CRH combines scarce North American quarry assets, infrastructure-led growth and a 10.2x EV/EBITDA valuation with substantial Arcosa execution and leverage risk.
Overview
CRH is a global building-materials and infrastructure-solutions provider with more than 4,000 locations across 28 countries, a primary NYSE listing and a vertically integrated model spanning raw aggregates through engineered products and construction services. North America contributes approximately 75% of group Adjusted EBITDA, while infrastructure represents about 40% of end markets and public infrastructure and large industrial projects drive roughly 70% of the business. **Q2 2026 confirmed strong execution:** revenue rose 6% year over year to $10.78 billion, Adjusted EBITDA increased 7% to $2.63 billion, margin expanded 30 basis points to 24.4%, and diluted EPS of $2.21 beat the $2.03 consensus by 8.87%. Full-year 2026 guidance remains $8.1 billion–$8.5 billion of Adjusted EBITDA and $5.60–$6.05 of EPS. **Valuation is attractive at 10.2x EV/EBITDA versus a 13.5x sector median**, despite infrastructure, data-center, water and reindustrialization tailwinds. Near-term catalysts are Arcosa regulatory approval, integration progress, $175 million of targeted synergies and deleveraging; risks center on the buyback pause and leverage rising to 2.4x net debt/EBITDA.