CRH PLC (CRH) 2025 Q1 法說會逐字稿

Good day, and welcome to the CRH first quarter 2025 results presentation. My name is Krista, and I will be your operator today. (Operator Instructions)

大家好，歡迎參加 CRH 2025 年第一季業績報告。我叫克里斯塔，今天我將擔任您的接線生。（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。

Hello, everyone. Jim Mintern here, CEO of CRH, and you're all very welcome to our Q1 2025 results presentation and conference call. Joining me on the call is Alan Connolly, our Interim CFO; Randy Lake, Chief Operating Officer; and Tom Holmes, Head of Investor Relations.

大家好。我是 CRH 執行長 Jim Mintern，歡迎大家參加我們的 2025 年第一季業績報告和電話會議。和我一起參加電話會議的還有我們的臨時財務長 Alan Connolly、營運長 Randy Lake 和投資者關係主管 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, I'd like to draw your attention to slide 1, shown here on the screen. During our presentation, we will 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。在我們開始之前，我想請大家注意螢幕上顯示的第一張投影片。在我們的演示過程中，我們將就我們的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 will now hand you back to Jim, Alan, and Randy to deliver some prepared remarks.

現在我將把發言權交給吉姆、艾倫和蘭迪，讓他們發表一些準備好的演講。

Thanks, Tom. Over the next 15 minutes or so, we will take you through a brief presentation of our first quarter results, highlighting the key components of our operating performance for the first three months of the year, our recent capital allocation activities as well as providing you with an update on our expectations for the year as a whole.

謝謝，湯姆。在接下來的 15 分鐘左右的時間裡，我們將向您簡要介紹我們的第一季業績，重點介紹今年前三個月的經營業績的關鍵組成部分、我們最近的資本配置活動，並向您提供我們對全年業績的最新預期。

First, on slide 3, some key messages from our results announcement. Overall, we had a good start to the year in what is the seasonally least significant quarter for our business. Despite contending with some unfavorable weather across many parts of our business, we delivered further growth in revenues, adjusted EBITDA and margin compared to the prior year period, supported by the continued benefits of our differentiated strategy, positive pricing momentum and good contributions from acquisitions.

首先，投影片 3 顯示了我們業績公告中的一些關鍵資訊。總體而言，對於我們的業務而言，這是一個季節性最不重要的季度，但我們今年有一個良好的開始。儘管我們業務的許多部分都面臨著不利的天氣因素，但得益於我們差異化策略的持續效益、積極的定價勢頭以及收購帶來的良好貢獻，我們的收入、調整後的 EBITDA 和利潤率與去年同期相比仍進一步增長。

We remain focused on allocating capital towards higher-growth markets, benefiting from secular growth tailwinds. And in the first three months of the year, we completed eight value-accretive bolt-on acquisitions for approximately $600 million across the areas of Essential Materials, Road solutions, critical infrastructure and outdoor living.

我們仍然專注於將資本配置到高成長市場，以受益於長期成長的順風。今年前三個月，我們完成了八項增值附加收購，總價值約 6 億美元，涉及基本材料、道路解決方案、關鍵基礎設施和戶外生活領域。

Notwithstanding the current macroeconomic uncertainty, the underlying demand environment across our key end markets remains positive, and we are pleased to reaffirm our previous financial guidance for 2025. Assuming normal seasonal weather patterns for the remainder of the year and no major dislocations in the political or macroeconomic environment, we expect the full year adjusted EBITDA to be between $7.3 billion and $7.7 billion, representing another strong year of growth and value creation for CRH.

儘管當前宏觀經濟存在不確定性，但我們主要終端市場的潛在需求環境仍然積極，我們很高興重申我們先前對 2025 年的財務指導。假設今年剩餘時間的季節性天氣模式正常，且政治或宏觀經濟環境沒有出現重大混亂，我們預計全年調整後的 EBITDA 將在 73 億美元至 77 億美元之間，這將標誌著 CRH 又一個強勁的增長和價值創造年。

Turning to slide 4 and our financial highlights for the first three months of the year. Overall, a good performance with revenues, adjusted EBITDA, and margin all ahead of the prior year period. Total revenues of $6.8 billion were 3% ahead.

轉到幻燈片 4，這是我們今年前三個月的財務亮點。整體而言，業績表現良好，營收、調整後 EBITDA 和利潤率均高於去年同期。總收入達 68 億美元，成長 3%。

This translated into adjusted EBITDA of $495 million, 11% ahead and a further 50 basis points of margin expansion, reflecting continued operational improvements and strong discipline across our business. As you can see on the slide, we reported a small loss in our diluted earnings per share, which is not unusual for the first quarter of the year and reflects the seasonal nature of our business.

這意味著調整後的 EBITDA 為 4.95 億美元，成長 11%，利潤率進一步擴大 50 個基點，反映了我們業務的持續營運改善和嚴格紀律。正如您在投影片上看到的，我們報告的每股攤薄收益出現小幅虧損，這在今年第一季並不罕見，反映了我們業務的季節性。

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

現在，我將把時間交給蘭迪 (Randy)，讓他向大家介紹我們每個業務的經營業績。

Thanks, Jim. Hello, everyone. Turning to slide 6 and starting with Americas Materials Solutions, which had a good start to the year despite adverse weather conditions impacting activity levels across many parts of our business. Total revenues were 2% ahead of the prior year period, supported by positive pricing momentum across all lines of business, further operational efficiencies, and good contributions from acquisitions.

謝謝，吉姆。大家好。翻到第 6 張投影片，首先介紹美洲材料解決方案，儘管惡劣的天氣條件影響了我們許多業務部門的活動水平，但該公司今年仍取得了良好的開端。總收入比去年同期成長了 2%，這得益於所有業務線的積極定價動能、進一步的營運效率以及收購帶來的良好貢獻。

In Essential Materials, first quarter revenues were 3% behind the prior year, driven by lower weather-impacted volumes in most regions. Our aggregates pricing increased by 8%, while cement pricing increased by 4%. In Road Solutions, increased paving activity, along with growth in both asphalt and ready-mix concrete volumes resulted in Q1 revenues 5% ahead of the prior year period.

在基礎材料方面，第一季的營收比去年同期下降了 3%，因為大多數地區受天氣影響銷量下降。我們的骨材價格上漲了 8%，而水泥價格上漲了 4%。在道路解決方案方面，鋪路活動的增加以及瀝青和預拌混凝土產量的增長導致第一季的收入比去年同期增長了 5%。

Of course, it's worth noting that this is the seasonally least significant quarter for our Americas Materials Solutions business, typically only representing 10% to 15% of our annual volumes. Combined with the timing of our annual maintenance programs, you can also see how seasonally insignificant this period is from an adjusted EBITDA and margin perspective.

當然，值得注意的是，這是我們美洲材料解決方案業務季節性最不重要的一個季度，通常只占我們年銷量的 10% 至 15%。結合我們年度維護計劃的時間安排，您還可以從調整後的 EBITDA 和利潤率角度看到這段時期的季節性影響有多麼不顯著。

In terms of the demand environment, I'm pleased to report that the underlying backdrop across our key markets remains positive. Infrastructure, our largest end market, continues to be underpinned by state and federal funding through the IIJA. Only one-third of IIJA highway funding has been deployed to date, highlighting the significant runway we have ahead of us.

就需求環境而言，我很高興地報告，我們主要市場的基本背景仍然是正面的。基礎設施是我們最大的終端市場，繼續透過 IIJA 獲得州和聯邦政府的資金支持。迄今為止，IIJA 高速公路的資金僅部署了三分之一，這凸顯了我們面前還有很長的路要走。

We also continue to see good levels of reindustrialization activity, particularly in manufacturing and data centers. Looking ahead, as the construction season gets fully underway across many of our markets, I'm also encouraged by the positive momentum we're seeing in our bidding activity and indeed our backlogs, which are ahead of the prior year in both volume and margin.

我們也繼續看到良好水準的再工業化活動，特別是在製造業和資料中心領域。展望未來，隨著許多市場的建築季節全面展開，我們的投標活動和積壓訂單呈現出積極的勢頭，令我感到鼓舞的是，我們的積壓訂單在數量和利潤率上都超過了去年。

Next to Americas Building Solutions on slide 7. Where our business delivered a resilient performance in the first quarter, supported by solid underlying demand, which was offset by challenging weather conditions and subdued residential activity.

在第 7 張投影片上，Americas Building Solutions 旁邊。我們的業務在第一季表現強勁，這得益於強勁的潛在需求，但惡劣的天氣條件和低迷的住宅活動抵消了這一影響。

First quarter revenues in our Building and Infrastructure Solutions business were 4% ahead of the prior year, supported by good demand in the manufacturing sector and significant funding for critical water and energy infrastructure. In Outdoor Living Solutions, although the underlying demand environment for residential repair and remodel activity remains resilient, a weather delayed start to the season resulted in Q1 revenues 3% below the prior year.

受製造業良好需求和關鍵水利和能源基礎設施大量資金的支持，我們的建築和基礎設施解決方案業務第一季的收入比上年增長了 4%。在戶外生活解決方案方面，儘管住宅維修和改造活動的潛在需求環境依然堅挺，但由於天氣原因導致季節開始延遲，第一季營收比上年下降 3%。

Moving to International Solutions now on slide 8, where our business delivered a strong first quarter performance, supported by further pricing progress and good contributions from acquisitions, particularly our investment in Adbri. Total revenue growth of 7% translated into a 22% increase in adjusted EBITDA and a further 70 basis points of margin improvement, reflecting strong cost control and further operational efficiencies across our business.

現在轉到幻燈片 8 上的國際解決方案，我們的業務在第一季表現強勁，這得益於進一步的定價進展和收購帶來的良好貢獻，特別是我們對 Adbri 的投資。總營收成長 7%，導致調整後 EBITDA 成長 22%，利潤率進一步提高 70 個基點，這反映了我們業務強大的成本控制和進一步的營運效率。

In Central and Eastern Europe, we continue to experience positive underlying demand despite adverse weather in certain regions. While in Western Europe, activity levels are improving, supported by infrastructure and non-residential demand. So overall, a good start to the year for our business.

在中歐和東歐，儘管某些地區天氣惡劣，但我們仍然看到積極的潛在需求。而在西歐，受基礎設施和非住宅需求的推動，經濟活動水準正在改善。總體而言，今年對我們的業務來說是一個好的開始。

And at this point, I'll hand you over to Alan to take you through our financial performance and recent capital allocation activities in further detail.

現在，我將把時間交給艾倫，讓他更詳細地向您介紹我們的財務表現和最近的資本配置活動。

Thanks, Randy. Hello, everyone. Turning to slide 10 and the key components of our adjusted EBITDA performance. Starting with organic growth of $8 million, 2% ahead on a like-for-like basis, a good performance in the context of unfavorable weather conditions impacting activity levels during the quarter.

謝謝，蘭迪。大家好。轉到投影片 10 和我們調整後的 EBITDA 績效的關鍵組成部分。首先是 800 萬美元的有機成長，年增 2%，在不利的天氣條件影響本季活動水準的情況下表現良好。

Acquisitions net of divestitures delivered a further $43 million of adjusted EBITDA, reflecting good contributions from acquisitions as well as the impact of last year's divestiture of the European lime operations. Overall, we delivered $495 million of adjusted EBITDA, 11% ahead of the prior year period and representing a good start to the year in what is our seasonally least significant period.

扣除資產剝離後的收購進一步帶來了 4,300 萬美元的調整後 EBITDA，反映了收購帶來的良好貢獻以及去年剝離歐洲石灰業務的影響。總體而言，我們的調整後 EBITDA 為 4.95 億美元，比去年同期成長 11%，在我們這個季節性最不重要的時期，取得了良好的開端。

Next to slide 11, 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 2024 with a net debt position of $10.5 billion.

接下來是第 11 張投影片，我將帶您了解我們的淨債務變動和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，您可以看到到 2024 年底，我們的淨債務狀況為 105 億美元。

Turning to our cash flow performance. We reported a cash outflow of approximately $700 million in the first quarter. An outflow at this stage of the year is to be expected given the seasonal nature of our business as it reflects the buildup in working capital in advance of second and third quarter trading, which are seasonally our most important periods. Acquisitions net of divestitures and other items resulted in an outflow of approximately $600 million during the first three months of the year.

談談我們的現金流表現。我們報告第一季現金流出約為 7 億美元。考慮到我們業務的季節性，預計今年這個階段會出現資金流出，因為這反映了第二季和第三季交易之前營運資本的積累，而第二季和第三季是我們最重要的季節性時期。扣除資產剝離和其他項目的收購導致今年前三個月資金流出約 6 億美元。

We also invested $600 million in capital expenditure to support further growth in our existing business and we returned $300 million in the form of share buybacks, demonstrating our commitment to returning cash to our shareholders. Taking all of this into account, results in a net debt position of $12.7 billion at the end of the first quarter, representing a net debt to adjusted EBITDA ratio of approximately 1.8 times on a trailing 12-month basis.

我們還投資了 6 億美元的資本支出來支持現有業務的進一步成長，並以股票回購的形式返還了 3 億美元，這表明我們致力於向股東返還現金。綜合考慮所有這些因素，第一季末的淨債務為 127 億美元，相當於過去 12 個月淨債務與調整後 EBITDA 比率約為 1.8 倍。

Turning to slide 12. And at this stage, we would like to briefly update you on our recent capital allocation activities, building upon our proven track record of value creation, which is underpinned by our unmatched scale, breadth, and financial capacity.

翻到第 12 張投影片。在此階段，我們想簡要地向您介紹我們最近的資本配置活動，這些活動以我們經過驗證的價值創造記錄為基礎，而這又以我們無與倫比的規模、廣度和財務能力為基礎。

During the first quarter of the year, we completed eight value-accretive bolt-on acquisitions for approximately $600 million. This includes the acquisition of Talley Construction, a vertically integrated asphalt and paving business with operations in Tennessee, Georgia, Alabama, and North Carolina complementing our existing operations and enhancing our capability to serve our customers in these markets.

今年第一季度，我們完成了八項增值附加收購，總價值約 6 億美元。其中包括收購 Talley Construction，這是一家垂直整合的瀝青和鋪路企業，業務遍及田納西州、喬治亞州、阿拉巴馬州和北卡羅來納州，這補充了我們現有的業務，並增強了我們為這些市場的客戶提供服務的能力。

This was followed by our acquisition of Weaver & Sons, an integrated provider of asphalt, paving and construction services, representing our strategic entry into the Southern Alabama market. These are examples of the continued development of our customer-connected solutions strategy and our commitment to allocating capital into attractive higher-growth markets.

隨後，我們收購了瀝青、鋪路和建築服務的綜合供應商 Weaver & Sons，這代表著我們策略性地進入了南阿拉巴馬市場。這些都是我們持續發展客戶互聯解決方案策略以及致力於將資本配置到有吸引力的高成長市場的例子。

We have a strong and active pipeline of opportunities in front of us, thanks to our differentiated strategy and the fragmented nature of our markets. And we will continue our disciplined and value-focused approach when it comes to the allocation of our shareholders capital.

得益於我們的差異化策略和市場分散性，我們面前有著強大而活躍的機會。在分配股東資本時，我們將繼續採取嚴謹且注重價值的方法。

We also continue to return significant amounts of cash to our shareholders. Our ongoing share buyback program has returned approximately $500 million so far this year. And today, we are commencing a further quarterly tranche of $300 million to be completed no later than August 5.

我們也繼續向股東返還大量現金。我們正在進行的股票回購計畫今年迄今已回饋約 5 億美元。今天，我們將開始另外 3 億美元的季度撥款，最遲將於 8 月 5 日完成。

I'm also pleased to report that the Board has declared a quarterly dividend of $0.37 per share, representing an increase of 6% on the prior year, in line with our strong financial position and policy of consistent long-term dividend growth.

我還很高興地報告，董事會宣布季度股息為每股 0.37 美元，比上年增長 6%，這符合我們強勁的財務狀況和長期持續股息增長的政策。

Thanks, Alan. A good demonstration there of our relentless focus on the disciplined and efficient allocation of our shareholders capital. Now before I provide an update on our financial expectations for the full year, let me share our latest thoughts on the outlook across our markets.

謝謝，艾倫。這很好地體現了我們堅持不懈地關注股東資本的規範和高效配置。在我更新我們對全年財務預期之前​​，讓我先分享我們對整個市場前景的最新想法。

Turning to slide 14 and 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 a third of 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.

翻到第 14 張投影片，先介紹基礎設施，這是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。

In non-residential, we expect continued positive momentum across our key markets, supported by large-scale manufacturing and data center activity. In the residential sector, we expect new build activity in the US to remain subdued, while repair and remodel activity remains resilient.

在非住宅領域，我們預計在大型製造和資料中心活動的支持下，我們的主要市場將繼續保持積極勢頭。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。

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

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。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非常有吸引力。

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. Due to the localized nature of our operations, we do not expect a material direct impact from recent changes in global trade policies on our business. In terms of the impact of the wider macroeconomic uncertainty, it is clearly very fluid, but we continue to monitor the situation closely, and we are confident in our ability to navigate our way through it.

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。由於我們業務的在地化性質，我們預期近期全球貿易政策的變化不會對我們的業務產生重大直接影響。就更廣泛的宏觀經濟不確定性的影響而言，它顯然非常不穩定，但我們會繼續密切關注局勢，並且有信心我們有能力應對這一挑戰。

So in summary, despite the current macroeconomic uncertainty, we believe the overall trend is positive for our business. Our differentiated strategy and leading positions of scale in attractive higher-growth markets, together with our strong and flexible balance sheet leave us well positioned to capitalize on the strong growth opportunities that lie ahead.

總而言之，儘管當前宏觀經濟存在不確定性，但我們相信整體趨勢對我們的業務是有利的。我們的差異化策略和在具有吸引力的高速成長市場的領先地位，加上我們強大而靈活的資產負債表，使我們處於有利地位，能夠利用未來的強勁成長機會。

Turning to slide 15. And against that backdrop, we have reaffirmed our financial guidance for 2025. Assuming normal seasonal 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 growth and value creation for CRH.

翻到第 15 張投影片。在此背景下，我們重申了2025年的財務指引。假設今年剩餘時間的季節性天氣模式正常，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，這意味著 CRH 增長又一年的價值。

It's still very early in the construction season across our markets, but we will update you on our expectation as the year unfolds and the season gets fully underway. So that concludes our presentation today. I will now hand you back to the moderator to coordinate the Q&A session of our call.

我們各個市場的建築季節仍處於早期階段，但隨著新年的到來和建築季節的全面展開，我們將向您更新我們的預期。今天的演講到此結束。現在我將交還給主持人，以協調我們電話會議的問答環節。

(Operator Instructions)

（操作員指示）

Trey Grooms, Stephens.

特雷格魯姆斯、史蒂芬斯。

Good morning, everyone. If you could maybe elaborate a little more on the '25 guidance in light of the macro uncertainty that we have here and also maybe any pluses and minuses you've assumed in the guide? Thank you.

大家早安。您是否可以根據我們目前面臨的宏觀不確定性，對 25 條指導意見進行更詳細的闡述，以及您在指南中假設的任何優點和缺點？謝謝。

Good morning. Trey, Jim here. Maybe I'll ask Alan to come back on some of the puts and takes on the detail on the guidance. But listen, very happy this morning. I'm pleased to reaffirm the full year guidance, and it really reflects a good and a strong start to the year for us. And that reflects the positive underlying demand that we have and that we're seeing across our key markets and indeed, the continued execution of our differentiated strategy.

早安.特雷，我是吉姆。也許我會請艾倫回來討論指導中的一些細節問題。但是聽著，今天早上很開心。我很高興重申全年指引，這確實反映了我們今年良好而強勁的開局。這反映了我們所擁有的積極潛在需求以及我們在主要市場看到的積極需求，事實上，這也反映了我們差異化策略的持續執行。

It's early in the season, Trey, but we're feeling positive on 2025. And most importantly for me, a lot of the key building blocks that we need to put in place around pricing, what we're seeing in our backlogs and what we're seeing in our level of bidding, that gives us that encouragement in terms of the guidance for the year.

特雷，現在賽季才剛開始，但我們對 2025 年充滿信心。對我來說最重要的是，我們需要在定價方面建立許多關鍵的基石，我們在積壓訂單中看到的情況以及我們在投標水平中看到的情況，這些都為我們今年的指導提供了鼓勵。

Now whilst the wider -- clearly, the wider macroeconomic situation remains fluid, particularly in the foreign exchange market, right, which is volatile and changing by the week, we're continuing to monitor that very closely. But I'm confident in the resilience of our business model and also particularly the experienced nature of the management team.

現在，雖然更廣泛的——顯然，更廣泛的宏觀經濟形勢仍然不穩定，特別是外匯市場，它每週都在波動和變化，我們將繼續密切關注。但我對我們的商業模式的彈性以及管理團隊的豐富經驗充滿信心。

We have an experienced team, which has managed through -- has a proven track record of navigating periods of uncertainty, most recently in the pandemic. So kind of putting all that together, that's what gives us that confidence in being able to reaffirm the guidance for the year and looking forward to giving further updates when we report on Q2 in early August.

我們擁有一支經驗豐富的團隊，他們有著成功應對不確定時期的良好記錄，最近一次是在疫情期間。所以，把所有這些放在一起，我們就有信心能夠重申今年的指導方針，並期待在 8 月初報告第二季度時提供進一步的更新。

Maybe, Alan, do you want to give some of the puts and takes?

也許，艾倫，你想給一些建議嗎？

Sure, Jim. Thanks for that, Trey. With regard to the underlying assumptions underpinning our guidance, I might just address the three key items. Firstly, as pointed out earlier, we had a good start to the year from an M&A perspective, eight acquisitions, approximately $600 million.

當然，吉姆。謝謝你，特雷。關於我們指導的基本假設，我可能只會討論三個關鍵事項。首先，正如前面指出的，從併購的角度來看，我們今年開局良好，進行了 8 筆收購，金額約為 6 億美元。

Now based on last year's acquisitions, we had previously guided to a positive net contribution of about $280 million of adjusted EBITDA for 2025. Now including the partial year contribution from this year's activity, we expect a slightly higher net contribution of about $320 million.

現在，根據去年的收購，我們先前預計 2025 年調整後的 EBITDA 將產生約 2.8 億美元的正淨貢獻。現在包括今年活動的部分年度貢獻，我們預計淨貢獻將略高，約為 3.2 億美元。

Next, on FX. As Jim said, it's very hard to predict, but we continue to monitor the ongoing volatility very closely. And finally, you'll recall that in '24, we benefited from higher-than-normal levels of land sales. We continue to expect a more normalized year in 2025, somewhere in the region of about $75 million, as we'd indicated previously.

接下來，關於 FX。正如吉姆所說，這很難預測，但我們會繼續密切關注持續的波動。最後，您會記得，在 24 年，我們受益於高於正常水平的土地銷售。我們繼續預計 2025 年將是一個更正常化的年份，大約在 7500 萬美元左右，正如我們之前指出的那樣。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇。

Yes, hi, good morning, everyone. I'm wondering if you wouldn't mind just talking about volume trends that you've seen in March and April, if you're willing to comment? And separately, can you just update us on your pricing expectations in aggregates and cement over the course of this year? And any volume comments? I was impressed with aggregates pricing in the first quarter.

是的，大家早安。我想知道您是否願意評論一下您在三月和四月看到的交易量趨勢？另外，您能否向我們介紹今年骨材和水泥的價格預期？還有任何音量評論嗎？第一季的總定價給我留下了深刻的印象。

Yeah. Thanks, Jerry. This is Randy. I'll take that on. I guess for us, as we look forward, our biggest indicator of future work is the backlogs. And that typically gives us six to nine months view of work, and that would be everything from kind of typical maintenance work to capacity expansion in the roads and highways, and the backlog also is inclusive of our Critical Infrastructure business.

是的。謝謝，傑瑞。這是蘭迪。我會接受的。我想，對我們來說，展望未來，我們未來工作的最大指標就是積壓工作。這通常會為我們提供六到九個月的工作視圖，其中包括從典型的維護工作到道路和高速公路的容量擴展等所有內容，積壓工作還包括我們的關鍵基礎設施業務。

And as I look at that, maybe three things. One, the quantum of work that we continue to bid on a weekly basis is increasing, which is encouraging. The volumes are up versus last year in all product lines. But more importantly, the margins are improving as well. So that gives us really the confidence as we look forward to really just re-affirm, I guess, what we had said back in March around kind of low single-digit growth in terms of underlying aggregate volumes and mid- to high-single digits on pricing.

我認為可能有三件事。首先，我們每週繼續投標的工作量正在增加，這是令人鼓舞的。所有產品線的銷售量均比去年上升。但更重要的是，利潤率也在提高。因此，這確實給了我們信心，因為我們期待真正重申我們在三月所說的，即基本總量將實現低個位數成長，定價將實現中高個位數成長。

Q1, 8% off to a good start, but I think that really bodes well for the balance of the year. I think as others have called out, not surprisingly, weather impacted January and February. But when we saw the weather moderating and getting back to somewhat normal conditions, we saw a nice pickup in activities in March and April kind of high single digits. So what you would expect really reflective of the backlog and kind of our overall outlook.

第一季度，8% 的下滑是一個很好的開端，但我認為這對今年的平衡來說確實是一個好兆頭。我認為，正如其他人所說的那樣，天氣影響了一月和二月，這並不奇怪。但當我們看到天氣逐漸好轉並恢復到正常狀態時，我們看到 3 月和 4 月的活動量出現了良好的回升，達到了個位數的高位。因此，您所期望的確實反映了積壓情況和我們的整體前景。

Super, thank you, Andy. And can I just ask separately, International Solutions had good margin expansion in the quarter on strong cost control given the pricing cadence. Can you just expand on the drivers of cost improvement? And how are you thinking about costs in coming quarters? I know it's not a seasonally high quarter, obviously, but the cost performance was quite good.

太棒了，謝謝你，安迪。另外我可以單獨問一下嗎，考慮到定價節奏，國際解決方案公司在本季透過強有力的成本控制實現了良好的利潤率成長。能否詳細說明一下成本改善的驅動因素？您如何考慮未來幾季的成本？我知道這顯然不是一個季節性旺季，但成本表現相當不錯。

Yeah, sure, Jerry. Good strong performance from the international business in Q1, really a number of things coming together. We kind of called it out towards the end of last year that we're beginning to see kind of a troughing in a lot of our key Western European markets. And certainly, we saw good activity in some of our key markets in Q1, right.

是的，當然，傑瑞。第一季國際業務表現強勁，確實是許多事情共同作用的結果。我們在去年年底就指出，我們開始看到許多主要的西歐市場陷入低谷。當然，我們在第一季看到一些主要市場表現良好。

Now they were lapping against a Q1 last year had it was tough weather-wise in Europe West. But in particularly, we had a good performance in Europe West. Europe East actually had quite a challenging weather performance. But again, as we kind of got through that, the continued strong volume kind of outlook in Europe East underpinned by infrastructure, really seen that moving into April, right.

現在，他們正在與去年 Q1 比賽的情況進行對比，因為去年歐洲西部的天氣十分惡劣。但特別值得一提的是，我們在歐洲西部的表現非常出色。歐洲東部的天氣狀況實際上相當具有挑戰性。但是，當我們再次度過這一階段時，在基礎設施的支撐下，歐洲東部的持續強勁的銷售前景確實在進入四月份時顯現出來，對吧。

And across Europe, generally, a good pricing environment, too, looking for kind of mid-single digits across Europe. That together with the contribution from Adbri, which was bought in July last year, it's going well. As we said, the integration is going well and ahead of where we expected to in terms of opportunity in terms of synergies. So those factors coming together really explain the good performance in international in Q1.

整個歐洲的定價環境整體良好，預計價格將處於中等個位數水準。加上去年 7 月收購的 Adbri 的貢獻，一切都很順利。正如我們所說，整合進展順利，並且在協同效應方面的機會方面超出了我們的預期。因此，這些因素共同作用，確實解釋了第一季國際市場的良好表現。

Anthony Pettinari, Citi.

花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

Hi, good morning. Given some of the recent macro uncertainty, have you seen any project delays or even cancellations, I guess, especially on kind of the private nonres commercial side. Can you just talk about kind of what you've seen there in terms of project progress post liberation day?

嗨，早安。鑑於最近的一些宏觀不確定性，我想您是否看到任何項目延遲甚至取消，特別是在私人非房地產商業方面。您能否談談解放日後您看到的專案進度？

Sure. Good morning, Anthony. Yes, listen, we're not seeing any -- at this point in time, any cancellations or delays. Now clearly, it's still very early in the season. But as Randy mentioned, our backlogs are positive, and that's really reflected in the guidance that we're reaffirming again today.

當然。早安，安東尼。是的，聽著，目前我們還沒有看到任何取消或延誤的情況。現在顯然，賽季還處於初期階段。但正如蘭迪所提到的，我們的積壓訂單是積極的，這確實反映在我們今天再次重申的指導中。

We continue to see positive momentum in our major private nonres categories, and that's been supported by the re-industrialization and the onshoring activities. These projects tend to be, as we said, typically quite large and very highly speced and highly technical projects, which, of course, really falls into our sweet spot from that perspective. And we're talking things like data centers and also some of the high-spec manufacturing.

我們繼續看到主要私人非房地產類別呈現正面勢頭，這得益於再工業化和在岸活動。正如我們所說，這些項目通常規模很大，規格很高，技術含量很高，當然，從這個角度來看，這確實符合我們的最佳狀態。我們正在討論資料中心以及一些高規格製造之類的事情。

We also called it out in the full year earnings. We're seeing some recovery in warehousing also. Now -- so we're not seeing any cancellations, any delays, but also maybe just highlight that it's not just about the individual projects as well, right? There's a substantial knock-on effect in terms of increased demand for broader building materials and broader infrastructure build-out as well, meaning that the total kind of construction requirement is often a multiple of the actual core project itself. So no cancellations, no delays, and the backlogs are positive.

我們也在全年收益中提到了這一點。我們也看到倉儲業正在復甦。現在——所以我們沒有看到任何取消或延遲，但也許只是強調這不僅僅涉及單一項目，對嗎？對更廣泛的建築材料和更廣泛的基礎設施建設的需求增加也產生了巨大的連鎖反應，這意味著整體建築需求通常是實際核心項目本身的數倍。因此，沒有取消，沒有延誤，積壓量是正面的。

Ross Harvey, Davy.

羅斯哈維，戴維。

Hi all, thanks for taking my question. I'm wondering, can you provide an update on the energy and the more general input cost environment?

大家好，感謝您回答我的問題。我想知道，您能否提供有關能源和更普遍的投入成本環境的最新資訊？

Good morning, Ross. I might take that one, Alan here. Just touching on the more general cost input. Obviously, firstly, energy is a key part of it, but you must also consider the other significant cost items in CRH, which we've called out previously, labor, raw materials, subcontractors, et cetera. There's a lot of moving parts depending on the market and the cost category, as you could well imagine.

早安，羅斯。我可能會選擇這個，我是艾倫。只是涉及更普遍的成本投入。顯然，首先，能源是其中的關鍵部分，但您還必須考慮 CRH 中的其他重要成本項目，我們之前已經提到過，包括勞動力、原材料、分包商等等。正如您所想像的，有很多取決於市場和成本類別的活動部件。

And overall, we're still operating in an inflationary cost environment, and we would see a mid-single-digit inflation expected for the full year of '25. I suppose most notably for me, and it's already been highlighted by Randy earlier, this really shows the importance of continued pricing momentum across the business as we target another year of margin expansion, as you know.

總體而言，我們仍然在通膨成本環境中運營，預計 25 年全年通膨率將達到中等個位數。我想對我來說最值得注意的是，正如你所知，蘭迪之前已經強調過，這確實表明了在整個業務中持續定價勢頭的重要性，因為我們的目標是在新的一年實現利潤率擴張。

Kathryn Thompson, Thompson Research Group.

凱瑟琳·湯普森，湯普森研究小組。

Hi, thank you for taking my question today. And really two parts, one on M&A and then one on infrastructure as a mirror for each other. Just given the macro uncertainty, could you give an update on your M&A pipeline? And any change in capital allocation priorities in light of the broad macro outlook?

您好，感謝您今天回答我的問題。實際上分為兩部分，一部分是關於併購，另一部分是關於基礎設施，兩者互為鏡像。鑑於宏觀不確定性，您能否介紹一下您的併購管道的最新情況？從宏觀前景來看，資本配置重點有何變化？

And then on the flip side of that, when we do our work here at TRG with our state lettings, we are finding a building in momentum, a snowball effect that we've been tracking for the couple of years for solid mid-teens increases in lettings from key states, including many years in. Are you seeing that work show up? And how does that impact -- what is that impacting in terms of your infrastructure outlook, not just for 2025 but beyond?

另一方面，當我們在 TRG 進行州租賃工作時，我們發現了一種勢頭，一種滾雪球效應，幾年來，我們一直在追蹤來自主要州的租賃量穩步增長，包括多年來。您看到那項工作出現了嗎？這會產生什麼影響——這對您的基礎設施展望有何影響，不僅是 2025 年，而且是以後？

Thank you very much.

非常感謝。

Thank you, Kathryn, and good morning. Two questions there. I might ask Randy maybe to pick up the infrastructure one. Maybe first to talk about M&A and capital allocation. Well, firstly, no change in capital allocation priorities, Kathryn, overall. Really good start to M&A and development in the first quarter, right? And in particular, eight deals in the quarter, which typical CRH deals kind of a lot of bolt-on deals.

謝謝你，凱瑟琳，早安。有兩個問題。我可能會要求蘭迪 (Randy) 來選擇基礎設施。也許首先要談併購和資本配置。首先，凱瑟琳，總體而言，資本配置優先順序沒有改變。第一季的併購和發展開局真的很好，對吧？尤其是本季的八筆交易，典型的 CRH 交易都是附加交易。

What was really encouraging for us actually is that seven of the eight were one-on-one negotiations, right, which really strikes to the kind of national footprint and those close relationships we have across the industry. So eight deals, $600 million. We have a full, I'd say, pipeline as we look out. We have good optionality as we look out to the remainder of the year, both in terms of bolt-ons, but also some interesting midsized deals as well. But we're not going to lose that financial control and discipline.

實際上，真正讓我們感到鼓舞的是，八次談判中有七次都是一對一的談判，這對我們在整個行業的全國影響力和密切關係產生了很大的影響。所以有八筆交易，總額 6 億美元。我想說，我們有一個完整的管道。展望今年剩餘時間，我們擁有良好的選擇餘地，既包括附加交易，也包括一些有趣的中型交易。但我們不會失去財務控制和紀律。

I think that's what you get from CRH, right, when you look at it. And I think given the kind of connected nature of the portfolio, we really have multiple avenues for how we invest, right, and how we deploy capital. And that, together with the unmatched scales and those kind of local relationships and local positions really kind of keeps that M&A pipeline good for us.

我認為這就是你從 CRH 得到的，對的，當你看到它的時候。我認為，考慮到投資組合的關聯性，我們確實有多種途徑來決定如何投資以及如何部署資本。而且，再加上無與倫比的規模以及本地關係和本地地位，確實讓我們的併購管道保持良好狀態。

In terms of growth CapEx, we're continuing to invest in what are low-risk and high-returning opportunities, right, in many of our fastest-growing markets. And this morning, as you saw, we've announced a 6% increase in the quarterly dividend and also a continuation of our share buyback program, another $300 million. And that's running at an annualized rate of $1.2 billion. And in fact, since we started that program over six years ago, we've now retired nearly 22% of our stock at about $47 a share, right.

在成長資本支出方面，我們將繼續在許多成長最快的市場中投資低風險、高回報的機會。今天早上，正如您所看到的，我們宣布將季度股息提高 6%，並繼續執行股票回購計劃，回購金額再增加 3 億美元。年增長率為 12 億美元。事實上，自從我們六年前啟動該計劃以來，我們已經以每股約 47 美元的價格回購了近 22% 的股票，對吧。

So really good stewardship of capital from that perspective. So overall, I think given the scale of the business and the continued execution of our differentiated strategy and the optionality we have in terms of multiple avenues of growth, it really -- that, together with the strength of the balance sheet, gives us that financial capacity to support the continued growth of the business.

從這個角度來看，這確實是良好的資本管理。因此，總的來說，我認為，鑑於業務規模、差異化策略的持續執行以及我們在多種成長途徑方面的選擇性，再加上資產負債表的強勁，我們確實擁有支持業務持續成長的財務能力。

Maybe, Randy, do you want to pick up the infrastructure question?

也許，蘭迪，你想回答基礎設施問題嗎？

Yeah. Maybe just a couple of quick comments on that. I think your intuition and research is correct. So I think we called out maybe at the beginning of the IIJA that it was a five-year bill, but we thought it was going to take seven years to deploy the quantum of capital and just to be able to get the engineering and design work done to let those projects bid, and that's where we see it today.

是的。或許我只是想就此發表幾點簡短的評論。我認為你的直覺和研究是正確的。所以我認為我們可能在 IIJA 開始時就指出這是一項五年期法案，但我們認為需要七年的時間來部署資本量並完成工程和設計工作以讓這些項目競標，這就是我們今天看到的情況。

There's been -- obviously, it's a particular area that has broad support on either side of the aisle and which is encouraging. I called out our backlogs. And I think the backlogs are interesting for a couple of reasons. One, obviously, it gives us a picture for the balance of the year, but it's also kind of the mix of work that we're seeing.

顯然，這是一個受到兩黨廣泛支持的特定領域，這是令人鼓舞的。我大聲喊出了我們的積壓工作。我認為積壓問題之所以有趣有幾個原因。首先，顯然，它為我們提供了今年餘額的概況，但這也是我們所看到的工作組合。

So there is certainly a combination of that maintenance, but also multiyear projects, which, again, states have the confidence in long-term funding, whether that's IIJA or even call out the work or the work that's going to begin and starting to kick on in regards to the next evolution of the highway bill. And you saw Chairman Graves come out with concepts in and around a new revenue stream.

因此，肯定存在維護和多年期計畫的結合，再次強調，各州對長期資金充滿信心，無論是 IIJA 還是呼籲開展工作或即將開始並開始啟動的有關公路法案下一步發展的工作。您還看到格雷夫斯主席提出了有關新收入來源的概念。

As you know, the gas tax hasn't been raised since 1993, not even indexed for inflation. So the conversation at least around a continuation of funding is happening early, which is encouraging. And I think for us, in particular, if you look at where we operate geographically, we're the beneficiary of a significant amount of that IIJA funding.

眾所周知，汽油稅自 1993 年以來就沒有上調過，甚至沒有根據通貨膨脹進行調整。因此，至少有關繼續提供資金的討論很早就開始了，這是令人鼓舞的。我認為，對我們來說，特別是如果你看看我們的經營所在地，我們是 IIJA 資金大量來源的受益者。

So I think we're in the right places to take advantage of that and the pipeline is strong. And to your point, I think we're seeing the bidding activity on a weekly basis kind of align with what you're calling out in terms of overall opportunities.

所以我認為我們處於正確的位置來利用這一點，而且頻道很強大。關於您的觀點，我認為我們每週看到的競標活動與您所說的整體機會是一致的。

Brent Thielman, DA Davidson.

布倫特·蒂爾曼，DA 戴維森。

Hey, great, thank you good morning. It seems as though you have a relatively constructive outlook for the International Solutions portion of the business, especially as we kind of move beyond the seasonally slow period. And I'm wondering if you can just expand upon some of the things that you're seeing today and maybe especially since Liberation Day that might inform that view. And again, just looking for some more color on how you see the rest of the year play out for international.

嘿，太好了，謝謝你早安。看起來您對國際解決方案業務部分抱有相對建設性的展望，尤其是當我們逐漸擺脫季節性淡季的時候。我想知道您是否可以詳細說明您今天看到的一些事情，特別是自解放日以來可能支持這一觀點的事情。再次強調，我只是想了解更多關於今年剩餘時間國際賽事的走勢。

Thank you.

謝謝。

Yeah. Sure, Brent. I think what we saw in the first quarter was really what we began to highlight on the full year results, particularly if you look at the Western European market has had a tough number of years, right. When you take it from Brexit into the pandemic, into the war and energy crisis. And we started to see a troughing out of activity levels in some of our key markets towards the second half of 2024. And we're beginning to see that recovery, right, in some of those key markets.

是的。當然，布倫特。我認為我們在第一季看到的情況確實是我們在全年業績中開始強調的一點，特別是如果你看看西歐市場經歷了多年的艱難時期，對吧。當你把它從英國脫歐帶入疫情、戰爭和能源危機時。到 2024 年下半年，我們開始看到一些主要市場的活動水準跌至低潮。在一些關鍵市場，我們開始看到復甦。

That kind of -- together with a number of other factors, right. The really continued -- or rather the continuation of the good growth that underpins Central and Eastern Europe, right. That is a region in some of our key markets, which is really heavily underpinned by EU infrastructure funding, but also good activity on the nonres side. And we saw it last year, and we called it out with the kind of more aggressive and accelerated cut of the euro interest rates, we're beginning to see some green shoots on the residential activity, too, in some of our markets there.

諸如此類——還有許多其他因素，對吧。確實持續了——或者更確切地說，是中歐和東歐良好成長態勢的延續，對吧。這是我們一些主要市場所在的地區，深受歐盟基礎設施資金的支持，但非房地產方面的活動也很好。我們去年就看到了這一點，並且透過更積極、更快速地降低歐元利率來應對這一情況，我們也開始看到一些市場住宅活動的復甦跡象。

So that, together with a lot of self-help measures we took and good kind of commercial excellence is really what's driving the performance in the International division and gives us that outlook -- positive outlook for 2025 and indeed for a number of years to come. I think we're going to see that because particularly in the Western European markets, kind of recovering from troughing levels of activity.

因此，我們採取了許多自助措施，並在商業上取得了卓越成就，這些才是推動國際部門業績成長的真正因素，也為我們帶來了對 2025 年以及未來幾年的積極展望。我認為我們會看到這種情況，因為特別是在西歐市場，活動水平正在從低谷中復甦。

Garik Shmois, Loop Capital Markets.

Garik Shmois，Loop Capital Markets。

Hi, thanks for taking my questions. Two follow-up items for me. First, on the M&A side, are you seeing any change in sellers attitudes, expectations or the type of assets that are for sale just given the uncertain macro?

你好，謝謝你回答我的問題。對我來說還有兩個後續事項。首先，在併購方面，鑑於宏觀經濟的不確定性，您是否看到賣家的態度、期望或待售資產類型有任何變化？

And then a follow-up on the cost piece. Was there any maintenance or contracting services costs that were pulled forward into the first quarter, just given the weather headwinds, perhaps taking advantage of slower shipments to accelerate repairs?

然後跟進成本部分。是否有任何維護或承包服務成本提前到第一季度，僅僅是因為天氣不利，或許是利用較慢的運輸速度來加速維修？

Yeah. Thanks, Garik. I might get Randy to come back on the cost one. But in terms of M&A, we're not yet, Garik. We have eight deals done in the first quarter. The pipeline is good. We're not seeing any amelioration in terms of aspirations from the sellers yet.

是的。謝謝，加里克。我可能會讓蘭迪回來討論成本問題。但就併購而言，我們還沒有，加里克。我們在第一季完成了八筆交易。管道很好。我們尚未看到賣家的期望有任何改善。

Now clearly, as this maybe as the uncertainty is out there may impact that later, but we're not seeing it in terms of multiples or entry multiples. And I think the eight deals we did in the first quarter were very much kind of typical kind of CRH average entry multiple deals.

現在很明顯，因為存在的不確定性可能會在以後產生影響，但我們並沒有從倍數或進入倍數的角度看到它。我認為我們在第一季完成的八筆交易是典型的 CRH 平均進入多重交易。

Again, I think that reflects kind of our unique position. We operate in quite a fragmented industry. There's plenty of opportunity there. But really that connected nature of our portfolio, as I mentioned earlier, just gives us kind of multiple options and levers where to deploy capital. And that's what we continue to do in Q1, and that's what's been driving a lot of the performance in recent years.

再次，我認為這反映了我們的獨特地位。我們所在的產業相當分散。那裡有很多機會。但正如我之前提到的，我們的投資組合的關聯性實際上為我們提供了多種部署資本的選擇和槓桿。這就是我們在第一季持續做的事情，也是近年來推動業績成長的重要因素。

Randy, maybe do you want to comment on the cost side of it?

蘭迪，也許你想就成本方面發表一下評論？

Yeah. I would say, certainly, in the winter months, with or without kind of the extent of the weather we called out, that's when we typically would perform our maintenance activities to get ready for the season, whether that's within our aggregate business, within the cement plants in terms of shutdown and performing maintenance.

是的。我想說，當然，在冬季，無論我們是否預知天氣狀況如何，我們通常都會進行維護活動，為冬季做​​好準備，無論是在我們的骨料業務中，還是在水泥廠內進行停工和維護。

I'd say most importantly is that we match that maintenance with the expected demand environment for the year ahead. So to your point, we take advantage of those times with the expectation that once the season started in March that we'd be well prepared. So -- but I wouldn't call it out as anything unusual, nothing that we ever do differently on a year to year basis.

我想說最重要的是我們要將維護與未來一年預期的需求環境相匹配。所以正如您所說，我們利用這些時間，期望一旦三月賽季開始，我們就能做好充分的準備。所以——但我不會稱之為任何不尋常的事情，我們每年所做的事都不會有什麼不同。

Keith Hughes, Truist Securities.

基斯·休斯（Keith Hughes），Truist Securities。

Thank you. My question is in American Building Solutions. What are you expecting for the remainder of this year, both within the two product groups and for margins?

謝謝。我的問題是關於美國建築解決方案的。您對今年剩餘時間的兩大產品組以及利潤率有何預期？

Yeah. Keith, good morning. Listen, I think first, in terms of American Building Solutions, it's really a division which is coming off the back of a number of very strong performances over the last number of years, right. In '24 and indeed in the first quarter, I described the performance really as resilience, right.

是的。基思，早安。聽著，我認為首先，就美國建築解決方案而言，這是一個在過去幾年中表現非常強勁的部門，對吧。在 24 年，實際上在第一季度，我將表現描述為真正的韌性，對吧。

Now quarter one, was impacted by a combination of challenging weather and also kind of -- it is the bit of our business, which is most exposed to the residential cycle as well. But if you look at it, it's made up of two parts, our Outdoor Living business.

現在，第一季受到了惡劣天氣等多種因素的影響——這是我們業務的一部分，也最容易受到住宅週期的影響。但如果你看一下，它由兩部分組成，也就是我們的戶外生活業務。

What we saw really was significantly weather impacted Q1, but -- and really as we got into kind of late March and into April, we really saw kind of a delayed spring season in our outdoor living business, and we saw good recovery in April and into early in May as well, right. So expecting that trend to continue.

我們確實看到天氣對第一季度產生了嚴重影響，但是——隨著進入三月下旬和四月，我們確實看到戶外生活業務的春季有所延遲，並且我們在四月和五月初也看到了良好的複蘇，對吧。因此預計這種趨勢將會持續下去。

The other side of the business is our Building and Infrastructure, right. And that's a business which is primarily exposed to water infrastructure and indeed energy infrastructure, right. And I think for the remainder of this year, the backlogs are good.

業務的另一面是我們的建築和基礎設施，對吧。這個業務主要涉及水利基礎設施和能源基礎設施，對吧。我認為今年剩餘時間內積壓訂單情況良好。

What -- it did impact it a bit in Q1, but as we're through that now and we get more normalized, we're seeing the work that is there to be done. And I think the outlook for 2025 and indeed for a number of years to come, particularly in that water and energy infrastructure space is quite positive for that business.

它確實對第一季產生了一些影響，但隨著我們現在已經度過了這一階段並且變得更加正常化，我們看到了需要完成的工作。我認為 2025 年以及未來幾年的前景，特別是在水和能源基礎設施領域，對該業務來說非常樂觀。

Okay, thank you. Just one quick one. I think you said earlier, land sales are going to be about $75 million add to EBITDA in '25. What were they in '24? I think they were a good bit higher.

好的，謝謝。只需一個快速的。我想您之前說過，土地銷售額將在 25 年達到約 7500 萬美元，加上 EBITDA。'24 年時他們是什麼？我認為它們要高得多。

Yeah. Just on that, they were $237 million was the 2024 comparative. So quite an exceptional year for sure. But the ongoing average is about $75 million.

是的。僅就這一點而言，2024 年的比較結果為 2.37 億美元。所以這無疑是相當不平凡的一年。但目前的平均約為 7500 萬美元。

And we have time for one last question. And that last question comes from the line of Will Jones, Redburn Atlantic.

我們還有時間回答最後一個問題。最後一個問題來自 Redburn Atlantic 的 Will Jones。

Thank you, good morning. Two parts, if I could, please. The first just around the asphalt business in the US. Perhaps you could just update us on the winter fill process, how that went? And to what extent you think the drop in the oil price of late might have implications for pricing needs over the summer?

謝謝，早安。如果可以的話，請分成兩部分。第一個是關於美國瀝青業務的。也許您可以向我們介紹冬季填充過程，進展如何？您認為近期油價下跌對夏季定價需求的影響有多大？

And then the second is just actually around Canada. Clearly, that's in the eye of the storm around tariffs at the moment. But to what extent the trends there differ, if at all, against the US.

第二個其實是在加拿大附近。顯然，目前這裡正處於關稅風暴的中心。但那裡的趨勢與美國的差異有多大呢？

Yeah. Two questions there. Will, I might ask Randy maybe to take the first one on the -- just the winter fill and asphalt and I'll come back in Canada.

是的。有兩個問題。威爾，我可能會讓蘭迪先去——只塗冬季填充物和瀝青，然後我就回加拿大。

Yeah, absolutely. The winter fill, as you know, a significant competitive advantage for us across the country, kind of the network of tank storage. I'd say it's a very consistent year in terms of the quantum that we have as well as kind of the underlying cost position.

是的，絕對是如此。如您所知，冬季填充對於我們在全國範圍內的儲罐網路來說是一個顯著的競爭優勢。我想說，就我們擁有的數量以及基本成本狀況而言，這是非常穩定的一年。

I think important for us, probably the number one driver as to why we're in that business is really access to bitumen liquid asphalt during the peak of the season. And so for us, we can store roughly half of the amount that we consume in any one given year. So it's important to have access to that.

我認為對我們來說很重要的一點，可能我們從事這項業務的首要驅動力就是在旺季能夠真正獲得瀝青液體瀝青。因此，對我們來說，我們可以儲存大約一年中消耗量的一半。因此，獲得這項權利非常重要。

So that scale and that reach of that business is a significant competitive advantage. No one will ever be able to duplicate kind of that position that we have. So that's the primary reason why we're in that business. I think what we've also seen is that we run that asphalt business on a margin basis.

因此，該業務的規模和影響力是一項顯著的競爭優勢。沒有人能夠複製我們所擁有的那種地位。這就是我們從事該行業的主要原因。我想我們也看到，我們以利潤為基礎來經營瀝青業務。

So we do see fluctuations in various points in times in terms of the underlying market. But when we look at the backlog of work that we have, combined with what we have in storage, we have expectations for another year of margin progression in that asphalt business.

因此，我們確實看到基礎市場在不同時間點出現波動。但是，當我們考慮到我們積壓的工作量以及我們的庫存時，我們預計瀝青業務的利潤率將在未來一年繼續增長。

I think also what it does, I've often said this about the -- one of the other advantages of having that storage is every road has a unique specification. Our capability to take that material, that off-spec material in some markets to be able to blend to a specific specification for a state DOT is -- creates a competitive advantage for us.

我還認為它的作用是，我經常這麼說——擁有這種存儲的另一個好處是每條道路都有獨特的規格。我們有能力將這些材料、這些不合格的材料混合到某個州交通部的特定規格中，這為我們創造了競爭優勢。

So we have not only storage, but also the technical capability to deliver a unique solution for every road. So I feel good about where we are at this time of year and would expect another year of margin progression in that line of business.

因此，我們不僅有儲存能力，而且還有為每條道路提供獨特解決方案的技術能力。因此，我對我們今年這個時候的狀況感到滿意，並預計該業務的利潤率將在未來一年繼續增長。

Yeah. Well, maybe just on Canada, we have, firstly, a fully integrated business. It's mainly a Toronto-based business, kind of local business. It's very early season, as you can imagine, just about to get going up there at this stage. Encouragingly, some real good pricing environment.

是的。好吧，也許僅在加拿大，我們首先擁有完全整合的業務。它主要是一家位於多倫多的企業，屬於本地企業。正如您所想像的，現在還處於季節初期，才剛開始。令人鼓舞的是，一些真正良好的定價環境。

So very happy with the pricing performance and broadly similar trends, I think, in Canada that we're seeing elsewhere. So I think set up nicely and a nice asset base for the season ahead.

我對加拿大的定價表現非常滿意，我認為我們在其他地方也看到了類似的趨勢。所以我認為這為即將到來的賽季做好了充分的準備並奠定了良好的資產基礎。

We now turn the conference over --

現在我們把會議轉交給--

That's all we have time for today. Thank you all 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 August when we will report our results for the second quarter of 2025. Thank you, and have a good day.

今天我們的時間就這麼多。謝謝大家的關注。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 8 月再次與您交談，屆時我們將報告 2025 年第二季的業績。謝謝，祝您有美好的一天。

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。