CRH Plc

Strong Q1 performance; guidance reaffirmed - Q1 revenues $7.4bn (+9% YoY); adjusted EBITDA $586m (+18%) with 70 bps margin expansion. - Management emphasizes strong early-season momentum: good project activity, disciplined commercial execution, and acquisitions contribution. - 2026 outlook reaffirmed (assuming normal weather and no major geopolitics/macro disruptions): adjusted EBITDA $8.1–$8.5bn, net income $3.9–$4.1bn, EPS $5.60–$6.05.

Demand backdrop positive (with pricing/mix momentum), supported by infrastructure funding - Road/transport and reindustrialization activity is highlighted as performing well; pricing momentum and winter maintenance/winter-fill readiness are supporting margin expansion. - IIJA/transport funding remains a key tailwind: management notes ~50% of highway funds still yet to be deployed and expects 2026 to be a record year for transportation infrastructure investment; state DOT budgets up ~6% YoY. - International: activity recovering after weather disruptions (notably Western/Central & Eastern Europe), and Australia continues to perform well with operational improvements and acquisition synergies.

Volume/price expectations (key investor assumptions) - Aggregates: management expects low single-digit volume improvement and mid-single-digit pricing for the full year; in Q1, aggregate volumes +14% and mix-adjusted aggregate pricing +5% (pricing mix effects noted). - Cement: in Q1 cement volumes +10% with pricing down ~1% due to regional variance; full-year expectation again framed as low single-digit volume and low single-digit pricing improvements (with ongoing normalization vs strong prior pricing years). - Energy/cost inflation: energy is ~5% of annual revenues; management says hedging provides ~9-month rolling visibility, while other inputs (labor, raw materials, maintenance, subcontractors) suggest mid-single-digit 2026 inflation, reinforcing the importance of price/margin discipline.