CRH PLC

CRH operates in 28 countries and has market leadership positions in North America, Europe and Australia. The company’s largest economic exposure is North America, where it has 2,127 locations across 48 U.S. states and seven Canadian provinces and where management expects continued growth from infrastructure spending and reindustrialization. The International division remains strategically important because it adds exposure to European and Australian construction markets and recurring repair-and-remodel demand. Management also notes that approximately 75% of net income and 71% of Adjusted EBITDA were generated in North America in 2025, highlighting the region’s importance to earnings and cash generation. The business is highly localized, so weather, regulation, transport costs and regional construction cycles all affect performance market by market.

CRH is exposed to the cyclicality of construction demand, which moves with economic growth, interest rates, consumer sentiment, fuel and input costs, and weather. Because many products are heavy and low value relative to transport cost, the company’s local operating model can be disrupted by regional demand swings, severe weather and seasonal shutdowns. The business also faces intense competition in fragmented markets, which can pressure volumes and pricing when capacity utilization is weak or competitors chase share. In addition, CRH operates under a wide range of legal, environmental, safety, tax and trade rules across multiple jurisdictions, and it has specific exposure to Ukraine and neighboring countries as well as foreign exchange and commodity price volatility.