CRH水泥 2025年度报告

CRH Annual Report 2025 Introduction The LeadingProvider of BuildingMaterials As the leading provider ofbuilding materials, CRH iscritical to the modernizationof infrastructure. With a network of 83,000 people across 4,000locations in 28 countries, we connect deep localrelationships with global expertise andunmatched scale. Our connected portfolio positions us as thepartner of choice for transportation, water andreindustrialization projects and enables us toplay a vital role in economic growth, buildingand maintaining the critical infrastructurenetworks that our economies rely on. With leading positions in high-growth marketsand exposure to infrastructure megatrends thatcreate significant opportunities for growth, CRHis exceptionally well positioned to reimagine thebuilt environment to shape our communities fora better tomorrow. Consistent Growthand Value Creation We have a proven track record of delivering consistentgrowth and superior value for our shareholders. In 2025,our connected portfolio and unmatched scale deliveredanother year of double-digit Adjusted EBITDA* growthand a 12thconsecutive year of margin* expansion1.This exceptional consistency reflects the strength of ourunique growth algorithm and underscores our positionas the leading compounder of capital in our industry. Built for Growth,Powered by Performance Our record financial performance in 2025 demonstrates thestrength of our superior strategy and leading performanceand reaffirms our position as the leading compounder ofcapital in our industry. In 2025, my first year as CEO of CRH, my mainpriorities for the business were to achieve highlevels of performance, deliver sustainablegrowth, enhance our uniquely connectedportfolio, and build the strongest leadershipteam to drive our business forward. Over thecourse of the year, those priorities also helpedto inform a new strategic framework andgrowth algorithm, accelerating our growth,expanding margins, increasing cash andreturns, while building a more connectedportfolio to create more long-term value forour shareholders. segments, which we believe will unlocktremendous growth. In 2025, we acceleratedthe integration of digital technology andautomation initiatives that enhanceproductivity, safety, and sustainability acrossour operations and help solve some of ourcustomers' most pressing challenges. Thisincluded our investment in VODA.ai, apredictive analysis platform that uses ArtificialIntelligence (AI) to assess water pipe conditionsand risks, enabling smarter asset managementfor utilities. Investing for GrowthWe continue to allocate capital to enhance our connected portfolio in high-growth markets,through our proven acquisition strategy andaccelerated growth capital expenditure. In2025, we invested $1.7 billion in growth capitalexpenditure projects, leveraging ourunmatched scale to fully capitalize on high-return, low-risk investment opportunities thatexpand our capabilities, support margingrowth, and enhance long-term shareholdervalue. CRH also invested $4.1 billion in value-accretive acquisitions, of which the AmericasDivision completed 24, while our InternationalDivision completed 14. This included 37 bolt-on deals and the $2.1 billion acquisition of EcoMaterial Technologies (Eco Material), whichsignificantly strengthens our cementitiousmaterials position in the United States. Theseinvestments continue to sharpen and scale ourconnected portfolio to deliver for ourcustomers. Strong Infrastructure TailwindsCRH stands at the center of growing infrastructure megatrends, driven by expandingeconomies, population growth, climateresiliency, and aging infrastructure. Ourconnected growth platforms: Aggregates,Cementitious, Roads, and Water, arestrategically positioned to capitalize on thesemegatrends, which we believe will fuelsustained demand for our materials, products,and services. As investment in these areasaccelerates, CRH is poised to benefit andrealize meaningful future value creation for ourbusiness and shareholders. $7.7B Our Winning Way In addition to the increased investment in theseinfrastructure megatrends, our growth isunderpinned by a deliberate and uniqueframework, which combines the strength ofour superior strategy, leading performance,value-creating capital allocation, and provengrowth capabilities with an entrepreneurialculture fostered over decades. We leveragethis framework when partnering withcustomers to solve their challenges and deliverservice excellence. FY25 Adjusted EBITDA* Strong Focus on Returns on CapitalOur focus on operational excellence, robust commercial execution and disciplined capitalallocation continues to translate into strongcash generation and returns on capital. In2025, we generated Adjusted Free Cash Flow*of $5.0 billion, well ahead of the 2024 result of$4.2 billion. Adjusted ROIC* is a keyperformance indicator which has improvedover the years and was 12.1% in 2025. Leading Performance -Innovation and SustainabilityLeveraging our perfo