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 and nine months ended September 30, 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 connected portfolio uniquely integrates materials, products and services across the construction value chain, better serving our customers’ needs and driving repeat business. This customer centric approach is making construction simpler, safer and more sustainable.

CRH provides a connected offering of essential materials (aggregates and cementitious materials), value-added building products as well as construction services to our customers. 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 building materials 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, summer and autumn which may reduce significantly in winter due to inclement conditions or generally as a result of 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

Three months ended September 30, 2025

CRH delivered a strong third quarter performance compared to the third quarter of 2024, resulting in the following performance highlights for the three months ended September 30, 2025 (comparisons are versus the prior year's third quarter):

• Total revenues increased 5% to $11.1 billion;

• Net income increased by $130 million to $1.5 billion. Adjusted EBITDA*1was $2.7 billion, an increase of $241 million, or 10%;

• Net income margin was 13.7% compared with 13.2%, an increase of 50 basis points (bps). Adjusted EBITDA margin* was 24.3%, an increase of 100bps on the prior year's third quarter Adjusted EBITDA margin* of 23.3%; and

• Diluted Earnings Per Share (EPS) was $2.21 compared to $1.97.

Nine months ended September 30, 2025

CRH delivered a good performance in the nine months ended September 30, 2025 compared to the prior year, resulting in the following performance highlights (comparisons are versus the prior year's first nine months):

• Total revenues increased 5% to $28.0 billion;

• Net income was $2.8 billion, a decrease of $59 million compared to the prior year. Adjusted EBITDA*2was $5.7 billion, an increase of $499 million, or 10%;

• Net income margin was 9.8% compared with 10.5%, a decrease of 70bps. Adjusted EBITDA margin* was 20.2%, an increase of 90bps on the prior year Adjusted EBITDA margin* of 19.3%; and

• Diluted EPS was $3.99 compared to $4.00.

*Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 34 to 35.1

CRH Form 10-Q 27

Capital allocation highlights

Nine months ended September 30, 2025

• Cash returned to shareholders through share buybacks was $0.9 billion, a decrease of $0.1 billion versus the first nine months of the prior year. On November 4, 2025, the latest tranche of the share buyback program was completed, bringing the year-to-date repurchases to $1.1 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 February 17, 2026;

• Cash paid to shareholders through dividends was $0.7 billion, compared with $1.5 billion in the first nine months of the prior year. The decrease primarily reflects the payment of a second interim 2023 dividend in Q1 2024, which was not repeated in Q1 2025. CRH declared a quarterly dividend of $0.37 per share in February 2025, May 2025 and August 2025 and a fourth quarterly dividend per share of $0.37 per share announced on November 5, 2025, representing an annualized increase of 6% on the prior year; and

• A total of 22 acquisitions were completed for consideration of $3.2 billion, compared with $3.9 billion in the first nine months of the prior year. A further $1.9 billion was invested in growth and maintenance capital expenditure projects, compared with $1.6 billion for the comparable 2024 period.

Development Review

In the three months ended September 30, 2025, CRH completed nine acquisitions for a total consideration of $2.5 billion, compared with $1.4 billion in the same period of 2024. Americas Materials Solutions completed three acquisitions, Americas Building Solutions completed two acquisitions and International Solutions completed four acquisitions.

For the nine months ended September 30, 2025, CRH completed 22 acquisitions for a total consideration of $3.2 billion, compared with $3.9 billion in the first nine months of the prior year.

In September 2025, CRH completed the acquisition of Eco Material, a leading supplier of cementitious materials in North America for a total consideration of $2.1 billion. The Eco Material transaction uniquely positions CRH to meet growing demand for cementitious products to modernize North America's infrastructure.

With respect to divestitures, in the three months ended September 30, 2025, cash proceeds from divestitures and disposals of long-lived assets were $0.1 billion, in line with the same period in 2024 (Q3 2024: $0.1 billion). For the nine months ended September 30, 2025, CRH realized cash proceeds from divestitures and disposals of long-lived assets of $0.2 billion, compared with $1.2 billion in the prior year period.

Outlook

The outlook for the remainder of 2025 is positive, reflecting the continued execution of our strategy, leading performance across our markets, and contributions from acquisitions. Looking ahead to 2026, we expect favorable underlying demand across our key end-markets, underpinned by significant public investment in infrastructure and continued reindustrialization activity. Within the residential sector, 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 superior strategy, connected portfolio and leading positions of scale in attractive high-growth markets, together with our strong and flexible balance sheet, are expected to underpin another year of growth and value creation in 2026.

CRH Form 10-Q 28

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, cementitious materials, readymixed concrete and asphalt, as well as providing paving and construction services. The Americas Building Solutions segment manufactures, supplies and delivers high-quality building products and solutions. The International Solutions segment provides a connected offering of building materials, products 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.3

Condensed Consolidated Statements of Income (Unaudited)

(in $ millions, except per share data)

			Three months ended						Nine months ended
			September 30						September 30
			2025			2024			2025			2024
Total revenues			11,069			10,515			28,031			26,702
Total cost of revenues			(6,760)			(6,456)			(17,859)			(17,161)
Gross profit			4,309			4,059			10,172			9,541
Selling, general and administrative expenses			(2,338)			(2,184)			(6,291)			(5,919)
Gain on disposal of long-lived assets			110			89			153			199
Operating income			2,081			1,964			4,034			3,821
Interest income			37			33			104			112
Interest expense			(209)			(164)			(590)			(452)
Other nonoperating income (expense), net			12			62			(17)			246
Income from operations before income tax expense and income from equity method investments			1,921			1,895			3,531			3,727
Income tax expense			(428)			(531)			(795)			(942)
Income from equity method investments			26			25			17			27
Net income			1,519			1,389			2,753			2,812
Net (income) attributable to redeemable noncontrolling interests			(10)			(9)			(18)			(21)
Net (income) attributable to noncontrolling interests			(6)			(4)			(7)			(2)
Net income attributable to CRH			1,503			1,376			2,728			2,789
Diluted earnings per share attributable to CRH			$2.21			$1.97			$3.99			$4.00
Adjusted EBITDA*			2,695			2,454			5,653			5,154

Total revenues

Total revenues were $11.1 billion for the three months ended September 30, 2025, an increase of $0.6 billion, or 5%, from the same period in 2024, driven by positive demand, strong commercial execution and contributions from acquisitions.

For the nine months ended September 30, 2025, total revenues were $28.0 billion, an increase of 5% from the first nine months of 2024, reflecting effective commercial execution, continued pricing progress and contributions from acquisitions which helped offset the impact of divestitures and adverse weather conditions across several regions earlier in the year.

For additional discussion on segment revenues, see “Segments” section on pages 31 to 33.

Gross profit

Gross profit for the three months ended September 30, 2025, was $4.3 billion, an increase of $0.3 billion, or 6% from the same period in 2024. The gross profit margin of 38.9% increased 30bps from 38.6% in the third quarter of the prior year. Labor and energy costs both increased by 3%, while depreciation and amortization expenses increased by 18% reflecting the impact of acquisitions and higher capital expenditures. Other costs increased 4% from the same period in 2024, resulting in a total cost of revenues increase of 5% in the quarter.

For the nine months ended September 30, 2025, gross profit was $10.2 billion, an increase of $0.6 billion, or 7%, from the same period in 2024, with total revenues 5% ahead of the same period in 2024, while total cost of revenues increased by 4%. The gross profit margin of 36.3% increased 60bps from 35.7% for the first nine months of the prior year. The increase in cost of revenues was primarily driven by a 5% increase in labor costs, attributable to higher headcount from acquisitions and inflationary pressures, as well as a 22% higher depreciation and amortization expense, reflecting the impact of acquisitions and increased capital expenditures. Energy costs increased by 3%, while other costs were 2% ahead of the prior year period.

*Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 34 to 35.3

CRH Form 10-Q 29

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 administrative expenses, were $2.3 billion for the three months ended September 30, 2025, an increase of $0.2 billion, or 7%, from the comparable 2024 period. The increase was primarily driven by a 9% increase in labor costs reflecting higher headcount and wage inflation and a 7% increase in haulage expenses resulting from acquisition activity.

For the nine months ended September 30, 2025, SG&A expenses were $6.3 billion, an increase of $0.4 billion, or 6%, from the comparable 2024 period. SG&A expenses increased primarily due to a 9% increase in labor costs impacted by higher headcount from acquisitions and wage inflation and a 6% increase in haulage expenses mainly due to acquisition activity.

Gain on disposal of long-lived assets

Gain on disposal of long-lived assets was $110 million for the three months ended September 30, 2025, an increase of $21 million compared with 2024. The increase was primarily due to the disposal of certain land assets in the Americas Buildings Solutions segment. For the nine months ended September 30, 2025, gain on disposal of long-lived assets was $153 million, a decrease of $46 million. The decrease was primarily due to the non-recurrence of equivalent levels of prior year gains on land asset sales in North America.

Interest income

Interest income was $37 million for the three months ended September 30, 2025, an increase of $4 million from the comparable period in 2024. For the nine months ended September 30, 2025, interest income was $104 million, a decrease of $8 million from the comparable period, primarily due to lower cash deposits in the period.

Interest expense

Interest expense was $209 million for the three months ended September 30, 2025, an increase of $45 million from the comparable period in 2024 and $590 million for the nine months ended September 30, 2025, an increase of $138 million from the prior period. The increase was primarily due to higher gross debt balances.

Other nonoperating income (expense), net

Other nonoperating income (expense), net, was $12 million for the three months ended September 30, 2025, compared with $62 million in the comparable period for 2024. Other nonoperating income (expense), net, includes pension and postretirement benefit costs (excluding service costs), gains and losses from divestitures, and other miscellaneous income and expenses. The reduction versus prior year was reflective of the non-recurrence of prior year gains on divestitures.

Other nonoperating income (expense), net, was an expense of ($17) million for the nine months ended September 30, 2025, compared with income of $246 million in the comparable period for 2024. 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 expense

For the three months ended September 30, 2025, the Company had an income tax expense of $428 million, compared to $531 million for the comparable period in 2024. The effective tax rate was 22% for the third quarter of 2025 compared with an effective tax rate of 28% for the third quarter of 2024. The decrease in the effective tax rate for the three months ended September 30, 2025, was mainly driven by movements in uncertain tax provisions.

For the nine months ended September 30, 2025, the Company had an income tax expense of $795 million compared to $942 million for the comparable period in 2024. The effective tax rate was 23% for the first nine months of 2025 compared with an effective tax rate of 25% for the same period in 2024. The decrease in the effective tax rate for the nine months ended September 30, 2025, was mainly driven by movements in uncertain tax provisions and valuation allowances.

Income from equity method investments

For the three months ended September 30, 2025, income of $26 million was recorded in income from equity method investments, an increase of $1 million from the comparable period in 2024. Income of $17 million was recorded for the nine months ended September 30, 2025, a decrease of $10 million from the comparable period in 2024.

Net income

Net income was $1.5 billion for the three months ended September 30, 2025, an increase of $130 million from the comparable period in 2024, reflecting a strong underlying operating performance in the period.

Net income was $2.8 billion for the nine months ended September 30, 2025, a decrease of $59 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 income attributable to CRH and earnings per share

Net income attributable to CRH was $1.5 billion for the three months ended September 30, 2025, an increase of $127 million from the comparable period in 2024. Diluted EPS for the three months ended September 30, 2025, was $2.21, compared with diluted EPS of $1.97 for the three months ended September 30, 2024.

Net income attributable to CRH was $2.7 billion for the nine months ended September 30, 2025, a decrease of $61 million from the comparable period in 2024. Diluted EPS for the nine months ended September 30, 2025, was $3.99, compared with $4.00 for the nine months ended September 30, 2024.

CRH Form 10-Q 30

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 Essential Materials businesses manufacture and supply aggregates and cementitious materials for use in a range of construction and industrial applications. Road Solutions supports the manufacturing, installation and maintenance of public highway infrastructure projects and commercial infrastructure. Building & Infrastructure Solutions provides products that connect, protect and transport critical water, energy and telecommunications infrastructure and deliver complex commercial building projects. Outdoor Living Solutions integrates 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

Three months ended September 30, 2025

						Analysis of Change
in $ millions			Three months ended September 30, 2024			Currency			Acquisitions			Divestitures			Organic			Three months ended September 30, 2025			% change
Total revenues			5,299			(4)			+254			–			+88			5,637			+6%
Adjusted EBITDA			1,484			(1)			+60			–			+12			1,555			+5%
Adjusted EBITDA margin			28.0%															27.6%

Americas Materials Solutions’ total revenues were 6% ahead of the third quarter of 2024, supported by favorable underlying activity levels, sustained pricing momentum and positive contributions from acquisitions.

In Essential Materials, total revenues increased by 9% due to positive pricing and solid underlying demand. Aggregates volumes increased by 7% supported by positive demand and contributions from acquisitions in the period, while underlying cement volumes were 4% ahead of the prior year. Aggregates pricing increased 4% year-on-year, impacted by a geographic and project-related shift in product mix during the period, while underlying cement pricing was up 1%.

In Road Solutions, total revenues increased by 5%. Asphalt volumes increased by 6% supported by more favorable weather conditions, with pricing in line with the prior year. Readymixed concrete volumes increased by 1% compared to the prior year while pricing increased by 2%. Paving and construction revenues increased by 4% supported by contributions from acquisitions. Construction backlogs were ahead of the prior year, with positive momentum in bidding activity.

Third quarter Adjusted EBITDA for Americas Materials Solutions was 5% ahead of the prior year, supported by positive pricing momentum, disciplined cost management and contributions from acquisitions. Adjusted EBITDA margin was 40bps lower than the third quarter of 2024, primarily due to the non-recurrence of equivalent levels of prior year gains on land asset sales.

Americas Materials Solutions

Nine months ended September 30, 2025

						Analysis of Change
in $ millions			Nine months ended September 30, 2024			Currency			Acquisitions			Divestitures			Organic			Nine months ended September 30, 2025			% change
Total revenues			11,907			(17)			+612			(16)			(97)			12,389			+4%
Adjusted EBITDA			2,692			(2)			+117			+6			+42			2,855			+6%
Adjusted EBITDA margin			22.6%															23.0%

Americas Materials Solutions’ total revenues were 4% ahead of the first nine months of 2024, as pricing progress and contributions from acquisitions more than offset weather-impacted volumes in some markets earlier in the year.

In Essential Materials, total revenues increased by 4% supported by positive pricing and good contributions from acquisitions. Aggregates volumes increased by 4% driven by positive contributions from acquisitions, while underlying cement volumes were 1% ahead compared to the same period in 2024. Prices in aggregates were ahead by 5% year-on-year, impacted by product mix, while underlying cement prices were ahead by 2%.

In Road Solutions, total revenues increased by 4% due to sustained activity levels, positive contributions from acquisitions and higher pricing. Readymixed concrete volumes were up 4% compared to the prior year, supported by acquisitions, while pricing increased by 2%. Paving and construction revenues increased by 2%, with construction backlogs ahead of the prior year. Asphalt volumes increased 3% over the prior year while pricing increased by 1%.

Adjusted EBITDA for Americas Materials Solutions was 6% ahead of the comparable period in 2024, driven by positive acquisition performance, disciplined cost management and operational efficiencies. Adjusted EBITDA margin increased by 40bps on the same period in 2024.

CRH Form 10-Q 31

Americas Building Solutions

Three months ended September 30, 2025

						Analysis of Change
in $ millions			Three months ended September 30, 2024			Currency			Acquisitions			Divestitures			Organic			Three months ended September 30, 2025			% change
Total revenues			1,757			–			+38			(8)			+10			1,797			+2%
Adjusted EBITDA			355			–			+12			(2)			+67			432			+22%
Adjusted EBITDA margin			20.2%															24.0%

Americas Building Solutions' total revenues were 2% ahead of the third quarter of 2024, driven by good commercial management and contributions from acquisitions.

In Building & Infrastructure Solutions, total revenues were 3% ahead of Q3 2024, driven by solid demand in water and a good performance in our energy business supported by data center activity and positive contributions from acquisitions.

In Outdoor Living Solutions, total revenues were 2% ahead of the prior year period, with positive contributions from acquisitions and resilient underlying RMI demand.

Adjusted EBITDA for Americas Building Solutions was 22% ahead of the third quarter of 2024, benefiting from good cost management, positive contributions from acquisitions and ongoing business and asset optimization initiatives, including the gain on disposal of certain land assets. Adjusted EBITDA margin was 380bps ahead of the prior year period.

Americas Building Solutions

Nine months ended September 30, 2025

						Analysis of Change
in $ millions			Nine months ended September 30, 2024			Currency			Acquisitions			Divestitures			Organic			Nine months ended September 30, 2025			% change
Total revenues			5,566			(5)			+181			(27)			(77)			5,638			+1%
Adjusted EBITDA			1,139			–			+49			(5)			+37			1,220			+7%
Adjusted EBITDA margin			20.5%															21.6%

Americas Building Solutions' total revenues were up 1% compared to the prior year, driven by good commercial management and contributions from acquisitions, which offset adverse weather impacts.

In Building & Infrastructure Solutions, total revenues were 3% ahead of the same period in 2024, supported by good underlying activity in our water and energy businesses and positive impacts from acquisitions.

In Outdoor Living Solutions, total revenues were in line with the prior year, as the impact of adverse weather across certain key markets was partly offset by incremental growth from acquisitions.

Adjusted EBITDA for Americas Building Solutions was 7% ahead of prior year, with good commercial management, positive contributions from acquisitions and gains on land asset sales more than offsetting the impact of challenging weather and subdued residential activity. Adjusted EBITDA margin was 110bps ahead of the prior year period.

CRH Form 10-Q 32

International Solutions

Three months ended September 30, 2025

						Analysis of Change
in $ millions			Three months ended September 30, 2024			Currency			Acquisitions			Divestitures			Organic			Three months ended September 30, 2025			% change
Total revenues			3,459			+149			+137			(134)			+24			3,635			+5%
Adjusted EBITDA			615			+27			+21			+2			+43			708			+15%
Adjusted EBITDA margin			17.8%															19.5%

International Solutions' total revenues were 5% ahead of the third quarter of 2024, supported by pricing momentum and contributions from acquisitions.

In Essential Materials, total revenues were 7% ahead of the comparable period in 2024, supported by strong contributions from acquisitions offsetting reduced activity in certain markets. Aggregates and cement volumes were 1% and 6% ahead of the comparable period in 2024, respectively, with pricing in line with the comparable period in 2024.

In Road Solutions, total revenues were 2% ahead of the comparable period in 2024, with volumes in readymixed concrete 1% ahead and pricing in line with the prior year, benefiting from higher activity levels across most markets. Asphalt pricing was slightly ahead of the comparable period in 2024, with volumes declining 1%. Paving and construction revenue declined by 7% due to the impact of divestitures.

Within Building & Infrastructure Solutions and Outdoor Living Solutions, total revenues were 9% ahead of the comparable period in 2024, supported by contributions from acquisitions.

Adjusted EBITDA in International Solutions was 15% ahead of the third quarter of 2024, driven by operational efficiencies, resilient pricing and contributions from acquisitions. Adjusted EBITDA margin increased by 170bps compared to the prior year.

International Solutions

Nine months ended September 30, 2025

						Analysis of Change
in $ millions			Nine months ended September 30, 2024			Currency			Acquisitions			Divestitures			Organic			Nine months ended September 30, 2025			% change
Total revenues			9,229			+255			+937			(292)			(125)			10,004			+8%
Adjusted EBITDA			1,323			+53			+124			(9)			+87			1,578			+19%
Adjusted EBITDA margin			14.3%															15.8%

In the first nine months of the year, total revenues in International Solutions increased by 8%, driven by contributions from acquisitions and favorable pricing.

In Essential Materials, total revenues were 9% above the comparable period in 2024 due to favorable pricing and contributions from acquisitions which more than offset the impact of the European Lime operations divestment. Aggregates pricing was 3% ahead with cement pricing 1% ahead of the comparable period in 2024, while aggregates and cement volumes were 5% and 9% ahead of the prior year, respectively.

In Road Solutions, total revenues were 9% above the comparable period in 2024, with volumes and prices in readymixed concrete ahead by 13% and 5%, respectively, benefiting from volume growth in the majority of countries as well as contributions from acquisitions. Asphalt volumes and pricing declined 3% and 2%, respectively.

Total revenues in Building & Infrastructure Solutions and Outdoor Living Solutions increased by 5% compared to the prior year, supported by contributions from acquisitions.

Adjusted EBITDA in International Solutions was 19% ahead of the comparable period in 2024, with contributions from acquisitions, pricing progress and operational efficiencies driving improvements. Adjusted EBITDA margin increased by 150bps compared to the prior year.

CRH Form 10-Q 33

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 most directly comparable GAAP measure.

Adjusted EBITDA: Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, loss on impairments, gain/loss on divestitures and 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.

A reconciliation to the most directly comparable GAAP measure is presented below:

			Three months ended						Nine months ended
			September 30						September 30
in $ millions			2025			2024			2025			2024
Net income			1,519			1,389			2,753			2,812
Income from equity method investments			(26)			(25)			(17)			(27)
Income tax expense			428			531			795			942
(Gain) loss on divestitures and investments (i)			(4)			(59)			38			(242)
Pension income excluding current service cost component (i)			(5)			(1)			(14)			(3)
Other interest, net (i)			(3)			(2)			(7)			(1)
Interest expense			209			164			590			452
Interest income			(37)			(33)			(104)			(112)
Depreciation, depletion, amortization and impairment			601			467			1,606			1,288
Substantial acquisition-related costs (ii)			13			23			13			45
Adjusted EBITDA			2,695			2,454			5,653			5,154
Total revenues			11,069			10,515			28,031			26,702
Net income margin			13.7%			13.2%			9.8%			10.5%
Adjusted EBITDA margin			24.3%			23.3%			20.2%			19.3%
(i) (Gain) loss on divestitures and investments, pension income excluding current service cost component and other interest, net have been included in Other nonoperating income (expense), net in the 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 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).

A reconciliation to the most directly comparable GAAP measure is presented below:

			September 30			December 31			September 30
in $ millions			2025			2024			2024
Short and long-term debt			(18,702)			(13,968)			(13,890)
Cash and cash equivalents			4,198			3,720			2,978
Finance lease liabilities			(506)			(257)			(228)
Derivative financial instruments (net)			4			(27)			(35)
Net Debt			(15,006)			(10,532)			(11,175)

CRH Form 10-Q 34

Organic Revenue and Organic Adjusted EBITDA: CRH pursues a strategy of growth through acquisitions and investments, with total spend on acquisitions and investments of $3.1 billion in the nine months ended September 30, 2025, compared with $3.9 billion for the same period in 2024. Acquisitions completed in 2024 and the first nine months of 2025 contributed incremental total revenues of $0.4 billion and Adjusted EBITDA of $0.1 billion for the three months ended September 30, 2025, and total revenues of $1.7 billion and Adjusted EBITDA of $0.3 billion for the nine months ended September 30, 2025. Cash proceeds from divestitures and disposals of long-lived assets amounted to $0.2 billion for the nine months ended September 30, 2025, compared with $1.2 billion for the nine months ended September 30, 2024. The total revenues impact of divestitures was a negative $0.1 billion and the impact at an Adjusted EBITDA level was $nil for the three months ended September 30, 2025. The total revenues impact of divestitures was a negative $0.3 billion and the impact at an Adjusted EBITDA level was a negative $8 million for the nine months ended September 30, 2025.

The U.S. Dollar weakened against most major currencies during the three months ended September 30, 2025, from the comparable period in 2024, resulting in an overall positive 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 27 to 28, 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 27.

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 uncommitted U.S. Dollar and Euro Commercial Paper Programs, and committed credit lines, is expected to be sufficient to meet the Company’s working capital needs, capital 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 $18.7 billion at September 30, 2025, compared with $14.0 billion at December 31, 2024, and $13.9 billion at September 30, 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 nine months ended September 30, 2025, $2.0 billion net of U.S. Commercial Paper and $0.2 billion net of Euro Commercial Paper was issued. The $1.25 billion Senior Notes due 2025 were repaid on maturity in May.

Net Debt**at September 30, 2025, was $15.0 billion, compared to $10.5 billion at December 31, 2024, and $11.2 billion at September 30, 2024. The increase in Net Debt* compared to December 31, 2024, reflects cash returns to shareholders through continued share buybacks and dividends, acquisitions, as well as the purchase of property, plant and equipment partially offset by inflows from operating activities.

CRH continued its ongoing share buyback program in the first nine months of 2025 repurchasing approximately 9.6 million Ordinary Shares for a total consideration of $0.9 billion, and the Company is commencing an additional $0.3 billion tranche to be completed no later than February 17, 2026. The Company also made cash dividend payments of $0.7 billion in the first nine months of 2025.

At September 30, 2025, CRH had cash and cash equivalents and restricted cash of $4.3 billion, compared to $3.8 billion at December 31, 2024, and $3.1 billion at September 30, 2024. Total lease liabilities were $2.0 billion, compared to $1.6 billion at December 31, 2024, and $1.6 billion at September 30, 2024.

At September 30, 2025, CRH had $4.2 billion of undrawn committed facilities, $4.1 billion of which was available until May 2030. During April 2025, the Company extended the maturity date of $4.1 billion in undrawn committed facilities to May 2030. At September 30, 2025, the weighted average maturity of the term debt (net of cash and cash equivalents) was 7.2 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

			Nine months ended
			September 30
in $ millions			2025			2024
Net cash provided by operating activities			2,710			2,259

Net cash provided by operating activities was $2.7 billion for the nine months ended September 30, 2025, an increase of $0.5 billion, compared to the same period in 2024. The increase in net cash provided by operating activities was due to improved operating performance, partially offset by increased working capital investments.

Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 34 to 35.

CRH Form 10-Q 35

Cash flows from investing activities

			Nine months ended
			September 30
in $ millions			2025			2024
Net cash used in investing activities			(4,705)			(4,405)

Net cash used in investing activities was $4.7 billion for the nine months ended September 30, 2025, compared to $4.4 billion in the same period for 2024, an increase of $0.3 billion. During the nine months ended September 30, 2025, the Company invested $3.1 billion in acquisitions, a decrease of $0.7 billion on the same period in 2024. Capital expenditure totaled $1.9 billion in the first nine months of 2025, resulting in an increased outflow of $0.3 billion versus the comparable prior year period. These outflows were partially offset by $0.3 billion proceeds from divestitures and disposals of long-lived assets and other investing activities, compared to $1.0 billion in the prior year.

Cash flows from financing activities

			Nine months ended
			September 30
in $ millions			2025			2024
Net cash provided by (used in) financing activities			2,319			(1,144)

Net cash provided by financing activities was $2.3 billion for the nine months ended September 30, 2025, compared to $1.1 billion used in the same period in 2024, an increase of $3.5 billion. Proceeds from debt issuances were $7.8 billion, which was primarily related to the issuance of $3.0 billion in new senior notes in January 2025 and the issuance of $4.6 billion of commercial paper, an increase of $4.3 billion on the same period in 2024. Payments on debt in the first nine months of 2025 were $3.7 billion, being the repayment of $2.4 billion issued under the Company’s commercial paper programs and the repayment of a $1.25 billion bond on maturity in May 2025. This compared with a repayment of $1.9 billion in the prior year comparable period, which related to the repayment of a euro-denominated bond on maturity in January 2024 as well as the repayment of $1.2 billion issued under the Company’s commercial paper programs. Dividends paid for the first nine months of 2025 were $0.7 billion compared to $1.5 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 repurchases of common stock were $0.9 billion in the first nine months of 2025 compared to $1.2 billion for the same period in 2024.

Debt Facilities

The following section summarizes 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 September 30, 2025, we expect maturities for the next quarter as follows:

2025 Debt Maturities

Fourth Quarter			$3.7 billion

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. In May 2025, $1.25 billion 3.875% Senior Notes due 2025 were repaid on maturity. In October 2025, a wholly-owned subsidiary of the Company completed the issuance and sale of $1.0 billion 4.400% Guaranteed Notes due 2031, $1.0 billion 5.000% Guaranteed Notes due 2036, and $0.5 billion 5.600% Guaranteed Notes due 2056.

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 2030. See Note 8 “Debt” in Part I, Item 1. “Financial Statements” for further details regarding the RCF. At September 30, 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: $17.8 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 September 30, 2025.

Commercial Paper Programs

As at September 30, 2025, the Company had a $4.0 billion U.S. Dollar Commercial Paper Program and a €1.5 billion Euro Commercial Paper Program. Commercial paper borrowings bear interest at rates determined at the time of borrowing. As at September 30, 2025, there was $3.2 billion of outstanding notes issued under the U.S. Dollar Commercial Paper Program and $0.6 billion of outstanding notes issued 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 36

Credit Ratings1*

Our credit ratings and the ratings outlooks at September 30, 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 September 30, 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)			18,769			3,982			4,506			4,206			6,075
Lease liabilities (ii)			2,454			379			682			395			998
Estimated interest payments on contractually committed debt (iii)			5,333			659			1,104			847			2,723
Deferred and contingent acquisition consideration			61			55			4			1			1
Purchase obligations (iv)			2,391			1,364			675			102			250
Retirement benefit obligation commitments (v)			17			3			6			4			4
Total (vi)			29,025			6,442			6,977			5,555			10,051

(i) Of the $18.8 billion short and long-term debt, $0.6 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 September 30, 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. CRH America is an indirect wholly-owned finance subsidiary of CRH plc incorporated under the laws of the State of Delaware and is a holding company for certain of CRH's U.S. operating companies as well as a financing vehicle for the Company. 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.*

CRH Form 10-Q 37

Basis of Presentation

The following summarized financial information reflects, on a combined basis, the Balance Sheet as of September 30, 2025, and as of December 31, 2024, and the Income Statement for the nine months ended September 30, 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 below. 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			Nine months ended September 30, 2025			Year ended December 31, 2024
Income from operations before income tax benefit and income from equity method investments (i)			3,608			1,051
- of which relates to transactions with non-obligor subsidiaries			3,600			1,183
Net income – all of which is attributable to equity holders of the Company			3,607			1,050
- of which relates to transactions with non-obligor subsidiaries			3,600			1,183
(i) Revenues and gross profit for the Obligor Group for the nine months ended September 30, 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:
			September 30			December 31
			2025			2024
Current assets			1,097			610
Current assets – of which is due from non-obligor subsidiaries			537			307
Noncurrent assets			1,938			3,446
Noncurrent assets – of which is due from non-obligor subsidiaries			1,938			3,446
Current liabilities			2,454			4,145
Current liabilities – of which is due to non-obligor subsidiaries			2,436			2,890
Noncurrent liabilities			744			758

Critical Accounting Policies and Estimates

There have been no material changes during the three months ended September 30, 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 38