...September 21, 2023 CRH reported solid first-half results, supported by strong pricing and overall robust underlying demand. Sales grew by 8% while EBITDA margins expanded by 90 basis points year on year in first-half 2023. Strong pricing in non-residential and infrastructure segments, and cost-saving initiatives more than offset the effects of persisting high cost inflation, unfavorable weather conditions, and low residential demand in Europe. U.S. growth was higher than in Europe both organically and inorganically due to softer demand in Europe and acquisition of Barrette Outdoor Living in July 2022. We continue to believe that CRH is well positioned to benefit from the increase in funding for the North American infrastructure market, as well as significant increases in the onshoring of manufacturing activities. We forecast a revenue growth of about 9%-10%, as well as S&P Global Ratings-adjusted EBITDA margin of 17.5%-18.0% in 2023. We expect CRH's rating headroom to remain comfortable,...
