CRH plc has sustained strong operational performance over the past two years, underpinned by strategic acquisitions, disciplined price and cost management, and robust demand, which have strengthened its market leadership, profitability, and growth prospects, while demonstrating a financial policy and capital allocation consistent with our 'BBB+' rating. We forecast CRH's EBITDA at $8.1 billion-$8.2 billion in 2026, up from S&P Global Ratings-adjusted $7.9 billion as of Dec. 31, 2025, supported by anticipated volume increases in the Americas, Western Europe, and Central and Eastern Europe (CEE), offsetting slower price growth amid inflationary pressures, with EBITDA margins stabilizing at 20%-21% in 2026-2027. We anticipate growth capital expenditure (capex), acquisitions, and shareholder remuneration will keep S&P Global Ratings-adjusted net debt to EBITDA at
