{"schemaVersion":1,"research":true,"symbol":"crh","name":"Crh Public Ltd Co","topic":"moat","path":"/stock/crh/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:23:03.520Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"CRH's established quarry reserves near urban demand and integrated materials operations support a narrow location-based cost advantage. The relative cost benefit is inferred from the asset configuration; delivered-cost comparisons are absent. Realized pricing increases across several products and operating improvements support commercial effectiveness, but cement price declines, commodity competition and uneven segment results constrain pricing power. Customer lock-in and exceptional durability are not established.","advantages":[{"mechanism":"cost_advantage","claim":"An existing network of long-term quarry reserves predominantly near urban demand, supported by vertical integration, provides a localized sourcing and production advantage. Proximity plausibly reduces delivery requirements, although the passages do not quantify savings versus competitors.","durability":"The reserve network was disclosed in both the 2023 and 2025 annual reports, supporting an established advantage rather than a proposed capability. Long-term reserves support persistence, but remaining reserve lives, replacement economics and competitors' locations are not supplied.","risks":"Fragmented markets, innovative and cost-competitive local suppliers, substitutes and volume-sensitive cement operations limit protection. Americas cement pricing declined in the first half of 2026, and Americas Building Solutions experienced organic earnings deterioration. Acquisition benefits remain dependent on integration.","invalidation":"The thesis would be invalidated by evidence that nearby competitors consistently match or undercut CRH's delivered costs, loss or depletion of its advantageous reserves without economic replacement, or persistent local price and volume losses despite stable underlying demand.","competitors":[],"evidenceIds":["e1","e2","e3","e7","e8","e9"],"counterEvidenceIds":["e4","e5","e6","e10","e15","e16"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: established quarry reserve network near urban demand","excerpt":"In order to support its operations, the Company has established a network of long-term reserves at quarry locations, predominantly adjacent to urban areas where demand for its materials and products is strongest."},{"id":"e2","sourceId":"filing-5","location":"Business: vertical integration and production optimization","excerpt":"Vertical integration is a defining characteristic within this segment, enabling us to optimize production throughout the value chain and to capture greater value."},{"id":"e3","sourceId":"filing-5","location":"Business: quarry reserve network disclosed for 2023","excerpt":"In order to support its operations, the Company has established a network of long-term reserves at quarry locations, predominantly adjacent to urban areas where demand for its materials and products is strongest."},{"id":"e4","sourceId":"filing-1","location":"Risk factors: commodity volume and price competition","excerpt":"Many of the Company’s products are commodities that face strong volume and price competition, with pricing impacted by macroeconomic conditions, the competitive environment, the degree of utilization of production capacity and the specifics of product demand, among other factors."},{"id":"e5","sourceId":"filing-1","location":"Risk factors: local competitors and substitute products","excerpt":"In addition, the Company’s local competitors are increasingly innovative and cost competitive, and our products may also face competition from substitute products, including new products, that the Company does not produce."},{"id":"e6","sourceId":"filing-1","location":"Risk factors: cement fixed costs and volume sensitivity","excerpt":"The Company’s profits are particularly sensitive to changes in volume, as the cement business is capital-intensive and thus has significant fixed and semi-fixed costs."},{"id":"e7","sourceId":"filing-4","location":"2024 segment results: Americas aggregates and cement pricing","excerpt":"In Essential Materials, total revenues were 5% ahead of the prior year, supported by aggregates and cement pricing, which were ahead by 10% and 8%, respectively."},{"id":"e8","sourceId":"filing-1","location":"2025 segment results: Americas Materials Solutions earnings growth and drivers","excerpt":"Adjusted EBITDA for Americas Materials Solutions was 7% ahead of 2024, driven by disciplined cost management, operational efficiencies and strong performance from acquisitions."},{"id":"e9","sourceId":"filing-2","location":"First-half 2026 segment results: Americas aggregates volumes, pricing and mix","excerpt":"Aggregates volumes increased by 6% year-over-year, while pricing increased by 3% reflecting strong commercial execution but also geographic and project mix-effects."},{"id":"e10","sourceId":"filing-2","location":"First-half 2026 segment results: Americas cement volume growth and pricing decline","excerpt":"Cement volumes were 3% ahead of the prior year, while pricing was 1% behind."},{"id":"e11","sourceId":"filing-2","location":"First-half 2026 segment results: Americas asphalt volumes and pricing","excerpt":"Asphalt volumes increased by 5%, while pricing increased by 5%."},{"id":"e12","sourceId":"filing-2","location":"First-half 2026 segment results: Americas readymixed concrete volumes and pricing","excerpt":"Readymixed concrete volumes increased by 4%, with pricing up 3% over the same period."},{"id":"e13","sourceId":"filing-2","location":"Second-quarter 2026 segment results: International aggregates and cement pricing","excerpt":"Aggregates and cement pricing were 2% and 4% ahead of the prior year period, respectively."},{"id":"e14","sourceId":"filing-2","location":"First-half 2026 segment results: paving revenue, project execution and backlog conversion","excerpt":"Paving and construction revenues increased by 8%, supported by strong project execution, backlog conversion, and contributions from acquisitions."},{"id":"e15","sourceId":"filing-2","location":"Second-quarter 2026 segment results: Americas Building Solutions organic earnings decline and margin contraction","excerpt":"Americas Building Solutions Three months ended June 30, 2026 Analysis of Change in $ millions Three months ended June 30, 2025 Currency Acquisitions Divestitures Organic Three months ended June 30, 2026 % change Total revenues 2,159 – +5 (192) +145 2,117 (2%) Adjusted EBITDA 501 – +20 (37) (22) 462 (8%) Adjusted EBITDA margin 23.2% 21.8% Americas Building Solutions' Total revenues were 2% behind the second quarter of 2025, as strong data center and utility infrastructure demand was offset by the impact of divestitures."},{"id":"e16","sourceId":"filing-2","location":"Second-quarter 2026 segment results: Americas Building Solutions cost inflation and residential weakness","excerpt":"Americas Building Solutions' Adjusted EBITDA was 8% behind the second quarter of 2025, reflecting the impact of divestitures, cost inflation and subdued residential demand, partly offset by strong demand in our utility infrastructure markets and ongoing performance improvement initiatives."},{"id":"e17","sourceId":"filing-2","location":"First-half 2026 results: consolidated gross margin improvement","excerpt":"The gross profit margin of 34.9% increased 30bps from 34.6% in the first six months of the prior year."},{"id":"e18","sourceId":"filing-2","location":"Second-quarter 2026 results: energy, labor and other cost increases","excerpt":"The increase in Total cost of revenues was primarily driven by a 16% increase in energy costs, driven by higher activity levels, cost inflation and acquisitions, a 4% increase in labor costs, attributable to higher headcount from acquisitions and inflationary pressures, and an 8% increase in depreciation and amortization charges, reflecting the impact of acquisitions, while other costs were 4% ahead of the second quarter of the prior year."},{"id":"e19","sourceId":"filing-5","location":"2023 results: gross margin improvement","excerpt":"The gross profit margin of 34.2% increased 110bps from 33.1% in the prior year, due to revenue growth exceeding increases in total cost of revenues."},{"id":"e20","sourceId":"filing-1","location":"Business: intended customer relationship and repeat-business benefits","excerpt":"Through this customer-centric approach CRH aims to reduce lead times and complexity, deepening relationships, driving repeat business and increasing the share of customer wallet spent on CRH products and services."},{"id":"e21","sourceId":"filing-1","location":"Business: specified and engineered Americas Building Solutions products","excerpt":"Products in this segment are highly specified, designed and engineered thereby adding value for the customer."},{"id":"e22","sourceId":"filing-1","location":"2025 capital deployment: capital expenditure, dividends and repurchases","excerpt":"A further $2.7 billion was invested in growth and maintenance capital expenditure projects in 2025, compared with $2.6 billion in 2024; •Cash paid to shareholders in 2025 through dividends was $1.0 billion and through share buybacks was $1.2 billion, compared with $1.7 billion and $1.3 billion, respectively, in 2024; •Full year dividend per share increase of 6% resulting in a dividend per share of $1.48 in 2025, from $1.40 in 2024; and •Ongoing share buyback program in 2025 repurchased approximately 11.7 million Ordinary Shares for a total consideration of $1.2 billion, compared with $1.3 billion in 2024."},{"id":"e23","sourceId":"filing-1","location":"2025 development review: completed acquisition spending","excerpt":"In 2025, CRH completed 38 acquisitions for a total consideration of $4.1 billion."},{"id":"e24","sourceId":"filing-2","location":"2026 capital deployment: no new buyback tranche following acquisition agreement","excerpt":"As announced on June 22, 2026, in connection with the agreement to acquire Arcosa, CRH has not initiated a new tranche of its share buyback program; •The first 2026 quarterly dividend of $0.39 per share was declared in February 2026, a second quarterly dividend of $0.39 per share was declared in April 2026, and a third quarterly dividend of $0.39 per share was announced on July 30, 2026, representing an annualized increase of 5% on the prior year; •A total of 16 acquisitions were completed for a total consideration of $1.2 billion, compared with $0.7 billion in the first six months of the prior year."},{"id":"e25","sourceId":"filing-2","location":"Financing risks: actual June 2026 indebtedness and cash balances","excerpt":"As of June 30, 2026, the Company had outstanding gross indebtedness, including overdrafts, finance lease liabilities and the impact of derivatives, of approximately $18.4 billion, compared to $16.3 billion as of June 30, 2025, and Cash and cash equivalents and Restricted cash of approximately $3.1 billion, compared to $2.9 billion as of June 30, 2025."},{"id":"e26","sourceId":"filing-2","location":"Financing risks: expected additional acquisition indebtedness","excerpt":"The Company expects to increase indebtedness by approximately $8.75 billion in connection with the Arcosa Acquisition, which will increase the Company’s overall leverage profile."},{"id":"e27","sourceId":"filing-2","location":"Portfolio management: acquisition agreement subject to closing conditions","excerpt":"For example, on June 22, 2026, the Company announced entry into a definitive agreement to acquire Arcosa, which is subject to the approval of Arcosa’s stockholders, regulatory approvals and other customary closing conditions."},{"id":"e28","sourceId":"filing-3","location":"Compensation discussion: annual and equity incentive metrics and vesting structure","excerpt":"The Annual Incentive Plan incentivizes NEOs to deliver Company and individual goals that support long-term value creation Operating Cash Flow (30%) Operating Cash Flow is a measure of CRH’s ability to generate cash to fund organic and acquisitive growth and provide returns to our shareholders via dividends and share buybacks EPS (30%) EPS is a measure of underlying profitability RONA (20%) RONA is a measure of CRH's ability to create value through excellence in operational performance Sustainability/Strategic Measures (20%) Sustainability/strategic measures enable a focus on specific factors aligned with CRH's short- and medium-term strategic objectives that promote long-term success 2025 Equity Incentive Plan - RSUs Equity-based awards (totaling 40% of annual award under the 2025 Equity Incentive Plan) with three-year ratable vesting Market competitive award helps to encourage retention _ Reviewed annually in light of individual performance, level of responsibility, knowledge and experience, competitive market compensation practice, and pay levels elsewhere in the Company 2025 Equity Incentive Plan - PSUs Equity-based awards (totaling 60% of annual award under the 2025 Equity Incentive Plan) with three-year cliff vesting based on achievement of selected performance metrics Align the interests of key management across different businesses and regions with those of shareholders through an interest in CRH shares and by incentivizing the achievement of long- term performance goals Cash Flow (50%) Cash flow is a measure of CRH’s ability to generate cash to fund organic and acquisitive growth and provide returns to our shareholders via dividends and share buybacks RONA (25%) RONA is a measure of CRH's ability to create value through excellence in operational performance Relative TSR (25%) TSR is a measure of shareholder return on investment in CRH and is measured relative to our peers 58 CRH PROXY STATEMENT 2026 The Role of Individual Performance Individual performance informs the decision-making in relation to NEO base salaries, as well as the outcome of that element of the annual bonus linked to the achievement of strategic objectives."},{"id":"e29","sourceId":"filing-3","location":"Executive compensation: actual 2025 equity grants","excerpt":"69 CRH PROXY STATEMENT 2026 Grants of Plan-Based Awards The following table details the grants of plan-based awards in 2025 to our NEOs: Grants of plan-based awards in 2025 (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) Estimated Future Pay-outs Under Non- Equity Incentive Plan Award Estimated Future Pay-outs Under Equity Incentive Plan Awards All other Share Awards: Number of Shares or Share Units (#) Grant Date Fair value of Share and Option Awards ($) Name Grant Date Threshold ($) Target ($) Maximum ($) Threshold (#) Target (#) Maximum (#) Jim Mintern Annual Bonus - Cash 02/10/2025 — 2,625,000 5,250,000 — — — — — Annual Bonus - Deferred Shares 03/03/2025 — — — — — — 6,771 676,849 2025 Equity Incentive Plan - RSUs 05/13/2025 — — — — — — 44,955 4,412,783 2025 Equity Incentive Plan - PSUs 05/13/2025 — — — 33,717 67,433 134,866 — 6,952,005 Nancy Buese Annual Bonus - Cash 05/12/2025 — 704,423 1,408,846 — — — — — 2025 Equity Incentive Plan - RSUs (Annual) 05/13/2025 — — — — — — 17,565 1,724,180 2025 Equity Incentive Plan - RSUs (Appointment) 05/13/2025 — — — — — — 21,956 2,155,201 2025 Equity Incentive Plan - PSUs 05/13/2025 — — — 13,174 26,347 52,694 — 2,716,244 Randy Lake Annual Bonus - Cash 02/10/2025 — 1,972,500 3,945,000 — — — — — Annual Bonus - Deferred Shares 03/03/2025 — — — — — — 7,830 782,732 2025 Equity Incentive Plan - RSUs 05/13/2025 — — — — — — 18,882 1,853,457 2025 Equity Incentive Plan - PSUs 05/13/2025 — — — 14,162 28,324 56,648 — 2,920,063 Peter Buckley Annual Bonus - Cash 02/10/2025 — 1,146,701 2,293,401 — — — — — Annual Bonus - Deferred Shares 03/03/2025 — — — — — — 3,892 389,108 2025 Equity Incentive Plan - RSUs 05/13/2025 — — — — — — 10,317 1,012,717 2025 Equity Incentive Plan - PSUs 05/13/2025 — — — 7,740 15,480 30,960 — 1,595,911 Nathan Creech Annual Bonus - Cash 02/10/2025 — 1,334,300 2,668,600 — — — — — Annual Bonus - Deferred Shares 03/03/2025 — — — — — — 5,268 526,605 2025 Equity Incentive Plan - RSUs (Annual) 05/13/2025 — — — — — — 15,369 1,508,621 2025 Equity Incentive Plan - RSUs (Retention) 05/13/2025 — — — — — — 32,934 3,232,801 2025 Equity Incentive Plan - PSUs 05/13/2025 — — — 11,527 23,054 46,108 — 2,376,752 Alan Connolly Annual Bonus - Cash 02/10/2025 — 358,632 717,263 — — — — — 2025 Equity Incentive Plan - RSUs (Annual) 05/13/2025 — — — — — — 3,831 376,051 2025 Equity Incentive Plan - RSUs (Transition) 06/23/2025 — — — — — — 3,270 294,071 2025 Equity Incentive Plan - PSUs 05/13/2025 — — — 2,872 5,744 11,488 — 592,178 Notes: 1.For each NEO, the amounts shown in columns (c), (d) and (e) reflect the portion of the annual bonus that would have been paid in cash if, respectively, threshold, target and maximum performance was achieved for the year."},{"id":"e30","sourceId":"filing-3","location":"Compensation discussion: 2025 targets, achieved outcomes and payout","excerpt":"60 CRH PROXY STATEMENT 2026 2025 Annual Incentive Plan – Targets & Achievement 2025 Targets – Performance needed for payout at (i) (ii) Measure Weighting (% of total bonus) Threshold Target Maximum 2025 Performance Achieved (iii) Percentage of Target Awarded Operating Cash Flow (iii) 30% $3.62B $4.26B $4.77B $4.67B 181% Diluted EPS (iii) 30% $4.63 $5.45 $6.10 $5.57 119% RONA (iii) 20% 12.4% 14.4% 15.9% 14.1% 92% Sustainability/Strategic 20% See page 58 150% Total 100% 138% Notes: (i)50% is earned at threshold, 100% at target and 200% at maximum, with a straight-line payout schedule between these points."},{"id":"e31","sourceId":"filing-3","location":"Compensation discussion: incentive cash-flow measure differs from annual-report operating cash flow","excerpt":"The Operating Cash Flow outcome in the table above differs from that disclosed in the 2025 Annual Report as the outcome achieved for 2025 is calculated by making the following adjustments to Adjusted EBITDA, a non-GAAP metric disclosed in this Proxy Statement and the 2025 Annual Report: deducting cash outflows on the purchases of property, plant and equipment, and intangibles; adding proceeds from disposal of long-lived assets; and adjusting for movement in trade working capital and gains/losses on disposal of long-lived assets."},{"id":"e32","sourceId":"filing-3","location":"Compensation discussion: internal pre-impairment RONA definition","excerpt":"RONA is an internal, pre‑finance, pre‑tax and pre‑impairment measure used by management to assess asset efficiency across CRH’s segments."},{"id":"e33","sourceId":"filing-1","location":"Cybersecurity governance: six independent Audit Committee directors","excerpt":"The Audit Committee is currently made up of six independent directors with a range of relevant cybersecurity, information technology, and operational technology experience."},{"id":"e34","sourceId":"filing-1","location":"Cybersecurity governance: reporting to the Audit Committee","excerpt":"The Audit Committee receives updates at least annually from the Chief Information Security Officer (CISO) on the design and progress of key information security initiatives in addition to regular briefings on cybersecurity and management of cybersecurity-related risks from relevant members of management, including the Head of ERM and the CISO."},{"id":"e35","sourceId":"filing-3","location":"Compensation governance: restatement clawback policy","excerpt":"Maintain a robust clawback policy providing for the right to cancel or recoup incentive compensation in the event of financial restatements"},{"id":"e36","sourceId":"filing-3","location":"Governance: external Board evaluation still ongoing at proxy disclosure","excerpt":"An externally facilitated process in relation to the performance of the Board and its Committees during 2025 is currently ongoing."},{"id":"e37","sourceId":"filing-2","location":"First-half 2026 segment results: organic Americas Materials Solutions revenue and earnings growth","excerpt":"29 CRH FORM 10-Q Americas Materials Solutions Six months ended June 30, 2026 Analysis of Change in $ millions Six months ended June 30, 2025 Currency Acquisitions Divestitures Organic Six months ended June 30, 2026 % change Total revenues 6,752 +6 +581 (39) +381 7,681 +14% Adjusted EBITDA 1,300 (1) +104 +7 +77 1,487 +14% Adjusted EBITDA margin 19.3% 19.4% Americas Materials Solutions' Total revenues were 14% ahead of the first six months of 2025, driven by favorable underlying demand, positive pricing momentum and contributions from acquisitions."},{"id":"e38","sourceId":"filing-2","location":"First-half 2026 income statement: operating income and impairment loss","excerpt":"Financial Statements Condensed Consolidated Statements of Income (Unaudited) (in $ millions, except share and per share data) Three months ended Six months ended June 30 June 30 2026 2025 2026 2025 Product revenues 8,491 7,919 14,725 13,531 Service revenues 2,286 2,287 3,422 3,431 Total revenues 10,777 10,206 18,147 16,962 Cost of product revenues (4,429) (4,083) (8,680) (7,909) Cost of service revenues (2,054) (2,097) (3,128) (3,190) Total cost of revenues (6,483) (6,180) (11,808) (11,099) Gross profit 4,294 4,026 6,339 5,863 Selling, general and administrative expenses (2,267) (2,120) (4,324) (3,953) Gain on disposal of long-lived assets 52 29 74 43 Loss on impairments – – (48) – Operating income 2,079 1,935 2,041 1,953 Interest income 22 30 43 67 Interest expense (220) (200) (423) (381) Other nonoperating income (expense), net 282 (9) 278 (29) Income from operations before income tax expense and income from equity method investments 2,163 1,756 1,939 1,610 Income tax expense (661) (425) (606) (367) Income (loss) from equity method investments 9 1 (2) (9) Net income 1,511 1,332 1,331 1,234 Net (income) attributable to redeemable noncontrolling interests (10) (8) (10) (8) Net (income) attributable to noncontrolling interests (15) (5) (11) (1) Net income attributable to CRH 1,486 1,319 1,310 1,225 Earnings per share attributable to CRH Basic $2.22 $1.95 $1.94 $1.79 Diluted $2.21 $1.94 $1.93 $1.78 Weighted average common shares outstanding Basic 667.2 674.8 667.9 675.8 Diluted 668.8 677.7 670.3 679.9 The accompanying notes form an integral part of the Condensed Consolidated Financial Statements."}],"changes":["Retain the previous narrow verdict and its quarry-location thesis; explicitly identify the relative delivered-cost benefit as an inference rather than a quantified comparison.","Add criterion-level pricing and management assessments using the supplied operating results, actual compensation grants and governance disclosures.","Distinguish actual debt growth and the decision not to initiate another buyback tranche from prospective acquisition financing and benefits; the passages do not establish acquisition completion."],"limitations":["All supplied sources are issuer filings. Historical results and actual contractual or compensation disclosures support assessments, while claims of unmatched scale, acquisition superiority and intended repeat-business benefits receive less weight.","No competitor-level delivered costs, local market shares, reserve lives or comparable quarry locations are supplied. The location advantage is evidenced through existing assets, but its relative economic magnitude remains uncertain.","Competition passages identify generic categories. Martin Marietta appears in compensation-peer material, which does not establish operating rivalry in relevant local markets; the fragmented reference to another peer does not justify reconstructing its company name. Competitor arrays therefore remain empty.","Customer-level repeat purchases, renewals and switching costs are absent. Retention is assessed indirectly from demand, volumes and backlog conversion; no retention rate is inferred.","Customer pricing clauses, escalation rights and repricing restrictions are absent, leaving contractual freedom unassessed.","Actual equity grants and incentive structures are disclosed, but executive ownership amounts, compliance with ownership guidelines and full Board independence coverage are not established by the supplied passages.","Sources retain their filed dateKind: the latest supplied filing is dated July 30, 2026. Later transaction completion, vesting and governance outcomes are not assumed."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Existing urban-adjacent quarry reserves and vertical integration support a localized cost advantage. Relative delivered costs and exclusivity are not quantified, and commodity competition limits the breadth of protection.","evidenceIds":["e1","e2","e4","e5"]},{"criterion":"durability","grade":2,"rationale":"The reserve network is established across multiple reporting years and described as long-term. Remaining reserve lives, replacement costs and rival supply capacity are missing, preventing a strong durability conclusion.","evidenceIds":["e1","e3","e5"]},{"criterion":"customer_dependency","grade":1,"rationale":"Commodity price competition indicates weak customer dependence across substantial offerings. Engineered products may provide differentiation, but no specification exclusivity or switching friction is demonstrated; repeat-business benefits are stated as an aim.","evidenceIds":["e4","e20","e21"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Organic materials revenue and earnings growth alongside aggregate volume and pricing increases show current resilience. Cement pricing declines and organic Building Solutions earnings deterioration demonstrate uneven protection; local competitive and substitution risks remain possibilities rather than proof of realized group-wide erosion.","evidenceIds":["e5","e9","e10","e15","e37"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Reported 2024 aggregates and cement price increases, followed by 2026 increases in aggregates, asphalt, readymixed concrete and International materials, demonstrate broad realized pricing effectiveness. Americas cement pricing declined 1%, and mix affects reported aggregates pricing, limiting the conclusion.","evidenceIds":["e7","e9","e10","e11","e12","e13"]},{"criterion":"retention","grade":2,"rationale":"Volume growth alongside price increases and conversion of construction backlog provide indirect evidence of continued demand. These results include market growth and acquisition effects and cannot establish repeat-customer retention or lock-in.","evidenceIds":["e9","e11","e12","e14","e20"]},{"criterion":"margin_resilience","grade":2,"rationale":"Consolidated gross margin improved in 2023 and the first half of 2026 despite reported cost pressures, supported by pricing and cost execution. Building Solutions margin contraction and organic earnings decline show meaningful segment vulnerability; acquisitions and mix complicate attribution to pricing alone.","evidenceIds":["e15","e16","e17","e18","e19"]},{"criterion":"contractual_freedom","grade":null,"rationale":"Observed price changes demonstrate pricing outcomes, but the passages do not disclose customer contract duration, escalation clauses or restrictions sufficient to assess contractual ability to change prices and terms.","evidenceIds":[]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual acquisitions, capital expenditure and shareholder distributions show active deployment, while foregoing a new buyback tranche alongside the acquisition agreement indicates prioritization. Actual debt increased, impairments occurred, and internal RONA missed its 2025 target. Prospective additional acquisition debt and unproven transaction returns constrain the assessment; the incentive cash-flow measure is not GAAP operating cash flow.","evidenceIds":["e22","e23","e24","e25","e26","e27","e30","e31","e32","e38"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 equity grants implement a mix of service-based and performance-based awards. Three-year performance incentives use cash flow, RONA and relative shareholder return, complemented by clawback provisions. Adjusted metrics, discretionary annual components and missing actual ownership holdings limit confidence; grants are not treated as vested awards.","evidenceIds":["e28","e29","e30","e31","e32","e35"]},{"criterion":"execution","grade":3,"rationale":"2025 materials earnings growth, first-half 2026 organic materials growth and backlog conversion demonstrate operating execution. This assessment uses operating results as indirect evidence of management effectiveness, rather than accepting management praise. Building Solutions deterioration and impairment losses temper the grade.","evidenceIds":["e8","e14","e15","e37","e38"]},{"criterion":"governance","grade":2,"rationale":"An independent Audit Committee, regular risk reporting and an existing clawback policy establish substantive oversight mechanisms. Coverage is partial, and the external Board evaluation was still ongoing at the proxy date, so its completion or effectiveness cannot be assumed.","evidenceIds":["e33","e34","e35","e36"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"17a496646f08576efab5cd8f21ca7439ffcf325efd2769dfd22d97f6132204fe","updatedAt":"2026-10-18T13:23:03.520Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/849395/000162828026009043/crh-20251231.htm","publishedAt":"2026-02-18","sha256":"0b4184f64d602b885292ca8ea3fedba072fd57e4ca6e3b08e55a3c69add96834","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/849395/000162828026050755/crh-20260630.htm","publishedAt":"2026-07-30","sha256":"8f3438e6f4d960b199bc088f8b76c4b2e52f7ec7efe2659362e1d104ef78276f","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/849395/000162828026021560/crh-20260326.htm","publishedAt":"2026-03-27","sha256":"414066a85b99cdd5fa1ea76d3f5b1c2d2175defd086cd0d720456461c433d42c","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/849395/000162828025008179/crh-20241231.htm","publishedAt":"2025-02-26","sha256":"9eb295b27f5d9bef2311afb44be1bdef962efb6b2c0734e86c6e726e8006b6ea","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/849395/000162828024007773/crh-20231231.htm","publishedAt":"2024-02-29","sha256":"dec7c0c1fd127569678668e3407cbc18cb3e624dc2d757f0d445baa6aa55588f","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/849395/000162828026028556/crh-20260331.htm","publishedAt":"2026-04-30","sha256":"e0c1916927c09b0811bcd264e66b5400414e78ed2664f187650868a33fce5128","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:390084b1ab023005504f94cba1bd632967f82278985cd7aa17e47fd19050bbc4","usage":{"input_tokens":92976,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4009,"reasoning_output_tokens":107},"basisSupplement":{"previousHash":"ca97e11e63d7c4fead70083f56955824b7d16d8d922ba547bd5ea7e2026f0709","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; 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