CRH PLC (CRH) 2024 Q4 法說會逐字稿

Good day and welcome to the CRH 2024 full year results presentation. My name is Krista, and I will be your operator today. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions)

大家好，歡迎參加 CRH 2024 全年業績發表會。我叫克里斯塔，今天我將擔任您的接線生。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。 （操作員指示）

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.

現在，我想將會議交給 CRH 執行長 Jim Mintern，開始會議。先生，請繼續。

Good morning, everyone. Jim Mintern here, CEO of CRH. And you're all very welcome to our fourth quarter and full year 2024 results presentation and conference call. It's a great privilege for me to be here on my first earnings call as CEO, and I look forward to seeing many of you in the weeks and months ahead. Joining me on the call is Alan Connolly, our Interim CFO; Randy Lake, Chief Operating Officer; and Tom Holmes, Head of Investor Relations.

大家早安。我是 CRH 執行長 Jim Mintern。歡迎大家參加我們的 2024 年第四季和全年業績報告和電話會議。我很榮幸能夠以執行長的身份參加我的第一次財報電話會議，並期待在未來幾週和幾個月內與大家見面。和我一起參加電話會議的還有我們的臨時財務長 Alan Connolly；蘭迪‧萊克 (Randy Lake)，營運長；以及投資人關係主管湯姆‧霍姆斯 (Tom Holmes)。

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

在我們開始之前，我先請湯姆作一些簡短的開場白。

Thanks, Jim. Hello, everyone. Before we begin today's proceedings, I'd like to draw your attention to slide one 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.

謝謝，吉姆。大家好。在我們開始今天的會議之前，我想請大家注意螢幕上顯示的第一張投影片。在今天的演講中，我們將就未來計劃和期望做出一些前瞻性的陳述。這些都受到一定的風險和不確定性的影響，實際結果和成果可能會因本投影片中概述的因素而有重大差異。如欲了解更多詳情，請參閱此投影片、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查閱。

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

現在我將把你們交還給吉姆、艾倫和蘭迪，讓他們發表一些準備好的演講。

Thanks, Tom. We have a busy schedule for you this morning. 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 operating performance over the course of 2024, as well as providing you with an early indication of our expectations for our business in the year ahead.

謝謝，湯姆。今天早上我們的日程安排很緊湊。在接下來的 30 分鐘左右的時間裡，我們將向您簡要介紹我們的第四季度和全年業績，重點介紹我們 2024 年營運業績的關鍵驅動因素，並提前向您介紹我們對未來一年業務的預期。

We are also going to spend some time discussing our capital allocation activities and how we are strategically positioning CRH to continue to deliver industry leading growth and value creation for our shareholders. After that, we will have plenty of time for Q&A and overall, we should be finished within the hour.

我們還將花一些時間討論我們的資本配置活動以及我們如何策略性地定位 CRH 以繼續為我們的股東帶來行業領先的成長和價值創造。之後，我們將有充足的時間進行問答，總的來說，我們應該在一小時內完成。

First, on slide three, I'm pleased to report an industry leading performance for CRH in 2024. But before we get into the detail of that performance, I want to take a step back for a moment and discuss what's been driving the consistency of our financial delivery year in, year out over the last decade.

首先，在第三張幻燈片上，我很高興地報告 CRH 在 2024 年的行業領先業績。但在我們深入了解業績細節之前，我想先回顧一下，討論一下過去十年來，是什麼推動了我們年復一年的財務交付一致性。

We are the leading provider of building materials solutions in North America and Europe, operating across 3,800 locations. The size and scale of our business, carefully constructed over the last 55 years, is simply unmatched and impossible to replicate. That scale, combined with our customer connected solution strategy, enables us to better serve our customers, increasingly complex needs, as well as delivering higher growth and value for our shareholders. Our core philosophy of continuous business improvement and best-in-class operators is deeply embedded in the DNA of CRH.

我們是北美和歐洲領先的建築材料解決方案提供商，業務遍及 3,800 個地區。我們在過去 55 年精心建構的業務規模是無可比擬且無法複製的。這種規模與我們的客戶互聯解決方案策略相結合，使我們能夠更好地服務客戶，滿足日益複雜的需求，並為股東帶來更高的成長和價值。我們的核心理念是持續改善業務和打造一流的營運商，這深深植根於 CRH 的 DNA 中。

We are relentlessly focused on performance across the business, but not just performance, performance with purpose, delivering improvement each and every year. And I am pleased to report that we delivered our 11th consecutive year of marginal improvement in 2024.

我們堅持不懈地專注於整個業務的績效，但不僅是績效，還有目的性的績效，每年都取得進步。我很高興地報告，到 2024 年，我們已經連續第 11 年實現了小幅改善。

The disciplined and value focused allocation of our capital to support our strategic growth initiatives has been a cornerstone of CRH over many years. We have acquired over 1,200 businesses throughout our history, including 800 in the United States alone, building market leadership positions in the higher growth regions of the US. We have decades of experience identifying, acquiring and integrating businesses and a proven track record of value creation and synergy delivery. We remain focused on investing in higher growth markets benefiting from secular growth tailwinds, and over the course of 2024, we invested $5 billion on 40 value accretive acquisitions across our business.

多年來，我們一直以嚴謹和注重價值的方式分配資本，以支持我們的策略成長計劃，這是 CRH 的基石。在我們的歷史上，我們已經收購了 1,200 多家企業，其中僅在美國就收購了 800 家，在美國高成長地區建立了市場領導地位。我們擁有數十年識別、收購和整合企業的經驗，以及創造價值和實現協同效應的良好記錄。我們仍專注於投資受益於長期成長順風的高成長市場，在 2024 年期間，我們在整個業務範圍內對 40 項增值收購投資了 50 億美元。

At CRH, we have a uniquely connected portfolio of businesses. By integrating our materials, products and value-added services across the construction value chain, we are able to maximize growth, profitability and cash generation by also delivering less volatility and more consistency through the cycle. These are the components of our differentiated and customer connected solution strategy. That is what has driven our consistent financial performance over the last decade, as well as another year of double-digit profit growth in 2024.

在 CRH，我們擁有獨特的業務關聯組合。透過將我們的材料、產品和增值服務整合到整個建築價值鏈中，我們能夠在整個週期中實現更少的波動性和更高的一致性，從而最大限度地提高成長、獲利能力和現金產生率。這些是我們差異化和客戶互聯解決方案策略的組成部分。這就是我們過去十年保持穩定財務業績以及在 2024 年再次實現兩位數利潤成長的動力。

Turning to slide four, where you can see some of our key financial highlights for the fourth quarter and full year, and I think this slide really demonstrates the strength of our performance. We had a strong finish the 2024 with Q4 revenues, adjusted EBITDA and margin growth trends consistent with the overall full year outturn.

翻到第四張投影片，您可以看到我們第四季和全年的一些主要財務亮點，我認為這張投影片確實展現了我們業績的強勁。我們在 2024 年取得了強勁的成績，第四季度的營收、調整後的 EBITDA 和利潤率成長趨勢與全年整體業績一致。

Total full year revenues of $35.6 billion, 2% ahead of prior year, reflecting resilient underlying demand across our key end use markets, further commercial progress as well as contribution from acquisitions. This enabled us to deliver adjusted EBITDA of $6.9 billion, 12% ahead and a further 180 basis points of margin expansion. A robust performance which also reflects continued operational excellence and strong cost control across our business.

全年總收入為 356 億美元，比上年增長 2%，反映了我們主要終端用途市場強勁的潛在需求、進一步的商業進步以及收購的貢獻。這使我們能夠實現 69 億美元的調整後 EBITDA，成長 12%，利潤率進一步擴大 180 個基點。強勁的業績也反映了我們業務持續的卓越營運和強大的成本控制。

As you can see, all of this translated into strong growth in our earnings per share, up 18% on the prior year. I'm pleased to see another year of improvement in our returns, a key performance metric across all our businesses. 15.5% in 2024, 20 basis points ahead, building on the progress we have made in recent years and an area that we can continue to improve upon.

如您所見，所有這些都轉化為我們每股收益的強勁成長，比上一年增長了 18%。我很高興看到我們的回報率又一年有所提高，這是我們所有業務的關鍵績效指標。 2024 年將達到 15.5%，比現在高出 20 個基點，這建立在我們近年來取得的進展以及我們可以繼續改進的領域的基礎上。

Now, at this point, I will ask Randy to take you through the performance of each of our businesses.

現在，我請蘭迪來向大家介紹我們每個業務的表現。

Thanks, Jim. Hello, everyone. Turning to slide six and beginning with Americas Materials Solutions, which delivered a good fourth quarter as well as strong profit growth and further margin expansion for the year as a whole. Total full year sales and adjusted EBITDA were 5% and 22% ahead of the prior year, primarily driven by price increases across all lines of business and further operational efficiencies. And Essential Materials revenues were up 5%, supported by pricing growth of 10% in aggregates and 8% in cement.

謝謝，吉姆。大家好。翻到第六張投影片，首先是美洲材料解決方案公司，該公司第四季表現良好，全年利潤成長強勁，利潤率進一步擴大。全年總銷售額和調整後 EBITDA 分別比上年增長 5% 和 22%，主要得益於所有業務線的價格上漲和營運效率的進一步提高。基本材料收入成長 5%，這得益於骨材價格上漲 10% 和水泥價格上漲 8%。

In Road Solutions, revenues also increased by 5%, driven by improved pricing in asphalt and ready mixed concrete. All of this was delivered against a backdrop of some challenging weather conditions which impacted activity levels in many parts of the United States during the year.

在道路解決方案方面，由於瀝青和預拌混凝土價格上漲，收入也增加了 5%。所有這一切都是在惡劣的天氣條件的背景下進行的，這些天氣條件影響了今年美國許多地區的活動水平。

Looking through the impact of adverse weather, however, I'm pleased to report that the underlying demand backdrop across our key markets remains positive. Infrastructure, our largest end market, continues to be underpinned by robust levels of state and federal funding through the IIJA, and only a third of highway funds in the IIJA have been deployed to date, highlighting the significant runway we have ahead of us.

然而，儘管面臨惡劣天氣的影響，我很高興地報告，我們主要市場的潛在需求背景仍然是正面的。基礎設施是我們最大的終端市場，繼續透過 IIJA 獲得大量州和聯邦政府的資金支持，迄今為止，IIJA 中只有三分之一的公路資金得到部署，這凸顯了我們面前還有很長的路要走。

We also continue to see good levels of activity in certain segments of non-residential construction, including new build manufacturing facilities and data centers. These are often large, highly specified construction projects that fit very well with our differentiated strategy, a real sweet spot for our business that generates higher profits, cash and returns while providing more value to our customers.

我們也繼續看到非住宅建築某些領域的活動水準良好，包括新建製造設施和資料中心。這些通常都是大型、高度規範的建設項目，非常符合我們的差異化策略，對我們的業務來說是一個真正的最佳結合點，可以產生更高的利潤、現金和回報，同時為我們的客戶提供更多價值。

Our results also reflect contribution from acquisitions, primarily our $2.1 billion acquisition of material assets in Texas and we continue to make good progress on the synergies we've identified to date. I'm also pleased to see a strong improvement in our margin, up 340 basis points compared to the prior year, reflecting disciplined cost control, further operational efficiencies across our business, as well as the impact of a gain on certain land asset sales during the year. As we look ahead, I'm encouraged by the continued positive momentum in our backlogs, reflecting the robust infrastructure funding environment I mentioned earlier.

我們的業績也反映了收購的貢獻，主要是我們以 21 億美元收購了德州的物質資產，並且我們在迄今為止確定的協同效應方面繼續取得良好進展。我也很高興看到我們的利潤率大幅提高，比上年增長了 340 個基點，這反映了嚴格的成本控制、整個業務的進一步運營效率，以及年內某些土地資產銷售收益的影響。展望未來，我對積壓訂單持續保持積極勢頭感到鼓舞，這反映了我之前提到的強勁的基礎設施融資環境。

Next to America's Building Solutions on slide seven, where our business delivered a resilient fourth quarter and full year performance. As you can see on this slide, our full year profitability was slightly behind a strong prior year comparative, a good performance in the context of some challenging weather conditions impacting our operations in large parts of the United States and subdued demand in the new build residential segment.

接下來是第七張投影片上的美國建築解決方案，我們的業務在第四季和全年表現出色。正如您在這張投影片上看到的，我們的全年獲利能力略低於去年同期的強勁水平，在一些惡劣的天氣條件影響我們在美國大部分地區的營運以及新建住宅領域需求低迷的背景下，我們取得了良好的表現。

Our Building & Infrastructure Solutions business continues to be supported by good underlying demand in the manufacturing sector and significant funding for critical infrastructure as well as contributions from acquisitions. In Outdoor Living Solutions, our business benefited from its exposure to more resilient residential repair and remodel activity and good demand in the retail channel.

我們的建築和基礎設施解決方案業務繼續受到製造業良好的潛在需求、關鍵基礎設施的大量資金以及收購貢獻的支持。在戶外生活解決方案方面，我們的業務受益於更具彈性的住宅維修和改造活動以及零售通路的良好需求。

Moving to International Solutions on slide eight, where our business delivered further profit and margin growth in both the fourth quarter and the full year. Overall, we delivered a 7% increase in full year adjusted EBITDA and 120 basis points of margin expansion, supported by a positive pricing momentum and disciplined cost control.

轉到第八張投影片上的國際解決方案，我們的業務在第四季度和全年都實現了進一步的利潤和利潤率成長。總體而言，在積極的定價動能和嚴格的成本控制的支持下，我們實現了全年調整後 EBITDA 成長 7%，利潤率擴大 120 個基點。

In Central and Eastern Europe, demand continues to be supported by good levels of public and private funding for infrastructure and non-residential construction activity. While in Western Europe, activity levels were impacted by subdued but stabilizing new build residential demand. Our results also reflect contributions from acquisitions, most notably our investment in Adbri, a leading provider of building materials in Australia. The integration is progressing well, and we're excited about the opportunities it presents in this attractive market.

在中歐和東歐，基礎設施和非住宅建築活動的公共和私人資金充足，並繼續支撐著需求。而在西歐，活動水準受到低迷但穩定新建住宅需求的影響。我們的業績也反映了收購的貢獻，最值得一提的是我們對澳洲領先的建築材料供應商 Adbri 的投資。整合進展順利，我們對它在這個有吸引力的市場中帶來的機會感到非常興奮。

So overall, good delivery from our businesses in the fourth quarter as well as on a full year basis, and I'll hand you over to Alan to take you through our financial performance in further detail.

總體而言，我們的業務在第四季度以及全年都表現良好，我將讓艾倫向您詳細介紹我們的財務表現。

Thanks, Randy, and hello, everyone. Turning now to slide 10 and the key components of our adjusted EBITDA performance. As you can see on the left-hand side of the slide, we had a strong finish to 2024, delivering fourth quarter adjusted EBITDA of approximately $1.8 billion, 12% ahead of the prior year period. Looking at our performance for the full year on the right-hand side, for me, the real highlight is that $603 million organic growth we achieved, a 10% increase compared to the prior year, reflecting resilient underlying demand across our key end markets, further pricing progress, operational efficiency and cost control.

謝謝，蘭迪，大家好。現在轉到第 10 張投影片以及我們調整後的 EBITDA 業績的關鍵組成部分。正如您在幻燈片左側看到的，我們在 2024 年取得了強勁的成績，第四季度調整後的 EBITDA 約為 18 億美元，比去年同期增長 12%。縱觀右側的全年業績，對我來說，真正的亮點是我們實現了 6.03 億美元的有機增長，比上一年增長了 10%，這反映了我們主要終端市場強勁的潛在需求、進一步的定價進展、運營效率和成本控制。

Acquisitions net of divestitures delivered a further $142 million of adjusted EBITDA, primarily reflecting the contribution from our acquisition of materials assets in Texas and Australia as well as the impact of the divestiture of our European line operations. In terms of the impact of currency translation on our business, there was a small tailwind for the year, primarily the result of a slightly weaker US dollar relative to some of our other currency exposures. Overall, we delivered approximately $6.9 billion of full year adjusted EBITDA, 12% ahead of the prior year.

扣除資產剝離後的收購進一步帶來了 1.42 億美元的調整後 EBITDA，主要反映了我們收購德州和澳洲材料資產的貢獻以及剝離歐洲生產線業務的影響。就貨幣換算對我們業務的影響而言，今年出現了小幅順風，主要是因為相對於我們的其他一些貨幣敞口，美元略微走弱。總體而言，我們全年調整後的 EBITDA 約為 69 億美元，比上年增長 12%。

Next to slide 11. And here you can see how our continued focus on cash generation and financial discipline enabled us to maintain our strong balance sheet position in 2024. Looking at the key components of this performance, we ended 2023 with net debt of $5.4 billion. Our business generated $5 billion of operating cash during the year, and this strong performance underpins our ability to invest in our business for further growth, while also returning significant amounts of cash to our shareholders.

接下來是第 11 張投影片。在這裡您可以看到，我們持續專注於現金創造和財務紀律，這使我們在 2024 年保持了強勁的資產負債表狀況。縱觀這項業績的關鍵組成部分，我們在 2023 年底的淨債務為 54 億美元。我們的業務在年內創造了 50 億美元的營運現金，這一強勁表現鞏固了我們投資業務以實現進一步增長的能力，同時也為股東帶來了大量現金回報。

As Jim mentioned earlier, we completed a significant amount of portfolio activity in 2024, investing $5 billion on 40 strategic acquisitions. We also received over $1 billion of proceeds from divestitures, which net of other items, including net debt acquired as part of our investment in Adbri in Australia, resulted in a total increase of approximately $4.5 billion. We also invested $2.6 billion in capital expenditure to support further growth in our existing business. and we returned $3 billion to our shareholders in the form of dividends and share buybacks. Overall, this resulted in net debt of $10.5 billion at year-end, representing a net debt to adjusted EBITDA ratio of 1.5 times.

正如吉姆之前提到的，我們在 2024 年完成了大量投資組合活動，在 40 項策略性收購上投資了 50 億美元。我們也從資產剝離中獲得了超過 10 億美元的收益，扣除其他項目（包括作為我們在澳洲 Adbri 投資的一部分而獲得的淨債務）後，總收益增加了約 45 億美元。我們也投資了 26 億美元的資本支出來支持現有業務的進一步成長。我們以股息和股票回購的形式向股東返還了 30 億美元。總體而言，這導致年底淨債務為 105 億美元，淨債務與調整後 EBITDA 比率為 1.5 倍。

I'm also pleased to report that in line with our strong financial position and policy of consistent long-term dividend growth, the Board has declared a new quarterly dividend of $0.37 per share, representing an annualized increase of 6% compared to the prior year and continuing our prior track record of delivering over 40 consecutive years of dividend, growth and stability. In relation to our ongoing share buyback program, today, we commenced a further quarterly tranche of $300 million to be completed no later than May 2.

我還很高興地報告，根據我們強勁的財務狀況和長期持續的股息增長政策，董事會宣布新的季度股息為每股 0.37 美元，與上一年相比年化增長 6%，延續了我們連續 40 多年實現股息、增長和穩定的良好記錄。就我們正在進行的股票回購計畫而言，今天，我們開始了另外一筆 3 億美元的季度回購，最遲將於 5 月 2 日完成。

Now, at this point, I'd like to turn to capital allocation and the opportunities we have to create further growth and value for our shareholders. On to slide 13, and on the left-hand side, you can see the capital allocation framework that we communicated to the market last year. At that time, we said we expected to have at our disposal financial capacity in the order of $35 billion over the next five years. This was a reflection of our growth profile, the level of cash we were generating and the strength of our balance sheet with approximately 70% expected to be allocated to acquisitions and growth CapEx and the remainder returned to our shareholders through dividends and buybacks.

現在，我想談談資本配置以及我們為股東創造進一步成長和價值的機會。在第 13 張投影片的左側，您可以看到我們去年向市場傳達的資本配置框架。當時，我們表示，預計未來五年內我們將擁有約 350 億美元的可用財務能力。這反映了我們的成長狀況、我們產生的現金水準以及我們資產負債表的實力，其中約 70% 預計用於收購和成長資本支出，其餘部分將透過股息和回購返還給我們的股東。

As you can see on the right-hand side of the slide, we made good progress in 2024, allocating approximately $8 billion of capital in net M&A, growth CapEx, dividends and share buybacks, demonstrating our efficient and disciplined approach to capital allocation to maximize value for our shareholders.

正如您在幻燈片右側看到的，我們在 2024 年取得了良好的進展，在淨併購、成長資本支出、股息和股票回購中分配了約 80 億美元的資本，展示了我們高效、嚴謹的資本配置方法，從而為股東實現價值最大化。

Now, at this point, I will ask Randy to take us through our growth investments in further detail.

現在，我將請蘭迪向我們詳細介紹我們的成長投資。

Thanks, Alan. First to M&A on slide 14, where we have a proven track record of value creation over many years, enabled by our unmatched scale, breadth and financial capacity. As you can see, 2024 was an active year from an M&A perspective, with approximately $5 billion invested in a total of 40 acquisitions equivalent to 1 every 10 days across our strategic focus areas of essential materials, road solutions, critical infrastructure and outdoor living.

謝謝，艾倫。首先是幻燈片 14 上的併購，憑藉我們無與倫比的規模、廣度和財務能力，我們多年來在創造價值方面擁有良好的記錄。如您所見，從併購角度來看，2024 年是活躍的一年，我們在必需材料、道路解決方案、關鍵基礎設施和戶外生活等戰略重點領域共投資約 50 億美元，進行了 40 起收購，相當於每 10 天進行 1 起收購。

In addition to the acquisitions in Texas and Australia, I mentioned earlier, we invested $2.1 billion in 38 strategic bolt-on acquisitions, which really highlights the fragmented nature of our industry and the multiple avenues we have for further growth as a result of our differentiated strategy.

除了我之前提到的在德州和澳洲的收購之外，我們還投資 21 億美元進行了 38 項策略性附加收購，這真正凸顯了我們產業的分散性，以及我們透過差異化策略實現進一步成長的多種途徑。

For example, in California, we acquired BoDean, a materials business with a substantial hard rock reserves as well as integrated asphalt and ready-mixed concrete operations. This was followed later in the year by our acquisition of Dutra Materials, bringing additional strategic aggregate reserves and asphalt production capabilities.

例如，在加州，我們收購了 BoDean，這是一家擁有大量硬岩儲量以及綜合瀝青和預拌混凝土業務的材料企業。同年晚些時候，我們又收購了 Dutra Materials，帶來了額外的策略骨材儲備和瀝青生產能力。

These acquisitions represent a strategic entry into California for our Americas Materials Solutions business, and we're excited about the opportunities to create a new platform for growth in this attractive market. We also acquired Geofortis in Utah, a leader in the US cement binder market, complementing our existing cement operations and enhancing our ability to provide more sustainable products for our customers.

這些收購代表著我們的美洲材料解決方案業務策略性地進入加州，我們很高興有機會在這個有吸引力的市場中創造一個新的成長平台。我們也收購了美國水泥黏合劑市場領導者猶他州的 Geofortis，這補充了我們現有的水泥業務，增強了我們為客戶提供更永續產品的能力。

In the fourth quarter, we acquired Diamond Concrete, a manufacturer of reinforced concrete pipe and storm water management solutions in Georgia. This represents an attractive geographic infill for our Americas Building Solutions business in the area of critical water infrastructure. From a materials perspective, we added over 1 billion tons of aggregate reserves to our business in 2024, further strengthening our market-leading minerals reserve positions.

第四季度，我們收購了喬治亞州一家鋼筋混凝土管道和雨水管理解決方案製造商 Diamond Concrete。這對於我們美洲建築解決方案業務在關鍵水基礎設施領域而言，是一個極具吸引力的地理填充。從材料角度來看，我們在 2024 年的業務增加了超過 10 億噸的總儲量，進一步鞏固了我們市場領先的礦產儲量地位。

So a busy year on the acquisition front, demonstrating our commitment to the disciplined allocation of capital into attractive high-growth markets with secular tailwinds in areas where we can further develop our customer connected solutions strategy.

因此，在收購方面，這是忙碌的一年，表明我們致力於將資本有紀律地分配到有吸引力的高成長市場，並在這些市場中擁有長期的順風，我們可以在這些領域進一步發展我們的客戶互聯解決方案策略。

Turning to slide 15. We also had a busy year investing in our existing business, leveraging our footprint, size and scale to fully capitalize on the attractive organic growth opportunities that we see across our markets. During 2024, we invested $1.1 billion in growth CapEx. And here, you can see some examples of the type of investments we made, expanding our production capacity to meet demand in high-growth markets while investing in innovation and product development to remain at the forefront of our industry.

翻到第 15 張投影片。我們也度過了忙碌的一年，投資現有業務，利用我們的足跡、規模和範圍，充分利用我們在各個市場看到的誘人的有機成長機會。 2024 年，我們投資了 11 億美元用於成長資本支出。在這裡，您可以看到我們進行的一些投資類型的範例，擴大我們的生產能力以滿足高成長市場的需求，同時投資於創新和產品開發以保持在行業的領先地位。

We're also continuing to improve our production efficiency and sustainability performance, investing in increased automation, which will reduce costs and enhance operating performance, as well as investments that will reduce our reliance on fossil fuels to optimize our energy usage, increasing our contribution to circularity and reducing emissions.

我們也將繼續提高生產效率和永續發展績效，投資提高自動化程度，這將降低成本並提高營運績效，同時也將投資減少對化石燃料的依賴，以優化我們的能源使用，增加我們對循環性的貢獻並減少排放。

For example, we are modernizing and automating our Cape Sandy quarry in Southern Indiana, one of our largest quarries in North America, strategically located along the Ohio River, our operations have an expansive geographical reach serving customers across five states. The investment will drive further operational efficiencies as well as increasing capacity to support future growth. In North Carolina, we're building an automated manufacturing facility to meet demand for our water infrastructure business, enabling us to capitalize on the strong growth opportunities we've identified in this market. These type of investments are an excellent use of capital, low-risk, high-returning investments that will enable us to accelerate our growth margins and returns.

例如，我們正在對位於印第安納州南部的 Cape Sandy 採石場進行現代化和自動化改造，該採石場是北美最大的採石場之一，位於俄亥俄河沿岸的戰略位置，我們的業務覆蓋廣泛的地理範圍，為五個州的客戶提供服務。這項投資將進一步提高營運效率並增強支持未來成長的能力。在北卡羅來納州，我們正在建造一個自動化製造工廠，以滿足我們水基礎設施業務的需求，使我們能夠利用我們在這個市場中發現的強勁成長機會。這些類型的投資是對資本的絕佳利用，低風險、高回報的投資，將使我們能夠加速我們的成長利潤和回報。

Thanks, Randy. A great update there on a busy year of investment activity. It's a very exciting time for CRH. And at this stage, I would like to take a moment to discuss how we are strategically positioned going forward.

謝謝，蘭迪。這是投資活動繁忙的一年中的重大更新。對於 CRH 來說，這是一個非常令人興奮的時刻。在此階段，我想花點時間討論我們未來的策略定位。

Turning to slide 17.And as you can see, we are uniquely positioned to benefit from key secular growth tailwinds, including urbanization, transportation and critical infrastructure, mega trends that will support significant above-market growth and value creation for years to come.

翻到幻燈片 17。如您所見，我們擁有獨特的優勢，能夠從關鍵的長期成長順風中受益，包括城市化、交通和關鍵基礎設施，這些大趨勢將在未來幾年支持顯著高於市場的成長和價值創造。

As I said earlier, we are the largest building materials business in North America and Europe, two of the most attractive construction markets in the world, no one comes close to the size and scale of CRH. In the United States, we have a national footprint with an attractive mix of regional, sector and end-use exposures. We have also focused on higher-growth markets in the South and West, with states such as Texas and Florida, our our largest markets, benefiting from higher rates of population growth and inward migration, which drive new build construction demand.

正如我之前所說，我們是北美和歐洲最大的建築材料企業，這兩個市場是世界上最具吸引力的建築市場之一，沒有人能與 CRH 的規模相提並論。在美國，我們的業務遍布全國，並擁有區域、行業和最終用途投資的良好組合。我們也專注於南部和西部的高成長市場，其中德州和佛羅裡達州是我們最大的市場，受益於更高的人口成長率和外來移民，從而推動了新建築的需求。

We also benefit from attractive geographic footprint in Europe, with some of the most demanding building specifications in the world, Western Europe is an important hub for construction innovation, design and new technology. And here, our strong market positions allow us to remain at the cutting edge of our industry, developing new products and techniques, which we can then transfer at scale across the entire group.

我們也受惠於歐洲極具吸引力的地理分佈，西歐擁有世界上最嚴格的建築規範，是建築創新、設計和新技術的重要中心。在這裡，我們強大的市場地位使我們能夠始終處於行業前沿，開發新產品和新技術，然後我們可以在整個集團範圍內大規模轉移。

In Central and Eastern Europe, our business benefits from significant long-term construction needs, much like the southern and western regions of the United States. As you can see on the right-hand side of this slide, we have leading positions in these markets, including being the number one aggregates producer in North America.

在中歐和東歐，我們的業務受益於巨大的長期建設需求，就像美國南部和西部地區一樣。正如您在這張投影片的右側所看到的，我們在這些市場中處於領先地位，包括成為北美第一大骨材生產商。

So in summary, we have positioned our business to capitalize on key secular tailwinds in higher growth regions, and we have developed leadership positions in these markets to our uniquely connected portfolio of businesses. All of this represents a powerful combination to deliver consistent compounding performance through the cycle.

總而言之，我們的業務定位是利用高成長地區的關鍵長期順風，並在這些市場中發展領導地位，以形成我們獨特的業務組合。所有這些都代表著強大的組合，可以在整個週期中提供一致的複合性能。

Turning now to slide 18. And here, you can see what consistent execution of this strategy has produced over the last decade. In addition to growing our top line, we have delivered strong double-digit growth in adjusted EBITDA and earnings per share, equivalent to compound annual growth of 15% and 17%, respectively. We have also significantly improved our margin, up over 900 basis points, reflecting the relentless focus on continuous business improvement I mentioned earlier.

現在翻到第 18 張投影片。在這裡，您可以看到過去十年來持續執行這項策略所取得的成果。除了營業收入成長之外，我們的調整後息稅折舊攤銷前利潤和每股盈餘也實現了強勁的兩位數成長，分別相當於 15% 和 17% 的複合年增長率。我們的利潤率也大幅提高，上升了 900 多個基點，這反映了我在前面提到的對持續業務改進的不懈關注。

On slide 19, you can also see that on a relative basis, we have delivered an industry-leading performance in 2024, particularly in terms of profit growth and margin improvement, outperforming some of the best in our industry and delivering superior value for our shareholders.

在投影片 19 上，您還可以看到，相對而言，我們在 2024 年實現了行業領先的業績，特別是在利潤增長和利潤率提高方面，表現優於行業中的一些佼佼者，並為股東創造了卓越的價值。

So we outperformed in 2024 but let's take a look at slide 20 and our performance over time. Over the last 1, 5, 10 or even 50 years, the answer is the same, industry leading total shareholder return. Our performance that really highlights CRH as the leading compounder of capital in the industry.

因此，我們在 2024 年的表現非常出色，但讓我們看一下投影片 20 以及我們一段時間內的表現。在過去的1年、5年、10年甚至50年裡，答案都是一樣的，也就是業界領先的股東總回報率。我們的表現真正凸顯了 CRH 作為業界領先的資本複合者的地位。

Now, before I discuss our expectations for the year ahead, let me share our thoughts on the outlook across our markets. Turning to slide 22. Today, the Americas represents approximately 75% of our adjusted EBITDA, with our International division representing the remaining 25%.

現在，在我討論我們對未來一年的期望之前，讓我先分享一下我們對整個市場前景的看法。翻到第 22 張投影片。今天，美洲地區約占我們調整後 EBITDA 的 75%，而國際部門則佔剩餘的 25%。

First, to infrastructure, our largest end market. Here, we expect demand in the United States to be underpinned by the continued rollout of state and federal funding. As Randy mentioned earlier, only one third of the IIJA highway funds have been deployed so far, highlighting the significant runway that lies ahead. In our international markets, we expect robust demand in infrastructure activity to continue, supported by significant investment from government and EU funding programs. In non-residential, we expect our key segments to benefit from secular growth tailwinds as well as increased industrial manufacturing and onshoring activity. In the residential sector, we expect new build activity in the US to remain subdued, while repair and remodel activity remains resilient.

首先，基礎設施，我們最大的終端市場。我們預計，美國的需求將受到州和聯邦政府持續資金支持的支持。正如蘭迪之前提到的，到目前為止，IIJA 高速公路資金僅部署了三分之一，這凸顯了未來的道路十分漫長。在我們的國際市場，我們預計在政府和歐盟資助計畫的大量投資支持下，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部門將受益於長期成長的順風以及工業製造和在岸活動的增加。在住宅領域，我們預計美國的新建活動將保持低迷，而維修和改造活動將保持彈性。

As we have said in the past, we believe the long-term fundamentals for residential construction remain attractive, supported by favorable demographics and significant levels of underbuilt. In our international markets, we expect residential activity to stabilize with structural demand fundamentals supporting a gradual recovery. 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 differentiated strategy.

正如我們過去所說的那樣，我們相信，受有利的人口結構和大量未建成房屋的支持，住宅建設的長期基本面仍然具有吸引力。在我們的國際市場，我們預期住宅活動將趨於穩定，結構性需求基本面將支援逐步復甦。關於定價環境，我們預計，在嚴格的商業管理以及差異化策略的優勢的支持下，我們的市場將繼續保持積極的勢頭。

So in summary, the overall trend is positive for our business, and we are well positioned to capitalize on the strong growth opportunities that lie ahead.

總而言之，我們的業務整體趨勢是積極的，我們已做好準備，充分利用未來強勁的成長機會。

Turning to slide 23. And against that backdrop, here, we have set out our financial guidance for 2025. Assuming normal weather patterns for the remainder of the year and no major dislocations in the political or macroeconomic environment, we expect full year group adjusted EBITDA to be between $7.3 billion and $7.7 billion. Net income between $3.7 billion and $4.1 billion and diluted earnings per share between $5.34 and $5.80, representing another strong year of delivery for CRH. It's obviously still very early in the construction season, but we feel good about 2025, and we will, of course, update you on our expectations as the year unfolds.

翻到第 23 張投影片。在此背景下，我們制定了 2025 年的財務指導。假設今年剩餘時間的天氣狀況正常，且政治或宏觀經濟環境沒有出現重大混亂，我們預計全年集團調整後的 EBITDA 將在 73 億美元至 77 億美元之間。淨收入在 37 億美元至 41 億美元之間，每股攤薄收益在 5.34 美元至 5.80 美元之間，這代表著 CRH 又一個強勁的交付年。顯然，現在還處於施工季節的早期階段，但我們對 2025 年充滿信心，當然，隨著年份的推移，我們會向您更新我們的預期。

As I mentioned earlier, our differentiated strategy, relentless focus on performance, disciplined capital allocation and uniquely connected portfolio are the fundamental drivers of our outperformance in recent years, and they leave us well placed to deliver another year of growth and value creation in 2025.

正如我之前提到的，我們的差異化策略、對績效的不懈關注、嚴格的資本配置以及獨特的關聯投資組合是我們近年來業績優異的根本驅動力，這些因素使我們在 2025 年有望再次實現成長和價值創造。

So that concludes our presentation this morning. We look forward to spending some more time with you later in the year when you will have the opportunity to meet the wider leadership team, and hear more about the significant growth and value creation opportunities we see for our business in the years ahead.

今天上午的演講到此結束。我們期待在今年稍後與您有更多的時間見面，屆時您將有機會與更廣泛的領導團隊會面，並了解更多有關我們在未來幾年業務中看到的重大增長和價值創造機會的信息。

I will now hand you back to the moderator to coordinate the Q&A session of our call.

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。

Thank you. (Operator Instructions) Anthony Pettinari, Citigroup.

謝謝。 （操作員指示）花旗集團的安東尼·佩蒂納裡 (Anthony Pettinari)。

Good morning. I'm wondering if you can give any additional color on kind of some of the moving pieces for the '25 outlook in terms of end markets, segments and if that's changed at all from kind of the preliminary guidance that you gave late last year.

早安.我想知道您是否可以對終端市場、細分市場方面對 25 年前景的一些變化因素進行進一步說明，以及這些變化是否與您去年年底給出的初步指導相比有所變化。

Hi, Anthony. Good morning. Good to hear from you, Jim here. Maybe I might ask Alan to come back at the end and maybe just to step us through maybe some of the puts and takes on the guidance. But maybe just to give a bit of additional color on the guidance. We're stepping off an industry-leading performance just in 2024 and yet another year of double-digit growth for CRH.

你好，安東尼。早安.很高興收到你的來信，我是吉姆。也許我可能會請艾倫在最後回來，也許只是為了向我們介紹一些指導方面的問題。但也許只是為了給指導一些額外的色彩。我們將在 2024 年實現業界領先業績，CRH 也將迎來又一個兩位數成長的一年。

It's clearly very early in the year. We're still in February. But right now, I'm feeling positive about 2025. And I think most importantly, a lot of the building blocks that we need to have in place for another year of growth and margin expansion for CRH are in place. And it's really the positive market backdrop across our key markets in both the Americas and International, which has given us this confidence.

顯然，今年還只是個開始。現在仍處於二月。但現在，我對 2025 年充滿信心。我認為最重要的是，我們已經具備了許多基礎條件，為 CRH 未來一年的成長和利潤擴張奠定了基礎。正是美洲和國際主要市場的正面市場背景給了我們這種信心。

And maybe, firstly, looking at US Infra. It's really underpinned by the continued rollout of the state and the federal funding. We mentioned earlier there, only one third of the IIJA funding has actually been spent to date. And we are actually the biggest beneficiary of the IIJA in areas such as roads, water, energy and all of which are trending positive.

首先，也許要看看美國的基礎建設。它確實得到了州和聯邦政府持續資金的支持。我們之前提到過，到目前為止，IIJA 資金實際上只花掉了三分之一。事實上，我們是 IIJA 在道路、水、能源等領域的最大受益者，而這些領域的發展趨勢都呈現正向態勢。

In terms of non-res in the Americas, we certainly continue to be supported by continued onshoring and reindustrialization. New build in the Americas remains subdued. We think it's really in the short term. It's not a demand issue but really an affordability, and we are bullish about the medium to long-term outlook. Looking across the teams, similar teams across our international portfolio, again, a good underpin and robust on infra and non-res.

就美洲的非房地產而言，我們肯定會繼續得到持續的岸化和再工業化的支持。美洲的新建築仍然低迷。我們認為這確實是短期現象。這不是需求問題，而是負擔能力問題，我們對中長期前景持樂觀態度。縱觀各個團隊，我們國際投資組合中的類似團隊同樣在基礎設施和非房地產領域具有良好的基礎和穩健的實力。

Newbuild res activity is stabilizing at low levels in Western Europe. However, we're beginning to see some signs of improvement, some green shoots, some early green shoots in Central and Eastern Europe and the long-term demand remains underpinned well.

西歐新建住宅活動穩定在低水準。然而，我們開始看到一些改善的跡象，一些復甦的跡象，中歐和東歐的一些早期復甦跡象，長期需求仍然得到良好支撐。

So overall, I think an encouraging end-use market backdrop. We're well set up for 2025, and I feel positive about another year of progress and growth for CRH.

因此整體而言，我認為終端市場背景令人鼓舞。我們已經為 2025 年做好了充分的準備，我對 CRH 又一年的進步和成長充滿信心。

Yes, I'll just pick up there, Jim. Just a couple of additional things over and above what Jim mentioned with regard to the trends and trading that we see really three notable items I'd like to highlight when you're bridging between or up to the 2025 guidance.

是的，我就去那裡接你，吉姆。除了 Jim 提到的有關趨勢和交易的內容之外，我們還需要補充幾件事，當你在銜接或達到 2025 年指導時，我們真正看到的是三個值得注意的事項，我想強調一下。

First up would be the impact of M&A. As we noted, 40 deals, $5 billion spent in 2024 and our significant line divestment. Altogether, that leads to a positive net scope contribution of around $280 million. Added to that, we have currency exchange headwind by $50 million at the moment compared to current exchange rates. That's due to the slightly stronger dollar.

首先是併購的影響。正如我們所指出的，2024 年有 40 筆交易，花費 50 億美元，並且有大量線路撤資。總計起來，這將帶來約 2.8 億美元的正淨範圍貢獻。除此之外，與現行匯率相比，我們目前的貨幣兌換逆差為 5,000 萬美元。這是由於美元略微走強所致。

Finally, you'll have seen in the results there today that 2024 benefited from higher-than-normal land or long-lived asset sales. Now, recycling capital through sales is of particular focus for us and an ongoing focus for CRH. But it's not linear. And so for 2025, we'd expect more normal year and together with that, with the other two items, they're the real three items we'd highlight bridging to 2025 guidance.

最後，您將在今天的結果中看到，2024 年受益於高於正常水平的土地或長期資產銷售。現在，透過銷售回收資本是我們特別關注的重點，也是 CRH 持續關注的重點。但它不是線性的。因此，對於 2025 年，我們預計這將是更正常的一年，再加上另外兩項，它們是我們要強調的真正三項，以達到 2025 年的指導目標。

Okay. That's very helpful. I'll turn it over. Thank you.

好的。這非常有幫助。我把它翻過來。謝謝。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇。

Yes, hi. Good morning, everyone.

是的，你好。大家早安。

Good morning, Jerry.

早安，傑瑞。

I'm wondering if you could just talk about what the guidance embeds for US aggregates volume and pricing over the course of the year. And any comments on timing of price increases and volumes in the first quarter versus second quarter? Curious where you folks shake out.

我想知道您是否可以談談該指南對全年美國總量和定價的影響。第一季和第二季價格上漲的時間和銷售有何評論？好奇你們都去哪了。

Yes, Jerry, Randy here. Maybe I'll take that one on. Maybe if we just take a quick look back for a moment. Coming off a strong 2024, I think we highlighted as others have in our sector have as well, kind of the challenges of weather, but volumes in '24 down roughly 3% but pricing up 10% and kind of similar impact in and around our cement business. Volumes up 1% and pricing plus 8%. So a real positive, and I guess, I would say, momentum as we lead into '25.

是的，傑瑞，我是蘭迪。也許我會接受這個。也許我們只需快速回顧一下。在經歷了強勁的 2024 年之後，我認為我們和行業中的其他人一樣，也強調了天氣帶來的挑戰，但 24 年的銷量下降了約 3%，但價格上漲了 10%，並且對我們的水泥業務及其周邊產生了類似的影響。銷量上漲 1%，價格上漲 8%。因此，我想說，這是一個真正的正面因素，也是我們邁入 25 年的勢頭。

Jim talked about the backdrop, kind of the positive backdrop both in infra and non-res and we're seeing that as it relates to our backlogs as well. So that's the greatest indicator to us in terms of future performance. That gives us, I'll call it, six to nine-month window in terms of what we should expect. And so when we look for ags in particular, next year, we're looking at volumes in the low single-digit range in terms of improvement over '24 and pricing in the mid to high single digits.

吉姆談到了背景，即基礎設施和非資源的正面背景，我們也看到這與我們的積壓工作有關。因此，就未來表現而言，這對我們來說是最重要的指標。這給了我們，我稱之為，六到九個月的窗口期，讓我們可以期待什麼。因此，當我們特別關註明年的農業時，我們預計產量將在 24 年的基礎上有所改善，處於低個位數範圍內，價格則在中高個位數範圍內。

So again, it's supported by the backlog of business. And I'd say -- I know you didn't ask the question but offer up cement as well as we look into cement another year of positive growth in terms of volume, low single digits and we're expecting pricing in the mid-single-digit range versus 2024. But again, I guess that's supportive from the backlogs and the underlying, I'd say, work that we continue to bid and secure.

因此，這再次得到了業務積壓的支持。我想說的是——我知道你沒有問這個問題，但就水泥而言，我們預計水泥產量明年將出現正增長，增長率將保持在個位數的低位，我們預計到 2024 年價格將在個位數的中位數。但我想，這得益於積壓訂單和基礎工作，我想說，我們正在繼續競標並確保這些工作。

Thanks, Randy and I appreciate the bonus answer to in there as well. Can I ask in terms of M&A, so typically, we see outsized commercial synergies and acquired assets a year after acquisitions. And so I'm wondering if you could just talk about the assets that you folks acquired over the past year plus. Are you expecting outsized margin improvement on the acquired assets, '25 versus '24?

謝謝，蘭迪和我也很感謝那裡的額外答案。可以問一下關於併購的問題嗎？通常情況下，我們會在收購一年後看到龐大的商業綜效和收購資產。所以我想知道您是否可以談談您在過去一年多的時間裡獲得的資產。您是否預期 25 年收購資產的利潤率會較 24 年大幅提高？

Yes. I guess when we look at -- I mean, obviously, that's part of our DNA. The expectation is as we acquire companies, we bring certain things to that business that they didn't have, right? So it's everything from operational performance, commercial engagement with the customers, procurement synergies to name a few. If you look at the businesses that we bought in '24, I think we actually called it out through the Hunter acquisition, and we raised our expectations in around synergies, and that continues to progress.

是的。我想，當我們看的時候——我的意思是，顯然，這是我們 DNA 的一部分。我們的期望是，當我們收購一些公司時，我們會為該公司帶來一些他們所沒有的東西，對嗎？因此，它涵蓋了從營運績效、與客戶的商業互動到採購協同效應等各個方面。如果你看看我們在 24 年收購的企業，我想我們實際上是透過收購 Hunter 來實現這一點的，我們提高了對協同效應的期望，而且這一目標還在繼續實現。

That deal, in particular, was a core asset in a market that we have particular strength and really added to the network of cement-producing facilities as well as logistic capabilities. So it's really a combination of all those things that go into driving underlying performance. And our expectation -- you can name any of the deals, right? We did 40 deals you should expect from us kind of what we've historically done, which has added value and improvement in all of those businesses. And I think as we're laying out as Jim talked about, the expectation is for another year of growth in terms of underlying margins.

特別是這筆交易，是我們特別具有實力的市場中的一項核心資產，它確實增強了水泥生產設施網路和物流能力。因此，這實際上是推動基礎性能的所有因素的結合。我們的期望——您可以說出任何交易，對嗎？我們完成了 40 筆交易，這和我們過去做過的交易類似，這些交易為所有這些業務增加了價值並帶來了改善。我認為，正如吉姆所說的那樣，我們預計基本利潤率還會再成長一年。

Trey Grooms, Stephens.

特雷格魯姆斯、史蒂芬斯。

Good morning, everyone. Thanks for taking my question. So maybe a higher-level question for Jim. With your new position as CEO of CRH, should we expect any changes in the strategic direction of the company under your leadership?

大家早安。感謝您回答我的問題。所以這對吉姆來說可能是一個更高層次的問題。您出任 CRH 執行長後，我們是否應該期待在您的領導下公司策略方向發生任何變化？

Trey, good morning and good to hear from you. Trey, as you know, CRH is run by an experienced senior leadership team. And as CEO, I'm privileged and excited to be asked to lead this strong team into the next phase and the next year of CRH growth. We worked very closely over the last decade, formulating and successfully executing on our differentiated customer connected solutions strategy. So you should expect a continuation of this successful strategy. But also leaning more into the areas of innovation and technology, trying to making construction quicker, simpler, safer and driving continued industry-leading performance.

特雷，早上好，很高興收到你的來信。特雷，如你所知，CRH 由一支經驗豐富的高階領導團隊管理。作為首席執行官，我很榮幸也很高興能夠帶領這支強大的團隊進入 CRH 發展的下一階段和下一年。在過去的十年中，我們密切合作，制定並成功執行了差異化的客戶互聯解決方案策略。因此，您應該期待這一成功策略能夠持續下去。同時也更傾向創新和技術領域，努力使施工更快、更簡單、更安全，並推動持續的產業領先表現。

Going forward, you should also expect us to maintain a relentless focus on performance, delivering consistent double-digit growth and margin expansion through the cycle. Now, also, as you know, in CRH, we have an industry-leading and proven track record of compounding growth, but it's not just growth, but quality growth. And whilst maintaining our financial control and discipline, and of course, with all capital allocation decisions assessed through that lens of maximizing value for shareholders.

展望未來，您也應該期待我們繼續堅持不懈地專注於業績，在整個週期中實現持續的兩位數成長和利潤率擴張。現在，正如您所知，在 CRH，我們擁有領先且經過驗證的複合成長記錄，但這不僅僅是成長，而且是品質成長。同時，我們也要保持財務控制和紀律，當然，所有資本配置決策都要透過最大化股東價值的視角來評估。

Now last year, remember, Trey, we had the opportunity, we spoke about the strength of our balance sheet and the $35 billion financial capacity we had for the next five years. And we're off to a great start in 2024 with $8 billion deployed, investing across the construction value chain and increasing our exposure to higher growth markets with secular tailwinds.

特雷，記住，去年我們有機會，我們談到了我們的資產負債表的實力以及未來五年我們擁有的 350 億美元的財務能力。 2024 年我們開局良好，已部署 80 億美元，投資於整個建築價值鏈，並加大對具有長期順風的高成長市場的投入。

Now, we will continue to proactively manage our portfolio, recycling and reallocating capital into higher growth and high returning opportunities. And for me, that's the real strength to CRH. When you combine our differentiated strategy, our unmatched size and scale, our uniquely connected nature of the portfolio, we drive consistent outperformance and superior returns for our shareholders.

現在，我們將繼續積極管理我們的投資組合，回收和重新分配資本，將其投入更高成長和高回報的機會。對我來說，這才是 CRH 的真正優勢。當您將我們的差異化策略、無與倫比的規模和範圍以及我們獨特的投資組合關聯性結合起來時，我們將為股東帶來持續的優異表現和豐厚的回報。

Now, as I mentioned earlier this morning, we're going to have the opportunity later in the year to discuss all this in more detail to outline our growth ambitions for the business and also the opportunity for everyone to meet the wider management team.

現在，正如我今天早上所提到的，我們將有機會在今年稍後更詳細地討論所有這些問題，以概述我們對業務的成長目標，同時也為每個人提供與更廣泛的管理團隊會面的機會。

Perfect. Thank you for all that color and best of luck. I'll pass it on. Thank you.

完美的。感謝您帶來的所有色彩並祝您好運。我會傳達的。謝謝。

Keith Hughes, Truist.

基斯·休斯，Truist。

Thank you. The question is on M&A, obviously, a big part of the story with CRH. But as you look into '25, is there certain areas you're focusing on? And really what I'm getting on the question, a lot of peers who just want to buy aggregates or mostly aggregates. And talking about how you view targets in terms of the mix of aggregates, ready-mix and asphalt, what you can do that others can't do within that?

謝謝。問題在於併購，顯然，這是 CRH 故事的重要組成部分。但是當您展望 25 年時，您是否關注某些特定領域？我真正想問的是，很多同行只想購買骨材或主要購買骨材。談談您如何看待骨材、預拌混凝土和瀝青混合料方面的目標，您能做什麼而其他人做不到？

Hi, Keith. Yes, I think, as you know, with CRH, we're really uniquely positioned from an M&A perspective. And really, nobody else in our industry has the scale, the breadth or the financial capacity to grow like we can. And really it's the connected nature of our portfolio that we have provides multiple avenues for investment, really multiple optionality driving higher growth and superior returns. Now, in 2024, we had a really good year. Randy mentioned a $5 billion invested in 40 acquisitions. That's almost one every 10 days. That's not unusual, Keith, for us in CRH, and we have a long and successful track record of M&A, date back over 50 years.

你好，基斯。是的，我認為，如你所知，從併購的角度來看，CRH 確實具有獨特的優勢。事實上，我們行業中沒有其他公司擁有像我們這樣的規模、廣度或財務能力來成長。事實上，正是我們投資組合的關聯性為我們提供了多種投資途徑，多種選擇真正推動了更高的成長和更高的回報。現在，2024 年，我們度過了非常好的一年。蘭迪提到在 40 項收購中投資了 50 億美元。這幾乎是每 10 天一次。基思，這對我們 CRH 來說並不罕見，我們在併購方面有著悠久而成功的記錄，可以追溯到 50 多年前。

I think looking into 2025, we certainly see it as an opportunity-rich environment, and we have a full and active pipeline supported by significant financial capacity. And I think it is that connected nature of the portfolio, Keith. Where we really outperform is where we can build out across our existing footprints in platforms, in businesses, which has megatrends, supported -- megatrends in the areas of roads, in energy, in water.

我認為展望 2025 年，我們肯定會看到一個充滿機會的環境，而且我們擁有強大財務能力支持的完整而活躍的管道。我認為這是由於投資組合的關聯性，基思。我們真正勝出的地方在於，我們可以在現有的平台和業務基礎上進行拓展，並順應道路、能源和水資源等領域的大趨勢。

And when we invest in those businesses in some higher growing regions, higher population growth, and where we're really outperforming when we connect those acquisitions into our existing platform, that's when we can get real early acceleration on synergies, and that's what's been driving a lot of that outperformance in the last five or six years in CRH. So I hope that gives you a bit of color what we're thinking. The pipeline is good into 2025 and feeling positive.

當我們在一些高成長、高人口成長的地區投資這些業務時，當我們將這些收購與我們現有的平台結合起來時，我們的表現確實非常出色，那時我們就能在協同效應上獲得真正的早期加速，而這正是過去五六年來 CRH 表現優異的推動力。所以我希望這能讓你稍微了解我們的想法。 2025 年的管道狀況良好，並且令人樂觀。

Okay. One other M&A, this is finished. In America Building Solutions, you built a very large outdoor living whole complement products for outdoor living. Is there another step here to something that's similar that you would go into with kind of the theme as you do M&A in that sector?

好的。又一次併購，這已經結束了。在 America Building Solutions，您建造了一個非常大的戶外生活整體補充產品。當您在該領域進行併購時，是否還有其他類似的步驟可以採取？

Yes, Keith, I think if you look at the outdoor living, it's actually the area when we entered the US almost 50 years ago, that's where we stepped out first in fact. So that's a business that we've built up over the last 50 years, a really fantastic business, one of the best-performing parts of CRH in the last five or six years. It's a business which is fundamentally based off concrete and aggregates, right? The vast majority of the business is it links back. That's the blood line for the business. So it really is connected. It's a connected part of that folio of our portfolio rather.

是的，基思，我認為如果你看看戶外生活，它實際上是我們近 50 年前進入美國時的區域，事實上那是我們最先走出去的地方。這是我們在過去 50 年中建立起來的業務，一項非常出色的業務，也是過去五、六年中 CRH 表現最好的業務之一。這是一項從根本上基於混凝土和骨料的業務，對嗎？絕大部分的業務都是透過連結回來。這是企業的血脈。所以它確實是有連結的。它是我們投資組合中的一個相關部分。

And going back to the earlier question, it's opportunities like that. When we can acquire businesses like that in fast-growing regions and connect it back into our existing footprint, that's what really makes -- that's where we outperform.

回到之前的問題，這就是這樣的機會。當我們能夠在快速成長的地區收購這樣的企業，並將其與我們現有的業務聯繫起來時，這才是我們真正脫穎而出的地方。

Thank you.

謝謝。

Ross Harvey, Davy.

羅斯哈維，戴維。

Hi, all, and thanks for taking my question. I wonder can you provide an update on the cost environment and how you see that playing out over 2025?

大家好，感謝您回答我的問題。我想知道您能否提供有關成本環境的最新情況以及您認為 2025 年成本環境將如何發展？

Ross, Alan here. Good afternoon. And yes, I'll take this one. We are still operating in an inflationary cost environment. We see it particularly in the areas of labor, raw material and subcontractor costs. When you put all that together, overall, we expect mid-single-digit cost increases.

羅斯，我是艾倫。午安.是的，我會選擇這個。我們仍在通貨膨脹的成本環境中運作。我們尤其在勞動力、原材料和分包商成本領域看到了這一點。綜合考慮所有這些因素，我們預期整體成本將出現中等個位數的成長。

And as Randy highlighted earlier, this highlights the importance of our continued pricing momentum in the business. And in that context, I think we should reiterate that underpinned by our customer connected solution strategy, continued focus on commercial excellence and operational excellence, we see 2025 as another year of margin expansion.

正如蘭迪之前強調的那樣，這凸顯了我們業務中持續定價動能的重要性。在這種背景下，我認為我們應該重申，在我們的客戶互聯解決方案策略的支持下，我們將繼續專注於商業卓越和營運卓越，我們將 2025 年視為利潤率擴張的另一年。

Excellent. Thank you very much.

出色的。非常感謝。

Kathryn Thompson, Thompson Research.

凱瑟琳湯普森，湯普森研究公司。

Hi. Thank you for taking my question today. I wanted to focus on the infrastructure end market. You highlighted your top two states, Texas and Florida. Texas remains a leader with state funding with $75 billions of projects later to the start of the next four years. And Florida DOT has a 10-year construction only spending forecast of a little over $100 billion. Against that backdrop, a bit has changed since November with the elections. And there's some rumblings about concerns with US infrastructure funding. What are CRH's thoughts balancing very strong state funding measures along with your thoughts on federal funding for infrastructure. Thank you.

你好。感謝您今天回答我的問題。我想專注於基礎設施終端市場。您強調了您最喜愛的兩個州，德克薩斯州和佛羅裡達州。德州繼續保持領先地位，在未來四年內將提供 750 億美元的政府資金支持計畫。佛羅裡達州交通部預計未來 10 年的建設支出將略高於 1000 億美元。在這樣的背景下，自去年11月選舉以來，情況已經發生了一些變化。還有一些關於美國基礎設施資金的擔憂。 CRH 如何看待在非常強大的政府資助措施和您對聯邦政府資助基礎設施的想法之間取得平衡？謝謝。

Yes. Thanks, Kathryn. It's Randy here. Well, you presented the facts well, right? Under real strong underlying investments, certainly in key states for us in Texas and Florida. But I guess if you take a step back, and you've been around as well for a while covering the sector for sure, infrastructure investment has historically been bipartisan. And I think there's nothing going to change in terms of our view in regards to the current administration.

是的。謝謝，凱瑟琳。我是蘭迪。嗯，您已經很好地陳述了事實，對嗎？在真正強勁的基礎投資下，我們尤其關注德克薩斯州和佛羅裡達州這兩個關鍵州。但我想，如果你退一步考慮，並且你也已經在這個領域報道了一段時間，那麼你就會發現，基礎設施投資在歷史上一直是兩黨共同關注的。我認為我們對現任政府的看法不會有任何改變。

As you call out, it's the combination really of the investment through IIJA plus the states that gives us a lot of encouragement. I think there's -- it's a beautiful combination between kind of the underlying activity to maintain the existing infrastructure, but also what we're seeing is longer-term projects, multi-year projects that deal with capacity expansion in states like you called out. So it's that underlying investment, the understanding -- I mean look, the current administration has a history of understanding what it takes to build and move economies along. So I don't think we see anything changing.

正如您所說，IIJA 的投資加上各州的投資給了我們很大的鼓勵。我認為這是一種完美的結合，一方面是維護現有基礎設施的底層活動，另一方面是我們所看到的長期項目、多年期項目，這些項目涉及您提到的各州的產能擴張。因此，這就是基礎投資，是理解——我的意思是，看看吧，現任政府一直在了解如何建立和推動經濟發展。所以我認為我們不會看到任何變化。

In fact, if you listen to what the new transportation secretary says around wanting to go after big infrastructure projects and eliminate the red tape which will speed up execution, I think that's obviously a supportive comment. But we're coming off and certainly at historic levels of state and federal funding but it's just the beginning, right?

事實上，如果你聽聽新任交通部長關於希望推行大型基礎設施項目並消除繁文縟節以加快執行速度的說法，我認為這顯然是一個支持性的評論。但是，我們的州和聯邦政府的資助肯定已經達到了歷史最高水平，但這只是個開始，對嗎？

I called out just a commenting around only one third of the underlying funding has been deployed. I think we're in a terrific position to take advantage of that longer term. I think we maybe you said it last year that we thought that this five-year bill was actually going to take seven years. I'd say it's probably still trending that way. And our top five states will be the net receiver of about 20% of the overall funding in IIJA so I think we're strategically well placed.

我剛才評論說，大約只有三分之一的基礎資金被部署。我認為我們處於非常有利的位置，可以利用這一長期優勢。我想我們可能去年就說過，我們認為這項五年法案實際上需要七年。我想說它可能仍是這樣的趨勢。我們的前五個州將獲得 IIJA 總資金的約 20%，因此我認為我們處於戰略有利位置。

And I guess for us, and I mentioned it earlier in and around kind of the pricing environment, the backlogs would be indicative of that kind of momentum. So we're bidding more. We're securing our share of work, so volumes, dollars and most importantly margins are improving. But I think generally, there's an understanding with this administration or others are the state levels that when the US infrastructure is strong, the overall economy is strong.

我想對我們來說，正如我之前提到的，在定價環境中，積壓訂單可以表明這種勢頭。因此我們出價更高。我們正在確保自己的工作份額，因此工作量、收入以及最重要的利潤率正在提高。但我認為整體而言，本屆政府或其他州級的政府都認為，當美國基礎設施強大時，整體經濟就會強勁。

Great. Thank you very much.

偉大的。非常感謝。

Gregor Kuglitsch, UBS.

瑞銀的 Gregor Kuglitsch。

Hi, there. Good morning. So my question is on margins. So last year, I think it was up another sort of nearly 200 bps, very strong. So my question to you is where are we on that journey? And how much more upside do you think there is in the margin trajectory for the business? Thank you.

你好呀。早安.所以我的問題是關於利潤的。所以，我認為去年它又上漲了近 200 個基點，非常強勁。所以我想問您，我們目前處於這趟旅程的哪個階段？您認為該業務的利潤率還有多少上升空間？謝謝。

Hi, Gregor. Yes, last year 2024, yes, another strong year for margin expansion, up 180 basis points. And in fact, what we're most proud of is that that's the 11th consecutive year of margin expansion. And over that period, we've delivered 900 basis points of improvement, effectively doubling our margin over that period and really benefiting from our differentiated and customer connected solutions model. And that ability we have to play across the construction value chain.

你好，格雷戈爾。是的，去年到 2024 年，是的，利潤率擴張的另一個強勁年份，上漲了 180 個基點。事實上，我們最自豪的是，這是利潤率連續第 11 年擴大。在此期間，我們實現了 900 個基點的改進，有效地使我們的利潤率在此期間翻了一番，並真正受益於我們差異化和客戶互聯解決方案模式。我們必須在整個建築價值鏈中發揮這種能力。

Over that period, we've been leveraging the scale and scope of the organization, delivering consistent year-on-year improvement. And as you know, in CRH, we have a really deeply embedded culture of continuous business improvement right across the business, right? And that entails really a relentless focus on operational and commercial excellence, really strict cost control. And particularly since the great financial crisis, we've had a real strong focus in trying to variabilize as much of our cost base as we can over the last decade.

在此期間，我們一直在利用組織的規模和範圍，以實現逐年持續的改進。如您所知，在 CRH，我們在整個企業中有著根深蒂固的持續業務改進文化，對嗎？這需要真正堅持不懈地關注營運和商業卓越，以及嚴格的成本控制。特別是自金融危機以來，過去十年來我們一直致力於盡可能實現成本基礎的多元化。

That, together with really active portfolio management, reallocating capital to higher growth and higher-margin businesses, and as we announced last year, the very significant step-up in our growth CapEx, which is also helping to drive further margin expansion. So a lot of progress made, stepping off a good year again in 2024. But we certainly, by no means, have reached the limit of our margin ambitions. This is a journey we're on Gregor. It's not a destination in terms of margin expansion.

再加上真正積極的投資組合管理，將資本重新分配給更高成長和更高利潤率的業務，以及我們去年宣布的，我們的成長資本支出的顯著增加，這也有助於推動利潤率的進一步擴大。我們取得了很大進展，2024 年將再次迎來豐收年。但我們絕對沒有達到利潤目標的極限。這是我們正在進行的旅程，格雷戈爾。從利潤擴張的角度來看，這不是一個目的地。

Thank you very much.

非常感謝。

Well, I think that's all we have time for today. I'd like to thank everybody for your participation. I hope we've managed to answer all of your questions. But as always, if you have any follow-on questions, please feel free to get in touch with our Investor Relations team. We look forward to talking to you again in May when we will report our first quarter results.

好吧，我想我們今天的時間就這麼多了。感謝大家的參與。我希望我們已經回答了您的所有問題。但與往常一樣，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。我們期待在五月報告第一季業績時再次與您交談。

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

謝謝。您的電話會議現已結束，您可以斷開連線。