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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
☒ A NNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
☐ T RANSITION 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

CRH public limited company
(Exact name of registrant as specified in its charter)

Ireland | 98-0366809
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number)

Stonemason’s Way, Rathfarnham, Dublin 16, D16 KH51, Ireland
+353 1 404 1000
(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 Symbol: | Name of Each Exchange on Which Registered:
Ordinary Shares of €0.32 each | CRH | New York Stock Exchange
5.200% Guaranteed Notes due 2029 | CRH/29 | New York Stock Exchange
5.125% Guaranteed Notes due 2030 | CRH/30 | New York Stock Exchange
6.400% Notes due 2033 | CRH/33A | New York Stock Exchange
5.400% Guaranteed Notes due 2034 | CRH/34 | New York Stock Exchange
5.500% Guaranteed Notes due 2035 | CRH/35 | New York Stock Exchange
5.875% Guaranteed Notes due 2055 | CRH/55 | New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
☒ Yes ☐ No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. ☐ Yes ☒ No
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
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.

Large accelerated filer | ☒ | 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes Oxley Act (15 U.S.C 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ Yes ☐ No
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. □
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). □
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
The aggregate market value of the voting shares held by non-affiliates of the registrant, computed by reference to the closing price as reported on the New York Stock Exchange, as of the last business day of CRH plc’s most recently completed second fiscal quarter (June 28, 2024), was $51,283,330,098. CRH plc has no non-voting common equity.
As of February 13, 2025, the number of outstanding ordinary shares was 676,475,037 (excluding Treasury stock of 40,944,153 shares).
Documents Incorporated by Reference: Portions of CRH plc’s proxy statement to be prepared in connection with its 2025 Annual General Meeting (the 'Proxy Statement') are incorporated by reference into Part III of this Annual Report on Form 10-K. CRH plc intends to file the Proxy Statement with the SEC no later than 120 days following December 31, 2024.

EXPLANATORY NOTE
CRH plc (together with its consolidated subsidiaries, the 'Company’, 'CRH’, the ‘Group’, ‘we’, ‘us’ or ‘our’), a corporation organized under the laws of the Republic of Ireland, previously determined, as of June 30, 2024 (including as a result of more than 50% of its ordinary shares being held by U.S. residents), that it will no longer qualify as a foreign private issuer as defined under the U.S. Securities Exchange Act of 1934 (the ‘Exchange Act’).
Effective as of January 1, 2025, CRH is a U.S. domestic issuer.

TABLE OF CONTENTS

PART I |  | PAGE
Item 1 | Business | 6
Item 1A | Risk Factors | 13
Item 1B | Unresolved Staff Comments | 19
Item 1C | Cybersecurity | 20
Item 2 | Properties | 21
Item 3 | Legal Proceedings | 27
Item 4 | Mine Safety Disclosures | 27
PART II |  |
Item 5 | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 28
Item 6 | Reserved | 30
Item 7 | Management's Discussion and Analysis of Financial Condition and Results of Operations | 31
Item 7A | Quantitative and Qualitative Disclosures a bout Market Risk | 50
Item 8 | Financial Statements and Supplementary Data | 51
Item 9 | Changes in and Disagreements w ith Accountants on Accounting and Financial Disclosure | 99
Item 9A | Controls and Procedures | 99
Item 9B | Other Information | 100
Item 9C | Disclosures Regarding Foreign Jurisdictions that Prevent Inspections | 100
PART III |  |
Item 10 | Directors, Executive Officers and Corporate Governance | 101
Item 11 | Executive Compensation | 101
Item 12 | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 101
Item 13 | Certain Relationships and Related Transactions, and Director Independence | 101
Item 14 | Principal Accountant Fees and Services | 101
PART IV |  |
Item 15 | Exhibits and Financial Statement Schedules | 102
Item 16 | Form 10-K Summary | 103
Signatures | 104

CRH Form 10-K 4

Forward-Looking Statements – Safe Harbor Provisions Under The Private Securities Litigation Reform Act Of 1995
In order to utilize the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, CRH is providing the following cautionary statement.
This document 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: plans and expectations regarding customer demand, pricing, costs, underlying drivers for growth in infrastructure, residential and non-residential activity, and macroeconomic and other trends in CRH’s markets, including onshoring, regulatory trends, and investment in technology, clean energy and manufacturing; plans and expectations regarding government funding initiatives and priorities, including the timing and amount of government funding and its effects on CRH’s business; plans and expectations regarding CRH’s strategy, expansionary capital expenditures, competitive advantages, growth opportunities, innovation, research and development and acquisitions and divestitures, including the timing for completion, tax and accounting effects and expected commercial benefits; plans and expectations regarding the outcome of pending legal proceedings and provisions for environmental and remediation costs; plans and expectations regarding the timing and amount of share buybacks and dividends, including the Board’s policy of consistent long-term dividend growth; expectations regarding taxation of U.S. holders of our shares, including applicability of Irish Dividend Withholding Tax (DWT) and Irish stamp duty; expectations regarding the Company’s income tax reserves and returns; plans and expectations regarding equity incentive plans and pension plans; plans and expectations regarding CRH’s balance sheet, capital allocation, financial capacity, accounting policies, cash flows and working capital; expectations regarding CRH’s ability to fund its long-term contractual obligations, maturing debt obligations, capital expenditures, and other liquidity requirements; plans and expectations regarding the Share Option Schemes; plans and expectations regarding CRH’s inclusion on certain equity indices; plans and expectations regarding the effect of existing and future laws, rules and regulations on CRH’s business; plans and expectations regarding human capital initiatives, workplace safety, sustainability and climate change, CRH’s decarbonization targets, sustainability-related initiatives and business opportunities, including investments, and the delivery of and consumer demand for sustainable solutions and products; and plans and expectations regarding the potential impact and evolving nature of risks and CRH’s management of such risks.
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 the Company’s 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. The Company expressly disclaims 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, among other factors: 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 Part 1, Item 1A of this Annual Report on Form 10-K for the year ended December 31, 2024 (the ‘Annual Report on Form 10-K’).
CRH Form 10-K 5

PART I
Item 1. Business
Overview
CRH is a leading provider of building materials that build, connect and improve our world. In 2024, the Company generated $35.6 billion of revenues, $3.5 billion of net income and $6.9 billion of Adjusted EBITDA*.1 Since formation in 1970, CRH has evolved from being a supplier of base materials to solving complex construction challenges for our customers.
CRH’s differentiated solutions strategy uniquely integrates materials, products and services across the construction value chain, better serving our customers’ needs and driving repeat business while making construction simpler, safer and more sustainable.
The Company integrates essential materials (aggregates and cement), value-added building products as well as construction services, to provide our customers with complete connected solutions. CRH’s capabilities, innovation and technical expertise enable it to be a valuable partner for transportation and critical infrastructure projects, complex non-residential construction and outdoor living solutions.
CRH’s business addresses the needs of customers across infrastructure, non-residential and residential construction markets. In 2024, approximately 35% of revenues came from infrastructure (such as highways, streets, roads and bridges), 30% from non-residential construction (including construction and maintenance of critical water, energy and telecommunications projects, in addition to manufacturing, commercial, warehouse and data center facilities) and 35% from residential construction. Approximately 60% of revenues came from sales to new-build construction, while 40% of revenues came from repair and remodel activity.
Operating in 28 countries, the Company has market leadership positions in North America, Europe and Australia. In 2024, approximately 72% of net income and 74% of Adjusted EBITDA* was generated in North America. The United States is expected to be a key driver of future growth for CRH due to continued economic expansion, a growing population and significant public investment in construction. In 2024, approximately 28% of net income and 26% of Adjusted EBITDA* was generated by our International Division. Our International businesses, which benefit from strong economic and construction growth prospects as well as recurring repair and remodel demand, are an important strategic part of the Company. CRH intends to continue to expand its North American and International operations given significant government support for infrastructure and increasing demand for customer-connected solutions in major infrastructure and commercial projects.
CRH has a proven track record in value creation through acquisition which over the last decade has accounted for approximately 60% of the Company’s growth. We achieve this by acquiring businesses at attractive valuations and creating value by integrating them with our existing operations and generating synergies. The Company takes an active approach to portfolio management and continuously reviews the competitive landscape for attractive investment and divestiture opportunities to deliver further growth and value creation for shareholders. In 2024, CRH completed 40 acquisitions for a total consideration of $5.0 billion compared with $0.7 billion in 2023. The largest acquisition in 2024 was in our Americas Materials Solutions segment where the Company completed the acquisition of a portfolio of cement and readymixed concrete operations and assets in Texas. The Company also completed the acquisition of a majority stake (57%) in the Australian building materials business Adbri Ltd (Adbri) within our International Solutions segment.
CRH has a primary listing on the New York Stock Exchange (NYSE) and an international secondary listing on the London Stock Exchange (LSE) for its ordinary shares, each listing represented by the ticker symbol “CRH”. References to the 'Ordinary Shares' and 'Common Shares' refer to our ordinary shares of €0.32 each.
Effective as of January 1, 2025, CRH is a U.S. domestic issuer.
Customer-Connected Solutions
CRH’s strategy integrates building materials, products and services by providing them to customers as complete solutions that solve complex challenges across the built environment.
Essential Materials
Essential Materials, consisting of aggregates and cement, are the foundation of CRH’s strategy. Our vertically integrated businesses manufacture and supply these materials for use extensively in a wide range of construction applications, ranging from major road and infrastructure projects to the development and refurbishment of commercial buildings, private residences, public spaces and communities. Our deep materials and market knowledge, along with our extensive network of locations and assets, drive our performance and helps us deliver value to our customers. Customers typically range from national, regional and local governments to contractors and other construction product and service providers.
Road Solutions
CRH is a leading provider of solutions for sustainable road construction in North America and Europe. With our capabilities in manufacturing, installation, maintenance and circularity, we deliver a range of innovative solutions for our customers to better connect our communities, from major public highway infrastructure projects to residential roads, airports and parking lots. As responsible operators considerate of our environmental impact, we optimize the use of recycled materials in our paving services, thereby reducing waste, emissions and energy consumption. Fully integrated with our Essential Materials businesses, we have developed our Road Solutions offering to provide customers with quality, flexibility, speed, expertise and convenience through our deep market knowledge and highly capable team of professionals.
Building and Infrastructure Solutions
Our Building & Infrastructure Solutions connect, protect and transport critical water, energy and telecommunications infrastructure to help solve complex construction challenges. We integrate design, materials, products and engineering to enable the transition to a more sustainable and resilient built environment. Our products have a particular focus on the below-ground built environment where we are a leading provider of multi-material infrastructure that connects and protects the critical projects that enhance the daily lives of millions of people.
* Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.1
CRH Form 10-K 6

Outdoor Living Solutions
CRH’s Outdoor Living Solutions integrate specialized materials, products and design features to enhance the quality of private and public spaces. We help our customers in residential and commercial markets create unique outdoor settings by providing solutions for repair, remodel and new construction projects. Our business is closely connected to our customers through a broad geographic network as well as a comprehensive suite of products and services spanning hardscapes, masonry, fencing, railing, packaged lawn and garden products, pool finishes and composite decking. We place a strong focus on anticipating the needs of our customers and constantly strive to exceed their expectations. We do this by continually enhancing our offering through innovation, portfolio expansion and multifaceted collaboration.
Innovation and Sustainability
We are accelerating investment in innovation to develop a higher-performing and more sustainable built environment. Through our $250 million Venturing and Innovation Fund we are supporting the development of new technologies and innovative solutions to meet the increasingly complex needs of customers and evolving trends in construction. Our CRH Ventures platform partners with and invests strategically in construction and climate technology start-ups across the entire construction value chain, to pilot and scale cutting-edge and innovative technologies. Our ability to replicate and scale our innovation and technical expertise between geographies provides us with opportunities for further growth. Through our Innovation Center for Sustainable Construction (iCSC), we have a global network of experts across our businesses collaborating in the research, development and replication of innovative solutions.
Sustainability is deeply embedded in all aspects of our business and sustainability leadership is a key pillar of CRH’s purpose. CRH’s building materials solutions play an important role in shaping a more sustainable built environment and, in 2024, revenues from products with enhanced sustainability attributes 1 was $14.6 billion, an increase of 5% compared with 2023 and an increase of 16% compared with 2022.
Our sustainability framework identifies three global challenges for society and the built environment: water, circularity and decarbonization. Our strategy focuses on transforming essential materials into value-added and innovative solutions to address these global challenges. By uniquely integrating our materials, products and services, we are positioned to capture further value and accelerate growth across CRH.
•Water: We are advancing solutions to address global water challenges by enhancing flood resilience and improving water management. This includes upgrading water infrastructure, improving wastewater treatment, recharging groundwater and conserving water across the supply chain.
•Circularity: We are reimagining the way materials are used to enable a more circular economy. Our efforts include preserving natural resources, recycling and reusing construction and waste materials, facilitating resource-efficient buildings and infrastructure and building more circular supply chains.
•Decarbonization: We are developing innovative solutions to support a low-carbon future. Our goals include reducing our absolute carbon emissions, minimizing operational carbon from our products and creating energy-efficient solutions to facilitate a clean energy transition.
In 2024, we continued to enhance our capabilities to meet these challenges through investment in innovative technologies. Two recent examples include our investment in FIDO AI, supporting the development of artificial intelligence leak detection software to accelerate our water infrastructure solutions in North America, as well as our strategic investment partnership with Sublime Systems, a U.S.-based company operating in the field of sustainable cement production. Through these efforts, we continue to develop and deliver innovative, climate-resilient solutions for our customers.
By continuing to meet the changing needs of our customers and society, we aim to drive further growth and value creation. In addition, we are striving to create a positive impact on the natural world, helping our people and communities to thrive. We stand out as a responsible business by collaborating to ensure a more sustainable supply chain and embedding responsible conduct at each level throughout our organization.
Business Segment Information
During the fourth quarter of 2024, the Company’s segments changed to three segments across two divisions. Refer to Note 20 “Segment information” in Item 8. “Financial Statements and Supplementary Data” for additional information.
Americas Division
CRH’s Americas Division comprises two segments: Americas Materials Solutions and Americas Building Solutions. The North American market’s positive fundamentals, including strong population growth and significant public investment in construction, is driving demand for CRH’s connected portfolio of materials, products and services. Over several decades, CRH has established difficult to replicate, leading positions of scale across the United States and Canada. The Division employs approximately 47,400 people at 2,008 locations across 48 states of the United States and seven Canadian provinces.
Americas Materials Solutions
Americas Materials Solutions provides building materials 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, cement, readymixed concrete and asphalt. This segment also provides paving and construction services for customers.
In 2024, this segment accounted for approximately 45% of CRH’s total revenues and 54% of Adjusted EBITDA. Approximately 50% of segment revenues came from infrastructure, 30% from non-residential construction and 20% from residential construction. New-build construction accounts for approximately 60% of segment revenues while the remaining 40% came from repair and remodel activity.
The Americas Materials Solutions segment leverages our benefits of scale, strong market knowledge, deep industry expertise and extensive array of essential materials to implement CRH’s strategy, offering value-added solutions which combine different types of materials, products and services to satisfy multiple customer needs. In turn, this enables CRH to provide a value-enhancing, differentiated experience, saving time and reducing logistical challenges for customers. Through this customer-connected approach CRH aims to reduce lead times and complexity, deepening relationships, driving repeat business and increasing the share of customer wallet spent on CRH products and services.
Vertical integration is a defining characteristic within this segment, enabling us to optimize production throughout the supply chain and to capture greater value. In order to support its operations, the Company has established a network of long-term reserves at quarry locations, predominantly adjacent to urban areas where demand for its materials and products is strongest.
1 Revenues from products with enhanced sustainability attributes is defined as revenues derived from those products that incorporate any, or a combination of: recycled materials; are produced using alternative energy and fuel sources; have a lower carbon footprint as compared to those products using traditional manufacturing processes; and are designed to specifically benefit the environment.
CRH Form 10-K 7

Americas Building Solutions
Americas Building Solutions manufactures, supplies and delivers high-quality, value-added, innovative solutions for the built environment in communities across North America. Products in this segment are highly specified, designed and engineered thereby adding value for the customer. This segment serves complex critical infrastructure (such as water, energy, transportation and telecommunications projects) and outdoor living solutions for enhancing private and public spaces.
In 2024, Americas Building Solutions accounted for approximately 20% of CRH’s total revenues and 20% of Adjusted EBITDA. Approximately 65% of segment revenues came from sales to residential, 25% to non-residential and 10% to infrastructure markets. Repair and remodel activity accounted for approximately 60% of segment revenues, with the remaining 40% from new-build construction.
This segment analyzes market trends, including increasing urbanization, demand for more sustainable construction and evolving customer preferences to devise high-quality, effective building product solutions. CRH’s ability to provide solutions which are tailored to the specific requirements of individual customer projects helps to drive competitive advantage and deliver sustainable growth in this segment.
International Division
CRH’s International Division, which comprises one segment, International Solutions, is a leading provider of integrated building solutions primarily across Europe and Australia. During the fourth quarter of 2024, the former Europe Materials Solutions and Europe Building Solutions segments were combined into this International Solutions segment reflecting how the business is managed. In Eastern Europe and Australia we see higher-growth potential through strong economic activity, while in Western Europe, CRH’s businesses operate in attractive markets backed by significant public infrastructure spending and region- wide programs that support construction activity. In these regions, CRH is experiencing increasing demand for its customer-connected solutions offering. The Division employs approximately 32,400 people at 1,808 locations across 27 countries.
International Solutions
International Solutions integrates building materials, products and services for the construction and renovation of public infrastructure, critical networks, commercial and residential buildings, and outdoor living spaces. CRH has established itself as a leader in its markets, enabling strong value creation through commercial excellence and performance improvement initiatives, while serving growing demand across the construction value chain for innovative and value-added products and services.
In 2024, this segment accounted for approximately 35% of CRH’s total revenues and 26% of Adju sted EBITDA. Approximately 35% of segment revenues came from infrastructure, 35% from residential construction, and 30% from non-residential construction. New-build construction accounted for approximately 70% of segment revenues, with the remaining 30% from repair and remodel activity.
Materials and Products
The following materials and products are produced and supplied by CRH’s connected portfolio of businesses.
Aggregates
Aggregates are naturally occurring mineral deposits such as granite, limestone and sandstone. CRH extracts these deposits and processes them for sale as aggregates products such as crushed stone, sand and gravel. Typically, aggregates are used in road and rail infrastructure, building foundations and in the production of products including concrete and asphalt. Annualized aggregates sales volumes 2 in 2024 for the Americas Division and International Division were 229.8 million tons and 143.1 million tons, respectively.
Cement
Cement is produced from limestone reserves and is the primary binding agent in the production of concrete products, including readymixed concrete and mortars, which are used extensively throughout the built environment. Annualized cement sales volumes 2 in 2024 for the Americas Division and International Division were 13.9 million tons and 35.7 million tons, respectively.
Concrete
Concrete is a highly versatile building material, comprised of aggregates bound together with cement and water. Readymixed concrete is the most commonly used form of concrete. It forms the foundations of buildings and homes, roads, tunnels and bridges, water management systems and clean energy structures. While readymixed concrete is supplied to customers for on-site casting, CRH’s infrastructural concrete businesses produce and supply precast and pre-stressed concrete products such as floor and wall elements, beams and vaults, pipes and manholes. These products are delivered to, and assembled at, construction sites where they are used throughout the modern built environment. Annualized readymixed concrete sales volumes 2 in 2024 for the Americas Division and International Division were 17.4 million cubic yards and 21.1 million cubic yards, respectively.
Asphalt
Asphalt consists of aggregates bound together with bitumen and is widely used as a surface material in roads, bridges, airport runways, sidewalks and other amenities. In recent years, the use of recycled materials in asphalt has increased considerably. Using materials from existing road surfaces to produce new asphalt reduces the demand for virgin material, extends the life of our aggregates reserves and contributes to reducing the carbon footprint of the product. Recycled Asphalt Pavement (RAP) and Recycled Asphalt Shingles (RAS) are used extensively by CRH businesses to produce new asphalt products for road and other surfaces. Annualized asphalt sales volumes 2 in 2024 for the Americas Division and International Division were 52.2 million tons and 10.0 million tons, respectively.
Building Products
CRH’s strategy of vertical integration utilizes our essential materials to produce a range of value-added building products and solutions. These include the manufacturing of concrete and polymer-based products such as underground vaults, drainage systems, enclosures and modular precast structures which are typically supplied to the water, energy, telecommunications and railroad markets. CRH also provides a range of engineered steel and polymer-based anchoring, fixing and connecting solutions for a variety of new-build construction applications.
2 Annualized sales volumes reflect the full-year impact of acquisitions and divestitures during the year and may vary from actual volumes sold. This includes volumes which are used internally (e.g. aggregates supplied internally for cement production).
CRH Form 10-K 8

Further, CRH manufactures a variety of concrete masonry, hardscape and related products including pavers, blocks and curbs, retaining walls and slabs. CRH also produces fencing and railing systems, composite decking, lawn and garden products and packaged concrete mixes. These products are supplied to residential, commercial and do-it-yourself (DIY) construction markets.
Key Trends and Opportunities
Key trends affecting the development of CRH's businesses include:
•Population growth and urbanization driving increasing demand for construction;
•Economic development and further investment in infrastructure, commercial and residential projects; and
•Recurring need to repair, maintain and upgrade the built environment as existing buildings and infrastructure age and wear.
In addition, there are several industry-specific trends that are shaping how CRH evolves to meet the needs of its customers:
•Unprecedented levels of funding support for critical infrastructure and the onshoring of manufacturing activity;
•An evolving regulatory landscape driving increasing customer demand for innovative, connected solutions to deliver a more resilient and sustainable built environment; and
•Supply-side dynamics, such as labor constraints, driving increasing investment in automation, technology and digital solutions.
Environmental and Governmental
Regulations
Our operations in the United States are subject to federal, state and local laws, while our European operations are subject to national environmental laws and regulations stemming primarily from European Union (EU) directives and regulations. Our operations elsewhere are typically subject to both national and local regulatory requirements.
Compliance and Costs
Compliance with applicable regulations requires capital investment and ongoing expenditures for the operation and maintenance of systems and implementation of improvement programs. These include investments in licensing, permitting and monitoring, waste and water management plans, reductions in air emissions and energy consumption, promotion and protection of biodiversity, education and training, as well as employment of environmental specialists within CRH. These capital investments and expenditures were not material to CRH’s earnings, results of operations or financial condition in 2024 and 2023.
Management believes that its current provision for environmental and remediation costs is reasonable and that any potential non-compliance at its operations and facilities with applicable environmental laws and regulations is not likely to have a material adverse effect on CRH’s operations or financial condition. See Item 3. “Legal Proceedings" and Note 13 “Asset retirement obligations” in Item 8. “Financial Statements and Supplementary Data”.
Land and Environmental Management
We generally own or lease the real estate on which our main raw materials, aggregates and other minerals are located. As part of our vertically integrated business model, we have established an extensive global network of extractive sites comprised of 1,296 properties, of which 246,058 acres of land are owned and 129,818 acres are leased. These extractive sites provide us with the raw materials to manufacture various primary building materials, such as aggregates, cement, asphalt, readymixed concrete and concrete products. We offer these products directly for sale and integrate them into our downstream products and services. Materials produced by our aggregates and cement businesses, for example, can be supplied to our downstream businesses for use in our Road Solutions, Building & Infrastructure Solutions and Outdoor Living Solutions businesses.
Our operations are typically required to comply with government land use plans and zoning requirements. We are required by government authorities to obtain permits to operate certain workplaces, such as quarries, mines, production and distribution facilities, including water rights required to operate many of our sites. The terms and general availability of government permits required to conduct our business influence the scope of our operations on the respective sites. We are also required to obtain permits and adhere to applicable restrictions, often including establishing appropriate environmental management systems, to minimize the risk that necessary permits are revoked, modified or not renewed.
CRH is also subject to multiple laws that require the Company, as a mine operator, to reclaim and restore properties after mining activities have ceased. As a result, we are required to record reasonable provisions for such reclamation in our Consolidated Financial Statements.
From time to time, we are required by law and/or contractual obligations to investigate and remediate releases of hazardous substances at our manufacturing sites and at sites where hazardous substances from our operations may have been disposed of. Where we have been required to incur such expenses, we are required to record reasonable provisions for such remediation in our Consolidated Financial Statements.
The Clean Air Act in the United States and similar laws elsewhere require that certain of our facilities, including our cement plants, obtain and maintain air emissions permits that subject them to pollution control requirements and require pre-approval for constructing certain facilities. CRH is also required to comply with laws designed to promote biodiversity and protect ecosystems. From time to time, CRH may be required to install additional equipment or technologies to remain in compliance with such environmental regulations.
Climate Change
We believe the transition to a more sustainable built environment represents a significant commercial opportunity for CRH. We are well-positioned to support the increased demand for more sustainable products, which is underpinned by robust funding programs and regulatory policies in the geographies in which we operate. In addition, extreme weather events are increasing the need for more climate-resilient infrastructure.
CRH Form 10-K 9

CRH has an absolute carbon dioxide (CO 2) emissions reduction target of 30% by 2030 (from a 2021 base year) inclusive of organic business growth. The Science Based Targets initiative (SBTi) has validated our targets 3 in line with a 1.5°C trajectory. A significant portion of the actions required to deliver on the 2030 roadmap are based on known technologies, well-established operational excellence programs and activities in which CRH has a proven track record of delivery. CRH’s roadmap includes incremental capital expenditure of approximately $150 million per annum on average, which is subject to strict internal investment criteria and the net business benefit is expected to increase revenues and profitability.
In 2024, our Scope 1 and 2 absolute carbon emissions decreased by 4%, from 31.0 million tonnes 4 in 2023 to 29.7 million tonnes in 2024, as we made further progress implementing the key levers in our decarbonization roadmap which offset the impact of an increase in emissions arising from changes in our business portfolio. Our cement-specific net CO 2 emissions per tonne of cementitious product reduced to 537kg (562kg in 2023). We are also continuing to advance our contribution to the circular economy, preserving scarce natural resources and using more recycled materials in construction. In 2024, we recycled 44.7 million tonnes of by-products and wastes, sourced internally and from other industries, for use as alternative materials and fuels in our products and processes (43.9 million tonnes in 2023).
Supply Chain
CRH employs a dedicated global purchasing team and its supply chain combines vertical integration as well as external suppliers and service providers to deliver products to customers in various markets.
As outlined on page 9, CRH owns or leases the real estate on which its main raw materials are located and has established an extensive global network of quarries. As part of its vertically integrated business model, the raw materials from these quarries are used to manufacture primary building materials, such as aggregates, cement, asphalt, readymixed concrete and concrete products, which are offered directly for sale or integrated into downstream products and services.
CRH is a significant purchaser of certain materials and resources important to its business, including cement, bitumen, steel, supplementary cementitious materials and energy supplies, all of which it acquires at market rates. CRH is not dependent on any one source for the supply of these materials and resources, other than in certain jurisdictions with regard to the supply of gas and electricity.
CRH also utilizes various external suppliers and service providers throughout its business in addition to its internal supply chains, which enables it to economically source various raw materials, equipment and other inputs and to transport finished product to customers. The Company is committed to establishing a sustainable and resilient supply chain. The Company takes an active approach to monitoring the resilience of its supply chain and ensures that it has access to a satisfactory level of required inputs at all times.
Seasonality
Activity in the construction industry is dependent to a considerable extent on the seasonal impact of weather on the Company’s operating locations, with periods of higher activity in some markets during spring and summer which may reduce significantly in winter due to inclement conditions and extreme weather events. In addition to impacting demand for our products and services, adverse weather can negatively impact the production processes for a variety of reasons. For example, workers may not be able to work outdoors in sustained high temperatures and heavy rainfall and/or other unfavorable weather conditions.
Competitive Environment
CRH is a market leader in many of the construction markets it operates in across North America, Europe and Australia. CRH prioritizes investment in markets with attractive fundamentals including population and economic growth, which drive demand for construction. Many of the markets in which CRH operates are highly fragmented, and as a result, CRH products and services face strong competition. The Company’s profits are sensitive to changes in volumes and prices which are impacted from time to time by competitive conditions experienced in different markets.
Pricing for products is impacted by macroeconomic conditions, the number of competitors, the degree of utilization of production capacity, the specifics of product demand, innovation and differentiation, among other factors.
Fragmented markets continue to offer focused growth opportunities for CRH. Similarly, competitors may seek to expand their existing positions or enter new markets and the Company may experience competition for potential acquisitions identified by CRH management.
3 The SBTi’s Target Validation Team has determined that CRH’s target ambition for Scope 1 and Scope 2, as well as Scope 3 for purchased clinker and cement, is in line with a 1.5°C trajectory.
4 Note all sustainability metrics are presented in metric tonnes. Scope 1, 2 and 3 absolute CO 2 emissions were 47.1 million tonnes in 2024 (44.1 million tonnes in 2023).
CRH Form 10-K 10

Intellectual Property and Research & Development
CRH relies on a combination of intellectual property laws, confidentiality procedures and contractual provisions to protect its proprietary assets and brands. CRH has registered or applied for registration of trademarks, service marks and internet domain names, both domestically and internationally, where appropriate.
CRH engages in ongoing research & development projects to improve existing and develop new technologies that will empower more sustainable forms of construction in the future. The Company’s research initiatives include:
•A $250 million Venturing and Innovation Fund to support the development of new technologies and innovative solutions. To date, research initiatives across the Company include hydrogen use, CO 2 mineralization projects, novel cements, artificial intelligence technology and Carbon Capture Usage and Storage (CCUS);
•CRH Ventures, the Company’s venture capital arm, invests in, and partners with, construction technology and climate technology companies across the construction value chain to pilot and scale new technologies and innovations that will enable safer, smarter and more sustainable construction; and
•iCSC, CRH’s global center of excellence provides expertise and leadership to identify and analyze global market and construction trends and new growth opportunities to maximize the value of sustainable innovation. The iCSC incorporates a global network of laboratories and experts at CRH’s operating companies collaborating to advance research on sustainable building materials and processes, such as low-carbon cement and concrete.
Through these initiatives, CRH is supporting the development of new technologies and innovative solutions to meet the increasingly complex needs of customers and evolving trends in construction.
Human Capital Resources
People are our priority, and we believe that building a safe and inclusive work environment that empowers and inspires our global workforce is core to our success. In 2024, we employed approximately 79,800 people at 3,816 locations in 28 countries, of which approximately 47,400 were in the Americas Division and 32,400 in the International Division. Some of our businesses are seasonal in nature which results in peaks and troughs in employment numbers across certain sections of our workforce. These changes are managed through fair and flexible hiring practices.
Safety and Well-Being
The safety and well-being (including physical and mental health) of our employees, contractors and other stakeholders is embedded in CRH’s values. Our ambition is to have a culture of safety and wellness working towards zero harm, with a target of zero fatalities in any year. The Safety, Environment & Social Responsibility Committee, a Board committee, receives regular reports in relation to safety indicators.
CRH invests substantial time, effort and financial resources to comply with applicable regulations and ensure a safe workplace. In 2024, 94% of our locations had zero accidents and we achieved a lost time incident rate of 0.22 based on the number of incidents per 200,000 work hours for employees and contractors globally. We continue to monitor near misses, prioritizing those high potential learning events to achieve our goal of zero harm. We also invest in initiatives and programs across CRH, including training, technologies and our equipment to increase the standard of safety across our operations and reduce risks. CRH further supports our employees through our health and well-being programs providing tools, social support and strategies for physical and mental health.
Our mining operations, manufacturing facilities and other operations are subject to a variety of worker health and safety requirements, including laws and regulations administered by the United States’ Occupational Safety and Health Administration (OSHA) and Mine Safety and Health Administration (MSHA) and their state-level and foreign equivalents. Failure to comply with these applicable workplace health and safety requirements can result in sanctions and claims for personal injury and property damage and/or the closure of sites.
Employee Engagement
Employee engagement is critical in generating insights regarding CRH’s performance culture, training and career development opportunities, safety culture, corporate purpose, initiatives to support inclusion and overall strategy. The Board has delegated responsibility for the management of employee engagement to the Nomination & Corporate Governance Committee. Through employee engagement, we gain a better understanding of what matters most to our employees. We continue to adapt engagement strategies, ways of working and leadership development approaches based on employee feedback.
Working with the executive leadership team (Global Leadership Team), CRH develops action plans based on the results of these engagements. The proximity of our senior leaders to daily operations across CRH is a key reason for the Company's continued success and enables dynamic engagement across our operations.
We operate both unionized and non-unionized workplaces.
Learning and Development
We are focused on creating a global workforce that will drive performance now and for years to come. Learning and development is integral to embedding our culture and values, ensuring compliance with policies and attracting, retaining and developing top talent. We invest in talent development throughout our businesses, empowering our employees across all levels of education and employment to grow their careers through personal and professional development opportunities to ensure we have a pipeline of talent in place for the next generation of leaders at CRH. We continue to roll out our Frontline Leadership Program, which provides leadership development training for frontline supervisors across CRH, advancing the skills of our employees across a range of programs such as management, inclusive leadership and safety. We have also established multiple training and compliance programs to support appropriate conduct, including mandatory annual trainings regarding anti-bribery, anti-fraud and anti-theft topics.
Inclusion and Engagement
At CRH, we want to enhance and sustain a culture where fairness, inclusion and belonging are achievable for everyone. The Board and management team are committed to building a respectful and inclusive culture where talented people of all backgrounds have opportunities and can perform at their best. CRH has an engagement strategy which is built on, among other things, a firm commitment to nurture respect and inclusion as a core capability.
CRH promoted our inclusion and engagement goals through a range of initiatives and developments in 2024, including the development of new toolkits, forums and supports for our Employee Resource Groups (ERGs). Our ERGs are voluntary, employee-led groups, open to all employees including allies. Their aim is to foster an inclusive workplace by strengthening communication, community and employee experience.
CRH Form 10-K 11

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. The Company also posts its proxy statements on its corporate website. Investors may also access such documents via the SEC’s website at www.sec.gov.
References in this document to other documents on the CRH website are included only as an aid to their location and are not incorporated by reference into this Annual Report on Form 10-K. CRH’s website provides the full text of earnings updates, and copies of presentations to analysts and investors.
Further, copies of CRH’s key corporate governance policies and other reports, including its Code of Business Conduct, Sustainability Performance Report and the charters for Committees of the Board, may be found on the CRH website.
The Company undertakes no obligation to update any statements contained in this Annual Report on Form 10-K or the documents incorporated by reference herein for revisions or changes after the filing date of this Annual Report on Form 10‐K, other than as required by law.
We post on our website news releases, announcements and other statements about our business performance, results of operations and sustainability matters, some of which may contain information that may be deemed material to investors. Additionally, we use our LinkedIn account (www.linkedin.com/company/crh), as well as our other social media channels from time to time, to post announcements that may contain information that may be deemed material to investors. Our executive officers may use similar social media channels to disclose public information. We encourage investors, the media and others interested in CRH to review the business and financial information we or our executive 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 Annual Report on Form 10-K.
CRH Form 10-K 12

Item 1A. Risk Factors
In addition to the other information contained in this Annual Report on Form 10-K, you should carefully consider the following risk factors before investing in our ordinary shares. The risks and uncertainties we describe below are not the only ones we face. Additional risks and uncertainties of which we are not aware or that we currently believe are immaterial may also adversely affect the business, financial condition and results of operations of the Company. If any of the possible events described below were to occur, the business, financial condition and results of operations of the Company could be materially and adversely affected. If that happens, the market price of our ordinary shares could decline, and holders of our ordinary shares could lose all or part of their investment.
This Annual Report on Form 10-K also contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including the risks described below and elsewhere in this Annual Report on Form 10-K.
Risks Related To Our Industry And Our Business
Industry Cyclicality and Economic Conditions
CRH’s business depends on construction demand, and construction activity is inherently cyclical and influenced by multiple factors, including global and national economic circumstances (particularly those affecting the infrastructure and construction markets), monetary policy, consumer sentiment, swings in fuel and other input costs, and weather conditions that may, individually or collectively, disrupt outdoor construction activity.
Given the nature of our core products, many of which cannot be transported on a cost-effective basis over long distances, our operations are particularly sensitive to the economic conditions in the local markets in which we operate. In general, economic uncertainty and rising interest rates can exacerbate negative trends in construction activity, including when current and/or prospective customers are unable to obtain credit or issue bonds, which can lead to the postponement, delay and/or cancellation of projects, and an associated negative impact on demand for building materials and related services. With a significant proportion of construction activity undertaken outside (e.g. highway construction), demand for and the utilization of the Company's products and services such as aggregates, asphalt and concrete can be highly seasonal in line with customer demand, and may additionally be impacted by acute and/or chronic changes in global and/or localized weather events/conditions.
In addition, CRH may also be negatively impacted by fluctuations in the price of fuel and principal energy-related raw materials, which accounted for approximately 10% of total revenues in 2024, compared to 11% in 2023, with no guarantee that the Company will continue to be able to absorb these inflationary pressures.
Government Infrastructure Spending
CRH’s financial performance may be adversely impacted by reductions or delays in government infrastructure spending.
A significant percentage of the Company’s products and/or services is consumed by public infrastructure projects, including the construction of highways and bridges. Accordingly, demand for our products may be impacted by adverse changes in public policy, as well as the financial resources and investment strategy of government bodies in our markets. The allocation of government funding for public infrastructure programs is a key driver for our markets, such as the infrastructure elements of the Infrastructure Investment and Jobs Act (IIJA) in the United States, and large European infrastructure initiatives.
However, government budget deficits might reduce government infrastructure investment and reduce demand for the Company’s products. Similarly, any significant delay and/or adverse change in investment strategy by policy makers in any of the Company’s key markets could reduce market demand, adversely impacting financial performance.
Adverse Geopolitical Change/Environment
Adverse public policy, economic, social and political situations in any country in which the Company operates could lead to a number of risks including health and safety risks for the Company's people, a fall in demand for the Company’s products, business interruption, restrictions on repatriation of earnings and/or a loss of plant access.
CRH primarily operates across North America, Europe and Australia. The economies of these countries in which we operate are broadly stable. However, they are at varying stages of development, which presents multiple risks and uncertainties that could adversely affect the Company’s operations and financial results. These risks and uncertainties include:
•Changes in political, social or economic conditions;
•New or strengthened trade protection measures, currency controls or import or export licensing requirements;
•Political unrest and currency shocks;
•Social activism and civil disturbance, terrorist events or outbreak of armed conflict, among other potential causes;
•Labor and procurement practices which contravene ethical considerations and regulatory requirements;
•Unexpected changes in regulatory and tax requirements; and
•Lockdowns or other restrictions due to public health emergencies, such as pandemics.
In addition, CRH has people, assets and operations in Ukraine and neighboring countries, which face physical risk due to the ongoing conflict. The Board and management are actively monitoring the situation in Ukraine, as uncertainty continues to exist due to the ongoing conflict in the region.
CRH Form 10-K 13

Health and Safety Performance
CRH’s businesses operate in an industry with inherent health and safety risks, including the operation of heavy vehicles, working at height, use of mechanized processes, and handling of substances and materials potentially hazardous to people, animal life and/or the environment. Any failure to ensure safe workplaces could result in a deterioration in CRH’s safety performance and related adverse regulatory action or legal liability. Health and safety incidents could significantly impact CRH’s operational and financial performance, as well as its reputation.
CRH’s safety risks extend to sites not wholly within our control, including outdoor paving and construction sites. This environment presents a complex challenge which requires safe behaviors and engagement from employees as well as robust Company policies and procedures. A high number of accidents may pose additional challenges in recruiting new employees, ensuring operational continuity and maintaining licenses and permits.
Further, CRH is subject to a broad and stringent range of existing and evolving laws, regulations, standards and best practices with respect to health and safety in each of the jurisdictions in which it operates. Should CRH’s health and safety frameworks, processes and controls fail to comply with such regulations, the Company could be exposed to significant potential legal liabilities and penalties. Any failure resulting in the discharge or release of hazardous substances to the environment (e.g. storage tank leaks, or explosions) could in addition expose CRH to significant liability remediation costs and/or penalties that impact our financial position.
In addition, potential issues with products could lead to health, safety and other issues for our broad range of stakeholders including our employees, contractors, customers and communities.
The recurrence of Covid-19 and/or similarly disruptive/dangerous pandemics could materially endanger our workers and/or contractors.
People Management
CRH may not achieve its strategic objectives if it is not successful in attracting, engaging, retaining and developing employees with the required skill sets, planning for leadership succession, developing an engaged and inclusive workforce, and building constructive relationships with collective representation groups.
The identification and subsequent assessment, management, development and deployment of talented individuals is of major importance in continuing to deliver on the Company’s strategy and in ensuring that succession planning objectives for key executive roles throughout its international operations are satisfied. As well as ensuring the Company identifies, hires, integrates, engages, develops and promotes talent, the Company must attract and retain a broad workforce representing diversity of thought and perspective and maintain an inclusive working environment. Our ability to achieve these objectives depends on the availability of a pool of workers with the required training and skills, and the attractiveness of our employer value proposition compared with competing employers.
The Company operates in a labor-intensive industry and can face frontline labor shortages that impact its ability to produce goods, operate facilities and install products. Additionally, any significant loss of employee resources for a sustained period of time (e.g. due to sickness or a public health emergency) could impact the Company’s ability to maintain operations.
The Company must also maintain constructive relationships with the trade/labor unions that represent certain employees under collective agreements. Failure to do so could mean that the Company cannot renegotiate on appropriate terms the relevant collective agreements upon expiration and may face strikes or work stoppages as a consequence. Poor labor relations could create reputational risk for the Company and/or disrupt our businesses, raise costs and reduce revenues and earnings from the affected locations, with potential adverse effects on the results of operations and financial condition of the Company.
Strategic Mineral Reserves and Permitting
Failure of CRH to maintain access to mineral resources and reserves, plan for reserve depletion and secure or maintain permits for its mining operations may result in operation stoppages, adversely impacting financial performance.
Continuity of the cash flows derived from the production and sale of certain building materials depends on satisfactory reserves planning, including appropriate long-term arrangements for their replacement. The high weight-to-price ratio of the aggregates we consume generally makes it uneconomical to transport them over long distances, and accordingly it is important to secure high quality mineral resources local to our markets or adjacent to appropriate logistical hubs (e.g. rail infrastructure). Any failure to adequately plan for reserve depletion, or accurately forecast future growth markets, could lead to a failure to maintain, and/or acquire and develop required sites, especially given long development lead times, and associated operational stoppages that adversely impact financial performance and cash flows.
Appropriate reserves are increasingly scarce, and licenses and permits required for operations are also becoming harder to secure (e.g. due to increasing resistance from communities that have expanded around potential attractive reserves). In addition, the Company cannot guarantee that it will continue to satisfy the many terms and conditions under which such licenses and permits are granted and/or renewed.
Reserve estimates and projections of production rates of the minerals used in the Company’s products inherently contain numerous assumptions and uncertainties, that, for example, may depend upon geological interpretation, and statistical inferences or assumptions drawn from drilling and sampling analysis. If such interpretations, inferences or assumptions are subsequently proven incorrect and differ materially from actual geological conditions and/or production rates, we may exhaust reserves more quickly than anticipated over the long-term.
The failure to plan adequately for current and future extraction and utilization or to ensure ongoing compliance with requirements of issuing authorities could lead to operational disruptions and negatively affect our long-term financial results. For additional information on the Company’s reserves position, see pages 22 to 26.
Climate Change and Policy
The impact of climate change may adversely affect CRH’s operations and cost base and the stability of markets in which the Company operates. Risks related to climate change that could affect the Company’s operations and financial performance include both physical risks (such as acute and chronic changes in weather) and transitional risks (such as technological development, policy and regulation change and market and economic responses).
Risks related to climate change that could affect the Company’s operations and/or financial performance are discussed as follows:
Physical
Acute weather events such as hurricanes or flooding, and chronic events such as increased precipitation, rising sea levels and/or temperatures may have an adverse effect on the Company’s business and operations. Operational productivity and demand for the Company’s products may be reduced during these weather events leading to reduced financial performance. Changing population demographics and other macro events arising from climate change may also impact demand for our products in significantly affected areas.
CRH Form 10-K 14

Transition
•Legal and Regulatory: As stakeholder expectations with regard to climate change continue to evolve, and various governmental bodies in our markets propose changes to laws and regulations covering emissions, carbon allowances and taxation, we may be exposed to increased operational, compliance and litigation related risks and costs. Efforts to address climate change through laws and regulations, for example by requiring reductions in emissions of greenhouse gases (GHG) such as CO 2 can create economic risks and uncertainties for the Company’s businesses. Such risks could include the introduction of more extensive carbon emissions caps and associated carbon costs, additional costs of installing equipment to reduce emissions to comply with GHG limits, and higher costs from the imposition of legislative and/or regulatory controls. There is a risk of reduced competitiveness due to any failure of equalization measures to level costs between domestic producers and importers from countries with lower enforced environmental regulations/GHG constraints.
•Technology: The Company has publicly set itself carbon emission reduction goals and ambitions, the delivery of which may depend on the rapid advancement of technologies, such as CCUS, that are still in early prototype or development phases. If our assumptions as to technology development timelines and/or our ability to economically access them prove inaccurate, we may be unable to deliver our emissions targets.
•Reputational: Any failure to reduce emissions arising from our operations or meet investor and other stakeholder groups’ expectations with regard to emissions reductions may adversely impact the Company's reputation and/or increase the likelihood of associated stakeholder litigation. In addition, the Company may incur materially increased costs related to increases in the cost of carbon, requirements to make further capital investments, reduced access to capital, challenges in retaining and/or attracting talent, local community opposition to operating facilities, and any inability to secure licensing permits.
Portfolio Management
CRH engages in acquisition and divestiture activity as part of active portfolio management, and this portfolio management activity presents risks around due diligence, execution and integration of assets. Additionally, the Company may be liable for liabilities of companies it has acquired or divested. Failure to efficiently identify and execute deals may limit the Company’s growth potential and impact financial performance.
The Company’s acquisition strategy depends on successfully identifying and acquiring suitable assets at prices that satisfy our stringent cash flow and return on investment criteria. The Company may not be able to identify such companies, and, even if identified, may not be able to acquire them because of a variety of factors including the outcome of due diligence processes, the ability to raise required funds on acceptable terms, regulatory approvals (including in certain instances from competition authorities) and competition for transactions from peers and other entities acquiring companies in the building materials sector. In addition, situations may arise where the Company may be liable for the past acts, omissions or liabilities of acquired companies, or may remain liable in cases of divestiture (including for potential environmental liabilities or potential on-going information technology (IT) support).
In addition, the Company’s ability to realize the expected benefits from acquisitions depends in part on its ability to integrate newly-acquired businesses. If the Company fails to integrate acquisitions, it may not achieve expected growth synergies or financial, operating or other benefits, and it may incur write-downs, impairment charges or unforeseen liabilities that could negatively affect its operating results or financial position or could otherwise harm its business. Further, integrating an acquired business, products, or technology, or remediating post-acquisition underperformance and associated operational challenges, could divert management time and resources from other matters.
The Company may decide to use shares of its common stock to complete an acquisition and/or make strategic investments in other companies, which may dilute the ownership interests of existing shareholders and adversely impact the price of our stock.
Early Stage Business/Technology Investment
CRH’s venture capital unit may fail to achieve expected commercial success and financial returns, and CRH may lose all or part of its investments in early-stage companies.
CRH, through its $250 million Venturing and Innovation Fund, makes investments in early stage ventures focused on construction, sustainability and digitalization technology whose products and services may offer us future competitive advantage.
Investing in early-stage businesses and/or technologies presents inherent risks, with the potential that we may lose all or part of our investment if they fail to achieve anticipated strategic, technological and financial returns. If we realize losses on our venture investments, our results of operations and financial condition may be adversely impacted.
Sustainable Products and Innovation
If CRH fails to develop new sustainable products that meet customer needs, we may fall behind our competitors and our financial performance may be adversely impacted.
We operate in competitive markets with customers continuously pushing suppliers to deliver new, innovative products and solutions that enable them to work more efficiently, reduce their environmental footprint and realize greater cost savings. This is especially so in relation to changing customer preferences and demands for high-performance sustainability solutions with enhanced emissions and/or circularity profiles, including those with greater recycled content and/or innovations to existing products, that help them to deliver on their own climate and/or emissions-related commitments.
The failure to keep up with the pace of technological change may lead to increased operational costs and financial loss through the inability to supply products to customers who require innovative and low-carbon sustainable solutions. Failure to leverage innovation and other sustainability initiatives, for example transitioning to innovative lower-carbon products such as RAP, permeable paving solutions, lower-carbon cements and other high-performance sustainability solutions, may shorten product life cycles or give rise to early product obsolescence thus impairing financial performance and/or future value creation.
CRH Form 10-K 15

Commodity Products and Substitution
CRH manufactures and supplies a large number of commodity products into highly competitive markets. Failure by CRH to maintain pricing in an inflationary environment and to differentiate its products from its competitors could adversely impact our financial performance.
Many of the Company’s products are commodities that face strong volume and price competition, with pricing impacted by macroeconomic conditions, the competitive environment, the degree of utilization of production capacity and the specifics of product demand, among other factors. In addition, the Company’s local competitors are increasingly innovative and cost competitive, and our products may also face competition from substitute products, including new products, that the Company does not produce. Any significant shift in demand preference to these alternate products could adversely impact market share and results of operations.
The Company may experience downward pricing pressure from time to time across its different markets and may not always be able to raise prices to offset increased operating expenses and inflationary pressures. The Company’s profits are particularly sensitive to changes in volume, as the cement business is capital-intensive and thus has significant fixed and semi-fixed costs.
Any failure to maintain strong customer relationships could result in an inability to respond to changing consumer preferences and approaches to construction. Failure to differentiate and innovate could lead to market share decline, with adverse impacts on financial performance.
Enabling Business Technology
CRH depends on multiple types of information and operational technologies, and failure to properly manage and maintain such technologies could adversely impact our ability to operate.
The Company makes significant capital investments in information and operational technology, and systems to promote operational efficiency and maintain competitive advantage. Some of these investments relate to complex, multi-year technology deployments that require specialist customization and project management to deliver expected value (including Enterprise Reporting Program (ERP) and industrial control systems deployments and upgrades). The Company maintains a complex operating environment in relation to both information and operating technology, that includes on-premises, hybrid and cloud technologies supported by a mixture of third-party outsourced service providers and internal resources. Any failure to properly manage the customization and/or deployment of these systems or this complex operating environment may result in additional costs being incurred, and/or delayed or eroded benefit realization. If we fail to make the required technological investments at the right time, we may lose competitive advantage and/or inhibit our ability to comply with evolving laws and/or regulations.
Given the specific nature of the technology that the Company implements, it often relies on the support of specialist third-parties; any failure to secure appropriately skilled and experienced third-parties may result in an increased risk of unsuccessful implementations, time delays and/or increased costs.
Major Business Interruption
CRH depends on the continued availability of people, production equipment, processes and systems, and our production could be materially disrupted by operational failures, which would have a negative impact on our profitability.
Given the capital-intensive nature of some of our product lines, with significant fixed and semi-fixed costs, the Company's profits are particularly sensitive to changes in volume, creating an exposure to any natural and/or human events that could disrupt production.
The ongoing, efficient operation of our facilities is often dependent on important pieces of equipment and IT networks/infrastructure. These can present single points of failure and can be difficult to quickly and/or easily replace due to long supply chain lead times and high associated capital costs. It is possible we could experience periodic disruption to equipment availability for a variety of reasons, including accidents, mechanical failures, fires/explosions and extreme weather conditions.
In addition to damaging equipment, extreme weather events could also disrupt operations through delaying project start dates, extending product curing times, and/or disrupting infrastructure on which we depend including power and water networks. In addition, the manual nature of some of our manufacturing processes and infrastructure projects, including highway construction and maintenance, creates a high level of dependency on our highly skilled workforce. Any event that materially inhibits our people from being able to work, including an inability to get to our facilities and/or customer sites or widespread sickness/pandemic, could materially disrupt our operations, with adverse impacts on financial performance.
Cybersecurity
CRH depends on multiple information and operational technology systems, including certain systems for which third-parties are in whole or in part responsible. We may be unable to protect our assets and data against increasingly sophisticated cybersecurity attacks. Security breaches, IT interruptions or data loss could result in significant business disruption, loss of production, reputational damage and/or regulatory penalties.
The Company has not been subject to a cyber-attack that has had a material impact on our operations or financial results. However, we have faced attempted cyber-attacks and may face future cyber-attacks, including malware or ransomware attacks, or suffer other human or technological errors that have a material impact. Breaches, significant IT interruptions or errors could disrupt production software, permit manipulation of financial data, and could lead to corruption or theft of sensitive data that we collect and retain about our customers, suppliers, employees and business performance. Following a material cybersecurity incident, the Company may incur significant remediation costs, may face regulatory proceedings and/or private litigation, and may suffer damage to our reputation and customer confidence in our operations.
Our businesses rely on information and operational technologies to support critical business processes and activities, and failures or breaches of such technologies could lead to production curtailment and/or other operational disruptions. We rely on specialist third-parties to provide many of our information and operational technology systems, and vulnerabilities within such third-party systems could have a material negative effect on us. The third-parties on whom we rely may themselves be affected by cybersecurity breaches or failures, which could lead to operational disruption or other negative consequences that could adversely impact our own business and financial condition.
In addition, the Company regularly engages in acquisition activity as part of its active portfolio management. Many newly-acquired companies rely on different information and operational technology systems to the rest of the Company and may not have cybersecurity protections comparable to those implemented throughout the existing Company. Integrating newly-acquired companies and assets and implementing appropriate cybersecurity controls may be more resource-intensive and time-consuming than anticipated. Failure to appropriately integrate new acquisitions into our cybersecurity and IT systems can lead to vulnerabilities and make our systems more complex to secure. Further, the global nature of our operations and diverse information and operational technologies used across the Company may result in potential delays in the detection and reporting of cyber incidents. In addition, as cybersecurity threats evolve, the Company is increasingly required to expend additional resources to enhance our cybersecurity protection measures and may be required to expend additional resources to investigate and remediate identified vulnerabilities.
CRH Form 10-K 16

Supply Chain Failure
CRH’s ability to maintain production capacity and/or quality depends on the reliable and economic sourcing of various input materials, and failure to manage any material disruption in our supply chains could adversely impact our ability to service our customers and result in a deterioration in operational and/or financial performance.
The Company must reliably and economically source various raw materials, equipment and other inputs from many third-party suppliers and then transport finished products to satisfy customer demands and meet contractual requirements. Our ability to balance maintaining resilient supply chains with optimizing our working capital and inventory levels is critical to the continuity and strong financial returns of our operations. Any failure to manage any material disruption in our supply chains, including where we do not hold adequate buffer stocks and/or are unable to source adequate alternatives within acceptable timelines and at reasonable cost, could adversely impact our ability to service our customers and result in a deterioration in operational and/or financial performance, and reputational damage.
Some of the raw materials, equipment, transport and other inputs that the Company requires are limited to a small number of suppliers from which the Company can economically and/or practically source, which often have long lead times. Any of our suppliers may experience temporary, prolonged or even permanent operational disruption and/or capacity in the market may fall below required levels (e.g. for haulage capacity), which could have an adverse impact on the Company’s operations, financial performance and reputation. In addition, in certain markets in which the Company operates, including markets for steel, cement, bitumen and supplementary cementitious materials, contracted market demand can far outstrip supply, which may restrict the Company’s ability to obtain alternative suppliers or additional volumes where necessary. Our focus on responsible sourcing practices and other Environmental & Social Governance (ESG) considerations may also limit the pool of acceptable suppliers from which we may choose to source.
Construction Contracts
A number of our projects/contracts are complex, spanning multiple parties, years and/or products, and our future financial results may be adversely affected if we incorrectly forecast project budgets, deliver projects that do not meet contracted standards, or fail to deliver on time.
Across the Company’s business lines, we enter into contracts for complex, multi-year projects that comprise multiple product lines and as such are exposed to inherent risks related to forecasting and budgeting, project management and delivery, and quality control.
Any failure to manage these risks may reduce the Company’s profitability and/or damage its reputation, with associated impacts on our ability to bid for and/or win future contracts.
Risks Related To Financial, Regulatory And Reporting Environment
Laws, Regulations and Business Conduct
CRH is subject to a wide variety of local and international laws and regulations. CRH may face adverse operational and financial effects and reputational damage, including significant fines, debarment or other sanctions, due to litigation or investigations in connection with breaches or perceived breaches of such laws and regulations or otherwise. In addition, we are governed by the Irish Companies Act, which differs from laws generally applicable to U.S. companies.
As an Irish incorporated company, with a primary listing on the NYSE and an international secondary listing on the LSE, CRH must comply with a wide variety of local and international laws and regulations, including the Irish Companies Act, U.S. securities laws and regulations, NYSE listing requirements, the Market Abuse Regulation, the Disclosure Guidance and Transparency Rules, and other relevant legislation and regulation. The Company is also subject to various statutes, regulations and laws affecting land usage, zoning, labor and employment practices, competition/anti-trust, financial reporting, taxation, anti-fraud and theft, anti-bribery, anti-corruption, governance, data protection and data privacy and security, environmental, health and safety, and international trade and sanctions laws, among other matters.
There can be no assurance that the Company’s policies and procedures will afford adequate protection against compliance failures or other fraudulent and/or corrupt activities. Any failure to comply with the requirements of any of these laws and/or regulations could have a material adverse effect on the Company’s business, results of operations, financial condition, prospects and/or reputation, with resultant litigation or investigations, the imposition of significant fines, sanctions, debarment from operating in key markets, and/or reputational damage. Where subject to litigation, we establish reserves in line with the requirements of the relevant accounting standards, where there is a clearly defined past event, when the loss is assessed as probable and we can reasonably estimate the amount. These estimated reserves are based on the facts and circumstances known to the Company at the time of estimation and subsequent reporting and subsequent developments related to these matters may affect our assessment and estimates.
In addition, we are incorporated under Irish law, which treats interested director and officer transactions and shareholder lawsuits differently than the laws generally applicable to U.S.-incorporated corporations and our shareholders may thus have more difficulty protecting their interests than would shareholders of a corporation incorporated in a jurisdiction of the United States. As we are an Irish company, the duties of our directors and officers are generally owed to CRH plc. Our shareholders will generally not have a personal right of action against our directors or officers and in limited circumstances only may exercise rights of action on behalf of the Company.
Financial Instruments
CRH uses financial instruments throughout its businesses giving rise to interest rate and leverage, foreign currency, counterparty, credit rating and liquidity risks. A downgrade of the Company’s credit ratings may give rise to increases in future funding costs and may impair the Company’s ability to raise funds on acceptable terms. In addition, insolvency of the financial institutions with which the Company conducts business may adversely impact the Company’s financial position.
Risks related to Company financing that could affect its operations and/or financial performance are discussed as follows:
Interest rate and leverage risks
As at December 31, 2024, the Company had outstanding gross indebtedness, including overdrafts, finance lease liabilities and the impact of derivatives, of approximately $14.3 billion, compared to $11.8 billion in 2023, and cash and cash equivalents and restricted cash of approximately $3.8 billion, compared to $6.4 billion in 2023. The Company uses interest rate swaps to manage its interest rate profile. While current leverage is low, acquisition activity could adversely impact operating and financial flexibility as well as financial position. There can be no assurance that the Company will not be adversely impacted by increases in borrowing costs in the future.
CRH Form 10-K 17

Foreign currency risks
If the Company’s reporting currency weakens relative to the basket of foreign currencies in which Net Debt*5 is denominated (including the euro, Pound Sterling, Canadian Dollar, Australian Dollar, Philippine Peso, Polish Zloty, and Swiss Franc), the Net Debt* balance would increase; the converse would apply if the Company’s reporting currency was to strengthen. Where economically feasible, Net Debt* is maintained in the same relative ratio as capital employed to act as an economic hedge of the underlying currency assets.
Counterparty risks
Insolvency of the financial institutions with which the Company conducts business or a downgrade in their credit ratings may lead to losses in the cash balances that the Company holds with such financial institutions or losses in derivative transactions that the Company has entered into with these parties and may render it more difficult for the Company to utilize existing debt capacity or otherwise obtain financing for operations. The Company holds significant cash and cash equivalents and restricted cash on deposit and derivative transactions with a variety of highly rated financial institutions which at December 31, 2024, totaled $3.8 billion and $27 million, compared to $6.4 billion and $37 million, respectively, in 2023. In addition, certain of the Company’s activities give rise to significant amounts receivable from counterparties at the balance sheet date; at December 31, 2024, this balance was $4.4 billion and in 2023 this balance was $4.1 billion.
Credit rating risks
A downgrade of the Company’s credit ratings may give rise to increases in funding costs in respect of future debt and may, among other matters, impair its ability to access debt markets or otherwise raise funds or enter into lines of credit, for example, on acceptable terms. Such a downgrade may result from factors specific to the Company, including increased indebtedness stemming from acquisition activity, or from other factors such as general economic or sector specific weakness, Central Bank monetary policy, governmental fiscal policy or sovereign credit rating ceilings. In addition, any downgrade, suspension or withdrawal of one or more of our ratings could result in the market price, yield or marketability of our securities being adversely affected.
Liquidity risks
The principal liquidity risks stem from the maturation of debt obligations and derivative transactions. The Company aims to achieve flexibility in funding sources through a variety of means including; (i) maintaining cash and cash equivalents with a number of highly rated counterparties; (ii) meeting the bulk of debt requirements through debt capital markets or other term financing; (iii) limiting the annual maturity of such balances; and (iv) having surplus committed bank lines of credit. However, market or economic conditions may make it difficult at times to realize this objective. In addition, continued focus on climate change by investors and lenders may affect their preferences and sentiments, potentially impacting the Company’s access to and cost of capital, and investment attractiveness.
Taxation Charge and Balance Sheet Provisioning
CRH is exposed to uncertainties stemming from governmental actions in respect of taxes paid or payable in the future in all jurisdictions of operation. In addition, various assumptions are made in the computation of the overall tax charge and in balance sheet provisions which may need to be adjusted over time. Changes in tax regimes or assessment of additional tax liabilities in future tax audits could result in incremental tax liabilities which could have a material adverse effect on cash flows and the financial results of operations.
The Company’s income tax charge is based on reported profits and statutory tax rates, which reflect various allowances and reliefs and tax efficiencies available to the Company in the multiple tax jurisdictions in which it operates. The determination of the Company’s provision for income tax requires certain judgments and estimates in relation to matters where the ultimate tax outcome may not be certain. The recognition of deferred tax assets also requires judgment as it involves an assessment of the future recoverability of those assets. In addition, the Company is subject to tax audits which can involve complex issues that could require extended periods to conclude, the resolution of which is often not within its control. Although management believes that the estimates included in the Consolidated Financial Statements and the Company’s tax return positions are reasonable, there can be no assurance that the final outcome of these matters will equal the estimates reflected in the Company’s historical income tax provisions and accruals.
As a multinational corporation, the Company is subject to various taxes in all jurisdictions in which it operates. Economic and political conditions, tax rates and the interpretation of tax rules in these jurisdictions may be subject to significant change, particularly during periods of administrative change or fiscal deficit. In addition, the Company’s future effective income tax rate could be affected (positively or negatively) by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets or changes in tax laws or their interpretation.
Finally, changes to international tax principles, for example at an EU level, could adversely affect the Company’s effective tax rate or result in higher cash tax liabilities. If the Company’s effective income tax rate was to increase, its cash flows and the financial results of operations could be adversely affected.
Foreign Currency Translation
A proportion of CRH’s revenues are in currencies other than its reporting currency, and adverse changes in exchange rates could negatively affect retained earnings.
The principal foreign exchange risks to which the Consolidated Financial Statements are exposed pertain to (i) adverse movements in reported results when translated into the reporting currency; and (ii) declines in the reporting currency value of net investments which are denominated in a wide basket of currencies other than the reporting currency.
Given the geographic spread of the Company, a significant proportion of its revenues, expenses, assets and liabilities are denominated in currencies other than the Company’s reporting currency, including the euro, Pound Sterling, Canadian Dollar, Australian Dollar, Philippine Peso, Polish Zloty, and Swiss Franc. From year to year, adverse changes in the exchange rates used to translate these and other foreign currencies into the reporting currency have impacted and will continue to impact consolidated results.
5** Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.
CRH Form 10-K 18

Goodwill Impairment
CRH may be required to write-down its goodwill, which could have an adverse impact on the Company’s retained earnings.
Significant underperformance in any of the Company’s major reporting units or the divestiture of businesses in the future may give rise to a material write-down of goodwill. While a non-cash item, a material write-down of goodwill could have a substantial impact on the Company’s retained earnings.
Under U.S. GAAP, goodwill and indefinite-lived intangible assets are subject to annual impairment testing, or more frequently if events or circumstances change in a manner that would more likely than not reduce the fair value of a reporting unit below its carrying value. A detailed discussion of the impairment testing process, the key assumptions used, the results of that testing and the related sensitivity analysis is contained in section “Critical Accounting Estimates” of Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations” on page 46.
Accounting Estimates
CRH’s financial reporting requires the use of accounting estimates for a number of significant items.
The accounting standards used in preparation of our audited Consolidated Financial Statements are complex and involve the making of significant estimates and assumptions in their interpretation and application that are inherently uncertain and/or require subjective judgments. In the event these assumptions and/or judgments prove incorrect or different values were to be applied (e.g. through the adoption of different methods of calculation), our reported financial results could be materially higher or lower. We make accounting estimates in relation to a wide range of matters that are relevant to our business, such as impairment of long-lived assets, business combinations, impairment of goodwill, pension and other postretirement benefits, tax matters and litigation, including self-insurance and environmental compliance costs.
Any changes to accounting standards previously applied in the preparation of our audited Consolidated Financial Statements could affect future reported results compared with prior years, and/or see the revision of prior reporting where any retrospective application is required.
Self-Insurance
CRH may elect or be required to self-insure specific risk exposures, and failure or inability to obtain appropriate insurance coverage could result in increased insurance and claims costs that adversely affects our financial results.
CRH elects to self-insure up to certain limits through one or more of its wholly-owned captive insurance companies (captives). The Company’s captives provide coverage in respect of multiple lines of insurance to the Company’s operating and non-operating entities up to certain designated limits, both each-and-every and in the annual aggregate. Where insurable losses exceed those limits, CRH would need to rely on external insurance and/or reinsurance from global institutions of appropriate credit standing, and such external insurance and/or reinsurance may not be available at an appropriate cost or at all.
Risks Related To Our Common Stock
Payment of Dividends/Share Repurchase Program
CRH may not pay dividends or make other returns of capital to shareholders in the future, and our current share repurchase program may not enhance long-term shareholder value.
We cannot guarantee that we will pay or maintain dividends at their current level, or effect other future returns of capital (including, without limitation, share repurchases). Our ability to pay dividends or effect other returns of capital depends on factors such as our financial performance, cash flow requirements, business outlook, working capital requirements, interest expenses, economic climate, regulatory considerations, and any other factors deemed significant by the Board in exercising its discretion to return capital. In addition, under Irish law dividends may only be paid, and share repurchases and redemptions must generally be funded only, out of distributable reserves.
In addition, we cannot guarantee that our share repurchase program of our ordinary shares will be fully consummated or that it will enhance long-term shareholder value. The timing and actual number of shares repurchased/redeemed will depend on a variety of factors including the price, cash availability and other market conditions; the share repurchase program does not oblige us to repurchase/redeem any specific dollar amount or to acquire/redeem any specific number of shares, and may be suspended or terminated at any time, which may adversely affect the trading price of our ordinary shares. The existence of our share repurchase program could also cause increased volatility in the price of our ordinary shares or increase the price of our ordinary shares and thus reduce their liquidity. Additionally, repurchases and redemptions under our share repurchase program will diminish our cash reserves, which may adversely affect our financial position.
Relocation of Primary Listing
CRH faces risks associated with the relocation of our primary listing.
On September 25, 2023, CRH relocated the primary listing of its ordinary shares from the LSE to the NYSE. The Company has an international secondary listing on the LSE and accordingly our ordinary shares are now listed on both exchanges. As a result of the relocation of the primary listing CRH has ceased to be eligible for inclusion in certain UK and European equity indices.
Following the transition to the NYSE, CRH has been added to the MSCI USA Equity Index, the S&P TMI Index and the Russell 1000 Equity Index. The Company aims to be included in other relevant equity indices for which it believes it is eligible, including the S&P 500 Index. Inclusion is however at the discretion of the respective index providers. There is a risk that the Company may not be admitted, which may adversely affect the price and liquidity of the ordinary shares.
Item 1B. Unresolved Staff Comments
None.
CRH Form 10-K 19

Item 1C. Cybersecurity
Cybersecurity Risk Management and Strategy
CRH leverages its Enterprise Risk Management (ERM) framework, which accords with internationally recognized standards, to identify, assess, respond, monitor and report material cybersecurity risks facing the Company. CRH manages cybersecurity risk at multiple levels within the Company. Given CRH’s wide geographic spread, the frequency and possible scale of acquisition activity, the diversity of the types of IT systems operated by CRH companies and the decentralized nature of its operations, CRH implements an amalgam of centralized and decentralized processes for IT management. Under this model, Company-level management and the management of CRH’s operating companies and business units share responsibility for cybersecurity management and collaborate on assessing, identifying, and managing material risks.
CRH’s operating companies and business units use a variety of tools and processes to identify and manage material cybersecurity risks. CRH utilizes multiple monitoring tools and practices to identify and detect unusual activities and/or potential cybersecurity incidents, including potential system breaches, and to verify the effectiveness of protective measures. CRH’s operating companies and business units implement various risk mitigation strategies, including continuously strengthening security measures, improving incident response plans through post-incident evaluations and assessments, investing in security technologies, providing regular and focused employee training, and transferring risk through cybersecurity insurance.
At the Group level, CRH conducts a semi-annual bottom-up risk assessment focused on CRH’s operating companies and business units, including cybersecurity-related risks, which evaluates the impact and likelihood of the identified cyber risks and the effectiveness of existing security measures, policies, and procedures. CRH also requires that each operating company completes a self-assessment regarding its cyber controls and risk, including user awareness training, email security protection, multi-factor authentication, system patch management, identity management, network segregation, antivirus and web protections, asset inventory, privileged access management, logging, monitoring, and incident response capabilities.
As described further below under “Cybersecurity Governance”, CRH’s Board and senior management receive regular briefings on cybersecurity risks facing CRH and are closely involved in identifying cybersecurity risks, developing CRH’s plan for managing such risks, and continuously refining CRH’s cyber defenses in response to the information gathered through the above-mentioned risk assessments.
To manage the risk of a material impact on CRH’s operations or financial performance due to a cybersecurity incident, CRH has implemented a mandatory Cybersecurity Incident Escalation Standard as part of its Company-wide Information Security Policy. This Standard, which is supported by relevant guidelines and procedural documentation, provides a structured approach adapted to the systems of each CRH operating company and business unit to manage the incident response process through a series of pre-defined phases, including triage, containment, eradication, recovery, and post-incident analysis.
CRH also provides regular and focused training to aid employees in understanding and complying with relevant Company policies and applicable regulations, including those related to cybersecurity.
Assessment and management of cybersecurity risks is a key component of CRH’s broader risk governance processes as cybersecurity is a core risk facing the Company. Identification of cybersecurity risks is integrated into CRH’s overall ERM framework, with a focus on risks related to information systems, data security, operational technology and technology infrastructure.
CRH works closely with multiple external advisors specializing in cybersecurity to improve its ability to identify and detect, protect against, and recover from, cybersecurity incidents. In addition, CRH leverages certain managed service providers to aid in triaging and monitoring potentially malicious activities. CRH is dependent upon third-party service providers for certain IT-related services, and has systems of oversight to evaluate potential risks in certain critical third-parties on whom CRH has a material dependency. These systems would include the use of vendor security questionnaires, vulnerability assessments and annual audits.
CRH has not been subject to a cyber-attack that has had a material impact on our operations or financial results. For additional information, please refer to Item 1A. “Risk Factors”.
Cybersecurity Governance
Our Board is responsible for strategy, risk and governance, including oversight of risks from cybersecurity threats. The Board has delegated to the Audit Committee primary responsibility for oversight of cybersecurity risk management and the associated internal control systems. The Audit Committee is currently made up of six independent directors with a range of relevant cybersecurity, information technology and operational technology experience.
The Audit Committee receives updates at least annually from the Chief Information Security Officer (CISO) on the design and progress of key information security initiatives in addition to regular briefings on cybersecurity and management of cybersecurity-related risks from relevant members of management, including the Head of ERM and our CISO. Recent updates from the CISO have focused on the Company’s information security strategy, ongoing security assessments and ongoing projects. The Audit Committee is responsible for updating the Board on identified risks related to cybersecurity.
Our Global Leadership Team is responsible for the execution of CRH’s strategy and governance, including implementation and review of our ERM framework, which has identified cybersecurity as a core risk for CRH. CRH has established the role of CISO to provide technical leadership on a day-to-day basis in assessing and managing the Company’s material cybersecurity risks and liaising with the chief information officers of CRH’s Divisions. Our CISO has 25 years of experience working in IT, including more than a decade spent in prior technical and senior management roles related to cybersecurity. The divisional chief information officers have in excess of 20 years of experience, on average, in IT-related and cybersecurity-related roles and, together with the CISO, hold a variety of recognized and specialized credentials related to cybersecurity and IT.
CRH also maintains a Company-wide incident response function centered in our Group Information Security (GIS) team, led by the CISO. GIS responds to potential incidents across CRH in accordance with predetermined severity classifications. In line with CRH’s Cybersecurity Incident Escalation Standard and supporting guidelines and procedural documentation, incidents that are deemed potentially material to the Company and/or which may lead to the exposure of confidential or sensitive data are immediately escalated to GIS for review and, as necessary, mitigation and remediation actions are taken. GIS and the CISO also review regular attestation reports that are required to be prepared by CRH’s operating companies and business units regarding cybersecurity incidents that did not meet the threshold for immediate escalation.
Following cybersecurity incidents, GIS, in conjunction with members of management of CRH’s operating companies and business units as necessary, conduct post-incident analysis and exercises designed to strengthen CRH’s cybersecurity practices. The Risk Committee and Global Leadership Team are briefed on the occurrence, mitigation and remediation of cybersecurity incidents on a regular basis, including ad-hoc briefings covering significant or potentially material incidents.
CRH Form 10-K 20

The Risk Committee, which is made up of our Chief Financial Officer, Group General Counsel, Chief Operating Officer and the Divisional Presidents of CRH Americas and CRH International, is the executive oversight body for risk management, including cybersecurity risks and the work of the CISO, GIS and related teams. The Risk Committee meets quarterly with the Head of ERM to assess risks facing CRH, and, on an as-needed basis, meets with other members of CRH management regarding cybersecurity risks and developments. The Risk Committee also reviews the half-yearly risk updates that are provided to the Audit Committee prior to dissemination.
Item 2. Properties
As of February 13, 2025, we had a total of 3,816 operating locations:

| Americas Materials Solutions | Americas Building Solutions | International Solutions
United States | 1,608 | 307 | 10
Europe | – | 4 | 1,587
Rest of World | 66 | 23 | 211
Total | 1,674 | 334 | 1,808

Our building materials operating locations include product production facilities, mobile plants and retail facilities. Some of these operating locations are located on the same sites as our mining properties described below under the heading “Mineral Reserves and Resources: Background”. Significant building materials operating locations for CRH’s subsidiaries, as of December 31, 2024, are the cement facilities in the United States, Canada, United Kingdom, Ireland, France, Poland, Ukraine, Romania, Slovakia, Australia and the Philippines. These facilities include plant and equipment such as kilns, crushers, calciners, coolers, and silos used to process limestone and other raw materials into cement as well as equipment used to extract and transport limestone from CRH quarries. The clinker (the key intermediate product in the manufacture of cement) capacity for our significant building material locations is set out in the table below:

| Country | Number of Plants | Average Clinker Capacity (tons per hour)
Americas Materials Solutions |  |  |
South | United States | 4 | 602
West | United States | 6 |  | 780 |
Great Lakes | United States, Canada | 2 | 298
International Solutions |  |  |
Western Europe | United Kingdom, Ireland, France | 8 | 898
Central & Eastern Europe | Poland, Ukraine, Romania, Slovakia | 8 | 1,712
Australia | Australia | 2 | 204
Philippines | Philippines | 5 | 714

During 2024, CRH’s material cement kilns operated on average at 73% utilization.
Our building solutions businesses have many types of manufacturing facilities including paver, masonry, precast, pipe, dry-mix, fencing and railing and lawn and garden plants. These facilities include plant and equipment such as automated presses, batching systems, packaging equipment, kilns, coolers and silos which are used to turn raw materials into finished goods for our cementitious products as well as equipment such as presses, extruders and molds which are used in the fencing, railing, plastic pipe, trench and metals and enclosure businesses.
Other Properties
In addition to the properties described above and those disclosed under the heading “Mineral Reserves and Resources: Background”, CRH has corporate offices in New York, New York (leased) and Dublin, Ireland (owned). The Company also leases administrative offices for each of its two Divisions, including a CRH Americas divisional headquarters in Atlanta, Georgia and a CRH International divisional headquarters in Amsterdam, Netherlands.
CRH also owns and leases, directly or indirectly through third-parties, heavy mobile equipment, trucks and vehicles for production and transportation purposes.
Condition
CRH believes that all the facilities are in good condition, adequate for their purpose and suitably utilized according to the individual nature and requirements of the relevant operations. CRH has a continuing program of improvements and replacements of properties when considered appropriate to meet the needs of the individual operations.
CRH Form 10-K 21

Mineral Reserves And Resources
Background
CRH’s mineral reserves (reserves) and mineral resources (resources) for the production of primary building materials (which encompasses aggregates (crushed stone, sand and gravel), cement and lime, asphalt, readymixed concrete and concrete products) fall into a variety of categories spanning a wide number of rock types and geological classifications. These reserves and resources are found within our extensive network of quarry locations in attractive local markets globally. This disclosure of the Company’s mining properties has been prepared in accordance with the requirements of Subpart 1300 of Regulation S-K (Subpart 1300). As of December 31, 2024, the Company has 1,296 mining properties with 246,058 acres of owned and 129,818 acres of leased land, respectively, as disclosed in the table on page 25 the locations of which are presented by geographic location in the maps on page 26.
None of CRH’s mineral-bearing properties are individually material to the Company as of December 31, 2024. A summary disclosure of CRH’s mining operations is provided on pages 23 to 26.
As of December 31, 2024, the Company’s reserves and resources estimations of 26,685 million tons and 11,573 million tons, respectively, as disclosed on pages 23 to 24, are calculated in accordance with Subpart 1300. The Company’s reserves and resources disclosures may not be comparable to similar disclosures disclosed in accordance with the requirements of other countries and should be read in conjunction with the disclosures that follow on pages 23 to 26.
CRH operates predominantly production stage properties, with a limited number of development and exploration stage properties, as such terms are defined in Subpart 1300. Predominantly, CRH’s production stage properties provide raw materials for on-site modern cement and aggregates producing facilities. Almost exclusively, CRH utilizes surface mining and, with a very limited number of exceptions, CRH and its subsidiaries are the only operators of the properties.
Reserves
Reserves are defined in Subpart 1300 as “an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted”. Reserves are classified into two categories, probable and proven reserves, in order of increasing geological confidence.
The Company’s estimate of 26,685 million tons of reserves, as disclosed on page 23 analyzed by rock type (Hard rock, Sand & Gravel and Other), are of recoverable stone, sand, and gravel of suitable quality for economic extraction, based on drilling and studies by the Company’s geologists and engineers. These estimates also consider reasonable economic and operating constraints as to maximum depth of overburden and stone excavation and are subject to permitting or other restrictions.
The disclosed reserves and resources estimations which include diluting materials and allowances for losses that may occur when the mineral is mined, extracted or processed have been estimated by qualified persons, as such term is defined within Subpart 1300.
Not all minerals that may be on CRH’s mineral-bearing properties have been assessed and such properties may be assessed for mineral reserves or resources in future years, as required by operational needs.
CRH’s properties are subject to a wide variety of permitting procedures and conditions, which vary between jurisdictions. Many of CRH’s properties require separate permits from multiple authorities, including but not limited to environmental, mining, regional and national administrative authorities. The periods of validity and the conditions of these permits may be different.
Resources
A mineral resource is defined in Subpart 1300 as “a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable”. Resources are classified into three categories, inferred, indicated or measured resources, in order of increasing geological confidence. Indicated or measured resources can be converted to reserves by the application of certain modifying factors which include, but are not limited to, consideration of mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental compliance, plans, negotiations, or agreements with local individuals or groups, and governmental factors. There is no certainty that any of the resources disclosed on page 24 will be converted into reserves. Resources have not been fully assessed using modifying factors, however, an initial assessment has been completed in accordance with Subpart 1300.
Internal Controls
CRH has established appropriate governance processes to support the publication of our 2024 reserves and resources disclosures. Reserve and resource estimates are subject to annual review by each of the relevant operating companies across the Company in conjunction with the relevant qualified persons. CRH has established and maintains a number of internal controls to address the risks inherent in the mineral reserves and resources reporting process. These internal controls have been embedded into the local control environments and operate across the business, including controls at an operating company, divisional and Group level.
As CRH’s reserves and resources are predominantly in production stage properties, features of the internal controls relating to quality assurance and quality control (QA/QC) include:
•Databases and data repositories for exploration and/or production data that contain accurate and precise data from which reserves and resources can be evaluated, and operational plans can be developed;
•Verification sampling and testing of known mineralization. This is generally required to establish compliance with regulations on product qualities. Verification testing confirms geological maps prepared during earlier exploration programs; and
•In the case of cement raw materials, facility laboratories participate in an externally managed annual review process with ISO 17025 accredited independent laboratories.
CRH Form 10-K 22

When exploration programs are conducted, QA/QC measures include:
•Ensuring that surface or drill sampling results in the highest quality sample possible. This would include down-hole surveying of drill holes as necessary;
•Obtaining pictures of drill sample (e.g. core) for future reference;
•Geological core logging, where the geological description of each sample interval is recorded prior to laboratory analysis;
•Ensuring the integrity of samples from point of origin to analytical laboratory; and
•Using nationally or regionally accredited laboratories for all analyses and tests for exploration programs in properties containing aggregates.
In addition, to provide further assurance over the Company’s mineral reserves and resources reporting process, the Company’s Internal Audit function completed a limited scope review across a sample of material reporting entities on the operation of these internal controls as of December 31, 2024.
The table below presents, by segment and geographic location, the tons of proven and probable aggregates, cement and lime mineral reserves at December 31, 2024, and the related percentages by rock type.

|  | Reserves
|  | Proven |  | Probable |  | Total Reserves (i) (ii)
| Country | Tons (iii) | Grade: % by rock type |  | Tons (iii) | Grade: % by rock type |  | Tons (iii) | Grade: % by rock type
|  |  | Hard Rock | Sand & Gravel | Other |  |  | Hard Rock | Sand & Gravel | Other |  |  | Hard Rock | Sand & Gravel | Other
Aggregates |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas Materials Solutions | United States | 8,067 | 76% | 16% | 8% |  | 9,745 | 86% | 8% | 6% |  | 17,812 | 81% | 12% | 7%
Canada | 456 | 70% | 30% | – |  |  | 169 | 84% | 16% | – |  |  | 625 | 74% | 26% | – |
International Solutions | Western Europe (UK, IE, FR, ES, DK, FI) (iv) | 1,993 | 82% | 18% | – |  |  | 1,262 | 93% | 7% | – |  |  | 3,255 | 86% | 14% | – |
Central & Eastern Europe (PL, RO, SK, CH, HU) (iv) | 267 | 82% | 18% | – |  |  | 232 | 51% | 49% | – |  |  | 499 | 68% | 32% | – |
Australia | 476 | 89% | 11% | – |  |  | 227 | 95% | 5% | – |  |  | 703 | 91% | 9% | – |
Philippines | 54 | 100% | – |  | – |  |  | 5 | 100% | – |  | – |  |  | 59 | 100% | – |  | – |
Subtotal |  | 11,313 | 78% | 17% | 5% |  | 11,640 | 86% | 9% | 5% |  | 22,953 | 82% | 13% | 5%
Cement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas Materials Solutions | United States | 745 | 98% | – |  | 2% |  | 272 | 100% | – |  | – |  |  | 1,017 | 98% | – |  | 2%
Canada | 159 | 100% | – |  | – |  |  | 22 | 100% | – |  | – |  |  | 181 | 100% | – |  | – |
International Solutions | Western Europe (UK, IE, FR, ES) (iv) | 407 | 96% | – |  | 4% |  | 151 | 94% | – |  | 6% |  | 558 | 96% | – |  | 4%
Central & Eastern Europe (DE, PL, RO, RS, SK, CH, UA) (iv) | 695 | 95% | 1% | 4% |  | 563 | 85% | 3% | 12% |  | 1,258 | 91% | 2% | 7%
Australia | 145 | 100% | – |  | – |  |  | 1 | – |  | – |  | 100% |  | 146 | 99% | – |  | 1%
Philippines | 455 | 69% | 7% | 24% |  | 58 | 84% | – |  | 16% |  | 513 | 70% | 6% | 24%
Subtotal |  | 2,606 | 92% | 2% | 6% |  | 1,067 | 91% | 1% | 8% |  | 3,673 | 92% | 1% | 7%
Lime |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
International Solutions | Australia | 30 | 30% | 70% | – |  |  | 29 | 94% | 6% | – |  |  | 59 | 61% | 39% | – |
Subtotal |  | 30 | 30% | 70% | – |  |  | 29 | 94% | 6% | – |  |  | 59 | 61% | 39% | – |
Total |  | 13,949 | 80% | 14% | 6% |  | 12,736 | 86% | 8% | 6% |  | 26,685 | 83% | 11% | 6%

(i) CRH has no individually material mineral-bearing properties requiring individual property disclosure under Subpart 1300.
(ii) CRH’s point of reference for the estimation of the Company’s mineral reserves is “in-situ” reserves.
(iii) All reserves quantities are quoted in millions of short tons.
(iv) The country and their respective codes are Denmark: DK, Finland: FI, France: FR, Germany: DE, Hungary: HU, Ireland: IE, Poland: PL, Romania: RO, Serbia: RS, Slovakia: SK, Spain: ES, Switzerland: CH, Ukraine: UA, United Kingdom: UK.
CRH’s mineral reserves and resources are used predominantly for the production and sale of aggregates, cement and lime. The average sales price for the period January 1, 2024, to October 31, 2024, for aggregates and cement was $18.5 and $135.4 per ton, respectively, for our Americas Materials Solutions’ businesses and $12.0 and $119.3 per ton, respectively, for our International Solutions’ businesses. The average sales price for lime within our International Solutions' businesses over this time period was $165.6 per ton. These prices, which are used for estimation of both mineral reserves and resources, are impacted by product mix, geographic location and foreign currency.
CRH Form 10-K 23

The table below presents, by segment and geographic location, the tons of measured, indicated and inferred aggregates, cement and lime resources as of December 31, 2024, and the related percentage of these resources by rock type. CRH’s mineral resources in the table below are disclosed exclusive of mineral reserves.

Resources
|  | Measured |  | Indicated |  | Total Measured & Indicated |  | Inferred |  | Total Resources (i) (ii)
| Country | Tons (iii) | Grade: % by rock type |  | Tons (iii) | Grade: % by rock type |  | Tons (iii) | Grade: % by rock type |  | Tons (iii) | Grade: % by rock type |
|  |  | Hard Rock | Sand & Gravel | Other |  |  | Hard Rock | Sand & Gravel | Other |  |  | Hard Rock | Sand & Gravel | Other |  |  | Hard Rock | Sand & Gravel | Other |
Aggregates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas Materials Solutions | United States | 1,014 | 92% | 5% | 3% |  | 1,583 | 82% | 17% | 1% |  | 2,597 | 86% | 12% | 2% |  | 4,333 | 75% | 23% | 2% |  | 6,930
Canada | 354 | 94% | 6% | – |  |  | — |  | — |  | — |  | — |  |  | 354 | 94% | 6% | – |  |  | 96 | 100% | – |  | – |  |  | 450
International Solutions | Western Europe (UK, IE, FR, ES, DK, FI) (iv) | 331 | 20% | 80% | – |  |  | 571 | 80% | 19% | 1% |  | 902 | 58% | 42% | – |  |  | 403 | 92% | 8% | – |  |  | 1,305
Central & Eastern Europe (RO, SK, CH) (iv) | 248 | 76% | 24% | – |  |  | 52 | 78% | 22% | – |  |  | 300 | 76% | 24% | – |  |  | 16 | 14% | 86% | – |  |  | 316
Australia | 26 | 100% | – |  | – |  |  | 347 | 67% | 33 | % | – |  |  | 373 | 70% | 30 | % | – |  | 516 | 100 | % | – |  | – |  |  | 889
Subtotal |  | 1,973 | 79% | 19% | 2% |  | 2,553 | 79% | 20% | 1% |  | 4,526 | 79% | 20% | 1% |  | 5,364 | 78% | 20% | 2% |  | 9,890
Cement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas Materials Solutions | United States | 38 | 85% | – |  | 15% |  | 40 | 93% | – |  | 7% |  | 78 | 89% | – |  | 11% |  | 316 | 100% | — |  | – |  |  | 394
Canada | 49 | 89% | – |  | 11% |  | — |  | — |  | – |  | — |  |  | 49 | 89% | – |  | 11% |  | — |  | — |  | — |  | – |  |  | 49
International Solutions | Western Europe (UK, IE, FR, ES) (iv) | 138 | 100% | – |  | – |  |  | 62 | 90% | – |  | 10% |  | 200 | 97% | – |  | 3% |  | 47 | 95% | 5% | – |  |  | 247
Central & Eastern Europe (DE, RO, SK, UA) (iv) | 347 | 57% | – |  | 43% |  | 205 | 71% | – |  | 29% |  | 552 | 62% | – |  | 38% |  | 115 | 100% | – |  | – |  |  | 667
Australia | 2 | 100% | – |  | – |  |  | – | – | – |  | – |  |  | 2 | 100% | – |  | – |  |  | 2 | 100% | – |  | – |  |  | 4
Philippines | – |  | – |  | – |  | – |  |  | – |  | – |  | – |  | – |  |  | – |  | – |  | – |  | – |  |  | 32 | 99% | 1% | – |  |  | 32
Subtotal |  | 574 | 72% | – |  | 28% |  | 307 | 78% | – |  | 22% |  | 881 | 74% | – |  | 26% |  | 512 | 100% | – |  | – |  |  | 1,393
Lime |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
International Solutions | Australia | 71 | 82% | 18% | – |  |  | 218 | 48% | 52% | – |  |  | 289 | 56% | 44% | – |  |  | 1 | – |  | 100% | – |  |  | 290
Subtotal |  | 71 | 82% | 18% | – |  |  | 218 | 48% | 52% | – |  |  | 289 | 56% | 44% | – |  |  | 1 | – |  | 100% | – |  |  | 290
Total |  | 2,618 | 78% | 15% | 7% |  | 3,078 | 77% | 20% | 3% |  | 5,696 | 77% | 18% | 5% |  | 5,877 | 80% | 18% | 2% |  | 11,573

(i) CRH has no individually material mineral-bearing properties requiring individual property disclosure under Subpart 1300.
(ii) CRH’s point of reference for the estimation of the Company’s mineral resources is “in-situ” resources.
(iii) All resources quantities are quoted in millions of short tons.
(iv) The country and their respective codes are Denmark: DK, Finland: FI, France: FR, Germany: DE, Hungary: HU, Ireland: IE, Poland: PL, Romania: RO, Slovakia: SK, Spain: ES, Switzerland: CH, Ukraine: UA, United Kingdom: UK.
CRH Form 10-K 24

The table below outlines the number of facilities by segment and geographic location along with the annualized extraction (in millions of tons) for each of the three years ending December 31, 2024.

| Country | No. of Quarries /pits |  | Surface acreage (acres) (i) |  | Annualized extraction (millions of tons) |  | Years to Depletion (ii)
|  |  |  | Owned |  | Leased |  | 2022 |  | 2023 |  | 2024 |  |
Aggregates |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas Materials Solutions | United States | 719 |  | 138,464 |  | 71,662 |  | 203.2 |  | 211.6 |  | 207.1 |  | 86
Canada | 33 |  | 14,129 |  | 1,717 |  | 20.5 |  | 20.3 |  | 17.1 |  | 32
International Solutions | Western Europe (UK, IE, FR, ES, DK, FI) (iii) | 394 |  | 40,870 |  | 24,117 |  | 85.8 |  | 79.6 |  | 76.3 |  | 40
Central & Eastern Europe (PL, RO, SK, CH, HU) (iii) | 38 |  | 2,807 |  | 1,213 |  | 11.3 |  | 10.9 |  | 12.3 |  | 43
Australia | 24 |  | 9,518 |  | 1,858 |  | – |  | – |  | 10.4 |  | 67
Philippines | 1 |  | – |  | 440 |  | – |  | – |  | – |  | –
Subtotal |  | 1,209 |  | 205,788 |  | 101,007 |  | 320.8 |  | 322.4 |  | 323.2 |  |
Cement |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas Materials Solutions | United States | 11 |  | 22,233 |  | 2,647 |  | 10.1 |  | 11.6 |  | 11.8 |  | 91
Canada | 2 |  | 1,053 |  | 17 |  | 2.2 |  | 3.4 |  | 2.2 |  | 70
International Solutions | Western Europe (UK, IE, FR, ES) (iii) | 18 |  | 7,060 |  | 556 |  | 14.2 |  | 15.2 |  | 10.8 |  | 42
Central & Eastern Europe (DE, PL, RO, RS, SK, CH, UA) (iii) | 29 |  | 3,131 |  | 4,595 |  | 16.5 |  | 17.1 |  | 18.1 |  | 73
Australia | 12 |  | 3,632 |  | 1,127 |  | – |  | – |  | 2.8 |  | 53
Philippines | 5 |  | 2,469 |  | 531 |  | 7.2 |  | 7.7 |  | 7.0 |  | 70
Subtotal |  | 77 |  | 39,578 |  | 9,473 |  | 50.2 |  | 55.0 |  | 52.7 |  |
Lime |  |  |  |  |  |  |  |  |  |  |  |  |  |
International Solutions | Australia | 10 |  | 692 |  | 19,338 |  | – |  | – |  | 3.7 |  | 47
Subtotal |  | 10 |  | 692 |  | 19,338 |  | – |  | – |  | 3.7 |  |
Total |  | 1,296 |  | 246,058 |  | 129,818 |  | 371.0 |  | 377.4 |  | 379.6 |  |

(i) The disclosures in the table above include the surface area of infrastructure, process plants, waste piles, water storage, water treatment plants and boundary areas of CRH’s mineral-bearing properties. Remote properties such as offices, distribution facilities and readymixed concrete plants are not included.
(ii) Years to depletion is based on the average of the three years’ 2022 to 2024 annualized extraction.
(iii) The country and their respective codes are Denmark: DK, Finland: FI, France: FR, Germany: DE, Hungary: HU, Ireland: IE, Poland: PL, Romania: RO, Serbia: RS, Slovakia: SK, Spain: ES, Switzerland: CH, Ukraine: UA, United Kingdom: UK.
CRH Form 10-K 25

CRH Mineral-Bearing Locations

l | Represents the location of CRH’s mineral-bearing properties

CRH Form 10-K 26

Item 3. 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.
CRH has elected to use a $1 million threshold for disclosing certain proceedings under environmental laws to which a governmental authority is a party. Applying this threshold, there were no relevant legal proceedings to disclose for this period.
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 Annual Report on Form 10‐K.
CRH Form 10-K 27

PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
CRH has a primary listing on the NYSE and an international secondary listing on the LSE of its ordinary shares, each represented by the ticker symbol ‘CRH’. As of February 13, 2025, there were approximately 15,000 holders of record of our ordinary shares.
Irish Taxation of U.S. Holders
The following is a general summary of the main Irish tax considerations applicable to the purchase, ownership and disposition of our ordinary shares by U.S. holders. This description is based on Irish law and practices as of the latest practicable date, and administrative or judicial changes may modify the tax consequences described below. The statements do not constitute tax advice and are intended only as a general guide.
Withholding Tax on Dividends: Dividends on our ordinary shares would generally be subject to Irish DWT at the rate of 25%, unless an exemption applies. Dividends on our ordinary shares that are owned by residents of the United States and held beneficially through the Depositary Trust Company (DTC), will not be subject to DWT provided that the address of the beneficial owner of the ordinary shares in the records of the broker is in the United States. Dividends on our ordinary shares that are owned by residents of the United States and held directly (outside of DTC) will not be subject to DWT provided that the shareholder has completed the appropriate Irish DWT form and this form remains valid. Such shareholders must provide the appropriate Irish DWT form to our Transfer Agent, Computershare Trust Company N.A., before the record date for the first dividend payment to which they are entitled. If any shareholder who is resident in the United States receives a dividend subject to DWT, he or she should generally be able to apply for a refund from the Irish Revenue Commissioners. The Double Taxation Treaty between Ireland and the United States contains provisions regarding withholding tax, but it is generally not necessary for U.S. resident shareholders to rely on the treaty due to the wide scope of DWT exemptions under Irish law.
Income Tax on Dividends: A shareholder who is neither resident nor ordinarily resident in Ireland and who is entitled to an exemption from DWT generally has no liability for Irish income tax or for the Irish universal social charge on CRH dividends, unless he or she holds his or her ordinary shares through a branch or agency in Ireland which carries out a trade on his or her behalf.
Capital Gains Tax: A shareholder who is neither resident nor ordinarily resident in Ireland and does not hold our ordinary shares in connection with a trade or business carried on by such shareholder in Ireland through a branch or agency should not be subject to Irish tax on capital gains on a disposal of our ordinary shares.
Capital Acquisitions Tax: Irish capital acquisitions tax (CAT) is comprised principally of gift tax and inheritance tax. CAT could apply to a gift or inheritance of our ordinary shares irrespective of the place of residence, ordinary residence or domicile of the parties. The person who receives the gift or inheritance has primary liability for CAT. CAT is levied at a rate of 33% above certain tax-free thresholds. Shareholders in the United States should consult their own tax advisers as to whether CAT is creditable or deductible in computing U.S. tax liabilities.
Stamp Duty: Transfer of our ordinary shares other than via transfer of book-entry interests in the DTC may be subject to Irish stamp duty. Transfers of our ordinary shares via transfer of book entry interests in the DTC will not be subject to Irish stamp duty. However, if a shareholder holds our ordinary shares directly rather than beneficially through DTC, any transfer of shares could be subject to Irish stamp duty (currently at the rate of 1% of the higher of the price paid or the market value of the shares acquired). Payment of Irish stamp duty is generally a legal obligation of the transferee. The potential for stamp duty could adversely affect the price of our ordinary shares.
Other Shareholder Matters
There are no legislative or other legal provisions currently in force in Ireland or arising under our Articles that restrict the payment of dividends or distributions to holders of our ordinary shares not resident in Ireland, except for Irish laws and regulations that restrict the remittance of dividends, distributions and other payments in compliance with the sanctions laws of the Security Council of the United Nations, the European Union (and any of its members), the United Kingdom and the United States.
Dividend Policy
CRH has paid dividends on its ordinary shares each fiscal year since the formation of the Company in 1970. Dividends are paid to shareholders on the Register of Members on the record date for the dividend. The Board continues to believe that a policy of consistent long-term dividend growth is appropriate for the Company. In line with this dividend growth strategy, and our strong financial position, the Board approved dividends totaling $1.40 per share in respect of 2024, a 5% increase on the prior year (2023: $1.33), broken into quarterly dividends of $0.35 per share being paid on April 17, 2024, June 26, 2024, September 25, 2024, and December 18, 2024, respectively. It is proposed to pay a quarterly dividend of $0.37 per share on April 16, 2025 to shareholders registered at the close of business on March 14, 2025 in respect of the first quarter of 2025.
Dividends are paid wholly in cash. The default payment currency is U.S. Dollar for shareholders who hold their ordinary shares through a DTC participant. It is also U.S. Dollar for shareholders holding their ordinary shares in registered form, unless a currency election is registered with CRH’s Transfer Agent, Computershare Trust Company N.A. in advance of the applicable record date. The default payment currency for shareholders holding their ordinary shares in the form of Depository Interests is euro. Such shareholders can elect to receive dividends in U.S. Dollar or Pound Sterling by providing their instructions to the Company’s Depositary Interest provider, Computershare Investor Services plc, in advance of the applicable record date.
Securities Authorized For Issuance Under Equity Compensation Plans
Our equity compensation plan information required by this item is incorporated by reference to the information in Part III, Item 12. “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” of this Annual Report on Form 10-K.
CRH Form 10-K 28

Share Performance Graph
The performance graph below compares the five-year cumulative total shareholder return of our ordinary shares from December 31, 2019, to December 31, 2024, with the cumulative total return for the same period of the S&P 500 Index and the S&P 500 Materials Index. The graph assumes that the initial investment in our ordinary shares and each index was $100, with reinvestment of dividends.
Performance data for the Company is provided as of the last trading day of each relevant fiscal year. The share price performance graph is not indicative of future share price performance.

Comparative Total Return ($) | 2019 | 2020 | 2021 | 2022 | 2023 | 2024
CRH plc | 100.00 | 109.10 | 138.65 | 107.72 | 195.14 | 265.20
S&P 500 | 100.00 | 118.39 | 152.34 | 124.73 | 157.48 | 196.85
S&P 500 Materials | 100.00 | 120.73 | 153.67 | 134.80 | 151.71 | 151.66

The performance graph above is being furnished solely to accompany this Annual Report on Form 10-K pursuant to Item 201(e) of Regulation S-K. It is not being filed for purposes of Section 18 of the Exchange Act, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Recent Sales Of Unregistered Securities
None.
CRH Form 10-K 29

Issuer Purchases of Equity Securities

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 (or Units) that May Yet Be Purchased Under the Plans or Programs
October 1 – October 31, 2024 | 1,073,950 | $91.62 | 1,073,950 | 51,818,930
November 1 – November 30, 2024 | 796,638 | $99.93 | 796,638 | 49,385,302
December 1 – December 31, 2024 | 802,015 | $97.82 | 802,015 | 48,583,287
Total | 2,672,603 |  | 2,672,603 |

(i) In May 2018, CRH announced its intention to introduce a share repurchase program to repurchase ordinary shares (the ‘Program’). In the fourth quarter of 2024, the Company returned a further $0.3 billion of cash to shareholders through the repurchase of 2,672,603 ordinary shares (equivalent to 0.4% of the Company’s issued share capital). This brought total cash returned to shareholders under the Program to $8.4 billion since its commencement in May 2018. The purchases in the fourth quarter of 2024 were completed under the following tranches:

Date Announced |  | Max Amount to be Repurchased (in $ millions) | Expiry Date
August 8, 2024 | (Tranche 22) | 300 | November 6, 2024
November 7, 2024 | (Tranche 23) | 300 | February 26, 2025

Item 6. Reserved
CRH Form 10-K 30

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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 fiscal years 2024, 2023 and 2022. This MD&A should be read in conjunction with the Consolidated Financial Statements in Item 8. “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K.
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 Item 1A “Risk Factors” and “Forward-Looking Statements – Safe Harbor Provisions Under The Private Securities Litigation Reform Act Of 1995” and elsewhere in this Annual Report on Form 10-K. Our operating results depend upon economic cycles, seasonal and other weather‐related conditions, and trends in government expenditures, among other factors. Accordingly, financial results for any year presented, or year‐to‐year comparisons of reported results, may not be indicative of future operating results.
Overview
CRH is a leading provider of building materials that build, connect and improve our world. Since formation in 1970, CRH has evolved from being a supplier of base materials to solving complex construction challenges for our customers. CRH’s differentiated solutions strategy uniquely integrates materials, products and services across the construction value chain, better serving our customers’ needs and driving repeat business. This customer-connected approach is making construction simpler, safer and more sustainable.
CRH integrates essential materials (aggregates and cement), value-added building products as well as construction services, to provide our customers with complete solutions. CRH’s capabilities, innovation and technical expertise enable it to be a valuable partner for transportation and critical infrastructure projects, complex non-residential construction and outdoor living solutions.
Financial performance highlights:
CRH delivered another record performance in 2024 resulting in the following performance highlights (compared to 2023 and 2022):
•Total revenues increased to $35.6 billion, compared with $34.9 billion in 2023 and $32.7 billion in 2022;
•Net inc ome increased to $3.5 billi on compared with $3.1 billion in 2023, primarily due to higher gross profit along with higher gains on disposal of
long-lived assets and divestitures. Net income was $3.9 billion in 2022. Adjusted EBITDA* increased to $6.9 billion in 2024 from $6.2 billion in 2023. In 2022 Adjusted EBITDA* was $5.4 billion;
•Net income margin was 9.9% in 2024, 8.8% in 2023 and 11.9% in 2022. Adjusted EBITDA margin* was 19.5% in 2024, an increase of 180 basis points (bps) compared with an Adjusted EBITDA margin* o f 17.7% in 2 023. In 2022, the Adjusted EBITDA margin* was 16.5%;
•Operating cash flow 5 of $5.0 billion was in line with 2023 operating cash flow of $5.0 billion and ahead of 2022 operating cash flow of $3.8 billion; 6
•Return on Net Segment Assets was 15.3% in 2024, 14.4% in 2023 and 13.1% in 2022. Return on Net Assets (RONA)* increased by 20bps to 15.5% in 2024, from 15.3% in 2023. RONA* was 13.3% in 2022; and
•Basic Earnings Per Share (EPS) from continuing operations in 2024 was $5.06 compared with $4.36 in 2023 and $3.58 in 2022. Basic EPS
pre-impairment* from continuing operations was $5.48 in 2024, $4.65 in 2023 and $3.58 in 2022.
Capital allocation highlights:
•Cash paid to shareholders in 2024 through dividends was $1.7 billion and through share buybacks was $1.3 billion, compared with $0.9 billion and
$3.0 billion, respectively, in 2023, and $0.9 billion and $1.2 billion, respectively, in 2022;
•Full year dividend per share increase of 5% resulting in a dividend per share of $1.40 in 2024, from $1.33 in 2023 and $1.27 in 2022;
•Ongoing share buyback program in 2024 repurchased approximately 15.9 million ordinary shares for a total consideration of $1.3 billion, compared with $3.0 billion in 2023 and $1.2 billion in 2022; and
•40 acquisitions completed for a total consideration of $5.0 billion in 2024, compared with $0.7 billion in 2023 and $3.3 billion in 2022. A further $2.6 billion was inve sted in development and replacement c apital expenditure projects in 2024, compared with $1.8 billion and $1.5 billion in 2023 and 2022, respectively.
Delivering On Our Vision
CRH continues to evolve its business to improve performance, deliver for its stakeholders and respond to the ever-changing needs of its customers. Our strategy enables CRH to realize our vision to develop sustainable solutions that build, connect and improve our world. CRH has a specific set of capabilities in the markets in which it operates along with decades of experience and deep customer relationships. CRH leverages its scale and best practices across the Company to provide value-added materials, products and services as construction solutions that solve complex problems for its customers.
These solutions allow us to create further value for our customers by combining our products, materials and services which drive commercial and operational benefits. This connected portfolio allows us to leverage production and logistics efficiencies to drive increased profitability and asset utilization. We can reduce waste and advance the sustainability of construction. We believe it also makes our business less capital intensive and drives a higher rate of return delivering superior long-term value and higher growth for shareholders.
* Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.
5 Operating cash flow refers to net cash provided by operating activities as reported in the Consolidated Statements of Cash Flows on pages 56 to 57.6
CRH Form 10-K 31

A business optimized for industry-leading performance
Through the successful execution of its strategy, CRH has shaped its business to capitalize on the attractive fundamentals driving demand in higher-growth construction markets in North America, Europe and Australia.
Customer-connected solutions strategy: Our differentiated strategy is focused on uniquely integrating materials, products and services across the construction value chain. We leverage our scale, expertise and best practices to provide sustainable solutions that solve complex problems for our customers. We utilize specific expertise in areas such as materials science, design and engineering to innovate and create new products. This allows us to do more for our customers and help deliver a higher performing and more sustainable built environment.
Performance-focused operator: CRH has the ability to leverage its connected portfolio of assets in the most attractive markets and this has resulted in our record 2024 results with 12% increase in Adjusted EBITDA*, 180 bps increase in Adjusted EBITDA margin* and 16% higher basic EPS from continuing operations, with basic EPS from continuing operations on a pre-impairment*7 basis 18% higher. These results are underpinned by a differentiated strategy delivered by an experienced management team with deep industry knowledge and a proven track record of consistent financial and operational delivery.
Strong and flexible balance sheet: At D ecember 31, 2024, total short-term and long-term debt was $14.0 billion, cash and cash equivalents and restricted cash were $3.8 billion and Net Debt* was $10.5 b illion. We believe our strong and flexible balance sheet provides CRH with significant financial capacity for long-term value creation through accretive acquisitions, expansionary capital expenditure and cash returns to shareholders through dividends and share buybacks.
Focused growth
Our customers have an increasing need for more holistic solutions and CRH maximizes its overall growth potential by focusing on its ability to deliver solutions that meet this growing need. We are focused on delivering our customer-connected solutions strategy and to do so we are working to better connect our people, capabilities, assets and customers across businesses, markets, and geographies. We acquire businesses at attractive valuations and create value by integrating them with our existing operations and realizing synergies in areas including procurement, operational excellence, human resources, technology and sales.
Development review
In 2024, CRH completed 40 acquisitions for a total consideration of $5.0 billion.
The largest acquisition in 2024 was in Americas Materials Solutions where CRH acquired an attractive portfolio of cement and readymixed concrete operations and assets in Texas, for a total consideration of $2.1 billion. In addition, Americas Materials Solutions completed a further 20 acquisitions and Americas Building Solutions completed 10 acquisitions for a total 2024 spend in the Americas of $3.8 billion. International Solutions completed nine acquisitions for a total 2024 spend of $1.2 billion, including the acquisition of a majority stake in Adbri, a market leader in cement and aggregates in Australia.
CRH completed 10 divestitures and realized proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) of $1.4 billion, primarily related to the divestiture of the European Lime operations.
In 2023, CRH completed 22 acquisitions for a total consideration of $0.7 billion. On the divestitures front, CRH realized proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) of $0.1 billion.
The largest acquisition in 2023 was in Americas Building Solutions where the Company completed the acquisition of Hydro International, a leading provider of stormwater products, wastewater treatment products, wastewater services, and data solutions in North America and Europe. In addition, Americas Building Solutions completed a further four acquisitions and Americas Materials Solutions completed eight acquisitions in the United States, for a total 2023 spend in the Americas of $0.4 billion. International Solutions completed nine acquisitions for a total 2023 spend of $0.3 billion.
In 2022, CRH completed 29 acquisitions for a total consideration of $3.3 billion.
The largest acquisition in 2022 was in Americas Building Solutions where the Company completed its acquisition of Barrette Outdoor Living, Inc. (Barrette) for $1.9 billion. In addition, Americas Building Solutions completed a further seven acquisitions and Americas Materials Solutions completed 10 acquisitions for a total 2022 spend in the Americas of $3.1 billion. International Solutions completed 11 acquisitions for a total 2022 spend of $0.2 billion.
The largest divestiture in 2022 was the Building Envelope business for cash proceeds of $3.5 billion (enterprise value of $3.8 billion including lease liabilities transferred of $0.3 billion). A further eight divestitures were completed across CRH, realizing total proceeds of $0.2 billion and $0.2 billion was realized from the disposal of long-lived assets and deferred divestiture consideration.
Outlook
We expect positive underlying demand across our key end-use markets in 2025, underpinned by significant public investment in critical infrastructure, combined with increased re-industrialization activity in key non-residential segments. This backdrop is expected to support overall demand levels and further positive pricing across our business.
Our North American businesses expect continued positive momentum in infrastructure activity, supported by robust state and federal funding. Non-residential activity continues to benefit from secular tailwinds in key growth areas. Although the residential sector continues to be supported by strong long-term demand fundamentals, the new-build segment is expected to remain subdued while repair and remodel activity remains resilient.
In our International operations, we expect infrastructure activity to be underpinned by government and EU funding. Non-residential construction continues to be aided by onshoring of supply chains and industrial manufacturing activity. Residential markets are expected to stabilize with structural demand fundamentals supporting a gradual recovery.
Assuming normal seasonal weather patterns and absent any major dislocations in the political or macroeconomic environment, CRH’s leading positions of scale in attractive higher-growth markets, together with our strong and flexible balance sheet, are expected to underpin another year of growth and value creation in 2025.
7* Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.
CRH Form 10-K 32

Market Backdrop
CRH’s results can be impacted by trends and factors in the wider construction markets it is exposed to. The principal construction markets, for all segments, are infrastructure, including highways, streets, roads and bridges; non-residential, including construction and maintenance of critical infrastructure, manufacturing, commercial, warehouse and data center facilities; and residential, including new-build construction, and repair and remodel activity, of single and multi-family housing. See ‘Business Segment Information’ in Item 1. “Business” for details by segment.
Infrastructure
In 2024, approximately 35% of revenues were derived from infrastructure.
Americas
Our North American businesses expect positive momentum in infrastructure activity, underpinned by robust state and federal funding, and supported by the IIJA which was signed into law in November 2021. This provides expected federal highway funding of approximately $350 billion over five years, including $110 billion in new funding for roads, bridges, and other infrastructure projects. Aided by the IIJA, U.S. highway contract awards remained at elevated levels in 2024, underpinning a positive outlook for 2025 as state budgets reflect the need for increased public infrastructure funding for highways and bridges.
International
After a resilient 2024, the outlook for 2025 in our International markets remains underpinned by government and EU funding for the infrastructure sector, which typically fluctuates less than residential and non-residential sectors. In this sector the impact of the business cycle is mitigated by long-term projects and a high share of activities financed by the public sector, with multinational EU funds a stabilizing factor in some of our larger markets.
Non-Residential
In 2024, approximately 30% of revenues were derived from non-residential construction.
Americas
In Americas, a key driver of demand in the non-residential sector is the onshoring of critical manufacturing. Large, multi-year construction projects (data centers, semiconductor chips, liquefied natural gas facilities) are underpinned by initiatives such as the U.S. CHIPS and Science Act, a $280 billion bill with the aim to bolster the United States’ semiconductor capacity. In addition, critical infrastructure is expecting to receive significant funding from the IIJA – water (approximately $48 billion), energy (approximately $79 billion) and technology (approximately $65 billion).
International
The non-residential sector outlook remains mixed in our International markets in 2025. Having declined in 2024, construction activity is expected to grow in Eastern Europe, underpinned by improving economic fundamentals. In the United Kingdom, construction confidence improved steadily through 2024 although sentiment remains subdued in other markets. Non-residential activity in the Division remains supported by increased efforts to onshore manufacturing activity via government stimulus measures.
Residential
In 2024, approximately 35% of revenues were derived from residential construction.
Americas
The residential sector’s recent performance has been influenced by affordability constraints with inflation challenges, rising home prices and high mortgage rates. While residential construction activity continues to be supported by long-term demand fundamentals, the new-build segment is expected to remain subdued. As a result of the aging U.S. housing stock, repair and remodel activity is expected to be less subdued than new-build activity in the near-term.
International
Our International businesses are more heavily exposed to the new-build residential sector, which is expected to gradually recover as a lower interest rate environment unfolds.
CRH Form 10-K 33

Results Of Operations
Revenues are derived from a range of products and services across three segments. The Americas Materials Solutions segment utilizes an extensive network of reserve-backed quarry locations to produce and supply a range of materials including aggregates, cement, readymixed concrete and asphalt, as well as providing paving and construction services. The Americas Building Solutions segment manufactures, supplies and delivers high-quality building products and solutions. The International Solutions segment integrates building materials, product and services for the construction and renovation of public infrastructure, critical networks, commercial and residential buildings, and outdoor living spaces.
The table below summarizes CRH’s Consolidated Statements of Income for the periods indicated.
Consolidated Statements of Income 8
(in $ millions, except per share data)

For the years ended December 31 | 2024 | 2023 | 2022
Total revenues | 35,572 | 34,949 | 32,723
Total cost of revenues | (22,871) | (22,986) | (21,908)
Gross profit | 12,701 | 11,963 | 10,815
Selling, general and administrative expenses | (7,852) | (7,486) | (7,056)
Gain on disposal of long-lived assets | 237 | 66 | 50
Loss on impairments | (161) | (357) | –
Operating income | 4,925 | 4,186 | 3,809
Interest income | 143 | 206 | 65
Interest expense | (612) | (376) | (344)
Other nonoperating income (expense), net | 258 | (2) | (69)
Income from continuing operations before income tax expense and income from equity method investments | 4,714 | 4,014 | 3,461
Income tax expense | (1,085) | (925) | (762)
Loss from equity method investments | (108) | (17) | –
Income from continuing operations | 3,521 | 3,072 | 2,699
Income from discontinued operations, net of income tax expense | – | – | 1,190
Net income | 3,521 | 3,072 | 3,889
Net (income) attributable to redeemable noncontrolling interests | (28) | (28) | (27)
Net (income) loss attributable to noncontrolling interests | (1) | 134 | –
Net income attributable to CRH | 3,492 | 3,178 | 3,862
Basic earning per share attributable to CRH from continuing operations | $5.06 | $4.36 | $3.58
Basic earning per share attributable to CRH from continuing operations - pre-impairment* | $5.48 | $4.65 | $3.58
Adjusted EBITDA* | 6,930 | 6,176 | 5,388

Total revenues
2024 versus 2023
Total revenues were $35.6 billion in 2024, an increase of $0.6 billion, or 2%, comp ared with 2023, with resilient underlying demand in key end-use markets, continued commercial progress and contributions from acquisitions partly offset by lower activity levels in certain regions due to adverse weather and divestitures.
For additional discussion on segment revenues, see “Segments” section on pages 37 to 39.
2023 versus 2022
Total revenues were $34.9 billion, an increase of $2.2 billion, or 7%, compared with 2022, reflecting good underlying demand across key end-use markets, positive pricing and contributions from acquisitions which offset lower volumes compared with the prior year.
Gross profit
2024 versus 2023
Gross profit was $12.7 billion in 2024, an increase of $0.7 billion, or 6%, compared with 2023, reflecting total revenues growth of 2%, with total cost of revenues 1% lower. The gross profit margin of 35.7% increased 150bps from 34.2% in the prior year, driven by commercial progress, ongoing cost control and operational efficiencies. Total cost of revenues decreased primarily as a result of an 18% decrease in energy costs due to a decline in energy prices, lower activity levels and divestitures. These were partly offset by an increase in labor costs of 6% driven by wage inflation and increased headcount due to acquisitions.
8* Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.
CRH Form 10-K 34

2023 versus 2022
Gross profit was $12.0 billion in 2023, an increase of $1.2 billion, or 11%, compared with 2022. This reflected total revenues growth of 7%, with total cost of revenues increasing by 5%. The gross profit margin of 34.2%, increased 110bps from 33.1% in the prior year, due to revenue growth exceeding increases in total cost of revenues. Total cost of revenues increased primarily as a result of subcontractor costs and repairs and maintenance increasing 11% and 9%, respectively, due to the impact of cost inflation. Labor costs increased by 8% due to the impact of acquisitions, wage inflation impacted by continued labor shortages and increased headcount. Energy costs were in line with 2022 and raw materials costs decreased by 1% primarily as a result of lower volumes.
Selling, general and administrative expenses
2024 versus 2023
Selling, general and administrative (SG&A) expenses, which are primarily comprised of haulage costs, labor costs, and other selling and administration expenses, were $7.9 billion in 2024, an increase of $0.4 billion, or 5%, compared with 2023. The increase in SG&A expenses was primarily due to labor cost increases of 9%, as a result of increased headcount from acquisitions and wage inflation; partially offset by divestitures.
2023 versus 2022
SG&A expenses were $7.5 billion in 2023, an increase of $0.4 billion, or 6%, compared with 2022. The increase in SG&A expenses primarily reflects labor cost increases of 14%, as a result of increased headcount, impacted by acquisitions and wage inflation; partially offset by lower haulage costs which decreased 4% compared with 2022 as a result of lower volumes and lower fuel costs.
Gain on disposal of long-lived assets
2024 versus 2023
Gain on disposal of long-lived assets was $237 million in 2024, an increase of $171 million compared with 2023. The increase mainly related to the disposal of certain land assets.
2023 versus 2022
Gain on disposal of long-lived assets was $66 million in 2023, an increase of $16 million compared with 2022, primarily due to gains on disposal of plant and equipment.
Loss on impairments
2024 versus 2023
Loss on impairments in 2 024 was $161 million, compared with $357 million in 2023, and principally related to the International Solutions segment where an impairment was recognized related to the Architectural Products reporting unit, driven by challenging market conditions.
2023 versus 2022
Loss on impairments in 2023 was $357 million, compared with $nil million in 2022, and was principally in the International Solutions segment where an impairment was recognized related to our business in the Philippines which has been impacted by challenging market conditions.
Interest income
2024 versus 2023
Interest income was $143 million in 2024, a decrease of $63 million compared with 2023, primarily due to lower levels of cash deposits.
2023 versus 2022
Interest income was $206 million in 2023, an increase of $141 million compared with 2022, as a result of higher interest rates on deposits.
Interest expense
2024 versus 2023
Interest expense was $612 million in 2024, an increase of $236 million, or 63%, compared with 2023. The increase was primarily due to higher gross debt balances and increased interest rates. For additional information on new fixed rate debt issuance, see Note 11 “Debt” in Item 8. “Financial Statements and Supplementary Data”.
2023 versus 2022
Interest expense was $376 million in 2023, an increase of $32 million, or 9%, compared with 2022. The increase was primarily due to higher interest rates on floating rate debt, interest rate swaps and new fixed rate debt issued, partially offset by interest on maturing debt.
Other nonoperating income (expense), net
2024 versus 2023
Other nonoperating income (expense), net, was income of $258 million in 2024, an increase of $260 million compared with 2023. Other nonoperating income (expense) net, includes pension and postretirement benefit costs (excluding service costs), gains and losses from divestitures, and other miscellaneous income and expenses. The increase was primarily related to gain s on divestitures.
2023 versus 2022
Other nonoperating income (expense), net, was an expense of $2 million in 2023, a decrease of $67 million compared with 2022. The decrease was primarily related to a reduction of loss on divestitures to $nil million in 2023 which was $99 million in 2022, partly offset by pension-related movements of $27 million.
CRH Form 10-K 35

Income tax expense
The Company’s tax rate is driven by the tax rates in jurisdictions in which the Company operates and the relative amount of income earned in each jurisdiction. Income tax expense for the three-year period from 2022 to 2024 is shown below:

in $ millions, except effective tax rate | 2024 | 2023 | 2022
Income from continuing operations before income tax expense and income from equity method investments | 4,714 | 4,014 | 3,461
Income tax expense | (1,085) | (925) | (762)
Effective tax rate | 23% | 23% | 22%

2024 versus 2023
In 2024, the Company’s income tax expense was $1.1 billion, an increase of $0.2 billion compared with 2023. The effective tax rate attributable to continuing operations was 23% for 2024, in line with 23% for 2023.
2023 versus 2022
In 2023, the Company’s income tax expense was $0.9 billion, an increase of $0.2 billion compared with 2022. The effective tax rate attributable to continuing operations was 23% for 2023 compared with 22% for 2022. The increase in the effective tax rate compared with the prior year was primarily driven by the impact of impairments not deductible for tax purposes in the year.
Loss from equity method investments
2024 versus 2023
In 2024, a loss of $108 million was recorded in equity method investments, primarily driven by an impairment in the Company’s equity method investment in Yatai Building Materials (YBM) in China, where market conditions remained challenging.
2023 versus 2022
In 2023, a loss of $17 million was recorded in equity method investments, primarily driven by the performance of the Company’s equity method investment in YBM in China, where market conditions remained challenging.
Income from continuing operations
2024 versus 2023
Income from continuing operations in 2024 amounted to $3.5 billion, an increase of $0.4 billion on 2023. This result was primarily driven by higher gross profit along with higher gains on divestitures and disposal of long-lived assets, which offset higher interest and SG&A expenses.
2023 versus 2022
Income from continuing operations in 2023 amounted to $3.1 billion, an increase of $0.4 billion on 2022. This result was primarily driven by an improved operating performance and higher interest income, partially offset by loss on impairments and a higher income tax expense.
Income from discontinued operations, net of income tax expense
2024 versus 2023
Income from discontinued operations, net of income tax expense was $nil million in both 2024 and 2023.
2023 versus 2022
Income from discontinued operations, net of income tax expense was $nil million in 2023, compared with income of $1.2 billion related to the divestiture of the Building Envelope business in 2022.
Net income attributable to CRH and earnings per share
2024 versus 2023
Net income attributable to CRH was $3.5 billion in 2024, an increase of $0.3 billion from 2023. Basic EPS from continuing operations for 2024 was $5.06, an increase of 16% on 2023. Basic EPS pre-impairment* from continuing operations for 2024 was $5.48, an increase of 18% on 2023.9
2023 versus 2022
Net income attributable to CRH was $3.2 billion in 2023, a decrease of $0.7 billion from 2022. Basic EPS from continuing operations for 2023 was $4.36, an increase of 22% on 2022. Basic EPS pre-impairment* from continuing operations for 2023 was $4.65.10
* Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.9
10
CRH Form 10-K 36

Segments
During the fourth quarter of 2024, the Company's reportable segments changed to the following three segments: Americas Materials Solutions, Americas Building Solutions, and International Solutions; across two Divisions: CRH Americas and CRH International.
Within CRH’s segments, revenue is disaggregated by principal activities and products and by primary geographic market. Business lines are reviewed and evaluated as follows: (1) Essential Materials, (2) Road Solutions, (3) Building & Infrastructure Solutions, and (4) Outdoor Living Solutions. The vertically integrated Essential Materials businesses manufacture and supply aggregates and cement for use in a range of construction and industrial applications. Road Solutions support the manufacturing, installation and maintenance of public highway infrastructure projects and commercial infrastructure projects. Building & Infrastructure Solutions connect, protect and transport critical water, energy and telecommunications infrastructure and deliver complex commercial building projects. Outdoor Living Solutions integrate specialized materials, products and design features to enhance the quality of private and public spaces.
The Company’s measure of segment profit is Adjusted EBITDA, which is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, loss on impairments, gain/loss on divestitures and unrealized gain/loss on investments, income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component.
Americas Materials Solutions
2024

|  | Analysis of Change |  |
in $ millions | 2023 | Currency | Acquisitions | Divestitures | Organic | 2024 | % change
Total revenues | 15,435 | (22) | +641 | (112) | +231 | 16,173 | +5%
Adjusted EBITDA | 3,059 | (6) | +180 | (36) | +548 | 3,745 | +22%
Adjusted EBITDA margin | 19.8% |  |  |  |  | 23.2% |

Americas Materials Solutions’ total revenues were 5% ahead of the prior year as price increases and contributions from acquisitions offset lower activity levels which were impacted by adverse weather. Organic total revenues* were 1% ahead.
In Essential Materials, total revenues were 5% ahead of the prior year, supported by aggregates and cement pricing, which were ahead by 10% and 8%, respectively. Aggregates volumes declined by 3% while cement volumes increased by 1% compared to 2023.
In Road Solutions, total revenues increased by 5% driven by pricing progression and sustained activity levels through continued state and federal funding support. Asphalt prices increased by 3% while volumes, impacted by weather, declined 2% against 2023. Paving and construction revenues increased 5% versus the prior year. Readymixed concrete pricing was 6% higher than the prior year, while volumes were 1% ahead.
Adjusted EBITDA for Americas Materials Solutions of $3.7 billion was 22% ahead of the prior year with growth across all regions. Positive pricing, disciplined cost management and operational efficiencies along with gains on land asset sales offset lower volumes in certain markets. Organic Adjusted EBITDA* was 18% ahead of 2023. Adjusted EBITDA margin increased by 340bps.
2023

|  | Analysis of Change |  |
in $ millions | 2022 | Currency | Acquisitions | Divestitures | Organic | 2023 | % change
Total revenues | 14,324 | (44) | +242 | – | +913 | 15,435 | +8%
Adjusted EBITDA | 2,638 | (6) | +42 | – | +385 | 3,059 | +16%
Adjusted EBITDA margin | 18.4% |  |  |  |  | 19.8% |

Americas Materials Solutions’ total revenues were 8% ahead of 2022, 6% ahead on an organic* basis, driven primarily by price progression across all business lines and partly offset by lower activity levels in certain regions.
In Essential Materials total revenues increased by 10%, supported by double-digit pricing growth in both aggregates and cement, which were ahead by 14% and 15%, respectively. Aggregates volumes declined by 1% and cement volumes declined by 3%, impacted by unfavorable weather in certain regions.
In Road Solutions, total revenues increased by 7% driven by increased pricing and positive infrastructure activity underpinned by IIJA funding. Asphalt prices increased by 7% while asphalt volumes were in line with the prior year as improved demand in the South and West during the second half of the year was offset by lower volumes in the Great Lakes and Northeast regions. Paving and construction revenues increased by 6%. Readymixed concrete pricing was 12% higher compared with 2022, however volumes were 2% behind due to lower activity levels in the South.
Adjusted EBITDA in Americas Materials Solutions of $3.1 billion was 16% ahead of 2022 as increased pricing across all lines of business and operational efficiencies mitigated the impact of higher labor and subcontractor costs. Organic Adjusted EBITDA* was 15% ahead of 2022. Adjusted EBITDA margin increased by 140bps.11
11* Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.
CRH Form 10-K 37

Americas Building Solutions
2024

|  | Analysis of Change |  |
in $ millions | 2023 | Currency | Acquisitions | Divestitures | Organic | 2024 | % change
Total revenues | 7,017 | (4) | +193 | – | (147) | 7,059 | +1%
Adjusted EBITDA | 1,442 | (2) | +34 | – | (85) | 1,389 | (4%)
Adjusted EBITDA margin | 20.6% |  |  |  |  | 19.7% |

In 2024, Americas Building Solutions' total revenues were 1% ahead of the prior year as positive contributions from acquisitions were partially offset by subdued new-build residential demand and adverse weather. Organic total revenues* were 2% behind the prior year.
In Building & Infrastructure Solutions, total revenues were 2% ahead of the prior year as contributions from acquisitions offset lower activity levels due to adverse weather conditions and subdued new-build residential demand.
In Outdoor Living Solutions, total revenues were flat compared with 2023 as unfavorable weather conditions offset increased sales into the retail channel.
Adjusted EBITDA for Americas Building Solutions was 4% behind 2023 and 6% behind on an organic* basis as adverse weather and subdued new-build residential demand impacted performance. Adjusted EBITDA margin was 90bps behind the prior year.
12
2023

|  | Analysis of Change |  |
in $ millions | 2022 | Currency | Acquisitions | Divestitures | Organic | 2023 | % change
Total revenues | 6,188 | (14) | +751 | – | +92 | 7,017 | +13%
Adjusted EBITDA | 1,219 | (4) | +153 | – | +74 | 1,442 | +18%
Adjusted EBITDA margin | 19.7% |  |  |  |  | 20.6% |

Americas Building Solutions recorded total revenues growth of 13%, driven by the continued execution of our integrated solutions strategy, good commercial progress through price increases and contributions from prior year acquisitions, primarily Barrette. Organic total revenues* were 1% ahead of 2022.
In Building & Infrastructure Solutions, total revenues growth was 6% due to increased demand in the water and energy sectors as well as contributions from recent acquisitions.
In Outdoor Living Solutions, total revenues growth was 18%, driven by positive pricing, resilient retail demand and the incremental impact of the Barrette acquisition in July 2022.
Adjusted EBITDA in Americas Building Solutions was 18% ahead of the prior year, 6% ahead on an organic* basis, driven by positive pricing and contributions from recent acquisitions which offset the impact of increased labor and raw materials costs. As a result, the Adjusted EBITDA margin was 90bps ahead of the prior year.13
* Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.12
13
CRH Form 10-K 38

International Solutions
2024

|  | Analysis of Change |  |
in $ millions | 2023 | Currency | Acquisitions | Divestitures | Organic | 2024 | % change
Total revenues | 12,497 | +141 | +808 | (542) | (564) | 12,340 | (1%)
Adjusted EBITDA | 1,675 | +17 | +100 | (136) | +140 | 1,796 | +7%
Adjusted EBITDA margin | 13.4% |  |  |  |  | 14.6% |

International Solutions’ total revenues were 1% behind the prior year. Organic total revenues* were 4% behind as positive pricing momentum and good volume growth in Central and Eastern Europe were offset by lower volumes in Western Europe as well as lower trading activities in the Building & Infrastructure Solutions and Outdoor Living Solutions businesses.
In Essential Materials, total revenues were 2% behind as continued pricing progress and contributions from acquisitions were offset by the divestiture of the European Lime operations. Aggregates volumes were 3% ahead of 2023 with cement volumes 5% ahead, supported by good growth in Central and Eastern Europe as well as recent acquisitions. Aggregates pricing was 4% ahead and overall cement pricing was 3% ahead of 2023.
In Road Solutions, total revenues were 2% ahead of 2023. Volumes and prices were ahead in the readymixed concrete business by 8% and 3%, respectively, benefiting from volume growth in Central and Eastern Europe as well as acquisitions in the period. Asphalt volumes and pricing declined 2% and 1%, respectively. Paving and construction revenues were behind 2023 due to lower activity levels in Western Europe.
Total revenues in Building & Infrastructure Solutions and Outdoor Living Solutions declined by 6% compared with the prior year, amid continued subdued new-build residential activity.
Adjusted EBITDA in International Solutions was $1.8 billion, 7% ahead of 2023, and 8% ahead on an organic* basis, primarily driven by increased pricing, lower energy costs and operational efficiencies. Adjusted EBITDA margin increased by 120bps compared with 2023.
2023 14

|  | Analysis of Change |  |
in $ millions | 2022 | Currency | Acquisitions | Divestitures | Organic | 2023 | % change
Total revenues | 12,211 | +255 | +156 | (157) | +32 | 12,497 | +2%
Adjusted EBITDA | 1,531 | +34 | +18 | (12) | +104 | 1,675 | +9%
Adjusted EBITDA margin | 12.5% |  |  |  |  | 13.4% |

International Solutions’ performance in 2023 was driven by continued pricing progress which more than offset lower activity levels, resulting in total revenues growth of 2%. Organic* revenues were in line with the prior year.
In Essential Materials, total revenues were 5% ahead of 2022 driven by positive pricing for aggregates and cement which were ahead by 9% and 18%, respectively. Aggregates volumes declined by 7% while cement volumes were 13% behind (10% behind excluding the impact of 2022 divestitures) as activity levels were impacted by lower new-build residential activity and unfavorable weather in several key markets.
In Road Solutions, notwithstanding the impact of adverse weather in the first half of the year, pricing progress across all key markets resulted in total revenues for the year 2% ahead of 2022. Asphalt pricing increased by 10%, while volumes declined by 6%. Paving and construction revenues increased by 10%. Readymixed concrete pricing improved by 17%, while volumes decreased by 14%.
Total revenues in Building & Infrastructure Solutions and Outdoor Living Solutions declined by 2% compared with 2022 as increased infrastructure demand was more than offset by subdued new-build residential activity. Positive pricing and commercial progress was offset by lower activity experienced in several markets of the Precast and Construction Accessories businesses in particular.
In 2023 Adjusted EBITDA in International Solutions was $1.7 billion, 9% ahead of 2022 and 7% ahead on an organic* basis. Adjusted EBITDA growth was primarily driven by positive pricing and lower haulage and raw materials costs, which offset lower volume levels. Adjusted EBITDA margin increased by 90bps compared with 2022.
14* Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.
CRH Form 10-K 39

Non-GAAP Reconciliation and Supplementary Information
CRH uses a number of non-GAAP performance measures to monitor financial performance. These measures are referred to throughout the discussion of our reported financial position and operating performance on a continuing operations basis unless otherwise defined and are measures which are regularly reviewed by CRH management. These performance measures may not be uniformly defined by all companies and accordingly may not be directly comparable with similarly titled measures and disclosures by other companies.
Certain information presented is derived from amounts calculated in accordance with U.S. GAAP but is not itself an expressly permitted GAAP measure. The non-GAAP performance measures as summarized below should not be viewed in isolation or as an alternative to the equivalent GAAP measure.
Adjusted EBITDA: Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, loss on impairments, gain/loss on divestitures and unrealized gain/loss on investments, income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component. It is quoted by management in conjunction with other GAAP and non-GAAP financial measures to aid investors in their analysis of the performance of the Company. Adjusted EBITDA by segment is monitored by management in order to allocate resources between segments and to assess performance. Adjusted EBITDA margin is calculated by expressing Adjusted EBITDA as a percentage of total revenues.
Reconciliation to its nearest GAAP measure is presented below:

in $ millions | 2024 | 2023 | 2022 |
Net income | 3,521 | 3,072 | 3,889 |
Income from discontinued operations, net of income tax expense | – | – | (1,190) |
Loss from equity method investments (i) | 108 | 17 | – |
Income tax expense | 1,085 | 925 | 762 |
(Gain) loss on divestitures and unrealized gains on investments (ii) | (250) | – | 99 |
Pension income excluding current service cost component (ii) | (7) | (3) | (30) |
Other interest, net (ii) | (1) | 5 | – |
Interest expense | 612 | 376 | 344 |
Interest income | (143) | (206) | (65) |
Depreciation, depletion and amortization | 1,798 | 1,633 | 1,552 |
Loss on impairments (i) | 161 | 357 | – |
Substantial acquisition-related costs (iii) | 46 | – | 27 |
Adjusted EBITDA | 6,930 | 6,176 | 5,388 |
Total revenues | 35,572 | 34,949 | 32,723 |
Net income margin | 9.9 | % | 8.8 | % | 11.9 | % |
Adjusted EBITDA margin | 19.5% | 17.7% | 16.5% |
(i) For the year ended December 31, 2024, the total impairment loss comprised $0.35 billion, principally related to the Architectural Products reporting unit within International Solutions and the equity method investment in China. For the year ended December 31, 2023, the total impairment loss comprised $62 million within Americas Materials Solutions and $295 million within International Solutions.
(ii) (Gain) loss on divestitures and unrealized gains on investments, pension income excluding current service cost component and other interest, net have been included in Other nonoperating income (expense), net in the Consolidated Statements of Income.
(iii) Represents expenses associated with non-routine substantial acquisitions, which meet the criteria for being separately reported in Note 4 “Acquisitions” of the audited financial statements. Expenses in 2024 and in 2022 primarily include legal and consulting expenses related to these non-routine substantial acquisitions.

Return on Net Assets (RONA): Return on Net Assets is a key internal pre-tax and pre-impairment (which is non-cash) measure of operating performance throughout the Company and can be used by management and investors to measure the relative use of assets between CRH’s segments. The metric measures management’s ability to generate income from the net assets required to support that business, focusing on both profit maximization and the maintenance of an efficient asset base; it encourages effective fixed asset maintenance programs, good decisions regarding expenditure on property, plant and equipment and the timely disposal of surplus assets. It also supports the effective management of the Company’s working capital base. RONA is calculated by expressing operating income from continuing operations and operating income from discontinued operations excluding loss on impairments (which is non-cash) as a percentage of average net assets. Net assets comprise total assets by segment (including assets held for sale) less total liabilities by segment (excluding finance lease liabilities and including liabilities associated with assets classified as held for sale) as shown below and detailed in Note 3 “Assets held for sale and discontinued operations” in Item 8. “Financial Statements and Supplementary Data” and excludes equity method investments and other financial assets, Net Debt (as defined on page 42) and tax assets and liabilities. The average net assets for the year is the simple average of the opening and closing balance sheet figures.
CRH Form 10-K 40

Reconciliation to its nearest GAAP measure is presented below:

in $ millions |  | 2024 | 2023 | 2022 |
Operating income | A | 4,925 | 4,186 | 3,809 |
Operating income from discontinued operations |  | – | – | 89 |
|  | 4,925 | 4,186 | 3,898 |
Adjusted for loss on impairments (i) |  | 161 | 357 | – |
Numerator for RONA computation |  | 5,086 | 4,543 | 3,898 |
Current year |  |  |  |  |
Segment assets (ii) |  | 45,534 | 38,868 | 38,504 |
Segment liabilities (ii) |  | (9,771) | (10,169) | (8,883) |
| B | 35,763 | 28,699 | 29,621 |
Finance lease liabilities |  | 257 | 117 | 81 |
|  | 36,020 | 28,816 | 29,702 |
Assets held for sale (iii) |  | – | 1,268 | – |
Liabilities associated with assets classified as held for sale (iii) |  | – | (375) | – |
|  | 36,020 | 29,709 | 29,702 |
Prior year |  |  |  |  |
Segment assets (ii) |  | 38,868 | 38,504 | 37,951 |
Segment liabilities (ii) |  | (10,169) | (8,883) | (9,246) |
| C | 28,699 | 29,621 | 28,705 |
Finance lease liabilities |  | 117 | 81 | 83 |
|  | 28,816 | 29,702 | 28,788 |
Assets held for sale (iii) |  | 1,268 | – | – |
Liabilities associated with assets classified as held for sale (iii) |  | (375) | – | – |
|  | 29,709 | 29,702 | 28,788 |
Denominator for RONA computation - average net assets |  | 32,865 | 29,706 | 29,245 |
Return on net segment assets (A divided by average of B and C) |  | 15.3% | 14.4% | 13.1% |
RONA |  | 15.5% | 15.3% | 13.3% |
Total assets as reported in the Consolidated Balance Sheets |  | 50,613 | 47,469 | 45,319 |
Total liabilities as reported in the Consolidated Balance Sheets |  | 27,763 | 25,848 | 22,279 |
(i) Operating income is adjusted for loss on impairments. For the year ended December 31, 2024, the total impairment loss comprised $161 million within International Solutions. For the year ended December 31, 2023, the total impairment loss comprised $62 million within Americas Materials Solutions and $295 million within International Solutions.
(ii) Segment assets and liabilities as disclosed in Note 20 “Segment information” in Item 8. “Financial Statements and Supplementary Data”.
(iii) Assets held for sale and liabilities associated with assets classified as held for sale as disclosed in Note 3 “Assets held for sale and discontinued operations” in Item 8. “Financial Statements and Supplementary Data”.

CRH Form 10-K 41

Net Debt: Net Debt is used by management as it gives additional insight into the Company’s current debt position less available cash. Net Debt is provided to enable investors to see the economic effect of gross debt, related hedges and cash and cash equivalents in total. Net Debt comprises short and long-term debt, finance lease liabilities, cash and cash equivalents and current and noncurrent derivative financial instruments (net).
Reconciliation to its nearest GAAP measure is presented below:

in $ millions | 2024 | 2023 | 2022 |
Short and long-term debt | (13,968) | (11,642) | (9,636) |
Cash and cash equivalents (i) | 3,720 | 6,390 | 5,936 |
Finance lease liabilities | (257) | (117) | (81) |
Derivative financial instruments (net) | (27) | (37) | (86) |
Net Debt | (10,532) | (5,406) | (3,867) |
(i) 2023 includes $49 million cash and cash equivalents reclassified as held for sale. |

Organic Revenue and Organic Adjusted EBITDA: CRH pursues a strategy of growth through acquisitions and investments, with total consideration spent on acquisitions and investments of $5.0 billion in 2024, compared with $0.7 billion in 2023. Acquisitions completed in 2024 and 2023 contributed incremental total revenues of $1.6 billion and Adjusted EBITDA of $0.3 billion in 2024. Cash proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) amounted to $1.4 billion in 2024, compared with $0.1 billion in 2023. The total revenues impact of divestitures in 2024 was a negative $0.7 billion and the impact at an Adjusted EBITDA level was a negative $0.2 billion.
The U.S. Dollar weakened against most major currencies during 2024 resulting in an overall positive currency exchange impact in 2024.
Because of the impact of acquisitions, divestitures, currency exchange translation and other non-recurring items on reported results each year, 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 year.
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 the Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section on pages 37 to 39, 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 (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 Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” commencing on page 31.
Basic EPS pre‑impairment: Basic 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. Basic 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. Basic EPS pre‑impairment is calculated as income from continuing operations adjusted for (i) net (income) attributable to redeemable noncontrolling interests (ii) net loss (income) 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 weighted average number of common shares outstanding for the year.
Reconciliation to its nearest GAAP measure is presented below:

in $ millions, except share and per share data | 2024 | Per Share - basic | 2023 | Per Share - basic | 2022 | Per Share - basic
Weighted average common shares outstanding – basic | 683.3 |  | 723.9 |  | 758.3 |
Income from continuing operations | 3,521 | $5.15 | 3,072 | $4.24 | 2,699 | $3.56
Net (income) attributable to redeemable noncontrolling interests | (28) | ($0.04) | (28) | ($0.04) | (27) | ($0.03)
Net (income) loss attributable to noncontrolling interests | (1) | – | 134 | $0.19 | – | –
Adjustment of redeemable noncontrolling interests to redemption value | (34) | ($0.05) | (24) | ($0.03) | 40 | $0.05
Income from continuing operations for EPS | 3,458 | $5.06 | 3,154 | $4.36 | 2,712 | $3.58
Impairment of property, plant and equipment and intangible assets | 161 | $0.24 | 224 | $0.30 | – |  | – |
Impairment of equity method investments (net of tax) | 151 | $0.22 | – | – |  | – |  | – |
Tax related to impairment charges | (26) | ($0.04) | (9) | ($0.01) | – |  | – |
Income from continuing operations for EPS – pre-impairment (i) | 3,744 | $5.48 | 3,369 | $4.65 | 2,712 | $3.58
(i) Reflective of CRH’s share of impairment of property, plant and equipment and intangible assets (2024: $161 million; 2023: $224 million), an impairment of equity method investments (2024: $190 million; 2023: $nil million) and related tax effect.

CRH Form 10-K 42

Liquidity and Capital Resources 15
The Company’s primary source of incremental liquidity is cash flows from operating activities, which combined with the year-end cash and cash equivalents balance, the U.S. Dollar and Euro Commercial Paper Programs, and committed credit lines, is expected to be sufficient to meet the Company’s working capital needs, capital expenditures, dividends, share repurchases, upcoming debt maturities, and other liquidity requirements associated with our operations for the foreseeable future. In addition, the Company believes that it will have 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 $14.0 billion at December 31, 2024, compared with $11.6 billion in 2023 and $9.6 billion in 2022. I n January 2024, €600 million 1.875% euro Senior Notes were repaid on maturity. In May 2024, wholly-owned subsidiaries of the Company issued $750 million 5.20% Senior Notes due 2029 and $750 million 5.40% Senior Notes due 2034. In July 2024, as part of the Adbri acquisition $0.5 billion of external debt was acquired. In December 2024, the Company entered into and drew down a $750 million two-year term loan at a fixed rate of 4.91%. For additional information on new fixed rate debt issuance, see Note 11 “Debt” in Item 8. “Financial Statements and Supplementary Data”. Net Debt* at December 31, 2024, was $10.5 billion, compared with $5.4 bill ion in 2023. The increase in Net Debt* between 2024 and 2023 reflects acquisitions, cash returns to shareholders through dividends and continued share buybacks, as well as the purchase of property, plant and equipment, partially offset by inflows from operating activities and proceeds from divestitures.
CRH continued its ongoing share buyback program in 2024 repurchasing 15.9 million ordinary shares for a total consideration of $1.3 billion, and in 2023 54.9 million ordinary shares were repurchased for total consideration of $3.0 billion. The Company also made cash dividend payments of $1.7 billion in 2024 and $0.9 billion in 2023.
At December 31, 2024, CRH had cash and cash equivalents and restricted cash of $3.8 billion compa red with $6.4 billion in 2023 and $5.9 billion in 2022. Total lease liabilities were $1.6 billion compared with $1.5 billion in 2023 and $1.3 billion in 2022.
At December 31, 2024, CRH had $3.8 billion of undrawn committed facilities, $3.6 billion of which is available until May 2029. At December 31, 2024, the weighted average maturity of the term debt (net of cash and cash equivalents) was 7.5 years.
Cash flows
Cash flows from operating activities

| For the years ended December 31
in $ millions | 2024 | 2023 | 2022
Net cash provided by operating activities | 4,989 |  | 5,017 | 3,800

2024 versus 2023
Net cash provided by operating activities was $5.0 billion in 2024, in line with $5.0 billion in 2023. Net cash provided by operating activities in 2024 was primarily from net income of $3.5 billion, adjusted for depreciation, depletion, and amortization of $1.8 billion and loss on impairments of $0.35 billion, partly offset by higher non-operating cash adjustments and working capital outflows.
2023 versus 2022
Net cash provided by operating activities was $5.0 billion in 2023 and $3.8 billion in 2022. Net cash provided by operating activities in 2023 was primarily from net income of $3.1 billion, adjusted for depreciation, depletion, and amortizatio n of $1.6 billion and loss on impairments of $0.4 billion. The primary drivers of the $1.2 billion increase in net cash provided by operating activities in 2023 compared with 2022 were lower non-cash adjustments and positive working capital movements.
Cash flows from investing activities

| For the years ended December 31
in $ millions | 2024 | 2023 | 2022
Net cash used in investing activities | (6,291) |  | (2,391) |  | (917) |

2024 versus 2023
Net cash used in investing activities increased to $6.3 billion in 2024 from $2.4 billion in 2023, an increase of $3.9 billion. Capital expenditure totaled
$2.6 billion, resulting in an increased outflow of $0.8 billion versus prior year. During 2024, net cash used on acquisitions and divestitures was $3.5 billion as acquisition spend exceeded proceeds from divestitures and disposal of long-lived assets, primarily related to the completed divestiture of the European Lime operations and the divestiture of certain operations in Canada.
2023 versus 2022
Net cash used in investing activities increased to $2.4 billion in 2023 from $0.9 billion in 2022, an increase of $1.5 billion. This increase was primarily driven by a reduction in proceeds from divestitures and increased capital expenditure. In 2022, net cash provided by acquisition and divestiture activity was $0.6 billion as divestiture proceeds more than offset acquisition spend. In 2023, net cash used on acquisitions and divestitures was $0.5 billion as acquisition spend exceeded proceeds from divestitures and disposal of long-lived assets. Net cash used in investing activities also increased as a result of purchases of property, plant and equipment increasing to $1.8 billion in 2023, an increase of $0.3 billion compared with 2022.
*Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42. 15
CRH Form 10-K 43

Cash flows from financing activities

| For the years ended December 31
in $ millions | 2024 | 2023 | 2022
Net cash used in financing activities | (1,186) |  | (2,380) |  | (2,499) |

2024 versus 2023
Net cash used in financing activities was $1.2 billion for the year ended December 31, 2024, a decrease of $1.2 billion. Proceeds from debt issuances were $4.0 billion, an increase of $0.8 billion, which was primarily related to the issuance and sale of $750 million 5.20% Senior Notes due 2029 and $750 million 5.40% Senior Notes due 2034, the drawdown of a $750 million fixed rate loan due 2026, as well as the issuance of $1.7 billion under the Company’s commercial paper programs. Payments of debt were $1.9 billion, primarily the repayment of the €600 million 1.875% euro Senior Notes on maturity in January 2024 as well as the repayment of $1.2 billion issued under the Company’s commercial paper programs. Dividends paid were $1.7 billion, an increase of 81% compared with 2023. In 2024, the Company moved to payment of quarterly dividends in addition to the payment of the second interim 2023 dividend while the same period in the prior year saw an outflow related to the final 2022 dividend and the first interim 2023 dividend. Outflows related to the repurchases of common stock were $1.5 billion, compared to $3.1 billion in 2023.
2023 versus 2022
The $0.1 billion decrease in cash used in financing activities between 2023 and 2022 was driven by a number of factors. Payments of debt increased to $1.5 billion from $0.4 billion in 2022. CRH repaid a €750 million euro-denominated Senior Notes on maturity in April 2023 and a €500 million euro-denominated Senior Notes on maturity in November 2023. Offsetting these increases in cash outflows was an increase in proceeds from debt issuances when CRH issued €2 billion of euro-denominated Senior Notes in July 2023 as well as net issuance of $1.0 billion under the Company’s U.S. Dollar Commercial Paper Program. Cash outflows related to repurchases of common stock increased to $3.1 billion compared with $1.2 billion in 2022. Dividends paid in 2023 amounted to $0.9 billion, an increase of 3% compared with 2022.
Debt facilities
The following section summarizes certain material provisions of our debt facilities and long-term debt obligations. The following description is only a summary, does not purport to be complete and is qualified in its entirety by reference to the documents governing such indebtedness (available in the Investors section - www.crh.com).
At December 31, 2024, maturities for the next four quarters and for the next five years are as follows:
2025 Debt Maturities

First Quarter | $1.6 billion
Second Quarter | $1.3 billion
Third Quarter | – |
Fourth Quarter | – |

2025-2029 Debt Maturities

2025 | $2.9 billion
2026 | $1.9 billion
2027 | $1.4 billion
2028 | $1.5 billion
2029 | $1.3 billion

Unsecured senior notes
The main sources of Company debt funding are debt capital markets in North America and Europe. See Note 11 “Debt” in Item 8. “Financial Statements and Supplementary Data” for further details regarding our debt obligations.
In May 2024, wholly-owned subsidiaries of the Company completed the issuance and sale of $750 million 5.20% Senior Notes due 2029 and $750 million 5.40% Senior Notes due 2034.
Bank credit facilities
The Company manages its borrowing ability by entering into committed borrowing agreements. The Company has a multi-currency revolving credit facility (the ‘RCF’), dated May 2023, which is made available from a syndicate of lenders, consisting of a €3.5 billion unsecured, revolving loan facility with maturity in May 2029. See Note 11 “Debt” in Item 8. “Financial Statements and Supplementary Data” for further details regarding the RCF. In December 2024, the Company entered into and drew down a $750 million two-year term loan at a fixed rate of 4.91%. At December 31, 2024, the loan was fully drawn.
Interest on drawings on the Company's RCF are based upon Euro Interbank Offer Rate (EURIBOR) for euro drawings, the Secured Overnight Financing Rate (SOFR) for U.S. Dollar drawings, Sterling Overnight Index Average (SONIA) for Pound Sterling drawings and the Swiss Average Rate Overnight (SARON) for Swiss Franc drawings, respectively. At December 31, 2024, and December 31, 2023, the RCF wa s undrawn.
Guarantees
The Company has given letters of guarantee to secure obligations of subsidiary undertakings as follows: $13.1 billion in respect of loans and borrowings, bank advances and derivative obligations, compared with $11.3 billion in 2023, and $0.4 billion in respect of letters of credit due within one year, compared with $0.4 billion in 2023.
CRH Form 10-K 44

Commercial paper programs
The Company has 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 December 31, 2024, there was $1.2 billion of outstanding issued notes on the U.S. Dollar Commercial Paper Program and $0.3 billion of outstanding issued notes on 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.
Debt ratings 6 16
Our debt ratings and outlooks at December 31, 2024, 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, deferred and contingent acquisition consideration and pension scheme contribution commitments at December 31, 2024, 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) | 14,040 |  | 3,018 |  | 3,372 |  | 2,799 |  | 4,851 |
Lease liabilities (ii) | 2,083 |  | 349 |  | 525 |  | 321 |  | 888 |
Estimated interest payments on contractually committed debt (iii) | 3,501 |  | 470 |  | 765 |  | 535 |  | 1,731 |
Deferred and contingent acquisition consideration | 58 |  | 44 |  | 10 |  | 3 |  | 1 |
Purchase obligations (iv) | 2,549 |  | 1,750 |  | 439 |  | 150 |  | 210 |
Retirement benefit obligation commitments (v) | 18 |  | 3 |  | 6 |  | 4 |  | 5 |
Total (vi) | 22,249 |  | 5,634 |  | 5,117 |  | 3,812 |  | 7,686 |

(i) Of the $14.0 billion short and long-term debt, $0.5 billion is drawn on revolving facilities which may be repaid and redrawn up to the date of maturity.
(ii) Lease liabilities are presented on an undiscounted basis as detailed in Note 12 “Leases” in Item 8. “Financial Statements and Supplementary Data”.
(iii) These interest payments have been estimated on the basis of the following assumptions: (a) no change in variable interest rates; (b) no change in exchange rates; (c) that all debt is repaid as if it falls due from future cash generation; and (d) that none is refinanced by future debt issuance.
(iv) Purchase obligations include contracted-for capital expenditure. These expenditures for replacement and new projects are in the ordinary course of business and will be financed from internal resources.
(v) These retirement benefit commitments comprise the contracted payments related to our pension schemes in the United Kingdom.
(vi) Over the long term, CRH believes that our available cash and cash equivalents, cash from operating activities, along with the access to borrowing facilities will be sufficient to fund our long-term contractual obligations, maturing debt obligations and capital expenditures.
6 A 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.16
CRH Form 10-K 45

Critical Accounting Estimates
Impairment of goodwill 17
Goodwill represents the excess of the cost of net assets acquired in business combinations over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. Goodwill impairment exists when the fair value of a reporting unit is less than its carrying amount. Goodwill is tested for impairment on an annual basis or more frequently whenever events or changes in circumstances would more likely than not reduce the fair value of a reporting unit below its carrying amount. The impairment evaluation is a critical accounting policy because goodwill is material to our total assets (as of December 31, 2024, goodwill represents 22% of total assets), and the evaluation involves the use of significant estimates, key assumptions and judgment. There has been no change to the impairment of goodwill critical accounting estimate in the current financial year.
Goodwill is tested for impairment at the reporting unit level, one level below our reportable segments, with 26 reporting units identified for testing. The Com pany has the option of either assessing qualitative factors to determine whether it is more likely than not that the carrying value of our reporting units exceeds their respective fair value or proceeding directly to a quantitative test. We elected to perform the quantitative impairment test for all years presented. If the fair value exceeds its carrying value, the goodwill of the reporting unit is not considered impaired. However, if the carrying value of a reporting unit exceeds its fair value, an impairment loss is recognized by writing down the assets to their fair value.
We determine the carrying value of each reporting unit by assigning assets and liabilities, including goodwill, to those reporting units as of the measurement date. We estimate the fair values using a discounted cash flow model which requires management to make significant estimates and judgments regarding the future cash flows expected to be generated by reporting units to which goodwill has been allocated. The cash flow forecasts are primarily based on a five-year strategic plan document formally approved by the Board of Directors. In assessing the fair value, cash flow forecasts are extrapolated using long-term growth rates to determine the basis for an annuity-based terminal value. These net cash flow forecasts reflect volume, price and cost (including the cost of carbon where applicable) assumptions in addition to other cash flow movements. Adjusted EBITDA margin* is deemed an appropriate measure for assessing the estimation uncertainty associated with price and cost assumptions. Future cash flows, including the terminal value, are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the future cash flow estimates have not been adjusted. The estimates of future cash flows exclude cash inflows or outflows attributable to financing activities and income tax. Management periodically evaluates and updates the estimates based on the conditions which influence these variables.
As in prior years, the terminal value is based on a 20-year annuity, with the exception of certain long-lived cement assets, where an assumption of a 30-year annuity has been used. Projected cash flows beyond the initial evaluation period have been extrapolated using real growth rates ranging from 1.7% in the Americas, 0.6% to 3.0% in Europe and 3.0% in Asia. Such real growth rates do not exceed the long-term average growth rates for the countries in which each reporting unit operates. The fair value represents the present value of the future cash flows, including the terminal value, discounted at a rate appropriate to each reporting unit.
We also considered the potential impact of a scenario of estimated higher carbon costs past the strategic plan period across our reporting units subject to the European Union and United Kingdom Emissions Trading Systems. These reporting units have sufficient levels of headroom to absorb the estimated higher carbon costs which may not be recovered through pricing.
The assumptions and conditions for determining impairments of goodwill reflect management’s best assumptions and estimates, but these items involve inherent uncertainties described above, many of which are not under management’s control. As a result, the accounting for such items as a change to a reporting unit’s prospects, which may result from a change in market conditions, market trends, interest rates or other factors outside our control, or underperformance relative to historical or forecast projections, could result in a different estimate of the fair value of our reporting unit resulting in an impairment charge in the future.
The results of our annual impairment testing for 2024 indicated that all of our reporting units exceeded their carrying value except for the Architectural Products reporting unit within International Solutions. Its fair value did not exceed carrying value, driven by challenging market conditions which had an impact on growth prospects and as such an impairment loss of $72 million has been recorded, resulting in a goodwill balance of $nil million. A qualitative and quantitative assessment has been performed which resulted in a sensitivity analysis being prepared for two reporting units where their fair values did not substantially exceed their carrying values. This sensitivity analysis represents management’s assessment of the economic environment in which these reporting units operate. The key assumptions, methodology used and values applied to each of the key assumptions for these reporting units are in line with those outlined above (a 30-year annuity period has been used). The two reporting units have an aggregate goodwill of $254 million at the date of testing. The table below identifies the amounts by which each of the following assumptions may either decline or increase to arrive at a zero excess headroom of the present value of future cash flows over the carrying value of net assets in the two reporting units selected for sensitivity analysis disclosures:

| Two reporting units
Reduction in Adjusted EBITDA margin* | 1.2% and 2.1%
Reduction in long-term growth rate | 1.2% and 1.6%
Increase in pre-tax discount rate | 1.0% and 1.3%

Pension and other postretirement benefits
Costs arising in respect of the Company’s defined contribution pension schemes are charged to the Consolidated Statements of Income in the period in which they are incurred. The Company has no legal or constructive obligation to pay further contributions in the event that the fund does not hold sufficient assets to meet its benefit commitments.
The liabilities and costs associated with the Company’s defined benefit pension schemes (both funded and unfunded) are assessed on the basis of the projected unit credit method by professionally qualified actuaries and are arrived at using actuarial assumptions based on market expectations at the balance sheet date.
* Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42. 17
CRH Form 10-K 46

| (Favorable) Unfavorable
| 0.25 Percentage Point Increase | 0.25 Percentage Point Decrease
in $ millions | Inc (Dec) in Benefit Obligation | Inc (Dec) in Annual benefit Cost | Inc (Dec) in Benefit Obligation | Inc (Dec) in Annual Benefit Cost
Actuarial Assumptions |  |  |  |
Discount Rates |  |  |  |
Pension | (90.3) | (1.7) | 95.7 | 4.1
Other postretirement benefits | (2.8) | (0.2) | 2.9 | 0.3
Expected return on plan assets | – |  | (7.1) |  | – |  | 7.1 |

The assumptions underlying the actuarial valuation of the projected benefit obligation (including discount rates, rates of increase in future compensation levels, mortality rates and healthcare cost trends) from which the amounts recognized in the Consolidated Financial Statements are determined, are updated annually based on current economic conditions and for any relevant changes to the terms and conditions of the pension and postretirement plans. These assumptions can be affected by (i) for the discount rates, changes in the rates of return on high-quality corporate bonds; (ii) for future compensation levels, future labor market conditions; and (iii) for healthcare cost trend rates, the rate of medical cost inflation in the relevant regions.
The assumption underlying the performance of plan assets (expected return on plan assets) is a long-term assumption which is reviewed annually and is used to estimate future asset returns. Once set, the expected return on plan assets assumption is used to determine the Company’s net periodic pension (income)/cost.
The assumptions that are the most significant to the measurement of retirement benefit obligations are the discount rates. The discount rates employed in determining the present value of the schemes’ liabilities are determined by reference to market yields at the balance sheet date on high-quality corporate bonds of a currency and term consistent with the currency and term of the associated postretirement benefit obligations.
While management believes that the assumptions used are appropriate, differences in actual experience or changes in assumptions may affect the obligations and expenses recognized in future accounting periods. The assets and liabilities of defined benefit pension schemes may exhibit significant period-on-period volatility attributable primarily to changes in bond yields and longevity. In addition to future service contributions, significant cash contributions may be required to remediate past service deficits.
For additional information about pension and other postretirement benefits, see Note 21 “Pension and other postretirement benefits” in Item 8. “Financial Statements and Supplementary Data”.
Business Combinations – Allocation of Purchase Price
The purchase price of assets acquired and liabilities assumed is determined based on the fair value of consideration transferred to and liabilities assumed from the seller as of the date of acquisition. The Company allocates the purchase price to the fair values of the tangible and intangible assets acquired, and liabilities assumed as valued at the acquisition date. Any excess of the purchase price over the fair value of the assets acquired and liabilities assumed is recorded as goodwill.
The purchase price allocation is a critical accounting estimate because the estimation of fair values of acquired assets and assumed liabilities is judgmental and requires management to utilize various assumptions. Further, the amounts and useful lives assigned to depreciable and amortizable assets versus amounts assigned to goodwill can affect the results of operations in the period of and for periods after a business combination.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction, and therefore represents an exit price. A fair value measurement assumes the highest and best use of the asset by market participants. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as described below:
•Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2: Inputs that are derived from, or corroborated by, quoted prices or observable market data.
•Level 3: Inputs that are unobservable and are significant to the fair value of the assets or liabilities.
Level 1 fair values are used to value equity investments and long-term debt.
Level 2 fair values are typically used to value acquired receivables, inventory and equity method investments. Additionally, Level 2 fair values are typically used to value contracts acquired at other than market rates.
Level 3 fair values are used to value acquired property, plant and equipment, mineral-bearing land and other identifiable intangible assets.
An in-use valuation premise is applied for property, plant and equipment, such that the fair value of property, plant and equipment reflects the benefit of permits in place, architect and engineering fees, freight, tax, installation and other direct and indirect costs incurred. This premise assumes that each of the assets will continue to be used as is and as part of the ongoing business in connection with other assets.
To determine the value of plant and equipment, a replacement cost methodology is typically applied, which relies upon identifying a direct replacement cost associated with replacing assets with new assets, and incorporates estimates of obsolescence, and depreciation based on economic useful lives. These estimations are based on management’s historical experience, the use of third-party experts and available market and industry data. For the valuation of land, we engage third-party valuation experts. While we believe these assumptions and estimates are reasonable, they are inherently uncertain.
We may adjust the amounts recognized in an acquisition during a measurement period after the acquisition date. Any such adjustments are the result of subsequently obtaining additional information that existed at the acquisition date regarding the assets acquired or the liabilities assumed. Measurement period adjustments are generally recorded as increases or decreases to goodwill, if any, recognized in the transaction. The cumulative impact of measurement period adjustments on depreciation, amortization and other income statement items are recognized in the period the adjustment is determined. The measurement period ends once we have obtained all necessary information that existed as of the acquisition date but does not extend beyond one year from the acquisition date. Any adjustments to assets acquired or liabilities assumed beyond the measurement period, unless as a result of an error, are recorded through earnings.
For additional information about business combinations and purchase price allocations, including details of provisional purchase price allocations at the balance sheet date, see Note 4 “Acquisitions” in Item 8. “Financial Statements and Supplementary Data”.
CRH Form 10-K 47

Accounting Developments And Changes
Refer to Note 1 “Summary of significant accounting policies” in Item 8. “Financial Statements and Supplementary Data” for a discussion of new accounting developments.
Supplemental Guarantor Information
Guarantor financial information
As of December 31, 2024, CRH plc (the 'Guarantor') has fully and unconditionally guaranteed $300 million 6.400% Senior Notes due 2033 (i) (the '6.400% Notes') issued by CRH America, Inc. (CRH America), $750 million 5.200% Senior Notes due 2029 (the '5.200% Notes') issued by CRH SMW Finance Designated Activity Company (SMW Finance) and $750 million 5.400% Senior Notes due 2034 (the '5.400% Notes') issued by CRH America Finance, Inc. (America Finance), and together with the 6.400% Notes and the 5.200% Notes, (the 'Notes') and together with CRH America and SMW Finance (the 'Issuers').
The Issuers are each 100% owned by CRH plc, directly or indirectly. SMW Finance is an indirect wholly-owned finance subsidiary of CRH plc incorporated under the laws of Ireland and is a financing vehicle for CRH’s group companies. America Finance is an indirect wholly-owned finance subsidiary of CRH plc incorporated under the laws of the State of Delaware and is a financing vehicle for CRH’s U.S. operating companies.
Each series of Notes is unsecured and ranks equally with all other present and future unsecured and unsubordinated obligations of the relevant Issuer and CRH plc, subject to exceptions for obligations required by law. Each series of Notes is fully and unconditionally guaranteed by CRH plc as defined in the respective indenture governing each series of Notes. Each guarantee is a full, irrevocable, and unconditional guarantee of the principal, interest, premium, if any, and any other amounts due in respect of the relevant series of Notes given by CRH plc.
(i) Originally issued in September 2003 as $300 million 6.400% Senior Notes due 2033. CRH subsequently acquired $87 million of the 6.400% Notes in liability management exercises in August 2009 and December 2010.
Basis of presentation
The following summarized financial information reflects, on a combined basis, the Balance Sheet as of December 31, 2024, and the Income Statement for the year ended December 31, 2024, of CRH America and CRH plc, which guarantees the registered debt; collectively the ‘Obligor Group’. Intercompany balances and transactions within the Obligor Group have been eliminated in the summarized financial information overleaf. Amounts attributable to the Obligor Group’s investment in non-obligor subsidiaries have also been excluded. Intercompany receivables/payables and transactions with non-obligor subsidiaries are separately disclosed as applicable. This summarized financial information has been prepared and presented pursuant to Regulation S-X Rule 13-01 and is not intended to present the financial position and results of operations of the Obligor Group in accordance with U.S. GAAP.
CRH Form 10-K 48

The summarized Income Statement information is as follows:

in $ millions | For the year ended December 31, 2024
Income from continuing operations before income tax expense and income from equity method investments (i) | 1,051
- of which relates to transactions with non-obligor subsidiaries | 1,183
Net income for the financial year – all of which is attributable to equity holders of the Company | 1,050
- of which relates to transactions with non-obligor subsidiaries | 1,183
(i) Revenue and Gross Profit for the Obligor Group for the year ended December 31, 2024, amounted to $nil.
The summarized Balance Sheet information is as follows:
| As of December 31, 2024
Current assets | 610
Current assets – of which is due from non-obligor subsidiaries | 307
Noncurrent assets | 3,446
Noncurrent assets – of which is due from non-obligor subsidiaries | 3,446
Current liabilities | 4,145
Current liabilities – of which is due to non-obligor subsidiaries | 2,890
Noncurrent liabilities | 758

CRH Form 10-K 49

Item 7A. Quantitative and Qualitative Disclosures About Market Risk
CRH is exposed to market risks relating to fluctuations in foreign exchange rates, 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 minimizing 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 at December 31, 2024.
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 and these may be designated and qualify as fair value 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.
At December 31, 2024, the Company had fixed rate debt of $10.8 billion and floating rate debt of $3.5 billion, representing 76% and 24%, respectively, of total debt, including overdrafts, finance leases and the impact of derivatives. At December 31, 2023, the Company had fixed rate debt of $9.1 billion and floating rate debt of $2.7 billion, representing 77% and 23%, respectively, of total debt, including overdrafts, finance leases and the impact of derivatives. The Company’s interest rate swaps at December 31, 2024, whereby the Company swaps from fixed interest rates to floating interest rates, were $1.4 billion, compared to $1.4 billion as of December 31, 2023. The Company’s interest rate swaps at December 31, 2024, whereby the Company swaps from floating interest rates to fixed interest rates, were $0.2 billion, compared to $nil billion as at December 2023. Cash and cash equivalents and restricted cash at December 31, 2024, were $3.8 billion, compared to $6.4 billion at December 31, 2023, which was all held on short-term deposits and investments.
Sensitivity to interest rate moves
At December 31, 2024, the before-tax earnings and cash flows impact of a 100 bps increase in interest rates, including the offsetting impact of derivatives, on the variable rate cash and debt portfolio would be approximately $2 million favorable ($37 million favorable in 2023).
Foreign Exchange Rates Risk 18
CRH’s exchange rate exposures result primarily from its investments and ongoing operations in countries outside of the United States and other business transactions such as the procurement of products and equipment from foreign sources. Fluctuations in foreign currency exchange rates may affect (i) the carrying value of the Company’s net investment in foreign subsidiaries; (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* in the same relative currency 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 $4.6 billion at December 31, 2024, compared to $1.6 billion at December 31, 2023.
Holding all other variables constant, if there were a 10% weakening in foreign currency exchange rates versus U.S. Dollar for the portfolio, the fair market value of foreign currency contracts outstanding at December 31, 2024, would decrease by approximately $86 million (at December 31, 2023, would increase by approximately $2 million), which would be largely offset by a loss on the foreign currency fluctuation of the underlying exposure being hedged.
Commodity Price Risk
Some of the Company’s products use significant amounts of commodity-priced materials, predominantly fuel and principal energy-related raw materials such as 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. When 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 in the Consolidated Statements of Income arising from changes in associated commodity indices. The timeframe for such programs can be up to four years.
* Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.18
CRH Form 10-K 50

Item 8. Financial Statements and Supplementary Data
Independent Auditor’s Report
Report of Independent Registered Public Accounting Firm
To the shareholders and the Board of Directors of CRH public limited company (CRH plc)
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of CRH plc and subsidiaries (the Company) as of December 31, 2024, and 2023, the related consolidated statements of income, comprehensive income, changes in equity and cash flows, for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 26, 2025, expressed an unqualified opinion on the Company’s internal control over financial reporting.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the Audit Committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Acquisitions - Valuation of Property, plant and equipment related to the Hunter and Adbri acquisitions - Refer to Notes 1 and 4 to the financial statements
Critical Audit Matter Description
On February 9, 2024, the Company wholly acquired a portfolio of cement and readymixed concrete operations and assets in Texas, United States for a total cash consideration, net of cash acquired, of $2,106 million (the ‘Hunter’ acquisition), and on July 1, 2024, it acquired 57% of the issued share capital of Adbri, a materials business in Australia, for a total cash consideration, net of cash acquired, of $787 million (the ‘Adbri’ acquisition). The Company accounted for these acquisitions as business combinations. Accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. These acquisitions included Property, plant and equipment of $1,069 million and $1,364 million respectively.
We identified the valuation of Property, plant and equipment as a critical audit matter because of the estimates made by management to determine the fair value of these assets for purposes of recording the acquisitions. This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our valuation specialists when performing audit procedures to determine the fair value of acquired Property, plant and equipment under the replacement cost approach. This included estimating the useful lives based on management’s historical experience and expectations as to the period of time over which the assets will be used and estimating the cost to replace or reproduce comparable assets adjusted for the remaining useful lives.
How the Critical Audit Matter was Addressed in the Audit
Our audit procedures related to the fair value of Property, plant and equipment acquired as part of the acquisitions included the following, among others:
•We tested the effectiveness of controls over the purchase price allocation, including management's controls over the assumptions used in the replacement cost approach for Property, plant and equipment and the review of the work of management's third-party specialists.
•We evaluated the underlying terms of the purchase agreements, in order to corroborate our understanding of the substance of the acquisition obtained through inquiry with the Company's management, as well as to assess the completeness of the assets acquired.
•We evaluated the competency, capabilities and objectivity of the third-party specialists engaged by management to perform the valuations.
•We read the third-party valuation reports and, with the assistance of our valuation specialists, we evaluated the appropriateness of the Company's methodology used to estimate the cost to replace or reproduce comparable assets adjusted for the remaining useful lives.
CRH Form 10-K 51

Service revenues - Revenue recognition for certain long-term contracts - Refer to Notes 1 and 2 to the financial statements
Critical Audit Matter Description
The Company recognizes long-term contract revenue over the contract term as the work progresses because transfer of control and the fulfillment of performance obligations to the customer is continuous. Revenue derived from long-term contracts, measured on a percentage of completion basis and in-progress at the balance sheet date involves judgment, particularly as it relates to the process of estimating total forecasted costs of the contracts.
We identified revenue recognition for certain long-term contracts, measured on a percentage of completion basis and in-progress at the balance sheet date as a critical audit matter because of the judgments made by management in estimating total forecasted costs of the contracts. This required extensive audit effort due to the complexity of certain long-term contracts and required a high degree of auditor judgment when performing audit procedures to audit management’s estimates and evaluating the results of those procedures.
How the Critical Audit Matter was Addressed in the Audit
Our audit procedures related to management’s recognition of revenue for certain long-term contracts, measured on a percentage of completion basis and in-progress at the balance sheet date included the following, among others:
•We tested the effectiveness of controls over long-term contract revenue, including management’s controls over the estimates of total forecasted costs.
•We selected a sample of long-term contracts and:
–assessed whether the contracts were properly included in management's calculation of long-term contract revenue based on the terms and conditions of each contract, including whether continuous transfer of control to the customer occurred as progress was made toward fulfilling the performance obligation;
–tested the accuracy and completeness of the costs incurred to date for the performance obligation to supporting documentation;
–evaluated management's ability to estimate total forecasted costs accurately by:
◦comparing costs incurred to date to the costs management estimated, at either the inception of the contract or the start of the reporting period;
◦evaluating management’s ability to accurately estimate the total cost by performing corroborating inquiries with the Company’s project managers, and comparing the estimates to management’s work plans, engineering specifications, and supplier contracts; and
◦comparing management’s estimates for the selected contracts to costs of similar performance obligations, when applicable.
–tested the mathematical accuracy of management’s calculation of revenue, measured on a percentage of completion basis, for the performance obligation.
/s/ Deloitte Ireland LLP
Dublin, Ireland
February 26, 2025
We have served as the Company’s auditor since 2020.
CRH Form 10-K 52

Consolidated Statements of Income
(in $ millions, except share and per share data)

For the years ended December 31 | 2024 | 2023 | 2022
Product revenues | 26,699 | 26,156 | 24,519
Service revenues | 8,873 | 8,793 | 8,204
Total revenues | 35,572 | 34,949 | 32,723
Cost of product revenues | (14,651) | (14,741) | (14,123)
Cost of service revenues | (8,220) | (8,245) | (7,785)
Total cost of revenues | (22,871) | (22,986) | (21,908)
Gross profit | 12,701 | 11,963 | 10,815
Selling, general and administrative expenses | (7,852) | (7,486) | (7,056)
Gain on disposal of long-lived assets | 237 | 66 | 50
Loss on impairments | (161) | (357) | –
Operating income | 4,925 | 4,186 | 3,809
Interest income | 143 | 206 | 65
Interest expense | (612) | (376) | (344)
Other nonoperating income (expense), net | 258 | (2) | (69)
Income from continuing operations before income tax expense and income from equity method investments | 4,714 | 4,014 | 3,461
Income tax expense | (1,085) | (925) | (762)
Loss from equity method investments | (108) | (17) | –
Income from continuing operations | 3,521 | 3,072 | 2,699
Income from discontinued operations, net of income tax expense | – | – | 1,190
Net income | 3,521 | 3,072 | 3,889
Net (income) attributable to redeemable noncontrolling interests | (28) | (28) | (27)
Net (income) loss attributable to noncontrolling interests | (1) | 134 | –
Net income attributable to CRH | 3,492 | 3,178 | 3,862
Basic earnings per share attributable to CRH |  |  |
Continuing operations | $5.06 |  | $4.36 |  | $3.58 |
Discontinued operations | – | – | $1.57 |
Net income | $5.06 |  | $4.36 |  | $5.15 |
Diluted earnings per share attributable to CRH |  |  |
Continuing operations | $5.02 |  | $4.33 |  | $3.55 |
Discontinued operations | – | – | $1.56 |
Net income | $5.02 |  | $4.33 |  | $5.11 |
Weighted average common shares outstanding |  |  |
Basic | 683.3 |  | 723.9 |  | 758.3 |
Diluted | 689.5 |  | 729.2 |  | 764.1 |

The accompanying notes form an integral part of the Consolidated Financial Statements.
CRH Form 10-K 53

Consolidated Statements of Comprehensive Income
(in $ millions)

For the years ended December 31 | 2024 | 2023 | 2022
Net income | 3,521 | 3,072 | 3,889
Other comprehensive (loss) income, net of tax: |  |  |
Currency translation adjustment | (470) | 310 | (665)
Net change in fair value of effective portion of cash flow hedges, net of tax of $3 million, $1 million, and $6 million in 2024, 2023, and 2022, respectively | (16) | (28) | (37)
Actuarial gains (losses) and prior service credits (costs) for pension and other postretirement plans, net of tax of $(4) million, $17 million, and $(66) million in 2024, 2023, and 2022, respectively | 44 | (108) | 294
Other comprehensive (loss) income | (442) | 174 | (408)
Comprehensive income | 3,079 | 3,246 | 3,481
Comprehensive (income) attributable to redeemable noncontrolling interests | (28) | (28) | (27)
Comprehensive loss attributable to noncontrolling interests | 52 | 131 | 46
Comprehensive income attributable to CRH | 3,103 | 3,349 | 3,500

The accompanying notes form an integral part of the Consolidated Financial Statements.
CRH Form 10-K 54

Consolidated Balance Sheets
(in $ millions, except share data)

At December 31 | 2024 | 2023
Assets |
Current assets: |  |
Cash and cash equivalents | 3,720 | 6,341
Restricted cash | 39 | –
Accounts receivable, net | 4,820 | 4,507
Inventories | 4,755 | 4,291
Assets held for sale | – | 1,268
Other current assets | 749 | 478
Total current assets | 14,083 | 16,885
Property, plant and equipment, net | 21,452 | 17,841
Equity method investments | 737 | 620
Goodwill | 11,061 | 9,158
Intangible assets, net | 1,211 | 1,041
Operating lease right-of-use assets, net | 1,274 | 1,292
Other noncurrent assets | 795 | 632
Total assets | 50,613 | 47,469
Liabilities, redeemable noncontrolling interests and shareholders’ equity
Current liabilities: |  |
Accounts payable | 3,207 | 3,149
Accrued expenses | 2,248 | 2,296
Current portion of long-term debt | 2,999 | 1,866
Operating lease liabilities | 265 | 255
Liabilities held for sale | – | 375
Other current liabilities | 1,577 | 2,072
Total current liabilities | 10,296 | 10,013
Long-term debt | 10,969 | 9,776
Deferred income tax liabilities | 3,105 | 2,738
Noncurrent operating lease liabilities | 1,074 | 1,125
Other noncurrent liabilities | 2,319 | 2,196
Total liabilities | 27,763 | 25,848
Commitments and contingencies (Note 24) |  |
Redeemable noncontrolling interests | 384 | 333
Shareholders’ equity |  |
Preferred stock, €1.27 par value, 150,000 shares authorized and 50,000 shares issued and outstanding for 5% preferred stock and 872,000 shares authorized, issued and outstanding for 7% 'A' preferred stock, as of December 31, 2024, and December 31, 2023 | 1 | 1
Common stock, €0.32 par value, 1,250,000,000 shares authorized; 718,647,277 and 734,519,598 shares issued and outstanding, as of December 31, 2024, and December 31, 2023, respectively | 290 | 296
Treasury stock, at cost (41,355,384 and 42,419,281 shares as of December 31, 2024, and December 31, 2023, respectively) | (2,137) | (2,199)
Additional paid-in capital | 422 | 454
Accumulated other comprehensive loss | (1,005) | (616)
Retained earnings | 24,036 | 22,918
Total shareholders’ equity attributable to CRH shareholders | 21,607 | 20,854
Noncontrolling interests | 859 | 434
Total equity | 22,466 | 21,288
Total liabilities, redeemable noncontrolling interests and equity | 50,613 | 47,469

The accompanying notes form an integral part of the Consolidated Financial Statements.
CRH Form 10-K 55

Consolidated Statements of Cash Flows
(in $ millions)

For the years ended December 31 | 2024 | 2023 | 2022
Cash Flows from Operating Activities: |  |  |
Net income | 3,521 | 3,072 | 3,889
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation, depletion and amortization | 1,798 | 1,633 | 1,577
Loss on impairments | 161 | 357 | –
Share-based compensation | 125 | 123 | 101
Gains on disposals from discontinued operations, businesses and long-lived assets, net | (431) | (66) | (1,422)
Deferred tax expense (benefit) | 180 | (64) | (63)
Loss from equity method investments | 108 | 17 | –
Pension and other postretirement benefits net periodic benefit cost | 34 | 31 | 30
Non-cash operating lease costs | 262 | 293 | 273
Other items, net | 14 | 68 | 45
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: |  |  |
Accounts receivable, net | (122) | (164) | (226)
Inventories | (224) | (60) | (655)
Accounts payable | 48 | 144 | 403
Operating lease liabilities | (287) | (276) | (269)
Other assets | (69) | 25 | (45)
Other liabilities | (86) | (72) | 205
Pension and other postretirement benefits contributions | (43) | (44) | (43)
Net cash provided by operating activities | 4,989 | 5,017 | 3,800
Cash Flows from Investing Activities: |  |  |
Purchases of property, plant and equipment, and intangibles | (2,578) | (1,817) | (1,523)
Acquisitions, net of cash acquired | (4,900) | (640) | (3,253)
Proceeds from divestitures | 1,001 | – | 3,712
Proceeds from disposal of long-lived assets | 272 | 104 | 115
Dividends received from equity method investments | 44 | 44 | 36
Settlements of derivatives | (9) | (1) | (11)
Deferred divestiture consideration received | 83 | 6 | 52
Other investing activities, net | (204) | (87) | (45)
Net cash used in investing activities | (6,291) | (2,391) | (917)

CRH Form 10-K 56

Consolidated Statements of Cash Flows
(in $ millions)

For the years ended December 31 | 2024 | 2023 | 2022
Cash Flows from Financing Activities: |  |  |
Proceeds from debt issuances | 4,001 | 3,163 | 38
Payments on debt | (1,859) | (1,462) | (364)
Settlements of derivatives | (36) | 7 | (11)
Payments of finance lease obligations | (57) | (26) | (28)
Deferred and contingent acquisition consideration paid | (21) | (22) | (24)
Dividends paid | (1,706) | (940) | (917)
Distributions to noncontrolling and redeemable noncontrolling interests | (53) | (35) | (23)
Transactions involving noncontrolling interests | 19 | (2) | (3)
Repurchases of common stock | (1,482) | (3,067) | (1,178)
Proceeds from exercise of stock options | 8 | 4 | 11
Net cash used in financing activities | (1,186) | (2,380) | (2,499)
Effect of exchange rate changes on cash and cash equivalents, including restricted cash | (143) | 208 | (231)
(Decrease)/increase in cash and cash equivalents, including restricted cash | (2,631) | 454 | 153
Cash and cash equivalents and restricted cash at the beginning of year | 6,390 | 5,936 | 5,783
Cash and cash equivalents and restricted cash at the end of year | 3,759 | 6,390 | 5,936
Supplemental cash flow information: |  |  |
Cash paid for interest (including finance leases) | 599 | 418 | 329
Cash paid for income taxes | 960 | 959 | 1,043
Reconciliation of cash and cash equivalents and restricted cash |  |  |
Cash and cash equivalents presented in the Consolidated Balance Sheets | 3,720 | 6,341 | 5,936
Restricted cash presented in the Consolidated Balance Sheets | 39 | – | –
Cash and cash equivalents included in Assets held for sale | – | 49 | –
Total cash and cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows | 3,759 | 6,390 | 5,936

The accompanying notes form an integral part of the Consolidated Financial Statements.
CRH Form 10-K 57

Consolidated Statements of Changes in Equity
(in $ millions, except share and per share data)
For the year ended December 31, 2022

| Preferred stock | Common stock | Treasury stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Shareholders' Equity Attributable to CRH Shareholders | Noncontrolling Interests | Total Equity
| Shares | Amount | Shares | Amount | Shares | Amount
Balance at December 31, 2021 | 0.9 |  | $1 |  | 774.1 |  | $309 |  | (3.7) |  | ($195) |  | $458 |  | ($425) |  | $20,466 |  | $20,614 |  | $632 |  | $21,246 |
Net income | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | 3,862 |  | 3,862 |  | – |  | 3,862 |
Other comprehensive loss | – |  | – |  | – |  | – |  | – |  | – |  | – |  | (362) |  | – |  | (362) |  | (46) |  | (408) |
Share-based compensation | – |  | – |  | – |  | – |  | – |  | – |  | 101 |  | – |  | – |  | 101 |  | – |  | 101 |
Repurchases of common stock | – |  | – |  | – |  | – |  | (30.0) |  | (1,178) |  | – |  | – |  | – |  | (1,178) |  | – |  | (1,178) |
Retirement of treasury stock | – |  | – |  | (22.0) |  | (7) |  | 22.0 |  | 879 |  | – |  | – |  | (872) |  | – |  | – |  | – |
Shares issued under employee share plans | – |  | – |  | – |  | – |  | 4.0 |  | 197 |  | (116) |  | – |  | (70) |  | 11 |  | – |  | 11 |
Dividends declared on common stock | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | (931) |  | (931) |  | – |  | (931) |
Distributions to noncontrolling interests | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | (8) |  | (8) |
Transactions involving noncontrolling interests | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | (3) |  | (3) |
Adjustment of redeemable noncontrolling interests to redemption value | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | 40 |  | 40 |  | – |  | 40 |
Balance at December 31, 2022 | 0.9 |  | $1 |  | 752.1 |  | $302 |  | (7.7) |  | ($297) |  | $443 |  | ($787) |  | $22,495 |  | $22,157 |  | $575 |  | $22,732 |

For the year ended December 31, 2022, dividends declared on common stock were $1.27 per common share.
The accompanying notes form an integral part of the Consolidated Financial Statements.
CRH Form 10-K 58

Consolidated Statements of Changes in Equity
(in $ millions, except share and per share data)
For the year ended December 31, 2023

| Preferred stock | Common stock | Treasury stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Shareholders' Equity Attributable to CRH Shareholders | Noncontrolling Interests | Total Equity
| Shares | Amount | Shares | Amount | Shares | Amount
Balance at December 31, 2022 | 0.9 |  | $1 |  | 752.1 |  | $302 |  | (7.7) |  | ($297) |  | $443 |  | ($787) |  | $22,495 |  | $22,157 |  | $575 |  | $22,732 |
Net income | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | 3,178 |  | 3,178 |  | (134) |  | 3,044 |
Other comprehensive income | – |  | – |  | – |  | – |  | – |  | – |  | – |  | 171 |  | – |  | 171 |  | 3 |  | 174 |
Share-based compensation | – |  | – |  | – |  | – |  | – |  | – |  | 123 |  | – |  | – |  | 123 |  | – |  | 123 |
Repurchases of common stock | – |  | – |  | – |  | – |  | (38.2) |  | (2,019) |  | – |  | – |  | – |  | (2,019) |  | – |  | (2,019) |
Repurchases and retirement of common stock | – |  | – |  | (17.6) |  | (6) |  | – |  | – |  | – |  | – |  | (1,042) |  | (1,048) |  | – |  | (1,048) |
Shares issued under employee share plans | – |  | – |  | – |  | – |  | 3.5 |  | 117 |  | (112) |  | – |  | (1) |  | 4 |  | – |  | 4 |
Dividends declared on common stock | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | (1,688) |  | (1,688) |  | – |  | (1,688) |
Distributions to noncontrolling interests | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | (8) |  | (8) |
Transactions involving noncontrolling interests | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | (2) |  | (2) |
Adjustment of redeemable noncontrolling interests to redemption value | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | (24) |  | (24) |  | – |  | (24) |
Balance at December 31, 2023 | 0.9 |  | $1 |  | 734.5 |  | $296 |  | (42.4) |  | ($2,199) |  | $454 |  | ($616) |  | $22,918 |  | $20,854 |  | $434 |  | $21,288 |

For the year ended December 31, 2023, dividends declared on common stock were $1.33 per common share.
The accompanying notes form an integral part of the Consolidated Financial Statements.
CRH Form 10-K 59

Consolidated Statements of Changes in Equity
(in $ millions, except share and per share data)
For the year ended December 31, 2024

| Preferred stock | Common stock | Treasury stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Shareholders' Equity Attributable to CRH Shareholders | Noncontrolling Interests | Total Equity
| Shares | Amount | Shares | Amount | Shares | Amount
Balance at December 31, 2023 | 0.9 |  | $1 |  | 734.5 |  | $296 |  | (42.4) |  | ($2,199) |  | $454 |  | ($616) |  | $22,918 |  | $20,854 |  | $434 |  | $21,288 |
Net income | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | 3,492 |  | 3,492 |  | 1 |  | 3,493 |
Other comprehensive loss | – |  | – |  | – |  | – |  | – |  | – |  | – |  | (389) |  | – |  | (389) |  | (53) |  | (442) |
Share-based compensation | – |  | – |  | – |  | – |  | – |  | – |  | 125 |  | – |  | – |  | 125 |  | – |  | 125 |
Repurchases of common stock | – |  | – |  | – |  | – |  | (2.6) |  | (180) |  | – |  | – |  | – |  | (180) |  | – |  | (180) |
Repurchases and retirement of common stock | – |  | – |  | (15.9) |  | (6) |  | – |  | – |  | – |  | – |  | (1,296) |  | (1,302) |  | – |  | (1,302) |
Shares issued under employee share plans | – |  | – |  | – |  | – |  | 3.6 |  | 242 |  | (157) |  | – |  | (88) |  | (3) |  | – |  | (3) |
Dividends declared on common stock | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | (956) |  | (956) |  | – |  | (956) |
Distributions to noncontrolling interests | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | (30) |  | (30) |
Divestiture of noncontrolling interests | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | (19) |  | (19) |
Noncontrolling interests arising on acquisition | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | 507 |  | 507 |
Transactions involving noncontrolling interests | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | 19 |  | 19 |
Adjustment of redeemable noncontrolling interests to redemption value | – |  | – |  | – |  | – |  | – |  | – |  | – |  | – |  | (34) |  | (34) |  | – |  | (34) |
Balance at December 31, 2024 | 0.9 |  | $1 |  | 718.6 |  | $290 |  | (41.4) |  | ($2,137) |  | $422 |  | ($1,005) |  | $24,036 |  | $21,607 |  | $859 |  | $22,466 |

For the year ended December 31, 2024, dividends declared on common stock were $1.40 per common share.
The accompanying notes form an integral part of the Consolidated Financial Statements.
CRH Form 10-K 60

Notes To Consolidated Financial Statements
1. Summary of significant accounting policies
1.1. Description of business
CRH plc (the Company) is a multinational company that operates in the building materials industry, providing essential products and services for construction projects worldwide. The Company is a major producer of aggregates, cement, readymixed concrete, and asphalt and a supplier of paving and constructions services, providing solutions to a wide range of customers, including contractors, builders, engineers, infrastructure developers, and the residential market. CRH is one of the largest suppliers of building materials globally.
Effective during the fourth quarter of 2024, the Company's reportable segments changed to the following three segments: Americas Materials Solutions, Americas Building Solutions and International Solutions. See Note 20 for further information.
A summary of significant accounting policies used in the preparation of the accompanying Consolidated Financial Statements follows.
1.2. Basis of presentation and use of estimates
The accompanying Consolidated Financial Statements and notes thereto, including all prior periods presented, have been presented under U.S. GAAP, which requires management to make certain estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenues and expenses. Such estimates include impairment of long-lived assets, impairment of goodwill, pension and other postretirement benefits, tax matters and litigation, including insurance and environmental compliance costs. These estimates and assumptions are based on management’s judgment.
Estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates may be necessary if there are changes in the circumstances or experiences on which the estimate was based or as a result of new information.
Changes in estimates, including those resulting from changes in the economic environment, are reflected in the Consolidated Financial Statements for the period in which the change in estimate occurs.
Certain amounts in the prior period have been reclassified to conform with the current period presentation in the Consolidated Statements of Cash Flows. These reclassifications had no effect on the previously reported net cash provided by (used in) operating, investing, or financing activities, or in the Consolidated Balance Sheets or Consolidated Statements of Income.
1.3. Consolidation
The Consolidated Financial Statements include the accounts of CRH plc, and the wholly- and majority-owned subsidiaries of CRH plc, in addition to variable interest entities (VIEs) in which the Company is the primary beneficiary. In evaluating whether the Company has a controlling financial interest, the following are considered: (1) for voting interest entities, the Company consolidates those entities in which they own a majority of the voting interests; and (2) for VIEs, the Company consolidates those entities for which they are the primary beneficiary. All intercompany transactions and accounts have been eliminated.
The Company uses the equity method of accounting for their investments in entities over which the Company has the ability to exercise significant influence over the operating and financial policies or exercise joint control with other investors but does not control and is not the primary beneficiary. Equity method investments are initially recognized at cost and are included within Equity method investments in the Consolidated Balance Sheets. The Company’s proportionate interest in the results of the investment is included within Income (loss) from equity method investments in the Consolidated Statements of Income.
Where the Company is an active party to contractual arrangements that involve a joint operating activity and is exposed to significant risks and rewards that are dependent on the commercial success of the activity, the Company treats such operations as collaborative arrangements. For such operations, the Company accounts for its pro rata share of assets, liabilities, revenues, and costs in the Consolidated Balance Sheets and Consolidated Statements of Income.
The Company evaluates its Equity method investments for other-than-temporary impairment when events or conditions indicate that the carrying amounts of such investments are not recoverable. Challenging market conditions in China have impacted future growth prospects and provided indicators of impairment for the carrying value of the Company's equity method investment in China, which forms part of International Solutions. Accordingly, the Company performed a valuation of its investment in China and identified an impairment charge of $190 million, which reflects the difference between its fair value and carrying value at December 31, 2024. An impairment charge of $nil million and $nil million was recognised for the years ended December 31, 2023 and 2022, respectively. The Company calculated fair value by using a discounted cash flow model, which reflects the value of an investment based on its future cash flows. The impairment charge was recorded within Loss from equity method investments in the Consolidated Statements of Income and as a reduction to the Equity method investments balance in the Consolidated Balance Sheets.
1.4. Noncontrolling interests – nonredeemable and redeemable
Noncontrolling interests represent the portion of the equity of a subsidiary not attributable either directly or indirectly to the Company and are presented separately in the Consolidated Statements of Income and within equity in the Consolidated Balance Sheets, distinguished from Company shareholders’ equity. Acquisitions of noncontrolling interests are accounted for as transactions with equity holders in their capacity as equity holders and therefore no goodwill is recognized as a result of such transactions. Noncontrolling interests are measured initially at fair value.
Noncontrolling interests with redemption features, such as put/call options, that are not solely within the Company’s control (Redeemable noncontrolling interests) are reported separately in the Consolidated Balance Sheets at the greater of carrying value or redemption value. The Redeemable noncontrolling interests primarily comprise of the noncontrolling interests in two of the Company’s North American subsidiaries. The respective shareholders’ agreements for these entities contain put options that provide the noncontrolling shareholders the right to put their shares to the Company at a value based on a calculated formula. The put options are currently exercisable.
See Note 23 for further information.
CRH Form 10-K 61

1.5. Business combinations
Acquisitions are accounted for using the acquisition method, which requires allocation of the purchase price to assets acquired and liabilities assumed based on estimated fair values. The purchase price is determined based on the fair value of consideration transferred to and liabilities assumed from the seller as of the date of acquisition. The Company allocates the purchase price to the fair values of the tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition. Any excess of the purchase price over the fair value of the assets acquired and liabilities assumed is recorded as goodwill.
Determining the fair values of assets acquired and liabilities assumed requires judgment and often involves the use of significant estimates and assumptions. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction, and therefore represents an exit price. A fair value measurement assumes the highest and best use of the asset by market participants.
Allocations of the purchase price are based on preliminary estimates and assumptions at the date of acquisition and are subject to revision based on final information received including appraisals and other analyses which support underlying estimates within the measurement period, a period of no more than one year from the acquisition date. Measurement period adjustments are generally recorded as increases or decreases to goodwill, if any, recognized in the transaction.
See Note 4 for further information.
1.6. Foreign currency translation
The Consolidated Financial Statements are presented in U.S. Dollar, which is the reporting currency of the Company.
Transactions in foreign currencies are recorded at the rate of exchange in effect at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange in effect at the balance sheet date. The Company releases any related cumulative translation adjustment into earnings only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity. Non-monetary items are measured at historical rates.
Results and cash flows of subsidiaries and equity method investments with non-U.S. Dollar functional currencies have been translated into U.S. Dollar at average exchange rates for the periods, and the related balance sheets have been translated at the rates of exchange in effect at the balance sheet date. Adjustments arising on translation of the results and net assets of non-U.S. Dollar subsidiaries and equity method investments are recognized as a component of Accumulated other comprehensive income (loss) and Noncontrolling interests both of which are presented in the Consolidated Balance Sheets.
1.7. Revenue recognition
The Company recognizes revenues in the amount of the price expected to be received for goods and services supplied at a point in time or over time, as contractual performance obligations are fulfilled, and control of goods and services passes to the customer. Revenue excludes trade discounts and value-added tax or sales tax. Trade receivables and construction contract assets are in general receivable within 90 days of the balance sheet date.
Revenues derived from sale of goods (sources other than construction contracts)
The Company manufactures and supplies a diverse range of building materials and products. Revenues from the sale of goods are recognized at a point in time when control of the promised goods is transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled to receive in exchange for the goods. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from the goods. Control passes to the customer either upon leaving the Company’s premises or upon delivery to the customer, depending on the terms of the sale. Contracts do not contain multiple performance obligations.
Goods are often sold with discounts or rebates based on cumulative sales over a period. This variable consideration is only recognized when it is probable that it will not be subsequently reversed and is recognized using the most-likely amount or expected value methods, depending on the individual contract terms. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based on the assessment of anticipated performance and all information (historical, current, and forecasted) that is reasonably available to management.
Revenues derived from construction contracts
The Company enters into construction contracts to complete large construction projects. Contracts usually commence and complete within one year and are generally fixed price but may be subject to indexation and/or escalation clauses that can either increase or decrease the final transaction price.
The Company typically recognizes revenue within its construction contract businesses over time as it performs its obligations. The Company believes this best reflects the transfer of control to the customer by providing a faithful depiction of the enhancement of a customer-controlled asset or the construction of an asset with no alternative use.
The percentage-of-completion method is used to recognize revenue when the outcome of a contract can be estimated reliably. The percentage-of-completion is calculated using an input method and based on the proportion of contract costs incurred at the balance sheet date relative to the total estimated costs of the contract. In all construction contract arrangements, the Company has an enforceable right to payment for work and performance obligations completed to date.
Some of the Company’s construction contracts may contain forms of variable consideration that can either increase or decrease the transaction price. Variable consideration is estimated based on the most likely amount or expected value methods (depending on the contract terms) and the transaction price is adjusted to the extent it is probable that a significant reversal of revenue recognized will not occur.
See Note 2 for further information.
CRH Form 10-K 62

1.8. Contract assets and liabilities
A contract asset is recognized when the related performance obligation has been satisfied, but the Company has not yet invoiced the customer and so is not unconditionally entitled to the consideration under the payment terms set out in the contract. Contract assets are classified as Accounts receivable, net, in the Consolidated Balance Sheets.
A contract liability is recognized when a non-refundable payment is received from a customer in advance of work being performed. A contract liability would also be recognized if the Company has an unconditional right to receive non-refundable consideration before the Company recognizes the related revenue. Contract liabilities are classified as Other current liabilities in the Consolidated Balance Sheets.
The Company’s contracts generally are for a duration of less than one year and therefore the Company does not capitalize incremental contract costs; instead these are expensed as incurred, as permitted by the practical expedient.
1.9. 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.
1.10. Accounts receivable, net
Accounts receivable are stated at amortized cost. The Company records an allowance for credit losses, which includes an allowance for probable losses based on historical write-offs, adjusted for current conditions as deemed necessary, and a specific reserve for accounts deemed at risk. The allowance is the Company’s estimate for receivables as of the balance sheet date that ultimately will not be collected. Any changes in the allowance are reflected in earnings in the period in which the change occurs. The Company writes off accounts receivable when it becomes probable, based upon customer facts and circumstances, that such amounts will not be collected.
See Note 5 for further information.
1.11. Inventories
Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method or weighted average method. Net realizable value is the estimated selling price in the ordinary course of business, less estimates for costs of completion, disposal, and transportation.
Materials and other supplies held for use in the production of inventories are not written down below cost if the finished goods, in which they will be incorporated, are expected to be sold at or above cost.
See Note 6 for further information.
1.12. Property, plant and equipment, net
Property, plant and equipment are stated at cost less any accumulated depreciation, depletion, and any accumulated impairments.
Expenditures for additions and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Repair and maintenance costs that do not substantially expand productive capacity or extend the life of property, plant and equipment are expensed as incurred.
The Company reviews the carrying value of property, plant and equipment for impairment whenever events or circumstances indicate that the carrying value of an asset group may not be recoverable. Such indicators may include, among others, deterioration in general economic conditions, adverse changes in the markets in which an entity operates, increases in input costs that have a negative effect on earnings and cash flows or a trend of negative or declining cash flows over multiple periods. An impairment loss is recognized if the estimated future (undiscounted) cash flows expected to result from the use and eventual disposition of that asset group are less than its carrying value and is measured by the amount by which the carrying value of the asset group exceeds its fair value.
The Company capitalizes interest as part of the cost of capital projects incurred during construction. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, as follows:
•Buildings 40 years; and
•Plant and machinery 5 to 30 years
Mineral-bearing land, less an estimate of its residual value, is depleted over the period of the mineral extraction in the proportion to which product for the year bears to the latest estimates of proven and probable mineral reserves. Land, other than mineral-bearing land, is not depreciated.
See Note 7 for further information.
CRH Form 10-K 63

1.13. Leases
A contract contains a lease if it is enforceable and conveys the right to control the use of a specified asset for a period of time in exchange for consideration, which is assessed at inception. A right-of-use asset and lease liability are recognized at the commencement date for contracts containing a lease.
Leases are evaluated and classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term; (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised; (3) the lease term is for a major part of the remaining useful life of the asset; (4) the underlying asset is of such a specialized nature that is expected to have no alternative use to the lessor at the end of the lease term; or (5) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any one of the above criteria.
The lease liability is initially measured at the present value of the future lease payments, discounted using the incremental borrowing rate or the interest rate implicit in the lease, if this is readily determinable, over the remaining lease term. Lease payments include fixed payments less any lease incentives receivable, variable payments that are dependent on a rate or index known at the commencement date, amounts expected to be paid under residual value guarantees and any payments for an optional renewal period and purchase and termination option payments, if the Company is reasonably certain to exercise those options. The lease term is the non-cancellable period of the lease adjusted for any renewal or termination options which are reasonably certain to be exercised. The Company applies judgment in determining whether it is reasonably certain that a renewal, termination or purchase option will be exercised.
The right-of-use asset for each lease is initially measured at cost, which comprises the lease liability adjusted for any payments made at or before the commencement date, initial direct costs incurred, lease incentives received and an estimate of the cost to dismantle or restore the underlying asset or the site on which it is located at the end of the lease term. The right-of-use asset of finance leases is amortized over the lease term or, where a purchase option is reasonably certain to be exercised, over the useful economic life of the asset in line with depreciation rates for owned property, plant and equipment. The right-of-use asset of operating leases is amortized as a balancing amount that together with the accretion on lease liability produces straight-line total lease expenses.
The amortization of operating lease right-of-use assets and the accretion of operating lease liabilities are reported together as fixed lease expense in the Consolidated Financial Statements. The fixed lease expense is recognized on a straight-line basis over the life of the lease. Interest expense on a finance lease is recognized using the effective interest method over the lease term.
The Company has elected to separate non-lease components in a contract such as maintenance and other service charges from the lease component and expense such components as incurred. Variable lease payments directly linked to sales or usage are also expensed as incurred. Additionally, for short-term leases with an initial lease term of 12 months or less and with purchase options which the Company is reasonably certain not to exercise, the Company has elected not to record the corresponding right-of-use asset or the corresponding lease liability in the Consolidated Balance Sheets and to expense short-term lease payments as incurred.
Incremental borrowing rates are calculated using a portfolio approach, based on the risk profile of the entity holding the lease and the term and currency of the lease.
See Note 12 for further information.
1.14. Asset retirement obligations
The Company records a liability for an asset retirement obligation at fair value in the period in which it is incurred where a legal or contractual obligation exists, and the liability can be reasonably estimated. When the liability is initially recorded, the Company capitalizes the cost by increasing the carrying amount of the related long-lived asset. The liability is accreted over time and the asset is depreciated over the useful life of the related asset.
Upon settlement of the liability, the Company recognizes a gain or loss for any difference between the settlement amount and the liability recorded. Asset retirement obligations consist primarily of quarry closure and post-closure costs.
See Note 13 for further information.
1.15. Derivative financial instruments and hedging practices
The Company enters into various derivative financial instruments to manage its exposure to fluctuating interest rates, currency exchange rates, and commodity pricing. Such instruments primarily include interest rate swap agreements, currency swap agreements, commodity swap agreements, and currency and commodity forward contracts. These instruments are not entered into for trading purposes.
There are three types of derivatives the Company enters into: (i) those relating to fair value exposures; (ii) those relating to cash flow exposures; and (iii) those relating to foreign currency net investment exposures. Fair value exposures relate to recognized assets or liabilities, and firm commitments; cash flow exposures relate to the variability of future cash flows associated with recognized assets or liabilities, or forecasted transactions; and net investment exposures relate to the impact of foreign currency exchange rate changes on the carrying value of net assets denominated in foreign currencies.
When a derivative is executed and hedge accounting is appropriate, it is designated as either a fair value hedge, cash flow hedge, or a net investment hedge. Whether designated as hedges for accounting purposes or not, all derivatives are linked to an appropriate underlying exposure. On an ongoing basis, the Company assesses the hedge effectiveness of all derivatives designated as hedges for accounting purposes to determine if they continue to be highly effective in offsetting changes in fair values or cash flows of the underlying hedged items. If it is determined that the hedge is not highly effective, then hedge accounting will be discontinued prospectively.
Changes in the fair value of derivatives designated as fair value hedges are recognized in earnings as an offset to the change in the fair values of the underlying exposures being hedged. The changes in fair value of derivatives that are designated as cash flow hedges are deferred in Accumulated other comprehensive income (loss) and are reclassified to earnings as the underlying hedged transaction affects earnings. Provided the hedge remains highly effective, any ineffectiveness is deferred in Accumulated other comprehensive income (loss) and is reclassified to earnings as the underlying hedged transaction affects earnings. Hedges of net investments in foreign subsidiaries are recognized in the currency translation adjustment component of Accumulated other comprehensive income (loss) in the Consolidated Balance Sheets to offset translation gains and losses associated with the hedged net investment.
Derivatives that are entered into for risk management purposes and are not designated as hedges are recorded at their fair market values and recognized in net income.
The fair values of the Company's derivatives are not material. The notional amount of the Company’s outstanding fair value hedges, cash flow hedges, and net investment hedges was $1,375 million, $342 million, and $1,371 million at December 31, 2024, respectively, and $1,375 million, $550 million, and $1,187 million at December 31, 2023, respectively. The notional amount of derivatives not designated as hedging instruments was $3,323 million and $338 million at December 31, 2024 and 2023, respectively.
CRH Form 10-K 64

1.16. Debt
Debt is recorded at initial fair value, which normally reflects the proceeds received by the Company, net of debt issuance costs. Debt is subsequently stated at amortized cost. Debt issuance costs are amortized to Interest expense over the term of the debt. Debt issuance discounts and premiums are also amortized to Interest expense using the effective interest rate method over the term of the debt.
Debt issuance costs associated with the Company’s revolving facility are amortized to Interest expense on a straight-line basis over the facility’s term.
1.17. Goodwill
Goodwill represents the excess of the purchase price over the fair value of the assets acquired and liabilities assumed in a business combination. Goodwill is tested for impairment annually at October 1 or more frequently if events or circumstances indicate that an impairment loss may have been incurred, at the reporting unit level, one level below the Company’s operating segments. The Company has the option of either assessing qualitative factors to determine whether it is more likely than not that the carrying value of the reporting units exceeds their respective fair value or proceeding directly to a quantitative test. The Company elected to perform the quantitative impairment test for all years presented. If the fair value exceeds its carrying value, the goodwill of the reporting unit is not considered impaired. However, if the carrying value of a reporting unit exceeds its fair value, an impairment loss is recognized by writing down the assets to their fair value.
See Note 9 for further information.
1.18. Intangible assets, net
Intangible assets acquired in business combinations are stated at their fair value as determined at the date of acquisition. Intangible assets are amortized on a straight-line basis. In general, based on the current composition of definite-lived intangible assets, the useful lives for customer-related intangible assets range from 5 to 20 years and the useful lives for marketing-related intangible assets range from 10 to 30 years. The Company evaluates the recoverability of its intangible assets subject to amortization when facts and circumstances indicate that the carrying value of the asset may not be recoverable. If the carrying value is not recoverable, impairment is measured as the amount by which the carrying value exceeds its estimated fair value.
See Note 8 for further information.
1.19. Pension and other postretirement benefits
The Company sponsors defined benefit retirement plans and also provides other postretirement benefits. The Company recognizes the funded status, defined as the difference between the fair value of plan assets and the benefit obligation, of its pension plans and other postretirement benefits as an asset or liability in the Consolidated Balance Sheets. Actuarial gains or losses that arise during the year are recognized as a component of Accumulated other comprehensive income (loss). Amounts in excess of a corridor are subsequently amortized over the participants’ average remaining service period and recognized as a component of net periodic benefit cost. The corridor represents the excess over 10% of the greater of the projected benefit obligation or pension plan assets and is determined on a plan-by-plan basis.
See Note 21 for further information.
1.20. Insurance
The Company has insurance arrangements which comprise employer’s liability (workers’ compensation in the United States), public and products liability (general liability in the United States), automobile liability, property damage, business interruption and various other insurances. Due to the extended timeframe associated with many of the insurances, a significant proportion of the total liability is subject to periodic actuarial valuation. The projected cash flows underlying the discounting process are established through the application of actuarial triangulations, which are extrapolated from historical claims experience. While the Company believes the assumptions used to calculate these liabilities are appropriate, significant differences in actual experience and/or significant changes in those assumptions may materially affect insurance liabilities.
1.21. Share-based compensation
The Company grants share-based awards, which consist of performance stock units (PSUs) and stock options. All of the share-based compensation awards are classified as equity awards. The Company measures share-based compensation awards using fair value based measurement methods. This results in the recognition of compensation expense for all share-based compensation awards based on their fair value as of the grant date. For performance-based awards, compensation expense is recognized only if it is probable that the performance condition will be achieved. Compensation expense is recognized over the requisite service period for time and performance-based awards, net of estimated forfeitures.
See Note 17 for further information.
1.22. Treasury stock
The Company accounts for Treasury stock under the cost method. When Treasury stock is re-issued at a price higher than its cost, the difference is recorded as a component of Additional paid-in capital in the Consolidated Balance Sheets. When Treasury stock is re-issued at a price lower than its cost, the difference is recorded as a component of Additional paid-in capital to the extent that there are previously recorded gains to offset the losses. If there are no Treasury stock gains in Additional paid-in capital, the losses upon re-issuance of Treasury stock are recorded as a reduction of Retained earnings in the Consolidated Balance Sheets.
1.23. Environmental remediation costs
The Company records an accrual for environmental remediation liabilities in the period in which it is probable that a liability has been incurred and the appropriate amounts can be estimated reasonably. Such accruals are adjusted as further information develops or circumstances change. Generally, these costs are not discounted to their present value or offset for potential insurance or other claims or potential gains from future alternative uses for a site.
CRH Form 10-K 65

1.24. Income taxes
Current tax represents the expected tax payable (or recoverable) on the taxable profit for the year using tax rates enacted for the period. Where items are accounted for outside of profit or loss, the related income tax is recognized either in Other comprehensive (loss) income or directly in equity, as appropriate. Interest and penalties associated with the liability for income tax are classified as Income tax expense. The Company’s policy is to release tax effects from Accumulated other comprehensive income (loss) when the underlying items affect earnings.
Deferred tax is recognized using the liability method on temporary differences arising at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. For the most part, no provision has been made for undistributed earnings as the majority of earnings are considered indefinitely reinvested or can be distributed on a tax-free basis. However, a temporary difference has been recognized to the extent that earnings are not permanently reinvested.
Deferred tax is determined using tax rates (and laws) that have been enacted as of the balance sheet date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. Deferred tax assets are recognized in full and then reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be recognized.
The Company’s income tax charge is based on reported profit and enacted statutory tax rates, which reflect various allowances and reliefs available to the Company in the multiple tax jurisdictions in which it operates. The determination of the Company’s provision for income tax requires certain judgments and estimates in relation to matters where the ultimate tax outcome may not be certain. In addition, the Company is subject to tax audits which can involve complex issues that could require extended periods to conclude, the resolution of which is often not within the control of the Company. Although the Company believes that the estimates included in the Consolidated Financial Statements and its tax return positions are reasonable, there is no certainty that the final outcome of these matters will not be different to that which is reflected in the Company’s historical income tax provisions and accruals. The Company evaluates these positions regularly and records a tax benefit only to the extent it is more likely than not that a position will be sustained upon examination by taxing authorities.
See Note 15 for further information.
1.25. New accounting standards
Accounting pronouncements recently adopted
For the year ended December 31, 2024, the Company adopted Accounting Standards Update (ASU) No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosure of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (CODM) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. Adoption of the ASU has been applied retrospectively to all prior periods presented in the Consolidated Financial Statements.
Recently issued accounting pronouncements not yet adopted
In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the provisions of this ASU and will adopt them for the year ending December 31, 2025.
In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The ASU requires the disclosure of specified information about certain costs and expenses in the notes to the financial statements. The ASU is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. These amendments should be applied either prospectively to financial statements issued after the effective date or retrospectively to any or all prior periods presented in the financial statements. Early adoption is also permitted. The Company is currently evaluating the provisions of this ASU and will adopt them for the year ending December 31, 2027.
CRH Form 10-K 66

2. Revenue
The Company disaggregates revenue based on its operating and reportable segments. During the fourth quarter of 2024, the Company changed its reportable segments as described in Note 20 Segment Information. The Company’s operating and reportable segments are: (1) Americas Materials Solutions, (2) Americas Building Solutions, and (3) International Solutions.
Revenue is disaggregated by principal activities and products and by primary geographic market. Business lines are reviewed and evaluated as follows: (1) Essential Materials, (2) Road Solutions, (3) Building & Infrastructure Solutions, and (4) Outdoor Living Solutions.
The vertically integrated Essential Materials businesses manufacture and supply aggregates and cement for use in a range of construction and industrial applications.
Road Solutions support the manufacturing, installation and maintenance of public highway infrastructure projects and commercial infrastructure.
Building & Infrastructure Solutions connect, protect and transport critical water, energy and telecommunications infrastructure and deliver complex commercial building projects.
Outdoor Living Solutions integrate specialized materials, products and design features to enhance the quality of private and public spaces.

| For the Year Ended December 31, 2024
in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions |  | Total
Principal activities and products |
Essential Materials | 4,793 | – | 4,767 |  | 9,560
Road Solutions (i) | 11,380 | – | 4,930 |  | 16,310
Building & Infrastructure Solutions (ii) | – | 2,569 | 1,998 |  | 4,567
Outdoor Living Solutions | – | 4,490 | 645 |  | 5,135
Total revenues | 16,173 | 7,059 | 12,340 |  | 35,572

| For the Year Ended December 31, 2023 |  |  |  |  |  |  |  |
in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total |  |  |  |  |  |  |  |
Principal activities and products |  |  |  |  |  |  |  |  |
Essential Materials | 4,583 | – | 4,876 | 9,459 |  |  |  |  |  |  |  |
Road Solutions (i) | 10,852 | – | 4,814 | 15,666 |  |  |  |  |  |  |  |
Building & Infrastructure Solutions (ii) | – | 2,524 | 2,174 | 4,698 |  |  |  |  |  |  |  |
Outdoor Living Solutions | – | 4,493 | 633 | 5,126 |  |  |  |  |  |  |  |
Total revenues | 15,435 | 7,017 | 12,497 | 34,949 |  |  |  |  |  |  |  |

| For the Year Ended December 31, 2022
in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total
Principal activities and products |  |  |  |
Essential Materials | 4,160 | – | 4,625 | 8,785
Road Solutions (i) | 10,164 | – | 4,724 | 14,888
Building & Infrastructure Solutions (ii) | – | 2,379 | 2,252 | 4,631
Outdoor Living Solutions | – | 3,809 | 610 | 4,419
Total revenues | 14,324 | 6,188 | 12,211 | 32,723

(i) Revenue from contracts with customers in the Road Solutions principal activities and products category that is recognized over time for the years ended December 31 were:

in $ millions | 2024 | 2023 | 2022
Americas Materials Solutions | 6,426 | 6,146 | 5,791
International Solutions | 1,880 | 2,004 | 1,814
Total revenue from contracts with customers | 8,306 | 8,150 | 7,605

CRH Form 10-K 67

(ii) Revenue from contracts with customers in the Building & Infrastructure Solutions principal activities and products category that is recognized over time for the years ended December 31 were:

in $ millions | 2024 | 2023 | 2022
Americas Building Solutions | 81 | 70 | 78
International Solutions | 486 | 573 | 521
Total revenue from contracts with customers | 567 | 643 | 599

| For the Year Ended December 31, 2024
in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total
Primary geographic markets |
United States | 14,975 | 6,736 | 123 | 21,834
Rest of World (i) | 1,198 | 323 | 1,199 | 2,720
United Kingdom | – | – | 3,994 | 3,994
Rest of Europe (ii) | – | – | 7,024 | 7,024
Total revenues | 16,173 | 7,059 | 12,340 | 35,572

| For the Year Ended December 31, 2023
in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total
Primary geographic markets |
United States | 14,088 | 6,692 | 150 | 20,930
Rest of World (i) | 1,347 | 325 | 633 | 2,305
United Kingdom | – | – | 4,312 | 4,312
Rest of Europe (ii) | – | – | 7,402 | 7,402
Total revenues | 15,435 | 7,017 | 12,497 | 34,949

| For the Year Ended December 31, 2022
in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total
Primary geographic markets |
United States | 13,050 | 5,860 | 178 | 19,088
Rest of World (i) | 1,274 | 325 | 701 | 2,300
United Kingdom | – | – | 4,241 | 4,241
Rest of Europe (ii) | – | 3 | 7,091 | 7,094
Total revenues | 14,324 | 6,188 | 12,211 | 32,723

(i) The Rest of World principally includes Australia, Canada and the Philippines.
(ii) The Rest of Europe principally includes Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Ireland, Luxembourg, the Netherlands, Poland, Romania, Serbia, Slovakia, Spain, Sweden, Switzerland and Ukraine. Revenues generated in the Republic of Ireland represented approximately 2%, 3%, and 2% of our consolidated revenues for the years ended December 31, 2024, 2023, and 2022, respectively.
Contract assets were $690 million and $716 million and contract liabilities were $500 million and $439 million, at December 31, 2024 and 2023, respectively. The decrease in contract assets was primarily attributed to revenue recognized on certain contracts partially offset by the timing of billings. The increase in contract liabilities was due to the timing of advance payments and revenue recognized during the period. The Company recognized revenue of $387 million and $308 million for the years ended December 31, 2024 and 2023, respectively, which was previously included in the contract liability balance at December 31, 2023 and 2022, respectively.
Contract assets include unbilled revenue and retentions held by customers in respect of construction contracts at December 31, 2024 and 2023 amounting to $450 million and $240 million, and $471 million and $245 million respectively. Unbilled receivables represent the estimated value of unbilled work for projects with performance obligations recognized over time. Retentions represent amounts that have been billed to customers but payment is withheld until final acceptance of the performance obligation by the customer. Retentions that have been billed, but are not due until completion of performance and acceptance by customers, are generally expected to be collected within one year. The Company applies the practical expedient and does not adjust any of its transaction prices for the time value of money.
On December 31, 2024, the Company had $3,551 million of transaction price allocated to remaining performance obligations. The majority of open contracts at December 31, 2024, are expected to close and revenue to be recognized within 12 months of the balance sheet date.
Revenue from sales to equity method investments for the years ended December 31, 2024, 2023, and 2022 were $296 million, $221 million, and $237 million, respectively.
CRH Form 10-K 68

3. Assets held for sale and discontinued operations
In November 2023, the Company entered into a sales agreement with SigmaRoc plc. to divest of its Lime operations in Europe for consideration of $1.1 billion. The transaction was structured in three phases. The first phase of the transaction, comprising the Company’s Lime operations in Germany, Czech Republic and Ireland, closed on January 1, 2024, and the second phase, comprising the operations in the United Kingdom, closed on March 27, 2024. The third phase, comprising the operations in Poland, closed on August 30, 2024. The divestitures resulted in a pretax gain of $167 million which is included in Other nonoperating income (expense), net. The results of the divested operations and the gain on divestiture are reported in the International Solutions segment.
The disposal of certain cement, aggregates and readymixed concrete operations in Quebec, Canada, previously classified as held for sale, completed during 2024.
The assets associated with these transactions comprised part of the Company’s International Solutions and Americas Materials Solutions segments, respectively. As the businesses were divested in 2024, all opening balances have been reclassified back to the relevant asset and liability categories prior to their divestiture for presentation purposes.
The major classes of assets and liabilities classified as held for sale at December 31 were:

in $ millions |  | 2023
Assets |  |
Cash and cash equivalents |  | 49
Accounts receivable, net |  | 70
Inventories |  | 102
Property, plant and equipment, net |  | 832
Goodwill |  | 201
Operating lease right-of-use assets, net |  | 6
Other assets |  | 8
Assets held for sale |  | 1,268
Liabilities |  |
Accounts payable |  | 59
Accrued expenses |  | 17
Deferred income tax liabilities |  | 148
Operating lease liabilities |  | 6
Other liabilities |  | 145
Liabilities held for sale |  | 375

In April 2022, the Company completed the divestiture of its Building Envelope business, formerly part of the Americas Building Solutions segment. The Company analyzed the quantitative and qualitative factors relevant to the Building Envelope business and determined that the criteria for discontinued operations presentation were met during the year ended 2022. As a result, the operating results of the Building Envelope business were reported separately as discontinued operations, net of income tax expense, in the Consolidated Statements of Income for the period ended December 31, 2022.
CRH Form 10-K 69

The financial results for the Company’s discontinued operations for the year ended December 31 were:

in $ millions |  | 2022
Total revenues |  | 645
Operating income |  | 89
Gain on divestiture before income taxes |  | 1,471
Income from discontinued operations before income tax expense |  | 1,560
Income tax expense |  | (370)
Income from discontinued operations, net of income tax expense |  | 1,190

The cash flows from discontinued operations included in the accompanying Consolidated Statements of Cash Flows for the year ended December 31 were:

in $ millions |  | 2022
Cash flows from discontinued operations |  |
Net cash used in operating activities (i) |  | (444)
Net cash provided by investing activities (ii) |  | 3,446
Net cash provided by financing activities |  | 3

(i) Includes the corporation tax paid on the sale of discontinued operations.
(ii) Includes the proceeds from the divestiture of discontinued operations.
4. Acquisitions
The Company strategically acquires companies in order to increase its footprint and offer products and services that diversify 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.
On February 9, 2024, the Company wholly acquired a portfolio of cement and readymixed concrete operations and assets in Texas, United States (the 'Hunter' acquisition) for a total cash consideration, net of cash acquired, of $2,106 million. The Hunter acquisition is reported in the Americas Materials Solutions segment.
On July 1, 2024, the Company acquired 57% of the issued share capital of Adbri (the 'Adbri' acquisition), a construction materials business in Australia, for a total cash consideration, net of cash acquired, of $787 million. The Adbri acquisition is reported in the International Solutions segment. Due to the size and scale of Adbri, the determination of the fair values of identifiable assets acquired and liabilities assumed as disclosed are provisional.
During 2024, the Company completed the acquisition of 38 other companies in addition to Hunter and Adbri. The total cash consideration for these acquisitions, net of cash acquired, was $2,007 million.
CRH Form 10-K 70

The amounts for assets acquired, liabilities assumed, and consideration related to the acquisitions during the year ended December 31, 2024, were:

in $ millions | Hunter | Adbri (i) | Other acquisitions (i) (ii) | Total
Identifiable assets acquired and liabilities assumed |  |  |  |
Assets |  |  |  |
Cash and cash equivalents | – | 15 | 38 | 53
Accounts receivable, net | – | 156 | 152 | 308
Inventories | 70 | 133 | 149 | 352
Other current assets | 2 | 6 | 8 | 16
Property, plant and equipment, net | 1,069 | 1,364 | 850 | 3,283
Equity method investments | – | 366 | – | 366
Intangible assets, net | 2 | 4 | 184 | 190
Operating lease right-of-use assets, net | 12 | 18 | 85 | 115
Total assets | 1,155 | 2,062 | 1,466 | 4,683
Liabilities |  |  |  |
Accounts payable | – | 17 | 54 | 71
Accrued expenses | 6 | 67 | 30 | 103
Operating lease liabilities | 12 | 18 | 85 | 115
Long-term debt | – | 519 | 9 | 528
Deferred income tax liabilities | – | 208 | 27 | 235
Other liabilities | 8 | 151 | 57 | 216
Total liabilities | 26 | 980 | 262 | 1,268
Total identifiable net assets at fair value | 1,129 | 1,082 | 1,204 | 3,415
Goodwill | 977 | 227 | 940 | 2,144
Redeemable noncontrolling interests | – | – | (12) | (12)
Noncontrolling interests | – | (507) | – | (507)
Total consideration | 2,106 | 802 | 2,132 | 5,040
Consideration satisfied by: |  |  |  |
Cash payments | 2,106 | 802 | 2,045 | 4,953
Asset exchange | – | – | 41 | 41
Deferred consideration (stated at net present cost) | – | – | 27 | 27
Contingent consideration | – | – | 19 | 19
Total consideration | 2,106 | 802 | 2,132 | 5,040
Acquisitions of businesses, net of cash acquired |  |  |  |
Cash consideration | 2,106 | 802 | 2,045 | 4,953
Less: cash and cash equivalents acquired | – | (15) | (38) | (53)
Total outflow in the Consolidated Statements of Cash Flows | 2,106 | 787 | 2,007 | 4,900

(i) The estimated fair values of assets acquired and liabilities assumed associated with these acquisitions are provisional (principally in respect of Property, plant and equipment, net, provisions for liabilities and the associated goodwill and deferred tax aspects) and are based on the information that was available as of the reporting date. 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.
(ii) Other acquisitions are aggregated on the basis of individual immateriality.
As a result of the 2024 acquisitions, the Company recognized $190 million of amortizable intangible assets and $2,144 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 2024, $1,712 million is expected to be deductible for tax purposes. The amortizable intangible assets will be amortized against earnings over a weighted average of nine years.
CRH Form 10-K 71

During 2023, the Company completed the acquisition of 22 companies. The total cash consideration for these acquisitions, net of cash acquired, was $640 million.
The identifiable assets acquired, liabilities assumed, and consideration related to the acquisitions during the year ended December 31, 2023, were:

in $ millions | Total (i)
Identifiable assets acquired and liabilities assumed |
Cash and cash equivalents | 19
Accounts receivable, net | 71
Inventories | 65
Other current assets | 8
Property, plant and equipment, net | 252
Intangible assets, net | 86
Operating lease right-of-use assets, net | 35
Accounts payable | 56
Accrued expenses | 30
Operating lease liabilities | 35
Long-term debt | 104
Deferred income tax liabilities | 30
Other liabilities | 6
Total identifiable net assets at fair value | 275
Goodwill | 398
Total consideration | 673
Consideration satisfied by: |
Cash payments | 659
Deferred consideration (stated at net present cost) | 8
Contingent consideration | 6
Total consideration | 673
Acquisitions of businesses, net of cash acquired |
Cash consideration | 659
Less: cash and cash equivalents acquired | (19)
Total outflow in the Consolidated Statements of Cash Flows | 640

(i) Total acquisitions are aggregated on the basis of individual immateriality.
As a result of the 2023 acquisitions, the Company recognized $86 million of amortizable intangible assets and $398 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 2023, $33 million is expected to be deductible for tax purposes. The amortizable intangible assets will be amortized against earnings over a weighted average of six years.
CRH Form 10-K 72

On July 8, 2022, the Company acquired Barrette Outdoor Living, Inc. (Barrette), North America's leading provider of residential fencing and railing solutions headquartered in Middleburg Heights, Ohio, United States, at an effective 100% stake. The total cash consideration for this acquisition, net of cash acquired, was $1,903 million.
During 2022, the Company completed the acquisition of 28 other companies. The total cash consideration for these acquisitions, net of cash acquired, was $1,350 million.
The identifiable assets acquired, liabilities assumed, and consideration related to the acquisitions during the year ended December 31, 2022, were:

in $ millions | Barrette | Other acquisitions (i) | Total
Identifiable assets acquired and liabilities assumed |  |  |
Cash and cash equivalents | 8 | 14 | 22
Accounts receivable, net | 128 | 49 | 177
Inventories | 247 | 128 | 375
Other current assets | 40 | 10 | 50
Property, plant and equipment, net | 266 | 539 | 805
Equity method investments | – | 28 | 28
Intangible assets, net | 809 | 178 | 987
Operating lease right-of-use assets, net | 43 | 59 | 102
Accounts payable | 26 | 20 | 46
Accrued expenses | 121 | 27 | 148
Operating lease liabilities | 43 | 59 | 102
Long-term debt | – | 8 | 8
Deferred income tax liabilities | 192 | 55 | 247
Other liabilities | 22 | 4 | 26
Total identifiable net assets at fair value | 1,137 | 832 | 1,969
Goodwill | 774 | 546 | 1,320
Total consideration | 1,911 | 1,378 | 3,289
Consideration satisfied by: |  |  |
Cash payments | 1,911 | 1,364 | 3,275
Deferred consideration (stated at net present cost) | – | 10 | 10
Contingent consideration | – | 4 | 4
Total consideration | 1,911 | 1,378 | 3,289
Acquisitions of businesses, net of cash acquired |  |  |
Cash consideration | 1,911 | 1,364 | 3,275
Less: cash and cash equivalents acquired | (8) | (14) | (22)
Total outflow in the Consolidated Statements of Cash Flows | 1,903 | 1,350 | 3,253

(i) Other acquisitions are aggregated on the basis of individual immateriality.
As a result of the 2022 acquisitions, the Company recognized $987 million of amortizable intangible assets and $1,320 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 2022, $1,289 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.
CRH Form 10-K 73

Acquisition-related costs
Acquisition-related costs have been included in Selling, general and administrative expenses in the Consolidated Statements of Income. These costs include legal and consulting expenses incurred in connection with acquisitions completed during the applicable period. The Company incurred the following acquisition-related costs for the years ended December 31, 2024, 2023, and 2022:

in $ millions | 2024 | 2023 | 2022
Acquisition-related costs |
Hunter | 23 |  | – |  | – |
Adbri | 23 |  | – |  | – |
Barrette | – |  | – |  | 27 |
Other acquisitions | 27 |  | 10 |  | 12 |
Total acquisition-related costs | 73 |  | 10 |  | 39 |

For the period from acquisition date through December 31, 2024, 2023, and 2022, acquisitions contributed $1,387 million, $228 million and $761 million to Revenues and a loss of $23 million, $15 million and $18 million to Net income attributable to CRH, excluding acquisition-related costs that arose in that period and including the effect of interest expense to finance the acquisitions, respectively.
Pro forma results of operations for the current year acquisitions, as if they were combined as of January 1, 2023, have not been presented because they are not material to the Condensed Consolidated Financial Statements.
5. Accounts receivable, net
Accounts receivable, net at December 31 were:

in $ millions | 2024 | 2023
Trade receivables | 3,829 | 3,574
Construction contract assets | 690 | 716
Total accounts receivable | 4,519 | 4,290
Less: allowance for credit losses | (140) | (149)
Other current receivables | 441 | 366
Total accounts receivable, net | 4,820 | 4,507

Of the total Accounts receivable, net balances, $46 million and $27 million at December 31, 2024, and 2023, respectively, were due from equity method investments.
The changes in the allowance for credit losses at December 31 were as follows:

in $ millions | 2024 | 2023 | 2022
At January 1 | 149 | 125 | 131
Charge-offs | (14) | (18) | (19)
Provision for credit losses | 7 | 39 | 24
Foreign currency translation and other | (2) | 3 | (11)
At December 31 | 140 | 149 | 125

6. Inventories
Inventories at December 31 were:

in $ millions | 2024 | 2023
Raw materials | 2,074 | 1,865
Work-in-process | 267 | 186
Finished goods | 2,414 | 2,240
Total inventories | 4,755 | 4,291

CRH Form 10-K 74

7. Property, plant and equipment, net
Property, plant and equipment, net at December 31 were:

in $ millions | 2024 | 2023
Mineral-bearing land | 5,159 | 4,847
Land and buildings | 6,609 | 5,991
Plant and machinery | 23,047 | 20,468
Construction in progress | 1,963 | 1,271
Finance lease right-of-use assets | 376 | 187
Total property, plant and equipment | 37,154 | 32,764
Less: accumulated depreciation, depletion, amortization and impairment | (15,702) | (14,923)
Total property, plant and equipment, net | 21,452 | 17,841

Depreciation, depletion and amortization expense related to property, plant and equipment was $1,646 million, $1,494 million and $1,449 million for the years ended December 31, 2024, 2023 and 2022, respectively. Depreciation, depletion and amortization expense includes amortization of right-of-use assets from finance leases.
Potential impairment of property, plant and equipment is considered by applying a series of external and internal indicators including a limited number of climate change factors.
An impairment charge of $89 million was recognized during the year ended December 31, 2024, principally relating to the write-down of property, plant and equipment in our Architectural Products business in Europe which is part of our International Solutions segment. The fair value did not exceed carrying value, driven by challenging market conditions which had an impact on growth prospects and as such an impairment charge has been recorded. An impairment charge of $30 million was recognized during the year ended December 31, 2023, principally relating to the write-down of property, plant and equipment in our Americas Materials Solutions segment.
8. Intangible assets, net
Intangible assets, net at December 31 were:

in $ millions | 2024 | 2023
Marketing-related | 337 | 310
Customer-related (i) | 1,394 | 1,260
Contract-based | 110 | 101
Software costs | 126 | –
IT projects in progress | 63 | –
Total intangible assets, gross | 2,030 | 1,671
Accumulated amortization | (819) | (630)
Total intangible assets, net | 1,211 | 1,041

(i) The customer-related intangible assets relate predominantly to non-contractual customer relationships.
Amortization of intangibles included predominantly in Selling, general and administrative expenses in the Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022 amounted to $152 million, $139 million and $103 million, respectively.
The estimated amortization for intangible assets for the five years subsequent to December 31, 2024, and thereafter is as follows:

in $ millions | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 and thereafter
Amortization | 207 | 112 | 116 | 104 | 85 | 587

CRH Form 10-K 75

9. Goodwill
During the fourth quarter of 2024, the Company's operating and reportable segments changed to the following three segments: Americas Materials Solutions; Americas Building Solutions; and International Solutions and existing goodwill was reallocated to each of the new reportable segments and associated reporting units. See Note 20 for further information. The results of this reallocation of goodwill have been recast below, by reportable segment, at December 31, 2023. As a result of this revision to reportable segments and associated reporting units, the Company performed an impairment assessment before and after the reallocation. Both before and after the reallocation, the Company concluded that the fair values of the reporting units affected were above their carrying values and therefore there was no indication of impairment.
The Company uses the present value of estimated future cash flows to establish the estimated fair value of the reporting units at the testing date. This approach includes many assumptions related to future growth rates, discount factors, and tax rates, among other considerations. Changes in economic and operating conditions impacting these assumptions could result in goodwill impairment in future periods. Additionally, the Company uses the market approach to corroborate the estimated fair value.
The changes in the carrying amount of goodwill at December 31 were:

in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total
Carrying value, December 31, 2022 | 4,407 | 2,517 | 2,275 | 9,199
Acquisitions | 34 | 240 | 124 | 398
Foreign currency translation adjustment | 8 | (5) | 86 | 89
Impairment charge for the year | (32) | – | (295) | (327)
Reclassified as held for sale | – | – | (201) | (201)
Carrying value, December 31, 2023 | 4,417 | 2,752 | 1,989 | 9,158
Acquisitions | 1,426 | 333 | 385 | 2,144
Foreign currency translation adjustment | (40) | (12) | (114) | (166)
Impairment charge for the year | – | – | (72) | (72)
Divestitures | – | (3) | (201) | (204)
Reclassified from held for sale | – | – | 201 | 201
Carrying value, December 31, 2024 | 5,803 | 3,070 | 2,188 | 11,061

For the year ended December 31, 2024, the fair value of the Architectural Products reporting unit within International Solutions did not exceed its carrying value. As a result, a goodwill impairment loss of $72 million was recorded in Loss on impairments, driven by challenging market conditions (primarily new build residential) which has had an impact on growth prospects. The assumption underlying the estimated future cash flows resulted in a present value (using a real pre-tax discount rate of 9.1%) of $252 million and a related goodwill impairment being recorded of $72 million.
For the year ended December 31, 2023, the fair value of the Company’s Philippines reporting unit within International Solutions did not exceed its carrying value. As a result, a goodwill impairment loss of $295 million was recorded in Loss on impairments.
Accumulated goodwill impairment losses amount to $1,050 million and $1,001 million at December 31, 2024 and 2023, respectively and relate predominantly to International Solutions.
CRH Form 10-K 76

10. Additional financial information
Other current assets at December 31 were:

in $ millions | 2024 | 2023
Prepayments | 303 | 285
Other financial assets | 161 | –
Other | 285 | 193
Total other current assets | 749 | 478

Accrued expenses at December 31 were:

in $ millions | 2024 | 2023
Accrued payroll and employee benefits | 1,062 | 1,066
Other accruals | 1,186 | 1,230
Total accrued expenses | 2,248 | 2,296

Other current liabilities at December 31 were:

in $ millions | 2024 | 2023
Dividends payable | – |  | 750 |
Construction contract liabilities | 500 |  | 439 |
Insurance liability | 185 |  | 171 |
Income tax payable | 97 |  | 129 |
Other | 795 |  | 583 |
Total other current liabilities | 1,577 |  | 2,072 |

Other noncurrent liabilities at December 31 were:

in $ millions | 2024 | 2023
Income tax payable | 726 |  | 712 |
Asset retirement obligations | 319 |  | 310 |
Pension liability | 223 |  | 254 |
Insurance liability | 269 |  | 260 |
Other | 782 |  | 660 |
Total other noncurrent liabilities | 2,319 |  | 2,196 |

CRH Form 10-K 77

11. Debt
Long-term debt at December 31 was:

in $ millions | Effective interest rate | 2024 | 2023
Long-term debt |  |  |
(U.S. Dollar denominated unless otherwise noted) |  |  |
1.875% euro Senior Notes due 2024 | 2.02 | % | – | 663
3.875% Senior Notes due 2025 | 3.93 | % | 1,250 | 1,250
1.250% euro Senior Notes due 2026 | 1.25 | % | 780 | 829
3.400% Senior Notes due 2027 | 3.49 | % | 600 | 600
4.000% euro Senior Notes due 2027 | 4.13 | % | 520 | 553
3.950% Senior Notes due 2028 | 4.07 | % | 900 | 900
1.375% euro Senior Notes due 2028 | 1.42 | % | 624 | 663
5.200% Senior Notes due 2029 | 5.30 | % | 750 | –
4.125% Sterling Senior Notes due 2029 | 4.22 | % | 501 | 509
1.625% euro Senior Notes due 2030 | 1.72 | % | 780 | 829
4.000% euro Senior Notes due 2031 | 4.10 | % | 780 | 829
6.400% Senior Notes due 2033 (i) | 6.43 | % | 213 | 213
5.400% Senior Notes due 2034 | 5.52 | % | 750 | –
4.250% euro Senior Notes due 2035 | 4.38 | % | 780 | 829
5.125% Senior Notes due 2045 | 5.25 | % | 500 | 500
4.400% Senior Notes due 2047 | 4.44 | % | 400 | 400
4.500% Senior Notes due 2048 | 4.63 | % | 600 | 600
USD interest bearing loan due 2026 | 4.96 | % | 750 | –
PHP interest bearing loan due 2027 | 5.97 | % | 379 | 396
AUD interest bearing loan due 2029 | 5.07 | % | 478 | –
U.S. Dollar Commercial Paper | 4.77 | % | 1,189 | 1,002
Euro Commercial Paper | 3.08 | % | 347 | –
Other |  | 48 | 37
Unamortized discounts and debt issuance costs |  | (68) | (67)
Total long-term debt (ii) |  | 13,851 | 11,535
Less: current portion of long-term debt (iii) |  | (2,882) | (1,759)
Long-term debt |  | 10,969 | 9,776

(i) The $300 million 6.400% Senior Notes were issued in September 2003, and at the time of issuance the Senior Notes were partially swapped to floating interest rates. In August 2009 and December 2010, $87 million of the issued Senior Notes were acquired by CRH as part of liability management exercises undertaken and the interest rate hedge was closed out. The remaining fair value hedge adjustment on the hedged item in the Consolidated Balance Sheets was $27 million and $30 million at December 31, 2024 and 2023, respectively.
(ii) Of the Company’s nominal fixed rate debt at both December 31, 2024 and December 31, 2023, $1,375 million was hedged to daily compounded Secured Overnight Financing Rate (SOFR) using interest rate swaps. Of the Company’s nominal floating rate debt at December 31, 2024 and December 31, 2023, $140 million and $nil million, respectively, was hedged to fixed rates using interest rate swaps.
(iii) Excludes borrowings from bank overdrafts of $117 million and $107 million, which are recorded within Current portion of long-term debt in the Consolidated Balance Sheets at December 31, 2024 and 2023, 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 unsubordinated indebtedness.
With the exception of the 6.400% Senior Notes due 2033, which can be redeemed at any time, all other Senior Notes can be redeemed before their respective par call dates, at a make-whole redemption price. Post par call dates and before the respective maturity dates, the Senior Notes can be redeemed at a price equal to 100% of the principal amount.
In the event of a change-of-control repurchase event, the Company is obligated to offer repurchase options for the 3.875% Senior Notes due in 2025, 3.400% Senior Notes due in 2027, 3.950% Senior Notes due in 2028, 5.200% Senior Notes due 2029, 5.400% Senior Notes due 2034, 5.125% Senior Notes due in 2045, 4.400% Senior Notes due in 2047, and 4.500% Senior Notes due in 2048. This repurchase involves a cash payment equal to 101% of the principal amount, along with any accrued and unpaid interest.
If the Company's credit rating falls below investment-grade, the Company would be required to make an additional coupon step-up payment on the 3.875% Senior Notes due in 2025 and 5.125% Senior Notes due in 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.
On January 9, 2024, the Company utilized available cash to fully redeem €600 million of outstanding 1.875% euro Senior Notes due January 2024.
In May 2024, the Company issued $750 million 5.200% Senior Notes due 2029 and $750 million 5.400% Senior Notes due 2034.
CRH Form 10-K 78

Australian (AUD) Debt:
In July 2024, the Company acquired Adbri who have committed credit agreements with a range of banks and credit institutions totaling AUD940 million. The Company does not provide a guarantee for these facilities. The funds drawn from these facilities carry a combination of fixed and floating interest rates.
Philippines (PHP) Debt:
In March 2017, the Company's subsidiary, Republic Cement & Building Materials, Inc., entered a credit arrangement with the Bank of the Philippine Islands. The Company does not provide a guarantee for this facility. The initial credit agreement provided for total commitments of PHP12.5 billion for a 10-year term, which was later expanded to PHP22.5 billion. The funds drawn from this facility carry a combination of fixed and floating interest rates.
Bank Credit:
The Company maintains a multi-currency revolving credit arrangement with a syndicate of lenders (the ‘RCF’). The RCF offers a senior unsecured revolving facility of €3,500 million over five years. 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, EURIBOR for euros, SONIA for Sterling, and SARON for Swiss Francs, respectively. The facility entails an annual commitment fee calculated as a percentage of the applicable margin.
During April 2024, the Company completed a one-year extension option on the undrawn committed facilities extending the maturity date to May 11, 2029. The terms of the facility allow for one further plus-one (+1) extension option which, if successfully exercised with the agreement of the Lenders, would extend the maturity to May 11, 2030. The deferred financing costs associated with the RCF were $6 million at December 31, 2024. The total potential credit available through this arrangement is €3,500 million, inclusive of the ability to issue letters of credit.
At December 31, 2024, and 2023, there were no outstanding borrowings or letters of credit issued under this facility and the undrawn committed facility available to be drawn by the Company at December 31, 2024, was $3,639 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.
At December 31, 2024, 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 U.S Dollar or euro. The amount of commercial paper outstanding does not reduce available capacity under the RCF. Commercial paper borrowings may vary during the period, largely as a result of fluctuations in funding requirements.
The long-term debt maturities, net of the unamortized discounts and debt issuance costs, for the periods subsequent to December 31, 2024, are as follows:

in $ millions | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 and thereafter | Total
Long-term debt maturities | 2,882 | 1,923 | 1,430 | 1,506 | 1,258 | 4,852 | 13,851

CRH Form 10-K 79

12. Leases
In the normal course of its business, the Company enters into various leases as the lessee, primarily related to property. The Company also leases plant and machinery, vehicles and equipment.
Lease liabilities at December 31 were:

in $ millions | 2024 | 2023
Current: |  |
Operating lease liabilities | 265 | 255
Finance lease liabilities | 67 | 31
Noncurrent: |  |
Operating lease liabilities | 1,074 | 1,125
Finance lease liabilities | 190 | 86
Total lease liabilities | 1,596 | 1,497

The current portion of finance lease liabilities is included within Other current liabilities and the noncurrent portion of finance lease liabilities is included within Other noncurrent liabilities in the Consolidated Balance Sheets.
The maturity analysis for the discounted and undiscounted lease liability arising from the Company’s leasing activities at December 31, 2024, was:

in $ millions | Operating leases | Finance leases
2025 | 279 | 70
2026 | 230 | 62
2027 | 182 | 51
2028 | 153 | 39
2029 | 107 | 22
Thereafter | 755 | 133
Total minimum lease payments | 1,706 | 377
Less: lease payments representing interest | (367) | (120)
Present value of future minimum lease payments | 1,339 | 257
Less: current portion of lease liabilities | (265) | (67)
Noncurrent portion of lease liabilities | 1,074 | 190

The projections are based on the foreign exchange rates applied at the end of the relevant financial year and on interest rates (discounted projections only) applicable to the lease portfolio.
The components of lease expense for the years ended December 31 were:

in $ millions | 2024 | 2023 | 2022
Finance leases |  |  |
Amortization of right-of-use-assets | 45 | 19 | 20
Interest on lease liabilities | 7 | 3 | 3
Operating leases | 262 | 293 | 255
Short-term leases | 301 | 329 | 273
Variable leases | 80 | 85 | 94
Total lease expense (i) | 695 | 729 | 645

(i) Income from subleasing transactions were not material for the Company.
CRH Form 10-K 80

The weighted average remaining lease term and discount rates at December 31 were:

| 2024 | 2023
Weighted average remaining lease term (years) |  |
Operating leases | 10 | 12
Finance leases | 11 | 13
Weighted average discount rate (%) |  |
Operating leases | 3.86 | % | 3.63 | %
Finance leases | 5.10 | % | 4.07 | %

The supplemental cash flow information for the years ended December 31 was:

in $ millions | 2024 | 2023 | 2022
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | (287) | (276) | (269)
Financing cash flows from finance leases | (57) | (26) | (28)
Non-cash investing and financing activities |  |  |
Leased assets obtained in exchange for new operating lease liabilities | 195 | 232 | 130
Leased assets obtained in exchange for new finance lease liabilities | 99 | 51 | 24

13. Asset retirement obligations
Asset retirement obligations (AROs) are legal obligations associated with the retirement of long-lived assets, including legal obligations for land reclamation. Recognition of a liability for an ARO is required in the period in which it is incurred at its estimated fair value. The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the asset. The liability is accreted through charges to Cost of revenues. If the ARO is settled for other than the carrying amount of the liability, a gain or loss on settlement is recognized.
ARO costs related to accretion of the Company’s liabilities and the depreciation of the related assets for the years ended December 31 were:

in $ millions | 2024 | 2023 | 2022
Accretion | 9 | 12 | 11
Depreciation | 12 | 27 | 46
Total costs | 21 | 39 | 57

AROs are reported within Other current liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets. At December 31, 2024 and 2023, the carrying amount of the Company’s AROs were $385 million and $360 million, of which, $66 million and $50 million are current, respectively.
14. 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 and fair values of the Company’s Long-term debt were $13,851 million and $13,604 million, respectively, at December 31, 2024, and $11,535 million and $11,337 million, respectively, at December 31, 2023. 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 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 6.36% and 7.28%.
See Note 23 for the changes in the fair value of Redeemable noncontrolling interests.
The carrying values of the Company’s Cash and cash equivalents, Restricted cash, Accounts receivable, net, Current portion of long-term debt, Accounts payable, Accrued expenses, and Other current liabilities approximate their fair values because of the short-term nature of these instruments.
CRH Form 10-K 81

15. Income taxes
The summary of the Income from continuing operations before income tax expense for the years ended December 31 was:

in $ millions | 2024 | 2023 | 2022
Income |  |  |
U.S. | 3,069 | 2,729 | 2,225
Non-U.S. | 1,645 | 1,285 | 1,236
Total income | 4,714 | 4,014 | 3,461

The summary of the Income tax expense from continuing operations for the years ended December 31 was:

in $ millions | 2024 | 2023 | 2022
Current tax: |  |  |
U.S. - Federal | 466 | 632 | 443
U.S. - State | 84 | 67 | 87
Non-U.S. | 355 | 290 | 221
Total current tax expense | 905 | 989 | 751
Deferred tax: |  |  |
U.S. - Federal | 187 | (28) | 11
U.S. - State | (5) | (12) | (6)
Non-U.S. | (2) | (24) | 6
Total deferred tax expense (benefit) | 180 | (64) | 11
Total income tax expense | 1,085 | 925 | 762

Due to the percentage of global operations subject to tax in the United States, the Company uses the U.S. Federal statutory tax rate in the reconciliation of the effective income tax rate. The reconciliation of the applicable U.S. Federal income tax rate to the effective income tax rates was:

in $ millions | 2024 | 2023 | 2022
U.S. statutory rate | 990 | 843 | 727
State tax, net of federal tax benefit | 47 | 38 | 73
Tax rate differentials | 27 | (11) | (6)
Uncertain tax positions | 62 | 87 | 60
Tax credits | (127) | (125) | (96)
Non-deductible goodwill impairment | 10 | 75 | –
Non-taxable divestiture of the European Lime operations | (65) | – | –
Other | 141 | 18 | 4
Total tax expense | 1,085 | 925 | 762
Effective income tax rate | 23 | % | 23 | % | 22 | %

CRH Form 10-K 82

The significant components of the deferred tax assets and liabilities at December 31 were:

in $ millions | 2024 | 2023
Deferred tax assets: |  |
Company retirement benefit plans | 2 | 38
Revaluation of derivative financial instruments to fair value | 4 | 2
Tax losses, credits and interest deduction carryforwards | 1,149 | 1,052
Share-based compensation | 39 | 41
Accrued expenses | 454 | 420
Lease liabilities | 286 | 292
Total deferred tax assets | 1,934 | 1,845
Less: valuation allowances | (1,059) | (914)
Total deferred tax assets after valuation allowances | 875 | 931
Deferred tax liabilities: |  |
Investment in subsidiaries | 146 | 155
Depreciation, depletion and amortization | 3,419 | 3,109
Leased right-of-use assets | 278 | 274
Rolled-over capital gains | 21 | 21
Other | 15 | 12
Total deferred tax liabilities | 3,879 | 3,571
Total net deferred tax liabilities | 3,004 | 2,640

The net deferred tax assets and liabilities that are included in the Consolidated Balance Sheets at December 31 were:

in $ millions | 2024 | 2023
Deferred income taxes, noncurrent assets | (101) | (98)
Deferred income taxes, noncurrent liabilities | 3,105 | 2,738
Total net deferred tax liabilities | 3,004 | 2,640

At December 31, 2024, the Company had gross loss carryforwards of $1,087 million related to foreign operations and $37 million of state net operating loss carryforwards. $390 million of certain foreign and state loss carryforwards have various expiration dates ranging from 2025 to 2050; $734 million do not expire based on current tax legislation. The Company had gross interest deduction carryforwards of $2,603 million related to foreign operations. $88 million of certain interest carryforwards have various expiration dates ranging from 2025 to 2045, $2,515 million do not expire based on current tax legislation.
The summary of the change in valuation allowance at December 31 was:

in $ millions | 2024 | 2023 | 2022
Balance at January 1 | 914 | 737 | 578
Acquisitions | 12 | – | –
Provision for income taxes | 188 | 151 | 203
Foreign currency and other | (55) | 26 | (44)
Balance at December 31 | 1,059 | 914 | 737

The Company maintains a valuation allowance on net operating losses and other deferred tax assets if, based on the weight of available evidence, it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. At December 31, 2024, and December 31, 2023, the Company has a valuation allowance on net deferred tax assets of $1,059 million and $914 million, respectively. For the year ended December 31, 2024, the valuation allowance increased due to an increase in interest deduction carryforwards.
A deferred tax liability has been recognized in respect of any undistributed earnings in which the Company is not permanently reinvested. The Company has $18.6 billion of undistributed earnings that are considered permanently reinvested at December 31, 2024, for which no deferred tax liabilities have been recognized. It is not practicable to estimate the amount of tax that would be paid if there was a distribution of these earnings. Participation exemptions and tax credits are available in the majority of jurisdictions in which the Company operates.
CRH Form 10-K 83

The reconciliation of the changes in the unrecognized tax benefits at December 31 was:

in $ millions | 2024 | 2023 | 2022
Balance at January 1 | 665 | 576 | 547
Increases related to prior periods | – | 9 | 4
Decreases related to prior periods | (50) | (12) | (8)
Increases related to current period | 99 | 148 | 130
Decreases related to settlements with taxing authorities and lapse of statute of limitations | (65) | (68) | (67)
Foreign currency and other | (15) | 12 | (30)
Balance at December 31 | 634 | 665 | 576

The Company files income tax returns in Ireland, the United States, the United Kingdom, Germany, Canada, and other various foreign jurisdictions and is subject to ongoing examination by tax authorities throughout the world. In general, the Company is no longer subject to significant income tax examinations by tax authorities in the jurisdictions noted for years before 2016. The Company believes that its income tax reserves are adequately maintained taking into consideration both the technical merits of its tax return positions and ongoing developments in its income tax audits. However, the final determination of the Company's tax return positions, if audited, is uncertain and therefore there is a possibility that the outcomes of such events could cause the Company’s estimate to change in the future. No single position is expected to generate a significant increase or decrease to the liability for unrecognized tax benefits within 12 months of the reporting date. At December 31, 2024, and December 31, 2023, the unrecognized tax benefits that, if recognized, would impact the effective tax rate were $589 million and $627 million, respectively.
The Company’s policy is to accrue interest and penalties related to potential underpayment of income taxes within the provision for income taxes. At December 31, 2024, and December 31, 2023, the Company had accrued interest of $101 million and $84 million, respectively. At December 31, 2024, December 31, 2023, and December 31, 2022, the interest and penalties included in Income tax expense was $20 million, $14 million, and $5 million, respectively.
16. Earnings per share (EPS)
The calculation of basic and diluted earnings per share for the years ended December 31 were:

in $ millions, except share and per share data | 2024 | 2023 | 2022
Numerator |
Income from continuing operations | 3,521 | 3,072 | 2,699
Net (income) attributable to redeemable noncontrolling interests | (28) | (28) | (27)
Net (income) loss attributable to noncontrolling interests | (1) | 134 | –
Adjustment of redeemable noncontrolling interests to redemption value | (34) | (24) | 40
Income from continuing operations for EPS - basic and diluted | 3,458 | 3,154 | 2,712
Income from discontinued operations, net of income tax expense | – | – | 1,190
Net income attributable to CRH for EPS - basic and diluted | 3,458 | 3,154 | 3,902
Denominator |  |  |
Weighted average common shares outstanding – basic (i) | 683.3 | 723.9 | 758.3
Effect of dilutive employee share awards (ii) | 6.2 | 5.3 | 5.8
Weighted average common shares outstanding – diluted | 689.5 | 729.2 | 764.1
Basic earnings per share attributable to CRH |  |  |
Continuing operations | $5.06 | $4.36 | $3.58
Discontinued operations | – | – | $1.57
Net income | $5.06 | $4.36 | $5.15
Diluted earnings per share attributable to CRH |  |  |
Continuing operations | $5.02 | $4.33 | $3.55
Discontinued operations | – | – | $1.56
Net income | $5.02 | $4.33 | $5.11

(i) The weighted average number of common shares included in the computation of basic and diluted earnings per share has been adjusted to exclude shares repurchased and held by the Company as Treasury stock given that these shares do not rank for dividend.
(ii) Common shares that would only be issued contingent on certain conditions totaling 2,140,879, 4,677,404 and 4,209,404 at December 31, 2024, 2023 and 2022, respectively, are excluded from the computation of diluted earnings per share where the conditions governing exercisability have not been satisfied as of the end of the reporting period or they are antidilutive for the periods presented.
CRH Form 10-K 84

17. Share-based compensation
Share-based compensation relates primarily to awards granted under the 2014 Performance Share Plan (PSP) and the Company’s Savings-related Share Option Schemes. The expense, net of estimated forfeitures, is reflected in Operating income in the Consolidated Statements of Income.
The share-based compensation for these plans for the years ended December 31 was:

in $ millions | 2024 | 2023 | 2022
Performance Share Plan expense | 123 | 120 | 97
Share Option expense | 2 | 3 | 3
Total share-based compensation | 125 | 123 | 100

2014 Performance Share Plan
The PSP authorizes the granting of conditional awards or nil-cost options (right to acquire shares during an exercise period without cost to the participant). The number of shares authorized under the PSP during the years ended December 31, 2024, 2023 and 2022 did not exceed 10% of the issued share capital at that time.
Under the PSP, the Company has granted performance stock units (PSUs) to its employees. PSUs provide an employee with the right to receive shares of the Company’s stock, subject to fulfillment of certain market, performance and service conditions over a vesting period. The performance conditions are as follows for the 2024, 2023 and 2022 PSUs: 20% of each award made is subject to Total Shareholder Return (TSR) performance measured against a tailored peer group; 20% is subject to a RONA metric; 15% is subject to ESG metrics; with the remaining 45% subject to a cumulative cash flow metric. Performance for the awards is assessed over a three-year period.
The details of the awards granted under the PSP for the year ended December 31, 2024 were:

| Number of shares | Weighted average grant date fair value
| Shares in whole numbers | Amounts in $ | Amounts in €
Outstanding at beginning of year | 9,816,619 | 41.56 |  | 37.90 |
Granted | 1,856,679 | 79.52 |  | 73.85 |
Forfeited | (294,689) | 46.12 |  | 41.44 |
Vested | (3,080,029) | 40.93 |  | 34.97 |
Outstanding at end of year | 8,298,580 | 50.11 |  | 46.89 |

During fiscal years 2023 and 2022, the weighted average grant date fair values were $48.55 (€45.57) and $36.29 (€34.50), respectively.
The fair value of (i) the portion of awards subject to a cash flow performance metric; (ii) the portion of awards subject to a RONA metric; (iii) the portion of awards subject to ESG metrics; and (iv) the portion of awards with no performance conditions which are subject to a two-year service period; was calculated as the Company’s closing share price at the date the award was granted.
The fair value assigned to the portion of awards subject to a TSR performance metric was calculated using the Monte Carlo simulation model, at the grant date, taking account of peer group TSR, volatilities and correlations together with the following assumptions:

| 2024 | 2023 | 2022
Risk-free interest rate (%) | 4.44 |  | 3.16 |  | 0.51 |
Expected volatility (%) | 30.3 |  | 28.9 |  | 36.9 |

The expected volatility was determined using a historical sample of the Company’s daily share prices over a period equal to the expected term.
The risk-free interest rate is based on the U.S. Treasury bond yield at the grant date with a maturity period equal to the expected term.
During the years ended December 31, 2024, 2023 and 2022, 3,080,029 shares vested having a fair value of $256 million; 2,985,299 shares vested having a fair value of $147 million, and 3,084,926 shares vested having a fair value of $123 million, respectively. At December 31, 2024, unrecognized compensation expense related to the awards was $183 million, which will be recognized over the remaining weighted average vesting period of 1.22 years.
2010 and 2021 Savings-related Share Option Schemes
In April 2021, shareholders approved the adoption of the 2021 Savings-related Share Option Schemes (Share Option Schemes), which replaced the schemes approved by shareholders in May 2010. The number of shares authorized under the Share Option Schemes during the years ended December 31, 2024, 2023 and 2022 did not exceed 10% of the issued share capital at that time.
Under the Share Option Schemes, participants may save up to €500/Stg£500 per month from their net salaries, for a fixed term of three or five years (the savings period). Within a period of six months after the end of the savings period, they have the option to buy shares of the Company at a discount of up to 15% of the market price on the date of invitation of each savings contract.
Under the Share Options Schemes, 236,581, 86,520 and 402,645 shares of the Company were purchased at a weighted average price of $28.68, $26.82 and $25.24 respectively, during the years ended December 31, 2024, 2023, and 2022. At December 31, 2024, the total unrecognized stock-based compensation expense related to the Share Option Schemes was $1 million and is expected to be recognized over a weighted average period of 1.13 years.
The fair values assigned to options issued under the Share Option Schemes were calculated in accordance with the trinomial valuation methodology.
CRH Form 10-K 85

The assumptions used to determine the fair value of the options issued under the Share Options Schemes with three-year and five-year savings periods at December 31 were:

|  | 2022
|  |  | 3-year | 5-year
Risk-free interest rate (%) |  |  | 2.08 |  | 2.24 |
Expected dividend payments over the expected life (€) |  |  | 4.06 | 7.05
Expected volatility (%) |  |  | 26.4 |  | 24.2 |
Expected life term (years) |  |  | 3 | 5

There were no options granted during the years ended December 31, 2024, and 2023. The expected volatility was determined using a historical sample of 37 month-end Company share prices in respect of the three-year savings-related share options and 61 month-end share prices in respect of the five-year savings-related share options. The expected lives of the options are based on historical data and are therefore not necessarily indicative of exercise patterns that may materialize.
Other than the assumptions listed above, no other features of options grants were factored into the determination of fair value.
The terms of the options issued under the Share Option Schemes do not contain any market conditions.
18. Shareholders' equity
The Company’s capital stock consists of common stock, 5% preferred stock and 7% ‘A’ preferred stock. Holders of the Company’s common stock are entitled to one vote per share.
The holders of the 5% preferred stock are entitled to a fixed preferred dividend at a rate of 5% per annum and priority in a winding-up to repayment of capital but have no further right to participate in profits or assets and are not entitled to be present or vote at general meetings unless their dividend is in arrears. Dividends on the 5% preferred stock are payable half-yearly on April 15 and October 15 in each year. The 5% preferred stock represent 0.03% and 0.03% of the total issued share capital at December 31, 2024, and 2023, respectively.
The holders of the 7% ‘A’ preferred stock are entitled to a fixed preferred dividend at a rate of 7% per annum, and subject to the rights of the holders of the 5% preferred stock, priority in a winding-up to repayment of capital, but have no further right to participate in profits or assets and are not entitled to be present or vote at general meetings unless their dividend is in arrears or unless the business of the meeting includes certain matters. Dividends on the 7% ‘A’ preferred stock are payable half-yearly on April 5 and October 5 in each year. The 7% ‘A’ preferred stock represent 0.48% and 0.47% of the total issued share capital at December 31, 2024 and 2023, respectively.
For the years ended December 31, 2024, 2023, and 2022, dividends declared on 5% preferred stock and 7% ‘A’ preferred stock were all less than $1 million, respectively.
During 2024 and 2023, a total of 15,872,321 and 54,900,928 shares of Common stock (equivalent to 2.21% and 7.47% of the Company’s issued share capital) were repurchased at an average price of $82.01 and $54.92 per share under the share buyback program, respectively. During 2024, all repurchased shares of Common stock were retired on repurchase. During 2023, 17,620,740 shares of Treasury stock (equivalent to 2.40% of the Company’s issued share capital) were retired.
At December 31, 2024 and 2023, 41,355,384 and 42,419,281 shares were held as Treasury stock, equivalent to 5.75% and 5.78% of the Common stock issued, respectively.
CRH Form 10-K 86

19. Accumulated other comprehensive loss
The changes in the balances for each component of Accumulated other comprehensive loss, net of tax, for the years ended December 31 were:

in $ millions | Currency Translation | Cash Flow Hedges | Pension and Other Postretirement Plans | Total
Balance at December 31, 2021 | (127) | 18 | (316) | (425)
Other comprehensive (loss) income before reclassifications | (664) | 23 | 288 | (353)
Amounts reclassified from Accumulated other comprehensive loss (i) | (1) | (60) | 6 | (55)
Net current-period other comprehensive (loss) income | (665) | (37) | 294 | (408)
Other comprehensive loss attributable to noncontrolling interests | 46 | – | – | 46
Balance at December 31, 2022 | (746) | (19) | (22) | (787)
Other comprehensive income (loss) before reclassifications | 310 | (37) | (104) | 169
Amounts reclassified from Accumulated other comprehensive loss (i) | – | 9 | (4) | 5
Net current-period other comprehensive income (loss) | 310 | (28) | (108) | 174
Other comprehensive (income) attributable to noncontrolling interests | (3) | – | – | (3)
Balance at December 31, 2023 | (439) | (47) | (130) | (616)
Other comprehensive (loss) income before reclassifications | (431) | (27) | 39 | (419)
Amounts reclassified from Accumulated other comprehensive loss (i) | (39) | 11 | 5 | (23)
Net current-period other comprehensive (loss) income | (470) | (16) | 44 | (442)
Other comprehensive loss attributable to noncontrolling interests | 53 | – | – | 53
Balance at December 31, 2024 | (856) | (63) | (86) | (1,005)

(i) For the years ended Decembe r 31, 2024, 2023, and 2022, $(39) million, $nil million, and $4 million respectively were transferred from currency translation related to (losses) gains on divestitures that were reclassified from Accumulated other comprehensive loss to Other nonoperating income (expense), net. For the year ended December 31, 2022, $(5) million was transferred from currency translation related to losses on divestitures that were reclassified from Accumulated other comprehensive loss to Income from discontinued operations, net of income tax expense.
The amounts reclassified from Accumulated other comprehensive loss to income for the years ended December 31 were:

in $ millions | 2024 | 2023 | 2022
Cash flow hedges |  |  |
Cost of product revenues | 14 | 12 | (73)
Income tax (benefit) expense | (3) | (3) | 13
Total | 11 | 9 | (60)
Pension and other postretirement plans |  |  |
Other nonoperating expense (income), net | 9 | (7) | 8
Income tax (benefit) expense | (4) | 3 | (2)
Total | 5 | (4) | 6
Reclassifications from Accumulated other comprehensive loss to income | 16 | 5 | (54)

20. Segment information
During the fourth quarter of 2024, the Company's reportable segments changed to the following three segments:
Americas Materials Solutions;
Americas Building Solutions; and
International Solutions
The Americas Materials Solutions segment provides building materials 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, cement, readymixed concrete and asphalt. This segment also provides paving and construction services for customers.
The Americas Building Solutions segment manufactures, supplies and delivers solutions for the built environment in communities across North America. Our subsidiaries within this segment offer building and infrastructure solutions serving complex critical infrastructure (such as water, energy, transportation and telecommunications projects) and outdoor living solutions for enhancing private and public spaces.
The International Solutions segment provides integrated building solutions primarily across Europe and Australia. The business integrates materials, products, and services to provide complete building solutions for use in the construction and renovation of public infrastructure, critical networks, commercial and residential buildings and outdoor living spaces.
The new segment structure reflects the nature of the financial information reported to and assessed by the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer, who are together determined to fulfil the role of CODM. Comparative segment information for 2023 and 2022 has been recast to reflect the change in segments.
The principal factors employed in the identification of the three segments reflected in this note include:
CRH Form 10-K 87

(i) the Company’s organizational structure in 2024 (during 2024 the Divisional President fulfilled the role of “segment manager”);
(ii) the nature of the reporting lines to the CODM; and
(iii) the structure of internal reporting documentation such as management accounts and budgets.
The Company’s reportable segments are the same as the Company’s operating segments and correspond with how the CODM regularly reviews financial information to allocate resources and assess performance under the Company’s organizational structure.
The CODM uses Adjusted EBITDA as part of their review of the monthly operating results on a segment basis. The CODM considers actual monthly results against the budget and the prior year as part of their assessment of the performance of the business and when making decisions regarding resource allocation. Given that Interest expense and Income tax expense are managed on a centralized basis, these items are not allocated between operating segments for the purposes of the information presented to the CODM and are accordingly omitted from the detailed segmental analysis below. There are no asymmetrical allocations to reporting segments which would require disclosure.
Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, loss on impairments, gain/loss on divestitures and unrealized gain/loss on investments, income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component.
The key performance measures and segment expenses for the Company’s reportable segments for the years ended December 31 were:

| 2024
in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total
Revenue | 16,173 | 7,059 | 12,340 | 35,572
Less: |  |  |  |
Labor | 3,493 | 1,447 | 2,389 | 7,329
Energy costs | 743 | 121 | 983 | 1,847
Other segment items (i) | 8,192 | 4,102 | 7,172 | 19,466
Adjusted EBITDA | 3,745 | 1,389 | 1,796 | 6,930

| 2023
in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total
Revenue | 15,435 | 7,017 | 12,497 | 34,949
Less: |  |  |  |
Labor | 3,274 | 1,306 | 2,264 | 6,844
Energy costs | 805 | 122 | 1,314 | 2,241
Other segment items (i) | 8,297 | 4,147 | 7,244 | 19,688
Adjusted EBITDA | 3,059 | 1,442 | 1,675 | 6,176

| 2022
in $ millions | Americas Materials Solutions | Americas Building Solutions | International Solutions | Total
Revenue | 14,324 | 6,188 | 12,211 | 32,723
Less: |  |  |  |
Labor | 3,009 | 1,097 | 2,119 | 6,225
Energy costs | 877 | 121 | 1,267 | 2,265
Other segment items (i) | 7,800 | 3,751 | 7,294 | 18,845
Adjusted EBITDA | 2,638 | 1,219 | 1,531 | 5,388

(i) The nature of other segment items is similar for each segment and primarily includes raw materials, haulage costs, subcontractor costs and other Selling, general and administrative expenses. As a result of our integrated building solutions model, the composition of other segment items is such that at a segment level none of these items is individually significant in determining segment performance.
CRH Form 10-K 88

in $ millions | 2024 | 2023 | 2022
Adjusted EBITDA | 6,930 | 6,176 | 5,388
Depreciation, depletion and amortization | (1,798) | (1,633) | (1,552)
Loss on impairments (i) | (161) | (357) | –
Interest income | 143 | 206 | 65
Interest expense | (612) | (376) | (344)
Gain (loss) on divestitures and unrealized gains on investments (ii) | 250 | – | (99)
Pension income excluding current service cost component (ii) | 7 | 3 | 30
Other interest, net (ii) | 1 | (5) | –
Substantial acquisition-related costs | (46) | – | (27)
Income from continuing operations before income tax expense and income from equity method investments | 4,714 | 4,014 | 3,461

(i) The total Loss on impairments comprised of $161 million and $295 million within International Solutions for the years ended December 31, 2024 and 2023, respectively and $62 million within Americas Materials Solutions for the year ended December 31, 2023.
(ii) Gain (loss) on divestitures and unrealized gains on investments, pension income excluding current service cost component and other interest, net have been included in Other nonoperating income (expense), net in the Consolidated Statements of Income.
Depreciation, depletion and amortization for each of the segments for the years ended December 31 were:

in $ millions | 2024 | 2023 | 2022
Depreciation, depletion and amortization |  |  |
Americas Materials Solutions | 846 | 781 | 777
Americas Building Solutions | 337 | 299 | 236
International Solutions | 615 | 553 | 539
Total depreciation, depletion and amortization | 1,798 | 1,633 | 1,552

The Gain (loss) on divestitures and unrealized gains on investments for each of the segments for the years ended December 31 were:

in $ millions | 2024 | 2023 | 2022
Gain (loss) on divestitures and unrealized gains on investments |  |  |
Americas Building Solutions | 1 | – | –
International Solutions | 249 | – | (99)
Total gain (loss) on divestitures and unrealized gains on investments | 250 | – | (99)

The segment assets at December 31 were:

in $ millions | 2024 | 2023 | 2022
Assets |  |  |
Americas Materials Solutions | 21,474 | 17,534 | 17,615
Americas Building Solutions | 9,049 | 7,961 | 7,749
International Solutions | 15,011 | 13,373 | 13,140
Total assets for reportable segments | 45,534 | 38,868 | 38,504
Cash and cash equivalents | 3,720 | 6,341 | 5,936
Restricted cash | 39 | – | –
Other current assets, excluding segment assets | 446 | 193 | 134
Equity method investments | 737 | 620 | 649
Assets held for sale | – | 1,268 | –
Other noncurrent assets, excluding segment assets | 137 | 179 | 96
Total assets as reported in the Consolidated Balance Sheets | 50,613 | 47,469 | 45,319

CRH Form 10-K 89

The segment liabilities at December 31 were:

in $ millions | 2024 | 2023 | 2022
Liabilities |  |  |
Americas Materials Solutions | 3,154 | 3,349 | 2,908
Americas Building Solutions | 1,769 | 1,770 | 1,567
International Solutions | 4,848 | 5,050 | 4,408
Total liabilities for reportable segments | 9,771 | 10,169 | 8,883
Other current liabilities, excluding segment liabilities | 163 | 156 | 193
Total debt | 13,968 | 11,642 | 9,636
Deferred income tax liabilities | 3,105 | 2,738 | 2,885
Liabilities held for sale | – | 375 | –
Other noncurrent liabilities, excluding segment liabilities | 756 | 768 | 682
Total liabilities as reported in the Consolidated Balance Sheets | 27,763 | 25,848 | 22,279

Additions to property, plant and equipment and intangible assets for each of the segments for the years ended December 31 were:

in $ millions | 2024 | 2023 | 2022
Property, plant and equipment and intangible asset additions (i) |  |  |
Americas Materials Solutions | 1,151 | 854 | 715
Americas Building Solutions | 480 | 360 | 259
International Solutions | 1,074 | 664 | 559
Total property, plant and equipment and intangible asset additions | 2,705 | 1,878 | 1,533

(i) Property, plant and equipment and intangible asset additions exclude asset retirement cost additions.
Long-lived assets by geographic area at December 31 were:

in $ millions | 2024 | 2023 | 2022
Long-lived assets by geographical area (i) |  |  |
United Kingdom | 1,819 | 1,786 | 1,691
United States | 13,504 | 10,821 | 10,916
Other | 7,403 | 6,526 | 6,336
Total long-lived assets by geographical area | 22,726 | 19,133 | 18,943

(i) Long-lived assets comprise property, plant and equipment and operating lease right-of-use assets.
Information about major customers
There are no material dependencies or concentrations of individual customers that require disclosure. The individual entities within the Company have a large number of customers spread across various activities, end-users and geographies.
21. Pension and other postretirement benefits
The Company operates either defined benefit or defined contribution pension schemes in all of its principal operating areas. The disclosures included below relate to all pension schemes in the Company. The Company operates defined benefit pension schemes in Australia, Belgium, Canada, France, Germany, Italy, the Netherlands, the Philippines, the Republic of Ireland, Romania, Serbia, Slovakia, Switzerland, the United Kingdom, the United States and Ukraine. The Company has a mixture of funded and unfunded defined benefit pension schemes. The net surplus of the funded schemes was $290 million and $218 million at December 31, 2024, and December 31, 2023, respectively. Unfunded obligations (including jubilee, postretirement healthcare obligations and long-term service commitments) comprise of a number of schemes in Canada, France, Germany, Ireland, Italy, the Netherlands, the Philippines, Romania, Serbia, Slovakia, Switzerland, the United States and Ukraine totaling a net liability of $235 million and $260 million at December 31, 2024, and December 31, 2023, respectively.
Funded defined benefit schemes in Australia, the Republic of Ireland, Switzerland and the United Kingdom are administered by separate funds that are legally distinct from the Company under the jurisdiction of Trustees. The Trustees are required by law to act in the best interests of the scheme participants and are responsible for the definition of investment strategy and for scheme administration. Other schemes are also administered in line with the local regulatory environment. The level of benefits available to most members depends on length of service and either their average salary over their period of employment or their salary in the final years leading up to retirement. For Switzerland, the level of benefits depends on salary, level of savings contributions, the interest rate on old age accounts (which cannot be negative) and the annuity conversion factor on retirement. The Company’s pension schemes in Switzerland are contribution-based schemes with guarantees. This means the Company pays an age-dependent fixed contribution percentage but should the invested assets be insufficient to meet the guaranteed benefit obligations, additional contributions might be required.
CRH Form 10-K 90

The change in benefit obligation, change in plan assets, funded status of pension and other postretirement benefit (OPEB) plans, and amounts recognized in the Consolidated Balance Sheets were:

| Pension Plans | OPEB Plans (i)
| 2024 | 2023 | 2024 | 2023
in $ millions | U.S. | Non-U.S. | U.S. | Non-U.S. |  |
Change in benefit obligation: |  |  |  |  |  |
Benefit obligation at beginning of year | 496 | 2,414 | 497 | 2,105 | 105 | 100
Service cost | 2 | 39 | 1 | 31 | 3 | 2
Interest cost | 24 | 81 | 24 | 86 | 5 | 5
Amendments | – | – | – | (1) | – | –
Actuarial (gains) and losses | (24) | (28) | 9 | 178 | (10) | 3
Benefits paid | (34) | (104) | (35) | (89) | (5) | (5)
Plan participant contributions | – | 10 | – | 9 | – | –
Curtailments | – | (4) | – | – | – | –
Settlements | – | (7) | – | (4) | – | –
Net transfer in/(out) (including the effect of any business combinations/divestitures) | – | 27 | – | – | (1) | –
Foreign currency rate changes | – | (145) | – | 99 | (2) | –
Benefit obligation at end of year | 464 | 2,283 | 496 | 2,414 | 95 | 105
Change in plan assets |  |  |  |  |  |
Fair value of plan assets at beginning of year | 449 | 2,524 | 446 | 2,316 | – | –
Actual gain on plan assets | 17 | 77 | 37 | 143 | – | –
Employer contributions | 2 | 36 | 1 | 38 | 5 | 5
Plan participant contributions | – | 10 | – | 9 | – | –
Benefits paid | (34) | (104) | (35) | (89) | (5) | (5)
Settlements | – | (7) | – | (4) | – | –
Net transfer in (including effect of any business combinations/divestitures) | – | 82 | – | – | – | –
Foreign currency rate changes | – | (155) | – | 111 | – | –
Fair value of plan assets at end of year | 434 | 2,463 | 449 | 2,524 | – | –
Reconciliation of funded status: |  |  |  |  |  |
Fair value of plan assets | 434 | 2,463 | 449 | 2,524 | – | –
Benefit obligation | 464 | 2,283 | 496 | 2,414 | 95 | 105
Funded status | (30) | 180 | (47) | 110 | (95) | (105)
Accumulated Benefit Obligation | 464 | 2,231 | 496 | 2,349 |  |
Amounts recognized in the Consolidated Balance Sheets: |  |  |  |  |  |
Noncurrent assets | – | 290 | – | 271 | – | –
Current liabilities | (2) | (4) | (2) | (4) | (6) | (6)
Noncurrent liabilities | (28) | (106) | (45) | (111) | (89) | (98)
Liabilities held for sale | – | – | – | (46) | – | (1)
Funded status at end of year | (30) | 180 | (47) | 110 | (95) | (105)
Net actuarial (loss) gain | (45) | (190) | (68) | (225) | 42 | 35
Prior service (cost) credit | (1) | 74 | (1) | 92 | 2 | 3
Total accumulated other comprehensive (loss) income | (46) | (116) | (69) | (133) | 44 | 38

(i) Includes a benefit obligation of $8 million and $11 million related to non-U.S. OPEB plans at December 31, 2024 and 2023, respectively.
CRH Form 10-K 91

The pension and other postretirement plans for which their accumulated benefit obligation, projected benefit obligation or accumulated postretirement benefit obligation exceeds the fair value of their respective plan assets at December 31 were:

| U.S. Plans | Non-U.S. Plans
in $ millions | 2024 | 2023 | 2024 | 2023
Pension plans with projected benefit obligations in excess of plan assets: |  |  |  |
Projected benefit obligation | 464 | 496 | 565 | 580
Fair value of plan assets | 434 | 449 | 458 | 421
Pension plans with accumulated benefit obligations in excess of plan assets: |  |  |  |
Accumulated benefit obligation | 464 | 496 | 147 | 527
Fair value of plan assets | 434 | 449 | 61 | 394
Other postretirement plans with accumulated postretirement benefit obligations in excess of plan assets: |  |  |  |
Accumulated postretirement benefit obligation | – | – | 6 | 9
Fair value of plan assets | – | – | – | –

Impact on Consolidated Statements of Income
The total retirement benefit expense recognized in the Consolidated Statements of Income for the years ended December 31 were:

in $ millions | 2024 | 2023 | 2022
Total defined contribution expense | 345 | 320 | 307
Total defined benefit expense | 34 | 31 | 30
Total expense within the Consolidated Statements of Income | 379 | 351 | 337

Components of Net Periodic Benefit Cost (Income)
The components of net periodic benefit cost (income) recognized in the Consolidated Statements of Income for the years ended December 31 were:

| Pension Plans | OPEB Plans (ii)
| U.S. | Non-U.S. |
in $ millions | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Service cost | 2 | 1 | 2 | 39 | 31 | 55 | 3 | 2 | 3
Interest cost | 24 | 24 | 18 | 81 | 86 | 43 | 5 | 5 | 3
Expected return on assets | (21) | (20) | (30) | (87) | (91) | (72) | – | – | –
Amortization of: |  |  |  |  |  |  |  |  |
Prior service cost (credit) | – | – | 1 | (12) | (11) | (11) | – | – | –
Actuarial loss (gain) | 2 | 3 | 2 | 6 | 4 | 15 | (2) | (3) | –
Curtailment loss (gain) | – | – | 3 | (3) | – | – | – | (1) | –
Settlement (gain) loss (i) | – | – | – | (3) | 1 | (2) | – | – | –
Net periodic benefit cost (income) (iii) | 7 | 8 | (4) | 21 | 20 | 28 | 6 | 3 | 6

(i) Settlement gain of $3 million relates to pension plans divested as part of the sale of the Company's Lime operations in Europe and is included in gain on divestitures, within Other nonoperating income (expense), net.
(ii) Includes the net periodic benefit cost of $nil million, $nil million and $1 million related to non-U.S. OPEB plans for the years ended December 31, 2024, 2023, and 2022 respectively.
(iii) Service cost is included within Cost of revenues and Selling, general and administrative expenses while all other cost components are recorded within Other nonoperating income (expense), net.
CRH Form 10-K 92

The changes in plan assets and benefit obligations that were recognized in Other comprehensive (income) loss for the years ended December 31 were:

| Pension Plans | OPEB Plans (i)
| U.S. | Non-U.S. |
in $ millions | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Net actuarial (gain) loss | (20) | (8) | (1) | (17) | 126 | (292) | (10) | 3 | (32)
Prior service cost (credit) | – | – | 2 | – | (1) | (2) | – | – | –
Amortization or curtailment recognition of prior service (cost) credit | – | – | (4) | 12 | 11 | 11 | – | – | –
Amortization or settlement recognition of net (loss) gain | (2) | (3) | (2) | (5) | (4) | (13) | 2 | 3 | –
Foreign currency exchange effects | – | – | – | (4) | (2) | (27) | – | – | –
Amount recognized in other comprehensive (income) loss (i) | (22) | (11) | (5) | (14) | 130 | (323) | (8) | 6 | (32)
Amount recognized in net periodic pension benefit cost (income) and other comprehensive (income) loss | (15) | (3) | (9) | 3 | 150 | (295) | (2) | 9 | (26)

(i) Includes an amount recognized in Other comprehensive (income) loss of $nil million, $1 million and $(2) million related to non-U.S. OPEB plans for the years ended December 31, 2024, 2023, and 2022, respectively.
The weighted average assumptions used to determine net periodic benefit cost (income) for the years ended December 31 were:

| Pension Plans | OPEB Plans
| U.S. | Non-U.S. |
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Discount rate | 4.95 | % | 5.20 | % | 2.70 | % | 3.49 | % | 4.13 | % | 1.54 | % | 4.86 | % | 5.08 | % | 2.59 | %
Rate of compensation increase | N/A | N/A | 3.50 | % | 3.22 | % | 3.22 | % | 2.74 | % | 2.75 | % | 2.80 | % | 2.22 | %
Expected long‐term rate of return on plan assets | 5.50 | % | 5.50 | % | 5.50 | % | 3.62 | % | 4.04 | % | 2.54 | % | N/A | N/A | N/A
Interest crediting rates | N/A | N/A | N/A | 1.60 | % | 1.50 | % | 2.25 | % | N/A | N/A | N/A

The weighted average assumptions used to determine the benefit obligation at December 31 were:

| Pension Plans |  | OPEB Plans |
| U.S. |  | Non-U.S. |  |  |
| 2024 | 2023 |  | 2024 | 2023 |  | 2024 | 2023 |
Discount rate | 5.55 | % | 4.95 | % |  | 3.41 | % | 3.49 | % |  | 5.34 | % | 4.86 | % |
Rate of compensation increase | N/A | N/A |  | 2.88 | % | 3.22 | % |  | 2.33 | % | 2.75 | % |

The long-term return expectation is developed based on a diversified investment strategy that takes into account historical experience, as well as the impact of portfolio diversification, active portfolio management, and the Company’s view of current and future economic and financial market conditions. In determining the expected rate of return for the plan assets, the Company performs an analysis of investment community forecasts and current market conditions to develop expected returns for each of the asset classes used by the plans, which are weighted to reflect the asset allocation of each plan. As market conditions and other factors change, the Company may adjust targets accordingly, and asset allocations may vary from the target allocations.
The assets of the Company’s pension and other postretirement plans are managed externally for the benefit of the plan members. Consideration is given to the long-term nature of the benefit obligations and the investment strategy is set at plan level, typically to maintain a diversified portfolio of assets with the objective of meeting future obligations and long-term cash requirements as they fall due. Assets are primarily invested in diversified funds that hold equity and debt securities to maintain security while maximizing returns within each plan’s investment policy. The investment policy for each plan specifies the type of investment vehicle, asset allocation guidelines as well as investment monitoring and performance requirements. For the main funded plans, the target allocations to equity/debt are as follows:
(i) Ireland: Equities 10-20% / Debt 55-65%.
(ii) U.S.: Equities 10-30% / Debt 65-85%.
(iii) Switzerland: Equities 25-35% / Debt 25-55%.
(iv) Other asset classes have a range of smaller % targets.
CRH Form 10-K 93

The target allocation ranges and fair values by asset class at December 31 were:

| Pension Plans
| Target allocation ranges
| U.S. Plans | Non-U.S. Plans
| 2024 (%)
Cash and cash equivalents | – | 0-5
Equity instruments (i) | 10-30 | 15-25
Debt instruments (ii) | 65-85 | 25-40
Real estate | – | 5-10
Derivatives | – | –
Investment funds | 0-15 | 0-5
Assets held by insurance company | – | 0-5
Other | – | –

(i) For U.S. pension plans, equity instruments with a total allocation range of 10-30% are made up of 10-30% in developed markets’ diversified equity instruments and 10-30% in emerging markets’ diversified equity instruments. For non-U.S. pension plans, equity instruments with a total allocation range of 15-25% are made up of 16-24% in developed markets’ diversified equity instruments and 1-2% in emerging markets’ diversified equity instruments.
(ii) For U.S. pension plans, debt instruments with a total allocation range of 65-85% are made up of 65-85% in non-government debt instruments and 65-85% in government fixed interest instruments. For non-U.S. pension plans, debt instruments with a total allocation range of 25-40% are made up of 24-35% in non-government debt instruments, 32-44% in government fixed interest instruments, 23-31% in government inflation-protected bonds, 9-16% in asset-backed instruments, 9-16% in inflation-protected bonds and 9-16% in structured debt.
The Company’s asset allocations by asset category at December 31 were:

| Pension Plans
| Fair Values
| 2024
| U.S. Plans | Non-U.S. Plans
in $ millions | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total
Cash and cash equivalents | 3 | – | – | 3 | 32 | 22 | – | 54
Equity instruments (i) | – | 87 | – | 87 | 499 | 59 | – | 558
Debt instruments (ii) | – | 326 | – | 326 | 1,226 | 211 | – | 1,437
Real estate | – | – | – | – | 111 | 81 | 8 | 200
Derivatives | – | – | – | – | 8 | (23) | – | (15)
Investment funds | 16 | – | – | 16 | 87 | 21 | – | 108
Assets held by insurance company | – | – | – | – | – | 2 | 105 | 107
Other | – | – | 2 | 2 | 3 | 3 | 8 | 14
Total | 19 | 413 | 2 | 434 | 1,966 | 376 | 121 | 2,463

(i) For U.S. pension plans, equity instruments of $87 million are made up of $78 million in developed markets’ diversified equity instruments and $9 million in emerging markets’ diversified equity instruments. For non-U.S. pension plans, equity instruments of $558 million are made up of $521 million in developed markets’ diversified equity instruments and $37 million in emerging markets’ diversified equity instruments.
(ii) For U.S. pension plans, debt instruments of $326 million are made up of $226 million in non-government debt instruments and $100 million in government fixed interest instruments. For non-U.S. pension plans, debt instruments of $1,437 million are made up of $245 million in non-government debt instruments, $721 million in government fixed interest instruments, $434 million in government inflation-protected bonds and $37 million in asset-backed instruments.
There were no other postretirement plan assets at December 31, 2024.
CRH Form 10-K 94

| Pension Plans
| Fair Values
| 2023
| U.S. Plans | Non-U.S. Plans
in $ millions | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total
Cash and cash equivalents | 3 | – | – | 3 | 50 | 15 | – | 65
Equity instruments (i) | – | 90 | – | 90 | 462 | 56 | – | 518
Debt instruments (ii) | – | 341 | – | 341 | 1,310 | 179 | – | 1,489
Real estate | – | – | – | – | 97 | 82 | 14 | 193
Derivatives | – | – | – | – | 12 | 2 | – | 14
Investment funds | 11 | – | – | 11 | 85 | 13 | – | 98
Assets held by insurance company | – | – | – | – | – | 2 | 117 | 119
Other | – | – | 4 | 4 | 1 | 19 | 8 | 28
Total | 14 | 431 | 4 | 449 | 2,017 | 368 | 139 | 2,524

(i) For U.S. pension plans, equity instruments of $90 million are made up of $79 million in developed markets’ diversified equity instruments and $11 million in emerging markets’ diversified equity instruments. For non-U.S. pension plans, equity instruments of $518 million are made up of $486 million in developed markets’ diversified equity instruments and $32 million in emerging markets’ diversified equity instruments.
(ii) For U.S. pension plans, debt instruments of $341 million are made up of $233 million in non-government debt instruments and $108 million in government fixed interest instruments. For non-U.S. pension plans, debt instruments of $1,489 million are made up of $251 million in non-government debt instruments, $400 million in government fixed interest instruments, $763 million in government inflation-protected bonds, $34 million in asset-backed instruments and $41 million in inflation-protected bonds.
There were no other postretirement plan assets at December 31, 2023.
The Level 3 reconciliation for pension plans by asset class for the years ended December 31, 2024 and 2023 were:

| U.S. Plans
in $ millions | Beginning balance on 1/1/2024 | Actual return on plan assets, relating to assets still held at reporting date | Purchases, sales and settlements | Transfer out of Level 3 | Change due to exchange rate changes | Ending balance on 12/31/2024
Asset Class |  |  |  |  |  |
Other | 4 | – | – | (2) | – | 2
Total | 4 | – | – | (2) | – | 2

| Non-U.S. Plans
in $ millions | Beginning balance on 1/1/2024 | Actual return on plan assets, relating to assets still held at reporting date | Purchases, sales and settlements | Transfer out of Level 3 | Change due to exchange rate changes | Ending balance on 12/31/2024
Asset Class |  |  |  |  |  |
Real estate | 14 | – | (6) | – | – | 8
Assets held by insurance company | 117 | 6 | (9) | – | (9) | 105
Other | 8 | – | – | – | – | 8
Total | 139 | 6 | (15) | – | (9) | 121

| U.S. Plans
in $ millions | Beginning balance on 1/1/2023 | Actual return on plan assets, relating to assets still held at reporting date |  | Purchases, sales and settlements |  | Transfer (out of) Level 3 |  | Ending balance on 12/31/2023
Asset Class |  |  |  |  |  |  |  |
Investment funds | 11 | – |  | – |  | (11) |  | –
Other | 8 | 1 |  | (1) |  | (4) |  | 4
Total | 19 | 1 |  | (1) |  | (15) |  | 4

CRH Form 10-K 95

| Non-U.S. Plans
in $ millions | Beginning balance on 1/1/2023 | Actual return on plan assets, relating to assets still held at reporting date |  | Purchases, sales and settlements |  | Change due to exchange rate changes | Ending balance on 12/31/2023
Asset Class |  |  |  |  |  |  |
Real estate | 13 | – |  | – |  | 1 | 14
Assets held by insurance company | 113 | 11 |  | (10) |  | 3 | 117
Other | 6 | 2 |  | – |  | – | 8
Total | 132 | 13 |  | (10) |  | 4 | 139

The following is a description of the methods and assumptions used to estimate the fair value of the pension and other postretirement plans’ assets:
Cash and cash equivalents: Cash and all highly liquid securities with original maturities of three months or less are classified as Cash and cash equivalents, primarily consisting of cash deposits in interest bearing accounts, time deposits and money market funds. These assets are classified as Level 1.
Equity instruments: Individual securities that are valued at the closing price or last trade reported on the major market on which they are traded are classed as Level 1. Commingled funds that are publicly traded are based upon market quotes and are classed as Level 1. The fair value of non-publicly traded funds are determined using the Net Asset Value (NAV) provided by the administrator and are classified as Level 2.
Debt instruments: The fair value is determined using market prices (Level 1) or prices derived from observable inputs (Level 2). Level 2 investments may also include commingled funds that have a readily determinable fair value based on observable prices of the underlying securities.
Real estate: Investments in real estate funds that are publicly traded are based upon market quotes and are classed as Level 1. Direct investments in real estate are classed as Level 2 and determined using the NAV provided by the administrator.
Assets held by insurance company: The fair value is based on negotiated value and the underlying investments held in separate account portfolios, as well as the consideration of the creditworthiness of the issuer. The underlying investments are primarily government, asset-backed and fixed income securities. Assets held by insurance company are generally classified as Level 2 or Level 3 depending on the structure of the contract/market pricing information.
The assumed healthcare cost trend rates at December 31 were:

| 2024 | 2023 | 2022
Healthcare cost trend rate assumed for next year | 6.55 | % | 6.85 | % | 1.76 | %
Rate to which the cost trend rate gradually declines | 3.80 | % | 3.70 | % | 3.70 | %
Year the rate reaches the ultimate rate | 2090 | 2090 | 2090

The following table presents the expected future benefit payments to be made over the next 10 years:

| Pension plans | OPEB
in $ millions | U.S. | Non-U.S. |
2025 | 37 | 117 | 6
2026 | 37 | 115 | 6
2027 | 37 | 116 | 6
2028 | 37 | 114 | 6
2029 | 36 | 115 | 6
2030-2034 | 175 | 593 | 32

The Company expects that it will contribute $2 million to the U.S. pension plans, $36 million to the non-U.S. pension plans and $6 million to the OPEB plans, including minimum funding payments, in 2025.
CRH Form 10-K 96

22. 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 Consolidated Balance Sheets before intragroup eliminations with other CRH companies at December 31 were:

in $ millions | 2024 | 2023
Assets |  |
Current assets: |  |
Cash and cash equivalents | 21 | 19
Accounts receivable, net | 38 | 31
Inventories | 96 | 99
Other current assets | 58 | 51
Total current assets | 213 | 200
Property, plant and equipment, net | 846 | 923
Goodwill | 190 | 200
Intangible assets, net | 1 | –
Operating lease right-of-use assets, net | 5 | 5
Other noncurrent assets | 9 | 11
Total assets | 1,264 | 1,339
Liabilities |  |
Current liabilities: |  |
Accounts payable | 106 | 92
Accrued expenses | 44 | 36
Current portion of long-term debt | 33 | 98
Operating lease liabilities | 1 | 1
Other current liabilities | 25 | 25
Total current liabilities | 209 | 252
Long-term debt | 345 | 297
Deferred income tax liabilities | 94 | 106
Noncurrent operating lease liabilities | 4 | 5
Other noncurrent liabilities | 21 | 17
Total liabilities | 673 | 677

The operating results of the consolidated VIE, reported within the Consolidated Statements of Income and Consolidated Statements of Cash Flows before intragroup eliminations with other CRH companies for the years ended December 31 were:

in $ millions | 2024 | 2023 | 2022
Total revenues | 359 | 446 | 544
Total cost of revenues | (339) | (416) | (479)
Gross profit | 20 | 30 | 65
Net loss | (40) | (325) | (24)
Net cash provided by operating activities | 10 | 24 | 12

CRH Form 10-K 97

23. Redeemable noncontrolling interests
The Redeemable noncontrolling interests primarily comprise of the noncontrolling interests in two of the Company’s North American subsidiaries, that are currently redeemable. The Company has the ability to exercise the call option for the noncontrolling interests on or after December 31, 2031. 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 year ended December 31, 2024, the Company recognized an addition to redeemable noncontrolling interest, as reflected in Note 4, and 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 rollforward of Redeemable noncontrolling interests at December 31 was:

in $ millions |
Balance at December 31, 2021 | 336
Net income attributable to redeemable noncontrolling interests | 27
Adjustment to the redemption value | (40)
Dividends paid | (15)
Balance at December 31, 2022 | 308
Net income attributable to redeemable noncontrolling interests | 28
Adjustment to the redemption value | 24
Dividends paid | (27)
Balance at December 31, 2023 | 333
Net income attributable to redeemable noncontrolling interests | 28
Acquisitions | 12
Adjustment to the redemption value | 34
Dividends paid | (23)
Balance at December 31, 2024 | 384

24. Commitments and contingencies
Guarantees
The Company has given letters of guarantee to secure obligations of subsidiary undertakings as follows: $13.1 billion and $11.3 billion in respect of loans and borrowings, bank advances and derivative obligations at December 31, 2024, and 2023, respectively, and $0.4 billion and $0.4 billion at December 31, 2024, and 2023, respectively, in respect of letters of credit due within one year.
Contractual commitments
Contractual commitments at December 31, 2024, were:

in $ millions | Unconditional purchase obligations
2025 | 1,750
Thereafter | 799
Total contractual commitments | 2,549

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.
25. Subsequent events
The Company has evaluated subsequent events occurring through to the date the 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 Consolidated Financial Statements except as noted below.
Issuance of Senior Notes
In January 2025, wholly-owned subsidiaries of the Company completed the issuance and sale of $1.25 billion 5.125% Guaranteed Notes due 2030, $1.25 billion 5.500% Guaranteed Notes due 2035, and $0.5 billion 5.875% Guaranteed Notes due 2055. The first three tranches of debt are fully and unconditionally guaranteed by the Company as to the principal, interest, premium, if any, and any other amounts payable in respect of them.
CRH Form 10-K 98

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Management’s Report on Internal Control over Financial Reporting
In accordance with the requirements of Rule 13a-15 of the Securities Exchange Act 1934, the following report is provided by management in respect of the Company’s internal control over financial reporting. As defined by the SEC, internal control over financial reporting is a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers, or persons performing similar functions, and effected by the Board, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Consolidated Financial Statements for external purposes in accordance with United States generally accepted accounting principles and includes those policies and procedures that:
•pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
•provide reasonable assurance that transactions are recorded as necessary to permit preparation of the Consolidated Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and
•provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the Consolidated Financial Statements.
Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control system was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of our Company’s published Consolidated Financial Statements for external purposes under generally accepted accounting principles. In connection with the preparation of the Company’s annual Consolidated Financial Statements, management has undertaken an assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in the Internal Control Integrated Framework (2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission.
As permitted by the SEC, the Company has elected following a qualitative and quantitative review to exclude an assessment of the internal controls of Adbri, one of the substantial acquisitions made during the year. The acquisition of Adbri represented 4.7% and 4.1% of net and total assets, respectively, and 1.7% of revenues. Its profit increased Company profit by less than 1.0% for the financial year ended December 31, 2024.
Management’s assessment included an evaluation of the design of the Company’s internal control over financial reporting and testing of the operational effectiveness of those controls. Based on this assessment, management has concluded and hereby reports that as of December 31, 2024, the Company’s internal control over financial reporting is effective. Our auditor, Deloitte Ireland LLP (PCAOB ID No. 1193), a registered public accounting firm, who have audited the Consolidated Financial Statements for the year ended December 31, 2024, have audited the effectiveness of the Company’s internal controls over financial reporting. Their report, on which an unqualified opinion is expressed thereon, is included below.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting during the fiscal quarter ended December 31, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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 December 31, 2024. Based on that evaluation, the Chief Executive Officer and the Interim 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 Interim 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.
Report of Independent Registered Public Accounting Firm
To the shareholders and the Board of Directors of CRH public limited company (CRH plc).
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of CRH plc and subsidiaries (the Company) as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2024, of the Company and our report dated February 26, 2025, expressed an unqualified opinion on those financial statements.
CRH Form 10-K 99

As described in Management’s Report on Internal Control over Financial Reporting, management excluded from its assessment the internal control over financial reporting at Adbri Limited, which was acquired on July 1, 2024, and whose financial statements constitute 4.7% and 4.1% of net and total assets, respectively, 1.7% of revenues, and its profit increased Company profit by less than 1.0% in the consolidated financial statement amounts as of and for the year ended December 31, 2024. Accordingly, our audit did not include the internal control over financial reporting at Adbri Limited.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying management’s report on internal control over financial reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ Deloitte Ireland LLP
Dublin, Ireland
February 26, 2025
Item 9B. Other Information
During the three months ended December 31, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
CRH Form 10-K 100

PART III
Item 10. Directors, Executive Officers and Corporate Governance
The information required by this Item 10 will be included in the Proxy Statement and is incorporated herein by reference.
Item 11. Executive Compensation
The information required by this Item 11 will be included in the Proxy Statement and is incorporated herein by reference.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The information required by this Item 12 will be included in the Proxy Statement and is incorporated herein by reference.
Item 13. Certain Relationships and Related Transactions, and Director Independence
The information required by this Item 13 will be included in the Proxy Statement and is incorporated herein by reference.
Item 14. Principal Accountant Fees and Services
The information required by this Item 14 will be included in the Proxy Statement and is incorporated herein by reference.
CRH Form 10-K 101

PART IV
Item 15. Exhibits and Financial Statement Schedules
1. Consolidated Financial Statements
The consolidated financial statements required to be filed in this Form 10-K are included in Part II, Item 8 hereof.
2. Exhibits

3.1 | Memorandum and Articles of Association (incorporated by reference to Exhibit 99.1 to the current report on Form 6-K furnished September 25, 2023).
4.1 | Indenture, dated as of March 20, 2002, among CRH America, Inc., CRH plc and The Bank of New York Mellon, as successor trustee to JPMorgan Chase Bank, N.A. (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form F-3 filed July 19, 2013).
4.2 | Indenture, dated as of May 21, 2024, between CRH plc, CRH America Finance, Inc. and The Bank of New York Mellon (incorporated by reference to Exhibit 4.1 to the current report on Form 8-K filed May 21, 2024).
4.3 | Indenture, dated as of May 21, 2024, between CRH plc, CRH SMW Finance DAC and The Bank of New York Mellon (incorporated by reference to Exhibit 4.2 to the current report on Form 8-K filed May 21, 2024).
4.4 | Officer’s Certificate of CRH America, Inc. pursuant to Sections 102 and 301 of the Indenture, dated September 29, 2003, setting forth the terms of its 6.400% Notes due 2033 (incorporated by reference to Exhibit 2 to the Registration Statement on Form 8-A filed December 28, 2023).
4.5 | Officer’s Certificate of CRH America Finance, Inc. and CRH plc pursuant to Sections 102 and 301 of the Indenture, dated May 2, 2024, setting forth the terms of the 5.400% Guaranteed Notes due May 21, 2034 (incorporated by reference to Exhibit 4.3 to the current report on Form 8-K filed May 21, 2024).
4.6 | Officer’s Certificate of CRH SMW Finance DAC and CRH plc pursuant to Sections 102 and 301 of the Indenture, dated May 21, 2024, setting forth the terms of the 5.200% Guaranteed Notes due May 21, 2029 (incorporated by reference to Exhibit 4.4 to the current report on Form 8-K filed May 21, 2024).
4.7 | Global Security for the 6.400% Notes due 2033 (incorporated by reference to Exhibit 3 to the Registration Statement on Form 8-A filed December 28, 2023).
4.8 | Form of 5.400% Guaranteed Notes due May 21, 2034 (incorporated by reference to Exhibit 4.3 to the current report on Form 8-K filed May 21, 2024).
4.9 | Form of 5.200% Guaranteed Notes due May 21, 2029 (incorporated by reference to Exhibit 4.4 to the current report on Form 8-K filed May 21, 2024).
4.10 | Description of securities registered under Section 12 of the Exchange Act.
10.1 | Multicurrency Facility Agreement, originally dated June 11, 2014, between CRH plc and National Westminster Bank plc (as Agent), as amended and restated by amendment and restatement agreements dated April 7, 2017, April 10, 2019, April 1, 2021 and May 11, 2023 (incorporated by reference to Exhibit 10.1 to the annual report on Form 10-K filed February 29, 2024).
10.2 | Amendment and Restatement Agreement, dated May 11, 2023, between CRH plc, Bank of America Europe Designated Activity Company (as Retiring Agent), National Westminster Bank PLC (as Successor Agent) and others (incorporated by reference to Exhibit 10.2 to the annual report on Form 10-K filed February 29, 2024).
10.3* | Rules of the CRH 2021 Savings-Related Share Option Scheme – (Republic of Ireland) (incorporated by reference to Exhibit 4.2 to the registration statement on Form S-8 filed August 22, 2023).
10.4* | Rules of the CRH 2021 Savings-Related Share Option Scheme – (United Kingdom) (incorporated by reference to Exhibit 4.3 to the registration statement on Form S-8 filed August 22, 2023).
10.5* | Rules of the CRH plc 2014 Performance Share Plan (incorporated by reference to Exhibit 4.4 to the registration statement on Form S-8 filed August 22, 2023).
10.6* | Rules of the CRH plc 2014 Deferred Share Bonus Plan (incorporated by reference to Exhibit 10.6 to the quarterly report on Form 10-Q filed August 8, 2024).
10.7* | Rules of the CRH plc 2013 Restricted Share Plan (incorporated by reference to Exhibit 10.7 to the annual report on Form 10-K filed February 29, 2024).
10.8* | Rules of the CRH 2010 Savings-Related Share Option Scheme – (Republic of Ireland) (incorporated by reference to Exhibit 4.7 to the registration statement on Form S-8 filed August 22, 2023).
10.9* | Rules of the CRH 2010 Savings-Related Share Option Scheme – (United Kingdom) (incorporated by reference to Exhibit 4.8 to the registration statement on Form S-8 filed August 22, 2023).
10.10* | Trust Deed and Rules, dated September 6, 1990 of the Roadstone Limited Share Participation Scheme (incorporated by reference to Exhibit 4.9 to the registration statement on Form S-8 filed August 22, 2023).
10.11* | Deed of Amendment, dated November 17, 2009, to the Trust Deed and Rules of the Roadstone Limited Share Participation Scheme (incorporated by reference to Exhibit 4.10 to the registration statement on Form S-8 filed August 22, 2023).
10.12* | Deed of Amendment, dated March 7, 2016, to the Trust Deed and Rules of the Roadstone Limited Share Participation Scheme (incorporated by reference to Exhibit 4.11 to the registration statement on Form S-8 filed August 22, 2023).
10.13* | Trust Deed and Rules, dated December 18, 2019 of the CRH Finance DAC Share Participation Scheme (incorporated by reference to Exhibit 4.12 to the registration statement on Form S-8 filed August 22, 2023).
10.14* | Trust Deed and Rules, dated April 8, 1997 of the CRH Group Services Limited Share Participation Scheme (incorporated by reference to Exhibit 4.13 to the registration statement on Form S-8 filed August 22, 2023).

CRH Form 10-K 102

10.15* | Supplemental Deed, dated June 23, 1997, to the CRH Group Services Limited Share Participation Scheme (incorporated by reference to Exhibit 4.14 to the registration statement on Form S-8 filed August 22, 2023).
10.16* | Agreement, dated June 2, 1998, regarding amendments to the CRH Group Services Limited Share Participation Scheme (incorporated by reference to Exhibit 4.15 to the registration statement on Form S-8 filed August 22, 2023).
10.17* | Trust Deed and Rules, dated October 12, 1989, of the Irish Cement Limited Share Participation Scheme (incorporated by reference to Exhibit 4.16 to the registration statement on Form S-8 filed August 22, 2023).
10.18* | Trust Deed and Rules, dated September 17, 1990 of the Irish Shared Administration Centre Limited Share Participation Scheme (incorporated by reference to Exhibit 4.17 to the registration statement on Form S-8 filed August 22, 2023).
10.19* | Agreement, dated November 27, 1996, regarding amendments to the Irish Shared Administration Centre Limited Share Participation Scheme (incorporated by reference to Exhibit 4.18 to the registration statement on Form S-8 filed August 22, 2023).
10.20* | Deed of Amendment, dated November 18, 2009, to the Irish Shared Administration Centre Limited Share Participation Scheme (incorporated by reference to Exhibit 4.19 to the registration statement on Form S-8 filed August 22, 2023).
10.21* | Deed of Amendment, dated January 7, 2019, to the Irish Shared Administration Centre Limited Share Participation Scheme (incorporated by reference to Exhibit 4.20 to the registration statement on Form S-8 filed August 22, 2023).
10.22* | Trust Deed and Rules, dated October 26, 2018 of the Opterra Wössingen Share Participation Scheme (incorporated by reference to Exhibit 4.21 to the registration statement on Form S-8 filed August 22, 2023).
10.23* | Oldcastle Materials Inc., Retirement Savings Plan, as amended on December 21, 2009 (incorporated by reference to Exhibit 99.1 to the registration statement on Form S-8 filed April 2, 2010).
10.24* | Oldcastle Precast, Inc. Profit Sharing Retirement Plan and Trust, dated February 26, 1970, as amended on January 1, 2010 (incorporated by reference to Exhibit 99.2 to the registration statement on Form S-8 filed April 2, 2010).
10.25*^ | Group Chief Executive Officer Service Agreement by and between CRH Group Services Limited and Albert Manifold, dated December 6, 2023.
10.26*^ | Letter Agreement by and between CRH plc and Albert Manifold, dated September 23, 2024 (incorporated by reference Exhibit 10.1 to the quarterly report on Form 10-Q filed November 7, 2024).
10.27*^ | Chief Financial Officer Service Agreement by and between CRH Group Services Limited and Denis James Mintern, dated December 6, 2023.
10.28*^ | Group Chief Executive Officer Service Agreement by and between CRH Group Management Limited and Denis James Mintern, dated December 20, 2024.
10.29*^ | Employment Agreement by and between CRH Nederland B.V. and Mr. P.J. Buckley, dated February 20, 2024.
10.30*^ | Employment Agreement by and between CRH Americas, Inc. and Nathan Creech, dated January 1, 2021.
10.31*^ | Employment Agreement by and between CRH Americas, Inc. and Randall Lake, dated January 1, 2021.
19.1 | Insider Trading Policy.
21.1 | Principal Subsidiary Undertakings.
22.1 | List of Guarantors and Subsidiary Issuers of Guaranteed Securities.
23.1 | Consent of Independent Registered Public Accounting Firm - Deloitte Ireland LLP.
24.1 | Power of Attorney (included on signature page).
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.
97.1 | Policy Relating to Recovery of Erroneously Awarded Compensation (incorporated by reference to Exhibit 97.1 to the annual report on Form 10-K filed February 29, 2024).
101 | Inline eXtensible Business Reporting Language (XBRL).
104 | Cover Page Interactive Data File (formatted in iXBRL in Exhibit 101).
* | Management compensation plan or arrangement.
** | Furnished herewith.
^ | Certain information in this document has been redacted pursuant to Item 601(a)(6) of Regulation S-K because the disclosure of such information would warrant a clearly unwarranted invasion of personal privacy.

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.
Item 16. Form 10–K Summary
We have chosen not to include an optional summary of the information required by this Annual Report on Form 10‐K.
CRH Form 10-K 103

Signatures
Pursuant to the requirements of Section 13 or 15(d) 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
By /s/ Alan Connolly
Alan Connolly
Interim Chief Financial Officer
February 26, 2025
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Alan Connolly and Jim Mintern, and each of them singly, as their true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for them and in their name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as they might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Signature | Title | Date
/s/ Richie Boucher R. Boucher | (Chairman of the Board) | February 26, 2025
/s/ Jim Mintern J. Mintern | (Chief Executive Officer and Director) | February 26, 2025
/s/ Alan Connolly A. Connolly | (Interim Chief Financial Officer) | February 26, 2025
/s/ Lamar McKay L. McKay | (Non-management Director) | February 26, 2025
/s/ Caroline Dowling C. Dowling | (Non-management Director) | February 26, 2025
/s/ Johan Karlström J. Karlström | (Non-management Director) | February 26, 2025
/s/ Shaun Kelly S. Kelly | (Non-management Director) | February 26, 2025
/s/ Gillian L. Platt G.L. Platt | (Non-management Director) | February 26, 2025
/s/ Mary K. Rhinehart M.K. Rhinehart | (Non-management Director) | February 26, 2025
/s/ Badar Khan B. Khan | (Non-management Director) | February 26, 2025
/s/ Richard Fearon R. Fearon | (Non-management Director) | February 26, 2025
/s/ Siobhán Talbot S. Talbot | (Non-management Director) | February 26, 2025
/s/ Christina Verchere C. Verchere | (Non-management Director) | February 26, 2025

CRH Form 10-K 104