023 ( 439 ) ( 47 ) ( 130 ) ( 616 ) Other comprehensive loss before reclassifications ( 158 ) ( 37 ) – ( 195 ) Amounts reclassified from Accumulated other comprehensive loss ( 39 ) 19 ( 1 ) ( 21 ) Net current-period other comprehensive (loss) ( 197 ) ( 18 ) ( 1 ) ( 216 ) Other comprehensive loss attributable to noncontrolling interests 19 – – 19 Balance at June 30, 2024 ( 617 ) ( 65 ) ( 131 ) ( 813 ) The amounts reclassified from Accumulated other comprehensive loss to income were: Three months ended Six months ended June 30 June 30 in $ millions 2025 2024 2025 2024 Cash flow hedges Cost of product revenues 1 ( 9 ) ( 1 ) 22 Income tax expense (benefit) – 1 – ( 3 ) Total 1 ( 8 ) ( 1 ) 19 Pension and other postretirement plans Other nonoperating (income) expense, net ( 9 ) 2 ( 17 ) ( 2 ) Income tax expense – – 1 1 Total ( 9 ) 2 ( 16 ) ( 1 ) Reclassifications from Accumulated other comprehensive loss to income ( 8 ) ( 6 ) ( 17 ) 18 CRH Form 10-Q 20 13. Segment information The Company has the following three operating and reportable segments: Americas Materials Solutions; Americas Building Solutions; and International Solutions The Americas Materials Solutions segment provides solutions for the construction and maintenance of public infrastructure, commercial and residential buildings in North America. The primary materials produced by this segment include aggregates, cement, readymixed concrete and asphalt. This segment also provides paving and construction services for customers. The Americas Building Solutions segment manufactures, supplies and delivers solutions for the built environment in communities across North America. Our subsidiaries within this segment offer building and infrastructure solutions serving complex critical infrastructure (such as water, energy, transportation and telecommunications projects) and outdoor living solutions for enhancing private and public spaces. The International Solutions segment provides integrated building solutions across Europe and Australia. The business integrates materials, products, and services to provide complete building solutions for use in the construction and renovation of critical infrastructure, commercial and residential buildings and outdoor living spaces. Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, loss on impairments, gain/loss on divestitures and gain/loss on investments, income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component. The key performance measures and segment expenses for the Company’s reportable segments were: Three months ended June 30, 2025 in $ millions Americas Materials Solutions Americas Building Solutions International Solutions Total Revenue 4,509 2,159 3,538 10,206 Less: Labor 948 385 648 1,981 Energy costs 208 32 257 497 Other segment items (i) 2,112 1,241 1,912 5,265 Adjusted EBITDA 1,241 501 721 2,463 Three months ended June 30, 2024 in $ millions Americas Materials Solutions Americas Building Solutions International Solutions Total Revenue 4,406 2,116 3,132 9,654 Less: Labor 918 364 575 1,857 Energy costs 200 32 238 470 Other segment items (i) 2,095 1,244 1,733 5,072 Adjusted EBITDA 1,193 476 586 2,255 Six months ended June 30, 2025 in $ millions Americas Materials Solutions Americas Building Solutions International Solutions Total Revenue 6,752 3,841 6,369 16,962 Less: Labor 1,702 760 1,305 3,767 Energy costs 348 64 477 889 Other segment items (i) 3,402 2,229 3,717 9,348 Adjusted EBITDA 1,300 788 870 2,958 CRH Form 10-Q 21 Six months ended June 30, 2024 in $ millions Americas Materials Solutions Americas Building Solutions International Solutions Total Revenue 6,608 3,809 5,770 16,187 Less: Labor 1,626 721 1,157 3,504 Energy costs 336 64 464 864 Other segment items (i) 3,438 2,240 3,441 9,119 Adjusted EBITDA 1,208 784 708 2,700 (i) The nature of other segment items is similar for each segment and primarily includes raw materials, haulage costs, subcontractor costs and other Selling, general and administrative expenses. The composition of other segment items is such that at a segment level none of these items is individually significant in determining segment performance. Three months ended Six months ended June 30 June 30 in $ millions 2025 2024 2025 2024 Adjusted EBITDA 2,463 2,255 2,958 2,700 Depreciation, depletion and amortization ( 528 ) ( 424 ) ( 1,005 ) ( 821 ) Interest income 30 36 67 79 Interest expense ( 200 ) ( 155 ) ( 381 ) ( 288 ) (Loss) gain on divestitures and investments (i) ( 16 ) 23 ( 42 ) 183 Pension income excluding current service cost component (i) 5 1 9 2 Other interest, net (i) 2 ( 1 ) 4 ( 1 ) Substantial acquisition-related costs – ( 2 ) – ( 22 ) Income from operations before income tax expense and income from equity method investments 1,756 1,733 1,610 1,832 (i) (Loss) gain on divestitures and investments, pension income excluding current service cost component and other interest, net have been included in Other nonoperating (expense) income, net in the Condensed Consolidated Statements of Income. Depreciation, depletion and amortization for each of the segments were: Three months ended Six months ended June 30 June 30 in $ millions 2025 2024 2025 2024 Americas Materials Solutions 235 208 455 398 Americas Building Solutions 97 84 188 164 International Solutions 196 132 362 259 Total depreciation, depletion and amortization 528 424 1,005 821 The segment assets were: June 30 December 31 June 30 in $ millions 2025 2024 2024 Assets Americas Materials Solutions 22,993 21,474 21,226 Americas Building Solutions 9,838 9,049 8,837 International Solutions 17,098 15,011 13,082 Total assets for reportable segments 49,929 45,534 43,145 CRH Form 10-Q 22 Additions to property, plant and equipment and intangible assets for each of the segments were: Six months ended June 30 in $ millions 2025 2024 Property, plant and equipment and intangible asset additions (i) Americas Materials Solutions 582 568 Americas Building Solutions 314 233 International Solutions 494 385 Total property, plant and equipment and intangible asset additions 1,390 1,186 (i) Property, plant and equipment and intangible asset additions exclude asset retirement cost additions. 14. Pension and other postretirement benefits Components of Net Periodic Benefit Cost The components of net periodic benefit cost recognized in the Condensed Consolidated Statements of Income for the Pension and Other Postretirement Benefit (OPEB) Plans were: U.S. Non-U.S. Three months ended Six months ended Three months ended Six months ended June 30 June 30 June 30 June 30 in $ millions 2025 2024 2025 2024 2025 2024 2025 2024 Service cost 1 – 1 – 10 10 20 20 Interest cost 6 6 12 12 22 21 42 42 Expected return on assets ( 6 ) ( 5 ) ( 11 ) ( 10 ) ( 26 ) ( 22 ) ( 49 ) ( 44 ) Amortization of: Past service credit – – – – ( 3 ) ( 3 ) ( 6 ) ( 6 ) Actuarial loss – 1 – 2 2 1 3 2 Settlement gain (i) – – – – – – – ( 3 ) Net periodic benefit cost (ii) (iii) 1 2 2 4 5 7 10 11 (i) Settlement gain of $ 3 million for the six months ended June 30, 2024 relates to pension plans divested as part of the sale of the Company's Lime operations in Europe and is included in (loss) gain on divestitures and investments, within Other nonoperating (expense) income, net. (ii) Includes net periodic benefit cost of $ 1 million and $ 1 million related to OPEB plans for the three months ended June 30, 2025, and June 30, 2024, and $ 2 million and $ 2 million for the six months ended June 30, 2025, and June 30, 2024, respectively. (iii) Service cost is included within Cost of revenues and Selling, general and administrative expenses while all other cost components are recorded within Other nonoperating (expense) income, net. CRH Form 10-Q 23 15. Variable interest entities The Company’s operations in the Philippines are conducted through a Variable Interest Entity (VIE), wherein the Company holds 40 % of the equity share capital and a 55 % share of earnings and distributions. The remaining noncontrolling interest of 60 % equity share capital and 45 % share of earnings and distributions is held by an unrelated party. The Company’s voting rights are not proportional to its share of earnings and distributions, and substantially all of the activities of the Philippines business are conducted on behalf of the Company and controlled by the Company through contractual relationships. The Philippines business meets the definition of a VIE for which the Company is the primary beneficiary and, therefore, is consolidated. Further, the Company has provided subordinated debt to the intermediate parent of the Philippines business which exposes the Company to the profits and losses of the Philippines business. The debt is repayable only where the shareholder agreement of the intermediate parent of the Philippines business is terminated or where the Company transfers its shares in the intermediate parent to an unrelated entity (i.e., the debt exposure of the Company becomes in substance a residual interest in the intermediate parent). The carrying amounts of assets and liabilities of the consolidated VIE, reported within the Condensed Consolidated Balance Sheets before intragroup eliminations with other CRH companies were: June 30 December 31 June 30 in $ millions 2025 2024 2024 Assets Current assets: Cash and cash equivalents 27 21 34 Accounts receivable, net 43 38 38 Inventories 91 96 98 Other current assets 61 58 52 Total current assets 222 213 222 Property, plant and equipment, net 849 846 852 Goodwill 196 190 188 Intangible assets, net 1 1 – Operating lease right-of-use assets, net 4 5 5 Other noncurrent assets 11 9 10 Total assets 1,283 1,264 1,277 Liabilities Current liabilities: Accounts payable 104 106 94 Accrued expenses 43 44 36 Current portion of long-term debt 62 33 82 Operating lease liabilities 1 1 1 Other current liabilities 25 25 25 Total current liabilities 235 209 238 Long-term debt 347 345 303 Deferred income tax liabilities 95 94 95 Noncurrent operating lease liabilities 4 4 4 Other noncurrent liabilities 23 21 18 Total liabilities 704 673 658 The operating results of the consolidated VIE, reported within the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Cash Flows before intragroup eliminations with other CRH companies were: Three months ended Six months ended June 30 June 30 in $ millions 2025 2024 2025 2024 Total revenues 82 98 166 194 Total cost of revenues ( 85 ) ( 89 ) ( 165 ) ( 176 ) Gross (loss) profit ( 3 ) 9 1 18 Net loss ( 17 ) ( 3 ) ( 30 ) ( 12 ) Net cash used in operating activities ( 12 ) ( 2 ) CRH Form 10-Q 24 16. Redeemable noncontrolling interests The Redeemable noncontrolling interests primarily comprise the noncontrolling interests in two of the Company’s North American subsidiaries, which are currently redeemable. The Company has the ability to exercise the call options for the noncontrolling interests on or after December 31, 2031, and December 31, 2040, respectively. In addition to the call options, the noncontrolling interest holder has the right to sell the noncontrolling interests to the Company, which are currently exercisable. These noncontrolling interests have put and call options and both are redeemable based on multiples of EBITDA. The noncontrolling interests are considered redeemable noncontrolling equity interests, classified as temporary or mezzanine equity, as their redemption is not solely within the Company’s control. The noncontrolling interests were recorded at their respective fair values as of the acquisition dates and are adjusted to their expected redemption values, with an offsetting entry to retained earnings, as of the reporting date as if that date was the redemption date, if those amounts exceed their respective carrying values. The following table summarizes the redeemable noncontrolling interest for the following periods: in $ millions Balance at March 31, 2025 379 Net income attributable to redeemable noncontrolling interests 8 Adjustment to the redemption value 6 Dividends paid ( 4 ) Balance at June 30, 2025 389 Balance at March 31, 2024 326 Net income attributable to redeemable noncontrolling interests 10 Adjustment to the redemption value 3 Dividends paid ( 4 ) Balance at June 30, 2024 335 in $ millions Balance at December 31, 2024 384 Net income attributable to redeemable noncontrolling interests 8 Adjustment to the redemption value 13 Dividends paid ( 16 ) Balance at June 30, 2025 389 Balance at December 31, 2023 333 Net income attributable to redeemable noncontrolling interests 12 Adjustment to the redemption value 7 Dividends paid ( 17 ) Balance at June 30, 2024 335 17. Commitments and contingencies Guarantees The Company has given letters of guarantee to secure obligations of subsidiary undertakings as follows: $ 14.9 billion, $ 13.1 billion, and $ 12.8 billion in respect of loans and borrowings, bank advances and derivative obligations at June 30, 2025, December 31, 2024, and June 30, 2024, respectively, and $ 0.5 billion, $ 0.4 billion, and $ 0.4 billion at June 30, 2025, December 31, 2024, and June 30, 2024, respectively, in respect of letters of credit due within one year . Legal Proceedings The Company is not involved in any proceedings that it believes could reasonably be expected to have a material adverse effect on the Company’s financial condition, results of operations or liquidity. 18. Subsequent events The Company has evaluated subsequent events occurring through to the date the Condensed Consolidated Financial Statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the Condensed Consolidated Financial Statements except as disclosed in the notes elsewhere. CRH Form 10-Q 25