DAVY VIEW

Against a backdrop of geopolitical uncertainty and rising cost inflation, CRH has delivered Q2 results showing strong growth and clearly ahead of our expectations. Underlying demand remains encouraging in the group’s markets, and FY26 guidance has been reiterated (including adjusted EBITDA of $8.1-8.5bn). CRH’s performance is impressive, as ever, and we believe the recent share price weakness is unjustified given the group’s track record. We reiterate our ‘Outperform’ rating.