Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Introduction

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 the three months ended March 31, 2025. This MD&A should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and related notes appearing in Part I, Item 1. "Financial Statements” of this Quarterly Report.

The following discussion contains trend information and forward-looking statements. Actual results could differ materially from those discussed in or implied by these forward-looking statements, as well as from our historical performance, due to various factors, including those discussed elsewhere in this Quarterly Report, particularly "Forward-Looking Statements," and Item 1A. "Risk Factors" in our 2024 Form 10-K and in our other filings with the SEC. Our operating results depend upon economic cycles, seasonal and other weather‐related conditions, and trends in government expenditures, among other factors. Accordingly, financial results for any financial period presented, or period-to-period comparisons of reported results, may not be indicative of future operating results.

Overview

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.

Operating in 28 countries, the Company has market leadership positions in North America, Europe and Australia. The United States is expected to be a key driver of future growth for CRH due to continued economic expansion, a growing population and significant public investment in construction. 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. CRH intends to continue to expand its North American and International operations given significant government support for infrastructure and increasing demand for customer-connected solutions in major infrastructure and commercial projects.

CRH has a proven track record in value creation through acquisition which over the last decade has accounted for approximately 60% of the Company’s profit growth. We achieve this by acquiring businesses at attractive valuations and creating value by integrating them with our existing operations and generating synergies. 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.

Seasonality

Activity in the construction industry is dependent to a considerable extent on the seasonal impact of weather on the Company’s operating locations, with periods of higher activity in some markets during spring and summer which may reduce significantly in winter due to inclement conditions and extreme weather events. In addition to impacting demand for our products and services, adverse weather can negatively impact the production processes for a variety of reasons. For example, workers may not be able to work outdoors in sustained high temperatures and heavy rainfall and/or other unfavorable weather conditions. Therefore, financial results for any particular quarter do not necessarily indicate the results expected for the full year.

Financial performance highlights

CRH delivered a good first quarter performance compared to the first quarter of 2024, resulting in the following performance highlights for the three months ended March 31, 2025 (comparisons are versus the prior year's first quarter unless otherwise noted):

• Total revenues increased 3% to $6.8 billion;

• Net (loss) income was ($98) million compared with $114 million, a decrease of $212 million. Adjusted EBITDA*1was $495 million, an increase of $50 million, or 11%; and

• Net (loss) income margin was (1.5%) compared with 1.7%, a decrease of 320 basis points (bps). Adjusted EBITDA margin* was 7.3%, an increase of 50bps on the prior year's first quarter Adjusted EBITDA margin* of 6.8%.

Capital allocation highlights

• Cash returned to shareholders through share buybacks was $0.3 billion, a decrease of $0.1 billion versus the first three months of the prior year. On May 2, 2025, the latest tranche of the share buyback program was completed, bringing the year-to-date repurchases to $0.5 billion. A further tranche has been announced, extending the ongoing share buyback program by an additional $0.3 billion to be completed no later than August 5, 2025;

• The first 2025 quarterly dividend of $0.37 per share was declared in February 2025, and a second quarterly dividend of $0.37 per share was announced on May 5, 2025, representing an increase of 6% on the prior year. Cash paid to shareholders through dividends in the first quarter was $nil billion, compared to $0.8 billion in 2024, that related to the payment of a second interim 2023 dividend which was not repeated in Q1 2025; and

• Eight acquisitions completed for total consideration of $0.6 billion, compared with $2.2 billion in the first three months of the prior year. A further $0.6 billion was invested in development and replacement capital expenditure projects, compared with $0.5 billion for the comparable 2024 period.

• Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 28 to 29.1

CRH Form 10-Q 23

Development Review

In the three months ended March 31, 2025, CRH completed eight acquisitions for a total consideration of $0.6 billion, compared with $2.2 billion in the first quarter of 2024. Americas Materials Solutions completed five acquisitions, the largest of which being Talley Construction, a vertically integrated asphalt and paving company with operations in Tennessee, Georgia, Alabama and North Carolina, while Americas Building Solutions completed three acquisitions.

With respect to divestitures, CRH realized proceeds from divestitures and disposals of long-lived assets of $0.1 billion, compared with $0.7 billion in the first quarter of the prior year.

Outlook

Due to the localized nature of our operations, we do not expect a material direct impact from recent changes in global trade policies on our business. Notwithstanding the current macroeconomic uncertainty, the outlook for our business remains positive and we reaffirm our financial guidance for 2025. While it is still early in the construction season, we continue to expect positive underlying demand across our key end-use markets in 2025, underpinned by significant public investment in critical infrastructure and continued re-industrialization activity in key non-residential segments. Within the residential sector, the new-build segment is expected to remain subdued, while repair and remodel activity remains resilient. Assuming normal seasonal weather patterns and absent any major dislocations in the political or macroeconomic environment, CRH’s differentiated strategy and 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.

Results of Operations

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 table below summarizes CRH’s unaudited Condensed Consolidated Statements of Income for the periods indicated.2

Condensed Consolidated Statements of Income (Unaudited)

(in $ millions, except per share data)

			Three months ended
			March 31
			2025			2024
Total revenues			6,756			6,533
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
Diluted (loss) earnings per share attributable to CRH			($0.15)			$0.16
Adjusted EBITDA*			495			445

• Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 28 to 29.2

CRH Form 10-Q 24

Total revenues

Total revenues were $6.8 billion for the three months ended March 31, 2025, an increase of $0.2 billion, or 3%, compared with the first quarter of 2024. This was driven by contributions from acquisitions and strong commercial management which more than offset the impact of divestitures and lower activity levels due to adverse weather in many regions.

For additional discussion on segment revenues, see “Segments” section on pages 26 to 27.

Gross profit

Gross profit for the three months ended March 31, 2025, was $1.8 billion, an increase of $30 million, or 2% from the same period in 2024, reflecting total revenues increase of 3%, while total cost of revenues increased by 4%. The gross profit margin of 27.2% decreased 50bps from 27.7% for the first quarter of the prior year. Total cost of revenues increased primarily as a result of an increase in labor costs of 8% driven by increased headcount from acquisitions and wage inflation, as well as a 22% higher depreciation charges, mainly due to acquisitions.

Selling, general and administrative expenses

Selling, general and administrative (SG&A) expenses, which are primarily comprised of haulage costs, labor costs, and other selling and administration expenses, were $1.8 billion for the three months ended March 31, 2025, an increase of $46 million, or 3%, from the comparable 2024 period. This increase was primarily due to labor cost increases of 9% as a result of increased headcount from acquisitions and wage inflation.

Gain on disposal of long-lived assets

Gain on disposal of long-lived assets was $14 million for the three months ended March 31, 2025, an increase of $6 million compared with 2024. The increase mainly related to the disposal of certain land assets.

Interest income

Interest income was $37 million for the three months ended March 31, 2025, a decrease of $6 million from the comparable period in 2024, primarily due to lower cash deposits.

Interest expense

Interest expense was $181 million for the three months ended March 31, 2025, an increase of $48 million from the comparable period in 2024. The increase was primarily due to higher gross debt balances.

Other nonoperating (expense) income, net

Other nonoperating (expense) income, net, was an expense of ($20) million for the three months ended March 31, 2025, compared with an income of $161 million in the comparable period for 2024. Other nonoperating (expense) income, net, includes pension and postretirement benefit costs (excluding service costs), gains and losses from divestitures, and other miscellaneous income and expenses. The reduction versus prior year primarily related to the non-recurrence of the gain on the divestiture of the European Lime operations and unrealized gains on certain investments.

Income tax

For the three months ended March 31, 2025, the Company had an income tax benefit of $58 million, compared to $19 million for the comparable period in 2024. The effective tax rate was 40% for the first quarter in 2025 compared with an effective tax rate of (19%) for the first quarter in 2024. The movement in the effective tax rate is mainly driven by the inclusion in Q1 2024 of the largely tax-exempt divestiture of phases one and two of the European Lime operations and an increase in the tax deduction for share-based compensation, which has proportionately increased the tax benefit in Q1 2025.

Loss from equity method investments

For the three months ended March 31, 2025, a loss of $10 million was recorded in equity method investments, a decrease of $6 million from the comparable period in 2024.

Net (loss) income

Net loss was ($98) million for the three months ended March 31, 2025, a decrease of $212 million from the comparable period in 2024, with a positive underlying operating performance offset by the non-recurrence of gains on prior year divestitures.

Net (loss) income attributable to CRH and (loss) earnings per share

Net loss attributable to CRH was ($94) million for the three months ended March 31, 2025, a decrease of $210 million from the comparable period in 2024. Diluted loss per share for the three months ended March 31, 2025, was ($0.15), compared with a diluted earnings per share of $0.16 for the three months ended March 31, 2024.

CRH Form 10-Q 25

Segments

CRH is organized through three reportable segments across two Divisions. CRH’s Americas Division comprises two segments: Americas Materials Solutions and Americas Building Solutions; and CRH’s International Division comprises 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. 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.

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

						Analysis of Change
in $ millions			Three months ended March 31, 2024			Currency			Acquisitions			Divestitures			Organic			Three months ended March 31, 2025			% change
Total revenues			2,202			(10)			+144			(16)			(77)			2,243			+2%
Adjusted EBITDA			15			-			+10			+6			+28			59			+293%
Adjusted EBITDA margin			0.7%															2.6%

Americas Materials Solutions’ total revenues were 2% ahead of the first quarter of 2024, as pricing progress and contributions from acquisitions more than offset weather-impacted volumes in many regions.

In Essential Materials, total revenues decreased by 3% due to lower volumes in most regions. Prices in aggregates and cement were ahead by 8% and 4%, respectively. Aggregates volumes declined by 5% while cement volumes declined by 2%, due to adverse weather in certain markets, partly offset by contributions from acquisitions.

In Road Solutions, total revenues increased by 5% led by increased paving activity along with growth in both asphalt and readymixed concrete. Asphalt volumes increased 4% over the prior year while pricing increased by 3%. Readymixed concrete volumes were up 4% over the prior year and pricing increased by 1%. Construction backlogs increased on the prior year, supported by positive momentum in bidding activity.

First quarter Adjusted EBITDA for Americas Materials Solutions was well ahead of the prior year, driven by pricing improvements, disciplined cost management and operational efficiencies. Adjusted EBITDA margin increased by 190bps.

Americas Building Solutions

						Analysis of Change
in $ millions			Three months ended March 31, 2024			Currency			Acquisitions			Divestitures			Organic			Three months ended March 31, 2025			% change
Total revenues			1,693			(4)			+60			(8)			(59)			1,682			(1		%)
Adjusted EBITDA			308			–			+15			(1)			(35)			287			(7		%)
Adjusted EBITDA margin			18.2%															17.1%

Americas Building Solutions' total revenues were 1% behind the first quarter of 2024, as solid underlying demand in key markets as well as contributions from acquisitions were offset by adverse weather impacts.

In Building & Infrastructure Solutions, total revenues were 4% ahead of Q1 2024, supported by increased volumes in the water and energy markets, along with the positive impact from acquisitions.

In Outdoor Living Solutions, total revenues were 3% behind the prior year period as demand was impacted by adverse weather across certain key markets.

Adjusted EBITDA for Americas Building Solutions was 7% behind the first quarter of 2024 as adverse weather and subdued residential activity impacted results. Adjusted EBITDA margin was 110bps behind the prior year period.

CRH Form 10-Q 26

International Solutions

						Analysis of Change
in $ millions			Three months ended March 31, 2024			Currency			Acquisitions			Divestitures			Organic			Three months ended March 31, 2025			% change
Total revenues			2,638			(57)			+370			(67)			(53)			2,831			+7%
Adjusted EBITDA			122			(1)			+29			(16)			+15			149			+22%
Adjusted EBITDA margin			4.6%															5.3%

International Solutions' total revenues were 7% ahead of the first quarter of 2024 supported by continued pricing progress and good contributions from acquisitions which offset the impact of adverse weather and lower activity in certain geographies.

In Essential Materials, total revenues were 7% ahead of the comparable period in 2024 as positive pricing and contributions from acquisitions offset lower weather-impacted activity in some regions and the divestiture of the European Lime operations. Overall aggregates and cement volumes were 9% and 11% ahead of the comparable period in 2024, with pricing 5% and 2% ahead, respectively, benefiting from contributions from the Adbri acquisition.

In Road Solutions, total revenues were 11% ahead of the comparable period in 2024, with volumes and prices in readymixed concrete ahead of 2024 by 22% and 9%, respectively, benefiting from higher activity levels in a number of European countries, and contributions from the Adbri acquisition. Asphalt volumes declined by 4% as a result of lower activity in the United Kingdom and Ireland, while asphalt pricing declined 1% compared to the prior year.

Within Building & Infrastructure Solutions and Outdoor Living Solutions, total revenues were 1% ahead of the comparable period in 2024 supported by contributions from acquisitions.

Adjusted EBITDA in International Solutions was 22% ahead of the first quarter of 2024, primarily driven by increased pricing, operational efficiencies and contributions from acquisitions. Adjusted EBITDA margin increased by 70bps compared to the prior year.

CRH Form 10-Q 27

Non-GAAP Reconciliation and Supplementary Information

CRH uses a number of non-GAAP performance 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.

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.

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 investments, income/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. Adjusted EBITDA by segment is monitored by management in order to allocate resources between segments and to assess performance. Adjusted EBITDA margin is calculated by expressing Adjusted EBITDA as a percentage of total revenues.

Reconciliation to its nearest GAAP measure is presented below:

			Three months ended
			March 31
in $ millions			2025			2024
Net (loss) income			(98)			114
Loss from equity method investments			10			4
Income tax benefit			(58)			(19)
Loss (gain) on divestitures and investments (i)			26			(160)
Pension income excluding current service cost component (i)			(4)			(1)
Other interest, net (i)			(2)			—
Interest expense			181			133
Interest income			(37)			(43)
Depreciation, depletion and amortization			477			397
Substantial acquisition-related costs (ii)			–			20
Adjusted EBITDA			495			445
Total revenues			6,756			6,533
Net (loss) income margin			(1.5%)			1.7%
Adjusted EBITDA margin			7.3%			6.8%
(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.
(ii) Represents expenses associated with non-routine substantial acquisitions, which meet the criteria for being separately reported in Note 3 “Acquisitions” of the unaudited financial statements. Expenses in the first quarter of 2024 primarily include legal and consulting expenses related to these non-routine substantial acquisitions.

Net Debt: Net Debt is used by management as it gives additional insight into the Company’s current debt position less available cash. 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:

			March 31			December 31			March 31
in $ millions			2025			2024			2024
Short and long-term debt			(15,671)			(13,968)			(12,672)
Cash and cash equivalents (i)			3,352			3,720			3,309
Finance lease liabilities			(336)			(257)			(145)
Derivative financial instruments (net)			(31)			(27)			(92)
Net Debt			(12,686)			(10,532)			(9,600)
(i) Cash and cash equivalents include cash and cash equivalents reclassified as held for sale of $1 million at March 31, 2024.

CRH Form 10-Q 28

Organic Revenue and Organic Adjusted EBITDA: CRH pursues a strategy of growth through acquisitions and investments, with total spend on acquisitions and investments of $0.6 billion in the three months ended March 31, 2025, compared with $2.2 billion for the same period in 2024. Acquisitions completed in 2024 and the first quarter of 2025 contributed incremental total revenues of $0.6 billion and Adjusted EBITDA of $0.1 billion for the three months ended March 31, 2025. Cash proceeds from divestitures and disposals of long-lived assets amounted to $0.1 billion for the three months ended March 31, 2025, compared with $0.7 billion for the three months ended March 31, 2024. The total revenues impact of divestitures was a negative $0.1 billion and the impact at an Adjusted EBITDA level was a negative $11 million for the three months ended March 31, 2025.

The U.S. Dollar strengthened against most major currencies during the three months ended March 31, 2025, from the comparable period in 2024, resulting in an overall negative currency exchange impact.

Because of the impact of acquisitions, divestitures, currency exchange translation and other non-recurring items on reported results each reporting period, CRH uses organic revenue and organic Adjusted EBITDA as additional performance indicators to assess performance of pre-existing (also referred to as underlying, like-for-like or ongoing) operations each reporting period.

Organic revenue and organic Adjusted EBITDA are arrived at by excluding the incremental revenue and Adjusted EBITDA contributions from current and prior year acquisitions and divestitures, the impact of currency exchange translation, and the impact of any one-off items. In Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section on pages 26 to 27, changes in organic revenue and organic Adjusted EBITDA are presented as additional measures of revenue and Adjusted EBITDA to provide a greater understanding of the performance of the Company. Organic change % is calculated by expressing the organic movement as a percentage of the prior year reporting period (adjusted for currency exchange effects). A reconciliation of the changes in organic revenue and organic Adjusted EBITDA to the changes in total revenues and Adjusted EBITDA by segment is presented with the discussion within each segment’s performance in tables contained in the segment discussion in Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” commencing on page 23.

Liquidity and Capital Resources

The Company’s primary source of incremental liquidity is cash flows from operating activities, which combined with the 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. In addition, the Company believes that it will have the 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 $15.7 billion at March 31, 2025, compared to $14.0 billion at December 31, 2024, and $12.7 billion at March 31, 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 the three months ended March 31, 2025, a net $1.5 billion of commercial paper was repaid across the U.S. Dollar and Euro Commercial Paper Programs. Net Debt* at March 31, 2025, was $12.7 billion, compared to $10.5 billion at December 31, 2024, and $9.6 billion at March 31, 2024. The increase in Net Debt*3compared to December 31, 2024, reflects the seasonal net cash outflow from operating activities, acquisitions, cash returns to shareholders through continued share buybacks, as well as the purchase of property, plant and equipment.

CRH continued its ongoing share buyback program in the first three months of 2025 repurchasing approximately 3.2 million Ordinary Shares for a total consideration of $0.3 billion and the Company is commencing an additional $0.3 billion tranche to be completed no later than August 5, 2025.

At March 31, 2025, CRH had cash and cash equivalents and restricted cash of $3.4 billion, compared to $3.8 billion at December 31, 2024, and $3.3 billion at March 31, 2024. Total lease liabilities were $1.7 billion, compared to $1.6 billion at December 31, 2024, and $1.5 billion at March 31, 2024.

At March 31, 2025, CRH had $3.9 billion of undrawn committed facilities, $3.8 billion of which was available until May 2029. During April 2025, the Company completed a second one-year extension option on the undrawn committed facilities extending the maturity date to May 2030. At March 31, 2025, the weighted average maturity of the term debt (net of cash and cash equivalents) was 8.6 years.

Other than items updated in this Quarterly Report, CRH's financial condition and the nature and composition of the Company’s material cash requirements, which include debt service and related interest payments, operating lease obligations, share repurchase commitments and other purchase obligations arising in the normal course of business, have not materially changed from those disclosed in the 2024 Form 10-K.

Cash flows

Cash flows from operating activities

			Three months ended
			March 31
in $ millions			2025			2024
Net cash used in operating activities			(659)			(712)

The seasonal impact on the Company’s operations disproportionately negatively impacts the quarterly operating cash flow results when compared with the full year. Net cash used in operating activities was $659 million for the three months ended March 31, 2025, a decrease of $53 million, compared to the same period in 2024. The decrease in net cash used in operating activities was primarily due to lower working capital investments and improved operating performance.

• Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 28 to 29.3

CRH Form 10-Q 29

Cash flows from investing activities

			Three months ended
			March 31
in $ millions			2025			2024
Net cash used in investing activities			(964)			(2,096)

Net cash used in investing activities was $1.0 billion for the three months ended March 31, 2025, compared to $2.1 billion in the same period for 2024, a decrease of $1.1 billion. During the three months ended March 31, 2025, the Company invested $0.6 billion in acquisitions, a decrease of $1.6 billion on the same period in 2024. Capital expenditure totaled $0.6 billion in the first three months of 2025, resulting in an increased outflow of $0.1 billion versus the comparable prior year period. These outflows were partially offset by $0.2 billion proceeds from divestitures and disposals of long-lived assets and other investing activities, compared to $0.6 billion in the prior year.

Cash flows from financing activities

			Three months ended
			March 31
in $ millions			2025			2024
Net cash provided by (used in) financing activities			1,141			(176)

Net cash provided by financing activities was $1.1 billion for the three months ended March 31, 2025, compared to $0.2 billion net cash used in financing activities in the same period in the prior year. Proceeds from debt issuances were $3.0 billion, which was primarily related to the issuance of $3.0 billion in new senior notes in January 2025, an increase of $1.2 billion on the same period in 2024. Payments on debt in the first three months of 2025 were $1.5 billion, being the repayment of amounts issued under the Company’s commercial paper programs. This compared with a repayment of $0.7 billion in the prior year comparable period, which related to the repayment of a euro-denominated bond on maturity in January 2024. Dividends paid for the first three months of 2025 were $nil billion compared to $0.8 billion in the same period in the prior year. A second interim dividend for 2023 was paid in Q1 2024 which was not repeated in Q1 2025 as the Company moved to quarterly dividends in 2024. Outflows related to the purchases of common stock were $0.3 billion in the first three months of 2025 compared to $0.6 billion for the same period in 2024.

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 on www.crh.com).

At March 31, 2025, we expect maturities for the next three quarters as follows:

2025 Debt Maturities

Second Quarter			$1.4 billion
Third Quarter			-
Fourth Quarter			-

Unsecured Senior Notes

The main sources of Company debt funding are public bond markets in North America and Europe. See Note 8 “Debt” in Part I, Item 1. “Financial Statements” for further details regarding our debt obligations. 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.

Bank credit facilities

The Company manages its borrowing ability by entering into committed borrowing agreements. The Company has a multi-currency RCF, dated May 2023, which is made available from a syndicate of lenders, consisting of a €3.5 billion unsecured, revolving loan facility. During April 2025, the Company completed a one-year extension option on the undrawn committed facilities extending the maturity date to May 11, 2030. See Note 8 “Debt” in Part I, Item 1. “Financial Statements” for further details regarding the RCF. At March 31, 2025, the RCF was undrawn. In December 2024, the Company entered into a new $750 million two-year fixed rate term loan facility which was fully drawn.

Guarantees

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

Commercial Paper Programs

As at March 31, 2025, the Company had a $4.0 billion U.S. Dollar Commercial Paper Program and a €1.5 billion Euro Commercial Paper Program available. Commercial paper borrowings bear interest at rates determined at the time of borrowing. As at March 31, 2025, there was $0.1 billion of outstanding issued notes under the U.S. Dollar Commercial Paper Program and-no outstanding issued notes under the Euro Commercial Paper Program. The purpose of these programs is to provide short-term liquidity.

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.

CRH Form 10-Q 30

Debt Ratings14

Our debt ratings and outlooks at March 31, 2025, were:

			Short-Term			Long-Term			Outlook
S&P			A-2			BBB+			Stable
Moody’s			P-2			Baa1			Stable
Fitch			F1			BBB+			Stable

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 March 31, 2025, is as follows:

Payments due by period			Total			Less than 1 year			2-3 years			4-5 years			More than 5 years
in $ millions
Short and long-term debt (i)			15,748			1,473			3,428			4,152			6,695
Lease liabilities (ii)			2,108			341			571			336			860
Estimated interest payments on contractually committed debt (iii)			5,425			634			1,107			865			2,819
Deferred and contingent acquisition consideration			48			34			10			3			1
Purchase obligations (iv)			2,327			1,440			540			140			207
Retirement benefit obligation commitments (v)			18			3			6			4			5
Total (vi)			25,674			3,925			5,662			5,500			10,587

(i) Of the $15.7 billion short and long-term debt, $0.5 billion is drawn on revolving facilities which may be repaid and redrawn up to the date of maturity.

(ii) Lease liabilities are presented on an undiscounted basis.

(iii) These interest payments have been estimated on the basis of the following assumptions: (a) no change in variable interest rates; (b) no change in exchange rates; (c) that all debt is repaid as if it falls due from future cash generation; and (d) that none is refinanced by future debt issuance.

(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.

Supplemental Guarantor Information

Guarantor Financial Information

As of March 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) $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') and $500 million of 5.875% Senior Notes due 2055 (the '5.875% Notes'), each issued by CRH America Finance, Inc. (‘America Finance’). Together, the 5.200% Notes, the 5.125% Notes, the 6.400% Notes, the 5.400% Notes, the 5.500% Notes and the 5.875% 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. SMW Finance is an indirect wholly-owned finance subsidiary of CRH plc incorporated under the laws of Ireland and is a financing vehicle for CRH’s group companies. America Finance is an indirect wholly-owned finance subsidiary of CRH plc incorporated under the laws of the State of Delaware and is a financing vehicle for CRH’s U.S. operating companies.

Each series of Notes is unsecured and ranks equally with all other present and future unsecured and unsubordinated obligations of the relevant Issuer and CRH plc, subject to exceptions for obligations required by law. Each series of Notes is fully and unconditionally guaranteed by CRH plc as defined in the respective indenture governing each series of Notes. Each guarantee is a full, irrevocable, and unconditional guarantee of the principal, interest, premium, if any, and any other amounts due in respect of the relevant series of Notes given by CRH plc.

(i) Originally issued in September 2003 as $300 million 6.400% Senior Notes due 2033. CRH subsequently acquired $87 million of the 6.400% Notes in liability management exercises in August 2009 and December 2010.

1A 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.4

CRH Form 10-Q 31

Basis of Presentation

The following summarized financial information reflects, on a combined basis, the Balance Sheet as of March 31, 2025 and as of December 31, 2024 and the Income Statement for the three months ended March 31, 2025, and for the year ended December 31, 2024 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. Amounts attributable to the Obligor Group’s investment in non-obligor subsidiaries have also been excluded. Intercompany receivables/payables and transactions with non-obligor subsidiaries are separately disclosed as applicable. 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. GAAP.

The summarized Income Statement information is as follows:

in $ millions			For the three months ended March 31, 2025			For the year ended December 31, 2024
Income from operations before income tax benefit and income from equity method investments (i)			1,485			1,051
- of which relates to transactions with non-obligor subsidiaries			1,371			1,183
Net income – all of which is attributable to equity holders of the Company			1,485			1,050
- of which relates to transactions with non-obligor subsidiaries			1,371			1,183
(i) Revenues and gross profit for the Obligor Group for the three months ended March 31, 2025 and for the year ended December 31, 2024 amounted to $nil million and $nil million, respectively.
The summarized Balance Sheet information is as follows:
			March 31, 2025			December 31, 2024
Current assets			585			610
Current assets – of which is due from non-obligor subsidiaries			523			307
Noncurrent assets			3,701			3,446
Noncurrent assets – of which is due from non-obligor subsidiaries			3,701			3,446
Current liabilities			3,413			4,145
Current liabilities – of which is due to non-obligor subsidiaries			2,132			2,890
Noncurrent liabilities			744			758

Critical Accounting Policies and Estimates

There have been no material changes during the three months ended March 31, 2025, to our critical accounting policies and/or estimates disclosed in our 2024 Form 10-K.

Available Information

The Company maintains an internet address at www.crh.com and makes available free of charge through its website its annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments thereto, if any, filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, which are available as soon as reasonably practicable after CRH files or furnishes such information to the SEC. Investors may also access such documents via the SEC’s website at www.sec.gov.

References in this document to other documents on the CRH website are included only as an aid to their location and are not incorporated by reference into this Quarterly Report. CRH’s website provides the full text of earnings updates, copies of presentations to analysts and investors and circulars to shareholders.

Further, copies of CRH’s key corporate governance policies and other reports, including its Code of Business Conduct, Sustainability Performance Report, and the charters for Committees of the Board, may be found on the CRH website.

The Company undertakes no obligation to update any statements contained in this Quarterly Report or the documents incorporated by reference herein for revisions or changes after the filing date of this Quarterly Report, other than as required by law.

We post on our website news releases, announcements and other statements about our business performance, results of operations and sustainability matters, some of which may contain information that may be deemed material to investors. Additionally, we use our LinkedIn account (www.linkedin.com/company/crh), as well as our other social media channels from time to time, to post announcements that may contain information that may be deemed material to investors. Our officers may use similar social media channels to disclose public information. We encourage investors, the media and others interested in CRH to review the business and financial information we or our officers post on our website and the social media channels identified above. Information on CRH’s website or such social media channels does not form part of, and is not incorporated into, this Quarterly Report.

CRH Form 10-Q 32