CRH PLC (CRH) 2024 Q2 法說會逐字稿

Good day, and welcome to the CRH PLC second quarter 2024 results presentation. My name is Rob, and I will be your operator today. (Operator Instructions)

美好的一天，歡迎來到 CRH PLC 2024 年第二季業績發表會。我叫羅布，今天我將成為您的接線生。 （操作員說明）

At this time, I'd like to turn the conference over to Albert Manifold, CRH Chief Executive, to begin the conference. Please go ahead, sir.

現在，我想將會議交給 CRH 執行長 Albert Manifold 來開始會議。請繼續，先生。

Good morning, everyone. Albert Manifold here, CRH Group Chief Executive, and you're all very welcome to our quarter two, 2024 results presentation and conference call. Joining me on the call is Jim Mintern, our Group CFO; Randy Lake, Chief Operating Officer; and Tom Holmes, Head of Investor Relations.

大家早安。這裡是 CRH 集團執行長 Albert Manifold，非常歡迎大家參加我們的 2024 年第二季業績發表會和電話會議。與我一起參加電話會議的是我們集團財務長吉姆‧明特恩 (Jim Mintern)；蘭迪·萊克，營運長；和投資者關係主管湯姆霍姆斯。

Now before we get started, I'll hand over to Tom for some brief opening remarks.

現在，在我們開始之前，我將請湯姆做一些簡短的開場白。

Thanks, Albert. Hello, everyone.

謝謝，艾伯特。大家好。

Before we begin today's proceedings, I'd like to draw your attention to slide 1 shown here on screen. During today's 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 this slide, our annual report and other SEC filings, which are available on our website.

在我們開始今天的會議之前，我想提請您注意螢幕上顯示的幻燈片 1。在今天的演講中，我們將做出一些與我們未來計劃和期望相關的前瞻性陳述。這些都受到某些風險和不確定性的影響，並且由於本投影片中概述的因素，實際結果和成果可能會存在重大差異。欲了解更多詳細信息，請參閱此幻燈片、我們的年度報告和其他 SEC 文件，這些文件可在我們的網站上找到。

I'll now hand you back to Albert, Jim, and Randy, to deliver some prepared remarks.

現在我將把你們交還給艾伯特、吉姆和蘭迪，讓你們發表一些準備好的演講。

Thanks, Tom. Over the next 25 minutes or so, we'll take you through a brief presentation of the results we published this morning, highlighting the key drivers of our operational performance for the second quarter of the year, our recent capital allocation and portfolio activities as well as providing you with an update on our expectations for the remainder of the year.

謝謝，湯姆。在接下來的 25 分鐘左右的時間裡，我們將向您簡要介紹今天早上發布的業績，重點介紹我們今年第二季度營運業績的關鍵驅動因素、我們最近的資本配置和投資組合活動為您提供我們對今年剩餘時間的預期的最新信息。

We'll also spend some time discussing our strong track record of financial delivery, and how we have strategically positioned our business to deliver further growth and value creation going forward. Afterwards, we should be available to take any questions that you may have. And all told, we should be done in about 45 minutes or so.

我們還將花一些時間討論我們在財務交付方面的良好記錄，以及我們如何對我們的業務進行策略性定位，以實現未來的進一步成長和價值創造。之後，我們應該可以回答您可能提出的任何問題。總而言之，我們應該在大約 45 分鐘左右完成。

So at the outset, on slide 3, let me take you through some of the key messages from this morning's announcement. Our differentiated strategy continues to deliver industry-leading performance. For the second quarter of the year, I'm pleased to report further growth in adjusted EBITDA and margin compared to the prior year period.

首先，在投影片 3 上，讓我向您介紹今天早上公告中的一些關鍵資訊。我們的差異化策略持續提供業界領先的業績。對於今年第二季度，我很高興地報告調整後的 EBITDA 和利潤率與去年同期相比進一步成長。

This was supported by positive pricing momentum and our relentless focus on cost management, all delivered against the backdrop of some significant weather disruption. Our performance also demonstrates how our carefully constructed portfolio, combined with the unmatched size and scale of our operating footprint, helps to mitigate the impact of adverse weather events in specific regions, resulting in less volatility and more consistent performance through the cycle.

這要歸功於積極的定價動能和我們對成本管理的不懈關注，所有這些都是在一些嚴重天氣幹擾的背景下實現的。我們的業績還表明，我們精心建構的投資組合，加上我們無與倫比的營運規模和規模，有助於減輕特定地區惡劣天氣事件的影響，從而減少波動性並提高整個週期的績效一致性。

Looking ahead to the remainder of the year, well, the outlook for our business is positive, supported by favorable underlying demand across our key markets. Based on current trading conditions and the momentum we see across our businesses, I'm pleased to report that we are raising our guidance. Assuming normal seasonal weather patterns and no major dislocations in the macroeconomic environment, we now expect full year group adjusted EBITDA to be between $6.82 billion and $7.02 billion, representing another strong year of delivery for CRH.

展望今年剩餘時間，在我們主要市場良好的潛在需求的支持下，我們的業務前景是積極的。根據當前的交易狀況和我們在整個業務中看到的勢頭，我很高興地報告，我們正在提高我們的指導。假設季節性天氣模式正常且宏觀經濟環境沒有重大混亂，我們現在預計全年集團調整後 EBITDA 將在 68.2 億美元至 70.2 億美元之間，這代表 CRH 又一個強勁的交付年。

We've been very active on the acquisition front. Year-to-date, we've invested $3.7 billion on 20 acquisitions, increasing our exposure to attractive high-growth markets, and further developing our solutions capabilities in materials, road and utility infrastructure and outdoor living. In July, we completed our acquisition of the majority stake in Adbri, a leading provider of building materials in Australia. This represents an attractive new growth platform to expand our solution strategy and enhance our existing operations in Australia, a market where we've been operating for over 15 years.

我們在收購方面一直非常積極。今年迄今為止，我們已投資37 億美元進行20 項收購，增加了我們在有吸引力的高成長市場的曝光度，並進一步發展了我們在材料、道路和公用設施基礎設施以及戶外生活方面的解決方案能力。 7月，我們完成了對澳洲領先建築材料供應商Adbri多數股權的收購。這是一個有吸引力的新成長平台，可擴展我們的解決方案策略並增強我們在澳洲的現有業務，我們已在該市場運營超過 15 年。

I'm also pleased to report that the integration of our $2.1 billion acquisition of materials assets in Texas is progressing well, and we have increased our run rate synergy target to approximately $65 million. The strength of our balance sheet also enables us to continue to return significant amounts of cash to our shareholders. Our ongoing share buyback program has returned approximately $900 million so far this year. And today, we are announcing a further quarterly tranche of $300 million, representing an annual run rate of approximately $1.2 billion.

我還很高興地報告，我們以 21 億美元收購德州材料資產的整合進展順利，我們已將運行率協同目標提高到約 6500 萬美元。我們的資產負債表實力也使我們能夠繼續向股東返還大量現金。今年迄今為止，我們正在進行的股票回購計畫已返還約 9 億美元。今天，我們宣布每季再撥款 3 億美元，相當於每年約 12 億美元。

In line with our strong financial position and policy of consistent long-term dividend growth, the Board also declared a new quarterly dividend of $0.35 per share, representing an annualized increase of 5%. So it's been a busy year so far. And all of this demonstrates our focus on the efficient allocation and reallocation of capital to maximize value for our shareholders.

根據我們強勁的財務狀況和持續長期股息成長的政策，董事會還宣布新的季度股息為每股 0.35 美元，年化成長率為 5%。所以到目前為止，這是忙碌的一年。所有這些都表明我們專注於資本的有效配置和重新分配，以實現股東價值最大化。

Turning to slide 4 and our financial highlights for the second quarter of the year. Overall, a good performance with adjusted EBITDA, margin and earnings per share all well ahead of the prior year period, notwithstanding the impact of adverse weather on activity levels during the quarter, we delivered adjusted EBITDA of $2.3 billion, 12% ahead, supported by strong organic growth as well as good contributions from acquisitions.

轉向幻燈片 4 和我們今年第二季的財務亮點。整體而言，儘管惡劣天氣對本季活動水準產生了影響，但調整後EBITDA、利潤率和每股盈餘均遠超去年同期，我們的業績良好，調整後EBITDA 為23 億美元，較去年同期成長12%，這得益於強勁的有機成長以及收購帶來的良好貢獻。

And against the backdrop of some inflationary cost pressures, I'm also pleased to report further margin expansion, 270 basis points ahead of the prior year. All of this translates into good growth in our earnings per share, up 16% on the prior year period.

在一些通膨成本壓力的背景下，我還很高興地報告利潤率進一步擴大，比前一年高出 270 個基點。所有這些都轉化為我們每股收益的良好成長，比上年同期成長 16%。

Now at this point, I'll hand you over to Randy to take you through the operating performance of each of our businesses.

現在，我將把您交給蘭迪，帶您了解我們每項業務的營運績效。

Thanks, Albert. Hello, everyone. Turning to slide 6 and beginning with Americas Materials Solutions, which delivered a strong Q2 performance. Total revenue and adjusted EBITDA were 6% and 28% ahead of prior year, respectively. Despite contending with some challenging weather conditions, which impacted our operations in the South and Midwest regions of the United States, in particular.

謝謝，艾伯特。大家好。轉到幻燈片 6，從 Americas Materials Solutions 開始，該公司第二季表現強勁。總收入和調整後 EBITDA 分別比上年增長 6% 和 28%。儘管面臨一些具有挑戰性的天氣條件，尤其影響了我們在美國南部和中西部的業務。

Notwithstanding unfavorable weather, the underlying demand backdrop across our key markets remains favorable. Infrastructure is our largest end market in North America where demand is underpinned by the significant increase in US federal funding through the IIJA as well as positive momentum in transportation funding initiatives at the state level. We also continue to see good mega project activity supported by both public and private investment.

儘管天氣不利，但我們主要市場的潛在需求背景仍然有利。基礎設施是我們在北美最大的終端市場，美國聯邦資金透過 IIJA 大幅增加以及州一級交通融資計劃的積極勢頭支撐了該市場的需求。我們也繼續看到公共和私人投資支持的大型項目活動良好。

In terms of the input cost environment against the backdrop of continuing inflation in raw materials, labor and subcontractor costs, I'm pleased to see good commercial discipline from our teams on the ground, with positive pricing momentum across all product lines during the second quarter of the year.

在原材料、勞動力和分包商成本持續上漲的背景下，就投入成本環境而言，我很高興看到我們當地團隊良好的商業紀律，第二季度所有產品線都呈現出積極的定價勢頭今年的。

In Essential Materials, second quarter revenues were 5% ahead, supported by pricing growth in aggregates and cement of 12% and 8%. In Road Solutions, Q2 revenues increased by 6%, driven by improved pricing in asphalt and readymixed concrete. And together with strong cost control, operational efficiencies and the impact of a gain on certain land asset sales, this enabled us to deliver 460 basis points of margin expansion compared to the prior year period.

在基本材料領域，第二季營收領先 5%，這得益於骨材和水泥價格分別成長 12% 和 8%。在道路解決方案領域，由於瀝青和預拌混凝土定價的提高，第二季營收成長了 6%。再加上強有力的成本控制、營運效率以及某些土地資產銷售收益的影響，這使我們的利潤率比去年同期增長了 460 個基點。

As Albert mentioned earlier, good to see the integration of the materials assets we recently acquired in Texas progressing well, and we've already identified an additional $5 million of synergies, which increases our total run rate synergy target to $65 million. I'm also pleased to report that as we look ahead for the remainder of the year, there's good momentum in our backlogs ahead of prior year in both revenue and margin.

正如阿爾伯特之前提到的，很高興看到我們最近在德克薩斯州收購的材料資產的整合進展順利，並且我們已經確定了額外的500 萬美元的協同效應，這將我們的總運行率協同目標提高到6500 萬美元。我還很高興地向大家報告，當我們展望今年剩餘時間時，我們的積壓訂單在收入和利潤方面都比去年有良好的勢頭。

Next to Americas Building Solutions on slide 7 and here our business delivered a resilient performance, supported by disciplined pricing and good contribution from acquisitions. Notwithstanding the impact of subdued new-build residential demand and challenging weather conditions, second quarter revenues for our Building & Infrastructure Solutions business were in line with prior year, supported by significant IIJA funding for critical utility infrastructure.

在幻燈片 7 上的美洲建築解決方案旁邊，我們的業務在嚴格的定價和收購帶來的良好貢獻的支持下表現出了彈性的業績。儘管受到新建住宅需求疲軟和惡劣天氣條件的影響，我們的建築和基礎設施解決方案業務第二季度收入與去年同期持平，這得益於 IIJA 為關鍵公用事業基礎設施提供的大量資金。

Our Outdoor Living Solutions business also continues to perform well, benefiting from its large exposure to more resilient repair and remodel activity. For Americas Building Solutions overall, I'm pleased to report that against a 1% decline in second quarter revenue, we've been able to maintain our adjusted EBITDA at prior year levels and improve our margins by a further 40 basis points.

我們的戶外生活解決方案業務也持續表現良好，並受益於其大量接觸更具彈性的維修和改造活動。對於美洲建築解決方案整體而言，我很高興地報告，儘管第二季度收入下降了 1%，但我們能夠將調整後的 EBITDA 維持在去年的水平，並將利潤率進一步提高了 40 個基點。

Moving to Europe on slide 8, and first, the performance of Europe Materials Solutions, where good growth in Central and Eastern Europe was offset by weather-impacted activity levels in Western Europe. While residential demand remains subdued, infrastructure and nonresidential demand continues to be underpinned by government and EU funding programs.

轉到幻燈片 8 上的歐洲，首先是歐洲材料解決方案的業績，其中中歐和東歐的良好增長被西歐受天氣影響的活動水平所抵消。儘管住宅需求仍然低迷，但基礎設施和非住宅需求繼續受到政府和歐盟融資計劃的支撐。

And we're now in our seventh consecutive year of positive pricing momentum in Europe with cement pricing ahead across all major markets. And I'm pleased also to see further improvement in our margin, 110 basis points ahead of prior year reflecting good commercial management and strong cost control across our businesses.

現在，我們已經連續第七年在歐洲保持積極的定價勢頭，所有主要市場的水泥定價都處於領先地位。我還很高興看到我們的利潤率進一步提高，比去年提高了 110 個基點，這反映出我們整個業務良好的商業管理和強有力的成本控制。

Our second quarter results also reflect the impact of Phases 1 and 2 of the European Lime divestiture. The final phase, consisting of our lime operations in Poland is expected to complete in the second half of the year.

我們第二季度的業績也反映了歐洲石灰資產剝離第一階段和第二階段的影響。最後階段包括我們在波蘭的石灰業務，預計今年下半年完成。

Next to the performance of Europe Building Solutions on slide 9, our smallest segment, representing less than 5% of group adjusted EBITDA in 2023 and much more exposed to residential new build construction than the rest of our businesses. Overall, a challenging backdrop with activity levels impacted by subdued residential demand. Here, we continue to focus on disciplined commercial management and cost-saving initiatives to protect our profitability. And I'm pleased to report that we're beginning to see some improving trends with the benefit of self-help measures starting to come through.

除了幻燈片9 上歐洲建築解決方案公司的業績之外，這是我們最小的細分市場，佔2023 年集團調整後EBITDA 的不到5%，並且比我們的其他業務更多地接觸住宅新建建築。總體而言，這是一個充滿挑戰的背景，活動水準受到住宅需求疲軟的影響。在這裡，我們繼續專注於嚴格的商業管理和成本節約舉措，以保護我們的獲利能力。我很高興地報告，我們開始看到一些改善趨勢，自助措施的好處開始出現。

And so at this point, I'll hand you over to Jim to take you through our financial performance in further detail.

因此，現在，我將把您交給吉姆，讓您更詳細地了解我們的財務表現。

Thanks, Randy, and hello, everyone. Turning to slide 11, which sets out the key components of our second quarter adjusted EBITDA performance. Starting with organic growth of $222 million, 11% ahead on a like-for-like basis, reflecting good underlying demand across our key markets, further pricing progress and the continued benefits of our differentiated strategy. Acquisitions net of divestitures delivered a further $15 million of adjusted EBITDA, primarily reflecting the contribution from our acquisitions of material assets in Texas and the impact of the divestiture of Phases 1 and 2 of the European Lime operations.

謝謝蘭迪，大家好。轉向幻燈片 11，其中列出了我們第二季度調整後 EBITDA 業績的關鍵組成部分。首先有機成長 2.22 億美元，年增 11%，反映出我們主要市場良好的潛在需求、進一步的定價進展以及我們差異化策略的持續效益。扣除資產剝離後的收購帶來了 1500 萬美元的調整後 EBITDA，主要反映了我們收購德克薩斯州物質資產的貢獻以及剝離歐洲石灰業務第一階段和第二階段的影響。

Overall, we delivered approximately $2.3 billion of adjusted EBITDA, 12% ahead of the prior year period.

總體而言，我們實現了約 23 億美元的調整後 EBITDA，比去年同期成長 12%。

Turning next to slide 12, where I will take you through some of the key components of our net debt movements and our strong and flexible balance sheet. Firstly, on the left-hand side, you can see we ended 2023 with a net debt position of $5.4 billion.

接下來轉到投影片 12，我將帶您了解我們的淨債務變動以及我們強大且靈活的資產負債表的一些關鍵組成部分。首先，在左側，您可以看到 2023 年末我們的淨債務部位為 54 億美元。

Turning to our cash flow performance. We reported a net cash inflow of approximately $800 million in the first half of the year. Acquisitions net of divestitures and other items resulted in an outflow of approximately $2.6 billion, while we also invested $1.1 billion in capital expenditure to support further growth in our existing business.

轉向我們的現金流表現。我們上半年的淨現金流入量約為 8 億美元。扣除資產剝離和其他項目後的收購導致約 26 億美元的資金流出，同時我們也投資了 11 億美元的資本支出，以支持現有業務的進一步成長。

In addition, we returned $2 billion in the form of dividends and share buybacks, demonstrating our commitment to returning cash to our shareholders. Taking all of this into account results in a net debt position of $10.3 billion at the end of June, representing a net debt to adjusted EBITDA ratio of approximately 1.6 times on a trailing 12-month basis.

此外，我們還以股利和股票回購的形式返還了 20 億美元，體現了我們向股東返還現金的承諾。考慮到所有這些因素，截至 6 月底的淨債務部位為 103 億美元，相當於過去 12 個月的淨負債與調整後 EBITDA 的比率約為 1.6 倍。

Thanks, Jim. Now at this point, I'd like to take a step back and provide some context in relation to the consistency of our financial performance over time.

謝謝，吉姆。現在，在這一點上，我想退後一步，提供一些與我們財務表現隨時間的一致性相關的背景資訊。

Turning to slide 14. And as you can see, CRH has delivered consistent profitable growth over the last decade. In addition to growing our top line, we've delivered strong growth in adjusted EBITDA and earnings per share, equivalent to compound annual growth of 15% and 19%, respectively. You can also see that we've significantly increased the level of cash we're generating, reflecting our relentless focus on cash conversion. All of this translates into a compound annual total shareholder return of 16% over the last decade, a performance that highlights CRH as the reference compounder of capital in our industry.

轉向幻燈片 14。除了增加收入外，我們的調整後 EBITDA 和每股盈餘也實現了強勁成長，分別相當於 15% 和 19% 的複合年增長率。您也可以看到，我們產生的現金水準顯著增加，反映出我們對現金轉換的不懈關注。所有這些意味著過去十年中股東年複合總回報率為 16%，這一業績凸顯了 CRH 作為我們行業資本複合參考者的地位。

On slide 15, you can see that on a relative basis, we've also delivered superior performance against some of the best operators in our industry. Over the last 5 years, we have delivered compound annual profit growth of 12%. We've consistently converted over 80% of our profits into cash, and we've generated an annual total shareholder return of 24%. So the message is clear, our business is delivering superior performance for our shareholders.

在投影片 15 中，您可以看到，相對而言，我們還提供了與業內一些最佳營運商相比的卓越性能。過去 5 年，我們實現了 12% 的複合年利潤成長。我們始終將 80% 以上的利潤轉化為現金，年度股東總回報率為 24%。因此，訊息很明確，我們的業務正在為股東提供卓越的業績。

Now let me briefly take you through some of the key drivers behind this performance. We've built leading positions in attractive high-growth markets, regions such as the South and West of the United States and Central and Eastern Europe, which have significant construction leads as a result of population growth and migration trends.

現在讓我簡要介紹一下這種性能背後的一些關鍵驅動因素。我們在具有吸引力的高成長市場、美國南部和西部以及中歐和東歐等地區建立了領先地位，這些地區由於人口成長和移民趨勢而在建築業方面處於領先地位。

Our strategy is enabling us to differentiate ourselves from the rest of the industry, having transitioned away from being a sole supplier of base materials to a provider of integrated and value-added materials, products and services, bespoke solutions that serve the increasingly complex needs of our customers and generate higher growth and value for our shareholders.

我們的策略使我們能夠從行業其他公司中脫穎而出，從基礎材料的唯一供應商轉變為集成和增值材料、產品和服務以及定制解決方案的提供商，以滿足日益複雜的需求我們的客戶，並為我們的股東創造更高的成長和價值。

Our unique portfolio of businesses also provides us with attractive opportunities for future growth, both organically and through acquisition. This portfolio also provides us opportunities to expand and enhance our offering to customers, thereby opening up new markets and avenues of growth that wouldn't otherwise be available to us. We have delivered 10 consecutive years of margin expansion, supported by our focus on continuous business improvement and the strategic reshaping and repositioning of our business through active portfolio management.

我們獨特的業務組合也為我們的未來成長提供了有吸引力的機會，無論是有機成長還是透過收購。該產品組合也為我們提供了擴大和增強向客戶提供的產品的機會，從而開闢了我們原本無法獲得的新市場和成長途徑。在我們專注於持續業務改進以及透過積極的投資組合管理對業務進行策略重塑和重新定位的支持下，我們已連續 10 年實現利潤成長。

Our business has generated $21 billion of cash over the last 5 years, representing approximately 80% conversion of adjusted EBITDA and providing significant optionality for future growth and value creation. In this regard, we have a proven track record, supported by our disciplined approach to capital allocation for both short-term performance and long-term value.

我們的業務在過去 5 年中創造了 210 億美元的現金，約佔調整後 EBITDA 的 80%，並為未來的成長和價值創造提供了重要的選擇。在這方面，我們擁有良好的業績記錄，並得到我們針對短期業績和長期價值的嚴格資本配置方法的支持。

Moving to slide 16. And as we say here today, fundamentally, our business is in a good place. We are the largest building materials business in the US and Europe, the 2 most attractive construction markets in the world. Through our agility, our focus on innovation and our positioning across the construction value chain, we believe we are uniquely positioned to deliver further growth and value creation going forward.

轉到幻燈片 16。我們是美國和歐洲這兩個全球最具吸引力的建築市場中最大的建築材料企業。透過我們的敏捷性、對創新的關注以及在整個建築價值鏈中的定位，我們相信我們處於獨特的地位，可以在未來實現進一步的成長和價值創造。

We are the largest beneficiary of a golden age of US construction, supported by significant federal investment as well as a renewed drive for the onshoring of manufacturing activity. This will clearly support future organic growth, but that's not the only source of growth in CRH. Our investments in M&A have historically driven two-third of our growth, and we have a strong pipeline of opportunities in front of us.

我們是美國建築業黃金時代的最大受益者，並得到了大量聯邦​​投資以及製造業活動本土化新動力的支持。這顯然將支持未來的有機成長，但這並不是 CRH 成長的唯一來源。從歷史上看，我們對併購的投資推動了我們三分之二的成長，而且我們面前有大量的機會。

Taking both together, this has enabled us to consistently deliver double-digit earnings growth through the cycle. Our core philosophy of continuous business improvement and being best-in-class operators is deeply embedded in the DNA of our business. Through operational excellence initiatives and best practice programs, we are focused on improving profits, margins, returns and cash year after year.

綜上所述，這使我們能夠在整個週期中持續實現兩位數的獲利成長。我們持續改進業務並成為一流營運商的核心理念已深深植根於我們業務的 DNA 中。透過卓越營運計劃和最佳實踐計劃，我們致力於年復一年地提高利潤、利潤、回報和現金。

We have a strong and experienced leadership team who are relentlessly focused on continually improving our businesses. Through the active management of our portfolio in recent years, we have built a structurally better business, a simpler, leaner and more focused business that is less cyclical and less capital intensive, improving our performance and becoming a leader in sustainable construction.

我們擁有一支強大且經驗豐富的領導團隊，他們堅持不懈地致力於不斷改進我們的業務。透過近年來對我們投資組合的積極管理，我們建立了結構更好的業務，更簡單、更精簡、更專注的業務，週期性和資本密集度較低，提高了我們的業績，成為永續建築領域的領導者。

The disciplined allocation of capital has been a hallmark of CRH for many years and has helped us to deliver one of the strongest balance sheets in our history, providing us with very significant optionality for the future.

多年來，嚴格的資本配置一直是 CRH 的標誌，幫助我們實現了歷史上最強勁的資產負債表之一，為我們的未來提供了非常重要的選擇。

Now at this point, I'm going to hand over to Jim to take you through our capital allocation priorities going forward.

現在，我將讓吉姆帶您了解我們未來的資本配置優先事項。

Thanks, Albert. Turning now to slide 17. When we look at the strength of our business today, our growth profile, the level of cash we are generating and the strength of our balance sheet, we believe that we will have at our disposal financial capacity in the order of $35 billion over the next 5 years. And here, we have set out some of the opportunities we see to allocate that capital over that time frame.

謝謝，艾伯特。現在轉向幻燈片 17。達到350億美元。在這裡，我們列出了我們看到的一些在該時間範圍內分配資本的機會。

First and foremost, we are a growth company. We want to continue to grow our business for the benefit of our shareholders, and we have a strong and active pipeline of acquisition opportunities. Our industry is still very fragmented, and our integrated strategy provides us with multiple avenues for further growth. We also have a strong pipeline of expansionary CapEx opportunities to accelerate organic growth in our existing business, expanding capacity in markets where we see attractive future growth prospects. These are high-returning, low-risk investments, which we believe will deliver significant value in the years ahead. Of course, we will remain disciplined and value-focused, applying strict performance and returns criteria to every investment we make.

首先，我們是一家成長型公司。我們希望繼續發展我們的業務，為股東謀取利益，並且我們擁有強大而活躍的收購機會。我們的產業仍然非常分散，我們的一體化策略為我們提供了多種進一步成長的途徑。我們也擁有強大的擴張性資本支出機會，可以加速現有業務的有機成長，擴大我們認為未來成長前景誘人的市場的產能。這些都是高回報、低風險的投資，我們相信這些投資將在未來幾年帶來巨大的價值。當然，我們將保持紀律和注重價值，對我們所做的每項投資都採用嚴格的績效和回報標準。

Overall, we expect to have the capacity to allocate up to $24 billion or approximately 70% towards acquisitions and growth CapEx, investments to support future growth and value creation for years to come. We also expect to have the capacity to return significant amounts of cash to shareholders. We have a proud track record of consistent long-term dividend growth, and our current dividend run rate returns approximately $1 billion on an annualized basis.

總體而言，我們預計有能力分配高達 240 億美元或約 70% 用於收購和成長資本支出，以及支持未來成長和價值創造的投資。我們也期望有能力向股東返還大量現金。我們在持續長期股息成長方面擁有令人自豪的記錄，目前的股息運行率按年化計算回報約為 10 億美元。

We also view share buybacks as an efficient means of returning cash to shareholders. Since 2018, our share buyback program has returned approximately $8 billion of cash to shareholders and is currently running at an annualized rate of approximately $1.2 billion.

我們也認為股票回購是向股東返還現金的有效手段。自 2018 年以來，我們的股票回購計畫已向股東返還約 80 億美元現金，目前年化速度約為 12 億美元。

So overall, as you can see, significant opportunities going forward, and I can assure you that we will remain disciplined and value-focused when it comes to the allocation of that capital.

因此，總體而言，正如您所看到的，未來存在重大機遇，我可以向您保證，在資本配置方面，我們將保持紀律和以價值為中心。

Thanks, Jim. Now before I provide an update on our expectations for the full year, let me share our thoughts on the outlook across our markets.

謝謝，吉姆。現在，在我提供全年預期的最新資訊之前，讓我先分享一下我們對市場前景的看法。

Turning to slide 19, North America represents approximately 75% of our adjusted EBITDA, with the remaining 25% in Europe.

轉投投影片 19，北美約占我們調整後 EBITDA 的 75%，其餘 25% 在歐洲。

First, to infrastructure, which represents the largest exposure for our businesses. Here, the outlook is robust, with demand in the United States underpinned by the continued rollout of a once-in-a-generation federal and state investment program. Similarly in Europe, we expect robust demand in infrastructure activity to continue, supported by significant investment from the government and EU funding programs. In nonresidential, we expect our key segments to continue to benefit from increased reindustrialization and onshoring activity in both the United States and Europe.

首先是基礎設施，這是我們業務面臨的最大風險。在這裡，前景強勁，美國的需求受到持續推出的千載難逢的聯邦和州投資計劃的支撐。同樣，在歐洲，我們預計在政府和歐盟資助計畫的大量投資的支持下，基礎設施活動的強勁需求將持續下去。在非住宅領域，我們預計我們的關鍵領域將繼續受益於美國和歐洲的再工業化和本土活動的增加。

In the residential segment, we expect new-build activity in the US and Europe to remain subdued due to affordability challenges caused by the current interest rate environment. As we said previously, this is not a demand issue, and we believe the long-term fundamentals for residential construction remain very attractive in these markets, supported by favorable demographics and significant levels of underbuilds.

在住宅領域，由於當前利率環境造成的負擔能力挑戰，我們預計美國和歐洲的新建活動將繼續低迷。正如我們之前所說，這不是需求問題，我們認為，在有利的人口結構和大量建設不足的支持下，這些市場的住宅建設的長期基本面仍然非常有吸引力。

So in summary, the overall trend is positive for our business, supported by robust demand in infrastructure and key nonresidential segments, while new build residential construction is expected to remain subdued. Regarding the pricing environment, we expect positive momentum to continue across our markets, supported by disciplined commercial management as well as the benefits of our integrated and value-focused solution strategy.

總而言之，在基礎設施和關鍵非住宅領域強勁需求的支持下，整體趨勢對我們的業務有利，而新建住宅建設預計將保持低迷。關於定價環境，我們預計在嚴格的商業管理以及我​​們以價值為中心的綜合解決方案策略的支持下，我們的市場將繼續保持積極的勢頭。

Turning to slide 20, and against that backdrop reflecting the positive momentum we see across our businesses as well as the impact of recent portfolio activity, this morning, we're pleased to raise our financial guidance for 2024. Assuming normal weather patterns for the remainder of the year and no major dislocations in the macroeconomic environment, we now expect full year group adjusted EBITDA to be between $6.82 billion and $7.02 billion, net income to be between $3.7 billion and $3.85 billion and earnings per share to be between $5.40 and $5.60, representing another strong year of delivery for CRH.

轉向幻燈片 20，在這一背景下，反映了我們在整個業務中看到的積極勢頭以及近期投資組合活動的影響，今天早上，我們很高興提高 2024 年的財務指引。由於今年宏觀經濟環境沒有重大混亂，我們現在預計全年集團調整後EBITDA 將在68.2 億美元至70.2 億美元之間，淨利潤將在37 億美元至38.5 億美元之間，每股收益將在5.40美元至5.60 美元之間，這標誌著 CRH 又一個強勁的交付年。

So that concludes our presentation this morning, and we're now happy to take your questions. I'll now hand you back to the moderator to coordinate the Q&A session of our call.

我們今天早上的演講就到此結束，現在我們很高興回答您的問題。現在，我將把您交還給主持人，以協調我們電話會議的問答環節。

(Operator Instructions)

（操作員說明）

Trey Grooms, Stephens.

特雷格魯姆斯、史蒂芬斯。

Hello, good morning, everyone. Nice work in a really tough operating environment. I guess, first off, could you guys maybe talk about some of the puts and takes on the updated guidance and maybe how much of the increase is organic versus inorganic?

大家早安。在非常艱難的操作環境中乾得很好。我想，首先，你們能否談談更新後的指導方針中的一些看跌期權和承付金額，以及有機增長和無機增長的比例有多少？

Let me start there. Look, obviously, just a strong performance this year and our integrated solutions strategy really delivering for us in what has been a tough quarter for the industry. But maybe, Jim, you might just take us through what the input -- the puts and takes, as Trey says, for the first half and indeed the change guidance for the full year.

讓我從這裡開始。顯然，今年的強勁表現和我們的整合解決方案策略在行業艱難的季度中確實為我們帶來了好處。但吉姆，你也許可以帶我們了解上半年的投入和投入，正如特雷所說，以及全年的變革指導。

Yeah. Trey, firstly, good underlying momentum really is driving the full year guidance and it implies an organic EBITDA growth of about 10% at that midpoint level. And just maybe for a bit more clarity and detail. In that new EBITDA guidance, it also includes $70 million for Adbri, taking our total full year contributions from acquisitions net of divestments of about $150 million. And maybe as well, just to say at the new net income guidance level, it includes $100 million of Adbri, and the difference being the inclusion of the contributions from the joint ventures from Adbri.

是的。 Trey，首先，良好的潛在動力確實推動了全年指導，這意味著在中點水平上有機 EBITDA 增長約 10%。也許只是為了更加清晰和詳細。在新的 EBITDA 指引中，還包括 Adbri 的 7,000 萬美元，這相當於我們全年來自收購的貢獻總額扣除了約 1.5 億美元的撤資。或許，只是說，在新的淨利潤指導水準上，它包括 Adbri 的 1 億美元，區別在於包括 Adbri 合資企業的貢獻。

Got it. Okay. That's super helpful. And I guess my follow-up on that is, clearly, strong performance on US pricing and your volume has held up well given the really tough backdrop we saw in the quarter. Any additional color that you could give us on your pricing and volume outlook for US aggregates and US cement?

知道了。好的。這非常有幫助。我想我的後續行動顯然是美國定價的強勁表現，並且鑑於我們在本季度看到的非常艱難的背景，你們的銷量保持良好。關於美國骨材和美國水泥的定價和銷售前景，您還有什麼可以透露的嗎？

Thanks, Trey. Maybe, Randy, might help us there. And actually, as we're talking about the US obviously, we've got our European business, well, Jimmy, you might just take us through some of the European volumes and pricing as well?

謝謝，特雷。也許，蘭迪，可以幫助我們。事實上，當我們顯然在談論美國時，我們也有歐洲業務，吉米，你也可以帶我們了解歐洲的一些銷售和定價嗎？

Yeah. So pricing for Q4 in ag was up 12% and cement up 8%. And that's really supported by really our outlook and the backlog that we have. So we have good momentum moving forward there. I think our opportunities as we move into the second half of the year is, there is potential for some midyear price increases in targeted markets. And I'd say broadly, what we're anticipating, again, based on that backlog is that volumes for both cement and ag will be broadly flat with last year.

是的。因此，第四季農產品價格上漲 12%，水泥價格上漲 8%。我們的前景和積壓的訂單確實支持了這一點。因此，我們有良好的前進勢頭。我認為，進入下半年後，我們的機會是，目標市場的年中價格有可能會上漲。我想說，根據積壓，我們再次預期水泥和農業的銷售量將與去年基本持平。

Yeah. From a European perspective, Trey, what we saw was really similar to the US positive pricing momentum continuing, actually our seventh consecutive year of price increases in Europe at this stage. The quarter two cement price was slightly ahead year-on-year. But actually, when you look at it on a mix adjusted basis, it was much closer to mid-single digits. I think what’s really encouraging is that we continue to drive margin expansion across the entire European business in Q2.

是的。 Trey，從歐洲的角度來看，我們看到的情況與美國持續積極的定價動能非常相似，實際上我們現階段在歐洲已經連續第七年漲價。第二季水泥價格年減。但實際上，當你在混合調整的基礎上查看它時，它更接近中個位數。我認為真正令人鼓舞的是，我們在第二季度繼續推動整個歐洲業務的利潤率擴張。

Kathryn Thompson, Thompson Research Group.

凱瑟琳·湯普森，湯普森研究小組。

Just first focusing on Q2, could you give a little bit more color on performance drivers, in particular, on your margin expansion puts and takes, and how we should think about that going forward?

首先關注第二季度，您能否對業績驅動因素提供更多的信息，特別是您的利潤擴張的看跌期權和收益，以及我們應該如何考慮未來？

Yeah. Thanks, Kathryn, Randy here. Well, when we look at Q2, and I think if you look at the full year, and actually, we've been on a journey here for 10 years, kind of the reshaping of the business model to be much more integrated, and I'd say, much more proactive on the front with customers to provide kind of full solutions in the markets -- the end markets that we serve, infrastructure, nonres and res probably more on the RMI side.

是的。謝謝凱瑟琳和蘭迪。好吧，當我們看第二季度時，我想如果你看一下全年，實際上，我們已經在這裡度過了10 年的旅程，這是對業務模式的重塑，使其更加一體化，而且我可以說，我們在客戶面前更加積極主動，在市場上提供全面的解決方案——我們服務的終端市場、基礎設施、非資源和資源可能更多地在 RMI 方面。

We're not immune to weather. So weather certainly impacted a bit of our ability to execute. But I think it just speaks to the underlying value of the model that even in those difficult times able to deliver higher sales, better profits, more cash, solid returns for the benefit of our shareholders, one, but that model of early engagement with our key customers and DOTs being a large key customer is really important. So the ability for us to engage early on the design, engineering, the technical side, all the way through the manufacturer, the installation and actually the maintenance of these projects are important.

我們不能免受天氣的影響。因此，天氣肯定會影響我們的執行能力。但我認為這只是說明了該模型的潛在價值，即即使在那些困難時期，也能夠為我們的股東帶來更高的銷售額、更好的利潤、更多的現金和穩定的回報，其一，但早期與我們的合作的模型關鍵客戶和 DOT 作為大關鍵客戶非常重要。因此，我們儘早參與設計、工程、技術方面，一直到製造商、安裝和這些項目的實際維護的能力非常重要。

If you think about the end customers, especially in roads or infrastructure, there's a direct correlation in the customer base between our Road Solutions business and our critical utility infrastructure. Every road needs to deal with water. We have the capabilities of doing that. And so for our customers, 1 point of contact to be able to design, engineer and execute is critically important. So I think that's what's coming through in terms of underlying delivery on the margin side. And we're optimistic as we look forward because the backlogs for us, both in revenue and margins are up for the full year.

如果您考慮最終客戶，尤其是道路或基礎設施領域的最終客戶，我們的道路解決方案業務和關鍵公用事業基礎設施之間的客戶群之間存在直接關聯。每條道路都需要與水打交道。我們有能力做到這一點。因此，對於我們的客戶來說，能夠進行設計、工程和執行的 1 個聯絡人至關重要。所以我認為這就是保證金方面的基礎交割所面臨的情況。我們對未來感到樂觀，因為我們全年的積壓訂單，無論是收入還是利潤率都在上升。

We have pretty much a six to nine month window in terms of our outlook. So I think we draw a lot of confidence from that. What we're seeing though as well is that the combination of federal and state money has led to, I'll call them, larger projects, maybe more complex projects, higher in specification and performance criteria, and they're multiyear. And I think that plays to our strength to drive that early engagement, leverage some of those soft skills we have and then to be able to deliver in a timely manner.

就我們的前景而言，我們有大約六到九個月的時間窗口。所以我認為我們從中獲得了很大的信心。但我們也看到的是，聯邦和州資金的結合導致了（我稱之為）更大的項目，也許更複雜的項目，更高的規格和性能標準，而且它們是多年期的。我認為這可以發揮我們的優勢，推動早期參與，利用我們擁有的一些軟技能，然後能夠及時交付。

And so the focus on roads, water, energy, telecoms, all those coming through both in performance and also our outlook for the balance of the year.

因此，重點關注道路、水、能源、電信，所有這些領域的業績以及我們對今年剩餘時間的展望。

Kathryn, maybe just to add on -- you asked specifically on the margin. Jim here, just to say, yes, Americas Materials Solutions very strong, up 460 basis points in the quarter. That did include a land sale of about $80 million. And when you strip that out, that land sale, it's still a very strong 300 basis points increase on the Americas Solutions in the quarter two. Now that kind of land sales for us would be not -- it would be very typical for us on an annual basis. But as you know, they can be lumpy and difficult to predict where and when they arise, but nothing unusual from an annual basis, but it's in those Q2 numbers for Americas Materials Solutions.

凱瑟琳，也許只是補充一下——你在邊緣特別問。吉姆在這裡只是想說，是的，美洲材料解決方案非常強勁，本季上漲了 460 個基點。其中確實包括價值約 8000 萬美元的土地出售。當你剔除土地銷售這一點後，第二季度美洲解決方案仍然強勁地成長了 300 個基點。現在，對我們來說，這種土地銷售將不再是——這對我們來說每年都是非常典型的。但如您所知，它們可能是不穩定的，很難預測它們出現的地點和時間，但從年度來看並沒有什麼異常，但它出現在 Americas Materials Solutions 第二季度的數據中。

Okay. Great. And then just as a follow-up, could you give us a little bit more color on some of the acquisitions that you made in Q2, both in the US and Europe on the material side?

好的。偉大的。作為後續行動，您能否為我們介紹您在第二季度在美國和歐洲進行的一些收購（在材料方面）？

Yeah. When you look in the US Kathryn, a couple of call-outs on the material side or first entry into Northern California with the BoDean acquisition. I'd say that's a very typical deal for CRH kind of planting a flag in a high-growth market. Actually, it's our first entrance in the materials into California. We've been in California for quite some time on the product side. But what's nice about that opportunity is the significant reserves that are associated with that deal and then the integrated nature kind of the downstream consumption of aggregate.

是的。當你看看美國凱瑟琳（Kathryn）時，你會發現在物質方面的一些呼聲，或者透過收購 BoDean 首次進入北加州。我想說，對於 CRH 來說，這是一項非常典型的交易，相當於在高成長市場插上一面旗幟。事實上，這是我們在材料方面第一次進入加州。我們在產品方面已經在加州待了一段時間了。但這個機會的好處在於與該交易相關的大量儲備，以及下游總消費的綜合性質。

You move further east from California to Colorado and a good acquisition of Ary there. Again, a complementary position to our Western slope, Colorado position kind of a natural extension, again, an integrated business, which they tend to be ag, asphalt and readymixed, so a solid business in the US.

你從加州向東移動到科羅拉多州，並在那裡收購了 Ary。再一次，對我們科羅拉多州西坡的位置的補充是一種自然延伸，再次，綜合業務，他們往往是農業、瀝青和預拌混凝土，因此在美國是一項穩固的業務。

Kathryn, I think just post actually Q2, we did a nice deal out in Eastern Europe in the whole water infrastructure business, where we acquired the market-leading provider of water infrastructure solutions in Romania. And that’s really beginning to build out our water infrastructure business that we have in the US and build -- starting to build that out across Europe in our downstream solutions business.

凱瑟琳，我認為實際上在第二季度後，我們在東歐的整個水基礎設施業務上做了一筆不錯的交易，我們收購了羅馬尼亞市場領先的水基礎設施解決方案提供商。這實際上是我們開始建立我們在美國的水基礎設施業務，並開始在整個歐洲的下游解決方案業務中建立這項業務。

Michael Dudas, Vertical Research Partners.

麥可‧杜達斯 (Michael Dudas)，垂直研究合作夥伴。

Maybe, Randy, maybe you could share a little more detail on upgrading your synergy target with your Texas acquisition and maybe how the historic weather impacted those operations, how you see it as we move into the second half of the year?

也許，蘭迪，也許您可以分享更多關於升級您與德克薩斯州收購的協同目標的細節，也許歷史天氣如何影響這些業務，當我們進入今年下半年時，您如何看待它？

Yeah. I appreciate the question. As I mentioned just a moment ago, we're certainly not immune to the weather. But if you just take a step back, Texas, we're the largest building materials solutions provider in Texas. So a very integrated business across all key market segments, so infra, nonres and res, and specifically in and around RMI.

是的。我很欣賞這個問題。正如我剛才提到的，我們當然不能免受天氣的影響。但如果您退後一步，德克薩斯州，我們是德克薩斯州最大的建築材料解決方案提供者。因此，這是一個跨所有關鍵細分市場的高度整合的業務，例如基礎設施、非資源和資源，特別是在 RMI 內部和周圍。

I think that certainly helps, and it's kind of a microcosm of the overall strategy of CRH, kind of the diversity of that footprint, the breadth of the products, the engagement with key customers. And so I think that, even in a very tough weather environment, produced solid results.

我認為這肯定有幫助，而且它是 CRH 整體策略的縮影，包括足跡的多樣性、產品的廣度以及與關鍵客戶的互動。因此，我認為，即使在非常惡劣的天氣環境下，也能產生堅實的結果。

And it's really a furtherance of our overall strategy. That -- the plant, specifically, Hunter in San Antonio fit very nicely into our network. And so what we've -- are seeing is just kind of a furtherance of the opportunity from a network standpoint, kind of logistics, the opportunity for internal consumption in our downstream business and other things in and around operational performance that you would expect, right?

這確實是我們整體策略的進一步推進。這家工廠，特別是位於聖安東尼奧的亨特工廠，非常適合我們的網路。因此，我們所看到的只是從網路角度來看，物流、我們下游業務的內部消費機會以及您所期望的營運績效方面的其他方面的機會的促進，正確的？

We're a global leader in terms of cement operations and so bringing the technical expertise into that operation, comparing it to our other plants is naturally going to drive additional opportunity. And so we're happy to uncover another $5 million, bringing that total to $65 million over three years in terms of synergy opportunity. But I'd say it's not unusual. I mean, you look back in the acquisition of Ash Grove back in 2018, and we've been fortunate enough to be able to drive a doubling of the EBITDA of that business in 5 years. And so it's very much the same model being executed here.

我們是水泥業務的全球領導者，因此將技術專業知識引入該業務，與我們的其他工廠進行比較，自然會帶來更多機會。因此，我們很高興發現另外 500 萬美元，使三年內協同機會總額達到 6,500 萬美元。但我想說這並不罕見。我的意思是，回顧 2018 年對 Ash Grove 的收購，我們很幸運能夠在 5 年內將該業務的 EBITDA 翻倍。所以這裡執行的模型非常相似。

I think, Michael, again, as Randy says, obviously, the weather was very challenging in Texas. But if you take a step back and the rest of our industry has been significantly impacted by bad weather in the second quarter. But for us, the continued delivery really attests to the strength of the solutions model that we have here almost through the cycle, we continue to deliver. That’s the differentiator here with regard to CRH. Be it Texas and Florida across the southeast or indeed over in Europe as well, where the world has been very tough in Western Europe as well, we continue to deliver.

我想，邁克爾，正如蘭迪所說，顯然，德克薩斯州的天氣非常具有挑戰性。但如果退一步看，我們行業的其他行業都受到了第二季惡劣天氣的嚴重影響。但對我們來說，持續交付確實證明了我們幾乎在整個週期中持續交付的解決方案模型的實力。這就是 CRH 的與眾不同之處。無論是東南部的德克薩斯州和佛羅裡達州，還是歐洲各地（西歐的世界狀況也非常艱難），我們都會繼續提供服務。

Ross Harvey, Davy.

羅斯哈維，戴維。

I'd like to focus on costs, if we can. Can you discuss maybe the energy and the general input cost backdrop?

如果可以的話，我想關注成本。您能否討論一下能源和整體投入成本背景？

Jim here. I’ll take that one. Yeah, listen, Ross, we continue very much to operate in an inflationary environment across all the business. And when we look certainly at H1. From an energy perspective, first, maybe we did have some energy tailwinds in H1, but they’ve been moderating as we went through H1 and further moderated into H2.

吉姆在這裡。我要那個。是的，聽著，羅斯，我們的所有業務仍然在通貨膨脹的環境中運作。當我們肯定地看 H1 時。首先，從能源角度來看，也許我們在上半年確實有一些能源順風，但隨著我們經歷上半年並在下半年進一步放緩，它們一直在減弱。

When we look out over the full year, I think, our energy costs are going to be modestly lower on a per unit cost basis. Across the rest of the cost mix, really continued inflation, mainly in the areas of labor, raw materials, subcontractors and indeed repair and maintenance costs. And I think across the full year, we’re kind of expecting a mid-single-digit percentage increase in cost categories across those particular categories.

當我們展望全年時，我認為，我們的能源成本將按單位成本計算將略有下降。在其他成本組合中，通貨膨脹確實持續存在，主要是在勞動力、原材料、分包商以及維修和維護成本領域。我認為，在全年中，我們預計這些特定類別的成本類別將出現中個位數百分比的成長。

And what it does is really highlights the importance of getting that early and that kind of continued price momentum. And when you factor in the combination of the price and the cost, we’re happy to be targeting our 11th consecutive year of margin expansion across the full business.

它的作用確實凸顯了儘早採取行動以及持續保持價格動能的重要性。當您綜合考慮價格和成本時，我們很高興將整個業務的利潤率連續 11 年擴大。

Gregor Kuglitsch, UBS.

格雷戈爾‧庫格利奇，瑞銀集團。

So a couple of questions. The first one, if you could just give us a bit of an update where we are on the index inclusion situation given the relisting into the US, please? And then secondly, I mean, obviously, I think, you've said it now numerous times you're sort of -- if the business model how it's been set up, obviously delivered particularly this quarter, and we can really see it in AMAT. So my question to you is, where are we on this journey? If you could just give us sort of how much is ahead of us, how much is already realized in terms of that integrated approach and sort of the potential for margins to expand further?

有幾個問題。第一個，如果您能給我們一些關於在美國重新上市的指數納入情況的最新情況，好嗎？其次，我的意思是，顯然，我認為，你現在已經說過很多次了——如果商業模式是如何建立的，顯然是在本季度交付的，我們真的可以在阿馬特。所以我問你的問題是，我們在這段旅程中處於什麼位置？如果您能為我們介紹一下我們的未來有多少，在這種綜合方法方面已經實現了多少，以及利潤率進一步擴大的潛力？

Gregor, Jim here. I'll take maybe the first one on the indexation inclusion. Yes, we've made really good progress since the relisting last September, Gregor, and now over 80% of our daily volumes are trading on the NYSE. And at this stage, the majority of our shareholders are actually US based shareholders. As you know, we've kind of -- since in May, we were reclassified into the MSCI USA.

格雷戈爾，吉姆在這裡。我可能會選擇第一個關於索引包含的內容。是的，自從去年 9 月重新上市以來，我們已經取得了非常好的進展，Gregor，現在我們 80% 以上的每日交易量都在紐約證券交易所交易。現階段，我們大多數的股東其實都是美國股東。如您所知，自 5 月以來，我們被重新分類為 MSCI 美國指數。

And also in June, we were added to the Russell 1000 and the S&P TMI. The important remaining indices at this stage, first is our S&P 500 and the CRSP, as you know, ultimately, the inclusion is at the discretion of the index providers. We're confident that we meet all the eligibility criteria, and we'll certainly be seeking inclusion as soon as possible now.

同樣在 6 月，我們被納入羅素 1000 指數和標準普爾 TMI 指數。現階段剩下的重要指數，首先是我們的標準普爾 500 指數和 CRSP，如您所知，最終是否納入由指數提供者自行決定。我們相信我們符合所有資格標準，我們現在肯定會盡快尋求納入。

Thanks, Jim. And Gregor, Look, you’re right. I mean, again, we outperformed the industry. We’ve done so for a decade now at this stage, but you can look at the stats that we produced or how much anybody else produced. We don’t just sell base materials, which we used to do 20 years ago. We convert those base materials into value-added products, which are technically capable, and we provide services and knowledge and design skills in around those that help make the construction process simpler, quicker, cheaper, and faster for our customers.

謝謝，吉姆。格雷戈爾，看，你是對的。我的意思是，我們的表現再次優於整個產業。在這個階段，我們已經這樣做了十年，但您可以查看我們產生的統計數據或其他人產生的數據。我們不僅僅銷售 20 年前那樣的基礎材料。我們將這些基礎材料轉化為具有技術能力的加值產品，並提供相關服務、知識和設計技能，幫助我們的客戶使施工過程更簡單、更快、更便宜、更快。

We have spent decades building this strategy, and it takes decades to put together. It has only just started. I’m sitting here in New York City this morning, so I’d say, and US products, we are really just starting the second inning. It’s only just started. The best years are ahead of us with regard to this because we can see we’re tackling the trends that are out there.

我們花了幾十年的時間來制定這項策略，而且還需要幾十年的時間來整合。這才剛開始。今天早上我坐在紐約市，所以我想說，對於美國產品，我們實際上才剛開始第二局。這才剛開始。在這方面，最好的時光就在前方，因為我們可以看到我們正在應對現有的趨勢。

There’s less labor out there to do new construction. People want things done quicker. They need it to be done more resilient. It has to be done in a safe way, and in particular for big heavy infrastructure projects, which is our wheelhouse. This is absolutely the appropriate place for us to be in. And the best years are ahead of us for the next decade.

進行新建設的勞動力較少。人們希望事情做得更快。他們需要做得更有彈性。它必須以安全的方式完成，特別是對於大型重型基礎設施項目，這是我們的駕駛室。這絕對是我們所處的合適位置。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼，D.A.戴維森。

I just had a question just in regards to M&A acquisitions, divestitures, you've been very active there. How are you thinking about the portfolio as you move into the second half of the year and into 2025?

我剛才有一個關於併購、資產剝離的問題，你們在這方面一直非常活躍。進入下半年和 2025 年，您如何看待投資組合？

Thanks, Brent. I'll take that one. If you look back over the history of CRH over the last decade, we really have accelerated our portfolio management. And it's been a key part of our success over the last 10 years. That process of the allocation and reallocation of capital across our portfolio has been a key driver of the creation of shareholder value over the last decade.

謝謝，布倫特。我會接受那個。如果你回顧一下 CRH 過去十年的歷史，我們確實加速了我們的投資組合管理。這是我們過去 10 年取得成功的關鍵部分。在我們的投資組合中分配和重新分配資本的過程一直是過去十年創造股東價值的關鍵驅動力。

Now I think it's important to be aware of how we think about our portfolio going forward, not just for 2024, but '25 and beyond. Now obviously, we focus on the businesses where we win, but not just where we win, but more importantly, it's how we win and why we win. And in particular, not just today, but tomorrow because that's -- we're shaping our business for the future.

現在我認為重要的是要了解我們如何看待未來的投資組合，不僅是 2024 年，而且是 25 年及以後。現在顯然，我們專注於我們獲勝的業務，但不僅僅是我們獲勝的地方，更重要的是我們獲勝的方式和原因。特別是，不僅是今天，而且是明天，因為我們正在為未來塑造我們的業務。

Now look, fine words, but the actions stand over us. If I look at the business we had in 2013, 50% of the business that we owned in 2013, we've sold. I don't know any other business that has done that. And we've done that because we actively repositioned our businesses. So we sold $13 billion worth of -- dollars' worth of business. And we bought $24 billion worth of businesses over the last 10 years. It is -- for sure, that is going to continue for the next decade.

現在看，話雖好，但行動卻比我們更重要。如果我看看我們 2013 年擁有的業務，我們在 2013 年擁有的業務中有 50% 已經出售。我不知道還有其他企業這樣做過。我們之所以做到這一點，是因為我們積極重新定位我們的業務。因此，我們出售了價值 130 億美元的業務。過去 10 年我們收購了價值 240 億美元的企業。可以肯定的是，這種情況將在未來十年持續下去。

And the reason why we focus on our portfolio so much as much as we do with being an operator is because our markets, our world is changing. As I said earlier, there's not enough labor out there to build at the pace that the world needs to build in. Construction is too costly. It's too slow. It's too dirty. And quite frankly, it's too inefficient. So we are constantly adapting our portfolio and our structures to our solution strategy to address these challenges and to capitalize on the opportunities you see for CRH. And you see the results of that today in the first half results.

我們之所以像關注營運商一樣關注我們的投資組合，是因為我們的市場、我們的世界正在改變。正如我之前所說，沒有足夠的勞動力來按照世界需要的建設速度進行建設。太慢了。太髒了。坦白說，這效率太低了。因此，我們不斷調整我們的產品組合和結構以適應我們的解決方案策略，以應對這些挑戰並利用您看到的 CRH 機會。你可以在今天的上半場結果中看到結果。

Integrated solutions helps us build quicker, cheaper, faster, safer and in a more resilient way, preparing for the world of tomorrow. So we've always shown ourselves to be very agile in CRH and nothing is off the table in terms of how we look at our business and our portfolio. 12 years ago, CRH was listed primarily in Dublin. We moved our listing to London, and last September, we moved our listing to New York. All of that was a focus on accessing deeper pools of capital and telling our story to a wider population.

整合解決方案幫助我們以更快速、更便宜、更快速、更安全且更有彈性的方式構建，為明天的世界做好準備。因此，我們一直在 CRH 方面表現得非常敏捷，並且在我們如何看待我們的業務和產品組合方面沒有什麼是不可能的。 12 年前，CRH 主要在都柏林上市。我們將房源搬到了倫敦，去年九月，我們又將房源搬到了紐約。所有這些都是為了獲得更深的資本池並向更廣泛的人群講述我們的故事。

A decade ago, 10 years ago, we were seven divisions across CRH. We brought that down to three divisions. 10 years ago, our EBITDA was $1.5 billion. This year, we're going to be touching $7 billion. 10 years ago, the market cap of our business was $15 billion, and this year, we're around $55 billion. We achieved all of these things because we were agile. We aspire to being ahead of business, and we adapted our businesses, our business focus, our business model, our portfolio, and our structures to drive shareholder value.

十年前，十年前，我們 CRH 共有七個部門。我們將其縮減為三個部門。 10 年前，我們的 EBITDA 為 15 億美元。今年，我們將達到 70 億美元。 10 年前，我們業務的市值為 150 億美元，而今年，我們的市值約為 550 億美元。我們取得了所有這些成就，因為我們很敏捷。我們渴望領先於業務，並調整我們的業務、業務重點、業務模式、投資組合和結構，以提高股東價值。

It's part of our DNA in CRH. We're very restless. We continue to push on. We adapt, we change, we never stop but we never lose focus on our North Star, which is the maximization of shareholder value. And as we think about our portfolio, as you think about our portfolio, that's what you should focus on.

這是我們 CRH DNA 的一部分。我們非常焦躁不安。我們繼續前進。我們適應，我們改變，我們永不停歇，但我們永遠不會失去對北極星的關注，即股東價值的最大化。當我們考慮我們的投資組合時，當您考慮我們的投資組合時，這就是您應該關注的。

Very good. One more, if I could. I suspect your Americas Building Solutions group may have the most to leverage to what sort of prevailing interest rates do here in the next several months. If you could just affirm what's anticipated for that business group in the second half in light of some probability we could see an interest rate cut. And I guess, just your overall view on how critical that is to sort of the future performance or a recovery and growth for that group on an organic basis?

非常好。如果可以的話，再來一張。我懷疑你們的美洲建築解決方案小組可能最能利用未來幾個月這裡的現行利率。如果您能根據某種可能性確認該業務部門下半年的預期，我們可能會看到降息。我想，您對這對於該集團的未來業績或有機復甦和成長有多重要的總體看法？

To give a comment, I'm just going to clarify the answer because the line just broke a bit very slightly, I think you were asking, broadly speaking, what was the outlook for our Americas Buildings Solutions business in the second half of the year, what the drivers might be? So I'll just ask that question on your behalf. I think I got it right, Randy.

為了發表評論，我只是想澄清一下答案，因為線路只是稍微斷了一點，我想您是在問，從廣義上講，我們的美洲建築解決方案業務下半年的前景如何，驅動程序可能是什麼？所以我就代表你問這個問題。我想我做對了，蘭迪。

If you think about that business, there’s two major components. It’s the critical utility infrastructure business that addresses, I’d say, ongoing trends of need in and around water, energy, and telecoms. And that’s very much supported by federal and state investments. So the balance of the year, that’s probably unaffected by the movement in interest rates, although if you’d see an interest rate move downward, certainly more new res would come underway and products such as those would be used in that kind of capacity. So that could be a positive.

如果您考慮一下該業務，您會發現有兩個主要組成部分。我想說，這是關鍵的公用事業基礎設施業務，它解決了水、能源和電信領域及其周邊需求的持續趨勢。這得到了聯邦和州投資的大力支持。因此，今年的剩餘時間可能不會受到利率變動的影響，儘管如果您看到利率下降，肯定會進行更多新的研究，並且會在其中使用此類產品一種能力。所以這可能是積極的。

But the second business is really around our outdoor living business, and that’s focused primarily on the RMI segment. So it’s that backyard. So it’s the engagement through our channel management with our retail customers and then our professional business as well. And we’ve been very deliberate about how we’ve organized and structured that business and created solutions for those critical customers. So it’s the ability for us from a network standpoint and logistical standpoint to serve demanding customers in that space in the outdoor living area. It’s the idea of bringing in a collection of products to service those retail customers and professional distributors of our products. And that provides a little bit of risk off because of the type of products that are served there.

但第二項業務實際上是圍繞我們的戶外生活業務，主要集中在 RMI 領域。所以就是那個後院。因此，這是透過我們的通路管理與零售客戶以及我們的專業業務進行的互動。我們非常慎重地考慮如何組織和建立業務並為這些關鍵客戶創建解決方案。因此，從網路和物流的角度來看，我們有能力在戶外生活區的空間內為嚴格要求的客戶提供服務。這個想法是引進一系列產品來為我們產品的零售客戶和專業經銷商提供服務。由於那裡提供的產品類型，這提供了一點風險。

Certainly, what we’ve seen in that space is that’s been much more resilient. So it’s not as susceptible to interest rate movements. I guess you could assume new-build would certainly be a positive in that space. But the way we look at it today, I think, we said in our opening remarks that we don’t see in terms of underlying activity much movement in the res space as we finish out ‘24.

當然，我們在該領域看到的是更具彈性。因此它不太容易受到利率變動的影響。我想你可能會認為新建在這個領域肯定是正面的。但我認為，我們今天的看法是，我們在開場白中說過，當我們結束時，我們並沒有看到資源領域的基本活動發生太大變化 - 24。

Keith Hughes, Truist.

基斯‧休斯，真理主義者。

Question is on the Road Solutions business within Americas Materials had solid growth in the quarter, I assume, weather played a role there. What's your outlook for growth in that business in the second half of the year, assuming weather is more normalized?

問題是美洲材料公司的道路解決方案業務在本季度取得了穩健的成長，我認為天氣在那裡發揮了作用。假設天氣變得更加正常化，您對該業務下半年的成長前景有何看法？

That business, I think, I mentioned at the beginning is firmly supported by the investment of the IIJA and the state initiatives. And again, there's -- IIJA is a five year bill. I think we said last year that we thought it was probably going to take five to seven years for actually those funds to make its way completely into the market, and we stand by that. So we're seeing certainly increased bidding activity.

我認為，我在開頭提到的這項業務得到了 IIJA 投資和國家舉措的堅定支持。再說一次，IIJA 是一個五年法案。我想我們去年說過，我們認為實際上這些基金可能需要五到七年的時間才能完全進入市場，我們堅持這一點。因此，我們看到投標活動肯定有所增加。

Our backlogs would reflect higher revenues and better margins. And I think it's our hope certainly that the weather would improve, but it's the diversity of what we offer in that space through that Road Solutions business, both on kind of typical repair and maintenance as well as larger, more complex capacity expanding products.

我們的積壓訂單將反映出更高的收入和更好的利潤。我認為我們當然希望天氣會改善，但這是我們透過道路解決方案業務在該領域提供的多樣性，包括典型的維修和保養以及更大、更複雜的容量擴展產品。

So we see that continuing to deliver. And when we think about the Road Solutions, I often think back to what that business was 10 years ago where we sold some rock, and we sold some asphalt. That combination, that solutions mindset that we bring to the equation for those DOT customers really allows us to leverage our competitive advantage. And actually, at the end of the day, provides them with better products, better performance and gives us kind of a unique offering versus that of the broader market.

所以我們看到它繼續交付。當我們想到道路解決方案時，我經常回想起 10 年前的業務，當時我們出售一些岩石，我們出售一些瀝青。這種組合以及我們為 DOT 客戶帶來的解決方案思維方式確實使我們能夠利用我們的競爭優勢。實際上，歸根結底，為他們提供了更好的產品、更好的性能，並為我們提供了相對於更廣泛市場的獨特產品。

Okay. Listen, ladies and gentlemen, that’s all we have time for today. I want to thank you for your attention. And as always, if you have any follow-up questions, please feel free to contact our Investor Relations team. We look forward to talking to you again in November when we report our results for the third quarter of 2024. Thank you, and have a good day.

好的。聽著，女士們先生們，這就是我們今天的時間了。我想感謝您的關注。一如既往，如果您有任何後續問題，請隨時聯繫我們的投資者關係團隊。我們期待在 11 月報告 2024 年第三季業績時再次與您交談。

Thank you. Your conference call has now ended. You may now disconnect.

謝謝。您的電話會議現已結束。您現在可以斷開連線。