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Item 7. Management’s Discussion and Analysis

2026-02-18 compared with 2025-02-26 · 315 added, 470 removed, 327 unchanged (71% of the section changed)

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Our Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to convey management’s perspective regarding operational and financial performance for fiscal years 2024, 2023 and 2022.

Our Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to convey and promote understanding of management’s perspective regarding operational and financial performance for fiscal years 2025 and 2024.

This MD&A should be read in conjunction with the Consolidated Financial Statements in Item 8.

“Financial Statements and Supplementary Data” of this Annual Report on Form 10-K.

“Financial Statements and Supplementary Data” of this Form 10-K.

For a discussion of our fiscal year 2024 results compared with our fiscal year 2023 results, please refer to Item 7.

"Management's Discussion and Analysis of Financial Condition and Results of Operations" portion of the Company's 2024 Annual Report on Form 10-K, filed with the SEC on February 26, 2025.

The following discussion contains trend information and forward-looking statements.

Actual results could differ materially from those discussed in these forward-looking statements, as well as from our historical performance, due to various factors, including, but not limited to, those discussed in Item 1A “Risk Factors” and “Forward-Looking Statements – Safe Harbor Provisions Under The Private Securities Litigation Reform Act Of 1995” and elsewhere in this Annual Report on Form 10-K.

Our operating results depend upon economic cycles, seasonal and other weather‐related conditions, and trends in government expenditures, among other factors.

“Risk Factors” and “Forward-Looking Statements – Safe Harbor Provisions Under The Private Securities Litigation Reform Act Of 1995” and elsewhere in this Form 10-K.

Our operating results depend upon economic cycles, seasonal and other weather‐related conditions, and trends in government funding initiatives, among other factors.

Accordingly, financial results for any year presented, or year‐to‐year comparisons of reported results, may not be indicative of future operating results.

CRH is a leading provider of building materials that build, connect and improve our world.

Since formation in 1970, CRH has evolved from being a supplier of base materials to solving complex construction challenges for our customers.

CRH’s differentiated solutions strategy uniquely integrates materials, products and services across the construction value chain, better serving our customers’ needs and driving repeat business.

This customer-connected approach is making construction simpler, safer and more sustainable.

CRH integrates essential materials (aggregates and cement), value-added building products as well as construction services, to provide our customers with complete solutions.

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.

CRH is the leading provider of building materials critical to modernizing infrastructure.

With our team of 83,032 people across 3,961 locations, 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.

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.

CRH’s leading positions of scale serve transportation and critical infrastructure, reindustrialization projects, and commercial and residential construction activity in North America, Europe and Australia.

Financial performance highlights:

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

• Total revenues increased to $35.6 billion, compared with $34.9 billion in 2023 and $32.7 billion in 2022;

• Net inc ome increased to $3.5 billi on compared with $3.1 billion in 2023, primarily due to higher gross profit along with higher gains on disposal of

long-lived assets and divestitures.

Net income was $3.9 billion in 2022.

Adjusted EBITDA* increased to $6.9 billion in 2024 from $6.2 billion in 2023.

In 2022 Adjusted EBITDA* was $5.4 billion;

• Net income margin was 9.9% in 2024, 8.8% in 2023 and 11.9% in 2022.

Adjusted EBITDA margin* was 19.5% in 2024, an increase of 180 basis points (bps) compared with an Adjusted EBITDA margin* o f 17.7% in 2 023.

In 2022, the Adjusted EBITDA margin* was 16.5%;

• Operating cash flow 5 of $5.0 billion was in line with 2023 operating cash flow of $5.0 billion and ahead of 2022 operating cash flow of $3.8 billion;

• Return on Net Segment Assets was 15.3% in 2024, 14.4% in 2023 and 13.1% in 2022.

Return on Net Assets (RONA)* increased by 20bps to 15.5% in 2024, from 15.3% in 2023.

RONA* was 13.3% in 2022;

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

pre-impairment* from continuing operations was $5.48 in 2024, $4.65 in 2023 and $3.58 in 2022.

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

• Total revenues increased to $37.4 billion, compared with $35.6 billion in 2024;

• Net inc ome increased to $3.8 billi on compared with $3.5 billion in 2024.

Adjusted EBITDA* increased to $7.7 billion in 2025 from $6.9 billion

• Net income margin was 10.1% in 2025 and 9.9% i n 2024.

Adjusted EBITDA margin* was 20.5% in 2025, an increase of 100 basis points (bps) compared with an Adjusted EBITDA margin* of 19.5% in 2024;

• Operating cash flow 6 and Net cash provided by operating activities as a percentage of Net income of $5.6 billion and 148% were ahead of

2024 levels of $5.0 billion and 142%, respectively.

Adjusted Free Cash Flow* and Adjusted Free Cash Flow Conversion* of $5.0 billion and

131% were ahead of 2024 levels of $4.2 billion and 120%, respectively;

• Operating income as a percentage of average invested capital was 15.2% in 2025 and 16.7% in 2024.

Adjusted Return on Invested Capital* (Adjusted ROIC), decreased by 130bps to 12.1% in 2025, from 13.4% in 2024;

• Diluted Earnings Per Share (EPS) in 2025 was $5.51 compared with $5.02 in 2024.

Diluted EPS pre-impairment* was $5.57 in 2025 and

$5.43 in 2024.

Capital allocation highlights:

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

$3.0 billion, respectively, in 2023, and $0.9 billion and $1.2 billion, respectively, in 2022;

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

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

• 40 acquisitions completed for a total consideration of $5.0 billion in 2024, compared with $0.7 billion in 2023 and $3.3 billion in 2022.

A further $2.6 billion was inve sted in development and replacement c apital expenditure projects in 2024, compared with $1.8 billion and $1.5 billion in 2023 and 2022, respectively.

Delivering On Our Vision

CRH continues to evolve its business to improve performance, deliver for its stakeholders and respond to the ever-changing needs of its customers.

Our strategy enables CRH to realize our vision to develop sustainable solutions that build, connect and improve our world.

CRH has a specific set of capabilities in the markets in which it operates along with decades of experience and deep customer relationships.

CRH leverages its scale and best practices across the Company to provide value-added materials, products and services as construction solutions that solve complex problems for its customers.

These solutions allow us to create further value for our customers by combining our products, materials and services which drive commercial and operational benefits.

This connected portfolio allows us to leverage production and logistics efficiencies to drive increased profitability and asset utilization.

We can reduce waste and advance the sustainability of construction.

We believe it also makes our business less capital intensive and drives a higher rate of return delivering superior long-term value and higher growth for shareholders.

* Represents a non-GAAP measure.

See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.

5 Operating cash flow refers to net cash provided by operating activities as reported in the Consolidated Statements of Cash Flows on pages 56 to 57.

CRH Form 10-K 31

A business optimized for industry-leading performance

Through the successful execution of its strategy, CRH has shaped its business to capitalize on the attractive fundamentals driving demand in higher-growth construction markets in North America, Europe and Australia.

Customer-connected solutions strategy:

Our differentiated strategy is focused on uniquely integrating materials, products and services across the construction value chain.

We leverage our scale, expertise and best practices to provide sustainable solutions that solve complex problems for our customers.

We utilize specific expertise in areas such as materials science, design and engineering to innovate and create new products.

This allows us to do more for our customers and help deliver a higher performing and more sustainable built environment.

Performance-focused operator:

CRH has the ability to leverage its connected portfolio of assets in the most attractive markets and this has resulted in our record 2024 results with 12% increase in Adjusted EBITDA*, 180 bps increase in Adjusted EBITDA margin* and 16% higher basic EPS from continuing operations, with basic EPS from continuing operations on a pre-impairment* 7 basis 18% higher.

These results are underpinned by a differentiated strategy delivered by an experienced management team with deep industry knowledge and a proven track record of consistent financial and operational delivery.

Strong and flexible balance sheet:

At D ecember 31, 2024, total short-term and long-term debt was $14.0 billion, cash and cash equivalents and restricted cash were $3.8 billion and Net Debt* was $10.5 b illion.

We believe our strong and flexible balance sheet provides CRH with significant financial capacity for long-term value creation through accretive acquisitions, expansionary capital expenditure and cash returns to shareholders through dividends and share buybacks.

Focused growth

Our customers have an increasing need for more holistic solutions and CRH maximizes its overall growth potential by focusing on its ability to deliver solutions that meet this growing need.

We are focused on delivering our customer-connected solutions strategy and to do so we are working to better connect our people, capabilities, assets and customers across businesses, markets, and geographies.

We acquire businesses at attractive valuations and create value by integrating them with our existing operations and realizing synergies in areas including procurement, operational excellence, human resources, technology and sales.

• 38 acquisitions completed for a total consideration of $4.1 billion in 2025, compared with $5.0 billion in 2024.

A further $2.7 billion was inve sted in growth and maintenance c apital expenditure projects in 2025, compared with $2.6 billion in 2024;

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

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

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

Development review

In 2024, CRH completed 40 acquisitions for a total consideration of $5.0 billion.

The largest acquisition in 2024 was in Americas Materials Solutions where CRH acquired an attractive portfolio of cement and readymixed concrete operations and assets in Texas, for a total consideration of $2.1 billion.

In addition, Americas Materials Solutions completed a further 20 acquisitions and Americas Building Solutions completed 10 acquisitions for a total 2024 spend in the Americas of $3.8 billion.

International Solutions completed nine acquisitions for a total 2024 spend of $1.2 billion, including the acquisition of a majority stake in Adbri, a market leader in cement and aggregates in Australia.

CRH completed 10 divestitures and realized proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) of $1.4 billion, primarily related to the divestiture of the European Lime operations.

In 2023, CRH completed 22 acquisitions for a total consideration of $0.7 billion.

On the divestitures front, CRH realized proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) of $0.1 billion.

The largest acquisition in 2023 was in Americas Building Solutions where the Company completed the acquisition of Hydro International, a leading provider of stormwater products, wastewater treatment products, wastewater services, and data solutions in North America and Europe.

In addition, Americas Building Solutions completed a further four acquisitions and Americas Materials Solutions completed eight acquisitions in the United States, for a total 2023 spend in the Americas of $0.4 billion.

International Solutions completed nine acquisitions for a total 2023 spend of $0.3 billion.

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.

In 2025, CRH completed 38 acquisitions for a total consideration of $4.1 billion.

The largest acquisition in 2022 was in Americas Building Solutions where the Company completed its acquisition of Barrette Outdoor Living, Inc.

(Barrette) for $1.9 billion.

In addition, Americas Building Solutions completed a further seven acquisitions and Americas Materials Solutions completed 10 acquisitions for a total 2022 spend in the Americas of $3.1 billion.

International Solutions completed 11 acquisitions for a total 2022 spend of $0.2 billion.

The largest divestiture in 2022 was the Building Envelope business for cash proceeds of $3.5 billion (enterprise value of $3.8 billion including lease liabilities transferred of $0.3 billion).

A further eight divestitures were completed across CRH, realizing total proceeds of $0.2 billion and $0.2 billion was realized from the disposal of long-lived assets and deferred divestiture consideration.

We expect positive underlying demand across our key end-use markets in 2025, underpinned by significant public investment in critical infrastructure, combined with increased re-industrialization activity in key non-residential segments.

This backdrop is expected to support overall demand levels and further positive pricing across our business.

Our North American businesses expect continued positive momentum in infrastructure activity, supported by robust state and federal funding.

Non-residential activity continues to benefit from secular tailwinds in key growth areas.

Although the residential sector continues to be supported by strong long-term demand fundamentals, the new-build segment is expected to remain subdued while repair and remodel activity remains resilient.

In our International operations, we expect infrastructure activity to be underpinned by government and EU funding.

Non-residential construction continues to be aided by onshoring of supply chains and industrial manufacturing activity.

Residential markets are expected to stabilize with structural demand fundamentals supporting a gradual recovery.

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

Our largest acquisition in 2025 was in our Americas Materials Solutions segment where we acquired Eco Material, a leading supplier of SCMs in North America, for a total consideration of $2.1 billion.

The Eco Material transaction strategically positions CRH to meet growing demand for SCMs to modernize North America's infrastructure.

In addition, we completed another 18 acquisitions in our Americas Materials Solutions segment and five acquisitions in our Americas Building Solutions segment for a total 2025 investment in the Americas of $3.4 billion.

We also completed 14 acquisitions in our International Solutions segment for a total 2025 investment of $0.7 billion.

CRH completed six divestitures and realized proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) of $0.5 billion.

* Represents a non-GAAP measure.

See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.

See “Non-GAAP Reconciliation and Supplementary Information” on pages 35 to 38 for a reconciliation to the most directly comparable GAAP measure.

6 Operating cash flow refers to Net cash provided by operating activities as reported in the Consolidated Statements of Cash Flows on pages 52 to 53.

CRH FORM 10-K

In 2024, CRH completed 40 acquisitions for a total consideration of $5.0 billion.

Our largest acquisition in 2024 was in our Americas Materials Solutions segment where we acquired an attractive portfolio of cement and readymixed concrete operations and assets in Texas, for a total consideration of $2.1 billion.

In addition, we completed another 20 acquisitions in our Americas Materials Solutions segment and 10 acquisitions in our Americas Building Solutions segment for a total 2024 spend in the Americas of $3.8 billion.

We also completed nine acquisitions in our International Solutions segment for a total 2024 spend of $1.2 billion, including the acquisition of a majority stake in Adbri, a market leader in cement and aggregates in Australia.

In 2024, CRH completed 10 divestitures and realized proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) of $1.4 billion, primarily related to the divestiture of the European Lime operations.

We expect favorable underlying demand across our key end-markets, underpinned by significant public investment in infrastructure and continued reindustrialization activity.

Within the residential sector we expect resilient repair and remodel activity while the new-build segment is expected to remain subdued.

Assuming normal seasonal weather patterns and absent any major dislocations in the political or macroeconomic environment, CRH's superior strategy, connected portfolio and leading positions of scale in attractive high-growth markets, together with our strong and flexible balance sheet, are expected to underpin another year of growth and value creation in 2026.

Market Backdrop

CRH’s results can be impacted by trends and factors in the wider construction markets it is exposed to.

The principal construction markets, for all segments, are infrastructure, including highways, streets, roads and bridges;

non-residential, including construction and maintenance of critical infrastructure, manufacturing, commercial, warehouse and data center facilities;

and residential, including new-build construction, and repair and remodel activity, of single and multi-family housing.

See ‘Business Segment Information’ in Item 1.

The principal construction markets, for all segments, are infrastructure, including highways, streets, roads, tunnels and bridges;

non-residential, including construction of critical infrastructure for the transport of water and energy, manufacturing, commercial, distribution and data center facilities;

a nd residential, including new-build construction, and repair and remodel activity, of single and multi-family housing.

North America is expected to be a key driver of future growth for CRH due to its positive demographic and economic fundamentals, including significant public investment in infrastructure and private investment in reindustrialization activity.

Our International businesses, which benefit from strong economic and construction growth prospects as well as recurring repair and remodel demand, are an important strategic part of the Company.

In 2025, approximately 75% of Net income and 71% of Adjusted EBITDA* was generated in North America, while approximately 25% of Net income and 29% of Adjusted EBITDA* was generated by our International Division.

CRH intends to continue to expand its North American and International operations given significant government support for infrastructure and increasing investment in transportation, water and reindustrialization projects.

Se e ‘Business Segment Information’ in Item 1.

“Business” for details by segment.

Infrastructure

In 2024, approximately 35% of revenues were derived from infrastructure.

Our North American businesses expect positive momentum in infrastructure activity, underpinned by robust state and federal funding, and supported by the IIJA which was signed into law in November 2021.

This provides expected federal highway funding of approximately $350 billion over five years, including $110 billion in new funding for roads, bridges, and other infrastructure projects.

Our North American businesses expect positive momentum in infrastructure activity, underpinned by robust state and federal funding, and continued support from the IIJA which was signed into law in November 2021.

The IIJA is expected to provide federal highway funding of approximately $350 billion, including $110 billion of incremental funding for roads, bridges, and other infrastructure projects.

We see significant funding runway ahead with approximately 50% of expected funds yet to be deployed.

Aided by the IIJA, U.S.

highway contract awards remained at elevated levels in 2024, underpinning a positive outlook for 2025 as state budgets reflect the need for increased public infrastructure funding for highways and bridges.

highway and bridge contract awards remained at elevated levels in 2025, underpinning a positive outlook for 2026 as state budgets reflect the need for increased public investment in infrastructure.

International

After a resilient 2024, the outlook for 2025 in our International markets remains underpinned by government and EU funding for the infrastructure sector, which typically fluctuates less than residential and non-residential sectors.

In this sector the impact of the business cycle is mitigated by long-term projects and a high share of activities financed by the public sector, with multinational EU funds a stabilizing factor in some of our larger markets.

After a solid 2025, the outlook for 2026 in our International markets is underpinned by government and EU funding for the infrastructure sector, which typically fluctuates less than residential and non-residential sectors.

In this sector, the impact of the business cycle is mitigated by long-term projects and a high share of activities financed by the public sector, with multinational EU funds serving as a stabilizing factor in some of our larger markets.

Non-Residential

In 2024, approximately 30% of revenues were derived from non-residential construction.

In Americas, a key driver of demand in the non-residential sector is the onshoring of critical manufacturing.

Large, multi-year construction projects (data centers, semiconductor chips, liquefied natural gas facilities) are underpinned by initiatives such as the U.S.

CHIPS and Science Act, a $280 billion bill with the aim to bolster the United States’ semiconductor capacity.

In addition, critical infrastructure is expecting to receive significant funding from the IIJA – water (approximately $48 billion), energy (approximately $79 billion) and technology (approximately $65 billion).

In North America, a key driver of demand in the non-residential sector is increased reindustrialization activity across our operating footprint.

Large, multi-year construction projects (including data centers, semiconductors, pharmaceutical & auto manufacturing facilities) are underpinned by supportive U.S.

government policies including significant pledged investments in areas such as manufacturing and industrial capabilities.

In addition, we expect critical infrastructure to continue to receive significant funding over the life of the IIJA in areas such as water (approximately $48 billion), energy (approximately $79 billion) and technology (approximately $65 billion).

International

The non-residential sector outlook remains mixed in our International markets in 2025.

Having declined in 2024, construction activity is expected to grow in Eastern Europe, underpinned by improving economic fundamentals.

In the United Kingdom, construction confidence improved steadily through 2024 although sentiment remains subdued in other markets.

Non-residential activity in the Division remains supported by increased efforts to onshore manufacturing activity via government stimulus measures.

In 2024, approximately 35% of revenues were derived from residential construction.

The residential sector’s recent performance has been influenced by affordability constraints with inflation challenges, rising home prices and high mortgage rates.

While residential construction activity continues to be supported by long-term demand fundamentals, the new-build segment is expected to remain subdued.

As a result of the aging U.S.

housing stock, repair and remodel activity is expected to be less subdued than new-build activity in the near-term.

The non-residential sector outlook is expected to improve in our International markets in 2026, supported by increased investment in technology-related sectors such as semiconductor manufacturing and data center facilities.

Having stabilized in 2025, non-residential construction activity is expected to grow in Eastern Europe, underpinned by improving economic fundamentals.

In Western Europe and Australia, improving construction confidence and supportive government initiatives are expected to support growth across the region.

Repair and remodel activity is expected to remain resilient in the near-term due to the continued need to maintain and renew the existing housing stock.

The new-build residential sector continues to be challenged by affordability constraints and uncertainty resulting from persistent inflation, rising home prices and fluctuating mortgage rates.

Despite the recent decline in interest rates and positive long-term demand fundamentals, the new-build segment is expected to remain subdued.

International

Our International businesses are more heavily exposed to the new-build residential sector, which is expected to gradually recover as a lower interest rate environment unfolds.

* Represents a non-GAAP measure.

See “Non-GAAP Reconciliation and Supplementary Information” on pages 35 to 38 for a reconciliation to the most directly comparable GAAP measure.

CRH FORM 10-K

1 unchanged sentence

Revenues are derived from a range of products and services across three segments.

The Americas Materials Solutions segment utilizes an extensive network of reserve-backed quarry locations to produce and supply a range of materials including aggregates, cement, readymixed concrete and asphalt, as well as providing paving and construction services.

The Americas Building Solutions segment manufactures, supplies and delivers high-quality building products and solutions.

The International Solutions segment integrates building materials, product and services for the construction and renovation of public infrastructure, critical networks, commercial and residential buildings, and outdoor living spaces.

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.

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

12 unchanged sentences

Other nonoperating income (expense), net 29 258 (2)

Income from continuing operations before income tax expense and income from equity method investments 4,714 4,014 3,461

Income before income tax expense and income from equity method investments 4,805 4,714 4,014

Income tax expense (1,041) (1,085) (925)

Loss from equity method investments (108) (17) –

Income from continuing operations 3,521 3,072 2,699

Income from discontinued operations, net of income tax expense – – 1,190

Income (loss) from equity method investments 26 (108) (17)

Net income 3,790 3,521 3,072

2 unchanged sentences

Net income attributable to CRH 3,753 3,492 3,178

Basic earning per share attributable to CRH from continuing operations $5.06 $4.36 $3.58

Basic earning per share attributable to CRH from continuing operations - pre-impairment* $5.48 $4.65 $3.58

Diluted earning per share attributable to CRH $5.51 $5.02 $4.33

Diluted earning per share attributable to CRH - pre-impairment* $5.57 $5.43 $4.62

Adjusted EBITDA* 7,681 6,930 6,176

Total revenues

2024 versus 2023

Total revenues were $35.6 billion in 2024, an increase of $0.6 billion, or 2%, comp ared with 2023, with resilient underlying demand in key end-use markets, continued commercial progress and contributions from acquisitions partly offset by lower activity levels in certain regions due to adverse weather and divestitures.

Total revenues were $37.4 billion in 2025, an increase of $1.9 billion, or 5%, comp ared with 2024 , driven by favorable end-market demand, disciplined commercial execution and contributions from acquisitions .

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

2023 versus 2022

Total revenues were $34.9 billion, an increase of $2.2 billion, or 7%, compared with 2022, reflecting good underlying demand across key end-use markets, positive pricing and contributions from acquisitions which offset lower volumes compared with the prior year.

2024 versus 2023

Gross profit was $12.7 billion in 2024, an increase of $0.7 billion, or 6%, compared with 2023, reflecting total revenues growth of 2%, with total cost of revenues 1% lower.

The gross profit margin of 35.7% increased 150bps from 34.2% in the prior year, driven by commercial progress, ongoing cost control and operational efficiencies.

Total cost of revenues decreased primarily as a result of an 18% decrease in energy costs due to a decline in energy prices, lower activity levels and divestitures.

These were partly offset by an increase in labor costs of 6% driven by wage inflation and increased headcount due to acquisitions.

8 * Represents a non-GAAP measure.

See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.

CRH Form 10-K 34

2023 versus 2022

Gross profit was $12.0 billion in 2023, an increase of $1.2 billion, or 11%, compared with 2022.

This reflected total revenues growth of 7%, with total cost of revenues increasing by 5%.

The gross profit margin of 34.2%, increased 110bps from 33.1% in the prior year, due to revenue growth exceeding increases in total cost of revenues.

Total cost of revenues increased primarily as a result of subcontractor costs and repairs and maintenance increasing 11% and 9%, respectively, due to the impact of cost inflation.

Labor costs increased by 8% due to the impact of acquisitions, wage inflation impacted by continued labor shortages and increased headcount.

Energy costs were in line with 2022 and raw materials costs decreased by 1% primarily as a result of lower volumes.

Gross profit was $13.5 billion in 2025, an incr ease of $0.8 billion, or 7%, compared with 2024.

This reflected Total revenues growth of 5%, with Total cost of revenues also 5% higher.

The Gross profit margin of 36.1% increased 40bps from 35.7% in 2024, driven by disciplined cost management, continued operating efficiencies and ongoing business improvement initiatives.

The increase in Total cost of revenues was primarily driven by a 6% increase in labor costs, attributable to higher headcount from acquisitions and inflationary pressures, as well as a 20% higher depreciation and amortization expense, reflecting the impact of acquisitions and increased capital expenditure.

Energy costs were also impacted by acquisitions in the period and increased by 8%, while other costs were 2% ahead of prior year.

Selling, general and administrative expenses

2024 versus 2023

Selling, general and administrative (SG&A) expenses, which are primarily comprised of haulage costs, labor costs, and other selling and administration expenses, were $7.9 billion in 2024, an increase of $0.4 billion, or 5%, compared with 2023.

The increase in SG&A expenses was primarily due to labor cost increases of 9%, as a result of increased headcount from acquisitions and wage inflation;

partially offset by divestitures.

2023 versus 2022

SG&A expenses were $7.5 billion in 2023, an increase of $0.4 billion, or 6%, compared with 2022.

The increase in SG&A expenses primarily reflects labor cost increases of 14%, as a result of increased headcount, impacted by acquisitions and wage inflation;

partially offset by lower haulage costs which decreased 4% compared with 2022 as a result of lower volumes and lower fuel costs.

Selling, general and administrative (SG&A) expenses, which are primarily comprised of haulage costs, labor costs, and other selling and administrative expenses, were $8.3 billion in 2025, an increase of $0.4 billion, or 5%, compared with 2024.

The increase in SG&A expenses was primarily due to labor cost increases of 9%, as a result of increased headcount from acquisitions and wage inflation and a 6% increase in haulage expenses resulting from acquisition activity.

Gain on disposal of long-lived assets

2024 versus 2023

Gain on disposal of long-lived assets was $237 million in 2024, an increase of $171 million compared with 2023.

The increase mainly related to the disposal of certain land assets.

2023 versus 2022

Gain on disposal of long-lived assets was $66 million in 2023, an increase of $16 million compared with 2022, primarily due to gains on disposal of plant and equipment.

Gain on disposal of long-lived assets was $235 million in 2025, a decrease of $2 million compared with 2024.

Loss on impairments

2024 versus 2023

Loss on impairments in 2 024 was $161 million, compared with $357 million in 2023, and principally related to the International Solutions segment where an impairment was recognized related to the Architectural Products reporting unit, driven by challenging market conditions.

2023 versus 2022

Loss on impairments in 2023 was $357 million, compared with $nil million in 2022, and was principally in the International Solutions segment where an impairment was recognized related to our business in the Philippines which has been impacted by challenging market conditions.

Loss on impairments in 2 025 was $40 million, compared with $161 million in 2024, and was principally related to International Solutions.

The decrease reflects the absence of the larger impairments recorded in 2024, primarily in the International Solutions segment.

Interest income

2024 versus 2023

Interest income was $143 million in 2024, a decrease of $63 million compared with 2023, primarily due to lower levels of cash deposits.

2023 versus 2022

Interest income was $206 million in 2023, an increase of $141 million compared with 2022, as a result of higher interest rates on deposits.

Interest income was $146 million in 2025, an increase of $3 million compared with 2024.

9 * Represents a non-GAAP measure.

See “Non-GAAP Reconciliation and Supplementary Information” on pages 35 to 38 for a reconciliation to the most directly comparable GAAP measure.

CRH FORM 10-K

Interest expense

2024 versus 2023

Interest expense was $810 million in 2025, an increase of $198 million, or 32%, compared with 2024.

The increase was primarily due to higher gross debt balances and increased interest rates.

For additional information on new fixed rate debt issuance, see Note 11 “Debt” in Item 8.

The increase was primarily due to higher gross debt balances.

For additional information on our fixed rate debt issuances in 2025, see Note 10 “Debt” in Item 8.

“Financial Statements and Supplementary Data”.

2023 versus 2022

Interest expense was $376 million in 2023, an increase of $32 million, or 9%, compared with 2022.

The increase was primarily due to higher interest rates on floating rate debt, interest rate swaps and new fixed rate debt issued, partially offset by interest on maturing debt.

Other nonoperating income (expense), net

2024 versus 2023

Other nonoperating income (expense), net, was income of $258 million in 2024, an increase of $260 million compared with 2023.

Other nonoperating income (expense), net was $29 million in 2025, a decrease of $229 million compared with 2024.

Other nonoperating income (expense), net includes pension and postretirement benefit costs (excluding service costs), gains and losses from divestitures, and other miscellaneous income and expenses.

The increase was primarily related to gain s on divestitures.

2023 versus 2022

Other nonoperating income (expense), net, was an expense of $2 million in 2023, a decrease of $67 million compared with 2022.

The decrease was primarily related to a reduction of loss on divestitures to $nil million in 2023 which was $99 million in 2022, partly offset by pension-related movements of $27 million.

CRH Form 10-K 35

The reduction versus prior year was reflective of the non-recurrence of prior year gains on divestitures.

Income tax expense

2 unchanged sentences

in $ millions, except effective tax rate 2025 2024 2023

Income from continuing operations before income tax expense and income from equity method investments 4,714 4,014 3,461

Income before income tax expense and income from equity method investments 4,805 4,714 4,014

Income tax expense (1,041) (1,085) (925)

Effective tax rate 22% 23% 23%

2024 versus 2023

In 2024, the Company’s income tax expense was $1.1 billion, an increase of $0.2 billion compared with 2023.

The effective tax rate attributable to continuing operations was 23% for 2024, in line with 23% for 2023.

2023 versus 2022

In 2023, the Company’s income tax expense was $0.9 billion, an increase of $0.2 billion compared with 2022.

The effective tax rate attributable to continuing operations was 23% for 2023 compared with 22% for 2022.

The increase in the effective tax rate compared with the prior year was primarily driven by the impact of impairments not deductible for tax purposes in the year.

Loss from equity method investments

2024 versus 2023

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

2023 versus 2022

In 2023, a loss of $17 million was recorded in equity method investments, primarily driven by the performance of the Company’s equity method investment in YBM in China, where market conditions remained challenging.

Income from continuing operations

2024 versus 2023

Income from continuing operations in 2024 amounted to $3.5 billion, an increase of $0.4 billion on 2023.

This result was primarily driven by higher gross profit along with higher gains on divestitures and disposal of long-lived assets, which offset higher interest and SG&A expenses.

2023 versus 2022

Income from continuing operations in 2023 amounted to $3.1 billion, an increase of $0.4 billion on 2022.

This result was primarily driven by an improved operating performance and higher interest income, partially offset by loss on impairments and a higher income tax expense.

Income from discontinued operations, net of income tax expense

2024 versus 2023

Income from discontinued operations, net of income tax expense was $nil million in both 2024 and 2023.

2023 versus 2022

Income from discontinued operations, net of income tax expense was $nil million in 2023, compared with income of $1.2 billion related to the divestiture of the Building Envelope business in 2022.

Net income attributable to CRH and earnings per share

2024 versus 2023

Net income attributable to CRH was $3.5 billion in 2024, an increase of $0.3 billion from 2023.

Basic EPS from continuing operations for 2024 was $5.06, an increase of 16% on 2023.

Basic EPS pre-impairment* from continuing operations for 2024 was $5.48, an increase of 18% on 2023.

2023 versus 2022

Net income attributable to CRH was $3.2 billion in 2023, a decrease of $0.7 billion from 2022.

Basic EPS from continuing operations for 2023 was $4.36, an increase of 22% on 2022.

Basic EPS pre-impairment* from continuing operations for 2023 was $4.65.

* Represents a non-GAAP measure.

See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.

CRH Form 10-K 36

During the fourth quarter of 2024, the Company's reportable segments changed to the following three segments:

Americas Materials Solutions, Americas Building Solutions, and International Solutions;

across two Divisions:

CRH Americas and CRH International.

Within CRH’s segments, revenue is disaggregated by principal activities and products and by primary geographic market.

In 2025, the Comp any’s Income tax expense was $1,041 million, a decrease of $44 million compared with 2024.

The effective tax rate was 22% for 2025 compared with 23% for 2024.

Income (loss) from equity method investments

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

CRH is organized through three reportable segments across two Divisions.

CRH’s Americas Division is comprised of two segments:

Americas Materials Solutions and Americas Building Solutions;

and CRH’s International Division contains the other segment.

Within CRH’s segments, revenue is disaggregated by principal activities and products.

Business lines are reviewed and evaluated as follows:

(1) Essential Materials, (2) Road Solutions, (3) Building & Infrastructure Solutions, and (4) Outdoor Living Solutions.

The vertically integrated Essential Materials businesses manufacture and supply aggregates and cement for use in a range of construction and industrial applications.

Road Solutions support the manufacturing, installation and maintenance of public highway infrastructure projects and commercial infrastructure projects.

Building & Infrastructure Solutions connect, protect and transport critical water, energy and telecommunications infrastructure and deliver complex commercial building projects.

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.

The Company’s measure of segment profit is Adjusted EBITDA, which is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, loss on impairments, gain/loss on divestitures and unrealized gain/loss on investments, income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component.

The Company’s measure of segment profit is Adjusted EBITDA, which is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, Loss on impairments, gain/loss on divestitures and investments, Income/loss from equity method investments, substantial acquisition-related costs, and pension expense/income excluding current service cost component .

Americas Materials Solutions

4 unchanged sentences

Adjusted EBITDA margin 23.2% 23.5%

Americas Materials Solutions’ total revenues were 5% ahead of the prior year as price increases and contributions from acquisitions offset lower activity levels which were impacted by adverse weather.

Organic total revenues* were 1% ahead.

In Essential Materials, total revenues were 5% ahead of the prior year, supported by aggregates and cement pricing, which were ahead by 10% and 8%, respectively.

Aggregates volumes declined by 3% while cement volumes increased by 1% compared to 2023.

In Road Solutions, total revenues increased by 5% driven by pricing progression and sustained activity levels through continued state and federal funding support.

Asphalt prices increased by 3% while volumes, impacted by weather, declined 2% against 2023.

Paving and construction revenues increased 5% versus the prior year.

Readymixed concrete pricing was 6% higher than the prior year, while volumes were 1% ahead.

Adjusted EBITDA for Americas Materials Solutions of $3.7 billion was 22% ahead of the prior year with growth across all regions.

Positive pricing, disciplined cost management and operational efficiencies along with gains on land asset sales offset lower volumes in certain markets.

Organic Adjusted EBITDA* was 18% ahead of 2023.

Adjusted EBITDA margin increased by 340bps.

Analysis of Change

in $ millions 2022

Currency Acquisitions Divestitures Organic 2023 % change

Total revenues 14,324 (44) +242 – +913 15,435 +8%

Adjusted EBITDA 2,638 (6) +42 – +385 3,059 +16%

Adjusted EBITDA margin 18.4% 19.8%

Americas Materials Solutions’ total revenues were 8% ahead of 2022, 6% ahead on an organic* basis, driven primarily by price progression across all business lines and partly offset by lower activity levels in certain regions.

In Essential Materials total revenues increased by 10%, supported by double-digit pricing growth in both aggregates and cement, which were ahead by 14% and 15%, respectively.

Aggregates volumes declined by 1% and cement volumes declined by 3%, impacted by unfavorable weather in certain regions.

In Road Solutions, total revenues increased by 7% driven by increased pricing and positive infrastructure activity underpinned by IIJA funding.

Asphalt prices increased by 7% while asphalt volumes were in line with the prior year as improved demand in the South and West during the second half of the year was offset by lower volumes in the Great Lakes and Northeast regions.

Paving and construction revenues increased by 6%.

Readymixed concrete pricing was 12% higher compared with 2022, however volumes were 2% behind due to lower activity levels in the South.

Adjusted EBITDA in Americas Materials Solutions of $3.1 billion was 16% ahead of 2022 as increased pricing across all lines of business and operational efficiencies mitigated the impact of higher labor and subcontractor costs.

Organic Adjusted EBITDA* was 15% ahead of 2022.

Adjusted EBITDA margin increased by 140bps.

11 * Represents a non-GAAP measure.

See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.

Americas Materials Solutions’ Total revenues were 5% ahead of 2024, as contributions from acquisitions and pricing progress more than offset weather-impacted volumes earlier in the year.

In Essential Materials, Total revenues increased by 8%, supported by good pricing momentum and contributions from acquisitions.

Aggregates volumes were 4% ahead of the same period in 2024, driven by contributions from acquisitions, while cement volumes increased by 1%.

Aggregates pricing increased by 4% year-on-year, reflecting adverse mix-effects, while cement prices were ahead by 1%.

In Road Solutions, Total revenues increased by 4% as improved pricing and contributions from acquisitions more than offset weather-impacted volumes.

Readymixed concrete volumes increased by 3% compared to the prior year, driven 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 4% over the prior year and pricing was in line.

Adjusted EBITDA for Americas Materials Solutions was 7% ahead of 2024, driven by disciplined cost management, operational efficiencies and strong performance from acquisitions.

Adjusted EBITDA margin was 30bps ahead of the prior year.

CRH FORM 10-K

5 unchanged sentences

Adjusted EBITDA margin 19.7% 20.7%

In 2024, Americas Building Solutions' total revenues were 1% ahead of the prior year as positive contributions from acquisitions were partially offset by subdued new-build residential demand and adverse weather.

Organic total revenues* were 2% behind the prior year.

In Building & Infrastructure Solutions, total revenues were 2% ahead of the prior year as contributions from acquisitions offset lower activity levels due to adverse weather conditions and subdued new-build residential demand.

In Outdoor Living Solutions, total revenues were flat compared with 2023 as unfavorable weather conditions offset increased sales into the retail channel.

Adjusted EBITDA for Americas Building Solutions was 4% behind 2023 and 6% behind on an organic* basis as adverse weather and subdued new-build residential demand impacted performance.

Adjusted EBITDA margin was 90bps behind the prior year.

Analysis of Change

in $ millions 2022 Currency Acquisitions Divestitures Organic 2023

Total revenues 6,188 (14) +751 – +92 7,017 +13%

Adjusted EBITDA 1,219 (4) +153 – +74 1,442 +18%

Adjusted EBITDA margin 19.7% 20.6%

Americas Building Solutions recorded total revenues growth of 13%, driven by the continued execution of our integrated solutions strategy, good commercial progress through price increases and contributions from prior year acquisitions, primarily Barrette.

Organic total revenues* were 1% ahead of 2022.

In Building & Infrastructure Solutions, total revenues growth was 6% due to increased demand in the water and energy sectors as well as contributions from recent acquisitions.

In Outdoor Living Solutions, total revenues growth was 18%, driven by positive pricing, resilient retail demand and the incremental impact of the Barrette acquisition in July 2022.

Adjusted EBITDA in Americas Building Solutions was 18% ahead of the prior year, 6% ahead on an organic* basis, driven by positive pricing and contributions from recent acquisitions which offset the impact of increased labor and raw materials costs.

As a result, the Adjusted EBITDA margin was 90bps ahead of the prior year.

* Represents a non-GAAP measure.

See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.

CRH Form 10-K 38

Americas Building Solutions' Total revenues were up 1% compared to the prior year, supported by disciplined commercial management and contributions from acquisitions, which offset the impact of adverse weather earlier in the year.

In Building & Infrastructure Solutions, Total revenues were 2% ahead of 2024, driven by a strong performance in the energy sector with increased activity in the data center end-market, good underlying activity in our water businesses and contributions from acquisitions.

In Outdoor Living Solutions, Total revenues were in line with the prior year, as incremental growth from acquisitions was offset by subdued residential demand and adverse weather conditions across certain markets.

Adjusted EBITDA for Americas Building Solutions was 6% ahead of prior year, supported by ongoing business improvements, asset optimization initiatives and contributions from acquisitions, which more than offset the impact of adverse weather and subdued residential activity.

Adjusted EBITDA margin was 100bps ahead of the prior year period.

International Solutions

4 unchanged sentences

Adjusted EBITDA margin 14.6% 16.6%

International Solutions’ total revenues were 1% behind the prior year.

Organic total revenues* were 4% behind as positive pricing momentum and good volume growth in Central and Eastern Europe were offset by lower volumes in Western Europe as well as lower trading activities in the Building & Infrastructure Solutions and Outdoor Living Solutions businesses.

In Essential Materials, total revenues were 2% behind as continued pricing progress and contributions from acquisitions were offset by the divestiture of the European Lime operations.

Aggregates volumes were 3% ahead of 2023 with cement volumes 5% ahead, supported by good growth in Central and Eastern Europe as well as recent acquisitions.

Aggregates pricing was 4% ahead and overall cement pricing was 3% ahead of 2023.

In Road Solutions, total revenues were 2% ahead of 2023.

Volumes and prices were ahead in the readymixed concrete business by 8% and 3%, respectively, benefiting from volume growth in Central and Eastern Europe as well as acquisitions in the period.

Asphalt volumes and pricing declined 2% and 1%, respectively.

Paving and construction revenues were behind 2023 due to lower activity levels in Western Europe.

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

Adjusted EBITDA in International Solutions was $1.8 billion, 7% ahead of 2023, and 8% ahead on an organic* basis, primarily driven by increased pricing, lower energy costs and operational efficiencies.

Adjusted EBITDA margin increased by 120bps compared with 2023.

Analysis of Change

in $ millions 2022 Currency Acquisitions Divestitures Organic 2023 % change

Total revenues 12,211 +255 +156 (157) +32 12,497 +2%

Adjusted EBITDA 1,531 +34 +18 (12) +104 1,675 +9%

Adjusted EBITDA margin 12.5% 13.4%

International Solutions’ performance in 2023 was driven by continued pricing progress which more than offset lower activity levels, resulting in total revenues growth of 2%.

Organic* revenues were in line with the prior year.

In Essential Materials, total revenues were 5% ahead of 2022 driven by positive pricing for aggregates and cement which were ahead by 9% and 18%, respectively.

Aggregates volumes declined by 7% while cement volumes were 13% behind (10% behind excluding the impact of 2022 divestitures) as activity levels were impacted by lower new-build residential activity and unfavorable weather in several key markets.

In Road Solutions, notwithstanding the impact of adverse weather in the first half of the year, pricing progress across all key markets resulted in total revenues for the year 2% ahead of 2022.

Asphalt pricing increased by 10%, while volumes declined by 6%.

Paving and construction revenues increased by 10%.

Readymixed concrete pricing improved by 17%, while volumes decreased by 14%.

Total revenues in Building & Infrastructure Solutions and Outdoor Living Solutions declined by 2% compared with 2022 as increased infrastructure demand was more than offset by subdued new-build residential activity.

Positive pricing and commercial progress was offset by lower activity experienced in several markets of the Precast and Construction Accessories businesses in particular.

In 2023 Adjusted EBITDA in International Solutions was $1.7 billion, 9% ahead of 2022 and 7% ahead on an organic* basis.

Adjusted EBITDA growth was primarily driven by positive pricing and lower haulage and raw materials costs, which offset lower volume levels.

Adjusted EBITDA margin increased by 90bps compared with 2022.

14 * Represents a non-GAAP measure.

See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.

International Solutions’ Total revenues were 8% ahead of the prior year, driven by contributions from acquisitions and favorable pricing.

In Essential Materials, Total revenues were 9% ahead of 2024, as contributions from acquisitions and favorable pricing more than offset the impact of prior year divestitures.

Aggregates and cement pricing were 2% and 1% ahead of the prior year, respectively, while aggregates and cement volumes were 5% and 7% ahead of the prior year, benefiting from acquisitions.

In Road Solutions, Total revenues were 7% ahead of 2024, with volumes and prices in readymixed concrete ahead by 11% and 4%, respectively, benefiting from volume growth and contributions from acquisitions.

Asphalt volumes declined 4%, while pricing was in line with the prior year.

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

Adjusted EBITDA in International Solutions was 23% ahead of the prior year, with contributions from acquisitions, pricing progress and operational efficiencies driving improvement.

Adjusted EBITDA margin increased by 200bps compared to the prior year.

CRH FORM 10-K

Non-GAAP Reconciliation and Supplementary Information

CRH uses a number of non-GAAP performance measures to monitor financial performance.

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 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.

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.

Certain information presented is derived from amounts calculated in accordance with U.S.

GAAP but is not itself an expressly permitted GAAP measure.

The non-GAAP performance measures as summarized below should not be viewed in isolation or as an alternative to the equivalent GAAP measure.

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.

Adjusted EBITDA:

Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, loss on impairments, gain/loss on divestitures and unrealized gain/loss on investments, income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component.

Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortiz ation, Lo ss on impairment s, gain/loss on divestitures and investments, I ncome/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.

1 unchanged sentence

Adjusted EBITDA margin is calculated by expressing Adjusted EBITDA as a percentage of Total revenues.

Reconciliation to its nearest GAAP measure is presented below:

Reconciliation to its most directly comparable GAAP measure is presented below:

in $ millions 2025 2024 2023

Net income 3,790 3,521 3,072

Income from discontinued operations, net of income tax expense – – (1,190)

Loss from equity method investments (i) 108 17 –

(Income) loss from equity method investments (i) (26) 108 17

Income tax expense 1,041 1,085 925

(Gain) loss on divestitures and unrealized gains on investments (ii) (250) – 99

Gain on divestitures and investments (ii) (1) (250) —

Pension income excluding current service cost component (ii) (21) (7) (3)

9 unchanged sentences

Adjusted EBITDA margin 20.5% 19.5% 17.7%

(i) For the year ended December 31, 2024, the total impairment loss comprised $0.35 billion, principally related to the Architectural Products reporting unit within International Solutions and the equity method investment in China.

(i) For the year ended December 31, 2025, the Loss on impairments totaled $40 million, principally related to International Solutions.

For the year ended December 31, 2024, the total impairment loss comprised $0.35 billion, principally related to the Architectural Products reporting unit within International Solutions and the equity method investment in China.

For the year ended December 31, 2023, the total impairment loss comprised $62 million within Americas Materials Solutions and $295 million within International Solutions.

(ii) (Gain) loss on divestitures and unrealized gains on investments, pension income excluding current service cost component and other interest, net have been included in Other nonoperating income (expense), net in the Consolidated Statements of Income.

(iii) Represents expenses associated with non-routine substantial acquisitions, which meet the criteria for being separately reported in Note 4 “Acquisitions” of the audited financial statements.

Expenses in 2024 and in 2022 primarily include legal and consulting expenses related to these non-routine substantial acquisitions.

Return on Net Assets (RONA):

Return on Net Assets is a key internal pre-tax and pre-impairment (which is non-cash) measure of operating performance throughout the Company and can be used by management and investors to measure the relative use of assets between CRH’s segments.

The metric measures management’s ability to generate income from the net assets required to support that business, focusing on both profit maximization and the maintenance of an efficient asset base;

it encourages effective fixed asset maintenance programs, good decisions regarding expenditure on property, plant and equipment and the timely disposal of surplus assets.

It also supports the effective management of the Company’s working capital base.

RONA is calculated by expressing operating income from continuing operations and operating income from discontinued operations excluding loss on impairments (which is non-cash) as a percentage of average net assets.

Net assets comprise total assets by segment (including assets held for sale) less total liabilities by segment (excluding finance lease liabilities and including liabilities associated with assets classified as held for sale) as shown below and detailed in Note 3 “Assets held for sale and discontinued operations” in Item 8.

“Financial Statements and Supplementary Data” and excludes equity method investments and other financial assets, Net Debt (as defined on page 42) and tax assets and liabilities.

The average net assets for the year is the simple average of the opening and closing balance sheet figures.

(ii) Gain on divestitures and investments, pension income excluding current service cost component and other interest, net have been included in Other nonoperating income (expense), net in the Consolidated Statements of Income.

(iii) Represents expenses associated with non-routine substantial acquisitions, which meet the criteria for being separately reported in Note 3 “Acquisitions” of the audited financial statements, as well as other acquisition costs of an extraordinary nature.

Expenses in 2025 and 2024 primarily include legal, consulting and other tax expenses related to these acquisitions.

Adjusted Return on Invested Capital (Adjusted ROIC):

Effective for the year ended December 31, 2025, we transitioned from presenting Return on Net Assets (RONA), which is a pre-tax metric, to Adjusted Return on Invested Capital (Adjusted ROIC), which is an after-tax metric adjusted for items affecting comparability because they are of a non-recurring or extraordinary nature.

Management believes Adjusted ROIC is a meaningful metric for investors because it illustrates the Company’s effectiveness in generating operating income from invested capital.

This metric also reflects the impact of taxation and excludes certain items of a non-recurring or extraordinary nature, offering a more consistent period-over-period comparison of the Company’s underlying return performance.

Adjusted ROIC is an after-tax measure of operating performance and can be used by management and investors to assess how efficiently we use capital to generate operating income.

The metric measures management’s ability to generate after-tax adjusted operating income from the capital invested in the business, focusing on both after-tax operating income maximization and the maintenance of an efficient asset base.

It is meaningful in order to evaluate fixed asset maintenance programs, decision-making with respect to expenditures on property, plant and equipment and timeliness of disposal of surplus assets.

It also supports the evaluation of management of the Company’s working capital base.

Adjusted ROIC is calculated by expressing net operating income after tax from conti nuing operations and net operating income after tax from discontinued operations adjusted for certain items affecting comparability because they are of a non-recurring or extraordinary nature as a percentage of the average of current year and prior year invested capital.

The items affecting comparability because they are of a non-recurring or extraordinary nature for the periods presented below are Loss on impairments and substantial acquisition-related costs.

Invested capital is comprised of total equity as shown in the Consolidated Balance Sheets in Item 8.

“Financial Statements and Supplementary Data” and Net Debt (as defined on page 37) and excludes equity method investments.

The average invested capital for the year is the simple average of the opening and closing balance sheet figures.

CRH FORM 10-K

Reconciliation to its nearest GAAP measure is presented below:

Reconciliation to its most directly comparable GAAP measure is presented below:

in $ millions

Operating income A 4,925 4,186 3,809

Operating income from discontinued operations – – 89

2025 2024 2023

Adjusted for loss on impairments (i) 161 357 –

Numerator for RONA computation 5,086 4,543 3,898

Segment assets (ii) 45,534 38,868 38,504

Segment liabilities (ii) (9,771) (10,169) (8,883)

B 35,763 28,699 29,621

Finance lease liabilities 257 117 81

36,020 28,816 29,702

Assets held for sale (iii) – 1,268 –

Liabilities associated with assets classified as held for sale (iii) – (375) –

36,020 29,709 29,702

Segment assets (ii) 38,868 38,504 37,951

Segment liabilities (ii) (10,169) (8,883) (9,246)

C 28,699 29,621 28,705

Finance lease liabilities 117 81 83

28,816 29,702 28,788

Assets held for sale (iii) 1,268 – –

Liabilities associated with assets classified as held for sale (iii) (375) – –

Operating income 5,440 4,925 4,186

Loss on impairments (i) 40 161 357

Substantial acquisition-related costs (ii) 45 46 —

Adjusted operating income 5,525 5,132 4,543

Income tax adjustment (iii) (1,197) (1,180) (1,047)

Numerator for Adjusted ROIC computation – adjusted net operating income after tax 4,328 3,952 3,496

Total equity 25,048 22,466 21,288

Redeemable noncontrolling interests 430 384 333

Short and long-term debt 17,653 13,968 11,642

Finance leases 534 257 117

Derivative financial instruments (net) 60 27 37

Cash and cash equivalents (iv) (4,096) (3,720) (6,390)

Adjusted for:

Equity method investments (502) (737) (620)

Invested capital 39,127 32,645 26,407

Total equity 22,466 21,288 22,732

Redeemable noncontrolling interests 384 333 308

Short and long-term debt 13,968 11,642 9,636

Finance leases 257 117 81

Derivative financial instruments (net) 27 37 86

Cash and cash equivalents (iv) (3,720) (6,390) (5,936)

Adjusted for:

Equity method investments (737) (620) (649)

Invested capital 32,645 26,407 26,258

Denominator for Adjusted ROIC computation – average invested capital

35,886 29,526 26,332

Denominator for RONA computation - average net assets 32,865 29,706 29,245

Return on net segment assets (A divided by average of B and C) 15.3% 14.4% 13.1%

RONA 15.5% 15.3% 13.3%

Total assets as reported in the Consolidated Balance Sheets 50,613 47,469 45,319

Total liabilities as reported in the Consolidated Balance Sheets 27,763 25,848 22,279

(i) Operating income is adjusted for loss on impairments.

For the year ended December 31, 2024, the total impairment loss comprised $161 million within International Solutions.

Operating income/average invested capital 15.2 % 16.7 % 15.9 %

Adjusted ROIC 12.1 % 13.4 % 13.3 %

(i) For the year ended December 31, 2025, the Loss on impairments totaled $40 million, principally related to International Solutions.

For the year ended December 31, 2023, the total impairment loss comprised $62 million within Americas Materials Solutions and $295 million within International Solutions.

(ii) Segment assets and liabilities as disclosed in Note 20 “Segment information” in Item 8.

“Financial Statements and Supplementary Data”.

(iii) Assets held for sale and liabilities associated with assets classified as held for sale as disclosed in Note 3 “Assets held for sale and discontinued operations” in Item 8.

“Financial Statements and Supplementary Data”.

(ii) Represents expenses associated with non-routine substantial acquisitions, which meet the criteria for being separately reported in Note 3 “Acquisitions” of the audited financial statements, as well as other acquisition costs of an extraordinary nature.

Expenses in 2025 and 2024 primarily include legal, consulting and other tax expenses related to these acquisitions.

(iii) Income tax adjustment is defined as adjusted operating income multiplied by the Company’s effective tax rate of 22% in 2025 (23% in both 2024 and 2023).

(iv) 2023 includes $49 million cash and cash equivalents reclassified as held for sale.

CRH FORM 10-K

1 unchanged sentence

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) .

Reconciliation to its nearest GAAP measure is presented below :

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) .

Reconciliation to its most directly comparable GAAP measure is presented below :

in $ millions 2025 2024 2023

9 unchanged sentences

Cash proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) amounted to $0.5 billion in 2025, compared with $1.4 billion in 2024.

The total revenues impact of divestitures in 2024 was a negative $0.7 billion and the impact at an Adjusted EBITDA level was a negative $0.2 billion.

The total revenues impact of divestitures in 2025 was a negative $0.5 billion and the impact at an Adjusted EBITDA level was a positive $9 million.

Dollar weakened against most major currencies during 2025 resulting in an overall positive currency exchange impact in 2025.

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“Management’s Discussion and Analysis of Financial Condition and Results of Operations” commencing on page 30.

Basic EPS pre‑impairment:

Basic EPS pre‑impairment is a measure of the Company's profitability per share from continuing operations excluding any loss on impairments (which is non-cash) and the related tax impact of such impairments.

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.

Basic EPS information presented on a pre‑impairment basis is useful to investors as it provides an insight into the Company's underlying performance and profitability.

Basic EPS pre‑impairment is calculated as income from continuing operations adjusted for (i) net (income) attributable to redeemable noncontrolling interests (ii) net loss (income) attributable to noncontrolling interests (iii) adjustment of redeemable noncontrolling interests to redemption value and excluding any loss on impairments (and the related tax impact of such impairments) divided by the weighted average number of common shares outstanding for the year.

Reconciliation to its nearest GAAP measure is presented below:

in $ millions, except share and per share data 2024 Per Share - basic 2023 Per Share - basic 2022 Per Share - basic

Weighted average common shares outstanding – basic 683.3 723.9 758.3

Income from continuing operations 3,521 $5.15 3,072 $4.24 2,699 $3.56

Diluted EPS information presented on a pre‑impairment basis is useful to investors as it provides an insight into the Company's underlying performance and profitability.

Diluted EPS pre‑impairment is calculated as Net income adjusted for (i) Net (income) attributable to redeemable noncontrolling interests (ii) Net (income) loss attributable to noncontrolling interests (iii) adjustment of redeemable noncontrolling interests to redemption value and excluding any Loss on impairments (and the related tax impact of such impairments) divided by the diluted weighted average number of common shares outstanding for the year.

Reconciliation to its most directly comparable GAAP measure is presented below:

in $ millions, except share and per share data 2025 Per Share - diluted 2024 Per Share - diluted 2023 Per Share - diluted

Weighted average common shares outstanding – diluted 677.0 689.5 729.2

Net income 3,790 $5.60 3,521 $5.11 3,072 $4.21

Net (income) attributable to redeemable noncontrolling interests (28) ($0.04) (28) ($0.04) (28) ($0.04)

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Adjustment of redeemable noncontrolling interests to redemption value (23) ($0.03) (34) ($0.05) (24) ($0.03)

Income from continuing operations for EPS 3,458 $5.06 3,154 $4.36 2,712 $3.58

Net income attributable to CRH for EPS 3,730 $5.51 3,458 $5.02 3,154 $4.33

Impairment of property, plant and equipment and intangible assets 40 $0.06 161 $0.23 224 $0.30

Tax related to impairment charges – – (26) ($0.04) (9) ($0.01)

Impairment of equity method investments (net of tax)

– – 151 $0.22 – —

Tax related to impairment charges (26) ($0.04) (9) ($0.01) – –

Income from continuing operations for EPS – pre-impairment (i) 3,744 $5.48 3,369 $4.65 2,712 $3.58

(i) Reflective of CRH’s share of impairment of property, plant and equipment and intangible assets (2024:

Net income attributable to CRH for EPS – pre-impairment (i) 3,770 $5.57 3,744 $5.43 3,369 $4.62

(i) Reflective of CRH’s share of impairment of property, plant and equipment, intangible and other assets (2025:

$161 million;

$224 million), an impairment of equity method investments (2024:

$190 million;

$nil million) and related tax effect.

$190 million) and related tax effect.

CRH FORM 10-K

Adjusted Free Cash Flow:

Adjusted Free Cash Flow is a liquidity measure and is defined as Net cash provided by operating activities adjusted for Proceeds from disposal of long-lived assets less Maintenance capital expenditure.

Adjusted Free Cash Flow Conversion is defined as Adjusted Free Cash Flow divided by Net income.

Management believes that Adjusted Free Cash Flow and Adjusted Free Cash Flow Conversion are useful metrics for both management and investors in evaluating the Company’s ability to generate cash flow from operations after making investments in maintaining its asset base.

As is the case with the other non-GAAP measures presented, users should consider the limitations of using Adjusted Free Cash Flow and Adjusted Free Cash Flow Conversion, including the fact that those measures do not provide a complete measure of our cash flows for any period.

In particular, Adjusted Free Cash Flow and Adjusted Free Cash Flow Conversion are not intended to be a measure of cash flow available for management’s discretionary use, as these measures do not reflect certain cash requirements, such as debt service requirements and other contractual commitments.

Reconciliation to its most directly comparable GAAP measure is presented below:

in $ millions 2025 2024 2023

Net cash provided by operating activities 5,625 4,989 5,017

Proceeds from disposal of long-lived assets 315 272 104

Maintenance capital expenditure (i) (971) (1,036) (866)

Adjusted Free Cash Flow 4,969 4,225 4,255

Net income 3,790 3,521 3,072

Net cash provided by operating activities/Net income 148% 142% 163%

Adjusted Free Cash Flow Conversion 131% 120% 139%

(i) Maintenance capital expenditure refers to capital expenditure that is routine, essential, and part of day-to-day operations, focusing on preserving the value, functionality, and profitability of existing assets.

Growth capital expenditure is intended to increase profitability by expanding capacity, improving efficiency or fulfilling strategic objectives.

A reconciliation of total capital expenditure to maintenance capital expenditure is provided below:

in $ millions 2025 2024 2023

Purchases of property, plant and equipment and intangibles (total capital expenditure) (2,713) (2,578) (1,817)

Growth capital expenditure (1,742) (1,542) (951)

Maintenance capital expenditure (971) (1,036) (866)

CRH FORM 10-K

Liquidity and Capital Resources 11

The Company’s primary source of incremental liquidity is cash flows from operating activities, which combined with the year-end cash and cash equivalents balance, the U.S.

Dollar and Euro Commercial Paper Programs, and committed credit lines, is expected to be sufficient to meet the Company’s working capital needs, capital expenditures, dividends, share repurchases, upcoming debt maturities, and other liquidity requirements associated with our operations for the foreseeable future.

The Company’s primary source of incremental liquidity is cash flows from operating activities, which combined with the year-end cash and cash equivalents balance, the uncommitted U.S.

Dollar and Euro Commercial Paper Programs, and committed credit lines, is expected to be sufficient to meet the Company’s working capital needs, capital expenditure, dividends, share repurchases, upcoming debt maturities, and other liquidity requirements associated with our operations for the foreseeable future.

In addition, the Company believes that it will have sufficient ability to fund additional acquisitions via cash flows from internally available cash, cash flows from operating activities and, subject to market conditions, via obtaining additional borrowings and/or issuing additional debt or equity securities.

Total short and long-term debt was $14.0 billion at December 31, 2024, compared with $11.6 billion in 2023 and $9.6 billion in 2022.

I n January 2024, €600 million 1.875% euro Senior Notes were repaid on maturity.

In May 2024, wholly-owned subsidiaries of the Company issued $750 million 5.20% Senior Notes due 2029 and $750 million 5.40% Senior Notes due 2034.

In July 2024, as part of the Adbri acquisition $0.5 billion of external debt was acquired.

In December 2024, the Company entered into and drew down a $750 million two-year term loan at a fixed rate of 4.91%.

For additional information on new fixed rate debt issuance, see Note 11 “Debt” in Item 8.

Total short and long-term debt was $17.7 billion as of December 31, 2025, compared with $14.0 billion in 2024.

In January 2025, wholly-owned subsidiaries of the Company completed the issuance of $1.25 billion 5.125% Senior Notes due 2030, $1.25 billion 5.500% Senior Notes due 2035, and $0.5 billion 5.875% Senior Notes due 2055.

In October 2025, a wholly-owned subsidiary of the Company completed the issuance of $1.0 billion 4.400% Senior Notes due 2031, $1.0 billion 5.000% Senior Notes due 2036, and $0.5 billion 5.600% Senior Notes due 2056.

During the year ended December 31, 2025, $1.2 billion net of U.S.

Dollar Commercial Paper and $0.2 billion net of Euro Commercial Paper was repaid.

The $1.25 billion Senior Notes due 2025 were repaid on maturity in May 2025.

For additional information on fixed rate debt issuances in 2025, see Note 10 “Debt” in Item 8.

“Financial Statements and Supplementary Data”.

Net Debt* at December 31, 2024, was $10.5 billion, compared with $5.4 bill ion in 2023.

The increase in Net Debt* between 2024 and 2023 reflects acquisitions, cash returns to shareholders through dividends and continued share buybacks, as well as the purchase of property, plant and equipment, partially offset by inflows from operating activities and proceeds from divestitures .

Net Debt* as of December 31, 2025, was $14.2 billion, compared with $10.5 billion in 2024.

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

CRH continued its ongoing share buyback program in 2025 repurchasing 11.7 million Ordinary Shares for a total consideration of $ 1.2 billion, and, in 2024, 15.9 million Ordinary Shares were repurchased for total consideration of $1.3 billion.

The Company also made cash dividend payments of $1.0 billion in 2025 and $1.7 billion in 2024.

At December 31, 2024, CRH had cash and cash equivalents and restricted cash of $3.8 billion compa red with $6.4 billion in 2023 and $5.9 billion in 2022.

Total lease liabilities were $1.6 billion compared with $1.5 billion in 2023 and $1.3 billion in 2022.

At December 31, 2024, CRH had $3.8 billion of undrawn committed facilities, $3.6 billion of which is available until May 2029.

At December 31, 2024, the weighted average maturity of the term debt (net of cash and cash equivalents) was 7.5 years.

As of December 31, 2025, CRH had cash and cash equivalents and restricted cash of $4.1 billion compa red with $3.8 billion in 2024.

Total lease liabilities were $2.1 billion compared with $1.6 billion in 20 24 .

As of December 31, 2025, CRH had $4.3 billion of undrawn committed facilities available until 2030.

During April 2025, the Company extended the maturity date of its €3.5 billion ($4.1 billion) multi-currency revolving credit facility to May 2030.

As of December 31, 2025, the weighted average maturity of the term debt (net of cash and cash equivalents) was 9.5 years.

Cash flows from operating activities

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Net cash provided by operating activities 5,625 4,989 5,017

2024 versus 2023

Net cash provided by operating activities was $5.0 billion in 2024, in line with $5.0 billion in 2023.

Net cash provided by operating activities in 2024 was primarily from net income of $3.5 billion, adjusted for depreciation, depletion, and amortization of $1.8 billion and loss on impairments of $0.35 billion, partly offset by higher non-operating cash adjustments and working capital outflows.

2023 versus 2022

Net cash provided by operating activities was $5.0 billion in 2023 and $3.8 billion in 2022.

Net cash provided by operating activities in 2023 was primarily from net income of $3.1 billion, adjusted for depreciation, depletion, and amortizatio n of $1.6 billion and loss on impairments of $ 0.4 billion .

The primary drivers of the $1.2 billion increase in net cash provided by operating activities in 2023 compared with 2022 were lower non-cash adjustments and positive working capital movements.

Net cash provided by operating activities increased to $5.6 billion in 2025 from $5.0 billion in 2024, an increase of $0.6 billion.

The improvement was driven by higher operating income and favorable working capital movements, reflecting stronger profitability and continued efficient management of operating assets and liabilities during the year.

Cash flows from investing activities

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Net cash used in investing activities (6,045) (6,291) (2,391)

2024 versus 2023

Net cash used in investing activities increased to $6.3 billion in 2024 from $2.4 billion in 2023, an increase of $3.9 billion.

Capital expenditure totaled

$2.6 billion, resulting in an increased outflow of $0.8 billion versus prior year.

During 2024, net cash used on acquisitions and divestitures was $3.5 billion as acquisition spend exceeded proceeds from divestitures and disposal of long-lived assets, primarily related to the completed divestiture of the European Lime operations and the divestiture of certain operations in Canada.

2023 versus 2022

Net cash used in investing activities increased to $2.4 billion in 2023 from $0.9 billion in 2022, an increase of $1.5 billion.

This increase was primarily driven by a reduction in proceeds from divestitures and increased capital expenditure.

In 2022, net cash provided by acquisition and divestiture activity was $0.6 billion as divestiture proceeds more than offset acquisition spend.

In 2023, net cash used on acquisitions and divestitures was $0.5 billion as acquisition spend exceeded proceeds from divestitures and disposal of long-lived assets.

Net cash used in investing activities also increased as a result of purchases of property, plant and equipment increasing to $1.8 billion in 2023, an increase of $0.3 billion compared with 2022.

*Represents a non-GAAP measure.

See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.

CRH Form 10-K 43

Net cash used in investing activities of $6.0 billion in 2025 decreased by $0.3 billion from $6.3 billion in 2024.

This decrease was primarily driven by lower spend on acquisitions in the year, partly offset by lower proceeds from divestitures, resulting in $0.3 billion less cash used in the period.

Capital expenditure of $2.7 billion, increased by $0.1 billion compared with the prior year, reflecting the Company’s continued investment in growth projects.

Cash flows from financing activities

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in $ millions 2025 2024 2023

Net cash used in financing activities (1,186) (2,380) (2,499)

2024 versus 2023

Net cash used in financing activities was $1.2 billion for the year ended December 31, 2024, a decrease of $1.2 billion.

Proceeds from debt issuances were $4.0 billion, an increase of $0.8 billion, which was primarily related to the issuance and sale of $750 million 5.20% Senior Notes due 2029 and $750 million 5.40% Senior Notes due 2034, the drawdown of a $750 million fixed rate loan due 2026, as well as the issuance of $1.7 billion under the Company’s commercial paper programs.

Payments of debt were $1.9 billion, primarily the repayment of the €600 million 1.875% euro Senior Notes on maturity in January 2024 as well as the repayment of $1.2 billion issued under the Company’s commercial paper programs.

Dividends paid were $1.7 billion, an increase of 81% compared with 2023.

In 2024, the Company moved to payment of quarterly dividends in addition to the payment of the second interim 2023 dividend while the same period in the prior year saw an outflow related to the final 2022 dividend and the first interim 2023 dividend.

Outflows related to the repurchases of common stock were $1.5 billion, compared to $3.1 billion in 2023.

2023 versus 2022

The $0.1 billion decrease in cash used in financing activities between 2023 and 2022 was driven by a number of factors.

Payments of debt increased to $1.5 billion from $0.4 billion in 2022.

CRH repaid a €750 million euro-denominated Senior Notes on maturity in April 2023 and a €500 million euro-denominated Senior Notes on maturity in November 2023.

Offsetting these increases in cash outflows was an increase in proceeds from debt issuances when CRH issued €2 billion of euro-denominated Senior Notes in July 2023 as well as net issuance of $1.0 billion under the Company’s U.S.

Dollar Commercial Paper Program.

Cash outflows related to repurchases of common stock increased to $3.1 billion compared with $1.2 billion in 2022.

Dividends paid in 2023 amounted to $0.9 billion, an increase of 3% compared with 2022.

Net cash provided by (used in) financing activities 596 (1,186) (2,380)

Net cash provided by financing activities was $0.6 billion for the year ended December 31, 2025, an increase of $1.8 billion.

Proceeds from debt issuances were $10.5 billion, an increase of $6.5 billion, which was primarily related to the issuance of $3.0 billion and $2.5 billion in new senior notes issued in January and October 2025, respectively, and the issuance of $4.8 billion of commercial paper.

Payments on debt were $7.6 billion, primarily the repayment of $6.0 billion issued under the Company’s commercial paper programs and the repayment of a $1.25 billion bond on maturity in May 2025.

Dividends paid were $1.0 billion while outflows related to repurchases of common stock were $1.2 billion in the year.

*Represents a non-GAAP measure.

See “Non-GAAP Reconciliation and Supplementary Information” on pages 35 to 38 for a reconciliation to the most directly comparable GAAP measure.

CRH FORM 10-K

Debt facilities

The following section summarizes certain material provisions of our debt facilities and long-term debt obligations.

The following description is only a summary, does not purport to be complete and is qualified in its entirety by reference to the documents governing such indebtedness (available in the Investors section - www.crh.com ).

At December 31, 2024, maturities for the next four quarters and for the next five years are as follows:

As of December 31, 2025, maturities for the next four quarters and for the next five years are as follows:

2026 Debt Maturities

First Quarter $0.2 billion

Second Quarter $1.3 billion

Second Quarter –

Third Quarter –

Fourth Quarter –

Fourth Quarter $0.9 billion

2026-2030 Debt Maturities

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Unsecured senior notes

The main sources of Company debt funding are debt capital markets in North America and Europe.

The main sources of Company debt funding are debt capital m arkets in North America and Europe.

See Note 10 “Debt” in Item 8.

“Financial Statements and Supplementary Data” for further details regarding our debt obligations.

In May 2024, wholly-owned subsidiaries of the Company completed the issuance and sale of $750 million 5.20% Senior Notes due 2029 and $750 million 5.40% Senior Notes due 2034.

I n January 2025, wholly-owned subsidiaries of the Company completed the issuance of $1.25 billion 5.125% Senior Notes due 2030, $1.25 billion 5.500% Senior Notes due 2035, and $0.5 billion 5.875% Senior Notes due 2055.

In May 2025, $1.25 billion 3.875% Senior Notes due 2025 were repaid on maturity.

Bank credit facilities

The Company manages its borrowing ability by entering into committed borrowing agreements.

The Company has a multi-currency revolving credit facility (the ‘RCF’), dated May 2023, which is made available from a syndicate of lenders, consisting of a €3.5 billion unsecured, revolving loan facility with maturity in May 2029.

During April 2025, the Company completed a one-year extension option of the RCF extending the maturity date to May 2030.

See Note 10 “Debt” in Item 8.

“Financial Statements and Supplementary Data” for further details regarding the RCF.

In December 2024, the Company entered into and drew down a $750 million two-year term loan at a fixed rate of 4.91%.

At December 31, 2024, the loan was fully drawn.

Interest on drawings on the Company's RCF are based upon Euro Interbank Offer Rate (EURIBOR) for euro drawings, the Secured Overnight Financing Rate (SOFR) for U.S.

Dollar drawings, Sterling Overnight Index Average (SONIA) for Pound Sterling drawings and the Swiss Average Rate Overnight (SARON) for Swiss Franc drawings, respectively.

At December 31, 2024, and December 31, 2023, the RCF wa s undrawn.

Interest on drawings on the RCF are based upon the Secured Overnight Financing Rate (SOFR) for U.S.

Dollar drawings, Euro Interbank Offer Rate (EURIBOR) for euro drawings, Sterling Overnight Index Average (SONIA) for Pound Sterling drawings and the Swiss Average Rate Overnight (SARON) for Swiss Franc drawings, respectively.

As of December 31, 2025, and December 31, 2024, the RCF wa s undrawn.

The Company has given letters of guarantee to secure obligations of subsidiary undertakings as follows:

$16.6 billion in respect of loans and borrowings, bank advances and derivative obligations, compared with $13.1 billion in 2024, and $0.5 billion in respect of letters of credit due within one year, compared with $0.4 billion in 2024.

CRH Form 10-K 44

Commercial paper programs

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Commercial paper borrowings bear interest at rates determined at the time of borrowing.

As of December 31, 2024, there was $1.2 billion of outstanding issued notes on the U.S.

As of December 31, 2025, there was $nil billion of outstanding issued notes on the U.S.

Dollar Commercial Paper Program and $0.2 billion of outstanding issued notes on the Euro Commercial Paper Program.

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Off-Balance sheet arrangements

CRH does not have any off-balance sheet arrangements that have, or are reasonably likely to have a current or future effect on CRH’s financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that may be material to investors.

Debt ratings 6 16

Our debt ratings and outlooks at December 31, 2024, are as follows:

CRH does not have any off-balance sheet arrangements that have, or are reasonably likely to have a current or future effect on CRH’s financial condition, revenues or expenses, results of operations, liquidity, capital expenditure or capital resources that may be material to investors.

Credit ratings 7 12

Our credit ratings and outlooks as of December 31, 2025, are as follows:

Short-Term Long-Term Outlook

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Fitch F1 BBB+ Stable

7 A security rating is not a reco mmendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating organization.

Each rating should be 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 markets, and may adversely impact our liquidity.

CRH FORM 10-K

Contractual obligations

An analysis of the maturity profile of debt, leases capitalized, purchase obligations, deferred and contingent acquisition consideration and pension scheme contribution commitments at December 31, 2024, is as follows :

An analysis of the maturity profile of debt, leases capitalized, purchase obligations, deferred and contingent acquisition consideration, and retirement benefit obligation commitments as of December 31, 2025, is as follows:

Payments due by period Total Less than 1 year 2-3 years 4-5 years More than 5 years

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Purchase obligations (iv) 2,380 1,673 381 92 234

Retirement benefit obligation commitments (v) 18 3 6 4 5

Total (vi) 22,249 5,634 5,117 3,812 7,686

Total (v) 29,474 4,089 6,667 5,282 13,436

(i) Of the $17.7 billion short and long-term debt, $0.7 billion is drawn on revolving facilities which may be repaid and redrawn up to the date of maturity.

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and (d) that none is refinanced by future debt issuance.

and (d) that none is refinanced by future debt issuances.

(iv) Purchase obligations include contracted-for capital expenditure.

These expenditures for replacement and new projects are in the ordinary course of business and will be financed from internal resources.

(v) These retirement benefit commitments comprise the contracted payments related to our pension schemes in the United Kingdom.

(vi) Over the long term, CRH believes that our available cash and cash equivalents, cash from operating activities, along with the access to borrowing facilities will be sufficient to fund our long-term contractual obligations, maturing debt obligations and capital expenditures.

6 A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating organization.

Each rating should be evaluated independently of any other rating.

(v) Over the long term, CRH believes that our available cash and cash equivalents, cash from operating activities, along with the access to borrowing facilities will be sufficient to fund our long-term contractual obligations, maturing debt obligations and capital expenditure.

CRH FORM 10-K

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The impairment evaluation is a critical accounting policy because goodwill is material to our total assets (as of December 31, 2025, goodwill represents 22% of total assets), and the evaluation involves the use of significant estimates, key assumptions and judgment.

There has been no change to the impairment of goodwill critical accounting estimate in the current financial year.

There has been no change to the impairment of goodwill critical accounting estimate in the current fiscal year.

Goodwill is tested for impairment at the reporting unit level, one level below our reportable segments, with 26 reporting units identified for testing.

The Com pany has the option of either assessing qualitative factors to determine whether it is more likely than not that the carrying value of our reporting units exceeds their respective fair value or proceeding directly to a quantitative test.

Th e Com pany has the option of either assessing qualitative factors to determine whether it is more likely than not that the carrying value of our reporting units exceeds their respective fair value or proceeding directly to a quantitative test.

We elected to perform the quantitative impairment test for all years presented.

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As in prior years, the terminal value is based on a 20-year annuity, with the exception of certain long-lived cement assets, where an assumption of a 30-year annuity has been used.

Projected cash flows beyond the initial evaluation period have been extrapolated using real growth rates ranging from 1.7% in the Americas, 0.6% to 3.0% in Europe and 3.0% in Asia.

Projected cash flows beyond the initial evaluation period have been extrapolated using real growth rates ranging from 1.7% to 1.8% in the Americas, 0.6% to 3.0% in Europe, 1.9% in Australia and 3.0% in Asia.

Such real growth rates do not exceed the long-term average growth rates for the countries in which each reporting unit operates.

The fair value represents the present value of the future cash flows, including the terminal value, discounted at a rate appropriate to each reporting unit.

We also considered the potential impact of a scenario of estimated higher carbon costs past the strategic plan period across our reporting units subject to the European Union and United Kingdom Emissions Trading Systems.

We also considered the potential impact of a scenario of estimated higher carbon costs past the strategic plan period across our reporting units subject to the EU and UK Emissions Trading Systems.

These reporting units have sufficient levels of headroom to absorb the estimated higher carbon costs which may not be recovered through pricing.

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As a result, the accounting for such items as a change to a reporting unit’s prospects, which may result from a change in market conditions, market trends, interest rates or other factors outside our control, or underperformance relative to historical or forecast projections, could result in a different estimate of the fair value of our reporting unit resulting in an impairment charge in the future.

The results of our annual impairment testing for 2024 indicated that all of our reporting units exceeded their carrying value except for the Architectural Products reporting unit within International Solutions.

Its fair value did not exceed carrying value, driven by challenging market conditions which had an impact on growth prospects and as such an impairment loss of $72 million has been recorded, resulting in a goodwill balance of $nil million.

A qualitative and quantitative assessment has been performed which resulted in a sensitivity analysis being prepared for two reporting units where their fair values did not substantially exceed their carrying values.

This sensitivity analysis represents management’s assessment of the economic environment in which these reporting units operate.

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Pension and other postretirement benefits

Costs arising in respect of the Company’s defined contribution pension schemes are charged to the Consolidated Statements of Income in the period in which they are incurred.

Costs arising in respect of the Company’s defined contribution pension plans are charged to the Consolidated Statements of Income in the period in which they are incurred.

The Company has no legal or constructive obligation to pay further contributions in the event that the fund does not hold sufficient assets to meet its benefit commitments.

The liabilities and costs associated with the Company’s defined benefit pension schemes (both funded and unfunded) are assessed on the basis of the projected unit credit method by professionally qualified actuaries and are arrived at using actuarial assumptions based on market expectations at the balance sheet date.

The liabilities and costs associated with the Company’s defined benefit pension plans (both funded and unfunded) are assessed on the basis of the projected unit credit method by professionally qualified actuaries and are arrived at using actuarial assumptions based on market expectations at the balance sheet date.

* Represents a non-GAAP measure.

See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.

See “Non-GAAP Reconciliation and Supplementary Information” on pages 35 to 38 for a reconciliation to the most directly comparable GAAP measure.

CRH FORM 10-K

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The assumptions that are the most significant to the measurement of retirement benefit obligations are the discount rates.

The discount rates employed in determining the present value of the schemes’ liabilities are determined by reference to market yields at the balance sheet date on high-quality corporate bonds of a currency and term consistent with the currency and term of the associated postretirement benefit obligations.

The discount rates employed in determining the present value of the plans’ liabilities are determined by reference to market yields at the balance sheet date on high-quality corporate bonds of a currency and term consistent with the currency and term of the associated postretirement benefit obligations.

While management believes that the assumptions used are appropriate, differences in actual experience or changes in assumptions may affect the obligations and expenses recognized in future accounting periods.

The assets and liabilities of defined benefit pension schemes may exhibit significant period-on-period volatility attributable primarily to changes in bond yields and longevity.

The assets and liabilities of defined benefit pension plans may exhibit significant period-on-period volatility attributable primarily to changes in bond yields and longevity.

In addition to future service contributions, significant cash contributions may be required to remediate past service deficits.

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For the valuation of land, we engage third-party valuation experts.

Other identifiable intangible assets may include, but are not limited to, customer relationships, patents and supply contracts.

The fair values of these assets are typically determined by an excess earnings method approach.

While we believe these assumptions and estimates are reasonable, they are inherently uncertain.

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Any adjustments to assets acquired or liabilities assumed beyond the measurement period, unless as a result of an error, are recorded through earnings.

CRH FORM 10-K

For additional information about business combinations and purchase price allocations, including details of provisional purchase price allocations at the balance sheet date, see Note 3 “Acquisitions” in Item 8.

“Financial Statements and Supplementary Data”.

CRH Form 10-K 47

Accounting Developments And Changes

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Guarantor financial information

As of December 31, 2024, CRH plc (the 'Guarantor') has fully and unconditionally guaranteed $300 million 6.400% Senior Notes due 2033 (i) (the '6.400% Notes') issued by CRH America, Inc.

(CRH America), $750 million 5.200% Senior Notes due 2029 (the '5.200% Notes') issued by CRH SMW Finance Designated Activity Company (SMW Finance) and $750 million 5.400% Senior Notes due 2034 (the '5.400% Notes') issued by CRH America Finance, Inc.

(America Finance), and together with the 6.400% Notes and the 5.200% Notes, (the 'Notes') and together with CRH America and SMW Finance (the 'Issuers').

As of December 31, 2025, CRH plc (the 'Guarantor') has fully and unconditionally guaranteed:

(1) $750 million of 5.200% Senior Notes due 2029 (the '5.200% Notes') and $1,250 million of 5.125% Senior Notes due 2030 (the '5.125% Notes'), each issued by CRH SMW Finance Designated Activity Company (‘SMW Finance’);

(2) $300 million of 6.400% Senior Notes due 2033 (i) (the '6.400% Notes') issued by CRH America, Inc.

(‘CRH America’);

and (3) $1,000 million of 4.400% Senior notes due 2031 (the ‘4.400% Notes’), $750 million of 5.400% Senior Notes due 2034 (the '5.400% Notes'), $1,250 million of 5.500% Senior Notes due 2035 (the '5.500% Notes'), $1,000 million of 5.000% Senior notes due 2036 (the ‘5.000% Notes’), $500 million of 5.875% Senior Notes due 2055 (the '5.875% Notes'), and $500 million of 5.600% Senior notes due 2056 (the ‘5.600% Notes’), each issued by CRH America Finance, Inc.

(‘America Finance’).

Together, the 5.200% Notes, the 5.125% Notes, the 6.400% Notes, the 4.400% Notes, the 5.400% Notes, the 5.500% Notes, the 5.000% Notes, the 5.875% Notes and the 5.600% Notes are referred to in this Supplemental Guarantor Information as the 'Notes', and together, SMW Finance, CRH America and CRH America Finance are referred to in this Supplemental Guarantor Information as the 'Issuers'.

The Issuers are each 100% owned by CRH plc, directly or indirectly.

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Basis of presentation

The following summarized financial information reflects, on a combined basis, the Balance Sheet as of December 31, 2024, and the Income Statement for the year ended December 31, 2024, of CRH America and CRH plc, which guarantees the registered debt;

The following summarized financial information reflects, on a combined basis, the Balance Sheet as of December 31, 2025, and the Statement of Income for the fiscal year ended December 31, 2025, of CRH America and CRH plc, which guarantees the registered debt;

collectively the ‘Obligor Group’.

Intercompany balances and transactions within the Obligor Group have been eliminated in the summarized financial information overleaf.

Intercompany balances and transactions within the Obligor Group have been eliminated in the summarized financial information below.

Amounts attributable to the Obligor Group’s investment in non-obligor subsidiaries have also been excluded.

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This summarized financial information has been prepared and presented pursuant to Regulation S-X Rule 13-01 and is not intended to present the financial position and results of operations of the Obligor Group in accordance with U.S.

CRH Form 10-K 48

The summarized Income Statement information is as follows:

The summarized Statement of Income information is as follows:

in $ millions For the year ended December 31, 2025

Income from continuing operations before income tax expense and income from equity method investments (i) 1,051

Income before income tax expense and income from equity method investments (i) 3,503

- of which relates to transactions with non-obligor subsidiaries 3,431

Net income for the financial year – all of which is attributable to equity holders of the Company 1,050

Net income for the fiscal year – all of which is attributable to equity holders of the Company 3,502

- of which relates to transactions with non-obligor subsidiaries 3,431

(i) Revenue and Gross Profit for the Obligor Group for the year ended December 31, 2024, amounted to $nil.

(i) Revenues and Gross profit for the Obligor Group for the year ended December 31, 2025, amounted to $nil.

The summarized Balance Sheet information is as follows:

9 unchanged sentences

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.

What changed 10-K

Item 7. Management’s Discussion and Analysis