CRH PLC (CRH) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加 CRH 2025 年第三季業績發表會。我叫克麗斯塔，今天由我來為您接聽電話。（操作說明）

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.

此時，我謹將會議交給 CRH 執行長 Jim Mintern，由他來開始會議。請繼續，先生。

Hello, everyone. Jim Mintern here, CEO of CRH. And you're all very welcome to our Q3 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.

大家好。我是 CRH 的執行長 Jim Mintern。歡迎各位參加我們 2025 年第三季業績發表會及電話會議。與我一同參加電話會議的有：我們的財務長南希·布斯；我們的營運長蘭迪·萊克；以及投資者關係主管湯姆·霍姆斯。

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

在正式開始之前，我先把麥克風交給湯姆，讓他做個簡短的開場白。

Thanks, Jim. Hello, everyone. I'd like to draw your attention to slide 2 shown here on the screen. During our presentation, we'll be making some forward-looking statements relating to our future plans and expectations.

謝謝你，吉姆。大家好。請大家注意螢幕上顯示的第二張投影片。在我們的演講中，我們將就我們未來的計劃和預期做出一些前瞻性聲明。

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 our annual report and other SEC filings, which are available on our website. I'll now hand you back to Jim, Nancy and Randy.

這些都存在一定的風險和不確定性，實際結果和收益可能會因本投影片中列出的因素而與預期有重大差異。更多詳情請參閱我們的年度報告和其他提交給美國證券交易委員會的文件，這些文件可在我們的網站上查閱。現在我把你交還給吉姆、南西和蘭迪。

Thanks, Tom. We'll now take you through a brief presentation of our results for the third quarter of the year, highlighting the key drivers of our performance, our recent capital allocation activities, as well as our expectations for the year as a whole. We will also share our thoughts on some of the trends we are seeing across our markets as we look ahead to 2026.

謝謝你，湯姆。接下來，我們將簡要介紹我們第三季的業績，重點介紹我們業績的關鍵驅動因素、我們最近的資本配置活動以及我們對全年的預期。展望 2026 年，我們也將分享我們對目前市場發展趨勢的看法。

So at the outset, on slide 4, let me take you through some of the key messages from our results. We are pleased to report a record third-quarter performance and raised the midpoint of our adjusted EBITDA guidance for 2025, reflecting the continued execution of our strategy, our unmatched scale and connected portfolio of businesses.

首先，在第 4 張投影片中，讓我帶您了解我們研究結果中的一些關鍵資訊。我們很高興地宣布，第三季業績創歷史新高，並提高了 2025 年調整後 EBITDA 預期中位數，這反映了我們策略的持續執行、我們無與倫比的規模以及相互關聯的業務組合。

Assuming normal seasonal weather patterns and no major dislocations in the political or macroeconomic environment, we expect full-year adjusted EBITDA to be between $7.6 billion and $7.7 billion representing 10% growth at the midpoint and another record year for CRH. Supported by our growth algorithm and the CRH Winning Way, we delivered double-digit adjusted EBITDA growth in Q3 and reflecting our leading performance mindset.

假設季節性天氣模式正常，政治或宏觀經濟環境沒有重大變動，我們預計全年調整後 EBITDA 將在 76 億美元至 77 億美元之間，按中間值計算增長 10%，這將是 CRH 的又一個創紀錄的年份。在我們的成長演算法和 CRH 制勝之道的支持下，我們在第三季度實現了兩位數的調整後 EBITDA 成長，這反映了我們領先的業績思維。

We have also been busy investing for future growth and value creation across our four connected platforms of aggregates, cementitious, roads and water. Our ability to deploy capital in high-growth markets, integrated scale and deliver unique synergies to our connected portfolio is a real differentiator for our business.

我們也一直致力於投資，以實現骨材、水泥、道路和水務這四個相互關聯的平台的未來成長和價值創造。我們在高成長市場部署資本、整合規模並為我們的關聯投資組合帶來獨特協同效應的能力，是我們業務的真正差異化優勢。

In the year to date, we have invested $3.5 billion in 27 value-accretive acquisitions. And we have a strong pipeline of further growth opportunities in front of us, supported by our proven growth capabilities. Looking ahead to 2026 and based on the visibility we have across our key markets, the outlook for our business is positive. And I will take you through that in more detail later in the presentation.

今年迄今為止，我們已投資 35 億美元用於 27 項增值收購。而且，憑藉我們已被證明的成長能力，我們面前還有大量強勁的成長機會。展望 2026 年，根據我們對主要市場的了解，我們業務的前景是正面的。我稍後會在演講中更詳細地介紹這一點。

Turning now to slide 5 and our financial highlights for the third quarter. A record performance with revenues, adjusted EBITDA margin and diluted EPS, all well ahead of the prior year period. Total revenues of $11.1 billion represents a 5% increase over the prior year, supported by positive underlying demand, continued pricing momentum and contributions from acquisitions.

現在請看第 5 張投影片，了解我們第三季的財務亮點。公司業績創歷史新高，營收、調整後 EBITDA 利潤率和稀釋後每股收益均遠超過去年同期水準。總收入達 111 億美元，比上年增長 5%，這得益於積極的潛在需求、持續的價格上漲勢頭以及收購帶來的貢獻。

This enabled us to deliver $2.7 billion of adjusted EBITDA in the quarter, a record for CRH and a 10% increase over the prior year. I'm also pleased to report a further 100 basis points of margin expansion in the quarter, demonstrating our relentless focus on performance across our business. All of this translated into further growth in our diluted earnings per share, up 12% year on year.

這使我們能夠在本季實現 27 億美元的調整後 EBITDA，創下 CRH 的紀錄，比上年增長 10%。我很高興地報告，本季利潤率進一步提升了 100 個基點，這表明我們始終不懈地專注於提升公司整體業績。所有這些都轉化為我們稀釋後每股收益的進一步增長，同比增長 12%。

So what is driving the consistency of our financial delivery outlined here on slide 6 is our growth algorithm, which we presented during our Investor Day in September. As the leading infrastructure play in North America, we are uniquely positioned to capitalize on three large and growing mega trends. transportation, water and reindustrialization, which we believe will support significant above-market growth and value creation for our business going forward.

因此，推動我們財務表現持續穩定成長的因素（如幻燈片 6 所示）是我們的成長演算法，該演算法我們在 9 月的投資者日上進行了展示。身為北美領先的基礎設施企業，我們擁有獨特的優勢，能夠充分利用三大且不斷增長的超級趨勢：交通、水務和再工業化。我們相信，這些趨勢將支持我們業務在未來實現顯著高於市場平均的成長和價值創造。

Next, the CRH Winning Way core to who we are deeply embedded in our culture and the engine behind everything we do. Through our Winning Way, we execute our superior strategy with discipline and focus. We drive leading performance across 4,000 locations through a culture of continuous improvement.

其次，CRH 致勝之道是我們的核心，它深植於我們的文化之中，也是我們一切行動的動力。我們以致勝之道，以嚴謹的紀律和專注的態度執行卓越的策略。我們透過持續改善的企業文化，在 4000 個地點實現了領先的業績。

We are responsible stewards of our shareholders' capital. Every dollar we deploy is rigorously assessed to ensure that it drives maximum long-term value and we leverage our proven growth capabilities to build leadership positions in high-growth markets.

我們是股東資本的負責任的管理者。我們對每一美元的投入都進行嚴格評估，以確保其帶來最大的長期價值，並利用我們成熟的成長能力在高成長市場中建立領導地位。

All of this is supported by four key enablers: customer centricity, empowered teams, unmatched scale and our connected portfolio of businesses. Our Winning Way is what really sets CRH apart. It is the multiplier that enables us to fully capitalize on growing infrastructure mega trends. It underpins our proven track record of delivering consistent double-digit earnings growth and being the leading compounder of capital in our industry.

這一切都歸功於四大關鍵推動因素：以客戶為中心、賦能團隊、無與倫比的規模以及我們相互關聯的業務組合。我們的致勝之道才是CRH真正與眾不同的地方。正是這種乘數效應使我們能夠充分利用基礎設施發展的大趨勢。它鞏固了我們持續實現兩位數獲利成長並成為業內領先的資本複合成長者的良好記錄。

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

現在，我將把發言權交給蘭迪，讓他為大家介紹我們各個業務部門的表現。

Thanks, Jim. Hello, everyone. Turning to slide 8 and first to Americas Materials Solutions, which delivered a robust performance in the third quarter against a strong prior year comparative. Total revenues and adjusted EBITDA were 6% and 5% ahead driven by good underlying demand, positive pricing momentum and contributions from acquisitions.

謝謝你，吉姆。大家好。接下來請看第 8 張投影片，首先來看美洲材料解決方案，該公司第三季業績強勁，與去年同期相比表現尤為出色。受良好的潛在需求、積極的定價勢頭以及收購帶來的貢獻的推動，總收入和調整後 EBITDA 分別增長了 6% 和 5%。

Aggregates pricing increased by 4% or 6% on a mix-adjusted basis. Cement pricing increased by 1%, reflecting regional variances across our operating footprint and supporting another year of margin expansion. In our roads business, Q3 revenues were 5% ahead, supported by good levels of activity in transportation infrastructure, which continues to be underpinned by strong state and federal funding.

以產品組合調整後，骨材價格上漲了 4% 或 6%。水泥價格上漲了 1%，反映了我們營運區域內的區域差異，並支持了利潤率連續第二年擴張。在我們的道路業務中，第三季收入成長了 5%，這得益於交通基礎設施的良好發展勢頭，而交通基礎設施的持續發展又得到了州和聯邦政府的大力支持。

We also continue to see significant growth in reindustrialization, particularly in large-scale manufacturing and data centers. I'm also pleased to see continued strength in our margin at approximately 28% and reflecting strong cost discipline and operational efficiency across our business. So overall, a strong performance for our Americas Materials Solutions business. And as we look ahead to the remainder of the year, I'm encouraged by the positive momentum in our backlogs.

我們也持續看到再工業化進程的顯著成長，尤其是在大規模製造業和資料中心領域。我也很高興看到我們的利潤率繼續保持強勁勢頭，約為 28%，這反映出我們業務中嚴格的成本控制和高效的營運。整體而言，我們的美洲材料解決方案業務表現強勁。展望今年剩餘時間，我對我們積壓訂單的積極進展感到鼓舞。

Next to Americas Building Solutions on slide 9, where our business delivered strong profit growth and further margin expansion driven by favorable underlying demand and good commercial management. We continue to experience robust data center demand (technical difficulty) including the disposal of certain land assets across our operations.

在第 9 張投影片中，美洲建築解決方案業務的利潤成長強勁，利潤率進一步擴大，這得益於良好的潛在需求和良好的商業管理。我們持續面臨強勁的資料中心需求（技術難題），包括處置我們營運中的某些土地資產。

Moving to international Solutions on slide our business delivered our business deliver strong pricing on ongoing performance improvement onions from acquisitions. On top of a 5% increase in (inaudible) and 15% increase in adjusted EBITDA and a further 170 basis points of margin expansion.

轉向國際解決方案，我們的業務透過收購實現了強勁的定價，持續提升了業績。除此之外，（聽不清楚）成長了 5%，調整後 EBITDA 成長了 15%，利潤率進一步擴大了 170 個基點。

In Central and Eastern Europe, we experienced positive underlying demand across our key end markets and early signs of recovery in new build residential activity. While in Western Europe, activity levels continue to be supported by infrastructure and nonresidential demand. In Australia, our business is performing well, benefiting from strong demand and synergy realization from recent acquisitions.

在中歐和東歐，我們的主要終端市場都出現了積極的潛在需求，新住宅活動也出現了復甦的早期跡象。而在西歐，基礎設施和非住宅需求持續支撐著經濟活動水準。在澳大利亞，我們的業務表現良好，受益於強勁的需求和近期收購帶來的綜效。

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

接下來，我將把發言權交給南希，由她更詳細地向大家介紹我們的財務表現和資本配置活動。

Thank you, Randy. Turning to slide 12. And as Jim mentioned earlier, we delivered a record third-quarter performance with further growth across our key financial metrics. Q3 adjusted EBITDA of approximately $2.7 billion was 10% above prior year, driven by positive underlying demand, continued pricing momentum and contributions from acquisitions.

謝謝你，蘭迪。翻到第12張投影片。正如吉姆先前提到的，我們第三季業績創下歷史新高，各項關鍵財務指標均進一步成長。第三季調整後 EBITDA 約為 27 億美元，比上年同期成長 10%，主要得益於積極的潛在需求、持續的價格上漲動能以及收購帶來的貢獻。

We also delivered 100 basis points of margin expansion. Keeping us well on track to deliver our 12th consecutive year of margin improvement in 2025, demonstrating our leading performance mindset and the consistency of our financial delivery.

我們也實現了100個基點的利潤率提升。這使我們能夠穩步實現 2025 年連續第 12 年利潤率提升的目標，展現了我們領先的業績思維和財務表現的穩定性。

Turning to slide 13. We and to talk about our capital allocation activities so far in 2025. Starting with M&A, we have invested $3.5 billion on 27 value-accretive acquisitions. Further strengthening our connected portfolio and leading positions in high-growth markets.

翻到第13張幻燈片。我們將討論我們迄今為止在 2025 年的資本配置活動。從併購開始，我們已投資 35 億美元進行了 27 項增值收購。進一步加強我們的互聯產品組合，並鞏固我們在高成長市場的領先地位。

We've also invested $1.2 billion in growth CapEx through the third quarter, leveraging our size and scale to fully capitalize on low-risk, high-returning investment opportunities that expand our capabilities, support margin growth and enhance long-term shareholder value.

截至第三季度，我們也投資了 12 億美元用於成長資本支出，利用我們的規模優勢，充分利用低風險、高回報的投資機會，擴大我們的能力，支持利潤率成長，並提高股東的長期價值。

We also continued to deliver significant accretive returns to shareholders through dividends and share buybacks. And year to date, we've returned over $700 million in dividends, and we've also announced that our Board has declared a further 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.

我們也透過分紅和股票回購，持續為股東帶來顯著的增值回報。今年迄今為止，我們已派發超過 7 億美元的股息，我們還宣布，董事會已批准派發每股 0.37 美元的季度股息，比上年增長 6%，這符合我們強勁的財務狀況和持續長期股息增長的政策。

Through our ongoing share buyback program, we have also repurchased $1.1 billion of shares so far this year. And today, we are commencing a further quarterly tranche of $300 million. Since the inception of our buyback program in 2018, we have returned over $9 billion to shareholders, representing 23% of our outstanding shares at an average price of $49 per share.

透過我們持續的股票回購計劃，今年迄今為止，我們也已回購了價值 11 億美元的股票。今天，我們將啟動下一季3億美元的撥款。自 2018 年啟動股票回購計畫以來，我們已向股東返還了超過 90 億美元，占我們流通股的 23%，平均價格為每股 49 美元。

Overall, we have deployed $6.5 billion towards growth investments and shareholder returns so far this year. demonstrating our focus on the efficient allocation of capital to maximize shareholder value. As we communicated during our recent Investor Day, over the next five years, we expect to have approximately $40 billion of financial capacity to invest for future growth and deliver further returns to our shareholders.

今年迄今為止，我們已投入65億美元用於成長投資和股東回報，體現了我們致力於高效配置資本以實現股東價值最大化的理念。正如我們在最近的投資者日上所溝通的那樣，未來五年，我們預計將擁有約 400 億美元的財務能力，用於投資未來的成長並為我們的股東帶來更多回報。

Consistent with our long-term track record of value creation and reinforcing our position as the leading compounder of capital in our industry. I will now hand you back to Jim and Randy to provide some further color on our recent growth investments.

這與我們長期以來創造價值的良好記錄相符，並鞏固了我們作為業內領先的資本複合增長者的地位。現在我將把麥克風交還給吉姆和蘭迪，讓他們進一步介紹我們最近的成長投資情況。

Thanks, Nancy. As you can see here on slide 15 in North America, our largest market, we have strategically and deliberately built out our four key growth platforms to become the number one infrastructure play in the region. Let me step you through each of these in turn.

謝謝你，南希。正如您在投影片 15 中看到的，在北美（我們最大的市場），我們已經有策略性地、有計劃地建立了四個關鍵成長平台，成為該地區首屈一指的基礎設施建設企業。讓我逐一為你講解。

It all begins at aggregates, a valuable finite resource in the backbone of our business. In fact, approximately 95% of our revenue is connected to aggregates. Aggregates feed into everything we do from our semantics business to our roads business to our water infrastructure platform. Here, our position is unrivaled with 230 million tons of annual production and 20 billion tons of reserves. We own more stone on the ground than anyone else in the industry.

一切都始於骨料，骨料是我們業務的支柱，是一種寶貴的有限資源。事實上，我們約 95% 的收入都與骨材有關。從語意業務到道路業務，再到水利基礎設施平台，我們所做的每一件事都離不開聚合資料。我們在這一領域擁有無可匹敵的地位，年產量達 2.3 億噸，儲量達 200 億噸。我們在地面擁有的石材儲量比業內任何其他公司都多。

Building on that foundation, we are also a leader in cementitious materials with around 25 million tons of annual production capacity. Together, aggregates and cementitious products are the essential building blocks of modern infrastructure. enabling us to build, maintain and improve the networks that communities and economies rely on every single day.

在此基礎上，我們也是水泥材料領域的領導者，年產能約2500萬噸。骨材和水泥製品共同構成了現代基礎設施的基本組成部分，使我們能夠建立、維護和改善社區和經濟體每天賴以生存的網路。

Through our connected portfolio, we are also the largest road paver in the United States. This is a business supported by recurring revenue and robust public funding. We produced more than 50 million tons of asphalt annually, equivalent to the next five largest players combined. And importantly, our paving operations are almost entirely self-supplied by our own high-value aggregates and asphalt.

憑藉我們相互關聯的業務組合，我們也成為美國最大的道路鋪設者。這是一個由經常性收入和充足的公共資金支持的企業。我們每年生產超過5000萬噸瀝青，相當於排名第二和第三的五家公司產量的總和。更重要的是，我們的鋪路作業幾乎完全依靠我們自己的高價值骨材和瀝青進行自給自足。

Finally, we are also the leader in water infrastructure, where we provide customers with engineered systems that collect, protect and transport this vital resource. Our water business has national coverage and over 80% of the products we produce consume aggregates and cementitious materials.

最後，我們也是水基礎設施的領導者，我們為客戶提供收集、保護和輸送這項重要資源的工程系統。我們的水務業務涵蓋全國，我們生產的產品中有超過 80% 需要使用骨材和水泥材料。

And since over 85% of roads require water management systems, the strength of our water platform further reinforces the benefits of our connected portfolio and shared customer base. Taken together, these four platforms, aggregates, cementitious, roads and water form the foundation of our unique position as the number one infrastructure play in North America, and we are focused on continuing to invest across these platforms to deliver further growth and value for our shareholders.

由於超過 85% 的道路需要水管理系統，我們水平台的強大實力進一步鞏固了我們互聯產品組合和共享客戶群的優勢。骨材、水泥、道路和水務這四大平台共同構成了我們在北美基礎設施領域獨樹一幟的地位，我們將繼續專注於這些平台的投資，為股東帶來更大的成長和價值。

Let's take a look at some examples of our recent investments, starting with two bolt-on acquisitions on slide 16. First, American Industries, a provider of aggregates, asphalt and road paving services in Connecticut. This acquisition increases our aggregates reserves and expands our presence in an attractive market in the Northeast region of the United States.

讓我們來看一些我們最近的投資案例，首先是第 16 頁的兩項附加收購。首先是美國工業公司，該公司是康乃狄克州一家提供骨材、瀝青和道路鋪設服務的公司。此次收購增加了我們的骨材儲量，並擴大了我們在美國東北部這個極具吸引力的市場中的份額。

We also acquired Terracon Precast, a newly constructed concrete pipeline with 70,000 tons of annual production capacity in North Carolina. This is highly complementary to our existing water infrastructure business and significantly strengthens our ability to serve customers in [Raleigh] and Greensboro markets.

我們還收購了 Terracon Precast，這是一家位於北卡羅來納州的新建混凝土管道公司，年產能為 7 萬噸。這與我們現有的水利基礎設施業務高度互補，並顯著增強了我們為羅利和格林斯伯勒市場客戶提供服務的能力。

These are just two examples out of the 26 bolt-on acquisitions that we have completed year to date, fully aligned with our strategy to invest across our four connected growth platforms with exposure to growing infrastructure megatrends.

這只是我們今年迄今完成的 26 項附加收購中的兩個例子，完全符合我們在四個相互關聯的成長平台上進行投資，並參與不斷增長的基礎設施大趨勢的策略。

Now at this point, I will hand you over to Randy to update you on our recent acquisition of Eco Material Technologies and greater CapEx investments.

現在，我將把發言權交給蘭迪，讓他向大家報告我們最近對 Eco Material Technologies 的收購以及更大的資本支出投資情況。

Thanks, Jim. First, to our $2.1 billion acquisition of Eco Material, which completed in September. This acquisition strengthens our position as a leading cementitious player in North America with approximately 25 million tons of combined annual production.

謝謝你，吉姆。首先，我們以 21 億美元收購了 Eco Material，該交易已於 9 月完成。此次收購鞏固了我們作為北美領先水泥生產商的地位，合併後的年產量約為 2500 萬噸。

And I'm pleased to report that early integration is progressing well, and we've already identified significant commercial, operational and logistical opportunities to enhance performance and create long-term value for our shareholders.

我很高興地報告，早期整合進展順利，我們已經發現了重要的商業、營運和物流機會，可以提高績效並為我們的股東創造長期價值。

As you can see on the map on the right-hand side of the slide, it's an excellent strategic fit and highly complementary to our existing platform. It creates a unique national distribution network enhances our innovation capabilities and positions us to better serve our enlarged customer base.

正如您在幻燈片右側的地圖上看到的那樣，它與我們現有的平台在戰略上非常契合，並且具有很強的互補性。它創造了一個獨特的全國分銷網絡，增強了我們的創新能力，使我們能夠更好地服務不斷擴大的客戶群。

Overall, we expect to unlock strong future growth and synergy realization with Eco Material under our ownership, representing an exciting opportunity to accelerate our cementitious growth strategy and deliver a tremendous amount of value for our shareholders.

總體而言，我們期望在我們的所有權下，Eco Material 將釋放強勁的未來成長潛力並實現協同效應，這將為我們加速水泥產業成長策略、為股東創造巨大價值提供令人興奮的機會。

Turning to slide 18 and some examples of the types of growth CapEx investments that we're making to support future growth in our existing business. First, we recently completed the construction of a precast pipe and box culvert plant just outside of Austin, Texas, which will enable us to meet growing demand for our water infrastructure products.

接下來請看第 18 張投影片，其中列舉了一些我們為支持現有業務的未來成長而進行的成長型資本支出投資的例子。首先，我們最近在德州奧斯汀郊區建造了一座預製管道和箱涵廠，這將使我們能夠滿足對我們水利基礎設施產品日益增長的需求。

The location is not only very attractive from a market growth perspective, it will also enable us to self-supply our own aggregates and cement from our existing operations in the area. And in Utah, we're modernizing our cement plant in Leamington, which will increase annual production capacity by 240,000 tons to meet strong demand throughout the inland West market. These are just two examples of how we're deploying capital efficiently, low-risk, high-returning investments that are an excellent use of our shareholders' capital.

從市場成長的角度來看，該地點不僅極具吸引力，而且還將使我們能夠利用在該地區現有的業務自行供應骨材和水泥。在猶他州，我們正在對位於利明頓的水泥廠進行現代化改造，這將使年產能增加 24 萬噸，以滿足整個西部內陸市場的強勁需求。以上僅是我們如何有效率、低風險、高回報地運用資本的兩個例子，這些投資是對股東資本的絕佳運用。

Thanks, Randy, great examples there of how we are deploying capital in high-growth areas. Finally, to outlook on slide 20, and I'm pleased to say that we are raising the midpoint of our adjusted EBITDA guidance for 2025. Reflecting our continued strong performance and a partial year contribution from the Eco Material acquisition.

謝謝蘭迪，這些都是很好的例子，說明我們如何在高成長領域部署資本。最後，關於第 20 頁的展望，我很高興地宣布，我們將提高 2025 年調整後 EBITDA 指引的中位數。這反映了我們持續強勁的業績，以及收購 Eco Material 帶來的部分年度貢獻。

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 $7.6 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.

假設今年剩餘時間天氣正常，政治或宏觀經濟環境沒有重大變化，我們預計全年調整後 EBITDA 將在 76 億美元至 77 億美元之間，中位數為 10%。淨利潤在 38 億美元至 39 億美元之間，稀釋後每股收益在 5.49 美元至 5.72 美元之間。

As Nancy mentioned earlier, we also expect to deliver our 12th consecutive year of margin expansion in 2025, demonstrating the consistency of our delivery and relentless focus on continuous performance improvement.

正如南希之前提到的，我們也預計在 2025 年實現連續第 12 年利潤率成長，這證明了我們業績的穩定性以及對持續改善業績的不懈努力。

Taking all of this into account represents yet another record year of growth and value creation for CRH. Now before I hand over to Q&A, and as we look ahead to 2026, I'd like to take a moment to share our thoughts on some of the trends we are seeing across our key infrastructure megatrends in North America.

綜合所有因素來看，這代表著CRH又迎來了一個創紀錄的成長和價值創造之年。在進入問答環節之前，展望 2026 年，我想花點時間分享我們對北美關鍵基礎設施大趨勢的一些看法。

First, to transportation, where the demand backdrop is robust, supported by the continued rollout of federal funding through the IIJA, approximately 60% of the IIJA funds are yet to be deployed, highlighting the significant runway we still have ahead of us.

首先，就交通運輸領域而言，需求背景強勁，並得到了聯邦資金透過 IIJA 持續提供的支持，約 60% 的 IIJA 資金尚未部署，這凸顯了我們面前還有很大的發展空間。

State level funding is also strong with the 2026 DOT budgets up 6% on the prior year. Through our own match scale and uniquely connected portfolio, we are well positioned to benefit. In fact, if you look at the DOT capital spending authority across our top 10 states, it's expected to increase by 13%.

州級撥款也十分強勁，2026 年交通部預算比前一年增加了 6%。憑藉我們自身的配對規模和獨特的關聯投資組合，我們完全有能力從中受益。事實上，如果你看一下我們排名前十的州的交通部資本支出授權，預計它將成長 13%。

It is also encouraging to see continued support for increased infrastructure investment. For example, we saw Michigan recently approving $1.85 billion in new transportation funding over the next four years. Transportation infrastructure remains one of the most recurring and predictable revenue streams of our business. And as the largest road paver in the United States and the number one infrastructure play in North America, we are well placed to benefit.

令人鼓舞的是，各方持續支持增加基礎建設投資。例如，我們看到密西根州最近批准在未來四年內投入 18.5 億美元用於新的交通運輸資金。交通基礎設施仍然是我們業務中最穩定、最可預測的收入來源之一。作為美國最大的道路鋪設商和北美排名第一的基礎設施建設商，我們完全有能力從中受益。

We also expect to see continued investment in the whole area of water infrastructure, a large and growing market for our business with high single-digit growth projected in the areas of water quality and flow control for 2026. In reindustrialization, we expect continued strong demand for large-scale manufacturing and data center investment.

我們也預計，水利基礎設施領域將繼續獲得投資，這是一個規模龐大且不斷成長的市場，預計到 2026 年，水質和流量控制領域的成長率將達到較高的個位數。在再工業化進程中，我們預期對大規模製造業和資料中心投資的需求將持續強勁。

With approximately $690 billion of data center projects either announced are under construction. And with each of these projects located within 50 miles of a CRH location, we are very well positioned to benefit in this area going forward.

目前已宣布或正在建設中的資料中心項目總價值約為 6,900 億美元。由於這些項目都位於 CRH 所在地 50 英里範圍內，因此我們未來在這個領域將佔據非常有利的地位。

In the residential sector, we expect repair and remodel demand in the US to remain resilient, while new build activity remains subdued as a result of the ongoing affordability challenges. With the benefit of recent interest rate cuts unlikely to be felt until late 2026 at the earliest.

在住宅領域，我們預計美國的維修和改造需求將保持韌性，而由於持續的住房負擔能力挑戰，新建活動仍將保持低迷。近期降息帶來的好處最快​​也要到 2026 年底才能顯現。

As we said in the past, this is not a demand issue, and we believe the long-term fundamentals in this market remain very attractive. Supported by favorable demographics and significant levels of underbuilt. In our international business, we expect robust demand and infrastructure to continue, supported by significant investment from government and EU funding programs.

正如我們之前所說，這不是需求問題，我們相信這個市場的長期基本面仍然非常有吸引力。得益於有利的人口結構和大量的未開發土地。在國際業務方面，我們預計強勁的需求和基礎設施將繼續保持，並得到政府和歐盟資助計畫的大量投資支持。

Nonresidential activity to remain stable across our key markets and a continued recovery in the residential sector as a result of lower interest rates. 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.

由於利率下降，我們主要市場的非住宅活動將保持穩定，住宅領域將持續復甦。關於定價環境，我們預計在嚴格的商業管理以及互聯產品組合的優勢支持下，我們各個市場的積極勢頭將繼續保持。

In summary, the overall trend is positive for our business. with our strategic focus on growing infrastructure megatrends and the benefits of the CRH Winning Way, leaving us uniquely positioned to capitalize on the strong growth opportunities that lie ahead.

總而言之，整體趨勢對我們的業務有利。我們策略性地專注於基礎設施發展大趨勢，並充分利用 CRH 的致勝之道，這使我們能夠獨具優勢，把握未來強勁的成長機會。

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.

今天的發言就到此結束了。現在我將把發言權交還給主持人，由他來協調我們電話會議的問答環節。

(Operator Instructions) Anthony Pettinari, Citi.

（操作說明）安東尼‧佩蒂納裡，花旗銀行。

Good morning. Thanks for all the detail. I'm wondering if you have any further color on expectations for 2026. And maybe specifically, how you're thinking about volume, price and contribution from M&A?

早安.謝謝你提供的所有細節。我想知道您對2026年的預期還有其他補充說明嗎？具體來說，您是如何看待併購的數量、價格和貢獻的？

Hi, Anthony, good morning. Yeah, listen, I might ask Randy to come in a minute just on some of the detail on volume and prices and Nancy maybe just on some of the scope impacts. But overall, the outlook for '26 positive, Anthony, and really the key growth areas we see for ourselves around infrastructure. And for us, that's around transportation and water, but also reindustrialization.

嗨，安東尼，早安。是的，聽著，我可能一會兒會請蘭迪過來，詳細說說銷量和價格方面的問題，也可能請南希過來，談談範圍方面的影響。但總體而言，2026 年的前景是積極的，安東尼，我們看到的關鍵成長領域主要集中在基礎設施方面。對我們來說，這不僅關乎交通運輸和水資源，也關乎再工業化。

Maybe first on transportation. With roads, still 60% of the IIJA is yet to be spent. And indeed, the local state budgets are also strong into 2026. This kind of strong funding backdrop for us is just really well positioned given our unmatched scale and connected portfolio in our Roads portfolio.

或許首先是交通運輸方面。在道路建設方面，IIJA 仍有 60% 的資金尚未投入使用。事實上，地方政府的預算在2026年也保持強勁。鑑於我們在道路投資組合中無可比擬的規模和關聯性，這種強勁的融資環境對我們來說非常有利。

And as you know, it's probably our most consistent and recurring revenue streams that we have in CRH, also on the water infrastructure side, right? It's a very strong funding backdrop and that ongoing investment, which is really needed and required to address the aging network aging water network across the US.

如您所知，這可能是 CRH 在水利基礎設施方面最穩定、最經常性的收入來源，對吧？這是一個非常強勁的資金背景，而且這種持續的投資對於解決美國各地老化的供水網絡問題來說，確實是真正需要和必要的。

On reindustrialization into '26, we see data center activity continue to be strong, right? And really for us, given our connected portfolio, it's not just about delivering aggregates on sites. We're often in the very first personal side there, with our energy, our water and our communications subterranean infrastructure going in early, right? So it's a really kind of holistic pull-through of the connected product offering we have.

展望 2026 年的再工業化進程，我們預期資料中心活動將持續保持強勁勢頭，對嗎？對我們而言，鑑於我們擁有的互聯產品組合，這不僅僅是向工地運送骨料。我們通常處於最前線，能源、水和通訊等地下基礎設施都建設得非常早，對吧？所以，這真正體現了我們互聯產品組合的整體性推廣。

Maybe just touching on residential for 2026, we think it's going to remain subdued, right? It's not a demand issue, but affordability with a 30-year fixed still at 6.2%. It's still too high, right? And we need continued interest rate cuts before we see any recovery on the US res side. So all kind of assumptions that there's no real benefit for us in 2026. If it is, it's going to be really at the very back end.

或許 2026 年住宅市場會略有波動，我們認為市場仍將保持低迷，對嗎？這不是需求問題，而是負擔能力問題，因為 30 年固定利率貸款的利率仍然高達 6.2%。這個價格還是太高了，對吧？我們需要持續降息，才能看到美國再生能源市場出現復甦。所以，各種假設都認為，到 2026 年，我們不會得到任何實際好處。如果真是這樣，那也肯定是在最底層。

And maybe just an international briefly, again, infrastructure is strong, right, both at strong levels of EU and local government funding as well across our state government funding across Europe. Reindustrialization, we kind of see a stable outlook for 2026.

再簡單談談國際面，基礎建設實力雄厚，歐盟和地方政府的資金投入充足，歐洲各地的州政府也提供了大量資金。再工業化方面，我們認為2026年前景較為穩定。

And on residential and Europe, slightly different because Europe and the euro are more advanced on interest rate reductions, and we're beginning already to see the benefit of that coming through in terms of a continued recovery in residential. But maybe, Randy, just maybe specific volume and prices.

至於住宅和歐洲市場，情況略有不同，因為歐洲和歐元區在降息方面走得更遠，我們已經開始看到降息的好處，住宅市場持續復甦。但或許，蘭迪，或許可以確定具體的銷售量和價格。

Yeah. Maybe just to build out just a quick comment before I do that, just on maybe an example a couple of projects we're working on. For example, in the northwestern part of the US in and around Boise, working on a chip manufacturing plan and a data center. I think what Jim called out is important.

是的。在開始之前，我想先簡單補充一點，舉個我們正在進行的專案為例。例如，在美國西北部的博伊西及其周邊地區，正在製定晶片製造計劃和資料中心計劃。我認為吉姆提出的觀點很重要。

That critical infrastructure that focus on the needs of energy and water management allow us early access on these projects. They're highly specified. Gains us the opportunity then to pull through a variety of other products as part of that connected portfolio, the aggregate, the cement, the readymix and ultimately, the paving around those sites.

這些專注於能源和水資源管理需求的關鍵基礎設施使我們能夠儘早參與這些專案。它們具有很高的規格要求。這樣一來，我們就有機會推出各種其他產品，作為這個關聯產品組合的一部分，包括骨材、水泥、預拌混凝土，最終還包括這些工地周圍的鋪路工程。

So in the end, that strategy is certainly delivering higher returns and as we gain larger share of wallet of some of those key customers. And I guess, that is a lead in to say, hey, Q3 was encouraging. Ag and cement volumes up kind of mid- to high single digits coming out of the Q2 that was a little more weather impact.

因此，最終，該策略無疑帶來了更高的回報，因為我們獲得了一些關鍵客戶更大的錢包份額。我想，這可以引出另一個問題：第三季的情況令人鼓舞。受第二季天氣影響，農業和水泥產量出現了中等至較高的個位數成長。

It's so good to see underlying demand coming through. And again, a positive pricing environment. Ag, in particular, up 6% on a mix-adjusted basis. So that's good to see in cement, another year of progress in terms of low single-digit pricing.

看到潛在需求顯現出來真是太好了。再次強調，良好的定價環境至關重要。特別是農業，以成分股調整後上漲了 6%。所以，水泥價格連續第二年維持在個位數低位，這是一個好兆頭。

And as we look forward, we talk about this all the time, the backlog, whether that's for our roads business, the critical infrastructure business. We have good visibility kind of six to nine months out. The bidding environment remains positive. So we're bidding more than we had at this point last year, and our backlogs would reflect an increase in revenues in quantum as we look into next year.

展望未來，我們一直在談論積壓問題，無論是道路業務還是關鍵基礎設施業務。我們對未來六到九個月的天氣狀況有較好的預估。競標環境依然積極。因此，我們目前的投標數量比去年同期要多，展望明年，我們的積壓訂單將反映出營收的顯著成長。

In terms of what that means for an outlook in regards to demand, we were looking at our ag volume in that low single-digit improvement from '25 and mid-single digits in regards to pricing. And cement very similar, again, low single-digit volumes and pricing, another year at advancement there. So it's building off of a good '25, but again, the backlogs would be encouraging in regards to what our expectations are as we get into next year.

就需求前景而言，我們看到農產品銷售量較 2025 年有低個位數成長，而價格方面則有中位數個位數成長。水泥業的情況也十分類似，銷量和價格同樣處於個位數低位，又一年進展緩慢。所以，這是在2025年良好業績的基礎上發展起來的，但同樣，積壓訂單數量對於我們展望明年的預期來說也是令人鼓舞的。

Yeah. And circling back to the question about the M&A contributions. It has been a really active year for us. 27 deals so far, Eco was the largest, and that was completed in September.

是的。再回到併購貢獻的問題。今年對我們來說是非常忙碌的一年。目前為止完成了27筆交易，其中Eco是最大的一筆，已於9月完成。

So if you think about the contributions from all of these M&As thus far in 2025, I would roughly estimate about $200 million of EBITDA, net incremental in 2026. And we'll talk a lot more about 2026 at our year-end results in February, we'll give you full guidance at that point in time.

因此，如果你考慮所有這些併購在 2025 年迄今為止的貢獻，我粗略估計 2026 年淨增量 EBITDA 約為 2 億美元。我們將在2月份的年終業績報告中詳細討論2026年的情況，屆時我們將給予全面的指導。

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

好的。那很有幫助。我把它翻過來。

Adrian Huerta, JPMorgan.

Adrian Huerta，摩根大通。

Good morning, everyone. Thank you for taking my question. Pretty impressive what the company has done in terms of margins in the last in the prior two years and also even on this year where it's heading to be more than another 1 percentage point. Can you share with us more color on how this trend should evolve?

各位早安。感謝您回答我的問題。該公司在過去兩年以及今年的利潤率都取得了相當不錯的成績，預計今年還將再成長 1 個百分點以上。您能否為我們詳細介紹一下這一趨勢將如何發展？

How do you see the price to cost spread especially across the three different divisions. I mean, the margin improvement in this quarter, mainly coming from the building solutions in the US and from international solutions. How do you see this evolving and the opportunities for 2026?

您如何看待價格與成本的分配，尤其是三個不同部門之間的分配？我的意思是，本季的利潤率提升主要來自美國的建築解決方案和國際解決方案。您認為這種情況會如何發展，以及2026年的機會是什麼？

Good morning, Adrian. Jim here. Yeah, listen, really pleased again with the margin improvement in the quarter, up 100 basis points. And based on the guidance we've given this morning for the full year, that's -- this will be our 12th consecutive year, right, which is really reflecting that proven track record and consistency of delivery year in, year out.

早上好，艾德里安。我是吉姆。是的，聽著，我對本季利潤率的提升非常滿意，提高了100個基點。根據我們今天早上給出的全年指導意見，這將是我們連續第 12 年實現這一目標，對吧？這確實反映了我們多年來卓有成效的業績記錄和交付的穩定性。

As I said, actually recently, I mean, the -- we don't see any structural ceiling to where we can take the margins, and it's really as embedded as part of our performance mindset and deeply embedded in the culture of the company.

正如我最近所說，我的意思是——我們看不到利潤率有任何結構性上限，這已經深深融入我們的績效思維模式，並深深植根於公司文化之中。

And at the recent Investor Day, fact is we raised our ambition on the margins, and we're forecasting margins and targets out of 22% to 24% by 2030. And there's a number of reasons which have given us confidence that we're going to achieve these margin increases.

事實上，在最近的投資者日上，我們提高了利潤率的目標，並預測到 2030 年利潤率和目標將達到 22% 至 24%。有很多原因讓我們有信心實現利潤率的成長。

Firstly, it's around the CRH Winning Way. That continued consistent execution of our superior strategy. The relentless quarter-on-quarter, year-after-year focus on driving performance, whether that's a quite operational commercial or even procurement, right?

首先，這都與 CRH 的致勝之道有關。持續穩定地執行我們卓越的策略。對提升業績的持續關注，無論是營運方面的商業業績或採購業績，都是如此，對吧？

And secondly, you would have noticed that we did communicate, we did step up our growth CapEx expenditure, right, about 18 months ago. And we're beginning to see now the benefits of that coming through in terms of margin expansion, and we've got reasonably good visibility on that as we look forward. Maybe, Randy, do you want to comment specifically on some other aspects, maybe and actually, maybe what's happening on the cost inflation side of things?

其次，您可能已經注意到，大約 18 個月前，我們確實增加了成長資本支出，對吧？現在我們開始看到利潤率擴張帶來的好處，而且展望未來，我們對這一前景也有著相當清晰的認識。蘭迪，或許你想具體談談其他方面，例如成本上漲方面的狀況？

Yeah, absolutely. Maybe just to build on the growth CapEx, we have a really good backlog of projects, high returning projects that certainly drive underlying improvement in the business, everything from kind of capacity expansion to automation, in a variety of different ways.

是的，絕對的。或許只是為了進一步增加資本支出，我們有很多非常好的專案儲備，這些高回報專案肯定會推動業務的根本性改進，從產能擴張到自動化，各種不同的方式都有。

We look at our critical infrastructure business, kind of enhancing our pipe manufacturing process through the use of automation, just another means by which to drive those efficiencies and meet growing demand in that segment.

我們著眼於關鍵基礎設施業務，透過自動化來改善管道製造流程，這只是提高效率、滿足該領域不斷增長的需求的另一種方式。

When we look at the environment in terms of cost inflation, we certainly are still in an inflationary environment. So labor, raw materials, parts, maintenance, subcontractor those costs continue to move forward.

從成本通膨的角度來看，我們無疑仍然處於通膨環境。因此，勞動力、原料、零件、維護、分包商等這些成本都在增加。

I think it certainly highlights the need for that further pricing momentum that I talked about as we go into next year. But all in all, as Jim called out, in terms of that structural -- no structural ceiling to our margins, I think we should expect another year of margin expansion as we go into next year.

我認為這無疑凸顯了我之前提到的，在進入明年之際，我們需要進一步保持價格上漲勢頭。但總而言之，正如吉姆所指出的，就結構性因素而言——我們的利潤率沒有結構性上限，我認為我們應該期待明年利潤率繼續擴張。

Thank you.

謝謝。

Trey Grooms, Stephens.

Trey Grooms，Stephens。

Yeah, good morning, everyone. Thank you for taking my question. So you guys are raising the midpoint of the EBITDA guide, which you pointed out that it now includes Eco Materials. And there's definitely several moving pieces here. But could you dive a little bit more into -- and maybe walk us through some of the key drivers here of the updated 2025 guidance? Thank you.

是的，大家早安。感謝您回答我的問題。所以你們提高了 EBITDA 指導值的中點，你們指出，現在 EBITDA 指導值包含了環保材料。這裡面一定涉及好幾個面向。您能否更深入探討一下—或許可以為我們詳細介紹2025年更新版指導意見的一些關鍵驅動因素？謝謝。

Yeah, absolutely, Trey. Yeah, listen, very firstly, very pleased to be announcing this morning the tightening and the raising of the full-year EBITDA guidance by about $50 million at the midpoint. And maybe I'd ask Nancy to come back on maybe some of the puts and takes at the end of this.

是的，沒錯，特雷。是的，首先，非常高興地宣布，今天早上我們將收緊全年 EBITDA 預期，並將預期中位數提高約 5000 萬美元。也許我會請南希回來，參與最後的一些討論。

But with the increase of $50 million, that gives us a midpoint of $7.65 billion, which is 10% growth, which is off a very strong 2024, in fact, a record year for CRH in 2024, which highlights kind of durable growth nature of the connected portfolio of local brands that we have.

但加上 5000 萬美元，我們的中點為 76.5 億美元，增長了 10%，這比 2024 年的強勁增長還要高，事實上，2024 年是 CRH 創紀錄的一年，這凸顯了我們擁有的本地品牌互聯組合的持久增長特性。

The increase in guidance reflects really a strong quarter three again with EBITDA up 10%, margins up 100 basis points and contributions from recent acquisitions as well. And again, I guess, we should remember that Q3 2024 was a record quarter for us as well.

此次業績指引的上調確實反映了第三季強勁的業績表現，其中 EBITDA 成長 10%，利潤率成長 100 個基點，以及近期收購帶來的貢獻。我想，我們還是應該記住，2024 年第三季對我們來說也是一個創紀錄的季度。

So we're stepping off kind of like-for-like a very strong quarter three in 2024. The quarter -- Q3 did benefit from some land sales, but actually year-to-date land sales are down year on year, right, over 2024. And maybe ask Randy, maybe a comment on how we think about it and how we manage land sales across CRH?

因此，我們預計 2024 年第三季將保持強勁的成長動能。第三季確實受益於一些土地銷售，但實際上，截至目前，土地銷售額年減，與 2024 年相比也是如此。或許可以問問蘭迪，讓他談談我們是如何看待這個問題的，以及我們在CRH集團內部是如何管理土地銷售的？

Yeah. I think we look at kind of optimizing that portfolio of assets as we do of any other part of kind of driving underlying performance. So it's about optimizing performance plus the portfolio. You call out the CRH Winning Way. This is an expectation we would have of our teams on the ground, right?

是的。我認為，我們看待優化資產組合的方式，就像看待優化其他任何推動基礎績效成長的因素一樣。所以關鍵在於優化績效和投資組合。你喊出了CRH的勝利之道。這是我們對一線團隊的期望，對吧？

So that relentless focus on operational excellence, maximizing share for holder value, and that includes the management of the assets. We take advantage of the scale that we have, 4,000 locations, the ability for us to recycle and optimize that asset base. That's an important part of how we compound earnings for our shareholders. And as you call out year to date, those dollars are lower than prior year.

因此，我們始終專注於卓越運營，最大限度地提高股東價值，這其中也包括資產管理。我們利用自身規模優勢（4000 個地點），以及我們回收和優化資產基礎的能力。這是我們為股東創造複利收益的重要部分。正如你所提到的，今年迄今的金額低於去年。

And then just a follow-on, our updated guide does really reflect our strong year-to-date performance across all of our key metrics. And as we've talked, it has been an active year for M&A and that does include Eco having closed in September.

最後補充一點，我們更新後的指南確實反映了我們今年迄今為止在所有關鍵指標上的強勁表現。正如我們之前討論過的，今年是併購活動活躍的一年，其中包括 Eco 在 9 月完成的交易。

And just as one reminder, while the adjusted guidance does include our partial year EBITDA contribution from Eco and other M&A. Also remember the size and timing of the Eco transaction in Q4 and also some transaction and financing costs. You can expect that to be EPS dilutive into Q4 of 2025.

另外提醒一下，雖然調整後的指引包含了 Eco 和其他併購帶來的部分年度 EBITDA 貢獻。也要記住第四季度 Eco 交易的規模和時間，以及一些交易和融資成本。預計這將導致每股收益稀釋至 2025 年第四季。

Okay. All right. Got it. That all makes sense. Thank you, all, very much. I'll pass it on.

好的。好的。知道了。這一切都說得通。非常感謝大家。我會轉達的。

Michael Feniger, Bank of America.

麥可費尼格，美國銀行。

Yes, thanks for taking my question. I'm just curious if you could unpack the drivers of the performance and the margin expansion in Americas building solution. There's been a lot more data points, point to weakness in repair remodeling, incremental weakness in residential.

是的，謝謝您回答我的問題。我只是好奇您能否分析一下美洲建築解決方案中性能和利潤擴張的驅動因素。更多的數據點表明，維修改造方面存在弱點，住宅方面也存在漸進式弱點。

And we saw the performance in Americas Building Solutions this quarter. I hope you can kind of unpack what you're seeing there, what you feel is sustainable going forward and into 2026. Thank you.

我們看到了本季美洲建築解決方案業務的業績。我希望你能分析你在那裡看到的情況，以及你認為哪些是可持續的，並展望到 2026 年。謝謝。

Yeah. Hi, Mike. Yeah, as you know, firstly, maybe Americas Building Solutions, it comprises both our infrastructure business in the Americas, but also the outdoor living. And maybe I might ask Rob to come back and outdoor living.

是的。嗨，麥克。是的，如您所知，首先，可能是美洲建築解決方案，它包括我們在美洲的基礎設施業務，以及戶外生活業務。也許我會邀請羅布回來體驗戶外生活。

But firstly, overall, right, a very strong Q3 performance, right? Adjusted EBITDA up 22% and margin well ahead of last year. What's driving that was overall good underlying demand, good commercial management. And as we just mentioned, also the benefit of some asset disposals in the quarter.

但首先，整體而言，第三季業績非常強勁，對吧？調整後 EBITDA 成長 22%，利潤率遠高於去年同期。推動這一趨勢的因素是整體良好的潛在需求和良好的商業管理。正如我們剛才提到的，本季部分資產處置也帶來了好處。

But what's really driving on the infrastructure, firstly, is what is really the real strength, the underlying strength across the Americas of the whole reindustrialization activity. Primarily around data centers. And as you know, given our scale, our national footprint, we're very well positioned for most projects, nearly all projects within 50 miles with CRH location.

但真正推動基礎建設發展的，首先是整個美洲再工業化活動的真正實力和根本實力。主要集中在資料中心附近。如您所知，鑑於我們的規模和全國佈局，我們非常有利於大多數項目，幾乎所有項目都在 CRH 所在地 50 英里範圍內。

And in fact, right now, we're working on, in total, about 98 different data center projects. They're all at different stages of completion, but it gives you some feel for the kind of scale of activity there. And really what plays into (inaudible) sweet spot on this is the connected nature of the portfolio.

事實上，目前我們總共正在進行約 98 個不同的資料中心專案。它們都處於不同的完成階段，但這可以讓你對那裡的活動規模有所了解。而真正促成（聽不清楚）最佳效果的，是投資組合的關聯性。

That's a real advantage, right? That we're often, as I said earlier, first on site with our infrastructure products, then we're supporting that with our aggregates and cement. And if you're a contractor building data centers, what really matters right now, it's around quality and speed of delivery, certainty and speed of delivery. And we have a real advantage, competitive advantage there.

那確實是個優勢，對吧？正如我之前所說，我們通常會先將基礎設施產品運抵現場，然後再用骨材和水泥提供支援。如果你是資料中心建設承包商，那麼現在真正重要的是交付的品質和速度，以及交付的確定性和速度。我們在這方面擁有真正的優勢，競爭優勢。

And that comes true when we get to talk about margins and pricing as well on those jobs. Maybe Randy in Outdoor Living.

當我們談到這些工作的利潤率和定價時，這一點就得到了印證。或許是戶外生活領域的蘭迪。

Yeah. Outdoor Living, certainly, I think, performing very, very well. When you look at underlying hardscapes, mainstream packaged products, all really moving forward this year. You have to remember coming from a very strong performance and growth over recent years coming out of COVID. The team has done a really terrific job in kind of sustaining that momentum, engaging with our customers the right way.

是的。戶外生活方面，我認為，表現非常非常出色。當你觀察底層硬景觀、主流包裝產品時，你會發現今年一切都在前進。你必須記住，這是在經歷了新冠疫情後的幾年裡，公司業績和成長都非常強勁的結果。團隊在保持這種勢頭方面做得非常出色，並以正確的方式與我們的客戶互動。

And again, this is where we play here has been the most resilient in terms of repair and remodel. That's been a very purposeful effort, but the team has delivered well. It takes a lot of areas of focus, in particular, to call out kind of our category-leading brands. That's really what draws kind of the connected nature with our customers and as well as the logistics network that we built to be able to service on time on a consistent basis.

再說一遍，我們在這裡比賽的地方，在維修和改造方面是最有韌性的。這是一項精心策劃的努力，但團隊的表現非常出色。要專注於很多方面，尤其要突出我們行業領先的品牌。這正是我們與客戶之間緊密聯繫的根本所在，也是我們建立物流網絡能夠持續準時提供服務的關鍵所在。

So and I think fundamentally, and Jim has called it out, that business is very deeply connected to the underlying Ag and Cementitious business. So that combination of delivery certainly has been impressive this year, and we look for more positive momentum even as we get into '26.

所以，我認為從根本上講，正如吉姆所指出的那樣，這項業務與基礎農業和水泥業務有著非常深刻的聯繫。因此，今年的交付組合確實令人印象深刻，我們期待在進入 2026 年後能有更大的積極勢頭。

Thank you.

謝謝。

Kathryn Thompson, Thompson Research Group.

Kathryn Thompson，Thompson 研究小組。

Hi, thank you for taking my question today. I know a lot of focus on data centers and reindustrialization, which is certainly driving demand. And after having gone to a data center construction site, it is pretty staggering the demand that is driving wide rate projects.

您好，感謝您今天回答我的問題。我知道目前很多企業都專注於資料中心和再工業化，這無疑地正在推動需求成長。去過資料中心建造工地之後，我才意識到推動大規模專案建設的需求有多驚人。

But that said, infrastructure is still a very important part of your business overall. And there's been a little bit of lack of visibility with kind of US in terms of government funding right now with the government shutdown.

但即便如此，基礎設施仍然是您企業整體中非常重要的一環。目前由於政府停擺，美國政府的資金來源存在一些不明朗的情況。

But it still looks like that infrastructure funding is still chugging along just fine. But we want to make sure that, that is the correct interpretation. More importantly, what is your level of visibility on your roads business and the process prospects for the Highway Bill reauthorization in 2026. Thank you.

但基礎建設資金似乎仍在順利進行中。但我們希望確保這是正確的解讀。更重要的是，您對您的道路業務以及 2026 年公路法案重新授權的進程前景的了解程度如何？謝謝。

Hi, Kathryn. Good morning. Yeah, maybe just you're right, infrastructure for us is our biggest segment, right? It's a segment which really drives CRH across both Americas and International. And maybe just to put it in some context, in particular, our roads business.

你好，凱瑟琳。早安.是啊，也許你說得對，基礎設施是我們最大的業務板塊，對吧？這是 CRH 在美洲和國際市場上真正推動業務成長的細分市場。或許為了更好地說明這一點，特別是我們的道路業務。

As you know, we're the largest road paver in the US with in excess of 50 million tons of asphalt per annum across 43 states and as I said earlier. It's actually most predictable and recurring revenue stream that we have, and it's a highly attractive business.

如您所知，我們是美國最大的道路鋪設商，每年在 43 個州鋪設超過 5000 萬噸瀝青，正如我之前所說。實際上，這是我們最可預測、最穩定的收入來源，而且這項業務極具吸引力。

Now there's still very significant runway for growth in the business as we look into '26. With still 60% of the IIJA funds yet to be spent. And as I said earlier, the very healthy local state budgets. It's a key part of our connected portfolio in the Americas, right? In a typical year, to give a bit of scale, we do about 4,000 paving jobs per year.

展望 2026 年，該業務仍有很大的成長空間。IIJA 資金仍有 60% 尚未支出。正如我之前所說，地方政府的預算非常健康。它是我們在美洲互聯產品組合的關鍵組成部分，對吧？為了讓大家有個概念，我們通常每年大約完成 4,000 項鋪路工程。

They typically last about 90 to 120 days, right? And with the connected nature of the portfolio, that paving activity really pulls through the highest quality and the highest value and the highest margin aggregates through our connected portfolio.

它們通常能持續90到120天，對嗎？憑藉投資組合的關聯性，這種佈局活動真正透過我們關聯的投資組合帶來了最高品質、最高價值和最高利潤率的集合體。

We called it out recently actually on the Investor Day by actually not just producing Ags. We have that ability to take what is kind of an indicative $10 per cash profit per ton and turn that into $60 by turning it into asphalt -- adding liquid asphalt and indeed paving it.

我們最近在投資者日上就指出了這一點，因為我們不僅僅生產農產品。我們有能力將每噸約 10 美元的現金利潤，透過將其轉化為瀝青——添加液態瀝青並進行鋪路——變成 60 美元。

And it's a real multiplier for profits, cash and returns for us. It's also less capital intensive with higher returns. And ultimately, in terms of the growth and the inorganic side gives us real optionality for where we deploy capital.

這確實能為我們帶來利潤、現金流和回報的倍增效應。而且資本密集度較低，報酬率較高。最終，就成長和非有機成長方面而言，這為我們部署資本提供了真正的選擇權。

Now we're kind of what five, six weeks out from the year-end. We've got pretty good visibility into 2026 in terms of our bidding on the activity levels, and that's what gives us that confidence in terms of guiding on infrastructure at '26. But maybe, Randy, on specifically what we're thinking around maybe the new highway bill as well. Can you give some comment on that?

現在距離年底還有大約五到六週的時間。我們對 2026 年的活動水準有相當清晰的了解，這使我們有信心對 2026 年的基礎設施建設進行指導。但是，蘭迪，或許我們可以具體談談我們正在考慮的新公路法案。您對此有何評論？

Yeah. I guess, first, just -- bill, on Jim's point, the IIJA, as you know, Kathryn, about 60% of that funding has yet to really hit the street. So -- and we called that out. And I think we said early on was a five-year piece of legislation was going to take seven years to deploy.

是的。我想，首先，比爾，關於吉姆的觀點，正如你所知，凱瑟琳，IIJA大約60%的資金還沒有真正到位。所以——我們就指出了這一點。我認為我們一開始就說過，一項五年內完成的立法，實際實施卻需要七年時間。

It's kind of how it is rolling out currently, which is really no different than any other legislation prior to that, just kind of how things have work from a federal to the state level. So our bidding activity is up. So we're encouraged by that. I think the other thing is it's also encouraging to see the size and the complexity of projects.

目前這項政策的推行方式大致如此，與之前的任何其他立法並無不同，只是從聯邦到州一級的運作方式而已。因此，我們的競標活動有所增加。我們因此備受鼓舞。我覺得另一點是，看到專案的規模和複雜性也令人鼓舞。

So to me, that speaks to long-term confidence at the state level about deploying capital in those type of projects. So I guess, -- but to your point about what's next, I guess, early conversations are positive. So it's great to hear from the Chairman of the House T&I Committee from Secretary Duffy from both sides of the aisle in terms of underlying commitment to a new piece of legislation.

所以在我看來，這反映了州政府對在這些類型的計畫中投入資金的長期信心。所以我想說——但說到你提到的下一步，我想，早期的對話是積極的。因此，很高興聽到眾議院交通和基礎設施委員會主席和達菲部長都表示，兩黨都對一項新的立法有著根本的承諾。

So the conversations are beginning and so far positive. I think probably the most encouraging thing would be this mindset of moving more dollars to roads, highways and bridges. What that quantum looks like.

所以對話已經開始，目前為止進展順利。我認為最令人鼓舞的或許是這種將更多資金投入道路、高速公路和橋樑建設的概念。量子態是什麼樣子的。

I'm not sure, but it's encouraging to hear those kind of conversations on both sides of the aisles. And so we're actively participating with those conversations, and we'll see where it ends up. But certainly encouraged by early discussions.

我不太確定，但聽到兩黨人士進行這樣的對話，令人鼓舞。因此，我們正在積極參與這些對話，讓我們拭目以待。但早期的討論無疑令人鼓舞。

Thank you, and good luck.

謝謝，祝你好運。

Michael Dudas, Vertical Research Partners.

Michael Dudas，Vertical Research Partners。

Good morning, gentlemen. Nancy? Hello, can you hear me?

早安，先生們。南希？你好，你聽得到我說話嗎？

Yes, we can, Mike. Yeah, absolutely.

是的，我們可以，麥克。是的，絕對的。

Okay. Yeah, good. Thank you. So Jim, I just want to get your thoughts on the M&A pipeline as you're accelerating on your four connected platforms, where now or are you seeing some of the focus on the capital allocation towards M&A over the next 6 to 12 months?

好的。好的。謝謝。吉姆，我想聽聽你對併購管道的看法，因為你正在加速推進你的四個互聯平台，你認為未來 6 到 12 個月內，資本配置的重點會放在併購方面嗎？

Yeah. Sure, Mike. Yes, listen, really pleased with the execution to date, right? $3.5 billion on 27 deals, the largest, which is Eco Material and maybe come back at that at the end, and maybe get Randy to talk about how that's going from an integration perspective and how it started, right?

是的。當然可以，麥克。是的，聽著，我對目前的執行情況非常滿意，對吧？27 筆交易，總額達 35 億美元，其中最大的一筆是與 Eco Material 的合作，也許最後可以再談談這筆交易，也許可以請 Randy 從整合的角度談談這筆交易的進展情況以及它是如何開始的，對吧？

But a great start to the year, 27 deals and really reflects the continued successful execution of our growth strategy and our ability to deploy capital in growth markets across our key platforms. And you said it in the question actually, we -- at this stage, we've built four growth platforms of scale, coast to coast across the US in aggregates, cementitious, roads and water. It also reflects our ability to integrate.

但今年開局不錯，達成了 27 筆交易，真正反映了我們成長策略的持續成功執行，以及我們在關鍵平台上向成長市場部署資本的能力。正如你在問題中提到的，我們——在現階段，我們已經在美國各地建立了四個規模化的成長平台，涵蓋骨材、水泥、道路和水務領域。這也體現了我們的融合能力。

I mean, 27 deals year to date to be able to integrate those at pace and get early execution and delivery on synergies as well reflects kind of just that growth capability that we have. The pipeline at this stage into 2026 is good, right? And that, again, is really coming from a lot of the local relationships that we have across the 300 operating businesses across CRH.

我的意思是，今年迄今達成了 27 筆交易，能夠快速整合這些交易，並儘早實現協同效應，這反映了我們所擁有的成長能力。截至2026年，目前的供應計畫進展順利，對吧？而這，同樣源自於我們在 CRH 旗下 300 家營運企業中建立的許多本地關係。

And it's really, again, when you layer that kind of scale, the connected nature of the portfolio, it really gives us optionality as to where we choose to deploy capital going forward. And at the recent Investor Day, would have called out that on the medium term out to 2030, we estimate that we're going to generate $40 billion of financial capacity.

而且，正是當你建構起這種規模，以及投資組合的關聯性時，它才真正賦予我們未來在資本部署上更大的選擇權。在最近的投資者日上，我們曾指出，在中期到 2030 年，我們預計我們將創造 400 億美元的金融能力。

And we're going to allocate that approximately 70% to the growth side, so growth CapEx and M&A and then 30% in terms of shareholder returns. So the consistent year in, year out ability to deploy capital in value-accretive acquisitions really highlights us as the kind of leading compounder of capital in the industry. But a great start to the year and good activity level across the full business, both the Americas and International into '26. But Randy, maybe on Eco?

我們將把其中約 70% 分配給成長方面，即成長資本支出和併購，然後 30% 用於股東回報。因此，我們能夠年復一年地持續地將資本投入到增值收購中，這真正凸顯了我們作為業內領先的資本複合成長者的地位。但今年開局良好，整個業務（包括美洲和國際業務）在 2026 年都保持了良好的活躍度。但蘭迪，或許可以考慮 Eco？

On Eco, yeah. Early days so far, but the integration is going really well. I think maybe when you stand back, we were excited about the opportunity before and even more so as we've got an opportunity to bring them into the CRH fold. I think I'd call out a couple of things. Obviously, it's a fantastic team, terrific leaders and organization from an operational standpoint, and a great brand, and we're going to continue to build off that brand.

是的，在Eco上。目前還處於初期階段，但整合進展非常順利。我認為，當我們冷靜下來思考時，會發現我們之前就對這個機會感到興奮，而現在有機會將他們納入 CRH 旗下，我們更是興奮不已。我想指出幾點。顯然，這是一個非常棒的團隊，擁有出色的領導層和營運組織，以及一個偉大的品牌，我們將繼續以此品牌為基礎發展壯大。

I think from a cultural standpoint, a great deal of alignment, right? They're focused on ensuring their teams are safe. That's our number one value within CRH, great to see. It's the ownership of those relationships, really deep local relationships, the importance of that, and that's in direct alignment with how we look at our local brands and how we go to market. But as we got inside, certainly, we're seeing things that we would continue to build off of.

我認為從文化角度來看，兩者有很多契合之處，對吧？他們專注於確保團隊成員的安全。這是CRH最重要的價值觀，很高興看到這一點。關鍵在於對這些關係的掌控，真正深厚的在地關係，以及這些關係的重要性，這與我們如何看待本地品牌以及如何進入市場直接相關。但當我們深入了解之後，我們確實看到了一些值得我們繼續深入研究的東西。

One, they have a terrific offering with current customers, the ability for us to integrate that to our cementitious business with Ash Grove is going to give us plenty of opportunities from a commercial standpoint. And remember, the FCMs are the fastest segment of the cementitious space. And so it was important for us to play there, and they deliver a lot of optionality for customers.

首先，他們為現有客戶提供了非常棒的產品，我們能夠將其與 Ash Grove 的水泥業務整合起來，這將從商業角度為我們帶來很多機會。記住，FCM 是水泥基材料中成長最快的部分。因此，對我們來說，在那裡比賽很重要，他們為客戶提供了許多選擇。

I think that's that I think I called it out in the opening remarks, the network that they've built. It gives us an additional 55 terminals across the US close to 8,000 railcars to really extend our reach to our customer base, which is very important to provide high-quality product in a timely manner.

我想，我在開場白中已經提到了這一點，那就是他們建立的網路。這為我們在美國各地增加了 55 個終端，近 8000 節鐵路貨車，真正擴大了我們服務客戶群的範圍，這對於及時提供高品質的產品非常重要。

And I think lastly, what they have done really well is drive innovation in this space. The customers that we're engaged with, whether it's on high-spec manufacturing or data centers, a focus on sustainability. They've done an incredible job of really advancing that in their overall offering. It's going to be a terrific combination with our scale.

最後，我認為他們做得非常出色的一點是推動了這一領域的創新。我們接觸的客戶，無論是高端製造還是資料中心，都非常注重永續性。他們在整體產品和服務中在這方面取得了令人矚目的進步。這將與我們的規模完美契合。

So overall, excited as to where we are at this point in time. I think there's a tremendous amount of value for our business and overall shareholders and a great opportunity for us to continue to drive margins forward.

總的來說，我對我們目前所處的位置感到興奮。我認為這對我們的業務和全體股東來說都具有巨大的價值，也是我們繼續提高利潤率的絕佳機會。

I appreciate the observations. Thank you.

感謝您的點評。謝謝。

Colin Sheridan, Davy.

科林·謝裡丹，戴維。

Yeah, good morning, guys, and thanks for the presentation. My question is on the International Solutions business. Clearly, it's had an excellent Q3 in terms of the growth and good margin progress. But looking forward, I just wonder if there's any areas of that business you might think will provide opportunities for some further upside as we go into 2026.

好的，各位早安，感謝你們的演講。我的問題與國際解決方案業務有關。顯然，該公司第三季在成長和利潤率方面都取得了優異成績。但展望未來，我只是想知道，隨著我們進入 2026 年，您認為該業務的哪些領域可能會提供進一步上漲的機會。

Yeah, listen, as you called out a really good quarter. Actually, really good year to date and building off a really strong 2024 as well. But year-to-date adjusted EBITDA and margin growth across the International Solutions business. It's an encouraging outlook, Colin, into 2026. And in fact, beyond it, I'd say, for the next three to five years across the international portfolio.

是的，聽著，正如你所說，這確實是一個非常出色的季度。事實上，今年迄今情況非常好，而且2024年也將保持強勁勢頭。但國際解決方案業務今年迄今的調整後 EBITDA 和利潤率均有所成長。科林，展望2026年，這是一個令人鼓舞的前景。事實上，我認為，未來三到五年內，國際投資組合都會如此。

And it's really recovering from what has been a challenging period, right? It has had a numerous headwinds, right? Whatever started out originally with Brexit, then we went into the pandemic, then the energy crisis and the war in Ukraine, right?

它確實正在從那段充滿挑戰的時期中恢復過來，對吧？它遇到了很多不利因素，對吧？最初是英國脫歐，然後是新冠疫情，接著是能源危機和烏克蘭戰爭，對吧？

And -- but what we're seeing is that Europe is more advanced in the kind of interest rate cycle, the cutting of interest rates, and that's coming through in terms of being more supportive of continued residential recovery. That together, with good EU level and individual state level funding for infrastructure in our key markets, is providing a very significant underpin in terms of base activity levels coming from infrastructure.

但我們看到的是，歐洲在利率週期（降息）方面走得更遠，這體現在對住宅市場持續復甦的更大支持。再加上歐盟層級和各國層級對我們主要市場基礎設施​​的良好資金投入，這為基礎設施帶來的基礎活動水準提供了非常重要的支撐。

We're also this year in our eighth consecutive year of price increases across the European business, and we're expecting further momentum on that into 2026 also. And in our case also, we would have taken on a lot of portfolio and self-help measures over the last number of years across the -- particularly the European portfolio.

今年也是我們歐洲業務連續第八年漲價，我們預計到 2026 年這一趨勢還會持續。就我們而言，在過去幾年裡，我們也採取了許多投資組合和自助措施，尤其是在歐洲投資組合方面。

And as activity levels are beginning to recover, we're beginning to see really good leverage on the margin drop-through on that business. And you see that coming through on the quarter-on-quarter and year-on-year performance as well.

隨著業務活動水準開始復甦，我們開始看到該業務的利潤率下降得到了很好的緩解。這一點也體現在季度環比和年度同比業績。

And maybe finally, just in terms of Australia, right, really, it's a little over 12 months at this stage. Good news, really good delivery on synergies ahead of our expectations and good positive momentum into 2026.

最後，就澳洲而言，確實，目前已經過了 12 個月多一點。好消息，協同效應的實現效果遠超預期，並有望在 2026 年保持良好的發展勢頭。

That's great. Thanks for [the color].

那太棒了。謝謝顏色。

Thanks, Colin. Well, I think that brings us to the end of the questions today. But thank you, all, for your attention. And as always, if any of you have any follow-up questions, please feel free to contact our Investor Relations team.

謝謝你，科林。好了，我想今天的提問環節到此結束了。謝謝大家的關注。如有任何後續問題，請隨時聯絡我們的投資者關係團隊。

We look forward to talking to you, all, again in February next year when we will report our full-year results for 2025. Thank you, all, and have a good and safe day.

我們期待明年二月再次與大家見面，屆時我們將公佈 2025 年全年業績。謝謝大家，祝大家有個美好又安全的一天。

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

謝謝。您的電話會議已結束。您現在可以斷開連線了。