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CRH
FY2026 Q1
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Отчётный звонок CRH plc
Вывод Buzzberg
CRH reaffirms 2026 adjusted EBITDA guidance of $8.1-8.5 billion
CRH delivered a strong Q1 2026 with revenue up 9% and adjusted EBITDA up 18%, leading management to reaffirm full-year guidance of $8.1-$8.5 billion. The company continued its capital allocation strategy, announcing $1.9 billion in divestitures and $900 million in acquisitions including Axios Water. Management struck a confident tone about the infrastructure demand outlook, citing record state DOT budgets, the IIJA rollout, and strong backlogs. Q1 revenue $7.4B (+9%), adjusted EBITDA $586M (+18%), margin +70bps.
Вывод Buzzberg CRH reaffirms 2026 adjusted EBITDA guidance of $8.1-8.5 billion CRH delivered a strong Q1 2026 with revenue up 9% and adjusted EBITDA up 18%, leading management to reaffirm full-year guidance of $8.1-$8.5 billion. The company continued its capital allocation strategy, announcing $1.9 billion in divestitures and $900 million in acquisitions including Axios Water. Management struck a confident tone about the infrastructure demand outlook, citing record state DOT budgets, the IIJA rollout, and strong backlogs. Q1 revenue $7.4B (+9%), adjusted EBITDA $586M (+18%), margin +70bps. Читать полный анализСвернуть анализ
CRH delivered a strong Q1 2026 with revenue up 9% and adjusted EBITDA up 18%, leading management to reaffirm full-year guidance of $8.1-$8.5 billion. The company continued its capital allocation strategy, announcing $1.9 billion in divestitures and $900 million in acquisitions including Axios Water. Management struck a confident tone about the infrastructure demand outlook, citing record state DOT budgets, the IIJA rollout, and strong backlogs. Q1 revenue $7.4B (+9%), adjusted EBITDA $586M (+18%), margin +70bps.
- FY26 guidance reaffirmed: EBITDA $8.1-8.5B, net income $3.9-4.1B, EPS $5.60-6.05.
- Announced divestitures totaling $1.9B (lawn & garden, construction accessories, Moisture Shield) to fund acquisitions incl. Axios Water ($700M).
- Aggregates volume +14%, mix-adjusted pricing +5%; cement volume +10%, pricing -1%.
Выручка$7.37BФакт
EPS$-0.27Факт
Валовая маржа27.75%Факт
Операционная маржа-0.52%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Portfolio Management
Divestitures total $1.9 billion, recycling capital to higher-growth platforms
M&A
Acquisition of Axios Water strengthens U.S. water infrastructure position
Показать ещё 3 тезиса
Costs
Energy cost spikes mitigated by hedging and proactive pricing actions
Demand
Transportation demand robust, 2026 record investment expected
Capital Returns
Shareholder returns continue: buyback tranche and 5% dividend increase
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| Выручка | $7.37B | Факт |
| EPS | $-0.27 | Факт |
| Валовая маржа | 27.75% | Факт |
| Операционная маржа | -0.52% | Факт |
| Свободный денежный поток | $-1.217B | Факт |
| Капзатраты | $0.601B | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| EPS | FY2026 | $5.60–$6.05 | $5.82 | Подтверждён |
| Операционная маржа | FY2026 | $8.1B–$8.5B | $8.3B | Подтверждён |
AI, капзатраты и спрос
Оценка менеджмента
Confident
Management reaffirmed guidance and emphasized strong momentum, robust demand, and a proven growth algorithm, projecting another year of margin expansion.
Инвестиции и мощности
Management highlighted strategic growth capital expenditures and active capital allocation, including divesting non-core businesses for $1.9 billion and investing $900 million in acquisitions, with a focus on higher-growth markets like water infrastructure.
Внешние сигналы
Альфа цепочки поставок · 3с момента звонка
CRH's winter fuel program stores about half its annual liquid asphalt requirement off-season, providing procurement advantages, certainty of costs, and security of supply heading into the paving season—mitigating recent energy price spikes better than competitors without similar scale.
Доказательства
“we store about half our annual liquid requirement. We accumulate it off-season. And we've built up that capacity over several decades at this point in time. ... It gives us kind of two key strategic advantages, right? Firstly, it's on the…”
In Q1, aggregates volume grew 14% but price was only 1% ahead; however, on a mix-adjusted basis pricing was 5% ahead, masking an underlying pricing softness when mix effects are stripped out.
Доказательства
“On a mix-adjusted basis, our aggregate pricing was 5% ahead.”
The divestiture of the lawn and garden business for $1.1 billion creates a direct read-through for private equity or strategic acquirers of mulch/soil/decorative stone assets, indicating robust valuations in the landscaping supply segment.
Доказательства
“we have reached agreements to divest of our lawn and garden business, a manufacturer and supplier of mulch, soil and decorative stone for $1.1 billion”
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 0. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.