−Removed: In addition to the other information contained in this Annual Report on Form 10-K, you should carefully consider the following risk factors before investing in our ordinary shares.
−Removed: The risks and uncertainties we describe below are not the only ones we face.
+Added: In addition to the other information contained in this Form 10-K, you should carefully consider the following risk factors before investing in our Ordinary Shares.
+Added: The following risks are considered material to our business based upon current knowledge, information, and assumptions.
+Added: The risks and uncertainties we describe below relate to future events, expectations, trends, and operating periods, are subject to change and are not the only ones we face.
Additional risks and uncertainties of which we are not aware or that we currently believe are immaterial may also adversely affect the business, financial condition, and results of operations of the Company.
1 unchanged sentence
If that happens, the market price of our Ordinary Shares could decline, and holders of our Ordinary Shares could lose all or part of their investment.
−Removed: This Annual Report on Form 10-K also contains forward-looking statements that involve risks and uncertainties.
−Removed: Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including the risks described below and elsewhere in this Annual Report on Form 10-K.
+Added: This Form 10-K also contains forward-looking statements that involve risks and uncertainties.
+Added: Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including (but not limited to) the risks described below and elsewhere in this Form 10-K.
Risks Related to Our Industry and Our Business
4 unchanged sentences
With a significant proportion of construction activity undertaken outside (e.g.
−Removed: highway construction), demand for and the utilization of the Company's products and services such as aggregates, asphalt and concrete can be highly seasonal in line with customer demand, and may additionally be impacted by acute and/or chronic changes in global and/or localized weather events/conditions.
−Removed: In addition, CRH may also be negatively impacted by fluctuations in the price of fuel and principal energy-related raw materials, which accounted for approximately 10% of total revenues in 2024, compared to 11% in 2023, with no guarantee that the Company will continue to be able to absorb these inflationary pressures.
+Added: highway construction), demand for and the utilization of the Company's products and services such as cementitious materials, aggregates, asphalt, concrete, and concrete products can be highly seasonal in line with customer demand, and may additionally be impacted by acute and/or chronic changes in global and/or localized weather events/conditions.
+Added: In addition, CRH may also be negatively impacted by fluctuations in the price of fuel and principal energy-related raw materials, which accounted for approximately 10% of Total revenues in 2025, consistent with 10% in 2024, with no guarantee that the Company will continue to be able to absorb these inflationary pressures.
Government Infrastructure Spending
2 unchanged sentences
Accordingly, demand for our products may be impacted by adverse changes in public policy, as well as the financial resources and investment strategy of government bodies in our markets.
−Removed: The allocation of government funding for public infrastructure programs is a key driver for our markets, such as the infrastructure elements of the Infrastructure Investment and Jobs Act (IIJA) in the United States, and large European infrastructure initiatives.
+Added: The allocation of government funding for public infrastructure programs is a key driver for our markets, such as the infrastructure elements of the IIJA in the United States and large European infrastructure initiatives.
However, government budget deficits might reduce government infrastructure investment and reduce demand for the Company’s products.
28 unchanged sentences
In addition, potential issues with products could lead to health, safety and other issues for our broad range of stakeholders including our employees, contractors, customers, and communities.
−Removed: The recurrence of Covid-19 and/or similarly disruptive/dangerous pandemics could materially endanger our workers and/or contractors.
+Added: The occurrence or recurrence of disruptive/dangerous pandemics could materially endanger our workers and/or contractors.
People Management
22 unchanged sentences
For additional information on the Company’s reserves position, see pages 21 to 25.
+Added: CRH FORM 10-K
Climate Change and Policy
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Changing population demographics and other macro events arising from climate change may also impact demand for our products in significantly affected areas.
−Removed: CRH Form 10-K 14
• Legal and Regulatory:
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The Company may not be able to identify such companies, and, even if identified, may not be able to acquire them because of a variety of factors including the outcome of due diligence processes, the ability to raise required funds on acceptable terms, regulatory approvals (including in certain instances from competition authorities) and competition for transactions from peers and other entities acquiring companies in the building materials sector.
−Removed: In addition, situations may arise where the Company may be liable for the past acts, omissions or liabilities of acquired companies, or may remain liable in cases of divestiture (including for potential environmental liabilities or potential on-going information technology (IT) support).
+Added: In addition, situations may arise where the Company may be liable for the past acts, omissions or liabilities of acquired companies, or may remain liable in cases of divestiture (including for potential environmental liabilities or potential ongoing information technology (IT) support).
In addition, the Company’s ability to realize the expected benefits from acquisitions depends in part on its ability to integrate newly-acquired businesses.
2 unchanged sentences
The Company may decide to use shares of its common stock to complete an acquisition and/or make strategic investments in other companies, which may dilute the ownership interests of existing shareholders and adversely impact the price of our stock.
+Added: Payment of Dividends/Share Repurchase Program
+Added: CRH may not pay dividends or make other returns of capital to shareholders in the future, and our current share repurchase program may not enhance long-term shareholder value.
+Added: We cannot guarantee that we will pay or maintain dividends at their current level, or effect other future returns of capital (including, without limitation, share repurchases).
+Added: Our ability to pay dividends or effect other returns of capital depends on factors such as our financial performance, cash flow requirements, business outlook, working capital requirements, interest expenses, economic climate, regulatory considerations, and any other factors deemed significant by the Board in exercising its discretion to return capital.
+Added: In addition, under Irish law dividends may only be paid, and share repurchases and redemptions must generally be funded only, out of distributable reserves.
+Added: In addition, we cannot guarantee that our share repurchase program of our Ordinary Shares will be fully consummated or that it will enhance long-term shareholder value.
+Added: The timing and actual number of shares repurchased/redeemed will depend on a variety of factors including the price, cash availability and other market conditions;
+Added: the share repurchase program does not oblige us to repurchase/redeem any specific dollar amount or to acquire/redeem any specific number of shares, and may be suspended or terminated at any time, which may adversely affect the trading price of our Ordinary Shares.
+Added: The existence of our share repurchase program could also cause increased volatility in the price of our Ordinary Shares or increase the price of our Ordinary Shares and thus reduce their liquidity.
+Added: Additionally, repurchases and redemptions under our share repurchase program will diminish our cash reserves, which may adversely affect our financial position.
+Added: CRH FORM 10-K
Early-Stage Business/Technology Investment
9 unchanged sentences
Failure to leverage innovation and other sustainability initiatives, for example transitioning to innovative lower-carbon products such as RAP, permeable paving solutions, lower-carbon cements and other high-performance sustainability solutions, may shorten product life cycles or give rise to early product obsolescence thus impairing financial performance and/or future value creation.
−Removed: CRH Form 10-K 15
Commodity Products and Substitution
7 unchanged sentences
Any failure to maintain strong customer relationships could result in an inability to respond to changing consumer preferences and approaches to construction.
−Removed: Failure to differentiate and innovate could lead to market share decline, with adverse impacts on financial performance.
+Added: Failure to differentiate and innovate could lead to adverse impacts on financial performance.
Enabling Business Technology
4 unchanged sentences
Any failure to properly manage the customization and/or deployment of these systems or this complex operating environment may result in additional costs being incurred and/or delayed or eroded benefit realization.
−Removed: If we fail to make the required technological investments at the right time, we may lose competitive advantage and/or inhibit our ability to comply with evolving laws and/or regulations.
+Added: If we fail to make the required technological investments at the right time, or fail to appropriately leverage emerging technologies, we may lose competitive advantage and/or inhibit our ability to comply with evolving laws and/or regulations.
Given the specific nature of the technology that the Company implements, it often relies on the support of specialist third-parties;
9 unchanged sentences
Any event that materially inhibits our people from being able to work, including an inability to get to our facilities and/or customer sites or widespread sickness/pandemic, could materially disrupt our operations, with adverse impacts on financial performance.
+Added: CRH FORM 10-K
Cybersecurity
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The Company has not been subject to a cyber-attack that has had a material impact on our operations or financial results.
−Removed: However, we have faced attempted cyber-attacks and may face future cyber-attacks, including malware or ransomware attacks, or suffer other human or technological errors that have a material impact.
+Added: However, we have faced attempted cyber-attacks and are likely to face future cyber-attacks, including malware or ransomware attacks, or suffer other human or technological errors that have a material impact.
Breaches, significant IT interruptions or errors could disrupt production software, permit manipulation of financial data, and could lead to corruption or theft of sensitive data that we collect and retain about our customers, suppliers, employees, and business performance.
8 unchanged sentences
Further, the global nature of our operations and diverse information and operational technologies used across the Company may result in potential delays in the detection and reporting of cyber incidents.
−Removed: In addition, as cybersecurity threats evolve, the Company is increasingly required to expend additional resources to enhance our cybersecurity protection measures and may be required to expend additional resources to investigate and remediate identified vulnerabilities.
−Removed: CRH Form 10-K 16
+Added: In addition, as cybersecurity threats evolve, including from emerging technologies, such as advanced forms of AI and quantum computing, the Company is increasingly required to expend additional resources to enhance our cybersecurity protection measures and may be required to expend additional resources to investigate and remediate identified vulnerabilities.
Supply Chain Failure
4 unchanged sentences
Some of the raw materials, equipment, transport and other inputs that the Company requires are limited to a small number of suppliers from which the Company can economically and/or practically source, which often have long lead times.
−Removed: Any of our suppliers may experience temporary, prolonged or even permanent operational disruption and/or capacity in the market may fall below required levels (e.g.
+Added: Any of our suppliers may experience temporary, prolonged or even permanent operational disruption (e.g.
+Added: significant system outages) and/or capacity in the market may fall below required levels (e.g.
for haulage capacity), which could have an adverse impact on the Company’s operations, financial performance, and reputation.
−Removed: In addition, in certain markets in which the Company operates, including markets for steel, cement, bitumen and supplementary cementitious materials, contracted market demand can far outstrip supply, which may restrict the Company’s ability to obtain alternative suppliers or additional volumes where necessary.
+Added: In addition, in certain markets in which the Company operates, including markets for steel, cement, bitumen and SCMs, contracted market demand can far outstrip supply, which may restrict the Company’s ability to obtain alternative suppliers or additional volumes where necessary.
Our focus on responsible sourcing practices and other Environmental & Social Governance (ESG) considerations may also limit the pool of acceptable suppliers from which we may choose to source.
11 unchanged sentences
The Company is also subject to various statutes, regulations and laws affecting land usage, zoning, labor and employment practices, competition/anti-trust, financial reporting, taxation, anti-fraud and theft, anti-bribery, anti-corruption, governance, data protection and data privacy and security, environmental, health and safety, and international trade and sanctions laws, among other matters.
+Added: CRH FORM 10-K
There can be no assurance that the Company’s policies and procedures will afford adequate protection against compliance failures or other fraudulent and/or corrupt activities.
2 unchanged sentences
These estimated reserves are based on the facts and circumstances known to the Company at the time of estimation and subsequent reporting and subsequent developments related to these matters may affect our assessment and estimates.
−Removed: In addition, we are incorporated under Irish law, which treats interested director and officer transactions and shareholder lawsuits differently than the laws generally applicable to U.S.-incorporated corporations and our shareholders may thus have more difficulty protecting their interests than would shareholders of a corporation incorporated in a jurisdiction of the United States.
+Added: In addition, we are incorporated under Irish law, which treats interested director and officer transactions and shareholder lawsuits differently than the laws generally applicable to U.S.
+Added: incorporated corporations and our shareholders may thus have more difficulty protecting their interests than would shareholders of a corporation incorporated in a jurisdiction of the United States.
As we are an Irish company, the duties of our directors and officers are generally owed to CRH plc.
6 unchanged sentences
Interest rate and leverage risks
−Removed: As at December 31, 2024, the Company had outstanding gross indebtedness, including overdrafts, finance lease liabilities and the impact of derivatives, of approximately $14.3 billion, compared to $11.8 billion in 2023, and cash and cash equivalents and restricted cash of approximately $3.8 billion, compared to $6.4 billion in 2023.
+Added: As of December 31, 2025, the Company had outstanding gross indebtedness, including overdrafts, finance lease liabilities and the impact of derivatives, of approximately $18.2 billion, compared to $14.3 billion in 2024, and Cash and cash equivalents and Restricted cash of approximately $4.1 billion, compared to $3.8 billion in 2024.
The Company uses interest rate swaps to manage its interest rate profile.
−Removed: While current leverage is low, acquisition activity could adversely impact operating and financial flexibility as well as financial position.
+Added: Significant acquisition activity could adversely affect our leverage profile and, in turn, adversely impact operating and financial flexibility as well as financial position.
There can be no assurance that the Company will not be adversely impacted by increases in borrowing costs in the future.
−Removed: CRH Form 10-K 17
Foreign currency risks
4 unchanged sentences
Insolvency of the financial institutions with which the Company conducts business or a downgrade in their credit ratings may lead to losses in the cash balances that the Company holds with such financial institutions or losses in derivative transactions that the Company has entered into with these parties and may render it more difficult for the Company to utilize existing debt capacity or otherwise obtain financing for operations.
−Removed: The Company holds significant cash and cash equivalents and restricted cash on deposit and derivative transactions with a variety of highly rated financial institutions which at December 31, 2024, totaled $3.8 billion and $27 million, compared to $6.4 billion and $37 million, respectively, in 2023.
+Added: The Company holds significant cash and cash equivalents and restricted cash on deposit and derivative transactions with a variety of highly-rated financial institutions which as of December 31, 2025, totaled $4.1 billion and $60 million, compared to $3.8 billion and $27 million, respectively, in 2024.
In addition, certain of the Company’s activities give rise to significant amounts receivable from counterparties at the balance sheet date;
−Removed: at December 31, 2024, this balance was $4.4 billion and in 2023 this balance was $4.1 billion.
+Added: as of December 31, 2025, this balance was $4.7 billion and in 2024 this balance was $4.4 billion.
Credit rating risks
4 unchanged sentences
The principal liquidity risks stem from the maturation of debt obligations and derivative transactions.
−Removed: The Company aims to achieve flexibility in funding sources through a variety of means including;
−Removed: (i) maintaining cash and cash equivalents with a number of highly rated counterparties;
+Added: The Company aims to achieve flexibility in funding sources through a variety of means including (i) maintaining cash and cash equivalents with a number of highly-rated counterparties;
(ii) meeting the bulk of debt requirements through debt capital markets or other term financing;
3 unchanged sentences
In addition, continued focus on climate change by investors and lenders may affect their preferences and sentiments, potentially impacting the Company’s access to and cost of capital, and investment attractiveness.
+Added: 6 * * Represents a non-GAAP measure.
+Added: See “Non-GAAP Reconciliation and Supplementary Information” on pages 35 to 38 for a reconciliation to the most directly comparable GAAP measure.
+Added: CRH FORM 10-K
Taxation Charge and Balance Sheet Provisioning
18 unchanged sentences
From year to year, adverse changes in the exchange rates used to translate these and other foreign currencies into the reporting currency have impacted and will continue to impact consolidated results.
−Removed: 5 * * Represents a non-GAAP measure.
−Removed: See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.
−Removed: CRH Form 10-K 18
Goodwill Impairment
17 unchanged sentences
Where insurable losses exceed those limits, CRH would need to rely on external insurance and/or reinsurance from global institutions of appropriate credit standing, and such external insurance and/or reinsurance may not be available at an appropriate cost or at all.
−Removed: Risks Related To Our Common Stock
−Removed: Payment of Dividends/Share Repurchase Program
−Removed: CRH may not pay dividends or make other returns of capital to shareholders in the future, and our current share repurchase program may not enhance long-term shareholder value.
−Removed: We cannot guarantee that we will pay or maintain dividends at their current level, or effect other future returns of capital (including, without limitation, share repurchases).
−Removed: Our ability to pay dividends or effect other returns of capital depends on factors such as our financial performance, cash flow requirements, business outlook, working capital requirements, interest expenses, economic climate, regulatory considerations, and any other factors deemed significant by the Board in exercising its discretion to return capital.
−Removed: In addition, under Irish law dividends may only be paid, and share repurchases and redemptions must generally be funded only, out of distributable reserves.
−Removed: In addition, we cannot guarantee that our share repurchase program of our ordinary shares will be fully consummated or that it will enhance long-term shareholder value.
−Removed: The timing and actual number of shares repurchased/redeemed will depend on a variety of factors including the price, cash availability and other market conditions;
−Removed: the share repurchase program does not oblige us to repurchase/redeem any specific dollar amount or to acquire/redeem any specific number of shares, and may be suspended or terminated at any time, which may adversely affect the trading price of our ordinary shares.
−Removed: The existence of our share repurchase program could also cause increased volatility in the price of our ordinary shares or increase the price of our ordinary shares and thus reduce their liquidity.
−Removed: Additionally, repurchases and redemptions under our share repurchase program will diminish our cash reserves, which may adversely affect our financial position.
−Removed: Relocation of Primary Listing
−Removed: CRH faces risks associated with the relocation of our primary listing.
−Removed: On September 25, 2023, CRH relocated the primary listing of its ordinary shares from the LSE to the NYSE.
−Removed: The Company has an international secondary listing on the LSE and accordingly our ordinary shares are now listed on both exchanges.
−Removed: As a result of the relocation of the primary listing CRH has ceased to be eligible for inclusion in certain UK and European equity indices.
−Removed: Following the transition to the NYSE, CRH has been added to the MSCI USA Equity Index, the S&P TMI Index and the Russell 1000 Equity Index.
−Removed: The Company aims to be included in other relevant equity indices for which it believes it is eligible, including the S&P 500 Index.
−Removed: Inclusion is however at the discretion of the respective index providers.
−Removed: There is a risk that the Company may not be admitted, which may adversely affect the price and liquidity of the ordinary shares.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.