Good day, and welcome to the CRH Fourth Quarter and Full Year 2025 Results Presentation. My name is Christa, and I will be your operator today. At this time, I'd like to turn the conference over to Jim Mintern, CRH Chief Executive Officer, to begin the conference. Please go ahead, sir.

Hello, everyone. Jim Mintern here, CEO of CRH, and you're all very welcome to our fourth quarter and full year 2025 results presentation and conference call. Joining me on the call is Nancy Buese, our CFO; Randy Lake, our COO; and Tom Holmes, Head of Investor Relations. Before we get started, I'll hand over to Tom for some brief opening remarks.

Thanks, Jim. Hello, everyone. I'd like to draw your attention to Slide 2, shown here on the screen. During our presentation, we'll be making some forward-looking statements relating to our future plans and expectations. These are subject to certain risks and uncertainties, and actual results and outcomes could differ materially due to the factors outlined on this slide. For more details, please refer to our annual report and our other SEC filings, which are available on our website. I'll now hand you back to Jim, Nancy and Randy.

Thanks, Tom. Over the next 30 minutes or so, we will take you through a brief presentation of our fourth quarter and full year results, highlighting the key drivers of our performance over the course of 2025 as well as providing you with an early indication of our expectations for the year ahead. For us at CRH, the efficient allocation of capital is a core competency. Through our disciplined and value-focused approach, every dollar we deploy is rigorously assessed to maximize shareholder value. This morning, we are going to discuss our capital allocation activities during 2025 and how we believe our superior strategy will continue to deliver industry-leading growth for our shareholders. Turning to Slide 4. We are pleased to announce a record financial performance for 2025 with another year of double-digit growth in adjusted EBITDA and our 12th consecutive year of margin expansion. All of this is delivered through the dedication and commitment of 83,000 people across our business. And I am proud of how our teams executed against the strategic priorities we outlined during our Investor Day last September. Our performance was further supported by our growth algorithm and the CRH Winning Way, which is deeply embedded in our culture and the engine behind everything we do. 2025 was also a busy year investing for future growth and value creation. Our ability to deploy capital in high-growth markets, integrate at scale and deliver unique synergies through our connected portfolio is a key differentiator for our business. We invested approximately $4.1 billion in 38 value-accretive acquisitions across our 4 connected growth platforms of aggregates, cementitious, roads and water. And we have an attractive pipeline of further growth opportunities in front of us, supported by our unmatched scale, connected portfolio and proven growth capabilities. We also invested $1.7 billion in growth CapEx projects, leveraging our size and scale to fully capitalize on high-returning, low-risk investment opportunities that will drive organic growth, support margin expansion and create long-term shareholder value. The strength of our balance sheet also enables us to deliver significant accretive returns to shareholders through dividends and share buybacks. In line with our strong financial position and policy of consistent long-term dividend growth, I am pleased to report that the Board has declared a further quarterly dividend of $0.39 per share, representing an increase of 5% compared to the prior year. In relation to our ongoing share buyback program, today we are commencing a further quarterly tranche of up to $300 million, demonstrating our focus on the efficient allocation of our capital. Turning now to the year ahead. The outlook for our business is positive, supported by favorable end market dynamics and the benefits of our superior strategy. Assuming normal seasonal weather patterns and no major dislocations in the political or macroeconomic environment, we expect full year adjusted EBITDA to be between $8.1 billion and $8.5 billion, representing another strong year of delivery for CRH. Turning to Slide 5, where you can see some of our key financial highlights for the fourth quarter and the full year. And I think this slide really speaks to the strength of our performance. We had a strong finish to 2025 with quarter 4 revenues, adjusted EBITDA and margin growth ahead of the full year outturn. Total full year revenues of $37.4 billion were 5% ahead of the prior year, supported by favorable end market demand, disciplined commercial execution and contributions from acquisitions. This enabled us to deliver $7.7 billion of adjusted EBITDA, 11% ahead and a further 100 basis points of margin expansion, demonstrating our relentless focus on continuous performance improvement across our business. All of this translated into further growth in our diluted earnings per share, up 3% compared to 2024 or 8% ahead when excluding one-off gains on divestitures in the prior year. I am pleased to report another year of strong cash generation, delivering $5 billion of adjusted free cash flow, 18% ahead of the prior year and demonstrating the quality of our earnings and continued focus on cash conversion. Next to Slide 6, where you can see the consistency of our financial delivery over time. As I mentioned earlier, 2025 represented our 12th consecutive year of margin expansion, representing an average annual increase of approximately 100 basis points since 2013. You can also see that in addition to growing our top line, we have delivered 14% compound annual growth in adjusted EBITDA and 18% in diluted earnings per share. Overall, our track record across each of these financial metrics really demonstrates the strength of our connected portfolio of businesses and our ability to deliver consistent long-term performance improvement. When you look at our performance through the lens of total shareholder return, the story is just as compelling. As you can see here on Slide 7, we have significantly outperformed the S&P 500 Index over the last 1, 10 and 55 years with compound annual TSRs of 36.8%, 18.8% and 16.3%, respectively. Our consistent outperformance compared to the broader market highlights our position as a leading compounder of capital and demonstrates why CRH continues to be such a powerful platform for long-term growth and shareholder value creation. Turning now to Slide 8. And here, you can see the growth algorithm, which we presented during our Investor Day last September. Cultivated and refined over 50 years, this is what drives our performance year after year. As the leading infrastructure play in North America, we are uniquely positioned to capitalize on 3 large and growing megatrends: transportation, water and reindustrialization, which we believe will support significant growth and value creation for our business going forward. Next, the CRH Winning Way, core to who we are, deeply embedded in our culture and the engine behind everything we do. Through our winning way, we execute our superior strategy with discipline and focus. We drive leading performance across 4,000 locations through a culture of continuous improvement. We are responsible stewards for our shareholder capital, and we leverage our proven growth capabilities to build leadership positions in high-growth markets. All of this is supported by 4 key enablers: customer centricity, empowered teams, unmatched scale and our connected portfolio of businesses. Our winning way is what really sets CRH apart. It is the force multiplier that enables us to fully capitalize on growing infrastructure megatrends. In summary, our growth algorithm represents a powerful combination, which has delivered over the last decade. And as you can see on Slide 9, it underpins our medium-term financial targets, which we presented during our recent Investor Day. We expect to deliver average annual revenue growth of between 7% and 9%, supported by our leading positions in high-growth markets, alignment with growing megatrends as well as contributions from growth CapEx investments and further M&A. Building on our strong track record of 12 consecutive years of margin expansion, we are targeting further margin improvement across our business with an adjusted EBITDA margin target of 22% to 24% by 2030. We also continue to focus on strong cash generation. And over the next 5 years, we expect to deliver average annual adjusted free cash flow conversion of over 100%, underpinning approximately $40 billion of financial capacity to invest for future growth and deliver further returns to our shareholders. Overall, these targets reflect the scale of our ambition to 2030 and our 2025 performance provides us with good momentum as we embark on that journey. Now at this point, I will ask Randy to take you through the performance for each of our businesses.

Thanks, Jim. Hello, everyone. Turning to Slide 11 and beginning with Americas Materials Solutions, which delivered a strong Q4 and full year performance against record prior year comparatives. Total full year revenues and adjusted EBITDA were 5% and 7% ahead, driven by good pricing momentum, operational efficiencies and contributions from acquisitions. Aggregates pricing increased by 4% or 6% on a mix-adjusted basis. Cement pricing increased by 1%, reflecting regional variances across our operating footprint and supporting another year of margin expansion. Despite some challenging weather conditions impacting activity levels, revenues in our roads business were 4% ahead, driven by improved pricing and contributions from acquisitions. In terms of the demand environment, I'm pleased to report that the underlying backdrop remains positive, supported by our strategic alignment with 3 growing infrastructure megatrends. Transportation infrastructure continues to be supported by strong state and federal funding. Approximately half of highway funds in the IIJA have been deployed to date, highlighting the significant runway we still have ahead of us. We also continue to benefit from investment in the whole area of water infrastructure. Over 85% of roads require water management systems, and our connected portfolio enables us to self-supply our own aggregates and cement to meet growing demand for our water infrastructure products as well as provide more value to our customers. Reindustrialization activity also continues to be strong, particularly in large-scale manufacturing and data center projects. I'm also pleased to see further margin expansion, up 30 basis points on the prior year to 23.5%, demonstrating strong cost discipline and operational efficiency across our business. So overall, a robust performance for our Americas Materials Solutions business. And as we look ahead, I'm encouraged by the positive momentum in our bidding activity and backlogs, which are ahead of the prior year. Next to Americas Building Solutions on Slide 12, where our business delivered further profit growth and margin expansion in the fourth quarter and for the year as a whole, driven by good underlying demand, strong commercial management, operational efficiencies and contributions from acquisitions. Our Building and Infrastructure Solutions business continues to perform well, supported by strong data center demand and continued investment in water, energy and communications infrastructure. In our Outdoor Living business, we continue to experience resilient underlying demand in residential repair and remodel activity. Revenues were in line with the prior year, a good performance in the context of subdued activity in the new-build residential segment and unfavorable weather in certain markets. For Americas Building Solutions overall, total revenue growth of 1% translated into a 6% increase in adjusted EBITDA and a further 100 basis points of margin expansion, supported by ongoing business improvement and asset optimization initiatives. Moving to International Solutions on Slide 13, where our business delivered strong profit growth and further margin expansion in both the fourth quarter and the full year, driven by good pricing momentum, contributions from acquisitions and disciplined cost control. On top of an 8% increase in revenue, we delivered a 23% increase in adjusted EBITDA and a further 200 basis points of margin expansion. In Western Europe, solid infrastructure and reindustrialization demand offset subdued residential activity levels. While in Central and Eastern Europe, we experienced positive demand across our key end markets and some early signs of recovery in new-build residential activity. In Australia, our business continues to perform very well, benefiting from good underlying demand, operational improvements and synergy delivery from recent acquisitions. Overall, we're pleased with our performance in 2025 with record revenue, adjusted EBITDA and margin across each of our businesses, reflecting our leading performance mindset and culture of continuous improvement. At this point, I'll hand you over to Nancy to take you through our financial performance and capital allocation activities in further detail.

Thank you, Randy. Turning to Slide 15 and our financial strength and optionality. We have a robust balance sheet with a net debt to adjusted EBITDA ratio of 1.8x at year-end, reflecting strong cash generation and a relentless focus on maintaining our financial discipline. We generated $5 billion of adjusted free cash flow in 2025, a strong performance representing a conversion ratio of 130% of net income and consistent with our 2030 financial targets. The strength of our balance sheet and cash generation capabilities underpins the significant financial capacity we expect to have at our disposal over the next 5 years, approximately $40 billion to invest for future growth and deliver shareholder returns, consistent with our long track record of value creation and reinforcing our position as the leading compounder of capital in our industry. Turning to Slide 16. You can see a summary of our capital allocation activities in 2025. First, to M&A, where we invested $4.1 billion on 38 value-accretive acquisitions, further strengthening our connected portfolio and leading positions in high-growth markets. We're pleased to report that the integration of Eco Material, our largest acquisition in 2025, is progressing well with some good early wins on commercial, operational and logistical synergies to enhance performance and create long-term value for our shareholders. In fact, over the last 3 years, we've completed 100 acquisitions, demonstrating the benefits of our unmatched scale and connected portfolio, and we have a strong pipeline of further opportunities in front of us, supported by our proven growth capabilities and the fragmented nature of our industry. We also invested $1.7 billion in growth CapEx, leveraging our size and scale to fully capitalize on high-returning, low-risk investment opportunities to expand capacity in high-growth markets, improve operational efficiency and optimize our energy usage, all of which will drive long-term shareholder value. We continue to deliver significant accretive returns to shareholders through dividends and share buybacks. In 2025, we returned $1 billion in dividends, 6% ahead of the prior year on a per share basis and representing an increase of over 60% since 2019. We have a proud track record of delivering 42 consecutive years of dividend growth and stability and are committed to our policy of consistent long-term dividend growth. Through our ongoing share buyback program, we also repurchased $1.2 billion of shares in 2025. And today, we are commencing a further quarterly tranche of $300 million to be completed no later than April 28. Since the inception of our buyback program in 2018, we have returned approximately $10 billion to shareholders, representing 23% of our shares in issue at an average price of $50 per share. Overall, we deployed $8 billion to growth investments and shareholder returns in 2025, demonstrating our focus on the efficient allocation of capital to maximize shareholder value. Randy and I will take you through our growth investments in further detail. First, to M&A on Slide 17, where we have a proven track record of value creation over many years enabled by our unmatched scale, connected portfolio and empowered teams. 2025 was an active year from an M&A perspective with $4.1 billion invested in a total of 38 acquisitions across our 4 strategic growth platforms of aggregates, cementitious, roads and water. From a materials perspective, we added 1 billion tons of high-quality aggregate reserves to our business, further strengthening our market-leading minerals reserve position. From an annual production standpoint, we added 8 million tons of aggregates, 2 million tons of asphalt and 10 million tons of cementitious materials.

On Slide 18, you can see some of the acquisitions we completed, combining strong local brands with our global scale to build out our connected portfolio across our 4 growth platforms. For example, in December, we acquired North American Aggregates, a leading supplier of aggregates serving New York and New Jersey. This strategic acquisition secures valuable aggregate reserves and enhances our ability to meet the long-term needs of our customers in the region. In addition to our acquisition of Eco Material, which Nancy mentioned, is progressing well, we continue to develop our cementitious platform with the acquisition of Rock Solid Materials in Louisiana and Independent Cement in Australia. In our roads business, we acquired Talley Construction, a connected provider of asphalt paving and construction services in Greater Chattanooga, Tennessee as well as parts of Georgia, Alabama and North Carolina. This acquisition is a strong strategic fit with our existing offering and will enhance our ability to serve our customers in these markets. In water, our strategic investment in Voda AI expands our capabilities in water asset management with AI technology. This platform helps utilities manage aging water infrastructure by providing AI-driven predictive analytics to assess pipe condition and risk across transmission, distribution and collection systems. So a busy year on the acquisition front as we continue to develop our connected portfolio in attractive high-growth markets. Turning to Slide 19. We're also continuing to invest in our existing business. As you can see on the left-hand side of this slide, we have deliberately stepped up investment in growth CapEx in recent years, leveraging our footprint, scale and connected portfolio to fully capture the high-returning, low-risk opportunities that we've identified across our markets. In 2025, we invested $1.7 billion in growth CapEx. These investments are carefully targeted to expand production capacity in high-growth markets while also driving greater operational efficiency through automation and advanced technologies that reduce cost and enhance performance. We're also making investments that reduce our reliance on fossil fuels to optimize our energy consumption as well as increasing our circularity and sustainability performance. On Slide 20, you can see some examples of growth CapEx investments that we're making. At our Roseville quarry in Ohio, we're investing approximately $75 million in a new quarry and processing plant to access over 100 million tons of premium aggregate reserves. The investment will strengthen our connected portfolio in the region, reduce production costs and enhance our ability to serve customers in the high-growth Columbus market. In Marissa, Illinois, we're building a new grinding and blending facility, which will increase production capacity for supplemental cementitious materials and enable us to serve customers in new markets. We also recently completed the construction of a $100 million precast pipe and box culvert plant just outside Austin, Texas, which will enable us to meet growing demand for our water infrastructure products. The location is very attractive from a market growth perspective and will also enable us to self-supply our own aggregates and cement from our existing operations in the area. These are just a few examples of how we're deploying capital efficiently, high-returning, low-risk investments that expand our production capabilities, support margin growth and enhance long-term shareholder value.

Thanks, Randy. Another active year on the investment front, and I'm encouraged by the strong pipeline of opportunities we see in front of us. Let me now take a moment to outline how we are strategically positioned for the future. On Slide 22, you can really get a sense of the unmatched scale and connected portfolio of our business across North America, our largest market. Scale matters in our industry. And when combined with the connected nature of our local networks, it provides us with commercial, operational and strategic advantages that set us apart and enable us to deliver superior performance year after year. Carefully developed over 5 decades of entrepreneurial leadership, we have strategically and deliberately built out 4 key growth platforms: aggregates, cementitious, roads and water to become the #1 infrastructure play in the region, a position that is almost impossible to replicate today. Aggregates are the foundation of our business. They feed into everything we do from our cementitious business to our roads business to our water infrastructure platform. Approximately 95% of our revenue is connected back to this product. And with 230 million tons of annualized volumes and 20 billion tons of reserves in the ground, our aggregates position in North America is unrivaled. Turning now to Slide 23. As the #1 infrastructure play in North America, our strategic positioning and capabilities across 3 of the most powerful megatrends shaping our future are unmatched. We play a critical role in building and maintaining U.S. transportation infrastructure, the largest and most extensive network in the world. Through our connected portfolio, we are the largest paver in the U.S., equal to the next 5 largest players combined. We have a fully connected customer offering, enabling us not just to provide the aggregates, but the mix designs, the asphalt and the paving capabilities, value-added products and the services that are essential to a finished road. This enables us to capture profit at each step of the chain and maximize value for our shareholders. Transportation infrastructure remains one of the most recurring and predictable revenue streams for our business, underpinned by a robust and sustained public funding backdrop at both the state and federal level. One of the most urgent challenges we face today is the whole area of water. Across the U.S., much of the existing water infrastructure is outdated and no longer fit for purpose. With roughly 1/3 of the U.S. water infrastructure network more than 50 years old, the need to update the systems that collect, transport and treat water is critical. As a leading provider of water infrastructure in the U.S., our national footprint and deep expertise gives us a significant advantage as investment in this area accelerates. Over 80% of the products we produce in our water business consume aggregates and cementitious materials. And since over 85% of roads require water management systems, the strength of our water platform reinforces the benefits of our connected portfolio and shared customer base. We also continue to benefit from a powerful wave of reindustrialization activity. AI is fueling rapid expansion of data centers. And with 85% of all U.S. data centers within 25 miles in one of our locations, we are well positioned to benefit. In addition to being very materials intensive, these highly specified facilities require state-of-the-art water, energy and communications infrastructure, which fits very well with how we have strategically positioned our business and our customer offering. Taken together, these 3 megatrends represent one of the most compelling growth opportunities in decades. With our unmatched scale and connected portfolio across aggregates, cementitious, roads and water, we are uniquely positioned to capitalize. I will now ask Randy to briefly take you through some examples of how we are driving value at scale and leveraging the power of our connected portfolio.

First, an example from our roads business on Slide 24, the Mountain View Corridor in Northern Utah, where we participated in the most recent phase of this 35-mile infrastructure project. Through our fully connected offering, we were able to supply 1 million tons of aggregates, 100,000 tons of asphalt as well as the paving services and the water infrastructure systems that were needed. By leveraging the benefits of our connected portfolio and unmatched scale, we were able to increase asset utilization, reduce capital intensity and generate higher profits, cash and returns for our shareholders. On Slide 25, you can also see how we drive value at scale in reindustrialization. We are currently involved in over 100 data center projects across the U.S., where typically construction accounts for up to 15% of the total project cost. Speed and quality are critical for these customers. And through our unmatched scale and connected portfolio, we're uniquely positioned to capture a higher share of wallet on these projects. We're able to supply not just essential materials, but state-of-the-art water, energy and communications infrastructure for these highly specified facilities as well as helping to develop all the surrounding infrastructure that's required, particularly road infrastructure. These are just 2 examples of our strategy in action, enabling us to maximize value for our customers while also generating higher growth, profits and cash for shareholders.

Thanks, Randy. Now before I discuss our financial expectations for the year ahead, let me share our thoughts on the outlook across our markets. First, to transportation, where the demand backdrop is robust, supported by the continued rollout of federal funding through the IIJA, where approximately 50% of highway funds are yet to be deployed. State level funding is also strong with 2026 DOT budgets up 6% on the prior year. In fact, 2026 is expected to be a record year for investment in transportation infrastructure, which bodes well for our business given our unmatched scale and market-leading position. We are also encouraged by the progress being made in Congress regarding a multiyear reauthorization of highway funding with continued bipartisan support for increased infrastructure investment in the years ahead. In our international business, we expect robust demand in infrastructure to continue, supported by significant investment from government and EU funding programs. We also see robust demand for water infrastructure with high single-digit growth projected in the areas of water quality and flow control for 2026. In reindustrialization, we expect continued strong demand for large-scale manufacturing and data center investment in both the U.S. and our international markets. And with the benefits of our unmatched scale and connected customer offering, we are very well positioned to benefit in this area going forward. In the residential sector, we expect repair and remodel demand in the U.S. to remain resilient, while new build activity remains subdued as a result of ongoing affordability challenges. As we have said in the past, this is not a demand issue, and we believe the long-term fundamentals in this market remain very attractive, supported by favorable demographics and significant levels of underbuild. In summary, the overall trend is positive for our business with our strategic focus on growing infrastructure megatrends and the benefits of the CRH winning way, leaving us uniquely positioned to capitalize on the strong growth opportunities that lie ahead. Turning now to Slide 28. And against that backdrop, here, we have set out our financial guidance for 2026. Assuming normal seasonal weather patterns and no major dislocations in the political or macroeconomic environment, we expect full year adjusted EBITDA to be between $8.1 billion and $8.5 billion, net income between $3.9 billion and $4.1 billion and diluted earnings per share between $5.60 and $6.05, representing another strong year of delivery for CRH. It's still very early in the construction season, but we feel good about 2026. And we will, of course, update you on our expectations as the year unfolds. So that concludes our prepared remarks today. I will now hand you back to the moderator to coordinate the Q&A session of our call.

We'll take our first question from Adrian Huerta with JPMorgan.

My question is regarding the guidance, if you can give us further color on the guidance and the underlying assumptions that you have in terms of how we should see the top line growth and the EBITDA growth on the different divisions and if the guidance includes this recent divestment that you did as well?

Adrian, great to connect with you. I'll start by providing an overview of the guidance for 2026, and then I'll ask Randy to elaborate on volume and pricing specifics, followed by Nancy's insights on the financial aspects. Overall, after a solid performance in 2024, we maintain positive momentum into Q4 and 2025, setting us up for another record year in 2026. In the U.S., the outlook for 2026 is encouraging, particularly in key growth areas like transportation, water, and reindustrialization. Transportation, which is primarily our road business, remains our most reliable and predictable revenue stream. We have visibility on this sector at the start of the year, benefiting from our extensive presence across 43 states. Normally, we complete over 1,000 jobs each year, averaging 9 to 12 weeks per project. Scale is essential, and our connected portfolio supports consistent performance in this area. Furthermore, half of the IIJA funds are yet to be allocated, and state budgets are increasing by 6% as we approach 2026, providing a favorable outlook for our roads business. Regarding reindustrialization, particularly in data centers, we expect to leverage our connected portfolio effectively. The initial construction phases focus on energy, water, and communication infrastructures, which are critical for these sites. We complement this with our aggregates, concrete, and asphalt, ensuring we capture a significant share of these projects. We are currently involved in over 100 data center projects, with a CRH facility located within 25 miles of 85% of data sites nationwide. On the water front, we also have a positive outlook, supported by strong funding and a need to address aging water infrastructure in the U.S. However, our forecast for residential construction in 2026 remains cautious, as we expect subdued activity due to affordability concerns, with fixed mortgage rates still above 6%. Looking at the international market, Europe has a robust infrastructure base and funding, both at the EU and state levels, and we see positive trends in reindustrialization and residential recovery. Europe is further along in the interest rate reduction cycle, with a 200 basis point cut in the past year, contributing to improvements across our European operations. Lastly, in Australia, we anticipate a favorable continuation of the residential recovery trend into 2026. Now, Randy, could you provide details on volume and pricing?

Yes. Maybe just to reflect real quickly on how we finished 2025. So I'd say a really solid performance, Ag. Volumes up 4% year-over-year and pricing up 6% on a mix-adjusted basis. So good work by the teams in the markets that we serve. And actually, within cement as well, volume and price plus 1%. And I think you have to reflect back on cement, at least look back to 2024, coming off a very strong year where pricing was up 8%. So the teams have done a nice job, really reflects more so our footprint in terms of our operating locations. But Jim, I think, called out the underlying drivers for 2026. I've said this before, our future is really predicted a lot by our backlogs. It gives us kind of a 6- to 9-month view and bidding activity is strong. We're winning our share of business. And so it's positive to see and supportive of what our expectations are for this next year. In the U.S., we're looking at ag volumes up low single digits, supported by mid-single-digit pricing. And then cement as well, low single-digit volumes and pricing in low single digits and again, building off a good 2025, but it's reflective of really the underlying investment that's happening both in the infrastructure space and data centers in particular. A number of the same macro drivers impacting us in our international business, again, EU support for underlying investment in infrastructure and non-res activity. And so our expectations for cement in the international business is volume up low single digits and pricing up low to mid-single digits. We're still operating in an inflationary environment, labor, raw materials, subcontract, all continue to increase. So it really focuses the eye and the attention on our need for pricing momentum. So the expectation as we look at it for the full year is another year of margin progression.

To summarize from a financial standpoint, our guidance for 2026 reflects a very active year of mergers and acquisitions in 2025, during which we invested $4.1 billion across 38 deals. Eco, which we completed last September, is the largest of these. We anticipate about $200 million of net incremental EBITDA in 2026 from those acquisitions, which remains consistent with our earlier guidance. It's important to note that the contributions from these newly acquired companies will be balanced out by the divestment of our Construction Accessories business, which we expect to finalize later this year.

I would just love to get your view on the prospects of a new multiyear highway bill in 2026 and really the timeline of when you're thinking this could get done. If we get a CR, a bridge, how do you think that impacts your customers, the DOTs? Do you see any shifts in types of projects and letting activity given your big position, obviously, with roads and your comments that 50% of the funds have not yet been deployed from the prior IIJA?

Mike, yes, maybe first, I might give a bit of context to set out the context and then ask Randy maybe just update where exactly we see it right now in Washington. Overall, as I said, we're in a really positive place from an infrastructure perspective. And we see it in the funding levels. And as Randy just mentioned, we see it in our bidding activity, and we see it in our backlogs as we head into 2026 and the season. Now if you take 2026 as an example, right, the federal highway funding for this year is at all-time record levels. And you've probably seen the very recently approved appropriation bills have set aside $75 billion for highways alone in 2026. Now also the IIJA dollars are continuing to flow with over 50% of the highway funds, as I said, yet to hit the street. So we're very confident that, that will continue to support continued investment well beyond the current IIJA's expiry later this year. And with that level of funding, again, given the scale of our road business, we really are the biggest beneficiary of that funding.

Yes. In terms of the future of a new infrastructure bill, early indications are positive. We are encouraged by the discussions occurring in both the House and the Senate. Chairman Graves of the House Transportation and Infrastructure Committee and Chairwoman Capito from the Senate Environment and Public Works Committee are working on their respective pieces of legislation related to the surface transportation bill. Additionally, we have support from Transportation Secretary Duffy, who is a strong advocate for a multiyear highway bill focused on core infrastructure. With these three key stakeholders aligned on the underlying need, it remains a bipartisan issue. It's encouraging to see positive momentum in these discussions, and we expect to see initial insights into the legislation by mid-year. Regarding the possibility of a continuing resolution and a one-year extension, we are coming off a record level of funding, along with pending IIJA funding yet to be deployed. Overall, we anticipate a positive increase in underlying investment for 2026 and 2027. Although we've encountered similar situations before, this typically results in more funds allocated to repair and maintenance activities, which aligns well with our strengths. Additionally, states have been active at both the individual state and municipal levels, with a 6% increase in DOT funding for 2026. Altogether, we will see ongoing advancements in total spending on infrastructure. There are good discussions occurring across party lines and broad recognition of the underlying need. We will remain engaged in the coming months and look forward to a positive outcome.

It's just one really in terms of the International Solutions business and just how strong the growth was in 2025. And in particular, it would be really helpful if you could go into a little bit more detail around the building blocks to that significant margin increase year-over-year, it would be very helpful.

Yes. Sure, Shane. Yes, really a very strong performance on the international division in 2025, with revenue up 8%, EBITDA up 23% and margin expansion of 200 basis points. In addition to kind of the core financial performance, there was actually some really good portfolio optimization work undertaken during the year in the international division. When I look at it in terms of international, I always think of the kind of 3 areas for me. Firstly, we've had another really strong performance in year from our Eastern European business, and that really reflects our leading position in this region. And it's really what's driving that is a very strong underpin of infrastructural funding, mainly coming from the EU infrastructure fund, good reindustrialization activity. And as I mentioned earlier, we're beginning to see the signs on the back of the interest rate cuts, some early signs of recovery in the residential also. Moving to Western Europe. Again, a very good performance in 2025, and that was underpinned by strong infrastructure generally across Western Europe. I'd call out maybe a strong performance in Ireland, in the Nordics and Spain and maybe more muted in terms of France and the U.K. in 2025. Australia had a really strong year and really reflecting in our first full year, our first 12 months of Adbri, a great start, right? And what's driving that is really more synergies than we would have originally anticipated and earlier delivery on those synergies. Also, Australia, as I said earlier, has benefited from a recovery on the residential cycle also. Now looking into '26, really good momentum across the international division heading into 2026. We're expecting another strong year of growth from Eastern Europe. We're seeing signs of recovery in France and in the U.K. on the residential market. We see in terms of the permits. We see it in terms of the starts, which is encouraging heading into '26. And we're looking for another year of continued growth in Australia on the back of that res cycle improving. Overall, from a pricing perspective, across our aggregates and cement position, we're looking for a good year in terms of pricing across the international business, and that would be our ninth consecutive year of good pricing across the European cement business. So overall, very positive about the international outlook into '26 and looking forward to another year of progress.

Jim and Nancy, congrats on the strong quarter here. Just wanted to ask about 2 aspects, I guess, impacting your fiscal year '26 guide. First, on Eco Materials, can you just give us a little bit more color on the progress of that integration? It seems like from the prepared remarks, it sounds like there's some early wins and strong operational performance here that could be perhaps coming in better than maybe it was expected. So just curious, as we think about that contribution of $200 million from acquisitions, whether there's maybe some upside risk to that? And then just second, just on the cost inflation, if you could kind of outline a little bit more what your cost assumptions are in terms of the key buckets for 2026. And then just as you think about mitigation or cost control initiatives, whether there's something here that might represent kind of upside, downside risk to the guide?

Thank you, Angel. This is Randy. I’ll address the questions regarding Eco. We have been integrating Eco into CRH for five months now. I want to emphasize that Eco complements our existing cement operations across North America very well. This acquisition strengthens our position as a leading player in the cement market in the region. Combining our cement business with Eco's gives us a productive capacity of about 25 million tons. Additionally, we benefit from a broad logistics network that complements our existing Ash Grove terminal and rail system, now totaling over 125 locations across the country. Moreover, Eco's innovation capabilities continue to impress us, positioning them as a significant market player within the cementitious sector, particularly with sustainable cementitious materials (SCMs). They hold long-term supply agreements for high-quality SCMs, making this acquisition a strategic move to boost our cementitious strategy. Notably, SCMs are growing rapidly—twice the growth rate of traditional cement by 2050—making Eco a perfect fit for us. In these early days of integration, everything is progressing smoothly, supported by a strong cultural alignment within the teams. Eco has strengthened our position through their deep local relationships, adding long-term assurance of supply and customer engagement, which we highly value. Regarding opportunities and synergies, I see them in two main areas: commercial and operational. We are identifying numerous cross-selling opportunities for both new and existing customers from our traditional Ash Grove Cement business and Eco, opening up new markets and platforms for us faster than expected. Furthermore, self-supplying SCMs is crucial as we use a large volume of cementitious products across our Material Solutions, Infrastructure, and Outdoor Living segments. Operationally, we focus on maximizing our logistics capabilities, including optimizing railcar efficiency and terminal networks to better serve our customers. Our global technical services team is working closely with Eco's team to enhance operational performance and improvements, similar to our experiences with Ash Grove and the Hunter acquisition in Texas. Overall, we are off to a strong start and are making significant progress in the market, with plenty of value to capture for both the business and our shareholders.

Yes. And maybe on the second part, just in terms of the cost inflation, Angel, where we're continuing to see inflation is across labor, across raw materials, both in services and maintenance. And it's that cost inflation is really driving our pricing for 2026. And that pricing, together with continued kind of relentless performance improvement programs that we have across the business is really what's driving our expectation of another year of margin progression in 2026, which will be our 13th consecutive year of margin increase.

My question is about Americas Building Solutions. For the year, we saw a nice increase in EBITDA despite being in a weak market due to the residential sector. Could you share what contributed to this success over the year? Additionally, what is the outlook for Americas Building Solutions in 2026?

It's great to hear from you, Keith. Regarding the outlook, starting with 2025, the Americas Building Solutions encompasses our Infrastructure business and our Outdoor Living business, which is primarily focused on residential repair and remodel. I would characterize the performance in 2025 as resilient, with the Infrastructure business showing particularly strong results. This business is involved in reindustrialization, providing underground concrete products related to energy, water, and communications for large data center facilities, as well as major chip manufacturing plants and reshoring projects. Activity in this area drove solid performance in 2025, complemented by our efforts to optimize both businesses early in the year. These initiatives contributed positively to our EBITDA and margin expansion for the year. Overall, I see a good performance in 2025 and a positive outlook for 2026, particularly with the ongoing reindustrialization trends.

I guess if we could start by just talking about M&A and what you're seeing in the way of change in the environment in 2026. And then with such an active acquisition program as you've been conducting, can you just talk about the synergy realization experience and how that's progressing?

Yes, David, we had a strong year for M&A activity, completing 38 deals valued at $4.1 billion, with the largest being Eco Material, which closed in September. This followed a robust 2024, where we completed 40 deals. We're currently seeing healthy levels of activity in the M&A pipeline as we enter 2026, and we have good options for capital deployment. In terms of realizing synergies, a lot hinges on our strategy and our connected portfolio, allowing us to identify synergies that might be missed by others. Importantly, while completing 38 deals is significant, our ability to integrate them efficiently and achieve early synergy delivery is a core strength of ours. We have a detailed playbook to facilitate this process, and the connected nature of our portfolio is crucial to our strategic goals.

In your Investor Day in September, CRH outlined three megatrends driving growth: transportation, water infrastructure, and U.S. reindustrialization. Given these megatrends and the points you've already discussed today, how significant is your connected portfolio as a differentiator regarding your M&A pipeline and the growth options available to you?

Thanks, Kathryn. Building on David's question, it's an essential point. This isn't solely about our M&A pipeline; it lies at the heart of our performance strategy. Our vast business scale and interconnected portfolio, with over 4,000 locations worldwide and 2,000 in North America, provide us with flexible capital deployment options. At our Investor Day, we highlighted our investment focus across four growth platforms: aggregates, cementitious, roads, and water. In the past year, we completed 38 deals in 2025 and 40 in 2024, totaling over 100 deals in the last three years, primarily sourced from local relationships cultivated over decades. These local connections often give us exclusive insights into deals, making us a preferred acquirer. However, as I mentioned to David, the focus isn't just on the deals; it's about our capacity to integrate them effectively. Looking ahead to 2026, we have a promising pipeline, with $40 billion in financial capacity expected to deploy over five years, with 70% aimed at growth initiatives, including both M&A and capital expenditures. We intend to invest this capital primarily in high-growth markets and across our interconnected platforms, while maintaining a disciplined and value-driven approach to deployment. Also, beyond M&A, performance is key. Our connected portfolio supports consistent quarter-to-quarter and year-on-year performance. It allows us to provide a comprehensive customer offering, maximizing growth and value creation. In our roads business, the connected portfolio is crucial for predictability and high cash returns. Essentially, we can transform $1 of bag sales into $6 by leveraging a more connected portfolio, enhancing visibility and operational efficiency. It's a good question, as this principle is central to our M&A approach and ensures resilience and predictability in our business performance. Thank you, Kathryn. We appreciate everyone’s time today. If you have any follow-up questions, please reach out to our Investor Relations team. We look forward to speaking again in April when we present our first quarter results. Thank you and have a great day.

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