CRH on Track to Deliver Double-Digit EBITDA Growth in Fiscal 2024; Raising Our Fair Value Estimate

We commend CRH’s strategic repositioning toward being a one-stop shop for construction customers by integrating upstream and downstream activities. The group is the most defensive of our European construction materials coverage because of its exposure to publicly funded US infrastructure activity. As the largest roadbuilder in North America, CRH is well-positioned to benefit from a 50% increase in funding for highway and road construction as part of recently signed US legislation. Funding certainty for US infrastructure projects and reshoring activity support a healthy price environment for building materials, contributing to strong proftiability metrics.