CRH (NYSE:CRH) outlined what management called a record 2025 and provided early guidance for 2026, emphasizing continued margin expansion, a busy year of acquisitions, and ongoing investment tied to infrastructure-related demand drivers. Chief Executive Officer Jim Mintern, Chief Financial Officer Nancy Buese, and Chief Operating Officer Randy Lake highlighted the company’s “connected portfolio” across aggregates, cementitious materials, roads, and water as central to both organic execution and deal integration.
Record 2025 results and cash generation
Management said 2025 delivered another year of double-digit growth in adjusted EBITDA and the company’s 12th consecutive year of margin expansion. For the full year, CRH reported revenue of $37.4 billion, up 5% from the prior year, which management attributed to favorable end-market demand, disciplined commercial execution, and acquisition contributions.
CRH also pointed to strong cash performance, generating $5.0 billion of adjusted free cash flow, up 18% year-over-year. Buese said this represented 130% conversion of net income and aligned with the company’s longer-term cash conversion targets.
Capital allocation: acquisitions, growth CapEx, and shareholder returns
Executives repeatedly framed capital allocation as a core competency. In 2025, CRH invested approximately $4.1 billion in 38 acquisitions across its four growth platforms. Buese noted the integration of Eco Material, described as the company’s largest acquisition in 2025, was “progressing well,” with early commercial, operational, and logistical synergy wins.
On growth CapEx, CRH invested $1.7 billion in projects intended to expand capacity in high-growth markets, improve efficiency, and optimize energy usage. Management provided examples including:
- A roughly $75 million investment at the Roseville quarry in Ohio for a new quarry and processing plant to access over 100 million tons of aggregate reserves
- A new grinding and blending facility in Marissa, Illinois to increase supplemental cementitious materials capacity
- Completion of a $100 million precast pipe and box culvert plant near Austin, Texas to support water infrastructure demand
CRH also highlighted shareholder returns. The board declared a quarterly dividend of $0.39 per share, a 5% increase from the prior year. In 2025, CRH returned $1.0 billion via dividends and repurchased $1.2 billion of shares. The company announced it is commencing a further quarterly buyback tranche of up to $300 million, to be completed no later than April 28.
Segment performance: pricing, margins, and end-market trends
Lake said Americas Materials Solutions produced strong results against record prior-year comparatives, with full-year revenue up 5% and adjusted EBITDA up 7%, driven by pricing momentum, efficiencies, and acquisitions. In aggregates, pricing increased 4% (6% on a mix-adjusted basis). Cement pricing increased 1%, with management citing regional variation. The roads business posted 4% revenue growth despite challenging weather, helped by pricing and acquisitions. The segment’s margin rose 30 basis points to 23.5%.
Americas Building Solutions delivered profit growth and margin expansion, with revenue up 1% and adjusted EBITDA up 6%, alongside 100 basis points of margin expansion. Management said performance was supported by data center demand and investment in water, energy, and communications infrastructure, while outdoor living demand held up in repair-and-remodel despite subdued new residential construction and unfavorable weather in some markets.
International Solutions reported revenue up 8% and adjusted EBITDA up 23%, with 200 basis points of margin expansion. Lake said Western Europe’s infrastructure and reindustrialization demand offset subdued residential activity, while Central and Eastern Europe saw positive demand and early signs of recovery in new build residential. In Australia, management cited strong underlying demand, operational improvements, and synergy delivery from recent acquisitions.
2026 guidance and assumptions
Looking ahead, CRH guided to 2026 adjusted EBITDA of $8.1 billion to $8.5 billion, assuming normal seasonal weather patterns and no major political or macroeconomic dislocations. The company also guided to net income of $3.9 billion to $4.1 billion and diluted EPS of $5.60 to $6.05.
During Q&A, executives added detail on assumptions by market and product line. Lake said CRH’s backlog provides a six-to-nine-month view and that bidding activity and backlogs were ahead of the prior year. In the U.S., management expects aggregates volumes up “low double digits” with mid-single-digit pricing, and cement volumes up low single digits with low-single-digit pricing. Internationally, management expects cement volumes up low single digits and pricing up low to mid single digits, while noting ongoing inflation in labor, raw materials, subcontracting, and maintenance.
Buese said CRH still expects about $200 million of net incremental EBITDA in 2026 from acquisitions completed in 2025, unchanged from prior guidance. She added that contributions from recently closed acquisitions are expected to be offset by a recently announced divestment of the company’s construction and accessories business, which management expects to close later in 2026.
Infrastructure funding, megatrends, and the “connected portfolio” strategy
Management repeatedly cited three megatrends—transportation, water, and reindustrialization—as key demand drivers. Mintern said transportation remains a predictable and recurring revenue stream, supported by federal and state funding. Executives noted that roughly half of highway funds under the IIJA had been deployed to date and that 2026 state DOT budgets were up 6% year-over-year, while also discussing prospects for a multi-year highway bill.
On water, CRH emphasized aging U.S. water infrastructure and the company’s ability to supply both materials and water-related products through its network. For reindustrialization, management pointed to data center demand, stating the company is involved in over 100 data center projects and highlighted proximity of CRH locations to many U.S. data centers.
Executives argued that CRH’s scale and connected footprint support both M&A sourcing and the ability to capture more value per project by supplying multiple components—from materials through paving and related infrastructure—across the chain.
About CRH (NYSE:CRH)
CRH plc, originally formed as Cement Roadstone Holdings in 1970 and headquartered in Dublin, Ireland, is a global building materials group. The company has grown from its Irish roots into one of the largest international suppliers of construction materials, expanding primarily through acquisitions and regional business development. CRH operates an integrated network of manufacturing and distribution businesses that serve both public and private construction markets.
CRH’s core activities include the production and distribution of aggregates, cement, asphalt, ready-mixed concrete and other bulk materials, together with a broad range of value-added building products such as precast concrete, masonry, bricks, roofing products, pipe and drainage systems, and construction accessories.
