CRH PLC (CRH) 2025 Q2 法說會逐字稿

Good day, and welcome to the CRH second 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 年第二季業績報告。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 Q2 2025 results presentation and conference call. Joining me on the call is Nancy Buese, our CFO; Randy Lake, our COO; and Tom Holmes, Head of Investor Relations. Nancy was appointed to the role in May, and her track record of financial leadership and operational insight will be invaluable as we undertake the next phase of our growth journey.

大家好。我是 CRH 執行長 Jim Mintern，歡迎大家參加我們的 2025 年第二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財務長 Nancy Buese、我們的營運長 Randy Lake 和投資者關係主管 Tom Holmes。南希於五月被任命擔任該職位，在我們進入下一階段的成長之旅時，她的財務領導能力和營運洞察力將發揮無價的作用。

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

在我們開始之前，我先請湯姆發表一些簡短的開場白。

Thanks, Jim. Hello, everyone. 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。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、我們的年度報告以及其他 SEC 文件，這些文件均可在我們的網站上找到。

I will now hand you back to Jim, Nancy, and Randy to deliver some prepared remarks.

現在我將把你們交還給吉姆、南希和蘭迪，讓他們發表一些準備好的演講。

Thanks, Tom. Over the next 20 minutes or so, we will take you through a brief presentation of our results for the second quarter of the year, highlighting the key components of our operating performance, our recent capital allocation activities, as well as provide you with an update on our expectations for the year as a whole. We will also spend some time discussing our strategy and how we have positioned our business to deliver further growth and value creation going forward.

謝謝，湯姆。在接下來的 20 分鐘左右的時間裡，我們將向您簡要介紹我們今年第二季的業績，重點介紹我們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。我們還將花一些時間討論我們的策略以及我們如何定位我們的業務以實現未來的進一步成長和價值創造。

At the outset on slide 3, let me take you through some of the key messages from our results. We are pleased to report a record second-quarter performance underpinned by the execution of our proven strategy and uniquely connected portfolio, which continues to deliver value for our shareholders. We have also been actively reinvesting in our business and allocating capital towards attractive high-growth markets benefiting from secular tailwinds. In the year to date, we've invested approximately $1.7 billion across 19 bolt-on acquisitions and growth CapEx investments across our business, and we have a strong pipeline of further growth opportunities in front of us.

在第 3 張投影片的開頭，讓我向您介紹我們研究結果中的一些關鍵資訊。我們很高興地報告，第二季業績創下了紀錄，這得益於我們行之有效的策略和獨特的關聯投資組合的執行，繼續為我們的股東創造價值。我們也積極地對我們的業務進行再投資，並將資本配置到受益於長期順風的有吸引力的高成長市場。今年迄今為止，我們已在整個業務中透過 19 項附加收購和成長資本支出投資投資了約 17 億美元，並且我們面前還有大量進一步增長的機會。

We also recently announced an agreement to acquire Eco Material Technologies, a leading supplier of supplementary cementitious materials in North America for a total consideration of $2.1 billion. This is a unique opportunity to accelerate our cementitious growth strategy, which we believe will deliver significant incremental long-term value for our shareholders. And I will take you through that in further detail a little later.

我們最近也宣布了一項協議，以 21 億美元總價收購北美領先的補充膠凝材料供應商 Eco Material Technologies。這是加速我們堅實成長策略的獨特機會，我們相信這將為我們的股東帶來顯著的長期價值。稍後我將向你詳細介紹這一點。

Looking ahead to the remainder of the year, underlying demand across our key end-use markets remains positive, and our backlogs are ahead of prior year. Based on current market conditions and the momentum we see across our business, we are pleased to raise our financial guidance for 2025. Assuming normal seasonal weather patterns and no major dislocations in the political or macroeconomic environment, we expect full-year adjusted EBITDA to be between $7.5 billion and $7.7 billion, representing 10% growth at the midpoint and another strong year of delivery for CRH.

展望今年剩餘時間，我們主要終端用途市場的潛在需求依然積極，我們的積壓訂單量也高於去年同期。根據當前的市場狀況和我們在整個業務中看到的發展勢頭，我們很高興提高 2025 年的財務指導。假設季節性天氣模式正常且政治或宏觀經濟環境沒有重大混亂，我們預計全年調整後的 EBITDA 將在 75 億美元至 77 億美元之間，中間值增長 10%，也是 CRH 交付業績強勁的一年。

Turning now to slide 4 and our financial highlights for the second quarter. Overall, a strong performance with revenues, adjusted EBITDA, margin, and diluted EPS all at record levels and well ahead of the prior year period. Total revenues of $10.2 billion represent a 6% increase over the prior year, supported by favorable underlying demand, positive pricing momentum across our business, and strong contributions from acquisitions. This enabled us to deliver $2.5 billion of adjusted EBITDA in the quarter, a 9% increase over the prior year.

現在翻到投影片 4，這是我們第二季的財務亮點。整體而言，業績表現強勁，營收、調整後 EBITDA、利潤率和稀釋每股盈餘均創歷史新高，遠高於去年同期。總收入為 102 億美元，比上年增長 6%，這得益於良好的潛在需求、整個業務的積極定價勢頭以及收購帶來的強勁貢獻。這使我們在本季實現了 25 億美元的調整後 EBITDA，比上年增長 9%。

I am also pleased to report a further 70 basis points of margin expansion, demonstrating our relentless focus on continued operational excellence and strong cost management across our business. All of this translated into further growth in our diluted earnings per share, up 3% on the prior year period.

我還很高興地報告利潤率進一步擴大了 70 個基點，這表明我們堅持不懈地專注於整個業務的持續卓越營運和強有力的成本管理。所有這些都轉化為我們每股攤薄收益的進一步成長，比去年同期成長了 3%。

Now 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，他向大家介紹我們各個業務的經營績效。

Thanks, Jim. Hello, everyone. Turning to slide 6 and first to Americas Materials Solutions, which delivered further profit growth and margin expansion in the second quarter, driven by the continued execution of our strategy, increased operational efficiencies, and contributions from acquisitions. Despite contending with some adverse weather conditions, which impacted activity levels, I'm really pleased with our teams and how they were able to quickly adapt to the stop-start nature of the season, controlling and pacing our cost to optimize our operations, resulting in total revenues and adjusted EBITDA 2% and 4% ahead of prior year, really highlighting the resiliency of our business.

謝謝，吉姆。大家好。轉到投影片 6，首先介紹美洲材料解決方案，該部門在第二季度實現了進一步的利潤成長和利潤率擴大，這得益於我們策略的持續執行、營運效率的提高以及收購帶來的貢獻。儘管面臨一些惡劣的天氣條件，影響了活動水平，但我對我們的團隊感到非常滿意，他們能夠快速適應季節的走走停停性質，控制和調整成本以優化運營，從而使總收入和調整後的 EBITDA 分別比上年增長 2% 和 4%，真正凸顯了我們業務的彈性。

In Essential Materials, second-quarter revenues were 4% ahead supported by increased volumes and positive pricing momentum in both aggregates and cement. Aggregates pricing increased by 4% compared to the prior year or 7% on a mix adjusted basis. Cement pricing increased by 2%, reflecting regional variances across our operating footprint.

在基礎材料方面，受骨材和水泥銷售增加和價格上漲勢頭的推動，第二季營收成長了 4%。與前一年相比，骨材價格上漲了 4%，按混合調整後價格上漲了 7%。水泥價格上漲了 2%，反映了我們經營業務區域內的差異。

In Road Solutions, Q2 revenues were 2% ahead despite weather impacted activity levels, benefiting from our national scale and diversification. And we'll discuss the strengths of our fully connected roads offering in further detail later.

在道路解決方案方面，儘管天氣影響了活動水平，但受益於我們的全國規模和多樣化，第二季度的收入仍增加了 2%。稍後我們將進一步詳細討論我們提供的全互聯道路的優勢。

In terms of the demand environment, the underlying backdrop across our key markets remains robust. Infrastructure, our largest end market, continues to be underpinned by state and federal funding through the IIJA. Less than 40% of IIJA highway funding has been deployed to date, highlighting the significant runway we still have ahead of us. State funding is also strong, with transportation budgets for fiscal year 2026 expected to increase by 6% over the prior year.

就需求環境而言，我們主要市場的基本背景依然強勁。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 高速公路的資金已部署不到 40%，這凸顯了我們前面的道路仍然很長。州政府的資金投入也很充足，預計 2026 財年的交通運輸預算將比前一年增加 6%。

As Jim mentioned earlier, looking ahead to the remainder of the year, I'm encouraged by the positive momentum in our backlogs, which are ahead in both revenue and margin. We also continue to see good levels of reindustrialization activity, particularly in manufacturing and data centers. These large-scale, highly specified projects are an excellent fit with our connected portfolio, enabling us to not just provide the essential materials, but also the water and energy infrastructure critical to these types of facilities. And you can see this coming through in the performance of Americas Building Solutions on slide 7, where our business delivered strong profit growth driven by good underlying demand and commercial management.

正如吉姆之前提到的，展望今年剩餘時間，我對我們積壓訂單的積極勢頭感到鼓舞，我們的收入和利潤率都處於領先地位。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。這些大規模、高度專業的項目與我們的關聯產品組合非常契合，使我們不僅能夠提供必需的材料，還能提供對這些類型的設施至關重要的水和能源基礎設施。您可以從第 7 張投影片上的美洲建築解決方案的表現中看到這一點，在良好的潛在需求和商業管理的推動下，我們的業務實現了強勁的利潤成長。

Second-quarter revenues for our Building & Infrastructure Solutions business were 3% ahead, supported by robust demand in our key markets of data centers, water, and energy infrastructure. Our Outdoor Living Solutions business also continues to benefit from its large exposure to more resilient residential repair and remodel activity, with Q2 revenues 2% ahead of the prior year. For Americas Building Solutions overall, total revenue growth of 2% translated into a 5% increase in adjusted EBITDA and a further 70 basis points of margin expansion.

受資料中心、水和能源基礎設施等主要市場強勁需求的推動，我們的建築和基礎設施解決方案業務第二季營收成長了 3%。我們的戶外生活解決方案業務也繼續受益於其在更具彈性的住宅維修和改造活動中的大量投入，第二季度的收入比去年增長了 2%。對於美洲建築解決方案整體而言，總收入成長 2% 意味著調整後 EBITDA 成長 5%，利潤率進一步擴大 70 個基點。

Moving to International Solutions now on slide 8, where our business also delivered a strong second-quarter performance, supported by an improving demand environment, further pricing momentum, and operational efficiencies. On the back of a 13% increase in revenue, we delivered a 23% increase in adjusted EBITDA and a further 170 basis points of margin expansion.

現在轉到幻燈片 8 上的國際解決方案，我們的業務在第二季也取得了強勁的業績，這得益於需求環境的改善、進一步的定價動能和營運效率。在營收成長 13% 的背景下，我們的調整後 EBITDA 成長了 23%，利潤率進一步擴大了 170 個基點。

In Central and Eastern Europe, we continue to experience positive underlying demand and early signs of recovery in new build residential activity, while in Western Europe, activity levels continue to be supported by infrastructure and non-residential demand. Our results also reflect the acquisition of Adbri last year, and I'm pleased to report that the business is performing well, with commercial and operational synergy realization ahead of our original expectations. Overall, we're pleased with further growth and margin expansion across each of our businesses.

在中歐和東歐，我們繼續經歷積極的潛在需求和新建住宅活動復甦的早期跡象，而在西歐，活動水平繼續受到基礎設施和非住宅需求的支持。我們的業績也反映了去年對 Adbri 的收購，我很高興地報告，業務表現良好，商業和營運協同效應的實現超出了我們最初的預期。整體而言，我們對各項業務的進一步成長和利潤率擴大感到滿意。

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

現在，我將把時間交給南希，讓她更詳細地向您介紹財務績效和資本配置活動。

Thank you, Randy. Hello, everyone. It's a pleasure to speak to you for the first time as the CFO of CRH. It's an exciting time to be here, and I look forward to working with many of you as we execute our strategy.

謝謝你，蘭迪。大家好。我很高興能作為 CRH 的財務長第一次與您交談。這是一個令人興奮的時刻，我期待與你們中的許多人一起執行我們的策略。

First, to slide 10. And as Jim mentioned earlier, we delivered a record second-quarter performance, with further growth across our key financial metrics. Our Q2 adjusted EBITDA of approximately $2.5 billion was 9% ahead of the prior year, driven by favorable underlying demand and positive pricing as well as strong contributions from acquisitions and synergies.

首先，看投影片 10。正如吉姆之前提到的，我們第二季的業績創下了紀錄，主要財務指標都進一步成長。我們第二季的調整後 EBITDA 約為 25 億美元，比上年增長 9%，這得益於有利的潛在需求和積極的定價以及收購和協同效應的強勁貢獻。

As you can see, we also delivered 70 basis points of margin expansion, further extending our 11-year history of consecutive margin improvement. This really demonstrates the mindset of continuous business improvement across CRH and the relentless focus on operational performance that Randy touched on earlier.

如您所見，我們的利潤率也提高了 70 個基點，進一步延續了我們 11 年連續提高利潤率的歷史。這確實體現了 Randy 之前提到的 CRH 持續業務改進的思維方式以及對營運績效的不懈關注。

Moving to slide 11, where I'll briefly update you on our capital allocation activities. First, to M&A, where year to date, we have invested approximately $1 billion on 19 value-accretive acquisitions, strengthening our market-leading positions in attractive growth markets. Our pipeline is strong and our uniquely connected portfolio provides us with multiple opportunities for further growth in what remains a very fragmented industry.

前往第 11 張投影片，我將簡要地向您介紹我們的資本配置活動。首先，在併購方面，今年迄今為止，我們已投資約 10 億美元，進行了 19 項增值收購，鞏固了我們在有吸引力的成長市場的領先地位。我們的通路非常強大，我們獨特的關聯產品組合為我們在這個仍然非常分散的行業中提供了進一步成長的多種機會。

Through Q2, we've also invested approximately $700 million in growth CapEx, leveraging our size and scale to fully capitalize on the attractive growth opportunities that we see across our markets. For example, we are modernizing two of our largest aggregate facilities in North America, Cape Sandy in Southern Indiana, and Marble Cliff in Columbus, Ohio. These investments will expand production capacity to support future growth as well as drive further operational efficiencies through increased automation and energy optimization.

到第二季度，我們還投資了約 7 億美元的成長資本支出，利用我們的規模和範圍，充分利用我們在各個市場看到的誘人的成長機會。例如，我們正在對北美最大的兩個骨材工廠進行現代化改造，位於印第安納州南部的 Cape Sandy 和位於俄亥俄州哥倫布市的 Marble Cliff。這些投資將擴大生產能力以支持未來的成長，並透過提高自動化和能源優化來進一步提高營運效率。

At our San Saba quarry in Texas, north of Austin, we are also investing to expand our capacity with new aggregate production equipment and rail infrastructure to better serve our customers. These kinds of investments are an excellent use of capital, low-risk, high-returning investments that will enable us to accelerate our growth, margins, and returns.

在我們位於德州奧斯汀北部的聖薩巴採石場，我們也正在投資引進新的骨材生產設備和鐵路基礎設施來擴大產能，以便更好地服務我們的客戶。這些類型的投資是對資本的絕佳利用，是低風險、高回報的投資，可以讓我們加速成長、利潤和回報。

We also continue to deliver significant accretive returns to shareholders in the form of dividends and share buybacks. In line with our strong financial position and policy of consistent long-term dividend growth, the Board has declared a quarterly dividend of $0.37 per share, representing an increase of 6% on the prior year. Through our ongoing share buyback program, we have also repurchased approximately $800 million so far this year. And today, we are commencing a further quarterly tranche of $300 million to be completed no later than November 5.

我們也持續以股利和股票回購的形式為股東帶來可觀的增值報酬。根據我們強勁的財務狀況和長期持續的股息成長政策，董事會宣布季度股息為每股 0.37 美元，比上一年增長 6%。透過我們正在進行的股票回購計劃，今年迄今為止我們還回購了約 8 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 11 月 5 日完成。

Since the inception of our buyback program in 2018, we have returned over $9 billion to shareholders, representing 22% of our shares in issue at an average price of less than $49 per share. These returns, while maintaining a strong and flexible balance sheet, reflect our disciplined capital allocation strategy.

自 2018 年回購計畫啟動以來，我們已向股東返還了超過 90 億美元，佔已發行股份的 22%，平均價格不到每股 49 美元。這些回報在保持強勁且靈活的資產負債表的同時，反映了我們嚴謹的資本配置策略。

Overall, it's been a busy year so far, with approximately $3 billion of capital allocated to growth investments and cash returns, demonstrating our focus on the efficient allocation of capital to maximize value for our shareholders.

總體而言，今年到目前為止是繁忙的一年，約有 30 億美元的資本用於成長投資和現金回報，這表明我們專注於有效配置資本，以實現股東價值最大化。

I will now hand you back to Jim.

現在我將你交還給吉姆。

Thanks, Nancy. Turning now to slide 12, and our agreement to acquire Eco Material Technologies, a leading supplier of supplementary cementitious materials in the US. This proposed acquisition enables us to expand our cementitious products offering to our customers while also expanding our customer base, putting us at the forefront of the transition to next-generation cement and concrete, both essential materials with strong growth tailwinds.

謝謝，南希。現在翻到第 12 張投影片，我們同意收購 Eco Material Technologies，這是一家美國領先的補充膠凝材料供應商。此次擬議的收購使我們能夠擴大向客戶提供的水泥產品，同時擴大我們的客戶群，使我們處於向下一代水泥和混凝土過渡的前沿，這兩種材料都是具有強勁增長順風的重要材料。

Together with our existing cement operations, the addition of 10 million tons of high-quality SCMs would significantly strengthen our position as a leading cementitious player in North America with approximately 25 million tons of combined annual production. This is an excellent strategic fit and highly complementary to our existing platform. It will create a unique national distribution network, enhance our innovation capabilities, and uniquely position us to better serve our enlarged customer base.

加上我們現有的水泥業務，新增的 1000 萬噸高品質 SCM 將大大加強我們作為北美領先水泥企業的地位，年總產量約為 2500 萬噸。這是一個極好的策略契合，並且與我們現有的平台高度互補。它將創建一個獨特的全國分銷網絡，增強我們的創新能力，並使我們能夠更好地服務我們擴大的客戶群。

By combining our two businesses, we also expect to unlock strong future growth and synergy potential, representing an exciting opportunity to accelerate our cementitious growth strategy and deliver a tremendous amount of value for our shareholders. Subject to regulatory approval and customary closing conditions, the proposed transaction is expected to close in 2025, and we will keep you updated as that progresses.

透過合併我們的兩家公司，我們也期望釋放強勁的未來成長和協同潛力，這是一個令人興奮的機會，可以加速我們堅實的成長策略並為我們的股東帶來巨大的價值。擬議交易需獲得監管部門批准並滿足慣例成交條件，預計將於 2025 年完成，我們將隨時向您通報進度。

I'd now like to revisit our strategy and how we are uniquely positioned for future growth. On slide 14, we have highlighted some of the key benefits of our proven strategy and uniquely connected portfolio. As the largest building materials company and the leading infrastructure player in North America, operating across 2,000 locations in 48 states and employing approximately 50,000 people, the size and scale of our business is simply unmatched. By combining our materials, products, and services across the construction value chain, we are able to maximize our profitability and better serve our customers' needs.

現在我想重新審視我們的策略以及我們如何在未來的成長中佔據獨特的地位。在第 14 張投影片上，我們重點介紹了我們經過驗證的策略和獨特連接的投資組合的一些主要優勢。作為北美最大的建築材料公司和領先的基礎設施參與者，我們的業務遍及 48 個州的 2,000 個地點，擁有約 50,000 名員工，我們的業務規模無與倫比。透過整合整個建築價值鏈中的材料、產品和服務，我們能夠最大限度地提高盈利能力並更好地滿足客戶的需求。

There are also significant efficiencies in operating a connected portfolio, including enhanced production planning, yield optimization, and logistical benefits, all of which result in lower capital intensity, greater asset utilization, and higher returns. Our scale, combined with the connected nature of our business, provides us with superior growth opportunities, multiple avenues to grow both organically and through acquisitions.

營運關聯投資組合還能顯著提高效率，包括增強生產計畫、優化收益和提高物流效益，所有這些都能降低資本密集度、提高資產利用率並提高回報。我們的規模加上業務的關聯性，為我們提供了優越的成長機會，以及透過有機成長和收購實現的多種途徑。

Our strategy has also proven to be resilient through the cycle, benefiting not just from our scale and national footprint, but also our agile and flexible cost base as well as higher exposure to publicly funded infrastructure, a large growing market and a key focus for our business.

我們的策略也已證明在整個週期中具有韌性，這不僅得益於我們的規模和全國影響力，還得益於我們敏捷靈活的成本基礎、更高的公共資助基礎設施敞口、龐大的成長市場以及我們業務的重點。

Let me give you an example of this in action on slide 15 with a deep dive into our roads business. We are the largest road paver in the US, operating across 43 states, a unique network carefully built out and put together over four decades. Across our business, we complete approximately 4,000 projects per year with each one typically executed in less than 90 days. And with roads that need resurfacing every four to six years, it is a highly recurring revenue stream.

讓我在第 15 張投影片給你一個實際的例子，深入介紹我們的道路業務。我們是美國最大的道路攤舖機公司，業務遍及 43 個州，擁有一個歷經四十年精心打造和建立的獨特網絡。在我們的業務中，我們每年完成約 4,000 個項目，每個項目通常在 90 天內完成。由於道路每四到六年需要重新鋪設一次，因此這是一項高度經常性的收入來源。

Over 90% publicly funded, it is predictable, resilient, and more consistent through the cycle. Our fully connected roads offering enables us to not just provide the aggregates, but the mix designs, the asphalt, and the paving capabilities, value-added products and services that are essential to a finished road.

超過 90% 的資金來自公共資金，因此在整個週期中都是可預測的、有彈性的、並且更加一致。我們提供的全連接道路產品使我們不僅能夠提供骨料，還能提供混合設計、瀝青和鋪路能力以及對完工道路至關重要的增值產品和服務。

We also have the capability to buy and store up to half of our annual liquid asphalt needs to our unique winter field procurement program. This is a key competitive advantage, which provides us with security of supply and certainty of cost ahead of the upcoming paving season, enabling us to lock in margin on our order book and derisk our business. It not only provides us with the ability to procure a key input for our roads business at a favorable off-season rates, but also enables advanced blending capabilities, which we can customize for the specific needs of our customers.

我們還有能力購買和儲存我們獨特的冬季現場採購計劃所需的一半的年度液體瀝青需求。這是一個關鍵的競爭優勢，它為我們在即將到來的鋪路季節之前提供了供應的安全性和成本的確定性，使我們能夠鎖定訂單的利潤並降低業務風險。它不僅使我們能夠以優惠的淡季價格採購道路業務的關鍵投入，而且還使我們能夠根據客戶的特定需求進行定制，從而實現先進的混合能力。

Our paving operations are almost fully self-supplied by our own high-value aggregates and asphalt, providing a key route to market for our materials. It is also less capital intensive, delivering higher cash generation and returns.

我們的鋪路業務幾乎完全由我們自己的高價值骨材和瀝青自行供應，為我們的材料進入市場提供了關鍵途徑。它的資本密集度也較低，可以產生更高的現金和回報。

As a simple example, starting with an assumed $10 of cash gross profit per ton of aggregate. By combining our best-in-class aggregates operations with our liquid asphalt capabilities, our asphalt manufacturing, and decades of commercial, operational, and technical expertise in road paving, we can convert that $10 into $60, a multiple of 6 times compared to supplying aggregates alone.

舉一個簡單的例子，假設每噸骨材的現金毛利為 10 美元。透過將我們一流的骨料業務與我們的液態瀝青能力、我們的瀝青製造以及數十年的道路鋪設商業、營運和技術專長相結合，我們可以將 10 美元轉化為 60 美元，與單獨供應骨料相比，這一數字是 6 倍。

That's what is unique about our connected road offering. We create and capture profit at each step of the value chain. This is just one example of how our strategy enables us to compound value for our shareholders, maximizing profits, cash, and returns while also providing superior optionality for future growth in what remains a very fragmented market.

這就是我們的連網道路產品的獨特之處。我們在價值鏈的每一步創造並獲取利潤。這只是一個例子，說明我們的策略如何使我們能夠為股東創造價值，實現利潤、現金和回報最大化，同時在仍然高度分散的市場中為未來成長提供卓越的選擇性。

Of course, we are also able to provide all of the infrastructure that goes around and underneath a road, including the critical infrastructure systems needed from water, energy, and communications networks, highlighting the importance and benefits of our uniquely connected portfolio and the value add we bring to our customer offering.

當然，我們也能夠提供道路周圍和地下的所有基礎設施，包括水、能源和通訊網路所需的關鍵基礎設施系統，凸顯了我們獨特的連網產品組合的重要性和優勢，以及我們為客戶提供的附加價值。

Before I provide you with an update on our financial expectations for the full year, let me share our latest thoughts on the macro outlook across our markets. Turning now to slide 17 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, less than 40% of the IIJA highway funds have been deployed so far, highlighting the significant runway that lies ahead.

在我向您介紹我們全年財務預期的最新情況之前，讓我先分享一下我們對整個市場宏觀前景的最新看法。現在翻到第 17 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 高速公路資金的部署還不到 40%，凸顯了未來的道路十分漫長。

In our international markets, we expect a robust demand in infrastructure to continue, supported by significant investments in government and EU funding programs. In non-residential, we expect continued positive momentum across our key markets, supported by large-scale manufacturing and data centers. In the residential sector, we expect new-build activity in the US to remain subdued, while repair and remodel remains resilient. In our international markets, we expect the residential sector to stabilize, with structural demand fundamentals supporting a gradual recovery.

在我們的國際市場上，我們預計在政府和歐盟資助計畫的大量投資的支持下，基礎設施的強勁需求將持續下去。在非住宅領域，我們預計在大型製造和資料中心的支持下，我們的主要市場將繼續保持積極的發展勢頭。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。在我們的國際市場，我們預期住宅領域將趨於穩定，結構性需求基本面將支持逐步復甦。

As we have said in the past, we believe the long-term fundamentals for residential construction remains very attractive, supported by favorable demographics and significant levels of underbuild.

正如我們過去所說的那樣，我們相信，在有利的人口結構和大量未完成建設的支持下，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 connected portfolio.

關於定價環境，我們預計，在嚴格的商業管理以及我​​們關聯投資組合的優勢的支持下，我們的市場將繼續保持積極的勢頭。

In summary, the overall trend is positive for our business. Our proven strategy and leading positions of scale in attractive higher-growth markets, together with our strong and flexible balance sheet, leaves us 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正面的。我們在具有吸引力的高速成長市場中行之有效的策略和領先的規模地位，加上我們強大而靈活的資產負債表，使我們能夠充分利用未來的強勁成長機會。

Turning to slide 18. And against that backdrop, I am pleased to say that we have raised our financial guidance for 2025, reflecting another strong quarter for CRH and the continued execution of our strategy. 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 adjusted EBITDA to be between $7.5 billion and $7.7 billion, a 10% increase at the midpoint, net income between $3.8 billion and $3.9 billion, and diluted earnings per share between $5.49 and $5.72. Altogether, this represents yet another strong year of growth and value creation for CRH.

翻到第 18 張投影片。在此背景下，我很高興地說，我們提高了 2025 年的財務指導，這反映了 CRH 又一個強勁的季度以及我們策略的持續執行。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不發生重大變化，我們預計全年調整後EBITDA將在75億美元至77億美元之間，中位數增長10%，淨利潤將在38億美元至39億美元之間，攤薄每股收益將在5.49美元至5.72美元之間。總而言之，這代表著CRH又一個強勁成長和價值創造的一年。

Before we turn over to Q&A, I would like to leave you with a few key takeaways. Our unmatched scale, combined with our connected and resilient portfolio continues to deliver superior growth, and we are strategically positioned to capitalize on key secular growth trends across our markets. We are relentlessly focused on performance across our business day in, day out to deliver higher profits, margins, returns, and cash, and our mindset of continuous business improvement underpins our industry-leading results.

在我們進入問答環節之前，我想先跟大家講幾個關鍵要點。我們無與倫比的規模，加上我們互聯且富有彈性的投資組合，繼續帶來卓越的成長，並且我們在策略上處於有利地位，可以利用我們各個市場的關鍵長期成長趨勢。我們日復一日地堅持不懈地關注整個業務的績效，以實現更高的利潤、利潤率、回報和現金，而我們持續業務改進的心態支撐著我們行業領先的業績。

We've spoken in the past about the significant financial capacity we expect to have at our disposal, approximately $35 billion over a five-year period. Our financial strength and decades of experience identifying, acquiring, and integrating businesses is unrivaled, and we have a strong pipeline of growth opportunities in front of us. And finally, through the disciplined and value-focused allocation of our capital, we have a proven track record of compounding earnings growth and creating shareholder value.

我們過去曾談到我們預計將擁有的龐大財務能力，五年內約為 350 億美元。我們的財務實力和數十年識別、收購和整合業務的經驗是無與倫比的，我們面前有強大的成長機會。最後，透過嚴謹且注重價值的資本配置，我們在複合獲利成長和創造股東價值方面擁有良好的業績記錄。

So that concludes our prepared remarks today. I will now hand you back to the moderator to coordinate the Q&A session of our call.

今天的準備發言到此結束。現在我將把您交還給主持人，以協調我們電話會議的問答環節。

(Operator Instructions) Anthony Pettinari, Citi.

（操作員指示）花旗銀行的 Anthony Pettinari。

Regarding the full-year guidance raise, I was wondering if you could talk a little bit more about the drivers of the increase and maybe any further detail on the underlying assumptions, maybe how those have changed from last quarter?

關於全年指引上調，我想知道您是否可以再多談談成長的驅動因素，以及有關基本假設的更多細節，以及這些假設與上一季相比有何變化？

Thanks for the question. Maybe at the end, I might just get Nancy to come back in on maybe some of the scope, gives and takes on the guidance, yeah. Guess I'm really happy this morning, a strong Q2, Anthony, with EBITDA up 9% and margins up 70 basis points. And that's despite what was challenging weather across the businesses really. And weather really was kind of was unhelpful in the context of a lot of start-stop nature to the weather, and that really disrupted the start to kind of more paving season.

謝謝你的提問。也許最後，我可能會讓南希再來談談一些範圍，給予和接受指導，是的。我想我今天早上真的很高興，安東尼，第二季表現強勁，EBITDA 成長 9%，利潤率成長 70 個基點。儘管天氣確實給各行各業帶來了挑戰，但情況仍然如此。在天氣起伏不定的背景下，天氣確實有點不利，這確實擾亂了鋪路季節的開始。

But really today, happy to report our EBITDA and margins increases across all three divisions, both EBITDA and the margins up, but also all three divisions over 20% as well. And that really reflects some strong performance execution across the business. And with that, a strong first half performance and EBITDA up 10% year on year.

但今天，我們很高興地報告，我們三個部門的 EBITDA 和利潤率均有所增長，而且三個部門的 EBITDA 和利潤率均有所上升，增幅也都超過了 20%。這確實反映了整個企業的強勁績效執行。因此，上半年業績表現強勁，EBITDA 年成長 10%。

Now if you look at the kind of underlying activity, what's driving that, infrastructure remains robust still for us. We have less than 40% of the IIJA bill yet spent. And if you look at the non-res side, we're particularly busy on data centers and a lot of the kind of high-spec manufacturing from the onshoring and reshoring. And given the scale and presence of our business, there's not really many large projects across the country that we are not touching in some ways. And that's not just our ags or our concrete or cement, but actually, a lot of our infrastructure projects -- products to in the kind of water, energy and communications side. And we're often the very first people on those sites.

現在，如果你看潛在的活動，看看是什麼推動了它，你會發現基礎設施對我們來說仍然很強勁。我們目前花費的 IIJA 費用還不到 40%。如果你看一下非住宅方面，我們特別忙於資料中心以及大量來自在岸和回岸的高規格製造業。鑑於我們業務的規模和影響力，全國各地幾乎沒有多少大型項目我們沒有以某種方式參與。這不僅是我們的農業、混凝土或水泥，實際上還包括我們的許多基礎設施項目——水、能源和通訊方面的產品。我們通常是第一批造訪這些網站的人。

So when we got to the end of the June, our backlogs are good. They are good in terms of volumes, they're good in terms of margins. And we saw that particularly in July. When the weather started to cooperate, July volumes are up double digits in terms of aggregates and a dealer asphalt with a really strong recovery in our organic volumes in July. So once the work was there -- sorry, once the weather cooperated, the work was there to be done. And it's really those kind of inputs that's given us the confidence on the full-year guidance and looking forward to another year of double-digit growth in EBITDA.

因此，當我們到達六月底時，我們的積壓訂單情況良好。就銷量而言，它們表現良好，就利潤而言，它們表現良好。我們在七月尤其看到了這一點。當天氣開始好轉時，7 月份骨材和經銷商瀝青的銷量均出現了兩位數的增長，其中 7 月份我們的有機銷量出現了強勁復甦。所以，一旦工作到了那裡——抱歉，只要天氣配合，就可以進行工作了。正是這些投入讓我們對全年業績指引充滿信心，並期待 EBITDA 再實現兩位數成長。

In fact, when you exclude the kind of incremental land sales we had in Q2 2024, we're up 12% for the full year, we're guiding at the midpoint, and that's stepping off what was a record 2024. So a strong upgrade mainly organically led and on the back of a good Q2 and a good H1.

事實上，如果排除 2024 年第二季的增量土地銷售，全年銷售額將成長 12%，這是我們預期的中間值，而這正是 2024 年創紀錄的成長。因此，強勁的升級主要由有機因素推動，並得益於良好的第二季和上半年業績。

Maybe, Nancy, do you want to maybe give some of the puts and takes on the scope?

南希，也許你想就範圍給出一些看法和看法？

Sure, Jim. And so we really previously guided to M&A contributions of about $320 million of EBITDA this year. And since that last update in May, we've had a further 11 bolt-ons. So with that partial year contribution, we now expect about $340 million contribution from the M&A. And just note, too, that that guidance does not include the Eco transaction that's still subject to regulatory approval and has not closed.

當然，吉姆。因此，我們之前確實預計今年併購對 EBITDA 的貢獻約為 3.2 億美元。自 5 月上次更新以來，我們又進行了 11 次附加更新。因此，加上部分年度貢獻，我們現在預計併購帶來的貢獻約為 3.4 億美元。另請注意，該指南不包括仍需獲得監管部門批准且尚未完成的 Eco 交易。

Trey Grooms, Stephens.

特雷格魯姆斯、史蒂芬斯。

Dig again just a little bit deeper on the guidance and expanding on the last question. Could you update us more specifically on what you're expecting for US cement and aggregates for the full year, specifically on the volume and pricing for both segments there because they both seem to be trending pretty strong?

再次深入挖掘指導並擴展最後一個問題。您能否更具體地介紹一下您對美國水泥和骨材全年的預期，特別是這兩個領域的產量和價格，因為它們似乎都呈現相當強勁的趨勢？

Yeah. Good question. Thank you for that. Randy here. When we look at Q2, our underlying ag volumes were up 5% and pricing up 4%, but our mix adjusted basis, up 7%, which, going back to Jim's comment, it really probably reflected more of the weather and the stop-start nature of the business. So when we look at the full year and the underlying backlogs, we would be right in line with what we said at the end of Q1, which was the expectation of kind of mid- to high single digits in terms of pricing.

是的。好問題。謝謝你。我是蘭迪。當我們看第二季度時，我們的基礎農產品交易量上漲了 5%，價格上漲了 4%，但我們的組合調整基礎上漲了 7%，回到 Jim 的評論，這實際上可能更多地反映了天氣和業務的走走停停的性質。因此，當我們回顧全年和潛在的積壓訂單時，我們與第一季末所說的完全一致，即預期定價將達到中高個位數。

When you look at cement, I'm really pleased to see kind of the work the teams have done there. Volume is up 1%, pricing up 2%. I mean, there certainly are regional differences in terms of the pricing environment. But what I like in terms of our business is really the portfolio where we play in the specific geographies. I think that's a strategic advantage. So happy to see progress through the first half of the year. And I'd say for the balance of the year, very similar to what we said at the end of Q1, which was volumes low single digits and pricing low single digits. But that's really supported by the backlog. So it gives us a lot of comfort.

當你看到水泥時，我很高興看到團隊在那裡所做的工作。交易量上漲 1%，價格上漲 2%。我的意思是，定價環境方面肯定存在地區差異。但就我們的業務而言，我真正喜歡的是我們在特定地區的投資組合。我認為這是一個戰略優勢。很高興看到上半年的進展。我想說，今年的餘額與我們在第一季末所說的非常相似，即銷量低個位數，價格低個位數。但這確實得到了積壓的支持。所以它給了我們很大的安慰。

Jim spoke to that, both on a volume standpoint and margins. So really good visibility for the balance of the year. So really expect a continuation of the good progress we made in H1. And I think the bottom line is, and you would know us well enough, it's all about kind of growing our margins. So really happy with the position we're in and expect another further expansion of margins as we go through the balance of the year.

吉姆從數量和利潤的角度談到了這一點。因此，今年的餘額確實具有很好的可預見性。因此，我們確實期待上半年能持續保持良好的進展。我認為底線是，而且你們應該很了解我們，這一切都是為了提高我們的利潤率。我們對目前的狀況感到非常滿意，並預計在今年餘下的時間裡利潤率將進一步擴大。

All right. Thanks for the color on that, Randy. I'll pass it on. Best of luck.

好的。感謝蘭迪 (Randy) 對此的詮釋。我會傳達的。祝你好運。

Kathryn Thompson, TRG.

凱瑟琳·湯普森，TRG。

Focusing on the next highway bill and just overall Federal infrastructure funding, those states have done a really great job of fundamentally changing tax structure, but still, we're looking forward to that next highway bill reauthorization. What we are hearing is that the bill is going to be a little bit more focused on traditional funding programs, the roads and bridges. But could you give an update on current trends and prospects for the replacement of the bill, both in terms of just the magnitude and also the mix? Thank you,

關注下一項公路法案和整體聯邦基礎設施資金，這些州在從根本上改變稅收結構方面做得非常出色，但我們仍然期待下一項公路法案的重新授權。我們聽到的是，該法案將更加側重於傳統的融資項目，即道路和橋樑。但是，您能否介紹一下該法案替換的當前趨勢和前景，包括規模和組合方面？謝謝你，

Yeah. Thanks for the question. I guess, much in line with what you outlined, we're hearing very similar things. But I guess let me take a quick step back. The current IIJA, and Jim talked about this, less than 40% has actually hit the street in terms of spend. There's been another 20% that has been obligated. So I think in terms of historical look back on previous legislation, a very similar pattern in terms of the distribution of the dollars and much what we expected. I think everyone, at least from our standpoint, it was a five-year bill. We expected it to be seven years to deploy the funding, and it seems like it's headed in that direction.

是的。謝謝你的提問。我想，與您概述的非常一致，我們聽到的事情非常相似。但我想讓我快速退一步。正如 Jim 所言，就目前的 IIJA 而言，實際用於支出的資金不到 40%。另外還有 20% 已履行義務。因此，我認為，從歷史角度回顧先前的立法，資金分配的模式非常相似，也符合我們的預期。我想每個人，至少從我們的角度來看，這是一項五年法案。我們預計需要七年的時間來部署資金，而且看起來它正在朝著這個方向發展。

To your comment about the next bill, I think, number one, I think there is a very supportive environment on both sides of the aisles from a legislative standpoint, right? It's historically been a bipartisan issue. I think what's encouraging, and Chairman Graves kind of addressed this in some of the early comments and potential framework of the bill is, yes, there will be a higher concentration from what we understand in and around the surface transportation piece of that, which is it really works to our favor certainly from the connected nature of our business.

對於您對下一項法案的評論，我認為，首先，從立法的角度來看，雙方都抱持著非常支持的態度，對嗎？從歷史上看，這一直是兩黨共同關心的問題。我認為令人鼓舞的是，格雷夫斯主席在法案的一些早期評論和潛在框架中也提到了這一點，是的，根據我們的了解，地面運輸及其周邊領域的集中度將會更高，從我們業務的關聯性來看，這確實對我們有利。

But I think more importantly is, across the aisle, there is an understanding that they're going to have to address a new funding mechanism. And that's encouraging from our standpoint is get clarity around where that revenue stream is going to be something that's more sustainable in the long term. So I think the pieces, the early conversation, early momentum is coming together. I mean, you have an administration certainly that understands the value of building, understands the economic value that's driven by clarity around both Federal and state funding. So in that kind of environment, I think we're going to hopefully make some good progress in early days to get clarity around the bill.

但我認為更重要的是，兩黨都意識到他們必須解決新的融資機制。從我們的角度來看，這是令人鼓舞的，因為我們可以清楚地知道收入來源在哪裡，從長遠來看，這將是更永續的。所以我認為各個部分、早期的對話、早期的動力正在逐漸形成。我的意思是，你的政府肯定了解建設的價值，了解聯邦和州政府資金的明確性所帶來的經濟價值。因此，在這種環境下，我認為我們希望在早期取得一些進展，使法案更加明確。

And really just to wrap up, and you said, Kathryn, I'm certain the states have done a very nice job over the last -- call it the last five to eight years in terms of taking a higher level of responsibility and being very targeted with their funding. So that combination with state and federal funding, I think, gives a clear picture in terms of long-term underlying demand.

總而言之，凱瑟琳，您說，我確信各州在過去五到八年裡做得非常好，他們承擔了更高的責任，並且有的放矢地分配資金。因此，我認為，結合州和聯邦政府的資金，可以清楚地了解長期的潛在需求。

That's very helpful. And just a follow-up. You noted in the release on green shoots and residential repair and remodel. And I don't want that to get lost and now there's a lot of focus on infrastructure with CRH. But could you just give a few highlights in terms of what you're seeing more specifically with the green shoots and resi (inaudible)? Thanks very much, and I'll hop back in the queue.

這非常有幫助。這只是後續行動。您在新聞稿中提到了綠芽和住宅修復和改造。我不想讓這一點被忽視，現在我們非常關注 CRH 的基礎設施。但你能不能就你所看到的綠芽和殘留物的具體情況，給一些重點介紹？（聽不清楚）？非常感謝，我會重新回到隊列中。

Kathryn, Jim here. I suppose we ever seen that most of them would have called it out in the last two earnings calls. Firstly is in our International division in kind of Central and Eastern Europe, really on the back of a more aggressive cut on the interest rate cycle in the euro zone area. So we're certainly seeing it there. Again, from a US perspective, it's very, I would say, location specific. But I think the real challenge is with the 30-year fixed, still 6.6%, it's not a demand issue. It's really an affordability issue on the new res.

凱瑟琳，我是吉姆。我想我們已經看到，他們中的大多數人都會在最近兩次財報電話會議上提出這一點。首先是我們的國際部門在中歐和東歐，這實際上是在歐元區利率週期更積極削減的背景下。所以我們確實在那裡看到了它。再說一次，從美國的角度來看，我認為這是非常有地點針對性的。但我認為真正的挑戰是 30 年期固定利率仍為 6.6%，這不是需求問題。這確實是新住宅的可負擔性問題。

And I think once we begin to see that hopefully, a cut on the interest rate cycle on the dollar, that will start to bring true in terms of residential starts in the US. But you're probably talking into the -- realistically from a significant impact, probably talking in the back end of 2026 before we start to see that.

我認為，一旦我們開始看到美元利率週期的下降，這將開始在美國住宅開工方面帶來現實。但你可能正在談論——從現實角度來看，這會產生重大影響，可能要到 2026 年底我們才會開始看到它。

Okay. Great. Thanks very much. Good luck.

好的。偉大的。非常感謝。祝你好運。

Ross Harvey, Davy.

羅斯哈維，戴維。

I'd like to ask about M&A and also the upcoming Investor Day. Just in relation to M&A, can I ask a little bit more about the Eco Material deal? You might start line your rationale and any further detail you can provide on the financials of that company.

我想問一下有關併購以及即將到來的投資者日的問題。關於併購，我可以多問一些有關 Eco Material 交易的問題嗎？您可以開始闡述您的理由以及您可以提供的有關該公司財務狀況的任何進一步的詳細資訊。

And then maybe secondly, you've obviously transacted a number of bolt-ons year to date. Is there any further color you can provide on those or any update you can provide on the acquisition pipeline itself? And maybe just in regards to the Investor Day, a quick one. What should we expect from today or what should we anticipate from you guys out there?

其次，今年到目前為止，您顯然已經處理了許多附加事務。您能否提供更多關於這些內容的詳細信息，或提供有關收購管道本身的任何更新？也許只是關於投資者日，我簡單說一下。我們對今天應該有什麼期待，或是對你們應該有什麼期待？

Ross, Jim here. Yeah, absolutely. Maybe first, take as they came first in terms of Eco, yeah, really pleased to have announced the Eco Material deal last week. We have been -- we've known Eco a long -- many years, right? And we're actually one of their biggest customers. We know the management well also. And as you know, kind of a key part of our strategy over the past decade is really making sure that we're deploying capital in what are high-growth markets and then within those markets, trying to make sure that we're deploying that capital in areas and sectors that have strong secular tailwinds. And that's exactly what this is in terms of the supplementary cementitious materials or SCM.

羅斯，我是吉姆。是的，絕對是如此。也許首先，他們在生態方面是第一名，是的，真的很高興上周宣布了生態材料交易。我們認識 Eco 已經很久了，對吧？事實上，我們是他們最大的客戶之一。我們也很了解管理階層。如您所知，過去十年我們策略的關鍵部分是確保我們將資本部署在高成長市場中，然後在這些市場中，努力確保我們將資本部署在具有強勁長期順風的地區和產業中。這就是補充膠凝材料或 SCM 的意思。

SCM, when you look at the total US cementitious market, it's about $135 million. And within that, the SCMs are the fastest-growing part of that segment. And we estimate that the actual SCMs are going to double in size between now and 2050.

SCM，如果你看整個美國水泥市場，它的規模約為 1.35 億美元。其中，供應鏈管理 (SCM) 是該領域成長最快的部分。我們估計，從現在到 2050 年，實際供應鏈管理的規模將擴大一倍。

Now we identified probably, well, maybe 10 years ago, right, that the US cementitious market was going to be a high-growth market, but also crucially, a market with a structural deficit. The US needs to import about 25% of its annual cement requirement. And as you know, the last kind of greenfield capacity, new capacity that was added was over 15 years ago.

大概在 10 年前我們就認定，美國水泥市場將會是個高成長市場，但至關重要的是，它將是一個存在結構性赤字的市場。美國每年需要進口約25%的水泥需求。眾所周知，上一次新建產能是在 15 年前。

So over the last 10 years, we've been candid very carefully and strategically building out our US cementitious position. We started that with Ash Grove back in 2018. It's probably one of the best acquisitions we've ever done in CRH. And after that, we kind of bolted on initially in Florida, and then last year with the Hunter acquisition in Texas. And all of those deals, right, have been excellent, high growth, high margin, high returning and really value-accretive acquisitions for CRH.

因此，在過去的十年裡，我們一直非常謹慎和有策略地鞏固我們在美國的地位。我們從 2018 年起就與 Ash Grove 一起開始做這件事。這可能是我們在 CRH 做過的最好的收購之一。此後，我們首先在佛羅裡達州開展業務，然後去年在德克薩斯州收購了 Hunter。所有這些交易對於 CRH 來說都是非常出色、高成長、高利潤、高回報且真正增值的收購。

And in that context, Eco is another really strategically important acquisition for us, right? It was a unique opportunity to acquire a leading supplier of SCM with 10 million tons of annual production, which is going to increase over the next number of years. That's a 60% increase in our cementitious capacity in the US, right? So very significant from that perspective and takes us to 25 million tons. It's also highly complementary with our existing business, and that kind of gives us that ability to unlock strong future growth and also good synergies, which I might ask Randy in a second to touch on.

從這個角度來看，Eco 對我們來說是另一項具有真正戰略重要性的收購，對嗎？這是一個獨特的機會，可以收購一家年產量達 1000 萬噸的 SCM 領先供應商，並且未來幾年產量還將增加。這意味著我們在美國水泥產能增加了 60%，對嗎？從這個角度來看，這非常重要，將使我們達到 2500 萬噸。它也與我們現有的業務高度互補，這讓我們有能力釋放強勁的未來成長和良好的協同效應，我可能稍後會請蘭迪談談這一點。

And then finally, Eco because of their really strong innovation capabilities really helps to put CRH at the forefront of the transition in the next generation of concrete and cement in the US. So maybe I'll ask Randy just to comment a little bit on how it's going to -- the complementary nature and the synergies. And maybe at the end, Nancy, you might come in just in terms of the valuation aspect of the deal.

最後，Eco 憑藉其強大的創新能力，真正幫助 CRH 走在美國下一代混凝土和水泥轉型的前沿。因此，也許我會請蘭迪稍微評論一下它將如何實現——互補性和協同作用。最後，南希，你可能只會從交易的估值來談一談。

Yeah. As Jim said, we're super excited to have Eco as part of the group. I mean, I think you called out a couple of things there specifically. It is around growth. It's around what we can do in terms of value creation. And Jim talks about the capacity expansion of north of 60%, which is important, but it really is participating in the fastest element, fastest segment of the cementitious business.

是的。正如吉姆所說，我們非常高興 Eco 能成為我們團隊的一員。我的意思是，我認為你特別指出了幾件事。它與增長有關。這與我們能在價值創造方面做些什麼有關。吉姆談到了 60% 以上的產能擴張，這很重要，但它確實參與了水泥業務中最快的元素、最快的部分。

When I look at it, what's exciting about it, it certainly is the national footprint, both from a manufacturing standpoint and a distribution standpoint. And when you overlap that, what we've done and built over the last, call it, seven years in the cementitious business, we'll have north of 200 locations to be able to serve the markets more broadly. Our customer base, for sure, I think there's a really unique offering for them. We can provide them with a wider range of products and there's cross-selling opportunities.

當我看到它時，令人興奮的是，它確實具有全國性的影響力，無論從製造角度還是分銷角度而言。當你將這些重疊起來時，我們在過去七年裡在水泥行業所做和建立的一切，我們將擁有 200 多個分支機構，以便能夠更廣泛地服務市場。我相信我們的客戶群一定會得到真正獨特的服務。我們可以為他們提供更廣泛的產品，並且有交叉銷售的機會。

But certainly from our own standpoint, we are a big customer of Eco. But the opportunity for us to continue to consume internally more of the cementitious materials, not just in our ready mixed business, but certainly in our concrete downstream business as well. And you would expect, and I would expect to see certainly opportunities in and around the operational side to learn from both sides. We'll bring some things to the equation, great team with Eco. They'll bring some insights to us in terms of how do we drive operational efficiencies

但從我們自己的立場來看，我們確實是 Eco 的大客戶。但我們有機會繼續在內部消費更多的水泥材料，不僅是在我們的預拌業務中，當然也包括在我們的混凝土下游業務中。您可能會期望，而且我也希望看到雙方在營運方面及其周圍相互學習的機會。我們會帶來一些東西，與 Eco 一起組成一個很棒的團隊。他們會為我們帶來一些關於如何提高營運效率的見解

Obviously, I'll talk a bit about the commercial opportunities, but very similar to the Hunter acquisition in Texas, where we were able to take an asset and maximize the network we had in servicing that particular market in terms of manufacturing sites and more importantly, logistics. That's what's going to happen here, too. So it's the opportunity to not only service our customers to a higher level. It's about getting the best cost position to serve those markets. And they've done a terrific job in building out a very substantial rail network. We'll be able to capitalize on that.

顯然，我會談一些商業機會，但這與收購德克薩斯州的 Hunter 非常相似，我們能夠利用資產並最大限度地利用我們在製造基地和更重要的是物流方面為特定市場提供服務的網絡。這也是即將發生的事。因此，這不僅是為我們的客戶提供更高水準服務的機會。這是為了獲得最佳的成本優勢來服務這些市場。他們在建造非常龐大的鐵路網絡方面做得非常出色。我們將能夠利用這一點。

And Jim talked a little bit about it. I think the other bit certainly, probably the most important thing is a great team. They have a tremendous amount of experience, deep relations in those local markets, leading edge in terms of innovation and technology. So there will be a tremendous add to our existing business. And we see a long-term future in terms of not only growth, but also the opportunity to create higher levels of value.

吉姆就此談了一點。我認為另一點當然是最重要的，可能就是一支偉大的團隊。他們擁有豐富的經驗、與當地市場的深厚關係，在創新和技術方面處於領先地位。因此，我們的現有業務將得到巨大的成長。我們看到的長期未來不僅包括成長，還包括創造更高價值的機會。

On the valuation piece, the Eco business has delivered really strong growth in the last few years, and they've got some quite significant new capacity coming online in the next 12 months. So when we think about the valuation equation, it's really high single digits post synergy multiple, which is quite comparable to valuations we've achieved on similar acquisitions we've made in the past. So right in the fairway of our typical work. and it's very consistent with our track record of value-accretive M&A.

從估值角度來看，生態業務在過去幾年中實現了非常強勁的成長，並且在未來 12 個月內將有一些相當大的新產能上線。因此，當我們考慮估值方程式時，協同效應後的估值確實是一個高個位數，這與我們過去在類似收購中獲得的估值相當。這完全符合我們典型的工作方式，並且與我們增值型併購的記錄非常一致。

And really, we like the deal. It's got attractive returns and an attractive cash profile and alongside low capital intensity. So collectively, we're quite excited about the transaction.

事實上，我們很喜歡這筆交易。它具有誘人的回報和現金狀況，而且資本密集度較低。所以總的來說，我們對這筆交易感到非常興奮。

Thanks, Nancy. And Ross then you asked, generally, just in terms of M&A activity in general. Yeah, we've had a really good start to the year, 19 deals, $1 billion. And that's not an unusual run rate for us. Last year, we did 40 deals last year, but the 19 deals, total $1 billion at really attractive entry multiples is what I'd say. And it's been a busy start to the year. And what I'd say is that the pipeline is good, too, for the remainder of the year, right?

謝謝，南希。然後羅斯問到，一般來說，只是就一般的併購活動而言。是的，我們今年的開局非常好，達成了 19 筆交易，總額達 10 億美元。對我們來說，這並不是一個不尋常的運行率。去年，我們完成了 40 筆交易，但我想說的是，這 19 筆交易總額達到 10 億美元，入門倍數非常有吸引力。今年的開始非常忙碌。我想說的是，今年剩餘時間的銷售情況也很好，對吧？

But maybe just on them in general, there's no real change to our strategy, I would say, in terms of M&A. We are, based on -- look at the number of deals that we would do typically in terms of bolt-on, the tuck-in deals with the reference compounder capital, right, in the building materials space.

但也許就整體而言，我想說，就併購而言，我們的策略並沒有真正的改變。我們基於－看看我們通常會進行的附加交易數量，即在建築材料領域與參考複合材料資本的補充交易。

What we're really trying to do is trying to focus on acquiring value-accretive businesses and deploying capital in faster-growing markets and particularly in sectors where scale matters, whether that's aggregates, whether that's asphalt, whether that's cement, or whether that's infrastructure. And then having both the business, we really focus on how we connect them into our connected portfolio because that's where we really drive on the returns and performance of the business.

我們真正想做的是嘗試專注於收購增值業務，並在快速成長的市場中部署資本，特別是在規模至關重要的領域，無論是骨材、瀝青、水泥還是基礎設施。然後，有了這兩項業務，我們真正關注的是如何將它們連接到我們的關聯投資組合中，因為這是我們真正推動業務回報和績效的地方。

So maybe as an example, Randy, I don't know if you want to talk about a couple of the deals we've done in the first half of this year?

那麼，蘭迪，舉個例子，我不知道您是否想談談我們在今年上半年完成的幾筆交易？

Yeah. I think one of the things that stand out in terms of the underlying deal or 19 deals, many of those have been originated by our local teams. So they're responsible certainly for driving underlying performance in their markets, but also around growth. And so it's terrific to see those relationships come to a point where we can bring some companies into the family.

是的。我認為，就基礎交易或 19 筆交易而言，最突出的一點是，其中許多交易都是由我們的本地團隊發起的。因此，他們不僅要負責推動其市場的基本表現，還要負責成長。因此，看到這些關係發展到我們可以將一些公司納入我們家族的程度，真是太棒了。

I maybe call out, too, because it talks about the connected nature of the portfolio, Talley Construction, which is in and around Chattanooga, Tennessee, a high-growth market, servicing not only just Tennessee, but portions of North Carolina into Georgia, but it's an integrated business. So very much resembles our portfolio and connect it into an existing platform. So you can see the opportunity to continue to build the growth aspects and also better serve our customers there.

我可能也會大聲疾呼，因為它談到了投資組合的關聯性，塔利建築公司位於田納西州查塔努加及其周邊地區，這是一個高成長市場，不僅為田納西州提供服務，還為北卡羅來納州到喬治亞州的部分地區提供服務，但它是一家綜合性企業。因此非常類似於我們的投資組合併將其連接到現有平台。因此，您可以看到繼續建立成長點並更好地服務我們的客戶的機會。

JMAC Resources in the Pacific Northwest, servicing Washington, Boise, Idaho, connected business from aggregate asphalt into the paving side of the equation, really focused in and around roads. Jim talked about in the opening comments about the Road segment and our ability to kind of multiply earnings in that revenue stream. A great example of that deal coming together and the deal that we've worked on for some time from a relationship standpoint.

JMAC Resources 位於太平洋西北地區，為華盛頓、博伊西和愛達荷州提供服務，將業務從瀝青骨料延伸到鋪路方面，並真正專注於道路及其周邊地區。吉姆在開場白中談到了道路部分以及我們在該收入流中增加收益的能力。從關係的角度來看，這是一個很好的例子，表明我們已經就此達成了協議，並且已經為此努力了一段時間。

But I also think when you think -- look about the last 12 months, we've added roughly 15 million tons of aggregate at very attractive multiples. And it is about the connected nature. So it's not just the ag. It's the other downstream businesses that are important to us. And I think just to complement what Jim said, the pipeline is strong. So we see a lot of opportunities. We have optionality in terms of where that growth is going to come from, but excited about the way we continue to connect our portfolio.

但我還認為，回顧過去的 12 個月，我們以非常有吸引力的倍數增加了約 1500 萬噸骨材。這是關於連接性質的。所以這不僅僅是農業。其他下游業務對我們來說也很重要。我認為，正如吉姆所說，頻道非常強大。因此我們看到了很多機會。就成長來源而言，我們有選擇權，但對我們繼續連接投資組合的方式感到興奮。

Yeah. Ross, as Randy said, kind of pipeline is strong, but we're not going to lose that financial control and discipline either, right? When we look at every deal, right? Lastly, maybe just you asked about the Investor Day, yeah, really looking forward to coming up at the end of next month in September.

是的。羅斯，正如蘭迪所說，管道很強大，但我們也不會失去財務控制和紀律，對嗎？當我們審視每一筆交易時，對嗎？最後，也許您剛才問到了投資者日，是的，真的很期待下個月九月底的到來。

It's two years since we listed on the NYSE. So I think it's kind of a timely update from that perspective. I think it's going to give us an exciting program planned for the day. It's going to be -- we're going to have a lot of time to talk in more detail and do a deeper dive into our strategy, either going to have -- as an example, we're going to unpack a bit more about our Roads business and about our Water Infrastructure business.

我們在紐約證券交易所上市已經兩年了。所以我認為從這個角度來看，這是一種及時的更新。我認為它會給我們當天精彩的計劃。我們將有大量的時間來更詳細地討論並深入研究我們的策略，例如，我們將更詳細地介紹我們的道路業務和水利基礎設施業務。

We're also going to have an opportunity to talk about where we're going to be deploying capital into the future, right, as an organization. It's going to be an excellent opportunity to meet the wider management team as well across the business. And then also, we're going to talk about what our midterm growth ambitions are for CRH. So as I said, a good program, plenty of interaction, and lots of opportunities for Q&A on the morning. So looking forward to catching up with everybody.

我們也將有機會討論作為一個組織，未來我們將如何部署資本。這將是與更廣泛的管理團隊以及整個企業會面的絕佳機會。然後，我們也將討論 CRH 的中期成長目標。正如我所說的，這是一個好的節目，有很多互動，並且早上有很多問答機會。非常期待與大家見面。

Michael Dudas, Vertical Research Partners.

杜達斯（Michael Dudas），Vertical Research Partners。

Welcome onboard, Nancy. Jim or Randy, maybe like the -- we appreciate the update on Road Solutions. Maybe you could share how maybe Road Solutions and your critical infrastructure business, how does that pipeline look? Have you witnessed any hesitancy or delays in lettings or have some of your customers maybe on the private side accelerate those plans? And in that integrated model, that also plays to some of the reshoring infrastructure opportunities that you're working on across the board?

歡迎加入，南希。吉姆或蘭迪，也許喜歡——我們很欣賞道路解決方案的更新。也許您可以分享一下道路解決方案和您的關鍵基礎設施業務，該管道是什麼樣的？您是否發現過出租方面的猶豫或延遲，或者您的一些私人客戶是否加快了這些計劃？並且在這個綜合模型中，這也對您全面開展的一些回流基礎設施機會有影響嗎？

Yah. Sure, Mike. Yeah, listen, we set out this morning, we give, I guess, a bit more detail about the Roads business, right? And what you see in that Road business is really the resilience, the predictability of it. 90% of it comes from public funded and it's really across 43 states, about 4,000 jobs a year. So it's really distributed from a risk perspective at the start of every year. When you get to January 1, you have pretty good visibility as to what you should expect in terms of kind of recurring revenue, given the nature of the resurfacing of rolls that's required typically every four to six years, right, from that perspective.

是啊。當然，麥克。是的，聽著，我們今天早上出發了，我想，我們會提供更多關於道路業務的細節，對嗎？而你在道路業務中看到的正是它的彈性和可預測性。其中 90% 來自公共資金，遍布 43 個州，每年約有 4,000 個工作機會。因此，從風險角度來看，它實際上是在每年年初就分佈的。從這個角度來看，當到了 1 月 1 日，你就會很清楚地知道應該期待什麼樣的經常性收入，因為通常每四到六年就需要重新整理帳簿。

In that light, we called it out, I think, on the guidance point. Our backlogs are good at the end of June. And they're particularly good, I guess, because of the weather interrupted nature as well of the Q2 performance, but also the underlying activity. We're still less than 40% of the IIJA spent at this stage. So we're very much in the ramp-up phase of that. And as we got through into July and the weather cooperated, we get out there and start paving the road from that perspective. So we're not seeing any delays or push back some projects from that perspective. And I think we're looking forward into 2016 as well and the continuation of a ramp-up of activity from the IIJA perspective.

從這個角度來看，我認為我們在指導點上提出了這一點。截至六月底，我們的積壓訂單情況良好。我想，他們的表現特別好，因為第二季的表現雖然受到天氣影響，但也有潛在的活動。目前，我們花費的 IIJA 金額還不到 40%。因此，我們正處於這一進程的加速階段。進入 7 月，天氣也開始好轉，我們便開始從這個角度來鋪路。因此從這個角度來看，我們沒有看到任何延誤或推遲某些項目的情況。我認為我們也對 2016 年充滿期待，並且從 IIJA 的角度繼續推動相關活動的發展。

Now from our perspective, it's not just our kind of aggregates or our liquid or asphalt from that position. We're also in there with our infrastructure business as well because underneath or around every road, you have your water infrastructure to manage storm water, you have communications, you have energy. So that really plays into the sweet spot of our US and Americas Infrastructure business. So it's that connected nature of the portfolio, being able to offer the customer kind of a valued solution from that perspective. And that's what really kind of drives the performance, the resilience and the consistency of the business.

現在從我們的角度來看，它不僅僅是我們的骨材或液體或瀝青。我們也從事基礎設施業務，因為每條道路下面或周圍都有水利基礎設施來管理雨水，有通訊，有能源。因此，這確實對我們的美國和美洲基礎設施業務起到了很好的作用。因此，產品組合具有互聯性，能夠從這個角度為客戶提供有價值的解決方案。這才是真正推動業務績效、彈性和一致性的因素。

Thanks for the added perspective, Jim. Appreciate it.

謝謝你補充的觀點，吉姆。非常感謝。

Shane Carberry, Goodbody.

肖恩·卡伯里（Shane Carberry），Goodbody。

Just two, if I can, please. The first one, just with regards to Adbri. You mentioned the presentation, it's performing well. Could you give us a little bit more color in terms of how it's performing versus your expectations and how things have evolved from your perspective in terms of the extent that the opportunity that you think is out there in Australia?

如果可以的話，就兩個。第一個問題與阿德布里有關。您提到了演示，它表現得很好。您能否向我們詳細介紹它的表現與您的預期如何，以及從您的角度來看事情是如何發展的，您認為澳洲存在多大的機會？

And the second one is just one of the things that I found really impressive in the results was just margin expanding in all three divisions. Could you give me a little bit of color on some of the key drivers of that cost control? Was there anything different relative to normal? Or does it just feel like business as usual in terms of tight cost control?

第二，我發現結果中真正令人印象深刻的事情之一是三個部門的利潤率正在擴大。您能否向我稍微介紹一下成本控制的一些關鍵驅動因素？與正常情況相比有什麼不同嗎？或者就嚴格控製成本而言，這感覺就像一切如常？

Yeah. Sure, Shane. I'll take maybe the first on Adbri, and (inaudible) Randy a bit of color on a lot of the kind of performance initiatives that drive that margin expansion quarter after quarter. Yeah, firstly, Adbri is almost 12 months we did the acquisition down in Australia. It's been a really good start, Shane. I'm only just back, I spent a week down there two weeks ago as in all the locations and the team. It's been a good start. It's trading ahead of our expectations. That's really coming. Going back to that point that we actually touched on earlier about Eco, what we bring to a business, right, as CRH. We acquire businesses and make them better to whether it's operational excellence, commercial excellence, procurement, et cetera. And it's across all those parts, right?

是的。當然，肖恩。我首先想談談 Adbri，然後（聽不清楚）Randy 會稍微介紹一下推動利潤率逐季擴大的多種績效舉措。是的，首先，我們在澳洲收購 Adbri 已經快 12 個月了。這真是一個好的開始，肖恩。我剛回來，兩週前我在那裡待了一個星期，體驗了所有地方和團隊。這是一個好的開始。它的交易超出了我們的預期。這真的會發生。回到我們之前談到的關於 Eco 的觀點，即我們作為 CRH 為企業帶來了什麼。我們收購企業並使其變得更好，無論是營運卓越、商業卓越、採購等等。它涵蓋了所有這些部分，對嗎？

And when you look as well against the kind of the macro outlook for Australia as we go forward as well from where we are right now, we're looking for, in addition to, I guess, or improving the performance of the business, I think we're looking at good tailwinds as well for the next number of years there, whether that's on the infrastructure through energy and defense expenditure or recovery on the residential cycle, too. So a good start with Adbri. We also did a nice deal in Civilmart, which is basically the leading Australian infrastructure business, again, in water, comms and energy, very similar to your US business. And both of them have started trading well and ahead of our expectations.

當你從澳洲的宏觀前景來看，從我們現在的狀況來看，我們除了尋求提高業務績效之外，還希望看到未來幾年的良好順風，無論是透過能源和國防開支進行基礎設施建設，還是住宅週期的復甦。因此，Adbri 是一個好的開始。我們也與 Civilmart 達成了一筆不錯的交易，Civilmart 基本上是澳洲領先的基礎設施企業，同樣涉及水利、通訊和能源領域，與你們在美國的業務非常相似。兩家公司的交易情況都已開始良好，超出了我們的預期。

Randy, maybe on the performance initiatives that are driving the quarterly margins?

蘭迪，也許是關於推動季度利潤率的績效舉措？

Yeah. I guess it's a great question because it's different almost every quarter in terms of what levers we need to pull. I think the teams this year, in particular, I'd go back to the comments about the stop-start nature of the business, did a tremendous job from an operational, from a production planning standpoint, kind of scheduling the proper shutdowns, the R&M that's required to make sure that we're meeting our customers' expectations. It's managing both the sales demand and the underlying production planning on a monthly basis. I think the teams did a tremendous job there.

是的。我想這是一個很好的問題，因為幾乎每季我們需要採取的措施都是不同的。我認為今年的團隊，特別是我想回顧一下關於業務的走走停停性質的評論，從運營、生產計劃的角度來看，做了大量的工作，安排了適當的停工，以及確保我們滿足客戶期望所需的研發和維護。它每月管理銷售需求和底層生產計劃。我認為團隊在那裡做了出色的工作。

I think you got to go back maybe a number of years where, over time, we [variablized] a lot of our cost base in all of our different manufacturing sites. So the ability to continue to focus on that has been a critical element of our performance. I think the other bit that we talked a little bit about and Nancy highlighted in some of the comments at the beginning was really our targeted effort as well in and around development CapEx, taking existing businesses, making them better from really the right kind of investments, whether that is through automation, technology, anything that we can do to enhance the underlying performance of the business we charge our local companies to come back with concepts and ideas around there. So it's a combination of daily practices around operational and commercial focus, targeted CapEx.

我想你可能要回顧一下幾年前的情況，隨著時間的推移，我們在所有不同的製造基地對許多成本基礎進行了 [variabilized]。因此，繼續關注這一點的能力一直是我們表現的關鍵因素。我認為我們談到的另一點以及 Nancy 在一開始的一些評論中強調的實際上是我們在開發資本支出方面和周圍的有針對性的努力，利用現有業務，通過真正正確的投資使它們變得更好，無論是通過自動化、技術，還是我們可以做的任何事來提高業務的潛在績效，我們向當地公司收取費用，讓他們帶著相關概念和想法回來。因此，它是圍繞營運和商業重點的日常實踐以及有針對性的資本支出的結合。

And I'll give a shout out as well to our procurement organization. They've certainly done a tremendous job over the last decade, making that a real global focus and delivered -- continued to deliver higher than our expectations would be in many of those areas. So a good overall team effort for the first half of the year.

我還要向我們的採購組織致謝。過去十年來，他們確實做出了巨大的貢獻，使之成為真正的全球焦點，並且在許多領域繼續取得了超越我們預期的成果。因此，今年上半年團隊整體表現良好。

Really helpful color. Thanks, guys.

確實很有幫助的顏色。謝謝大家。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

Two quick questions. First, are you seeing any green shoots in Outdoor Living at all in the Americas? Or is it mostly confined to Europe with respect to the -- maybe nascent improvement in R&R?

兩個簡單的問題。首先，您是否看到美洲戶外生活領域出現任何復甦跡象？或者就 R&R 而言，這主要局限於歐洲——也許是 R&R 方面才剛開始改善？

And then hoping you could speak on aggregate pricing in the quarter, you called out mix. I'm wondering if that's more product or geographic mix, and are there any mix impacts in the second half, we should think about is there an impact shipments coming through? And I'm wondering if there's any similarities for you guys?

然後希望您能談談本季度的總體定價，您提到了混合。我想知道這是否更多的是產品或地理組合，以及下半年是否會有任何組合影響，我們應該考慮是否會對出貨量產生影響？我想知道你們之間是否有相似之處？

Yeah. Thanks, Garik. Maybe two questions there. I'll take the Outdoor Living one. I might ask Randy to give a bit more color just in terms of the mix adjusted pricing in Q2. Yeah, in terms of Outdoor Living, I'd say it's been a pretty resilient performance, Garik. It stepped up a particularly high levels if you go back on the kind of pandemic years, but it's maintained at that level.

是的。謝謝，加里克。也許有兩個問題。我要選擇「戶外生活」那款。我可能會要求蘭迪就第二季的混合調整定價提供更多細節。是的，就戶外生活而言，我認為它的表現相當有彈性，加里克。如果回顧疫情爆發的那幾年，它的水平上升到了特別高的水平，但它一直維持在那個水平。

I'd say areas which have been kind of robust and growing is kind of in our premix products, in particular, right? That's been pretty strong for us. So quite a resilient performance. It is the part of our business, which is most exposed to the res side, but it's more on the repair side. So we're pretty pleased with the performance, resilient in general and then kind of pockets of growth, mainly coming from the kind of premix side of it. Randy, do you want to --

我想說的是，我們的預混產品領域一直表現強勁且不斷成長，對嗎？這對我們來說非常重要。因此，這是一個相當有彈性的表現。這是我們業務的一部分，最容易受到資源的影響，但更多的是修復方面。因此，我們對業績表現非常滿意，整體上具有彈性，並且有成長空間，主要來自預混料方面。蘭迪，你想--

Yeah. Looking at the ag pricing, I think there's -- it's not really a geographic issue. It's more of a weather impact for the first half of the year. Actually probably delivered on what we would expect in terms of the mix adjusted at 7%. What we would tend to see premium products going into asphalt, ready-mix concrete, the downstream businesses. We'll see that come back as the year progresses and activity levels pick up. Jim talked about kind of a step up in July in terms of not only shipments, but we also saw a higher percentage of premium products. So we feel good about where the pricing is now and certainly in line with what we would have called out earlier in the year around mid- to high single digits in ag pricing.

是的。從農業定價來看，我認為這實際上不是一個地理問題。對於上半年來說，天氣的影響更大。實際上，就 7% 的調整後的組合而言，這可能達到了我們的預期。我們傾向於看到優質產品進入瀝青、預拌混凝土等下游產業。隨著時間的推移和活動水準的提高，我們會看到這種情況的回歸。吉姆談到 7 月不僅出貨量有所成長，而且優質產品的比例也有所提高。因此，我們對現在的價格感到滿意，這肯定與我們今年早些時候預測的農業價格中高個位數的水平一致。

Thanks, Garik. Well, 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. Really looking forward to catching up with everybody again at our Investor Day in September, where we'll have the opportunity to discuss the future growth and value creation opportunities we see for our business in the years ahead. Thank you to everybody, and have a good day.

謝謝，加里克。好的，謝謝大家的注意。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。非常期待在九月份的投資者日再次與大家見面，屆時我們將有機會討論未來幾年我們業務的未來成長和價值創造機會。謝謝大家，祝大家有個愉快的一天。

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

謝謝。您的電話會議現已結束。您可以斷開連線。