CRH : Irish Statutory Accounts

CRH PLC

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FINANCIAL YEAR ENDED DECEMBER 31, 2023

TABLE OF CONTENTS	PAGE
Forward Looking Statements	2
Directors' Report	3
Independent Auditors' Report	30
Consolidated Financial Statements	39
Consolidated Income Statement	39
Consolidated Statement of Comprehensive Income	40
Consolidated Balance Sheet	41
Consolidated Statement of Changes in Equity	42
Consolidated Statement of Cash Flows	43
Notes on the Consolidated Financial Statements	55
Parent Company Financial Statements and Notes	115
Non-Financial Report	120
Non-GAAP Reconciliation	143

CRH IFRS Annual Report 1

Forward Looking Statements

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", "aims", "may", "expects", "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 demand outlook, growth and macroeconomic trends in CRH's markets, including government funding initiatives and priorities, supply-side dynamics, demand drivers and the effect of weather patterns on the foregoing; plans and expectations regarding strategy, value creation, growth opportunities, innovation and timing for completion of acquisitions and divestments, as well as synergies from acquisitions and divestments; plans and expectations regarding shareholders returns, including the timing and amount of share buybacks and dividends; plans and expectation regarding CRH's corporate governance practices; plans and expectations regarding CRH's capital allocation, financial capacity, ability to meet upcoming liabilities, working capital, capital expenditures, upcoming debt maturities, and other liquidity requirements; plans and expectations regarding the expected benefits of CRH's transition to a U.S. primary listing; plans and expectations regarding regulatory developments, International Financial Reporting Standards (IFRS) and IFRIC interpretations and their expected impact on CRH; plans and expectations regarding human capital, sustainability and climate change, including CRH's decarbonization targets, sustainability-related reporting, sustainability initiatives, the delivery of sustainable solutions, products, investments and related partnerships; and the plans and expectations regarding the potential impact and evolving nature of risk 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.

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 market turbulence, 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 our geographic markets; increased competition and its impact on prices and market position; increases in energy, labor and/or other raw material 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 divestments; 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 include the risks and uncertainties described under "Principal Risks and Uncertainties' of this document.

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.

CRH IFRS Annual Report 2

Directors' Report

The Directors submit their report and the audited Consolidated Financial Statements and related Notes of CRH plc for the year ended December 31, 2023.

These Consolidated Financial Statements for the year ended December 31, 2023 are prepared in accordance with IFRS as adopted by the European Union (EU) and meet the reporting requirements pursuant to Irish Company Law. In addition to the Consolidated Financial Statements contained in this Annual Report, we also prepare an Annual Report on Form 10-K pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) and in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The Annual Report on Form 10-K (under U.S. GAAP) is a separate document, a copy of which may be obtained from the Company's website www.crh.com.

Principal Activities

General

CRH plc (together with its consolidated subsidiaries, the "Company", "CRH", the "Group", "we", "us" or "our") is a leading provider of building materials solutions that build, connect and improve our world. Since formation in 1970, CRH has evolved from being a supplier of base materials to providing end-to-endvalue-added solutions that solve complex construction challenges for our customers. CRH works closely with the customer across the entire project lifecycle from planning, design, manufacture, installation and maintenance through to end-of-life recycling, using our engineering and innovation expertise to provide superior materials, products and services.

The Company integrates essential materials (aggregates and cement), value-added building products as well as construction services, to provide our customers with complete end-to-end solutions. CRH's capabilities, innovation and technical expertise enable it to be a valuable partner for transportation and critical utility 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. Operating in 29 countries, the Company has market leadership positions in North America and Europe. The United States is expected to be a key driver of future growth for CRH due to continued economic expansion, a growing population and significant public investment in construction. Our European business, which benefits from strong economic and construction growth prospects across Central and Eastern Europe as well as recurring repair and remodel demand in Western Europe, is an important strategic part of the Company and CRH intends to continue to expand its operations across the region. In both geographies there is significant government support for infrastructure and increasing demand for integrated 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 two-thirds 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 2023, CRH transitioned its primary stock exchange listing from the London Stock Exchange (LSE) to the New York Stock Exchange (NYSE). CRH currently maintains a primary listing on the NYSE and a standard listing on the LSE for its ordinary shares, each listing represented by the ticker symbol "CRH". CRH believes that its NYSE primary listing will bring increased commercial, operational and acquisition opportunities for the Company, further accelerating its integrated solutions strategy and delivering even higher levels of profitability, cash and returns for its shareholders.

Customer Solutions

CRH's differentiated strategy integrates building materials, products and services by providing them to customers as complete solutions that solve key challenges across the built environment.

Essential Materials

Essential Materials, consisting of aggregates and cement, are the foundation of CRH's solutions 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, drives 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 with 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 utilities that enhance the daily lives of millions of people.

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.

CRH IFRS Annual Report 3

Business Segment Information

In the year ended December 31, 2023, CRH was organized through four segments across two divisions.

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 materials, products and services. Over several decades, CRH has established leadership positions across the United States and Canada. The Division employs approximately 46,400 people at 1,949 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.

The Americas Materials Solutions segment leverages our strong market knowledge, deep industry expertise and extensive array of essential materials to implement CRH's differentiated strategy, offering value-added,end-to-end 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,one-stop-shop experience, saving time and reducing logistical complexity for customers. Through this 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 value 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.

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. Solutions in this segment are highly specified, designed and engineered thereby adding value for the customer. This segment offers solutions serving complex critical utility infrastructure (such as water, energy, transportation and telecommunications projects) and outdoor living solutions for enhancing private and public spaces.

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 end-to-end solutions which are tailored to the specific requirements of individual customer projects helps to drive competitive advantage and deliver sustainable growth in this segment.

Europe Division

CRH's Europe Division comprises two segments: Europe Materials Solutions and Europe Building Solutions. In Eastern Europe, we see high growth potential through strong infrastructure activity underpinned by European Union funding mechanisms. In Western Europe, CRH's businesses operate in markets which are more stable and developed with resilient demand for repair and remodel activity. In both regions, CRH is experiencing increasing demand for its integrated end-to-end solutions offering. The Division employs approximately 32,100 people at 1,441 locations across 28 countries.

Europe Materials Solutions

Europe Materials Solutions provides building materials for the construction of public infrastructure and commercial and residential buildings across Europe. The primary materials produced in this segment include aggregates, cement, readymixed concrete, asphalt and concrete products.

The segment has extensively integrated its operations, enabling it to provide essential materials, value-added products and services and complete solutions to customers. CRH has established itself as a market leader through this integrated approach, particularly in European regions, where the Company's cement, readymixed concrete and aggregates operations have been integrated with its precast and concrete products businesses, enabling strong value creation through commercial excellence and performance improvement initiatives.

Europe Building Solutions

Europe Building Solutions combines materials, products and services to produce a wide range of architectural and infrastructural solutions for use in the building and renovation of critical utility infrastructure, commercial and residential buildings and outdoor living spaces. This business serves the growing demand across the construction value chain for innovative and value-added products and services.

This business integrates design, engineering, materials and products to enable the transition to a more sustainable and resilient built environment.

Materials and Products

The following materials and products are produced and supplied by CRH's 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 sand, gravel, and crushed stone. Typically, aggregates are used in road and rail infrastructure, building foundations and in the production of products including concrete and asphalt.

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.

CRH IFRS Annual Report 4

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.

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 need for virgin material demand, 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.

Building Products

CRH's Building & Infrastructure Solutions businesses manufacture concrete and polymer-based products such as underground vaults, drainage systems, utility enclosures and modular precast structures which are typically supplied to the water, energy, telecommunications and railroad markets. The businesses also provide a range of engineered steel and polymer-based anchoring, fixing and connecting solutions for a variety of new-build construction applications.

CRH's Outdoor Living Solutions businesses manufactures a variety of concrete masonry, hardscape and related products including pavers, blocks and curbs, retaining walls and slabs. The businesses also produces fencing and railing systems, composite decking, lawn and garden products and packaged concrete mixes. These products are supplied to residential, commercial & do-it-yourself (DIY) construction markets.

Key Trends and Opportunities

Key trends affecting the development of CRH's business 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 infrastructure, critical utilities and the onshoring of manufacturing activity;
• An evolving regulatory landscape driving increasing customer demand for innovative, end-to-end solutions to deliver a more resilient and sustainable built environment; and
• Supply-sidedynamics, such as labor constraints, driving increasing investment in automation, technology and digital solutions.

CRH IFRS Annual Report 5

Business Review

Results of Operations

Revenue is derived from a range of products and services across four segments. The Materials Solutions segments in Americas and Europe utilize 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 and Europe Building Solutions segments manufacture, supply and deliver high quality building products and solutions.

The table below summarizes CRH's Consolidated Income Statement for the periods indicated.

Consolidated Income Statement data	For the years ended December 31
in $ millions	2023	2022
Revenue	34,949	32,723
Cost of sales	(22,919)	(21,844)
Gross profit
12,030	10,879
Operating costs	(7,743)	(6,935)
Operating profit
4,287	3,944
Loss on divestitures	-	(99)
Profit before finance costs
4,287	3,845
Finance costs	(457)	(401)
Finance income	206	65
Other financial expense	(54)	(40)
Loss from equity method investments	(17)	-
Profit before tax from continuing operations
3,965	3,469
Income tax expense	(941)	(785)
Profit for the financial year from continuing operations
3,024	2,684
Profit after tax for the financial year from discontinued operations	-	1,190
Profit for the financial year
3,024	3,874
Basic earnings per Ordinary Share from continuing operations	$4.32	$3.50
Basic earnings per Ordinary Share from continuing operations -
pre-impairment1	$4.62	$3.50
Adjusted EBITDA2	6,500	5,692

Revenue

Revenue was $34.9 billion in 2023, 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 to the prior year.

In Americas Materials Solutions, revenue in Essential Materials and Road Solutions increased by 10% and 7% respectively. In Americas Building Solutions, revenue in Building & Infrastructure Solutions increased by 6% while revenue in Outdoor Living Solutions increased by 18%.

In Europe Materials Solutions, in Essential Materials, revenue finished 5% ahead of 2022 while Road Solutions revenue was 2% ahead. In Europe Building Solutions revenue in Building & Infrastructure Solutions decreased by 3% and revenue in Outdoor Living Solutions increased by 4%.

For additional discussion on segment revenues, see "Segments" section below.

Gross profit

Gross profit was $12.0 billion in 2023, an increase of $1.2 billion, or 11%, compared with 2022, reflecting revenue growth of 7%, with cost of sales increasing by 5%. The gross profit margin of 34.4% increased 120 basis points from 33.2% in the prior year, due to revenue growth exceeding increases in cost of sales. Cost of sales increases were primarily as a result of increased employment costs of 8%, due to acquisitions, wage inflation impacted by continued labor shortages and increased headcount. Repair and maintenance costs increased 9% due to the impact of cost inflation, and depreciation, depletion, amortization and impairment costs increased 8%. These were partially offset by energy costs decreasing 2% compared with 2022 primarily as a result of lower volumes levels.

Operating costs

Operating costs, which primarily comprise of haulage costs, employment costs, depreciation, depletion, amortization and impairment costs, and selling and administration expenses, were $7.7 billion in 2023, an increase of $808 million, or 12%, compared with 2022. The increase in operating costs was driven by employment cost increases of 14%, as a result of increased headcount, impacted by acquisitions, and wage inflation; partially offset by haulage cost decreases of 4% as a result of reduced volumes and fuel costs. Depreciation, depletion, amortization & impairment increased due to an impairment of $327 million. The impairment was in the Europe Materials Solutions segment where an impairment was recognized related to our business in the Philippines, which has been impacted by challenging market conditions.

• Basic earnings per Ordinary Share from continuing operations pre-impairment is a non-GAAP measure as defined on page 144.
  2 Adjusted EBITDA is a non-GAAP measure as defined on page 143.

CRH IFRS Annual Report 6

Loss on divestitures

Loss on divestitures was $nil in 2023, while the loss in 2022 was $99 million.

Finance costs

Finance costs were $457 million in 2023, an increase of $56 million, or 14%, 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.

Finance income

Finance income was $206 million in 2023, an increase of $141 million compared with 2022, as a result of increased interest rates on deposits.

Other financial expense

Other financial expenses were $54 million in 2023, an increase of $14 million compared with 2022.

Loss from equity method investments

In 2023, the loss from equity method investments was $17 million, compared to a balance of $nil in 2022, primarily driven by the performance of the Company's equity method investment, Yatai Building Materials, in China where market conditions remained challenging.

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. Our income tax expense for the following two-year period is shown below:

in $ millions, except effective tax rate	2023	2022
Profit before tax from continuing operations	3,965	3,469
Income tax expense	(941)	(785)
Effective tax rate	23.7 %	22.6 %

The Company's income tax expense was $941 million for 2023, an increase of $156 million compared with 2022. The effective tax rate attributable to continuing operations was 23.7% for 2023 compared with 22.6% for 2022. The increase in the effective tax rate compared to the prior year was primarily driven by the impact of impairments not deductible for tax purposes in the year.

Profit for the financial year from continuing operations

Profit for the financial year from continuing operations was $3.0 billion in 2023, an increase of $340 million or 13%, compared with 2022. This result was primarily driven by an improved operating performance and higher interest income, partially offset by impairment charges and a higher income tax expense.

Profit after tax for the financial year from discontinued operations

Profit after tax for the financial year from discontinued operations in 2023 was $nil. In 2022, profit after tax for the financial year from discontinued operations of $1.2 billion related to the divestiture of the Building Envelope business, which was completed in April 2022.

Profit for the financial year and earnings per ordinary share

Profit for the financial year was $3.0 billion in 2023, a decrease of $0.9 billion from 2022. The decrease in profit was driven by the absence of profit after tax from discontinued operations, which contributed $1.2 billion in 2022 due to gains on the divestiture of the Building Envelope business, partially offset by an increase in profit for the financial year from continuing operations, which contributed $0.3 billion in 2023. Basic earnings per Ordinary share from continuing operations was $4.32 per share for 2023, an increase from $3.50 per share for 2022. Basic earnings per Ordinary share from continuing operations pre-impairment was $4.62 for 2023.

Segments

Effective January 1, 2023, CRH restructured into two Divisions, CRH Americas and CRH Europe. As a result, CRH's segments increased from three to the following four segments: Americas Materials Solutions, Americas Building Solutions, Europe Materials Solutions and Europe Building Solutions.

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, impairment charges, gain/loss on divestitures, income/loss from equity method investments and substantial acquisition-related costs.

CRH IFRS Annual Report 7

Americas Materials Solutions

Analysis of Change

in $ millions	2022	Currency	Acquisitions	Divestitures	Organic	2023	% change
Revenue	14,324	(44)	+242	-	+913	15,435	+8%
Adjusted EBITDA	2,786	(6)	+44	-	+322	3,146	+13%
Adjusted EBITDA margin	19.4%					20.4%

Americas Materials Solutions' revenue was 8% ahead of 2022, 6% ahead on an organic3 basis, driven primarily by price progression across all business lines and partly offset by lower activity levels in certain regions.

In Essential Materials revenue 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, revenue increased by 7% driven by increased pricing and positive infrastructure activity underpinned by Infrastructure Investment and Jobs Act (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 13% 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 EBITDA4 was 12% ahead of 2022. Adjusted EBITDA margin increased by 100bps.

Americas Building Solutions

Analysis of Change

in $ millions	2022	Currency	Acquisitions	Divestitures	Organic	2023	% change
Revenue	6,188	(14)	+751	-	+92	7,017	+13%
Adjusted EBITDA	1,283	(4)	+156	-	+86	1,521	+19%
Adjusted EBITDA margin	20.7%					21.7%

Americas Building Solutions recorded revenue 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 Outdoor Living (Barrette). Organic revenue was 1% ahead of 2022.

In Building & Infrastructure Solutions, revenue growth was 6% due to increased demand in the water and energy sectors as well as contributions from recent acquisitions.

In Outdoor Living Solutions, revenue 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 19% ahead of the prior year, 7% 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 100bps ahead of the prior year.

• Organic revenue is a non-GAAP measure as defined on page 144.

• Organic Adjusted EBITDA is a non-GAAP measure as defined on page 144.

CRH IFRS Annual Report 8

Europe Materials Solutions

Analysis of Change

in $ millions	2022	Currency	Acquisitions	Divestitures	Organic	2023	% change
Revenue	9,349	+186	+61	(157)	+251	9,690	+4%
Adjusted EBITDA	1,255	+31	+11	(10)	+229	1,516	+21%
Adjusted EBITDA margin	13.4%					15.6%

Europe Materials Solutions' performance in 2023 was driven by continued pricing progress which more than offset lower activity levels, resulting in revenue growth of 4%, or 3% ahead of 2022 on an organic basis.

In Essential Materials, revenue was 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 revenue 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%.

In 2023 Adjusted EBITDA in Europe Materials Solutions was $1.5 billion, 21% ahead of 2022 and 18% 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 220bps compared with 2022.

Europe Building Solutions

Analysis of Change

in $ millions	2022	Currency	Acquisitions	Divestitures	Organic	2023	% change
Revenue	2,862	+69	+95	-	(219)	2,807	(2)%
Adjusted EBITDA	368	+4	+9	-	(64)	317	(14)%
Adjusted EBITDA margin	12.9%					11.3%

Revenue in Europe Building Solutions declined by 2% as increased infrastructure demand was more than offset by subdued new-build residential activity. Organic revenues were 7% behind the prior year.

Within Building & Infrastructure Solutions, revenue declined by 3% compared with 2022. Infrastructure Products delivered growth in revenue as positive pricing more than offset slower new-build residential activity across most European markets. Precast revenues were behind 2022 as positive commercial progress was offset by lower market activity. Revenues in Construction Accessories were behind the prior year as price increases were offset by subdued new-build residential activity in several markets.

Revenues in Outdoor Living Solutions were 4% ahead of the prior year as positive pricing more than offset the impact of lower demand and unfavorable weather in certain key markets.

Despite disciplined commercial management, cost saving initiatives and lower raw materials and haulage costs, Adjusted EBITDA in Europe Building Solutions declined by 14% compared with the prior year, a 17% decrease on an organic basis, primarily driven by a slowdown in residential construction activity. Consequently, Adjusted EBITDA margin decreased by 160bps compared with the prior year.

Liquidity and Capital Resources

CRH'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 interest-bearing loans and borrowings were $11.6 billion at December 31, 2023, compared to $9.6 billion in 2022. In April 2023, €750 million of euro-denominated notes were repaid. Subsequently, €2 billion in new euro-denominated notes were issued in July 2023, followed by a further repayment of €500 million euro-denominated notes in November 2023. Year-end net debt5 at December 31, 2023 was $6.8 billion compared to $5.1 billion in 2022. The increase in year-end net debt between 2023 and 2022 reflects inflows from operations more than offset by outflows from the purchase of property, plant and equipment, acquisitions of subsidiaries and cash returns to shareholders through share buybacks and dividends.

• Net debt is a non-GAAP measure as defined on page 143.

CRH IFRS Annual Report 9