DAVY VIEW

Although it was a less seasonally significant quarter, CRH’s Q1 financials nonetheless demonstrated that key value drivers for the stock – above-market growth through its differentiated strategy, commercial and operational execution, and disciplined capital deployment – continue to shine. Our adj. EBITDA forecasts ($7.45bn in 2025) reflect this momentum and positive commentary on backlogs and bidding activity. Relative valuation levels are extremely attractive, and thus we reiterate our ‘Outperform’ rating.