CRH (NYSE: CRH) grows Q1 2026 sales 9% but remains in loss
Filing Impact
Filing Sentiment
Form Type
10-Q
Rhea-AI Filing Summary
CRH reported higher first‑quarter 2026 revenue but a wider loss. Total revenues rose 9% to $7.4 billion, driven by stronger demand, pricing discipline and acquisitions across its Americas and International segments.
Adjusted EBITDA increased 18% to $586 million and margin improved to 8.0%, yet net loss deepened to $180 million, mainly due to a $48 million impairment tied to assets held for sale, higher depreciation and amortization, and increased interest expense from a larger debt base.
Positive
- None.
Negative
- None.
Insights
CRH grew revenue and EBITDA, but higher costs and impairments kept results in loss.
CRH delivered 9% revenue growth to $7.4 billion and lifted Adjusted EBITDA 18% to $586 million, helped by acquisitions and solid infrastructure demand. Margins improved across segments, especially in International Solutions, where Adjusted EBITDA rose 32%.
However, the group still posted a net loss of $180 million, larger than 2025’s loss, mainly from a $48 million impairment on operations held for sale, higher depreciation of $576 million, and interest expense of $203 million. Net Debt increased to $15.8 billion, reflecting seasonal cash outflows, capital spending, acquisitions and share buybacks.
Management highlights ongoing infrastructure and reindustrialization demand and expects another year of growth in 2026, assuming normal weather and stable macro conditions. Future filings will show how planned divestitures and continued portfolio reshaping affect leverage, margins and cash generation.
Key Figures
Total revenues: $7,370 million
Net loss: $180 million
Adjusted EBITDA: $586 million
+5 more
8 metrics
Total revenues
$7,370 million
Three months ended March 31, 2026
Net loss
$180 million
Three months ended March 31, 2026
Adjusted EBITDA
$586 million
Three months ended March 31, 2026
Diluted loss per share
$0.27
Three months ended March 31, 2026
Net Debt
$15,828 million
As of March 31, 2026
Cash and cash equivalents and restricted cash
$3,333 million
As of March 31, 2026
Capital expenditure
$683 million
Property, plant and equipment and intangibles, Q1 2026
Impairment loss
$48 million
International Solutions segment, Q1 2026
Key Terms
Adjusted EBITDA, Net Debt, Redeemable noncontrolling interests, Variable Interest Entity, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, Loss on impairments, gain/loss on divestitures and investments"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Net Debt financial
"Net Debt is comprised of short and long-term debt, finance lease liabilities, cash and cash equivalents and current and noncurrent derivative financial instruments (net)."
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
Redeemable noncontrolling interests financial
"The Redeemable noncontrolling interests primarily comprise the noncontrolling interests in two of the Company’s North American subsidiaries, which are currently redeemable."
A redeemable noncontrolling interest is a minority ownership stake in a company that the holder can force the company to buy back at a set price or under certain conditions. For investors this matters because it creates a future cash obligation and can be treated more like a liability than permanent equity, affecting a company’s reported debt, net income and valuation — think of it as a part-owner who can cash out, forcing the business to pay them.
Variable Interest Entity financial
"The Company’s operations in the Philippines are conducted through a Variable Interest Entity (VIE), wherein the Company holds 40% of the equity share capital and a 55% share of earnings and distributions."
A variable interest entity (VIE) is a company structure where one party controls another company’s operations and economic outcomes through contracts or special arrangements instead of owning a majority of its voting shares. For investors, VIEs matter because the controlling party’s financial results, debts and risks can appear in the controller’s reports even though ownership looks separate, so understanding VIEs helps assess true exposure, governance limits and transparency—like spotting a puppet controlled by strings rather than direct ownership.
commercial paper financial
"As of March 31, 2026, the Company had a $4,000 million U.S. Dollar Commercial Paper Program and a €1,500 million Euro Commercial Paper Program."
Short-term IOUs issued by companies to raise cash quickly, sold to investors for a fixed, brief period (usually up to a few months) and repaid with interest at maturity. Think of it as a business borrowing from the public without putting up collateral, like a friend asking to borrow money for a few weeks with a promise to pay back a bit more. Investors watch commercial paper to gauge a company’s short-term funding health and credit risk; difficulty issuing it or rising yields can signal liquidity stress or higher perceived risk.
assets held for sale financial
"The Company has classified certain operations as held for sale as of March 31, 2026 which are held at the lower of their carrying value or fair value less costs to sell."
Assets held for sale are things a company has decided to sell and has reclassified on its balance sheet to show they are being marketed rather than used in daily operations — like putting a house on the market instead of living in it. This matters to investors because these items are measured based on expected sale proceeds (which can reveal likely gains or losses), stop being treated as regular operating assets, and signal upcoming cash inflows or a change in strategy that can affect the company’s financial health and stock value.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarterly period ended March 31, 2026
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from to
Commission File Number:001-32846
Commission File Number:
(Exact name of registrant as specified in its charter)
| Ireland | |||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||
| Title of each class: | Trading Symbols: | Name of each exchange on which registered: | ||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
CRH FORM 10-Q
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| ☒ | Accelerated filer | ☐ | ||||||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
| Emerging growth company | ||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐ Yes ☒No
☐ Yes ☒
As of April 20, 2026, the number of outstanding Ordinary Shares was 668,200,216 (excluding Treasury stock of 35,634,977 shares).
CRH FORM 10-Q
TABLE OF CONTENTS
| PAGE | ||||||||
| PART I | FINANCIAL INFORMATION | |||||||
| Item 1. | Financial Statements | 3 | ||||||
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 24 | ||||||
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 34 | ||||||
| Item 4. | Controls and Procedures | 35 | ||||||
| PART II | OTHER INFORMATION | |||||||
| Item 1. | Legal Proceedings | 36 | ||||||
| Item 1A. | Risk Factors | 36 | ||||||
| Item 2. | Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities | 36 | ||||||
| Item 3. | Defaults Upon Senior Securities | 36 | ||||||
| Item 4. | Mine Safety Disclosures | 36 | ||||||
| Item 5. | Other Information | 36 | ||||||
| Item 6. | Exhibits | 37 | ||||||
Signatures | 38 | |||||||
1 | ||
CRH FORM 10-Q
CERTAIN TERMS
Except as otherwise specified or the context otherwise requires, references to 'CRH', the 'Company', 'we', 'us' or 'our' refer to CRH plc (together with its consolidated subsidiaries), and references to years indicate our fiscal year ended December 31 of the respective year.
References to the '2025 Form 10-K' are to our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 18, 2026. References to this 'Quarterly Report' are to our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026. All references to the 'Condensed Consolidated Financial Statements' are to Part I, Item 1 of this Quarterly Report. All references to the ‘same period in 2025’ refer to the three months ended March 31, 2025, unless otherwise indicated.
References to 'Ordinary Shares', 'Common Shares' and 'Common stock' refer to our ordinary shares of €0.32 each.
Forward-Looking Statements
Reliance upon the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, CRH is providing the following cautionary statement.
This Quarterly Report contains statements that are, or may be deemed to be, forward-looking statements with respect to the financial condition, results of operations, business, viability, and future performance of CRH and certain of the plans and objectives of CRH. These forward-looking statements may generally, but not always, be identified by the use of words such as “will”, “anticipates”, “should”, “could”, “would”, “targets”, “aims”, “may”, “continues”, “expects”, “is expected to”, “estimates”, “believes”, “intends” or similar expressions. These forward-looking statements include all matters that are not historical facts or matters of fact at the date of this document.
In particular, the following, among other statements, are all forward looking in nature: expectations regarding CRH’s outlook for 2026, including drivers of CRH's performance, demand outlook, trends in CRH’s markets and key end-markets, government funding initiatives and manufacturing trends (including public investment in infrastructure and reindustrialization activity), pricing trends, costs and weather patterns; plans and expectations regarding business strategy and cash returns for shareholders, including expectations regarding dividends and share buybacks; plans and expectations regarding CRH’s financial capacity, including our ability to fund acquisitions and meet working capital needs, capital expenditures, contractual obligations, dividends, share repurchases, upcoming debt maturities and other liquidity requirements; plans and expectations regarding the expansion of our operations and the timing and benefits of our acquisitions and divestitures; and statements regarding the consummation (including timing thereof) of certain divestitures, including the construction accessories operations and the lawn and garden operations.
By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future and reflect our current expectations and assumptions as to such future events and circumstances that may not prove accurate. You are cautioned not to place undue reliance on any forward-looking statements. These forward-looking statements are made as of the date of this document. We expressly disclaim any obligation or undertaking to publicly update or revise these forward-looking statements other than as required by applicable law.
A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, certain of which are beyond our control, and which include, but are not limited to: economic and financial conditions, including changes in interest rates, inflation, price volatility and/or labor and materials shortages; demand for infrastructure, residential and non-residential construction and our products in geographic markets in which we operate; increased competition and its impact on prices and market position; increases in energy, labor and/or other raw materials costs; adverse changes to laws and regulations, including in relation to climate change; the impact of unfavorable weather; investor and/or consumer sentiment regarding the importance of sustainable practices and products; availability of public sector funding for infrastructure programs; political uncertainty, including as a result of political and social conditions in the jurisdictions CRH operates in, or adverse political developments, including the ongoing geopolitical conflicts in Ukraine and the Middle East; failure to complete or successfully integrate acquisitions or make timely divestitures; cyber-attacks and exposure of associates, contractors, customers, suppliers and other individuals to health and safety risks, including due to product failures. Additional factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those expressed by the forward-looking statements in this report including, but not limited to, the risks and uncertainties described herein and in “Risk Factors” in our 2025 Form 10-K and in our other filings with the SEC.
2 | ||
CRH FORM 10-Q
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Statements of Income (Unaudited)
(in $ millions, except share and per share data)
| Three months ended | ||||||||
| March 31 | ||||||||
| 2026 | 2025 | |||||||
| Product revenues | ||||||||
| Service revenues | ||||||||
| Total revenues | ||||||||
| Cost of product revenues | ( | ( | ||||||
| Cost of service revenues | ( | ( | ||||||
| Total cost of revenues | ( | ( | ||||||
| Gross profit | ||||||||
| Selling, general and administrative expenses | ( | ( | ||||||
| Gain on disposal of long-lived assets | ||||||||
| Loss on impairments | ( | |||||||
| Operating (loss) income | ( | |||||||
| Interest income | ||||||||
| Interest expense | ( | ( | ||||||
| Other nonoperating expense, net | ( | ( | ||||||
| Loss from operations before income tax benefit and loss from equity method investments | ( | ( | ||||||
| Income tax benefit | ||||||||
| Loss from equity method investments | ( | ( | ||||||
| Net loss | ( | ( | ||||||
| Net loss attributable to noncontrolling interests | ||||||||
| Net loss attributable to CRH | ( | ( | ||||||
| Loss per share attributable to CRH | ||||||||
| Basic | ($ | ($ | ||||||
| Diluted | ($ | ($ | ||||||
| Weighted average common shares outstanding | ||||||||
| Basic | ||||||||
| Diluted | ||||||||
The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.
3 | ||
CRH FORM 10-Q
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(in $ millions)
| Three months ended | ||||||||
| March 31 | ||||||||
| 2026 | 2025 | |||||||
| Net loss | ( | ( | ||||||
| Other comprehensive (loss) income, net of tax: | ||||||||
| Currency translation adjustment | ( | |||||||
Net change in fair value of effective portion of cash flow hedges, net of tax of $( | ( | |||||||
Actuarial losses and prior service credits for pension and other postretirement plans, net of tax of $ | ( | ( | ||||||
| Other comprehensive (loss) income | ( | |||||||
| Comprehensive (loss) income | ( | |||||||
| Comprehensive (income) attributable to noncontrolling interests | ( | ( | ||||||
| Comprehensive (loss) income attributable to CRH | ( | |||||||
The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.
4 | ||
CRH FORM 10-Q
Condensed Consolidated Balance Sheets (Unaudited)
(in $ millions, except share data)
| March 31 | December 31 | March 31 | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | |||||||||||
| Restricted cash | |||||||||||
| Accounts receivable, net | |||||||||||
| Inventories | |||||||||||
| Assets held for sale | |||||||||||
| Other current assets | |||||||||||
| Total current assets | |||||||||||
| Property, plant and equipment, net | |||||||||||
| Equity method investments | |||||||||||
| Goodwill | |||||||||||
| Intangible assets, net | |||||||||||
| Operating lease right-of-use assets, net | |||||||||||
| Other noncurrent assets | |||||||||||
| Total assets | |||||||||||
| Liabilities, redeemable noncontrolling interests and shareholders’ equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | |||||||||||
| Accrued expenses | |||||||||||
| Current portion of long-term debt | |||||||||||
| Operating lease liabilities | |||||||||||
| Liabilities held for sale | |||||||||||
| Other current liabilities | |||||||||||
| Total current liabilities | |||||||||||
| Long-term debt | |||||||||||
| Deferred income tax liabilities | |||||||||||
| Noncurrent operating lease liabilities | |||||||||||
| Other noncurrent liabilities | |||||||||||
| Total liabilities | |||||||||||
Commitments and contingencies (Note 18) | |||||||||||
| Redeemable noncontrolling interests | |||||||||||
| Shareholders’ equity | |||||||||||
Preferred stock, € | |||||||||||
Common stock, € | |||||||||||
Treasury stock, at cost ( | ( | ( | ( | ||||||||
| Additional paid-in capital | |||||||||||
| Accumulated other comprehensive loss | ( | ( | ( | ||||||||
| Retained earnings | |||||||||||
| Total shareholders’ equity attributable to CRH shareholders | |||||||||||
| Noncontrolling interests | |||||||||||
| Total equity | |||||||||||
| Total liabilities, redeemable noncontrolling interests and equity | |||||||||||
The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.
5 | ||
CRH FORM 10-Q
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in $ millions)
(in $ millions)
| Three months ended | ||||||||
| March 31 | ||||||||
| 2026 | 2025 | |||||||
| Cash Flows from Operating Activities: | ||||||||
| Net loss | ( | ( | ||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Depreciation, depletion, and amortization | ||||||||
| Loss on impairments | ||||||||
| Share-based compensation | ||||||||
| (Gain) loss on disposals from businesses and long-lived assets, net | ( | |||||||
| Deferred tax (benefit) expense | ( | |||||||
| Loss from equity method investments | ||||||||
| Pension and other postretirement benefits net periodic benefit cost | ||||||||
| Non-cash operating lease costs | ||||||||
| Other items, net | ( | |||||||
| Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||||||||
| Accounts receivable, net | ( | ( | ||||||
| Inventories | ( | ( | ||||||
| Accounts payable | ( | ( | ||||||
| Operating lease liabilities | ( | ( | ||||||
| Other assets | ( | ( | ||||||
| Other liabilities | ||||||||
| Pension and other postretirement benefits contributions | ( | ( | ||||||
| Net cash used in operating activities | ( | ( | ||||||
| Cash Flows from Investing Activities: | ||||||||
| Purchases of property, plant and equipment, and intangibles | ( | ( | ||||||
| Acquisitions, net of cash acquired | ( | ( | ||||||
| Proceeds from divestitures | ||||||||
| Proceeds from disposal of long-lived assets | ||||||||
| Distributions received from equity method investments | ||||||||
| Settlements of derivatives | ( | |||||||
| Deferred divestiture consideration received | ||||||||
| Other investing activities, net | ( | |||||||
| Net cash used in investing activities | ( | ( | ||||||
6 | ||
CRH FORM 10-Q
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in $ millions)
(in $ millions)
| Three months ended | ||||||||
| March 31 | ||||||||
| 2026 | 2025 | |||||||
| Cash Flows from Financing Activities: | ||||||||
| Proceeds from debt issuances | ||||||||
| Payments on debt | ( | ( | ||||||
| Settlements of derivatives | ( | |||||||
| Payments of finance lease obligations | ( | ( | ||||||
| Deferred and contingent acquisition consideration paid | ( | ( | ||||||
| Distributions to noncontrolling and redeemable noncontrolling interests | ( | ( | ||||||
| Transactions involving noncontrolling interests | ( | |||||||
| Repurchases of common stock | ( | ( | ||||||
| Amounts related to employee share plans | ||||||||
| Net cash provided by financing activities | ||||||||
| Effect of exchange rate changes on cash and cash equivalents, including restricted cash | ( | |||||||
| Decrease in cash and cash equivalents, including restricted cash | ( | ( | ||||||
| Cash and cash equivalents and restricted cash at the beginning of period | ||||||||
| Cash and cash equivalents and restricted cash at the end of period | ||||||||
| Supplemental cash flow information: | ||||||||
| Cash paid for interest (including finance leases) | ||||||||
| Cash paid for income taxes | ||||||||
| Reconciliation of cash and cash equivalents and restricted cash | ||||||||
| Cash and cash equivalents presented in the Condensed Consolidated Balance Sheets | ||||||||
| Cash and cash equivalents included in Assets held for sale | ||||||||
| Restricted cash presented in the Condensed Consolidated Balance Sheets | ||||||||
| Total cash and cash equivalents and restricted cash presented in the Condensed Consolidated Statements of Cash Flows | ||||||||
The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.
7 | ||
CRH FORM 10-Q
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(in $ millions, except share and per share data)
| Preferred stock | Common stock | Treasury stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Shareholders' Equity Attributable to CRH Shareholders | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||
| Balance as of December 31, 2025 | $ | $ | ( | ($ | $ | ($ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
| Net loss | – | – | – | – | – | – | – | – | ( | ( | ( | ( | ||||||||||||||||||||||||||
| Other comprehensive loss | – | – | – | – | – | – | – | ( | – | ( | ( | |||||||||||||||||||||||||||
| Share-based compensation | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||
| Repurchases and retirement of common stock | – | – | ( | ( | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Shares issued under employee share plans | – | – | – | – | ( | – | ( | ( | – | ( | ||||||||||||||||||||||||||||
| Dividends declared on common stock | – | – | – | – | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Transactions involving noncontrolling interests | – | – | – | – | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Adjustment of redeemable noncontrolling interests to redemption value | – | – | – | – | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Balance as of March 31, 2026 | $ | $ | ( | ($ | $ | ($ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
For the three months ended March 31, 2026, dividends declared on Common stock were $0.39 per common share.
| Preferred stock | Common stock | Treasury stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Shareholders' Equity Attributable to CRH Shareholders | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||
| Balance as of December 31, 2024 | $ | $ | ( | ($ | $ | ($ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
| Net loss | – | – | – | – | – | – | – | – | ( | ( | ( | ( | ||||||||||||||||||||||||||
| Other comprehensive income | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
| Share-based compensation | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||
| Repurchases and retirement of common stock | – | – | ( | ( | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Shares issued under employee share plans | – | – | – | – | ( | – | – | ( | – | ( | ||||||||||||||||||||||||||||
| Dividends declared on common stock | – | – | – | – | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Distributions to noncontrolling interests | – | – | – | – | – | – | – | – | – | – | ( | ( | ||||||||||||||||||||||||||
| Adjustment of redeemable noncontrolling interests to redemption value | – | – | – | – | – | – | – | – | ( | ( | – | ( | ||||||||||||||||||||||||||
| Balance as of March 31, 2025 | $ | $ | ( | ($ | $ | ($ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
For the three months ended March 31, 2025, dividends declared on Common stock were $0.37 per common share.
The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.
8 | ||
CRH FORM 10-Q
Notes to Condensed Consolidated Financial Statements (Unaudited)
1. Summary of significant accounting policies
1.1. Description of business
CRH is the leading provider of building materials critical to modernizing infrastructure. The Company operates in the building materials industry, providing essential materials and products for construction projects across its Americas and International footprint. The Company is a major producer of aggregates, cementitious materials, readymixed concrete, asphalt, precast concrete and outdoor living products and is a provider of paving and construction services, supplying a wide range of customers, including Federal and local authorities, general contractors, and the commercial and residential markets. A summary of significant accounting policies used in the preparation of the accompanying Condensed Consolidated Financial Statements follows.
1.2. Basis of presentation and use of estimates
The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and in Article 10 of Regulation S-X. The Company has continued to follow the accounting policies set forth in the audited Consolidated Financial Statements and related notes thereto included in the Company’s 2025 Form 10-K. In the opinion of our management, these statements reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of our results of operations and financial condition for the periods and as of the dates presented. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. The Condensed Consolidated Balance Sheet as of December 31, 2025 has been derived from the audited Consolidated Financial Statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s 2025 Form 10-K.
Estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates may be necessary if there are changes in the circumstances or experiences on which the estimate was based or as a result of new information.
Changes in estimates, including those resulting from changes in the economic environment, are reflected in the period in which the change in estimate occurs.
1.3. Cash and cash equivalents and restricted cash
Cash and cash equivalents include cash on hand and all highly liquid investments with original maturities at the time of purchase of three months or less. Restricted cash consists of amounts held in escrow designated for exchange of assets under Section 1031 of the U.S. Internal Revenue Code of 1986, as amended.
1.4. New accounting standards
9 | ||
CRH FORM 10-Q
2. Revenue
The Company disaggregates revenue based on its operating and reportable segments. The Company’s operating and reportable segments are: (1) Americas Materials Solutions, (2) Americas Building Solutions, and (3) International Solutions.
Revenue is disaggregated by principal activities and products and by primary geographic market. Business lines are reviewed and evaluated as follows: (1) Essential Materials, (2) Road Solutions, (3) Building & Infrastructure Solutions, and (4) Outdoor Living Solutions.
The Essential Materials businesses manufacture and supply aggregates and cementitious materials for use in a range of construction and industrial applications.
Road Solutions support the manufacturing, installation and maintenance of public highway infrastructure projects and commercial infrastructure.
Building & Infrastructure Solutions provide products that connect and protect critical water, energy and telecommunications infrastructure and deliver complex commercial building projects.
Outdoor Living Solutions integrate specialized materials, products and design features to enhance the quality of private and public spaces.
| Three months ended March 31, 2026 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Principal activities and products | ||||||||||||||
| Essential Materials | ||||||||||||||
| Road Solutions (i) | ||||||||||||||
| Building & Infrastructure Solutions (ii) | ||||||||||||||
| Outdoor Living Solutions | ||||||||||||||
| Total revenues | ||||||||||||||
| Three months ended March 31, 2025 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Principal activities and products | ||||||||||||||
| Essential Materials | ||||||||||||||
| Road Solutions (i) | ||||||||||||||
| Building & Infrastructure Solutions (ii) | ||||||||||||||
| Outdoor Living Solutions | ||||||||||||||
| Total revenues | ||||||||||||||
(i) Revenue from contracts with customers in the Road Solutions principal activities and products category that is recognized over time was:
| Three months ended | ||||||||
| March 31 | ||||||||
| in $ millions | 2026 | 2025 | ||||||
| Americas Materials Solutions | ||||||||
| International Solutions | ||||||||
| Total revenue from contracts with customers | ||||||||
(ii) Revenue from contracts with customers in the Building & Infrastructure Solutions principal activities and products category that is recognized over time was:
| Three months ended | ||||||||
| March 31 | ||||||||
| in $ millions | 2026 | 2025 | ||||||
| Americas Building Solutions | ||||||||
| International Solutions | ||||||||
| Total revenue from contracts with customers | ||||||||
Contract assets were $510 million, $525 million and $659 million and contract liabilities were $391 million, $405 million and $481 million, as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively. The Company recognized revenue of $188 million and $276 million for the three months ended March 31, 2026, and March 31, 2025, respectively, which was previously included in the contract liability balance as of December 31, 2025, and December 31, 2024, respectively.
Contract assets include unbilled revenue and retentions held by customers in respect of construction contracts as of March 31, 2026, December 31, 2025, and March 31, 2025 amounting to $298 million and $212 million, $299 million and $226 million, and $430 million and $229 million, respectively. Unbilled revenue represents the estimated value of unbilled work for projects with performance obligations recognized over time. Retentions represent amounts that have been billed to customers but payment is withheld until final acceptance of the performance obligation by the customer. Retentions that have been billed, but are not due until completion of performance and acceptance by customers, are generally expected to be collected within one year. The Company applies the practical expedient and does not adjust any of its transaction prices for the time value of money.
On March 31, 2026, the Company had $3,176 million of transaction price allocated to remaining performance obligations. The majority of open contracts as of March 31, 2026 are expected to close and revenue to be recognized within 12 months of the balance sheet date.
10 | ||
CRH FORM 10-Q
3. Assets held for sale
On January 27, 2026, the Company entered into an agreement to divest of its construction accessories operations for consideration of $0.7 billion. The transaction is expected to close in the second quarter of 2026 subject to customary closing conditions and regulatory approvals. An impairment of $48 million has been recognized on the operations' assets in the first quarter of 2026 to reflect the reduction to fair value less costs to sell, inclusive of Cumulative Translation Adjustment (CTA), the primary driver of the impairment. The operations being sold in this transaction comprise part of the Company’s International Solutions segment, and the relevant assets and liabilities have accordingly been reclassified as assets and liabilities held for sale.
On March 16, 2026, the Company entered into an agreement to divest of its lawn and garden operations for consideration of $1.1 billion. The transaction is expected to close in the second quarter of 2026 subject to customary closing conditions and regulatory approvals. No impairment loss was recognized on the reclassification of the lawn and garden operations as held for sale. The operations being sold in this transaction comprise part of the Company’s Americas Building Solutions segment, and the relevant assets and liabilities have accordingly been reclassified as assets and liabilities held for sale.
The Company determined that these operations classified as held for sale did not meet the criteria for classification as discontinued operations.
The major classes of assets and liabilities classified as held for sale as of March 31, 2026 were:
| in $ millions | Construction Accessories | Lawn and Garden | Total | ||||||||
| Assets | |||||||||||
| Cash and cash equivalents | |||||||||||
| Accounts receivable, net | |||||||||||
| Inventories | |||||||||||
| Property, plant and equipment, net | |||||||||||
| Goodwill | |||||||||||
| Intangible assets | |||||||||||
| Operating lease right-of-use assets, net | |||||||||||
| Other assets | |||||||||||
| Assets held for sale | |||||||||||
| Liabilities | |||||||||||
| Accounts payable | |||||||||||
| Accrued expenses | |||||||||||
| Deferred income tax liabilities | |||||||||||
| Operating lease liabilities | |||||||||||
| Other liabilities | |||||||||||
| Liabilities held for sale | |||||||||||
11 | ||
CRH FORM 10-Q
4. Acquisitions
The Company strategically acquires companies in order to increase its footprint and offer products and services that enhance its existing offerings. These acquisitions are accounted for as business combinations using the acquisition method, whereby the purchase price is allocated to the assets acquired and liabilities assumed, based on their estimated fair values at the date of the acquisition with the remaining amount recorded in Goodwill.
During the three months ended March 31, 2026, the Company completed the acquisition of five companies. The total cash consideration for these acquisitions, net of cash acquired, was $126 million. The estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition dates. The Company expects to finalize the valuation and complete the purchase price allocations as soon as practical but no later than one year from the acquisition dates.
The provisional amounts for assets acquired, liabilities assumed, and consideration related to the acquisitions as of March 31, 2026, including measurement period adjustments to provisional fair values in respect of acquisitions completed in previous periods, were:
| in $ millions | Total (i) | ||||
| Identifiable assets acquired and liabilities assumed | |||||
| Assets | |||||
| Cash and cash equivalents | |||||
| Accounts receivable, net | ( | ||||
| Inventories | |||||
| Other current assets | |||||
| Property, plant and equipment, net | |||||
| Intangible assets, net | |||||
| Operating lease right-of-use assets, net | ( | ||||
| Total assets | |||||
| Liabilities | |||||
| Accounts payable | ( | ||||
| Accrued expenses | ( | ||||
| Operating lease liabilities | ( | ||||
| Long-term debt | |||||
| Deferred income tax liabilities | ( | ||||
| Other liabilities | |||||
| Total liabilities | |||||
| Total identifiable net assets at fair value | |||||
| Goodwill | |||||
| Total consideration | |||||
| Consideration satisfied by: | |||||
| Cash payments | |||||
| Deferred consideration (stated at net present cost) | |||||
| Total consideration | |||||
| Acquisitions of businesses, net of cash acquired | |||||
| Cash consideration | |||||
| Less: cash and cash equivalents acquired | ( | ||||
| Total outflow in the Condensed Consolidated Statements of Cash Flows | |||||
(i) Acquisitions are aggregated on the basis of individual immateriality. The acquisition balance sheet presented in this note reflects the identifiable net assets acquired in respect of acquisitions completed in the three months ended March 31, 2026, together with measurement period adjustments to provisional fair values in respect of acquisitions completed during previous periods; none of which were material or non-routine substantial.
As a result of the acquisitions completed in the three months ended March 31, 2026, including adjustments to provisional values, the Company recognized $2 million of amortizable intangible assets and $43 million of goodwill. Goodwill represents the excess of the consideration paid over the fair value of net assets acquired and includes the expected benefit of cost savings and synergies within the Company’s segments and intangible assets that do not qualify for separate recognition. Of the goodwill recognized in respect of the acquisitions completed in the three months ended March 31, 2026, $18 million is expected to be deductible for tax purposes. The amortizable intangible assets will be amortized against earnings over a weighted average of 19 years.
12 | ||
CRH FORM 10-Q
Acquisition-related costs
Acquisition-related costs have been included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Income. These costs include legal and consulting expenses incurred in connection with completed acquisitions. The Company incurred acquisition-related costs of $4 million and $5 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
For the period from acquisition date through March 31, 2026, and March 31, 2025, respectively, acquisitions contributed $6 million and $28 million to Total revenues and a loss of $5 million and $9 million to Net loss attributable to CRH, including the effect of interest expense to finance the acquisitions.
Pro forma results of operations for the current year acquisitions, as if they were combined as of January 1, 2025, have not been presented because they are not material to the Condensed Consolidated Financial Statements.
5. Accounts receivable, net
Accounts receivable, net, were:
| March 31 | December 31 | March 31 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Trade receivables | |||||||||||
| Construction contract assets | |||||||||||
| Total accounts receivable | |||||||||||
| Less: allowance for credit losses | ( | ( | ( | ||||||||
| Other current receivables | |||||||||||
| Total accounts receivable, net | |||||||||||
Of the total Accounts receivable, net balances, $17 million, $32 million and $63 million as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively, were due from equity method investments.
The changes in the allowance for credit losses were:
| in $ millions | 2026 | 2025 | ||||||
| As of January 1 | ||||||||
| Charge-offs | ( | ( | ||||||
| Provision for credit losses | ||||||||
| Foreign currency translation and other | ( | |||||||
| As of March 31 | ||||||||
6. Inventories
Inventories were:
| March 31 | December 31 | March 31 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Raw materials | |||||||||||
| Work-in-process | |||||||||||
| Finished goods | |||||||||||
| Total inventories | |||||||||||
13 | ||
CRH FORM 10-Q
7. Goodwill
The changes in the carrying amount of goodwill were:
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Carrying value, December 31, 2025 | ||||||||||||||
| Acquisitions | ||||||||||||||
| Foreign currency translation adjustment | ( | ( | ( | ( | ||||||||||
| Impairment charge | ( | ( | ||||||||||||
| Reclassified as held for sale | ( | ( | ( | |||||||||||
| Reallocation | ( | |||||||||||||
| Carrying value, March 31, 2026 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Carrying value, December 31, 2024 | ||||||||||||||
| Acquisitions | ||||||||||||||
| Foreign currency translation adjustment | ||||||||||||||
| Divestitures | ( | ( | ( | |||||||||||
| Carrying value, December 31, 2025 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Carrying value, December 31, 2024 | ||||||||||||||
| Acquisitions | ||||||||||||||
| Foreign currency translation adjustment | ||||||||||||||
| Carrying value, March 31, 2025 | ||||||||||||||
During the three months ended March 31, 2026, a goodwill impairment loss of $48 million has been recorded within the Company’s International Solutions segment relating to assets held for sale. There were no goodwill impairment charges recorded during the three months ended March 31, 2025.
14 | ||
CRH FORM 10-Q
8. Additional financial information
Other current assets were:
| March 31 | December 31 | March 31 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Prepayments | |||||||||||
| Income taxes recoverable | |||||||||||
| Other | |||||||||||
| Total other current assets | |||||||||||
Accrued expenses were:
| March 31 | December 31 | March 31 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Accrued payroll and employee benefits | |||||||||||
| Other accruals | |||||||||||
| Total accrued expenses | |||||||||||
Other current liabilities were:
| March 31 | December 31 | March 31 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Dividends payable | |||||||||||
| Construction contract liabilities | |||||||||||
| Insurance liability | |||||||||||
| Income tax payable | |||||||||||
| Accrued external interest payable (excluding lease interest) | |||||||||||
| Finance lease liability | |||||||||||
| Other | |||||||||||
| Total other current liabilities | |||||||||||
Other noncurrent liabilities were:
| March 31 | December 31 | March 31 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Income tax payable | |||||||||||
| Asset retirement obligations | |||||||||||
| Pension liability | |||||||||||
| Insurance liability | |||||||||||
| Finance lease liability | |||||||||||
| Other | |||||||||||
| Total other noncurrent liabilities | |||||||||||
15 | ||
CRH FORM 10-Q
9. Debt
Long-term debt was:
| March 31 | December 31 | March 31 | ||||||||||||
| in $ millions | Effective interest rate | 2026 | 2025 | 2025 | ||||||||||
| Senior Notes (U.S. Dollar denominated unless otherwise noted) | ||||||||||||||
| % | ||||||||||||||
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| % | ||||||||||||||
| % | ||||||||||||||
| Bank and Other Debt Obligations | ||||||||||||||
| USD interest-bearing loan due 2027 | % | |||||||||||||
| PHP interest-bearing loan due 2027 | % | |||||||||||||
| AUD interest-bearing loan due 2028 | % | |||||||||||||
| AUD interest-bearing loan due 2029 | % | |||||||||||||
| AUD interest-bearing loan due 2030 | % | |||||||||||||
| U.S. Dollar Commercial Paper | % | |||||||||||||
| Euro Commercial Paper | % | |||||||||||||
| Other obligations | ||||||||||||||
| Unamortized discounts and debt issuance costs | ( | ( | ( | |||||||||||
| Total long-term debt (ii) | ||||||||||||||
| Less: current portion of long-term debt (iii) | ( | ( | ( | |||||||||||
| Long-term debt | ||||||||||||||
(i) The $300 million 6.400 % Senior Notes were issued in September 2003, and at the time of issuance the Senior Notes were partially swapped to floating interest rates. In August 2009 and December 2010, $87 23 million, $23 million, and $26 million as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
(ii) Of the Company’s nominal fixed rate debt as of March 31, 2026, December 31, 2025, and March 31, 2025, $500 million, $500 million and $1,375 million, respectively, was hedged to daily compounded Secured Overnight Financing Rate (SOFR) using interest rate swaps. Of the Company’s nominal floating rate debt as of March 31, 2026, December 31, 2025, and March 31, 2025, $413 million, $nil million, and $nil million, respectively, was hedged to fixed rates using interest rate swaps.
(iii) Excludes borrowings from bank overdrafts of $111 million, $120 million and $93 million, which are recorded within Current portion of long-term debt in the Condensed Consolidated Balance Sheets as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
Senior Notes:
The Senior Notes are issued by wholly-owned subsidiaries of the Company and carry full and unconditional guarantees from the Company, as defined in the indentures that govern them. These Senior Notes represent senior unsecured obligations of the Company and hold an equal standing in payment priority with the Company's existing and future senior unsubordinated indebtedness.
With the exception of the 6.400 % Senior Notes due 2033, all other Senior Notes can be redeemed before their respective par call dates, at a make-whole redemption price. Post par call dates and before the respective maturity dates, the Senior Notes can be redeemed at a price equal to 100 % of the principal amount, along with any accrued and unpaid interest.
16 | ||
CRH FORM 10-Q
In the event of a change-of-control repurchase event, the Company is obligated to offer repurchase options for the 3.400 % Senior Notes due 2027, 3.950 % Senior Notes due 2028, 5.200 % Senior Notes due 2029, 5.125 % Senior Notes due 2030, 4.400 % Senior Notes due 2031, 5.400 % Senior Notes due 2034, 5.500 % Senior Notes due 2035, 5.000 % Senior Notes due 2036, 5.125 % Senior Notes due 2045, 4.400 % Senior Notes due 2047, 4.500 % Senior Notes due 2048, 5.875 % Senior Notes due 2055 and 5.600 % Senior Notes due 2056. This repurchase involves a cash payment equal to 101 % of the principal amount, along with any accrued and unpaid interest.
If the Company's credit rating falls below investment-grade, the Company would be required to make an additional coupon step-up payment on the 5.125 % Senior Notes due 2045. The increase is 25 basis points per rating notch per agency, capped at 100 basis points per agency. However, this coupon step-up would reverse if the Company returns to an investment-grade rating.
Bank Debt:
The Company maintains a multi-currency Revolving Credit Facility (the 'RCF') with a syndicate of lenders. The RCF offers a senior unsecured revolving credit facility of €3,500 million over five years , maturing May 11, 2030. Borrowings under the RCF bear interest at rates based upon an underlying base rate, plus a margin determined in accordance with a ratings-based pricing grid. Base rates include SOFR for U.S. Dollar, Euro Interbank Offer Rate (EURIBOR) for euros, Sterling Overnight Index Average (SONIA) for Sterling, and Swiss Average Rate Overnight (SARON) for Swiss Francs, respectively. A commitment fee is payable on a quarterly basis based on a percentage of the applicable margin and calculated on the daily undrawn amount of the facility.
The deferred financing costs associated with the RCF were $5 million as of March 31, 2026. The total potential credit available through this arrangement is €3,500 million, inclusive of the ability to issue letters of credit.
As of March 31, 2026, December 31, 2025, and March 31, 2025, there were no 4,021 million (€3,500 million equivalent).
The RCF includes customary terms and conditions for investment-grade borrowers. There are no financial covenants.
In December 2024, the Company entered into a new $750 million two-year fixed rate term loan facility which was fully drawn. In December 2025, this facility was extended by one year to 2027.
Philippines (PHP) Debt:
The Company's subsidiary, Republic Cement & Building Materials, Inc., has entered into a number of committed credit arrangements with local banks totaling $0.4 billion (PHP23.6 billion). The Company does not guarantee these facilities. The funds drawn from these facilities carry a combination of fixed and floating interest rates.
Australian (AUD) Debt:
In July 2024, the Company acquired Adbri which had committed credit agreements with a range of banks and credit institutions totaling $0.6 billion (AUD0.9 billion). The funds drawn from these facilities carried a combination of fixed and floating interest rates. In November 2025, Adbri entered into a new credit facility with a range of banks and credit institutions totaling $0.8 billion (AUD1.2 billion). Funds were initially drawn to retire a portion of Adbri's existing credit facilities. The Company does not provide a guarantee for Adbri's facilities. The funds drawn from these facilities carry a combination of fixed and floating interest rates.
Commercial Paper:
As of March 31, 2026, the Company had a $4,000 million U.S. Dollar Commercial Paper Program and a €1,500 million Euro Commercial Paper Program. The purpose of these programs is to provide short-term liquidity as required. The Company’s RCF supports the commercial paper programs with a separate €750 million swingline sublimit which allows for same-day drawing in either euro or U.S. Dollar. Commercial paper borrowings may vary during the period, largely as a result of fluctuations in funding requirements.
The long-term debt maturities, net of the unamortized discounts and debt issuance costs, for the periods subsequent to March 31, 2026 are as follows:
| in $ millions | Remainder of 2026 | 2027 | 2028 | 2029 | 2030 | 2031 and thereafter | Total | ||||||||||||||||
| Long-term debt maturities | |||||||||||||||||||||||
10. Fair value measurement
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured using inputs in one of the following three categories:
Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation of these items does not entail a significant amount of judgment.
Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities.
Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.
Considerable judgment may be required in interpreting market data used to develop the estimates of fair value.
The carrying values of the Company’s Long-term debt were $18,438 million, $17,533 million, and $15,578 million as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively. The fair values of the Company’s Long-term debt were $18,156 million, $17,502 million, and $15,342 million as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively. The Company’s Long-term debt obligations are Level 2 instruments whose fair value is derived from quoted market prices.
The Redeemable noncontrolling interests included in the Condensed Consolidated Balance Sheets are marked to fair value on a recurring basis using Level 3 inputs. The redemption value of Redeemable noncontrolling interests approximates the fair value and is based on a range of estimated potential outcomes of the expected payment amounts primarily dependent on underlying performance metrics. The unobservable inputs in the valuation include a discount rate determined using a Capital Asset Pricing Model methodology with ranges of between 6.08 % and 7.12 %.
17 | ||
CRH FORM 10-Q
See Note 17 for the changes in the fair value of Redeemable noncontrolling interests.
The Company has classified certain operations as held for sale as of March 31, 2026 which are held at the lower of their carrying value or fair value less costs to sell, determined using Level 3 inputs.
The carrying values of the Company’s Cash and cash equivalents, Restricted cash, Accounts receivable, net, Current portion of long-term debt, Accounts payable, Accrued expenses, and Other current liabilities approximate their fair values because of the short-term nature of these instruments.
11. Income taxes
The Company’s income tax provision for interim periods is calculated using an estimated annual effective tax rate based on the expected full-year results which is applied to ordinary year-to-date income or loss. The income tax provision is adjusted for discrete items that occur in the applicable interim period to arrive at the effective income tax rate.
The summary of the income tax benefit from operations was:
| Three months ended | ||||||||
| March 31 | ||||||||
| in $ millions | 2026 | 2025 | ||||||
| Total tax benefit | ||||||||
| Effective income tax rate | ||||||||
12. Earnings per share (EPS)
The calculation of basic and diluted earnings per share was:
| Three months ended | ||||||||
| March 31 | ||||||||
| in $ millions, except share and per share data | 2026 | 2025 | ||||||
| Numerator | ||||||||
| Net loss | ( | ( | ||||||
| Net loss attributable to noncontrolling interests | ||||||||
| Adjustment of redeemable noncontrolling interests to redemption value | ( | ( | ||||||
| Net loss attributable to CRH for EPS - basic and diluted | ( | ( | ||||||
| Denominator | ||||||||
| Weighted average common shares outstanding - basic (i) | ||||||||
| Effect of dilutive employee share awards (ii) | ||||||||
| Weighted average common shares outstanding - diluted | ||||||||
| Loss per share attributable to CRH | ||||||||
| Basic | ($ | ($ | ||||||
| Diluted | ($ | ($ | ||||||
(i) The weighted average number of common shares included in the computation of basic and diluted earnings per share has been adjusted to exclude shares repurchased and held by the Company as Treasury stock given that these shares are not entitled to receive dividends.
(ii) In periods of net loss, shares that otherwise would have been included in the diluted weighted average common shares outstanding computation have been excluded. Due to the net loss for each of the three months ended March 31, 2026, and March 31, 2025, contingently issuable common shares representing 3,154,781 and 5,268,459 respectively, were excluded from the computation of diluted loss per share as their inclusion would have been antidilutive.
18 | ||
CRH FORM 10-Q
13. Accumulated other comprehensive loss
The changes in the balances for each component of Accumulated other comprehensive loss, net of tax, were:
| in $ millions | Currency Translation | Cash Flow Hedges | Pension and Other Postretirement Plans | Total | ||||||||||
| Balance as of December 31, 2025 | ( | ( | ( | ( | ||||||||||
| Other comprehensive (loss) income before reclassifications | ( | ( | ||||||||||||
| Amounts reclassified from Accumulated other comprehensive loss | ( | ( | ( | |||||||||||
| Net current-period other comprehensive (loss) income | ( | ( | ( | |||||||||||
| Other comprehensive (income) attributable to noncontrolling interests | ( | ( | ||||||||||||
| Balance as of March 31, 2026 | ( | ( | ( | ( | ||||||||||
| Balance as of December 31, 2024 | ( | ( | ( | ( | ||||||||||
| Other comprehensive income (loss) before reclassifications | ( | |||||||||||||
| Amounts reclassified from Accumulated other comprehensive loss | ( | ( | ( | ( | ||||||||||
| Net current-period other comprehensive income (loss) | ( | ( | ||||||||||||
| Other comprehensive (income) attributable to noncontrolling interests | ( | ( | ||||||||||||
| Balance as of March 31, 2025 | ( | ( | ( | ( | ||||||||||
The amounts reclassified from Accumulated other comprehensive loss to income were:
| Three months ended | ||||||||
| March 31 | ||||||||
| in $ millions | 2026 | 2025 | ||||||
| Cash flow hedges | ||||||||
| Cost of product revenues | ( | ( | ||||||
| Total | ( | ( | ||||||
| Pension and other postretirement plans | ||||||||
| Other nonoperating income, net | ( | ( | ||||||
| Income tax expense | ||||||||
| Total | ( | ( | ||||||
| Reclassifications from Accumulated other comprehensive loss to income | ( | ( | ||||||
19 | ||
CRH FORM 10-Q
14. Segment information
The Company has the following three
Americas Materials Solutions;
Americas Building Solutions; and
International Solutions
The Americas Materials Solutions segment provides building materials, products and services for the construction and maintenance of public infrastructure and commercial and residential buildings in North America. The primary materials produced by this segment include aggregates, cementitious materials, readymixed concrete and asphalt. This segment also provides paving and construction services for customers.
The Americas Building Solutions segment manufactures, supplies and delivers building products for the built environment in communities across North America. Our subsidiaries within this segment offer building and infrastructure solutions serving complex critical infrastructure (such as water, energy, transportation and telecommunications projects) and outdoor living solutions for enhancing private and public spaces.
The International Solutions segment provides building materials, products and services across Europe and Australia, for use in the construction of critical infrastructure, commercial and residential buildings and outdoor living spaces.
Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, Loss on impairments, gain/loss on divestitures and investments, Income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component.
The key performance measures and segment expenses for the Company’s reportable segments were:
| Three months ended March 31, 2026 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Revenue | ||||||||||||||
| Less: | ||||||||||||||
| Labor | ||||||||||||||
| Energy costs | ||||||||||||||
| Other segment items (i) | ||||||||||||||
| Adjusted EBITDA | ||||||||||||||
| Three months ended March 31, 2025 | ||||||||||||||
| in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total | ||||||||||
| Revenue | ||||||||||||||
| Less: | ||||||||||||||
| Labor | ||||||||||||||
| Energy costs | ||||||||||||||
| Other segment items (i) | ||||||||||||||
| Adjusted EBITDA | ||||||||||||||
(i) The nature of other segment items is similar for each segment and primarily includes raw materials, haulage costs, subcontractor costs and other Selling, general and administrative expenses. The composition of other segment items is such that at a segment level none of these items is individually significant in determining segment performance.
| Three months ended | ||||||||
| March 31 | ||||||||
| in $ millions | 2026 | 2025 | ||||||
| Adjusted EBITDA | ||||||||
| Depreciation, depletion, and amortization | ( | ( | ||||||
| Loss on impairments (i) | ( | |||||||
| Interest income | ||||||||
| Interest expense | ( | ( | ||||||
| Loss on divestitures and investments (ii) | ( | ( | ||||||
| Pension income excluding current service cost component (ii) | ||||||||
| Other interest, net (ii) | ( | |||||||
| Loss from operations before income tax benefit and loss from equity method investments | ( | ( | ||||||
(i) Loss on impairments is comprised of $48 million within International Solutions for the three months ended March 31, 2026.
(ii) Loss on divestitures and investments, pension income excluding current service cost component and other interest, net have been included in Other nonoperating expense, net in the Condensed Consolidated Statements of Income.
20 | ||
CRH FORM 10-Q
Depreciation, depletion and amortization for each of the segments were:
| Three months ended | ||||||||
| March 31 | ||||||||
| in $ millions | 2026 | 2025 | ||||||
| Americas Materials Solutions | ||||||||
| Americas Building Solutions | ||||||||
| International Solutions | ||||||||
| Total depreciation, depletion and amortization | ||||||||
The segment assets were:
| March 31 | December 31 | March 31 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Assets | |||||||||||
| Americas Materials Solutions | |||||||||||
| Americas Building Solutions | |||||||||||
| International Solutions | |||||||||||
| Total assets for reportable segments | |||||||||||
Additions to property, plant and equipment and intangible assets for each of the segments were:
| Three months ended | ||||||||
| March 31 | ||||||||
| in $ millions | 2026 | 2025 | ||||||
| Property, plant and equipment and intangible asset additions (i) | ||||||||
| Americas Materials Solutions | ||||||||
| Americas Building Solutions | ||||||||
| International Solutions | ||||||||
| Total property, plant and equipment and intangible asset additions | ||||||||
(i) Property, plant and equipment and intangible asset additions exclude asset retirement cost additions.
15. Pension and other postretirement benefits
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost recognized in the Condensed Consolidated Statements of Income for the Pension and Other Postretirement Benefit (OPEB) Plans were:
| U.S. | Non-U.S. | |||||||||||||
| Three months ended | Three months ended | |||||||||||||
| March 31 | March 31 | |||||||||||||
| in $ millions | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Service cost | ||||||||||||||
| Interest cost | ||||||||||||||
| Expected return on assets | ( | ( | ( | ( | ||||||||||
| Amortization of: | ||||||||||||||
| Prior service credit | ( | ( | ||||||||||||
| Actuarial loss | ||||||||||||||
| Net periodic benefit cost (i) (ii) | ||||||||||||||
(i) Includes net periodic benefit cost of $1 million and $1 million related to OPEB plans for the three months ended March 31, 2026 and March 31, 2025, respectively.
(ii) Service cost is included within Cost of revenues and Selling, general and administrative expenses while all other cost components are recorded within Other nonoperating expense, net.
21 | ||
CRH FORM 10-Q
16. Variable interest entities
The Company’s operations in the Philippines are conducted through a Variable Interest Entity (VIE), wherein the Company holds 40 % of the equity share capital and a 55 % share of earnings and distributions. The remaining noncontrolling interest of 60 % equity share capital and 45 % share of earnings and distributions is held by an unrelated party. The Company’s voting rights are not proportional to its share of earnings and distributions, and substantially all of the activities of the Philippines business are conducted on behalf of the Company and controlled by the Company through contractual relationships. The Philippines business meets the definition of a VIE for which the Company is the primary beneficiary and, therefore, is consolidated.
Further, the Company has provided subordinated debt to the intermediate parent of the Philippines business which exposes the Company to the profits and losses of the Philippines business. The debt is repayable only where the shareholder agreement of the intermediate parent of the Philippines business is terminated or where the Company transfers its shares in the intermediate parent to an unrelated entity (i.e., the debt exposure of the Company becomes in substance a residual interest in the intermediate parent).
The carrying amounts of assets and liabilities of the consolidated VIE, reported within the Condensed Consolidated Balance Sheets before intragroup eliminations with other CRH companies were:
| March 31 | December 31 | March 31 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | |||||||||||
| Accounts receivable, net | |||||||||||
| Inventories | |||||||||||
| Other current assets | |||||||||||
| Total current assets | |||||||||||
| Property, plant and equipment, net | |||||||||||
| Goodwill | |||||||||||
| Intangible assets, net | |||||||||||
| Operating lease right-of-use assets, net | |||||||||||
| Other noncurrent assets | |||||||||||
| Total assets | |||||||||||
| Liabilities | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | |||||||||||
| Accrued expenses | |||||||||||
| Current portion of long-term debt | |||||||||||
| Operating lease liabilities | |||||||||||
| Other current liabilities | |||||||||||
| Total current liabilities | |||||||||||
| Long-term debt | |||||||||||
| Deferred income tax liabilities | |||||||||||
| Noncurrent operating lease liabilities | |||||||||||
| Other noncurrent liabilities | |||||||||||
| Total liabilities | |||||||||||
The operating results of the consolidated VIE, reported within the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Cash Flows before intragroup eliminations with other CRH companies were:
| Three months ended | ||||||||
| March 31 | ||||||||
| in $ millions | 2026 | 2025 | ||||||
| Total revenues | ||||||||
| Total cost of revenues | ( | ( | ||||||
| Gross (loss) profit | ( | |||||||
| Net loss | ( | ( | ||||||
| Net cash used in operating activities | ( | ( | ||||||
22 | ||
CRH FORM 10-Q
17. Redeemable noncontrolling interests
The Redeemable noncontrolling interests primarily comprise the noncontrolling interests in two of the Company’s North American subsidiaries, which are currently redeemable. The Company has the ability to exercise the call options for the noncontrolling interests after December 31, 2035, and December 31, 2040, respectively. In addition to the call options, the noncontrolling interest holder has the right to sell the noncontrolling interests to the Company, which are currently exercisable. These noncontrolling interests have put and call options and both are redeemable based on multiples of EBITDA. The noncontrolling interests are considered redeemable noncontrolling equity interests, classified as temporary or mezzanine equity, as their redemption is not solely within the Company’s control. The noncontrolling interests were recorded at their respective fair values as of the acquisition dates and are adjusted to their expected redemption values, with an offsetting entry to retained earnings, as of the reporting date as if that date was the redemption date, if those amounts exceed their respective carrying values.
During the periods ended March 31, 2026 and March 31, 2025 the Company adjusted the carrying amount of the redeemable noncontrolling interests to reflect the estimated redemption values as of the balance sheet date. The adjustment was based on the formulaic redemption values, with an offsetting entry to retained earnings.
The following table summarizes the redeemable noncontrolling interest for the following periods:
| in $ millions | |||||
| Balance as of December 31, 2025 | |||||
| Adjustment to the redemption value | |||||
| Dividends paid | ( | ||||
| Balance as of March 31, 2026 | |||||
| Balance as of December 31, 2024 | |||||
| Adjustment to the redemption value | |||||
| Dividends paid | ( | ||||
| Balance as of March 31, 2025 | |||||
18. Commitments and contingencies
Guarantees
The Company has given letters of guarantee to secure obligations of subsidiary undertakings as follows: $17.5 billion, $16.6 billion, and $14.8 billion in respect of loans and borrowings, bank advances and derivative obligations as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively, and $0.5 billion, $0.5 billion, and $0.5 billion as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively, in respect of letters of credit due within one year
Legal Proceedings
The Company is not involved in any proceedings that it believes could reasonably be expected to have a material adverse effect on the Company’s financial condition, results of operations or liquidity.
19. Subsequent events
The Company has evaluated subsequent events occurring through to the date the Condensed Consolidated Financial Statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the Condensed Consolidated Financial Statements.
23 | ||
CRH FORM 10-Q
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, 2026. 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 these forward-looking statements, as well as from our historical performance, due to various factors, including, but not limited to, those discussed in this Quarterly Report, particularly "Forward-Looking Statements," and Item 1A. "Risk Factors" in our 2025 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 funding initiatives, 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 the leading provider of building materials critical to modernizing infrastructure. Our unmatched scale, connected portfolio, and deep local relationships make us the partner of choice for transportation, water and reindustrialization projects, shaping communities for a better tomorrow.
CRH’s connected portfolio supplies building materials across the construction value chain, better serving our customers’ needs and driving repeat business while making construction simpler, safer and more sustainable. This customer-centric approach combines our unique entrepreneurial culture, leading performance and local market knowledge with our value-added building products and services to be a valuable partner for customers across our end-markets.
The Company has a proven track record of growing and creating value through acquisition with over 1,250 deals completed in our history. We acquire businesses at attractive valuations and create value by connecting 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.
Operating in 28 countries across North America, Europe and Australia, CRH’s leading positions of scale serve transportation and critical infrastructure, reindustrialization projects, and commercial and residential construction activity.
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, our financial results for any particular quarter may not necessarily be indicative of our financial results for the full year or any future interim period.
Financial performance highlights
CRH delivered a strong first quarter performance compared to the first quarter of 2025, resulting in the following performance highlights for the three months ended March 31, 2026 (comparisons are versus the prior year's first quarter unless otherwise noted):
•Total revenues increased 9% to $7.4 billion;
•Net loss was ($180) million compared with ($98) million, an increased loss of ($82) million on the prior year. Adjusted EBITDA*1was $586 million, an increase of $91 million, or 18%;
•Net loss margin was (2.4%) compared with (1.5%), a decline of 90 basis points (bps). Adjusted EBITDA margin* was 8.0%, an increase of 70bps on the prior year's first quarter Adjusted EBITDA margin* of 7.3%; and
•Diluted Loss Per Share (EPS) was ($0.27) compared to ($0.15). Diluted EPS pre-impairment* was ($0.20) compared to ($0.15).
Capital allocation highlights
•Cash returned to shareholders through share buybacks was $0.3 billion, in line with the first three months of the prior year. On April 28, 2026, the latest tranche of the share buyback program was completed, bringing year-to-date repurchases to $0.4 billion;
•The first 2026 quarterly dividend of $0.39 per share was declared in February 2026, and a second quarterly dividend of $0.39 per share was announced on April 30, 2026, representing an increase of 5% on the prior year; and
•A total of five acquisitions were completed for total consideration of $0.1 billion, compared with $0.6 billion in the first three months of the prior year. A further $0.6 billion was invested in growth and maintenance capital expenditure projects, in line with the $0.6 billion invested in the comparable period in 2025.
Development Review
In the three months ended March 31, 2026, CRH completed five acquisitions for total consideration of $0.1 billion, compared with $0.6 billion in the same period in 2025. Americas Materials Solutions completed three acquisitions and International Solutions completed two acquisitions.
With respect to divestitures, in the three months ended March 31, 2026, cash proceeds from divestitures and disposals of long-lived assets were $34 million, compared with $107 million in the same period in 2025.
*Represents a non-GAAP financial measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 28 to 29.1
CRH FORM 10-Q
Outlook
We continue to expect favorable underlying demand across our key end-markets, underpinned by significant public investment in infrastructure and continued reindustrialization activity. Within the residential sector we anticipate resilient repair and remodel activity while the new-build segment is expected to remain subdued. Assuming normal seasonal weather patterns and absent any further major dislocations in the geopolitical 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.
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. The International Solutions segment integrates building materials, products and services for the construction and renovation of transportation infrastructure, critical utility networks, commercial and residential buildings, and outdoor living spaces.
The table below summarizes CRH’s 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 | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Total revenues | 7,370 | 6,756 | ||||||||||||
| Total cost of revenues | (5,325) | (4,919) | ||||||||||||
| Gross profit | 2,045 | 1,837 | ||||||||||||
| Selling, general and administrative expenses | (2,057) | (1,833) | ||||||||||||
| Gain on disposal of long-lived assets | 22 | 14 | ||||||||||||
| Loss on impairments | (48) | — | ||||||||||||
| Operating (loss) income | (38) | 18 | ||||||||||||
| Interest income | 21 | 37 | ||||||||||||
| Interest expense | (203) | (181) | ||||||||||||
| Other nonoperating expense, net | (4) | (20) | ||||||||||||
| Loss from operations before income tax benefit and loss from equity method investments | (224) | (146) | ||||||||||||
| Income tax benefit | 55 | 58 | ||||||||||||
| Loss from equity method investments | (11) | (10) | ||||||||||||
| Net loss | (180) | (98) | ||||||||||||
| Net loss attributable to noncontrolling interests | 4 | 4 | ||||||||||||
| Net loss attributable to CRH | (176) | (94) | ||||||||||||
| Diluted loss per share attributable to CRH | ($0.27) | ($0.15) | ||||||||||||
| Diluted loss per share attributable to CRH - pre-impairment* | ($0.20) | ($0.15) | ||||||||||||
| Adjusted EBITDA* | 586 | 495 | ||||||||||||
Total revenues
Total revenues were $7.4 billion for the three months ended March 31, 2026, an increase of $0.6 billion, or 9%, from the first quarter of 2025, driven by positive underlying demand, disciplined commercial execution, and contributions from acquisitions.
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, 2026, was $2.0 billion, an increase of $0.2 billion, or 11% from the first quarter of 2025. The gross profit margin of 27.7% increased 50bps from 27.2% in the first quarter of the prior year. The increase in Total cost of revenues was primarily driven by a 22% higher depreciation and amortization charge, reflecting the impact of acquisitions and increased capital expenditure, as well as a 6% increase in labor costs, attributable to higher headcount from acquisitions and inflationary pressures. Energy costs also increased by 7% driven by higher activity levels, while other costs were 7% ahead of the first quarter of the prior year.
Selling, general and administrative expenses
Selling, general and administrative expenses, which are primarily comprised of haulage costs, labor costs, and other selling and administrative expenses, were $2.1 billion for the three months ended March 31, 2026, an increase of $0.2 billion, or 12%, from the comparable 2025 period. The increase was primarily driven by a 13% increase in haulage expenses resulting from acquisitions and higher activity levels, as well as an 11% increase in labor costs reflecting higher headcount from acquisitions and wage inflation.
Gain on disposal of long-lived assets
Gain on disposal of long-lived assets was $22 million for the three months ended March 31, 2026, an increase of $8 million compared with 2025.
Loss on impairments
Loss on impairments for the three months ended March 31, 2026, was $48 million, compared to $nil million in the comparable period, and was related to the International Solutions segment.
*Represents a non-GAAP financial measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 28 to 29.2
25 | ||
CRH FORM 10-Q
Interest income
Interest income was $21 million for the three months ended March 31, 2026, a reduction of $16 million from the comparable period in 2025, primarily due to lower interest rates and principal on deposit.
Interest expense
Interest expense was $203 million for the three months ended March 31, 2026, an increase of $22 million from the comparable period in 2025. The increase was primarily due to higher gross debt balances.
Other nonoperating expense, net
Other nonoperating expense, net, was $4 million for the three months ended March 31, 2026, compared with $20 million in the comparable period for 2025. Other nonoperating 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 primarily due to the non‑recurrence of the prior year loss on divestitures.
Income tax benefit
For the three months ended March 31, 2026, the Company had an Income tax benefit of $55 million, compared to $58 million for the comparable period in 2025. The effective tax rate was 25% for the first quarter of 2026 compared with an effective tax rate of 40% for the first quarter of 2025. The decrease in the effective tax rate is primarily driven by a change in valuation allowances arising from the reclassification of the construction accessories operations to held for sale.
Loss from equity method investments
For the three months ended March 31, 2026, a loss of ($11) million was recorded in equity method investments, an increased loss of ($1) million from the comparable period in 2025.
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 support the manufacturing, installation and maintenance of public highway infrastructure projects and commercial infrastructure. Building & Infrastructure Solutions connect and protect critical water, energy and telecommunications infrastructure and deliver complex commercial building projects. Outdoor Living Solutions integrate specialized materials, products and design features to enhance the quality of private and public spaces.
The Company’s measure of segment profit is Adjusted EBITDA, which is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, Loss on impairments, gain/loss on divestitures and 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, 2025 | Currency | Acquisitions | Divestitures | Organic | Three months ended March 31, 2026 | % change | ||||||||||||||||
| Total revenues | 2,243 | +6 | +269 | (5) | +211 | 2,724 | +21% | ||||||||||||||||
| Adjusted EBITDA | 59 | (1) | +35 | +5 | +5 | 103 | +75% | ||||||||||||||||
| Adjusted EBITDA margin | 2.6% | 3.8% | |||||||||||||||||||||
Americas Materials Solutions’ Total revenues were 21% ahead of the first quarter of 2025, driven by favorable underlying demand and contributions from acquisitions.
In Essential Materials, Total revenues increased by 31%, reflecting strong underlying demand across most regions as well as contributions from acquisitions. Aggregates volumes increased by 14% year-over-year, while pricing declined by 1%, reflecting geographic and project mix-effects. Cement volumes were 10% ahead of the prior year, while pricing was 1% behind.
In Road Solutions, Total revenues were 16% ahead of the prior year, driven by a strong start to the year due to robust project activity. Asphalt volumes increased by 13%, while pricing was in line with the prior year. Readymixed concrete volumes increased by 12%, with pricing up 4% over the same period. Paving and construction revenues increased by 16%, supported by strong project execution, backlog conversion, and contributions from acquisitions.
Adjusted EBITDA for Americas Materials Solutions was 75% ahead of the prior year, driven by strong underlying demand, disciplined cost management, and contributions from acquisitions. Adjusted EBITDA margin was 120bps ahead of the first quarter of 2025.
26 | ||
CRH FORM 10-Q
Americas Building Solutions
| Analysis of Change | |||||||||||||||||||||||
| in $ millions | Three months ended March 31, 2025 | Currency | Acquisitions | Divestitures | Organic | Three months ended March 31, 2026 | % change | ||||||||||||||||
| Total revenues | 1,682 | +3 | +18 | – | (35) | 1,668 | (1%) | ||||||||||||||||
| Adjusted EBITDA | 287 | – | +2 | – | (2) | 287 | — | ||||||||||||||||
| Adjusted EBITDA margin | 17.1% | 17.2% | |||||||||||||||||||||
Americas Building Solutions' Total revenues were 1% behind the first quarter of 2025, due to subdued new-build residential demand and adverse weather conditions in certain markets, partly offset by contributions from acquisitions.
In Building & Infrastructure Solutions, Total revenues were 4% ahead of the first quarter of 2025, driven by strong demand in our utility infrastructure markets.
In Outdoor Living Solutions, Total revenues were 3% behind the prior year period, as subdued new-build residential demand and adverse weather impacted activity levels.
Adjusted EBITDA for Americas Building Solutions was in line with the first quarter of 2025, as strong cost control and operational efficiencies offset cost inflation and subdued new-build residential demand. Adjusted EBITDA margin was 10bps ahead of the prior year period.
International Solutions
| Analysis of Change | |||||||||||||||||||||||
| in $ millions | Three months ended March 31, 2025 | Currency | Acquisitions | Divestitures | Organic | Three months ended March 31, 2026 | % change | ||||||||||||||||
| Total revenues | 2,831 | +257 | +161 | (176) | (95) | 2,978 | +5% | ||||||||||||||||
| Adjusted EBITDA | 149 | +7 | +19 | +19 | +2 | 196 | +32% | ||||||||||||||||
| Adjusted EBITDA margin | 5.3% | 6.6% | |||||||||||||||||||||
International Solutions' Total revenues were 5% ahead of the first quarter of 2025, as contributions from acquisitions, positive pricing momentum, and currency tailwinds more than offset weather-impacted volumes and the impact of divestitures.
In Essential Materials, Total revenues were 12% ahead of the comparable period in 2025. Aggregates volumes were 8% ahead of the prior year period, supported by acquisitions, while cement volumes were in line with the prior year. Aggregates pricing was in line with the prior year period, while cement pricing was 3% ahead.
In Road Solutions, Total revenues were in line with the comparable period in 2025, impacted by divestitures. Readymixed concrete volumes were 2% ahead of the prior year period, supported by acquisitions, while pricing increased by 3% year-over-year. Asphalt volumes and prices were 8% and 5% ahead of the comparable period in 2025, respectively, supported by higher activity levels in Western Europe.
Within Building & Infrastructure Solutions and Outdoor Living Solutions, Total revenues were 4% ahead of the comparable period in 2025, with currency tailwinds more than offsetting the impact of divestitures.
Adjusted EBITDA in International Solutions was 32% ahead of the first quarter of 2025, benefiting from positive pricing momentum, improved operational efficiencies and contributions from acquisitions. Adjusted EBITDA margin increased by 130bps compared to the prior year period.
27 | ||
CRH FORM 10-Q
Non-GAAP Reconciliation and Supplementary Information
CRH uses a number of non-GAAP financial measures to monitor financial performance. These measures are referred to throughout the discussion of our reported financial position and operating performance on a continuing operations basis unless otherwise defined and are measures which are regularly reviewed by CRH management. These financial measures may not be uniformly defined by all companies and accordingly may not be directly comparable with similarly titled measures and disclosures by other companies.
Certain information presented is derived from amounts calculated in accordance with U.S. GAAP but is not itself an expressly permitted GAAP measure. The non-GAAP financial measures as summarized below should not be viewed in isolation or as an alternative to the most directly comparable GAAP measure.
Adjusted EBITDA: Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, Loss on impairments, gain/loss on divestitures and 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 most directly comparable GAAP measure is presented below:
| Three months ended | ||||||||||||||
| March 31 | ||||||||||||||
| in $ millions | 2026 | 2025 | ||||||||||||
| Net loss | (180) | (98) | ||||||||||||
| Loss from equity method investments | 11 | 10 | ||||||||||||
| Income tax benefit | (55) | (58) | ||||||||||||
| Loss on divestitures and investments (i) | 6 | 26 | ||||||||||||
| Pension income excluding current service cost component (i) | (5) | (4) | ||||||||||||
| Other interest, net (i) | 3 | (2) | ||||||||||||
| Interest expense | 203 | 181 | ||||||||||||
| Interest income | (21) | (37) | ||||||||||||
| Depreciation, depletion, and amortization | 576 | 477 | ||||||||||||
| Loss on impairments (ii) | 48 | – | ||||||||||||
| Adjusted EBITDA | 586 | 495 | ||||||||||||
| Total revenues | 7,370 | 6,756 | ||||||||||||
| Net loss margin | (2.4%) | (1.5%) | ||||||||||||
| Adjusted EBITDA margin | 8.0% | 7.3% | ||||||||||||
(i) Loss on divestitures and investments, pension income excluding current service cost component and other interest, net have been included in Other nonoperating expense, net in the Condensed Consolidated Statements of Income. | ||||||||||||||
(ii) For the three months ended March 31, 2026, Loss on impairments totaled $48 million, related to the International Solutions segment. | ||||||||||||||
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 is comprised of short and long-term debt, finance lease liabilities, cash and cash equivalents and current and noncurrent derivative financial instruments (net).
Reconciliation to the most directly comparable GAAP measure is presented below:
| March 31 | December 31 | March 31 | |||||||||
| in $ millions | 2026 | 2025 | 2025 | ||||||||
| Short and long-term debt | (18,549) | (17,653) | (15,671) | ||||||||
| Cash and cash equivalents (i) | 3,293 | 4,096 | 3,352 | ||||||||
| Finance lease liabilities (i) | (592) | (534) | (336) | ||||||||
| Derivative financial instruments (net) | 20 | (60) | (31) | ||||||||
| Net Debt | (15,828) | (14,151) | (12,686) | ||||||||
(i) Cash and cash equivalents and Finance lease liabilities as of March 31, 2026, include $53 million and $26 million, respectively, that have been reclassified as held for sale. | |||||||||||
28 | ||
CRH FORM 10-Q
Organic Revenue and Organic Adjusted EBITDA: CRH pursues a strategy of growth through acquisitions and investments, with total consideration spend on acquisitions and investments of $0.1 billion in the three months ended March 31, 2026, compared with $0.6 billion for the same period in 2025. Acquisitions completed in 2025 and the first quarter of 2026 contributed incremental total revenues of $0.4 billion and Adjusted EBITDA of $0.1 billion for the three months ended March 31, 2026. Cash proceeds from divestitures and disposals of long-lived assets (including deferred divestiture consideration received) amounted to $34 million for the three months ended March 31, 2026, compared with $107 million for the three months ended March 31, 2025. The Total revenues impact of divestitures was a negative $181 million and the impact at an Adjusted EBITDA level was a positive $24 million for the three months ended March 31, 2026.
The U.S. Dollar weakened against most major currencies during the three months ended March 31, 2026, from the comparable period in 2025, 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 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 26.
Diluted EPS pre‑impairment: Diluted EPS pre‑impairment is a measure of the Company's profitability per share from continuing operations excluding any Loss on impairments (which is non-cash) and the related tax impact of such impairments. It is used by management to evaluate the Company's underlying profit performance and its own past performance. Diluted EPS information presented on a pre‑impairment basis is useful to investors as it provides an insight into the Company's underlying performance and profitability. Diluted EPS pre‑impairment is calculated as Net income (loss) adjusted for (i) Net (income) loss attributable to redeemable noncontrolling interests (ii) Net (income) loss attributable to noncontrolling interests (iii) adjustment of redeemable noncontrolling interests to redemption value and excluding any Loss on impairments (and the related tax impact of such impairments) divided by the diluted weighted average number of common shares outstanding for the year.
Reconciliation to its most directly comparable GAAP measure is presented below:
| Three months ended | ||||||||||||||
| March 31 | ||||||||||||||
| in $ millions, except share and per share data | 2026 | Per Share - diluted | 2025 | Per Share - diluted | ||||||||||
| Weighted average common shares outstanding – diluted | 668.5 | 676.7 | ||||||||||||
| Net loss | (180) | ($0.27) | (98) | ($0.15) | ||||||||||
| Net loss attributable to noncontrolling interests | 4 | $0.01 | 4 | $0.01 | ||||||||||
| Adjustment of redeemable noncontrolling interests to redemption value | (7) | ($0.01) | (7) | ($0.01) | ||||||||||
| Net loss attributable to CRH for EPS | (183) | ($0.27) | (101) | ($0.15) | ||||||||||
| Impairment of property, plant and equipment and intangible assets | 48 | $0.07 | — | — | ||||||||||
| Net loss attributable to CRH for EPS – pre-impairment (i) | (135) | ($0.20) | (101) | ($0.15) | ||||||||||
(i) Reflective of CRH’s share of impairment of property, plant and equipment and intangible assets ($48 million and $nil million, respectively, for the three months ended March 31, 2026 and March 31, 2025). | ||||||||||||||
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 expenditure, dividends, share repurchases, upcoming debt maturities, and other liquidity requirements associated with our operations for the foreseeable future. In addition, the Company believes that it will have sufficient ability to fund additional acquisitions via cash flows from internally available cash, cash flows from operating activities and, subject to market conditions, via obtaining additional borrowings and/or issuing additional debt or equity securities.
Total short and long-term debt was $18.5 billion as of March 31, 2026, compared with $17.7 billion as of December 31, 2025, and $15.7 billion as of March 31, 2025. In the three months ended March 31, 2026, $1.2 billion of U.S. Dollar Commercial Paper was issued and $0.2 billion of Euro Commercial Paper was repaid.
Net Debt* as of March 31, 2026, was $15.8 billion, compared to $14.2 billion as of December 31, 2025, and $12.7 billion as of March 31, 2025. The increase in Net Debt* compared to December 31, 2025, is driven by the seasonal net cash outflow from operating activities, as well as acquisitions, cash returns to shareholders through continued share buybacks and the purchase of property, plant and equipment in the quarter.
CRH continued its ongoing share buyback program in the first three months of 2026 repurchasing approximately 2.9 million Ordinary Shares for total consideration of $0.3 billion, compared to 3.2 million Ordinary Shares repurchased for total consideration of $0.3 billion in the first three months of 2025.
As of March 31, 2026, CRH had cash and cash equivalents and restricted cash of $3.3 billion, compared to $4.1 billion as of December 31, 2025, and $3.4 billion as of March 31, 2025. Total lease liabilities were $1.9 billion, compared to $2.1 billion as of December 31, 2025, and $1.7 billion as of March 31, 2025.
*Represents a non-GAAP financial measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 28 to 29.*
29 | ||
CRH FORM 10-Q
As of March 31, 2026, CRH had $4.5 billion of undrawn committed facilities available until May 2030. As of March 31, 2026, the weighted average maturity of the term debt (net of cash and cash equivalents) was 8.4 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 2025 Form 10-K.
Cash flows
Cash flows from operating activities
| Three months ended | ||||||||
| March 31 | ||||||||
| in $ millions | 2026 | 2025 | ||||||
| Net cash used in operating activities | (616) | (659) | ||||||
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 $0.6 billion for the three months ended March 31, 2026, compared to $0.7 billion in the same period in 2025. The decrease in net cash used in operating activities was primarily due to improved operating performance.
Cash flows from investing activities
| Three months ended | ||||||||
| March 31 | ||||||||
| in $ millions | 2026 | 2025 | ||||||
| Net cash used in investing activities | (722) | (964) | ||||||
Net cash used in investing activities was $0.7 billion for the three months ended March 31, 2026, compared to $1.0 billion in the same period in 2025. During the three months ended March 31, 2026, the Company invested $0.1 billion in acquisitions, a decrease of $0.5 billion on the same period in 2025. Capital expenditure totaled $0.6 billion in the first three months of 2026, in line with the comparable prior year period. Investing outflows in the prior year were partially offset by the proceeds from divestitures and disposals of long-lived assets and other investing activities totaling $0.2 billion.
Cash flows from financing activities
| Three months ended | ||||||||||||||
| March 31 | ||||||||||||||
| in $ millions | 2026 | 2025 | ||||||||||||
| Net cash provided by financing activities | 572 | 1,141 | ||||||||||||
Net cash provided by financing activities was $0.6 billion for the three months ended March 31, 2026, compared to $1.1 billion in the same period in 2025. Proceeds from debt issuances were $1.2 billion, which was primarily related to the issuance of $1.2 billion of commercial paper. This is a reduction of $1.8 billion on the same period in 2025 which included the issuance of $3.0 billion in new senior notes in January 2025. Payments on debt in the first three months of 2026 were $0.2 billion, being the repayment of $0.2 billion issued under the Company’s commercial paper programs. This compared with a repayment of $1.5 billion in the prior year comparable period, which related to the repayment of $1.5 billion issued under the Company’s commercial paper programs. Outflows related to the repurchases of common stock were $0.3 billion in the first three months of 2026, in line with the comparable prior year period.
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 (which are filed as exhibits to our 2025 Form 10-K).
As of March 31, 2026, we expect maturities of our debt facilities and long-term debt obligations for the remainder of 2026 as follows:
| 2026 Debt Maturities | |||||
| Second Quarter | $1.2 billion | ||||
| Third Quarter | – | ||||
| Fourth Quarter | $0.9 billion | ||||
30 | ||
CRH FORM 10-Q
Unsecured senior notes
The main sources of Company debt funding are public bond markets in North America and Europe. See Note 9 “Debt” in Part I, Item 1. “Financial Statements” for further details regarding our debt obligations.
Bank credit facilities
The Company partly manages its borrowing requirements 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, maturing May 2030. See Note 9 “Debt” in Part I, Item 1. “Financial Statements” of this Quarterly Report for further details regarding the RCF. As of March 31, 2026, the RCF was undrawn and currently continues to remain undrawn.
Guarantees
The Company has given letters of guarantee to secure obligations of subsidiary undertakings as follows: $17.5 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 as of March 31, 2026.
Commercial paper programs
As of March 31, 2026, 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 of March 31, 2026, there was $1.2 billion of outstanding notes issued under the U.S. Dollar Commercial Paper Program and $nil 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.
Credit ratings1*
Our credit ratings and outlooks as of March 31, 2026, are as follows:
| 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 and deferred and contingent acquisition consideration as of March 31, 2026, 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) | 18,629 | 2,494 | 3,954 | 4,640 | 7,541 | ||||||||||||
| Lease liabilities (ii) | 2,390 | 393 | 632 | 419 | 946 | ||||||||||||
| Estimated interest payments on contractually committed debt (iii) | 6,559 | 758 | 1,321 | 996 | 3,484 | ||||||||||||
| Deferred and contingent acquisition consideration | 59 | 44 | 5 | 8 | 2 | ||||||||||||
| Purchase obligations (iv) | 1,956 | 1,237 | 370 | 77 | 272 | ||||||||||||
| Total (v) | 29,593 | 4,926 | 6,282 | 6,140 | 12,245 | ||||||||||||
(i) Of the $18.6 billion short and long-term debt, $0.7 billion is drawn on revolving facilities which may be repaid and redrawn up to the date of maturity.
(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.
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) Over the long-term, CRH believes that its available cash and cash equivalents, cash from operating activities, along with access to borrowing facilities will be sufficient to fund its long-term contractual obligations, maturing debt obligations and capital expenditures.
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. Lower credit ratings generally result in higher-borrowing costs, including costs of derivative transactions and reduced access to debt capital
markets, and may adversely impact our liquidity.*
31 | ||
CRH FORM 10-Q
Supplemental Guarantor Information
Guarantor financial information
As of March 31, 2026, 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.
Basis of presentation
The following summarized financial information reflects, on a combined basis, the Balance Sheet as of March 31, 2026, and as of December 31, 2025, and the Income Statement for the three months ended March 31, 2026, and for the year ended December 31, 2025 of CRH America and CRH plc, which guarantees the registered debt; collectively the ‘Obligor Group’. Intercompany balances and transactions within the Obligor Group have been eliminated in the summarized financial information 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 | Three months ended March 31, 2026 | Year ended December 31, 2025 | ||||||
| Income from operations before income tax benefit and income from equity method investments (i) | 324 | 3,503 | ||||||
| - of which relates to transactions with non-obligor subsidiaries | 78 | 3,431 | ||||||
| Net income – all of which is attributable to equity holders of the Company | 324 | 3,502 | ||||||
| - of which relates to transactions with non-obligor subsidiaries | 78 | 3,431 | ||||||
(i) Revenues and gross profit for the Obligor Group for the three months ended March 31, 2026 and for the year ended December 31, 2025 amounted to $nil million and $nil million, respectively. | ||||||||
The summarized Balance Sheet information is as follows: | ||||||||
| March 31 | December 31 | |||||||
| 2026 | 2025 | |||||||
| Current assets | 798 | 864 | ||||||
| Current assets – of which is due from non-obligor subsidiaries | 651 | 613 | ||||||
| Noncurrent assets | 2,350 | 2,235 | ||||||
| Noncurrent assets – of which is due from non-obligor subsidiaries | 2,349 | 2,235 | ||||||
| Current liabilities | 1,861 | 1,594 | ||||||
| Current liabilities – of which is due to non-obligor subsidiaries | 1,843 | 1,587 | ||||||
| Noncurrent liabilities | 742 | 743 | ||||||
Critical Accounting Policies and Estimates
There were no material changes during the three months ended March 31, 2026, to our critical accounting policies and/or estimates disclosed in the Consolidated Financial Statements included in our 2025 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.
32 | ||
CRH FORM 10-Q
From time to time, we may 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 may 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 information about the Company. 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.
33 | ||
CRH FORM 10-Q
Item 3. Quantitative and Qualitative Disclosures About Market Risk
CRH is exposed to market risks relating to fluctuations in foreign exchange risks, interest rates, and commodity prices. Changes in those factors could impact the Company’s results of operations and financial condition. Financial risk management at the Company seeks to minimize the negative impact of foreign exchange, interest rate and commodity price fluctuations on the Company’s earnings, cash flows and equity. Management provides oversight for risk management and derivative activities, determines certain of the Company’s financial risk policies and objectives, and provides guidelines for derivative instrument utilization.
To manage these risks, CRH uses various derivative financial instruments, including interest rate swaps, foreign exchange forwards and swaps, and commodity contracts. CRH only uses commonly traded and non-leveraged instruments. These contracts are entered into primarily with major banking institutions and utility companies, while CRH actively monitors its exposure to counterparty risk through the use of counterparty approvals and credit limits, thereby managing the risk of counterparty loss.
The following discussion presents the sensitivity of the market value, earnings and cash flows of the Company’s financial instruments to hypothetical changes in interest and exchange rates assuming these changes occurred as of March 31, 2026.
Interest Rate Risk
CRH may be impacted by interest rate volatility with respect to existing debt and future debt issuances as well as cash balances. For fixed rate debt instruments, interest rate changes affect the fair market value but do not impact earnings or cash flows. Conversely, for floating rate debt instruments, interest rate changes generally do not affect the fair market value of the instrument but impact future earnings and cash flows, assuming that other factors are held constant. Cash balances are held on short-term deposits and changing interest rates will impact deposit interest income earned. The Company uses interest rate swaps to convert a portion of its fixed rate debt to floating rate debt and these may be designated and qualify as fair value hedges. The Company also uses interest rate swaps to convert a portion of its floating rate debt to fixed rate debt and these may be designated and qualify as cashflow hedges. Under these arrangements, the Company agrees to exchange, at specified intervals, the difference between fixed and benchmark floating interest rates calculated by reference to an agreed-upon notional principal amount.
As of March 31, 2026, of total debt including overdrafts, finance leases and the impact of derivatives, the Company had fixed rate debt of $16.9 billion and floating rate debt of $2.2 billion, representing 88% and 12%, respectively. The equivalent figures as of December 31, 2025, were fixed rate debt of $16.6 billion and floating rate debt of $1.6 billion, representing 91% and 9%, respectively, and as of March 31, 2025, fixed rate debt of $13.9 billion and floating rate debt of $2.1 billion, representing 87% and 13%, respectively. The Company’s interest rate swaps as of March 31, 2026 whereby the Company swaps from fixed interest rates to floating interest rates, were $0.5 billion, compared to $0.5 billion as of December 31, 2025 and $1.4 billion as of March 31, 2025. The Company’s interest rate swaps as of March 31, 2026 whereby the Company swaps from floating interest rates to fixed interest rates, were $0.4 billion, compared to $nil billion as of December 31, 2025 and $nil billion as of March 31, 2025. Cash and cash equivalents and restricted cash as of March 31, 2026, were $3.3 billion, compared to $4.1 billion as of December 31, 2025 and $3.4 billion as of March 31, 2025, which were all held on short-term deposits and investments.
Sensitivity to interest rate moves
As of March 31, 2026, the before-tax earnings and cash flows impact of a 10 bps increase in interest rates, including the offsetting impact of derivatives, on the variable rate cash and debt portfolio would be approximately $11 million favorable ($24 million favorable as of December 31, 2025 and $12 million favorable as of March 31, 2025).
Foreign Exchange Rate Risk
CRH’s exchange rate exposures result primarily from its investments and ongoing operations in countries outside of the United States and other business transactions such as the procurement of products, services and equipment from foreign sources. Fluctuations in foreign currency exchange rates may affect (i) the carrying value of the Company’s net investment in foreign subsidiaries; (ii) the translation of foreign currency earnings; and (iii) the cash flows related to foreign currency denominated transactions.
Where economically feasible, the Company maintains Net Debt*2in the same relative ratio as capital employed to act as an economic hedge of the underlying currency assets. Where it is not feasible to do so, the Company may enter into foreign exchange forward contracts to hedge a portion of the net investment against the effect of exchange rate fluctuations. These transactions are designated as net investment hedges.
The Company also enters into foreign exchange forward contracts to hedge against the effect of exchange rate fluctuations on cash flows denominated in foreign currencies. These transactions are designated as cash flow hedges. In addition, the Company may enter into foreign currency contracts that are not designated in hedging relationships to offset, in part, the impacts of changes in value of various non-functional currency denominated items including certain intercompany financing balances. The U.S. Dollar equivalent gross notional amount of the Company’s foreign exchange forward contracts was $4.9 billion as of March 31, 2026, compared to $4.3 billion as of December 31, 2025 and $3.4 billion as of March 31, 2025.
Holding all other variables constant, if there was a 10% weakening in foreign currency exchange rates versus U.S. Dollar for the portfolio, the fair market value of foreign currency contracts outstanding as of March 31, 2026, would increase by approximately $168 million with an offsetting movement in the hedged foreign currency exposure. In comparison, the fair market value of foreign currency contracts outstanding as of December 31, 2025 would increase by approximately $201 million and as of March 31, 2025, would increase by approximately $24 million, with an offsetting movement in the hedged foreign currency exposure.
Commodity Price Risk
Some of the Company’s products use significant amounts of commodity-priced materials, predominantly oil, electricity, coal and carbon credits which are subject to price changes based upon fluctuations in the commodities market. This price volatility could potentially have a material impact on our financial condition and/or our results of operations. Where feasible, the Company manages commodity price risks through negotiated supply contracts and forward contracts to manage operating costs. The Company monitors commodity trends and where possible has alternative sourcing plans in place to mitigate the risk of supplier concentration and passing commodity-related inflation to customers or suppliers.
Where appropriate, the Company also has a number of derivative hedging programs in place to hedge commodity risks, with the aim of the programs being to neutralize variability arising from changes in associated commodity indices. The timeframe for such programs can be up to three years.
* Represents a non-GAAP financial measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 28 to 29.2
34 | ||
CRH FORM 10-Q
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Management has evaluated the effectiveness of the design and operation of the disclosure controls and procedures as defined in Securities Exchange Act Rule 13a-15(e) as of March 31, 2026. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that these disclosure controls and procedures were effective as of such date at the level of providing reasonable assurance.
In designing and evaluating our disclosure controls and procedures, management, including the Chief Executive Officer and the Chief Financial Officer, recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
35 | ||
CRH FORM 10-Q
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
The Company is from time to time a party to various legal proceedings that arise in the ordinary course of business. We do not believe any pending legal proceeding to which the Company is a party will have a material effect on our financial condition, results of operations or liquidity.
Item 1A. Risk Factors
There have been no material changes with respect to the risk factors disclosed in 'Item 1A. Risk Factors' of our 2025 Form 10-K.
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
The following table presents the number and average price of shares purchased in each month of the first quarter of fiscal year 2026:
| Period | (a) Total Number of Shares Purchased | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (i) | (d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||
| January 1 – January 31, 2026 | 626,600 | $124.36 | 626,600 | 58,108,900 | ||||||||||
| February 1 – February 28, 2026 | 727,065 | $123.02 | 727,065 | 54,605,535 | ||||||||||
| March 1 – March 31, 2026 | 1,570,793 | $104.75 | 1,570,793 | 53,034,742 | ||||||||||
| Total | 2,924,458 | 2,924,458 | ||||||||||||
(i) In May 2018, CRH announced its intention to introduce a share repurchase program to repurchase Ordinary Shares (the ‘Program’). In the first quarter of 2026, the Company returned a further $0.3 billion of cash to shareholders through the repurchase of 2,924,458 Ordinary Shares (equivalent to 0.4% of the Company’s issued and outstanding Ordinary Shares). This brought total cash returned to shareholders under the Program to $9.9 billion since its commencement in May 2018. The purchases in the first quarter of 2026 were completed under the following tranches:
| Date Announced | Max Amount to be Repurchased (in $ millions) | Expiration Date | |||||||||
| November 6, 2025 | (Tranche 27) | 300 | February 17, 2026 | ||||||||
| February 19, 2026 | (Tranche 28) | 300 | April 28, 2026 | ||||||||
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd‐Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S‐K (17 CFR 229.104) is included in Exhibit 95 to this Quarterly Report.
Item 5. Other Information
During the three months ended March 31, 2026, no Director or officer (as defined in Section 16 of the Exchange Act) of the Company adopted terminated
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CRH FORM 10-Q
Item 6. Exhibits
The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report.
Exhibits
3.1 | Memorandum and Articles of Association of CRH public limited company, dated May 8, 2025 (incorporated by reference to Exhibit 3.1 to the current report on Form 8-K filed May 9, 2025). | |||||||
22.1 | List of Guarantors and Subsidiary Issuers of Guaranteed Securities. | |||||||
31.1 | Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||||
31.2 | Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||||
32.1* | Certification of Chief Executive Officer Pursuant to Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
32.2* | Certification of Chief Financial Officer Pursuant to Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
95.1 | Disclosure of Mine Safety and Health Administration (MSHA) Safety Data. | |||||||
101 | Inline eXtensible Business Reporting Language (XBRL). | |||||||
104 | Cover Page Interactive Data File (formatted in iXBRL in Exhibit 101). | |||||||
* | Furnished herewith. | |||||||
The total amount of long-term debt of the registrant and its subsidiaries authorized under any one instrument does not exceed 10% of the total assets of CRH plc and its subsidiaries on a consolidated basis. The Company agrees to furnish copies of any such instrument to the SEC upon request.
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CRH FORM 10-Q
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CRH public limited company (Registrant)
By /s/ Nancy Buese
Nancy Buese
Chief Financial Officer
Nancy Buese
Chief Financial Officer
April 30, 2026
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FAQ
How did CRH (CRH) perform financially in Q1 2026?
CRH grew total revenues 9% to $7.4 billion in Q1 2026, driven by stronger demand and acquisitions. Adjusted EBITDA rose 18% to $586 million, with margin improving to 8.0%, although the company still reported a net loss for the quarter.
Why did CRH (CRH) report a larger net loss despite higher revenue?
CRH’s net loss widened to $180 million, mainly due to a $48 million impairment in International Solutions, higher depreciation and amortization of $576 million, and increased interest expense of $203 million on a larger debt balance, despite improved operating margins.
How did CRH’s business segments contribute to Q1 2026 results?
All three CRH segments contributed to growth, with Americas Materials Solutions revenue up 21% and Adjusted EBITDA up 75%, International Solutions revenue up 5% and Adjusted EBITDA up 32%. Americas Building Solutions revenue slipped 1%, but segment Adjusted EBITDA was stable with slightly higher margins.
What were CRH’s key cash flow and debt trends in Q1 2026?
CRH used $616 million in operating cash, reflecting normal seasonality, and $722 million in investing, mainly for $601 million of capital spending and $126 million of acquisitions. Net cash from financing was $572 million, and Net Debt rose to $15.8 billion.
What major portfolio actions did CRH (CRH) take in early 2026?
CRH agreed to divest its construction accessories operations for $0.7 billion and lawn and garden operations for $1.1 billion, both expected to close in Q2 2026. It also completed five acquisitions for $126 million and continued share buybacks and growth capital spending.