Item 1. Financial Statements

Condensed Consolidated Statements of Income (Unaudited)

(in $ millions, except share and per share data)

			Three months ended
			March 31
			2025			2024
Product revenues			5,612			5,368
Service revenues			1,144			1,165
Total revenues			6,756			6,533
Cost of product revenues			(3,826)			(3,577)
Cost of service revenues			(1,093)			(1,149)
Total cost of revenues			(4,919)			(4,726)
Gross profit			1,837			1,807
Selling, general and administrative expenses			(1,833)			(1,787)
Gain on disposal of long-lived assets			14			8
Operating income			18			28
Interest income			37			43
Interest expense			(181)			(133)
Other nonoperating (expense) income, net			(20)			161
(Loss) income from operations before income tax expense and income from equity method investments			(146)			99
Income tax benefit			58			19
Loss from equity method investments			(10)			(4)
Net (loss) income			(98)			114
Net (income) attributable to redeemable noncontrolling interests			–			(2)
Net loss attributable to noncontrolling interests			4			4
Net (loss) income attributable to CRH			(94)			116
(Loss) earnings per share attributable to CRH
Basic			($0.15)			$0.16
Diluted			($0.15)			$0.16
Weighted average common shares outstanding
Basic			676.7			687.8
Diluted			676.7			693.4

The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.

CRH Form 10-Q 3

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(in $ millions)

			Three months ended
			March 31
			2025			2024
Net (loss) income			(98)			114
Other comprehensive income (loss), net of tax:
Currency translation adjustment			238			(148)
Net change in fair value of effective portion of cash flow hedges, net of tax of $2 million and $6 million for the three months ended March 31, 2025 and March 31, 2024, respectively			(23)			(37)
Actuarial losses and prior service costs for pension and other postretirement plans, net of tax of $1 million and $1 million for the three months ended March 31, 2025 and March 31, 2024, respectively			(7)			(3)
Other comprehensive income (loss)			208			(188)
Comprehensive income (loss)			110			(74)
Comprehensive (income) attributable to redeemable noncontrolling interests			–			(2)
Comprehensive (income) loss attributable to noncontrolling interests			(5)			11
Comprehensive income (loss) attributable to CRH			105			(65)

The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.

CRH Form 10-Q 4

Condensed Consolidated Balance Sheets (Unaudited)

(in $ millions, except share data)

			March 31			December 31			March 31
			2025			2024			2024
Assets
Current assets:
Cash and cash equivalents			3,352			3,720			3,308
Restricted cash			–			39			–
Accounts receivable, net			5,141			4,820			4,798
Inventories			4,960			4,755			4,619
Assets held for sale			–			–			236
Other current assets			789			749			748
Total current assets			14,242			14,083			13,709
Property, plant and equipment, net			22,179			21,452			18,878
Equity method investments			732			737			609
Goodwill			11,475			11,061			10,125
Intangible assets, net			1,208			1,211			1,093
Operating lease right-of-use assets, net			1,272			1,274			1,285
Other noncurrent assets			813			795			634
Total assets			51,921			50,613			46,333
Liabilities, redeemable noncontrolling interests and shareholders’ equity
Current liabilities:
Accounts payable			2,777			3,207			2,730
Accrued expenses			2,270			2,248			2,241
Current portion of long-term debt			1,458			2,999			2,992
Operating lease liabilities			247			265			255
Liabilities held for sale			–			–			44
Other current liabilities			1,960			1,577			1,735
Total current liabilities			8,712			10,296			9,997
Long-term debt			14,213			10,969			9,680
Deferred income tax liabilities			3,141			3,105			2,684
Noncurrent operating lease liabilities			1,075			1,074			1,120
Other noncurrent liabilities			2,423			2,319			2,110
Total liabilities			29,564			27,763			25,591
Commitments and contingencies (Note 17)
Redeemable noncontrolling interests			379			384			326
Shareholders’ equity
Preferred stock, €1.27 par value, 150,000 shares authorized and 50,000 shares issued and outstanding for 5% preferred stock and 872,000 shares authorized, issued and outstanding for 7% 'A' preferred stock, as of March 31, 2025, December 31, 2024, and March 31, 2024			1			1			1
Common stock, €0.32 par value, 1,250,000,000 shares authorized; 715,487,343, 718,647,277 and 729,477,337 issued and outstanding, as of March 31, 2025, December 31, 2024, and March 31, 2024 respectively			289			290			294
Treasury stock, at cost (38,850,691, 41,355,384 and 41,897,429 shares as of March 31, 2025, December 31, 2024 and March 31, 2024 respectively)			(2,038)			(2,137)			(2,166)
Additional paid-in capital			298			422			337
Accumulated other comprehensive loss			(806)			(1,005)			(797)
Retained earnings			23,375			24,036			22,346
Total shareholders’ equity attributable to CRH shareholders			21,119			21,607			20,015
Noncontrolling interests			859			859			401
Total equity			21,978			22,466			20,416
Total liabilities, redeemable noncontrolling interests and equity			51,921			50,613			46,333

The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.

CRH Form 10-Q 5

Condensed Consolidated Statements of Cash Flows (Unaudited)****(in $ millions)

			Three months ended
			March 31
			2025			2024
Cash Flows from Operating Activities:
Net (loss) income			(98)			114
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization			477			397
Share-based compensation			32			30
Loss (gain) on disposals from businesses and long-lived assets, net			1			(123)
Deferred tax expense (benefit)			4			(36)
Loss from equity method investments			10			4
Pension and other postretirement benefits net periodic benefit cost			6			9
Non-cash operating lease costs			59			75
Other items, net			(14)			(25)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable, net			(268)			(326)
Inventories			(139)			(270)
Accounts payable			(503)			(396)
Operating lease liabilities			(78)			(75)
Other assets			(210)			(77)
Other liabilities			72			1
Pension and other postretirement benefits contributions			(10)			(14)
Net cash used in operating activities			(659)			(712)
Cash Flows from Investing Activities:
Purchases of property, plant and equipment			(645)			(506)
Acquisitions, net of cash acquired			(585)			(2,206)
Proceeds from divestitures			36			729
Proceeds from disposal of long-lived assets			35			10
Dividends received from equity method investments			9			6
Settlements of derivatives			20			(13)
Deferred divestiture consideration received			36			–
Other investing activities, net			130			(116)
Net cash used in investing activities			(964)			(2,096)

CRH Form 10-Q 6

Condensed Consolidated Statements of Cash Flows (Unaudited)****(in $ millions)

			Three months ended
			March 31
			2025			2024
Cash Flows from Financing Activities:
Proceeds from debt issuances			3,017			1,818
Payments on debt			(1,533)			(651)
Settlements of derivatives			15			(1)
Payments of finance lease obligations			(21)			(9)
Deferred and contingent acquisition consideration paid			(11)			(7)
Dividends paid			–			(750)
Distributions to noncontrolling and redeemable noncontrolling interests			(17)			(17)
Repurchases of common stock			(310)			(559)
Proceeds from exercise of stock options			1			–
Net cash provided by (used in) financing activities			1,141			(176)
Effect of exchange rate changes on cash and cash equivalents, including restricted cash			75			(97)
Decrease in cash and cash equivalents, including restricted cash			(407)			(3,081)
Cash and cash equivalents and restricted cash at the beginning of period			3,759			6,390
Cash and cash equivalents and restricted cash at the end of period			3,352			3,309
Supplemental cash flow information:
Cash paid for interest (including finance leases)			63			45
Cash paid for income taxes			134			159
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents presented in the Condensed Consolidated Balance Sheets			3,352			3,308
Cash and cash equivalents included in Assets held for sale			–			1
Total cash and cash equivalents and restricted cash presented in the Condensed Consolidated Statements of Cash Flows			3,352			3,309

The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.

CRH Form 10-Q 7

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(in $ millions, except share and per share data)

			Preferred stock						Common stock						Treasury stock						Additional Paid-in Capital			Accumulated Other Comprehensive Loss			Retained Earnings			Total Shareholders' Equity Attributable to CRH Shareholders			Noncontrolling Interests			Total Equity
			Shares			Amount			Shares			Amount			Shares			Amount
Balance at December 31, 2024			0.9			$1			718.6			$290			(41.4)			($2,137)			$422			($1,005)			$24,036			$21,607			$859			$22,466
Net loss			–			–			–			–			–			–			–			–			(94)			(94)			(4)			(98)
Other comprehensive income			–			–			–			–			–			–			–			199			–			199			9			208
Share-based compensation			–			–			–			–			–			–			32			–			–			32			–			32
Repurchases and retirement of common stock			–			–			(3.2)			(1)			–			–			–			–			(309)			(310)			–			(310)
Shares issued under employee share plans			–			–			–			–			2.5			99			(156)			–			–			(57)			–			(57)
Dividends declared on common stock			–			–			–			–			–			–			–			–			(251)			(251)			–			(251)
Distributions to noncontrolling interests			–			–			–			–			–			–			–			–			–			–			(5)			(5)
Adjustment of redeemable noncontrolling interests to redemption value			–			–			–			–			–			–			–			–			(7)			(7)			–			(7)
Balance at March 31, 2025			0.9			$1			715.4			$289			(38.9)			($2,038)			$298			($806)			$23,375			$21,119			$859			$21,978

For the three months ended March 31, 2025, dividends declared on Common stock were $0.37 per common share.

			Preferred stock						Common stock						Treasury stock						Additional Paid-in Capital			Accumulated Other Comprehensive Loss			Retained Earnings			Total Shareholders' Equity Attributable to CRH Shareholders			Noncontrolling Interests			Total Equity
			Shares			Amount			Shares			Amount			Shares			Amount
Balance at December 31, 2023			0.9			$1			734.5			$296			(42.4)			($2,199)			$454			($616)			$22,918			$20,854			$434			$21,288
Net income			–			–			–			–			–			–			–			–			116			116			(4)			112
Other comprehensive loss			–			–			–			–			–			–			–			(181)			–			(181)			(7)			(188)
Share-based compensation			–			–			–			–			–			–			30			–			–			30			–			30
Repurchases of common stock			–			–			–			–			(2.6)			(179)			–			–			–			(179)			–			(179)
Repurchases and retirement of common stock			–			–			(5.0)			(2)			–			–			–			–			(378)			(380)			–			(380)
Shares issued under employee share plans			–			–			–			–			3.1			212			(147)			–			(65)			–			–			–
Dividends declared on common stock			–			–			–			–			–			–			–			–			(241)			(241)			–			(241)
Distributions to noncontrolling interests			–			–			–			–			–			–			–			–			–			–			(4)			(4)
Divestiture of noncontrolling interests			–			–			–			–			–			–			–			–			–			–			(18)			(18)
Adjustment of redeemable noncontrolling interests to redemption value			–			–			–			–			–			–			–			–			(4)			(4)			–			(4)
Balance at March 31, 2024			0.9			$1			729.5			$294			(41.9)			($2,166)			$337			($797)			$22,346			$20,015			$401			$20,416

For the three months ended March 31, 2024, dividends declared on Common stock were $0.35 per common share.

The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.

CRH Form 10-Q 8

Notes to Condensed Consolidated Financial Statements (Unaudited)

1. Summary of significant accounting policies

1.1. Description of business

CRH operates in the building materials industry, providing essential products and services for construction projects across its Americas and International footprint. The Company is a major producer of aggregates, cement, readymixed concrete, asphalt, precast concrete and outdoor living products and is a supplier of paving and constructions services, providing solutions to a wide range of customers, including contractors, builders, engineers, infrastructure developers, and the residential market. CRH is one of the largest suppliers of building materials globally.

1.2. Basis of presentation and use of estimates

The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and in Article 10 of Regulation S-X. The Company has continued to follow the accounting policies set forth in the audited Consolidated Financial Statements and related notes thereto included in the Company’s 2024 Form 10-K. In the opinion of our management, these statements reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of our results of operations and financial condition for the periods and at the dates presented. Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The Condensed Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Financial Statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s 2024 Form 10-K.

The preparation of the Company's Condensed Consolidated Financial Statements requires management to make certain estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenues and expenses. Such estimates include impairment of long-lived assets, impairment of goodwill, pension and other postretirement benefits, tax matters and litigation, including insurance and environmental compliance costs. These estimates and assumptions are based on management’s judgment.

Estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates may be necessary if there are changes in the circumstances or experiences on which the estimate was based or as a result of new information.

Changes in estimates, including those resulting from changes in the economic environment, are reflected in the period in which the change in estimate occurs.

Certain amounts in the prior period have been reclassified to conform with the current period presentation in the Condensed Consolidated Statements of Cash Flows. These reclassifications had no effect on the previously reported net cash provided by (used in) operating, investing, or financing activities, or in the Condensed Consolidated Balance Sheets or Condensed Consolidated Statements of Income.

1.3. Cash and cash equivalents and restricted cash

The Company had restricted cash of $6 million at March 31, 2025, December 31, 2024 and March 31, 2024, respectively, included within Cash and cash equivalents in the Condensed Consolidated Balance Sheets. The Company is restricted from utilizing the cash for purposes other than with government approval as it is linked to the awarding of government licenses for quarrying.

Restricted cash of $39 million as separately presented in the Condensed Consolidated Balance Sheets at December 31, 2024 consists of amounts held in escrow designated for exchange of assets under Section 1031 of the U.S. Internal Revenue Code of 1986, as amended.

1.4. New accounting standards

Refer to Note 1.25 in the 2024 Form 10-K for impacts of new accounting standards. There were no material impacts from the adoption of new accounting standards for the three months ended March 31, 2025.

CRH Form 10-Q 9

2. Revenue

The Company disaggregates revenue based on its operating and reportable segments. The Company’s operating and reportable segments are: (1) Americas Materials Solutions, (2) Americas Building Solutions and (3) International Solutions.

Revenue is disaggregated by principal activities and products and by primary geographic market. Business lines are reviewed and evaluated as follows: (1) Essential Materials, (2) Road Solutions, (3) Building & Infrastructure Solutions and (4) Outdoor Living Solutions.

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

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

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

Outdoor Living Solutions integrate specialized materials, products and design features to enhance the quality of private and public spaces.

			Three months ended March 31, 2025
in $ millions			Americas Materials Solutions			Americas Building Solutions			International Solutions			Total
Principal activities and products
Essential Materials			876			–			1,062			1,938
Road Solutions (i)			1,367			–			1,135			2,502
Building & Infrastructure Solutions (ii)			–			568			506			1,074
Outdoor Living Solutions			–			1,114			128			1,242
Total revenues			2,243			1,682			2,831			6,756
			Three months ended March 31, 2024
in $ millions			Americas Materials Solutions			Americas Building Solutions			International Solutions			Total
Principal activities and products
Essential Materials			903			–			990			1,893
Road Solutions (i)			1,299			–			1,023			2,322
Building & Infrastructure Solutions (ii)			–			548			493			1,041
Outdoor Living Solutions			–			1,145			132			1,277
Total revenues			2,202			1,693			2,638			6,533

(i) Revenue from contracts with customers in the Road Solutions principal activities and products category that is recognized over time was:

			Three months ended
			March 31
in $ millions			2025			2024
Americas Materials Solutions			638			596
International Solutions			395			414
Total revenue from contracts with customers			1,033			1,010

(ii) Revenue from contracts with customers in the Building & Infrastructure Solutions principal activities and products category that is recognized over time was:

			Three months ended
			March 31
in $ millions			2025			2024
Americas Building Solutions			14			23
International Solutions			97			132
Total revenue from contracts with customers			111			155

Contract assets were $659 million, $690 million and $637 million and contract liabilities were $481 million, $500 million and $430 million, at March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The Company recognized revenue of $276 million and $265 million for the three months ended March 31, 2025, and March 31, 2024, respectively, which was previously included in the contract liability balance at December 31, 2024 and December 31, 2023, respectively.

Contract assets include unbilled revenue and retentions held by customers in respect of construction contracts at March 31, 2025, December 31, 2024 and March 31, 2024 amounting to $430 million and $229 million, $450 million and $240 million, and $416 million and $221 million, respectively. Unbilled receivables represent the estimated value of unbilled work for projects with performance obligations recognized over time. Retentions represent amounts that have been billed to customers but payment is withheld until final acceptance of the performance obligation by the customer. Retentions that have been billed, but are not due until completion of performance and acceptance by customers, are generally expected to be collected within one year. The Company applies the practical expedient and does not adjust any of its transaction prices for the time value of money.

On March 31, 2025, the Company had $3,848 million of transaction price allocated to remaining performance obligations. The majority of open contracts at March 31, 2025 are expected to close and revenue to be recognized within 12 months of the balance sheet date.

CRH Form 10-Q 10

3. Acquisitions

The Company strategically acquires companies in order to increase its footprint and offer products and services that enhance its existing offerings. These acquisitions are accounted for as business combinations using the acquisition method, whereby the purchase price is allocated to the assets acquired and liabilities assumed, based on their estimated fair values at the date of the acquisition with the remaining amount recorded in Goodwill.

During the three months ended March 31, 2025, the Company completed the acquisition of eight companies. The total cash consideration for these acquisitions, net of cash acquired, was $585 million. The estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition dates. The Company expects to finalize the valuation and complete the purchase price allocations as soon as practical but no later than one year from the acquisition dates.

The provisional amounts for assets acquired, liabilities assumed, and consideration related to the acquisitions at March 31, 2025 were:

in $ millions			Total (i)
Identifiable assets acquired and liabilities assumed
Assets
Cash and cash equivalents			1
Accounts receivable, net			46
Inventories			24
Other current assets			3
Property, plant and equipment, net			211
Intangible assets, net			21
Operating lease right-of-use assets, net			11
Total assets			317
Liabilities
Accounts payable			29
Accrued expenses			3
Operating lease liabilities			13
Deferred income tax liabilities			11
Other liabilities			15
Total liabilities			71
Total identifiable net assets at fair value			246
Goodwill			340
Total consideration			586
Consideration satisfied by:
Cash payments			586
Total consideration			586
Acquisitions of businesses, net of cash acquired
Cash consideration			586
Less: cash and cash equivalents acquired			(1)
Total outflow in the Condensed Consolidated Statements of Cash Flows			585

(i) Acquisitions are aggregated on the basis of individual immateriality.

As a result of the acquisitions completed through March 31, 2025, the Company recognized $21 million of amortizable intangible assets and $340 million of goodwill. Goodwill represents the excess of the consideration paid over the fair value of net assets acquired and includes the expected benefit of cost savings and synergies within the Company’s segments and intangible assets that do not qualify for separate recognition. Of the goodwill recognized in respect of the acquisitions completed in the three months ended March 31, 2025, $327 million is expected to be deductible for tax purposes. The amortizable intangible assets will be amortized against earnings over a weighted average of five years.

CRH Form 10-Q 11

Acquisition-related costs

Acquisition-related costs have been included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Income. These costs include legal and consulting expenses incurred in connection with completed acquisitions. The Company incurred the following acquisition-related costs:

			Three months ended
			March 31
in $ millions			2025			2024
Acquisition-related costs
Substantial acquisition-related (i)			–			20
Other acquisitions			5			–
Total acquisition-related costs			5			20

(i) Represents expenses associated with the non-routine substantial acquisition of a portfolio of cement and readymixed concrete operations and assets in Texas, during the first quarter of 2024.

For the period from acquisition date through March 31, 2025 and March 31, 2024, respectively, acquisitions contributed $28 million and $57 million to Total revenues and a loss of $9 million and income of $9 million to Net (loss) income attributable to CRH, excluding acquisition-related costs that arose in that period and including the effect of interest expense to finance the acquisitions, respectively.

Pro forma results of operations for the current year acquisitions, as if they were combined as of January 1, 2024, have not been presented because they are not material to the Condensed Consolidated Financial Statements.

4. Accounts receivable, net

Accounts receivable, net, were:

			March 31			December 31			March 31
in $ millions			2025			2024			2024
Trade receivables			4,214			3,829			3,916
Construction contract assets			659			690			637
Total accounts receivable			4,873			4,519			4,553
Less: allowance for credit losses			(154)			(140)			(150)
Other current receivables			422			441			395
Total accounts receivable, net			5,141			4,820			4,798

Of the total Accounts receivable, net balances, $63 million, $46 million and $32 million at March 31, 2025, December 31, 2024 and March 31, 2024, respectively, were due from equity method investments.

The changes in the allowance for credit losses were:

in $ millions			2025						2024
At January 1			140						149
Charge-offs			(2)						(2)
Provision for credit losses			6						4
Foreign currency translation and other			10						(1)
At March 31			154						150

5. Inventories

Inventories were:

			March 31			December 31			March 31
in $ millions			2025			2024			2024
Raw materials			2,323			2,074			2,186
Work-in-process			262			267			211
Finished goods			2,375			2,414			2,222
Total inventories			4,960			4,755			4,619

CRH Form 10-Q 12

6. Goodwill

The changes in the carrying amount of goodwill were:

in $ millions			Americas Materials Solutions			Americas Building Solutions			International Solutions			Total
Carrying value, December 31, 2024			5,803			3,070			2,188			11,061
Acquisitions			184			142			14			340
Foreign currency translation adjustment			2			1			71			74
Carrying value, March 31, 2025			5,989			3,213			2,273			11,475
in $ millions			Americas Materials Solutions			Americas Building Solutions			International Solutions			Total
Carrying value, December 31, 2023			4,417			2,752			1,989			9,158
Acquisitions			1,426			333			385			2,144
Foreign currency translation adjustment			(40)			(12)			(114)			(166)
Impairment charge for the period			–			–			(72)			(72)
Divestitures			–			(3)			(201)			(204)
Reclassified as held for sale			–			–			201			201
Carrying value, December 31, 2024			5,803			3,070			2,188			11,061
in $ millions			Americas Materials Solutions			Americas Building Solutions			International Solutions			Total
Carrying value, December 31, 2023			4,417			2,752			1,989			9,158
Acquisitions			976			52			(3)			1,025
Foreign currency translation adjustment			(12)			(4)			(42)			(58)
Divestitures			-			-			(197)			(197)
Reclassified from held for sale			-			-			197			197
Carrying value, March 31, 2024			5,381			2,800			1,944			10,125

There were no charges for goodwill impairment in the three months ended March 31, 2025 and March 31, 2024.

CRH Form 10-Q 13

7. Additional financial information

Other current assets were:

			March 31			December 31			March 31
in $ millions			2025			2024			2024
Prepayments			391			303			358
Income tax recoverable			352			216			163
Other			46			230			227
Total other current assets			789			749			748

Accrued expenses were:

			March 31			December 31			March 31
in $ millions			2025			2024			2024
Accrued payroll and employee benefits			1,058			1,062			997
Other accruals			1,212			1,186			1,244
Total accrued expenses			2,270			2,248			2,241

Other current liabilities were:

			March 31			December 31			March 31
in $ millions			2025			2024			2024
Dividends payable			251			–			241
Construction contract liabilities			481			500			430
Insurance liability			190			185			159
Income tax payable			58			97			77
Other			980			795			828
Total other current liabilities			1,960			1,577			1,735

Other noncurrent liabilities were:

			March 31			December 31			March 31
in $ millions			2025			2024			2024
Income tax payable			724			726			633
Asset retirement obligations			339			319			307
Pension liability			229			223			250
Insurance liability			284			269			260
Other			847			782			660
Total other noncurrent liabilities			2,423			2,319			2,110

CRH Form 10-Q 14

8. Debt

Long-term debt was:

						March 31			December 31			March 31
in $ millions			Effective interest rate			2025			2024			2024
Long-term debt
(U.S. Dollar denominated unless otherwise noted)
3.875% Senior Notes due 2025			3.93		%	1,250			1,250			1,250
1.250% euro Senior Notes due 2026			1.25		%	812			780			810
3.400% Senior Notes due 2027			3.49		%	600			600			600
4.000% euro Senior Notes due 2027			4.13		%	541			520			540
3.950% Senior Notes due 2028			4.07		%	900			900			900
1.375% euro Senior Notes due 2028			1.42		%	650			624			648
5.200% Senior Notes due 2029			5.30		%	750			750			–
4.125% Sterling Senior Notes due 2029			4.22		%	518			501			509
5.125% Senior Notes due 2030			5.25		%	1,250			–			–
1.625% euro Senior Notes due 2030			1.72		%	812			780			810
4.000% euro Senior Notes due 2031			4.10		%	812			780			810
6.400% Senior Notes due 2033 (i)			6.43		%	213			213			213
5.400% Senior Notes due 2034			5.52		%	750			750			–
5.500% Senior Notes due 2035			5.57		%	1,250			–			–
4.250% euro Senior Notes due 2035			4.38		%	812			780			810
5.125% Senior Notes due 2045			5.25		%	500			500			500
4.400% Senior Notes due 2047			4.44		%	400			400			400
4.500% Senior Notes due 2048			4.63		%	600			600			600
5.875% Senior Notes due 2055			5.97		%	500			–			–
USD interest bearing loan due 2026			4.96		%	750			750			–
PHP interest bearing loan due 2027			5.93		%	399			379			400
AUD interest bearing loan due 2029			4.95		%	478			478			–
U.S. Dollar Commercial Paper			4.73		%	56			1,189			1,863
Euro Commercial Paper			–			–			347			929
Other						60			48			26
Unamortized discounts and debt issuance costs						(85)			(68)			(64)
Total long-term debt (ii)						15,578			13,851			12,554
Less: current portion of long-term debt (iii)						(1,365)			(2,882)			(2,874)
Long-term debt						14,213			10,969			9,680

(i) The $300 million 6.400% Senior Notes were issued in September 2003, and at the time of issuance the Senior Notes were partially swapped to floating interest rates. In August 2009 and December 2010, $87 million of the issued Senior Notes were acquired by the Company as part of liability management exercises undertaken and the interest rate hedge was closed out. The remaining fair value hedge adjustment on the hedged item in the Condensed Consolidated Balance Sheets was $26 million, $27 million, and $29 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

(ii) Of the Company’s nominal fixed rate debt at March 31, 2025, December 31, 2024, and March 31, 2024, $1,375 million was hedged to daily compounded Secured Overnight Financing Rate (SOFR) using interest rate swaps. Of the Company’s nominal floating rate debt at March 31, 2025, December 31, 2024, and March 31, 2024, $nil million, $140 million, and $nil million, respectively, was hedged to fixed rates using interest rate swaps.

(iii) Excludes borrowings from bank overdrafts of $93 million, $117 million and $118 million, which are recorded within Current portion of long-term debt in the Condensed Consolidated Balance Sheets at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

Senior Notes:

The Senior Notes are issued by wholly-owned subsidiaries of the Company and carry full and unconditional guarantees from the Company, as defined in the indentures that govern them. These Senior Notes represent senior unsecured obligations of the Company and hold an equal standing in payment priority with the Company's existing and future senior unsubordinated indebtedness.

With the exception of the 6.400% Senior Notes due 2033, all other Senior Notes can be redeemed before their respective par call dates, at a make-whole redemption price. Post par call dates and before the respective maturity dates, the Senior Notes can be redeemed at a price equal to 100% of the principal amount.

In the event of a change-of-control repurchase event, the Company is obligated to offer repurchase options for the 3.875% Senior Notes due 2025, 3.400% Senior Notes due 2027, 3.950% Senior Notes due 2028, 5.200% Senior Notes due 2029, 5.125% Senior Notes due 2030, 5.400% Senior Notes due 2034, 5.500% Senior Notes due 2035, 5.125% Senior Notes due 2045, 4.400% Senior Notes due 2047, 4.500% Senior Notes due 2048 and 5.875% Senior Notes due 2055. This repurchase involves a cash payment equal to 101% of the principal amount, along with any accrued and unpaid interest.

If the Company's credit rating falls below investment-grade, the Company would be required to make an additional coupon step-up payment on the 3.875% Senior Notes due 2025 and 5.125% Senior Notes due 2045. The increase is 25 basis points per rating notch per agency, capped at 100 basis points per agency. However, this coupon step-up would reverse if the Company returns to an investment-grade rating.

CRH Form 10-Q 15

In January 2025, wholly-owned subsidiaries of the Company completed the issuance of $1,250 million 5.125% Senior Notes due 2030, $1,250 million 5.500% Senior Notes due 2035, and $500 million 5.875% Senior Notes due 2055.

Bank Debt:

The Company maintains a multi-currency Revolving Credit Facility (the 'RCF') with a syndicate of lenders. The RCF offers a senior unsecured revolving credit facility of €3,500 million over five years, maturing May 11, 2030. Borrowings under the RCF bear interest at rates based upon an underlying base rate, plus a margin determined in accordance with a ratings-based pricing grid. Base rates include SOFR for U.S. Dollar, Euro Interbank Offer Rate (EURIBOR) for euros, Sterling Overnight Index Average (SONIA) for Sterling, and Swiss Average Rate Overnight (SARON) for Swiss Francs, respectively. A commitment fee is payable on a quarterly basis based on a percentage of the applicable margin and calculated on the daily undrawn amount of the facility.

The deferred financing costs associated with the RCF were $5 million at March 31, 2025. The total potential credit available through this arrangement is €3,500 million, inclusive of the ability to issue letters of credit.

At March 31, 2025, December 31, 2024, and March 31, 2024, there were no outstanding borrowings or letters of credit issued under the RCF and the undrawn committed facilities available to be drawn by the Company at March 31, 2025 were $3,788 million (€3,500 million equivalent).

The RCF includes customary terms and conditions for investment-grade borrowers. There are no financial covenants.

In December 2024, the Company entered into a new $750 million two-year fixed rate term loan facility which was fully drawn.

Philippines (PHP) Debt:

In March 2017, the Company's subsidiary, Republic Cement & Building Materials, Inc., entered into a credit arrangement with the Bank of the Philippine Islands. The Company does not provide a guarantee for this facility. The initial credit agreement provided for total commitments of PHP12.5 billion for a 10-year term, which was later expanded to PHP22.5 billion. The funds drawn from this facility carry a combination of fixed and floating interest rates.

Australian (AUD) Debt:

In July 2024, the Company acquired Adbri Ltd who have committed credit agreements with a range of banks and credit institutions totaling AUD940 million. The Company does not provide a guarantee for these facilities. The funds drawn from these facilities carry a combination of fixed and floating interest rates.

Commercial Paper:

At March 31, 2025, the Company had a $4,000 million U.S. Dollar Commercial Paper Program and a €1,500 million Euro Commercial Paper Program. The purpose of these programs is to provide short-term liquidity as required. The Company’s RCF supports the commercial paper programs with a separate €750 million swingline sublimit which allows for same-day drawing in either euro or U.S. Dollar. The amount of commercial paper outstanding does not reduce available capacity under the RCF. Commercial paper borrowings may vary during the period, largely as a result of fluctuations in funding requirements.

The long-term debt maturities, net of the unamortized discounts and debt issuance costs, for the periods subsequent to March 31, 2025 are as follows:

in $ millions			Remainder of 2025			2026			2027			2028			2029			2030 and thereafter			Total
Long-term debt maturities			1,364			1,954			1,452			1,536			1,333			7,939			15,578

9. Fair value measurement

Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured using inputs in one of the following three categories:

Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation of these items does not entail a significant amount of judgment.

Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities.

Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.

Considerable judgment may be required in interpreting market data used to develop the estimates of fair value.

The carrying values of the Company’s Long-term debt were $15,578 million, $13,851 million, and $12,554 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The fair values of the Company’s Long-term debt were $15,342 million, $13,604 million, and $12,244 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The Company’s Long-term debt obligations are Level 2 instruments whose fair value is derived from quoted market prices.

The Redeemable noncontrolling interests included in the Condensed Consolidated Balance Sheets are marked to fair value on a recurring basis using Level 3 inputs. The redemption value of Redeemable noncontrolling interests approximates the fair value and is based on a range of estimated potential outcomes of the expected payment amounts primarily dependent on underlying performance metrics. The unobservable inputs in the valuation include a discount rate determined using a Capital Asset Pricing Model methodology with ranges of between 6.47% and 7.49%.

See Note 16 for the changes in the fair value of Redeemable noncontrolling interests.

The carrying values of the Company’s Cash and cash equivalents, Restricted cash, Accounts receivable, net, Current portion of long-term debt, Accounts payable, Accrued expenses, and Other current liabilities approximate their fair values because of the short-term nature of these instruments.

CRH Form 10-Q 16

10. Income taxes

The Company’s tax provision for the interim period is calculated using an estimated annual effective tax rate based on the expected full-year results which is applied to ordinary year-to-date income or loss. The tax provision is adjusted for discrete items that occur in the applicable interim period to arrive at the effective income tax rate.

The summary of the income tax benefit from operations was:

			Three months ended
			March 31
in $ millions			2025			2024
Total tax benefit			(58)			(19)
Effective income tax rate			40%			(19%)

The effective tax rate for this quarter has increased compared to the three months ended March 31, 2024. This is primarily driven by the inclusion of the largely tax-exempt divestiture of phases one and two of the European Lime operations in the three months ended March 31, 2024, which is in excess of the amount of tax-exempt divestitures in the three months ended March 31, 2025. Additionally, there has been an increase in the tax deduction for share-based compensation, which has proportionately increased the tax benefit in the three months ended March 31, 2025.

11. Earnings per share (EPS)

The calculation of basic and diluted earnings per share was:

						Three months ended
						March 31
in $ millions, except share and per share data									2025			2024
Numerator
Net (loss) income									(98)			114
Net (income) attributable to redeemable noncontrolling interests									–			(2)
Net loss attributable to noncontrolling interests									4			4
Adjustment of redeemable noncontrolling interests to redemption value									(7)			(4)
Net (loss) income attributable to CRH for EPS - basic and diluted									(101)			112
Denominator
Weighted average common shares outstanding - basic (i)									676.7			687.8
Effect of dilutive employee share awards (ii)									–			5.6
Weighted average common shares outstanding - diluted									676.7			693.4
(Loss) earnings per share attributable to CRH
Basic									($0.15)			$0.16
Diluted									($0.15)			$0.16

(i) The weighted average number of common shares included in the computation of basic and diluted earnings per share has been adjusted to exclude shares repurchased and held by the Company as Treasury stock given that these shares do not rank for dividend.

(ii) Common Shares that would only be issued contingent on certain conditions totaling 4,045,950 at March 31, 2024 are excluded from the computation of diluted earnings per share where the conditions governing exercisability have not been satisfied as of the end of the reporting period or they are antidilutive for the period presented. In periods of loss, shares that otherwise would have been included in the diluted weighted average common shares outstanding computation have been excluded. Due to the net loss for the three months ended March 31, 2025, contingently issuable common shares representing 5,268,459, are excluded from the computation of diluted loss per share as their inclusion would have been antidilutive.

CRH Form 10-Q 17

12. Accumulated other comprehensive loss

The changes in the balances for each component of Accumulated other comprehensive loss, net of tax, were:

in $ millions			Currency Translation			Cash Flow Hedges			Pension and Other Postretirement Plans			Total
Balance at December 31, 2024			(856)			(63)			(86)			(1,005)
Other comprehensive income (loss) before reclassifications			264			(21)			–			243
Amounts reclassified from Accumulated other comprehensive loss			(26)			(2)			(7)			(35)
Net current-period other comprehensive income (loss)			238			(23)			(7)			208
Other comprehensive (income) attributable to noncontrolling interests			(9)			–			–			(9)
Balance at March 31, 2025			(627)			(86)			(93)			(806)
Balance at December 31, 2023			(439)			(47)			(130)			(616)
Other comprehensive loss before reclassifications			(114)			(63)			–			(177)
Amounts reclassified from Accumulated other comprehensive loss			(34)			26			(3)			(11)
Net current-period other comprehensive (loss)			(148)			(37)			(3)			(188)
Other comprehensive loss attributable to noncontrolling interests			7			–			–			7
Balance at March 31, 2024			(580)			(84)			(133)			(797)

The amounts reclassified from Accumulated other comprehensive loss to income were:

			Three months ended
			March 31
in $ millions			2025			2024
Cash flow hedges
Cost of product revenues			(2)			30
Income tax benefit			–			(4)
Total			(2)			26
Pension and other postretirement plans
Other nonoperating income, net			(8)			(4)
Income tax expense			1			1
Total			(7)			(3)
Reclassifications from Accumulated other comprehensive loss to income			(9)			23

CRH Form 10-Q 18

13. Segment information

The Company has the following three operating and reportable segments:

Americas Materials Solutions;

Americas Building Solutions; and

International Solutions

The Americas Materials Solutions segment provides solutions for the construction and maintenance of public infrastructure, commercial and residential buildings in North America. The primary materials produced by this segment include aggregates, cement, readymixed concrete and asphalt. This segment also provides paving and construction services for customers.

The Americas Building Solutions segment manufactures, supplies and delivers solutions for the built environment in communities across North America. Our subsidiaries within this segment offer building and infrastructure solutions serving complex critical infrastructure (such as water, energy, transportation and telecommunications projects) and outdoor living solutions for enhancing private and public spaces.

The International Solutions segment provides integrated building solutions across Europe and Australia. The business integrates materials, products, and services to provide complete building solutions for use in the construction and renovation of critical infrastructure, commercial and residential buildings and outdoor living spaces.

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

The key performance measures and segment expenses for the Company’s reportable segments were:

			Three months ended March 31, 2025
in $ millions			Americas Materials Solutions			Americas Building Solutions			International Solutions			Total
Revenue			2,243			1,682			2,831			6,756
Less:
Labor			754			375			657			1,786
Energy costs			140			32			220			392
Other segment items (i)			1,290			988			1,805			4,083
Adjusted EBITDA			59			287			149			495

			Three months ended March 31, 2024
in $ millions			Americas Materials Solutions			Americas Building Solutions			International Solutions			Total
Revenue			2,202			1,693			2,638			6,533
Less:
Labor			708			357			582			1,647
Energy costs			136			32			226			394
Other segment items (i)			1,343			996			1,708			4,047
Adjusted EBITDA			15			308			122			445

(i) The nature of other segment items is similar for each segment and primarily includes raw materials, haulage costs, subcontractor costs and other Selling, general and administrative expenses. As a result of our integrated building solutions model, the composition of other segment items is such that at a segment level none of these items is individually significant in determining segment performance.

			Three months ended
			March 31
in $ millions			2025			2024
Adjusted EBITDA			495			445
Depreciation, depletion and amortization			(477)			(397)
Interest income			37			43
Interest expense			(181)			(133)
(Loss) gain on divestitures and investments (i)			(26)			160
Pension income excluding current service cost component (i)			4			1
Other interest, net (i)			2			–
Substantial acquisition-related costs			–			(20)
(Loss) income from operations before income tax expense and income from equity method investments			(146)			99

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

CRH Form 10-Q 19

Depreciation, depletion and amortization for each of the segments were:

			Three months ended
			March 31
in $ millions			2025			2024
Americas Materials Solutions			220			190
Americas Building Solutions			91			80
International Solutions			166			127
Total depreciation, depletion and amortization			477			397

The segment assets were:

			March 31			December 31			March 31
in $ millions			2025			2024			2024
Assets
Americas Materials Solutions			21,715			21,474			19,860
Americas Building Solutions			9,786			9,049			8,821
International Solutions			15,793			15,011			12,988
Total assets for reportable segments			47,294			45,534			41,669

Additions to property, plant and equipment and intangible assets for each of the segments were:

			Three months ended
			March 31
in $ millions			2025			2024
Property, plant and equipment and intangible asset additions (i)
Americas Materials Solutions			240			229
Americas Building Solutions			199			124
International Solutions			244			170
Total property, plant and equipment and intangible asset additions			683			523

(i) Property, plant and equipment and intangible asset additions exclude asset retirement cost additions.

14. Pension and other postretirement benefits

Components of Net Periodic Benefit Cost

The components of net periodic benefit cost recognized in the Condensed Consolidated Statements of Income for the Pension and Other Postretirement Benefit (OPEB) Plans were:

			U.S.						Non-U.S.
			Three months ended						Three months ended
			March 31						March 31
in $ millions			2025			2024			2025			2024
Service cost			–			–			10			10
Interest cost			6			6			20			21
Expected return on assets			(5)			(5)			(23)			(22)
Amortization of:
Past service credit			–			–			(3)			(3)
Actuarial loss			–			1			1			1
Settlement gain (i)			–			–			–			(3)
Net periodic benefit cost (ii) (iii)			1			2			5			4

(i) Settlement gain of $3 million for the three months ended March 31, 2024 relates to pension plans divested as part of the sale of the Company's Lime operations in Europe and is included in (loss) gain on divestitures and investments, within Other nonoperating (expense) income, net.

(ii) Includes net periodic benefit cost of $1 million and $1 million related to OPEB plans for the three months ended March 31, 2025 and March 31, 2024, respectively.

(iii) Service cost is included within Cost of revenues and Selling, general and administrative expenses while all other cost components are recorded within Other nonoperating (expense) income, net.

CRH Form 10-Q 20

15. Variable interest entities

The Company’s operations in the Philippines are conducted through a Variable Interest Entity (VIE), wherein the Company holds 40% of the equity share capital and a 55% share of earnings and distributions. The remaining noncontrolling interest of 60% equity share capital and 45% share of earnings and distributions is held by an unrelated party. The Company’s voting rights are not proportional to its share of earnings and distributions, and substantially all of the activities of the Philippines business are conducted on behalf of the Company and controlled by the Company through contractual relationships. The Philippines business meets the definition of a VIE for which the Company is the primary beneficiary and, therefore, is consolidated.

Further, the Company has provided subordinated debt to the intermediate parent of the Philippines business which exposes the Company to the profits and losses of the Philippines business. The debt is repayable only where the shareholder agreement of the intermediate parent of the Philippines business is terminated or where the Company transfers its shares in the intermediate parent to an unrelated entity (i.e., the debt exposure of the Company becomes in substance a residual interest in the intermediate parent).

The carrying amounts of assets and liabilities of the consolidated VIE, reported within the Condensed Consolidated Balance Sheets before intragroup eliminations with other CRH companies were:

			March 31			December 31			March 31
in $ millions			2025			2024			2024
Assets
Current assets:
Cash and cash equivalents			18			21			29
Accounts receivable, net			43			38			30
Inventories			88			96			106
Other current assets			60			58			54
Total current assets			209			213			219
Property, plant and equipment, net			845			846			897
Goodwill			193			190			196
Intangible assets, net			1			1			–
Operating lease right-of-use assets, net			5			5			5
Other noncurrent assets			9			9			10
Total assets			1,262			1,264			1,327
Liabilities
Current liabilities:
Accounts payable			94			106			95
Accrued expenses			43			44			37
Current portion of long-term debt			55			33			87
Operating lease liabilities			1			1			1
Other current liabilities			23			25			24
Total current liabilities			216			209			244
Long-term debt			343			345			312
Deferred income tax liabilities			94			94			104
Noncurrent operating lease liabilities			4			4			4
Other noncurrent liabilities			22			21			18
Total liabilities			679			673			682

The operating results of the consolidated VIE, reported within the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Cash Flows before intragroup eliminations with other CRH companies were:

			Three months ended
			March 31
in $ millions			2025			2024
Total revenues			84			96
Total cost of revenues			(80)			(87)
Gross profit			4			9
Net loss			(13)			(9)
Net cash used in operating activities			(18)			(6)

CRH Form 10-Q 21

16. Redeemable noncontrolling interests

The Redeemable noncontrolling interests primarily comprise the noncontrolling interests in two of the Company’s North American subsidiaries, that are currently redeemable. The Company has the ability to exercise the call options for the noncontrolling interests on or after December 31, 2031 and December 31, 2040, respectively. In addition to the call options, the noncontrolling interest holder has the right to sell the noncontrolling interests to the Company, which are currently exercisable. These noncontrolling interests have put and call options and both are redeemable based on multiples of EBITDA. The noncontrolling interests are considered redeemable noncontrolling equity interests, classified as temporary or mezzanine equity, as their redemption is not solely within the Company’s control. The noncontrolling interests were recorded at their respective fair values as of the acquisition dates and are adjusted to their expected redemption values, with an offsetting entry to retained earnings, as of the reporting date as if that date was the redemption date, if those amounts exceed their respective carrying values.

The following table summarizes the redeemable noncontrolling interest for the following periods:

in $ millions
Balance at December 31, 2024			384
Adjustment to the redemption value			7
Dividends paid			(12)
Balance at March 31, 2025			379

Balance at December 31, 2023			333
Net income attributable to redeemable noncontrolling interests			2
Adjustment to the redemption value			4
Dividends paid			(13)
Balance at March 31, 2024			326

17. Commitments and contingencies

Guarantees

The Company has given letters of guarantee to secure obligations of subsidiary undertakings as follows: $14.8 billion, $13.1 billion, and $12.4 billion in respect of loans and borrowings, bank advances and derivative obligations at March 31, 2025, December 31, 2024 and March 31, 2024, respectively, and $0.5 billion, $0.4 billion, and $0.4 billion at March 31, 2025, December 31, 2024 and March 31, 2024, respectively, in respect of letters of credit due within one year.

Legal Proceedings

The Company is not involved in any proceedings that it believes could reasonably be expected to have a material adverse effect on the Company’s financial condition, results of operations or liquidity.

18. Subsequent events

The Company has evaluated subsequent events occurring through to the date the Condensed Consolidated Financial Statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the Condensed Consolidated Financial Statements.

CRH Form 10-Q 22