2 unchanged sentences
Changes in those factors could impact the Company’s results of operations and financial condition.
−Removed: Financial risk management at the Company seeks to minimize the negative impact of foreign exchange, interest rate and commodity price fluctuations on the Company’s earnings, cash flows and equity.
+Added: The Company’s financial risk management seeks to minimize the negative impact of foreign exchange, interest rate and commodity price fluctuations on the Company’s earnings, cash flows and equity.
Management provides oversight for risk management and derivative activities, determines certain of the Company’s financial risk policies and objectives, and provides guidelines for derivative instrument utilization.
2 unchanged sentences
These contracts are entered into primarily with major banking institutions and utility companies, while CRH actively monitors its exposure to counterparty risk through the use of counterparty approvals and credit limits, thereby minimizing the risk of counterparty loss.
−Removed: The following discussion presents the sensitivity of the market value, earnings and cash flows of the Company’s financial instruments to hypothetical changes in interest and exchange rates assuming these changes occurred at December 31, 2024.
+Added: The following discussion presents the sensitivity of the market value, earnings and cash flows of the Company’s financial instruments to hypothetical changes in interest and exchange rates assuming these changes occurred as of December 31, 2025.
Interest Rate Risk
5 unchanged sentences
Under these arrangements, the Company agrees to exchange, at specified intervals, the difference between fixed and benchmark floating interest rates calculated by reference to an agreed-upon notional principal amount.
−Removed: At December 31, 2024, the Company had fixed rate debt of $10.8 billion and floating rate debt of $3.5 billion, representing 76% and 24%, respectively, of total debt, including overdrafts, finance leases and the impact of derivatives.
−Removed: At December 31, 2023, the Company had fixed rate debt of $9.1 billion and floating rate debt of $2.7 billion, representing 77% and 23%, respectively, of total debt, including overdrafts, finance leases and the impact of derivatives.
−Removed: The Company’s interest rate swaps at December 31, 2024, whereby the Company swaps from fixed interest rates to floating interest rates, were $1.4 billion, compared to $1.4 billion as of December 31, 2023.
−Removed: The Company’s interest rate swaps at December 31, 2024, whereby the Company swaps from floating interest rates to fixed interest rates, were $0.2 billion, compared to $nil billion as at December 2023.
−Removed: Cash and cash equivalents and restricted cash at December 31, 2024, were $3.8 billion, compared to $6.4 billion at December 31, 2023, which was all held on short-term deposits and investments.
+Added: As of December 31, 2025, the Company had fixed rate debt of $16.6 billion and floating rate debt of $1.6 billion, representing 91% and 9%, respectively, of total debt, including overdrafts, finance leases and the impact of derivatives.
+Added: As of December 31, 2024, the Company had fixed rate debt of $10.8 billion and floating rate debt of $3.5 billion, representing 76% and 24%, respectively, of total debt, including overdrafts, finance leases and the impact of derivatives.
+Added: The Company’s interest rate swaps as of December 31, 2025, whereby the Company swaps from fixed interest rates to floating interest rates, were $0.5 billion, compared to $1.4 billion as of December 31, 2024.
+Added: The Company’s interest rate swaps as of December 31, 2025, whereby the Company swaps from floating interest rates to fixed interest rates, were $nil billion, compared to $0.2 billion as of December 2024.
+Added: Cash and cash equivalents and restricted cash as of December 31, 2025, were $4.1 billion, compared to $3.8 billion as of December 31, 2024, which was all held on short-term deposits and investments.
Sensitivity to interest rate moves
−Removed: At December 31, 2024, the before-tax earnings and cash flows impact of a 100 bps increase in interest rates, including the offsetting impact of derivatives, on the variable rate cash and debt portfolio would be approximately $2 million favorable ($37 million favorable in 2023).
−Removed: Foreign Exchange Rates Risk 18
+Added: As of December 31, 2025, the before-tax earnings and cash flows impact of a 100 bps increase in interest rates, including the offsetting impact of derivatives, on the variable rate cash and debt portfolio would be approximately $24 million favorable ($2 million favorable in 2024).
+Added: Foreign Exchange Rate Risk 14
CRH’s exchange rate exposures result primarily from its investments and ongoing operations in countries outside of the United States and other business transactions such as the procurement of products and equipment from foreign sources.
Fluctuations in foreign currency exchange rates may affect (i) the carrying value of the Company’s net investment in foreign subsidiaries;
−Removed: (ii) the translation of foreign currency earnings and (iii) the cash flows related to foreign currency denominated transactions.
+Added: (ii) the translation of foreign currency earnings;
+Added: and (iii) the cash flows related to foreign currency denominated transactions.
Where economically feasible, the Company maintains Net Debt* in the same relative currency ratio as capital employed to act as an economic hedge of the underlying currency assets.
4 unchanged sentences
In addition, the Company may enter into foreign currency contracts that are not designated in hedging relationships to offset, in part, the impacts of changes in value of various non-functional currency denominated items including certain intercompany financing balances.
−Removed: Dollar equivalent gross notional amount of the Company’s foreign exchange forward contracts was $4.6 billion at December 31, 2024, compared to $1.6 billion at December 31, 2023.
−Removed: Holding all other variables constant, if there were a 10% weakening in foreign currency exchange rates versus U.S.
−Removed: Dollar for the portfolio, the fair market value of foreign currency contracts outstanding at December 31, 2024, would decrease by approximately $86 million (at December 31, 2023, would increase by approximately $2 million), which would be largely offset by a loss on the foreign currency fluctuation of the underlying exposure being hedged.
+Added: Dollar equivalent gross notional amount of the Company’s foreign exchange forward contracts was $4.3 billion as of December 31, 2025, compared to $4.6 billion as of December 31, 2024.
+Added: Holding all other variables constant, if there were a 10% weakening in the exchange rate and value of the U.S.
+Added: Dollar versus the other foreign currencies across the portfolio, the fair market value of foreign currency contracts outstanding as of December 31, 2025, would increase by approximately $201 million (as of December 31, 2024, would decrease by approximately $86 million), with an offsetting movement in the hedged foreign currency exposure.
Commodity Price Risk
4 unchanged sentences
Where appropriate, the Company also has a number of derivative hedging programs in place to hedge commodity risks, with the aim of the programs being to neutralize variability in the Consolidated Statements of Income arising from changes in associated commodity indices.
−Removed: The timeframe for such programs can be up to four years.
+Added: The timeframe for such programs can be up to three years.
* Represents a non-GAAP measure.
−Removed: See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.
+Added: 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
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.