CRH Continues Share Buyback Program

Rhea-AI Summary

CRH plc has completed its latest share buyback phase, repurchasing 3.4 million NYSE-listed ordinary shares worth $0.3 billion between August and November 2024. The company has returned a total of $8.2 billion to shareholders since May 2018. CRH has now partnered with Mizuho Securities USA to initiate a new buyback phase for up to $0.3 billion worth of NYSE-listed shares, running from November 7, 2024, to February 26, 2025. The program aims to reduce share capital and can acquire up to 50 million ordinary shares. All repurchased shares will be cancelled.

Positive

• Completed $0.3 billion share buyback, demonstrating strong cash position
• Total of $8.2 billion returned to shareholders since 2018
• New $0.3 billion share buyback program announced
• Share cancellation will reduce share count, potentially increasing EPS

Negative

• None.

Insights

Financial Analyst

The latest $0.3 billion share buyback announcement, following $8.2 billion in total buybacks since 2018, signals strong capital return commitment and financial health. With 3.4 million shares repurchased and authorization for up to 50 million more, this represents significant value potential for existing shareholders through reduced share count and enhanced earnings per share.

The partnership with Mizuho Securities and structured approach under Rule 10b5-1 demonstrates disciplined capital allocation. The program's continuation through February 2025 provides predictable support for share price. Most notably, the company's ability to maintain substantial buybacks while operating in the cyclical building materials sector indicates robust cash flow generation and balance sheet strength.

NEW YORK--(BUSINESS WIRE)-- CRH plc (NYSE: CRH), the leading provider of building materials solutions, is pleased to announce that it has completed the latest phase of its share buyback program, returning a further $0.3 billion of cash to shareholders.

Between August 8, 2024 and November 6, 2024, 3.4 million ordinary shares listed on the New York Stock Exchange were repurchased. This brings total cash returned to shareholders under our ongoing share buyback program to $8.2 billion since its commencement in May 2018.

CRH today also announces that it has entered into an arrangement with Mizuho Securities USA LLC (“Mizuho”) to repurchase ordinary shares listed on the New York Stock Exchange on CRH’s behalf for an aggregate maximum consideration of up to $0.3 billion (the “Buyback”). The Buyback will commence today, November 7, 2024, and will end no later than February 26, 2025.

Mizuho will conduct the Buyback on CRH’s behalf and will make trading decisions under the Buyback independently of CRH in accordance with certain pre-set parameters. The maximum number of ordinary shares which may be acquired pursuant to the Buyback is 50,000,000. The purpose of the Buyback is to reduce the share capital of CRH.

The Buyback will be conducted within the parameters prescribed by (i) Rule 10b5-1 and Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended and (ii) the EU Market Abuse Regulation (596/2014) and Commission Delegated Regulation (EU) 2016/1052 as such legislation forms part of the law in the United Kingdom (“UK”) pursuant to the EU (Withdrawal) Act 2018 (as may be amended and/or supplemented from time to time). No repurchases will be made outside of the United States. The repurchased ordinary shares will be cancelled.

Any decision in relation to any future buyback program will be based on an ongoing assessment of the capital needs of the business and general market conditions.

Albert Manifold		Chief Executive
Jim Mintern		Chief Financial Officer
Lauren Schulz		Chief Communications Officer
Tom Holmes		Head of Investor Relations

About CRH

CRH (NYSE: CRH, LSE: CRH) is the leading provider of building materials solutions that build, connect and improve our world. Employing approximately 78,500 people at approximately 3,390 operating locations in 28 countries, CRH has market leadership positions in both North America and Europe. As the essential partner for transportation and critical utility infrastructure projects, complex non-residential construction and outdoor living solutions, CRH’s unique offering of materials, products and value-added services helps to deliver a more resilient and sustainable built environment. The company is ranked among sector leaders by Environmental, Social and Governance (ESG) rating agencies. A Fortune 500 company, CRH’s shares are listed on the NYSE and LSE.

Forward-Looking Statements

This document contains statements that are, or may be deemed to be, forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally, but not always, be identified by the use of words such as "will" or similar expressions. These forward-looking statements include all matters that are not historical facts or matters of fact at the date of this document. Forward-looking statements are subject to risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future and/or are beyond CRH’s control or precise estimate. Such forward-looking statements include, but are not limited to, expectations related to the structure, timing and volume of the Buyback and manner in which the Buyback will be conducted and expectations related to decisions on any future buyback program. There are important factors that could cause actual outcomes and results to be materially different, including risks and uncertainties relating to CRH described in Item 1.A —Risk Factors of CRH’s Annual Report on Form 10-K for the year ended December 31, 2023 and CRH’s other filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on any forward-looking statements. These forward-looking statements are made as of the date of this document. CRH expressly disclaims any obligation or undertaking to publicly update or revise these forward-looking statements other than as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241106532570/en/

ir@crh.com

Source: CRH plc

FAQ

How much is CRH's new share buyback program worth?

CRH's new share buyback program with Mizuho Securities USA is worth up to $0.3 billion.

When will CRH's latest share buyback program end?

The latest share buyback program will end no later than February 26, 2025.

How many shares has CRH repurchased in its latest completed buyback phase?

CRH repurchased 3.4 million ordinary shares listed on the NYSE between August and November 2024.

What is the maximum number of shares CRH can buy in its new program?

CRH can acquire up to 50 million ordinary shares in its new buyback program.