CRH PUBLIC LTD CO

Previous wording

Our Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to convey management’s perspective regarding operational and financial performance for the three and six months ended June 30, 2024. This MD&A should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and related notes appearing in Part I, Item 1. "Financial Statements” of this Quarterly Report.

Current wording

Our Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to convey management’s perspective regarding operational and financial performance for the three and nine months ended September 30, 2024. This MD&A should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and related notes appearing in Part I, Item 1. "Financial Statements” of this Quarterly Report.

Previous wording

CRH is a leading provider of building materials solutions that build, connect and improve our world. Since formation in 1970, CRH has evolved from being a supplier of base materials to providing end-to-end value-added solutions that solve complex construction challenges for our customers. CRH works closely with customers across the entire project lifecycle from planning, design, manufacture, installation and maintenance through to end-of-life recycling, using our engineering and innovation expertise to provide superior materials, products and services.

Current wording

CRH is a leading provider of building materials solutions that build, connect and improve our world. Since its formation in 1970, CRH has evolved from being a supplier of base materials to providing end-to-end value-added solutions that solve complex construction challenges for our customers. CRH works closely with customers across the entire project lifecycle from planning, design, manufacture, installation and maintenance through to end-of-life recycling, using our engineering and innovation expertise to provide superior materials, products and services.

Previous wording

Activity in the construction industry is dependent to a considerable extent on the seasonal impact of weather on the Company’s operating locations, with periods of higher activity in some markets during spring and summer which may reduce significantly in winter due to inclement weather. In addition to impacting demand for our products and services, adverse weather can negatively impact the production processes for a variety of reasons. For example, workers may not be able to work outdoors in sustained high temperatures, heavy rainfall and/or other unfavorable weather conditions. Therefore, financial results for any particular quarter do not necessarily indicate the results expected for the full year.

Current wording

Activity in the construction industry is dependent to a considerable extent on the seasonal impact of weather on the Company’s operating locations, with periods of higher activity in some markets during spring and summer which may reduce significantly in winter due to inclement weather. In addition to impacting demand for our products and services, adverse weather can negatively impact production processes for a variety of reasons. For example, workers may not be able to work outdoors in sustained high temperatures, heavy rainfall and/or other unfavorable weather conditions. Therefore, financial results for any particular quarter do not necessarily indicate the results expected for the full year.

Previous wording

CRH delivered a strong second quarter performance compared to the second quarter of 2023, resulting in the following performance highlights for the three months ended June 30, 2024 (comparisons are versus the prior year's second quarter unless otherwise noted):

Current wording

CRH delivered a strong third quarter performance compared to the third quarter of 2023, resulting in the following performance highlights for the three months ended September 30, 2024 (comparisons are versus the prior year's third quarter unless otherwise noted):

Previous wording

•Net income was $1.3 billion compared with $1.2 billion, an increase of $97 million, or 8%. Adjusted EBITDA*1 was $2.3 billion, an increase of $241 million, or 12%;

Current wording

•Net income was $1.4 billion compared with $1.3 billion, an increase of $71 million, or 5%. Adjusted EBITDA*1 was $2.5 billion, an increase of $264 million, or 12%;

Previous wording

•Net income margin was 13.6% compared with 12.5%, an increase of 110 basis points (bps). Adjusted EBITDA margin* was 23.4%, an increase of 270bps on the prior year's second quarter Adjusted EBITDA margin* of 20.7%; and

Current wording

•Net income margin was 13.2% compared with 13.0%, an increase of 20 basis points (bps). Adjusted EBITDA margin* was 23.3%, an increase of 170bps on the prior year's third quarter Adjusted EBITDA margin* of 21.6%; and

Previous wording

•Basic Earnings Per Share (EPS) was $1.89 compared to $1.63.

Current wording

•Basic Earnings Per Share (EPS) was $1.99 compared to $1.81.

Previous wording

CRH delivered a stronger performance in the six months ended June 30, 2024 compared to the prior year, resulting in the following performance highlights (comparisons are versus the prior year's first six months unless otherwise noted):

Current wording

CRH also delivered a strong performance in the nine months ended September 30, 2024 compared to the prior year, resulting in the following performance highlights (comparisons are versus the prior year's first nine months unless otherwise noted):

Previous wording

•Net income margin was 8.8% compared with 7.3%, an increase of 150bps. Adjusted EBITDA margin* was 16.7%, an increase of 180bps on the prior year's half year Adjusted EBITDA margin* of 14.9%; and

Current wording

•Net income margin was 10.5% compared with 9.5%, an increase of 100bps. Adjusted EBITDA margin* was 19.3%, an increase of 180bps ahead of prior year Adjusted EBITDA margin* of 17.5%; and

Previous wording

•Cash paid to shareholders through dividends was $1.2 billion, compared with $0.8 billion in the first half of the prior year. CRH transitioned to quarterly dividends during the first quarter of 2024, with a quarterly dividend of $0.35 per share declared in February 2024, a second quarterly dividend of $0.35 per share declared in May 2024, and a third quarterly dividend of $0.35 per share announced on August 8, 2024, representing an annualized increase of 5% on the prior year;

Current wording

•Cash paid to shareholders through dividends was $1.5 billion, compared with $0.8 billion in the first nine months of the prior year. CRH transitioned to quarterly dividends during the first quarter of 2024, with a quarterly dividend of $0.35 per share declared in February 2024, May 2024 and August 2024 and a fourth quarterly dividend of $0.35 per share announced on November 7, 2024, repr esenting an annualized increase of 5% on the prior year;

Previous wording

•Cash returned to shareholders through share buybacks was $0.7 billion, a decrease of $0.2 billion versus the first half of the prior year. On August 7, 2024, the latest tranche of the share buyback program was completed, bringing the year-to-date cash returned to $0.9 billion. A further tranche has been announced, extending the ongoing share buyback program by an additional $0.3 billion to be completed no later than November 6, 2024; and

Current wording

•Cash returned to shareholders through share buybacks was $1.0 billion, a decrease of $1.0 billion versus the first nine months of the prior year. On November 6, 2024, the latest tranche of the share buyback program was completed, bringing the year-to-date cash returned to $1.2 billion. A further tranche has been announced, extending the ongoing share buyback program by an additional $0.3 billion to be completed no later than February 26, 2025; and

Previous wording

•16 acquisitions were completed for total consideration of $2.6 billion, compared with $0.2 billion in the first half of the prior year. A further $1.1 billion was invested in development and replacement capital expenditure projects, compared with $0.8 billion for the comparable 2023 period.

Current wording

•28 acquisitions were completed for total consideration of $3.9 billion, compared with $0.6 billion in the first nine months of the prior year. A further $1.6 billion was invested in development and replacement capital expenditure projects, compared with $1.2 billion for the comparable 2023 period.

Previous wording

In the three months ended June 30, 2024, CRH completed eight acquisitions for a total consideration of $0.4 billion, compared with $nil million in the same period of 2023. Americas Materials Solutions completed five acquisitions, Europe Materials Solutions completed two acquisitions, while Americas Building Solutions completed one acquisition.

Current wording

During the three months ended September 30, 2024, CRH completed 12 acquisitions for a total consideration of $1.4 billion, compared with $0.4 billion in the same period of 2023. Americas Materials Solutions compl eted seven acquisitions, Americas Building Solutions completed three acquisitions and Europe Materials Solutions completedtwo acquisitions.

Previous wording

On July 1, 2024, CRH completed the acquisition of a majority stake in Adbri. Adbri is an attractive business with high-quality assets and leading market positions in Australia that complements CRH’s core competencies in cement, concrete and aggregates and creates additional opportunities for growth and development for CRH's existing Australian business.

Current wording

Overall, during the nine months ended September 30, 2024, CRH completed 28 acquisitions for a total consideration of $3.9 billion, compared with $0.6 billion in the first nine months of the prior year. On July 1, 2024, CRH completed the acquisition of a majority stake in Adbri Ltd (Adbri) for a total consideration of $0.8 billion. Adbri is an integrated materials business with high-quality assets and leading market positions in Australia that complements our core competencies in cement, concrete and aggregates and creates additional growth and development opportunities for our existing Australian business.

Previous wording

For the six months ended June 30, 2024, CRH realized cash proceeds from divestitures and disposals of long-lived assets of $1.1 billion, primarily related to the divestiture of phases one and two of the European Lime operations which completed in Q1 2024. The remaining phase, consisting of Lime operations in Poland, is expected to complete in the second half of 2024. No divestitures occurred in the first half of the prior year.

Current wording

For the nine months ended September 30, 2024, CRH realized cash proceeds from divestitures and disposals of long-lived assets of $1.2 billion, primarily related to the divestiture of the European Lime operations. No divestitures occurred in the first nine months of the prior year.

Previous wording

We are pleased to announce that we are raising our previous guidance for 2024, reflecting the strength of our financial performance, the positive underlying momentum in our business as well as the positive contribution from recent portfolio activity

Current wording

We are pleased to reaffirm our guidance¹ midpoint for 2024, reflecting the continued strength of our financial performance, the positive underlying momentum in our business as well as the positive contribution from portfolio activity. 2

Previous wording

The table below summarizes the Company’s unaudited Condensed Consolidated Statements of Income for the periods indicated.2

Current wording

The table below summarizes the Company’s unaudited Condensed Consolidated Statements of Income for the periods indicated.3

Previous wording

Gross profit for the three months ended June 30, 2024, was $3.7 billion, an increase of $45 million, or 1%, from the same period in 2023, reflecting total revenues decline of 1%, while total cost of revenues decreased by 2%. The gross profit margin of 38.1% increased 70bps from 37.4% for the second quarter of the prior year. Total costof revenues decreased primarily as a result of a 19% reduction in energy costs due to divestitures, reduced volumes and a decline in energy prices, as well as lower raw materials costs which decreased 2%. These cost decreases were partially offset by labor and subcontractor cost increases of 6% and 5%, respectively.

Current wording

Gross profit for the three months ended September 30, 2024, was $4.1 billion, an increase of $0.3 billion, or 8%, from the same period in 2023, reflecting total revenues increase of 4%, while total cost of revenues increased by 1%. The gross profit margin of 38.6% increased 140bps from 37.2% for the third quarter of the prior year. Total costof revenues increased primarily as a result of an increase in labor costs of 9% and 18% higher depreciation charges mainly due to acquisitions. These were partly offset by lower energy costs of 13%.

Previous wording

For the six months ended June 30, 2024, gross profit was $5.5 billion, an increase of $0.2 billion, or 4%, from the same period in 2023, with total revenues $0.1 billion ahead of the same period in 2023, while total cost of revenues decreased by 2%. The gross profit margin of 33.9% increased 140bps from 32.5% for the first half of the prior year. Total cost of revenues decreased primarily as a result of a 22% reduction in energy costs due to divestitures, reduced volumes and a decline in energy prices, as well as lower raw materials costs which decreased 4%. These cost decreases were partially offset by labor and subcontractor cost increases of 6% and 8%, respectively.

Current wording

For the nine months ended September 30, 2024, gross profit was $9.5 billion, an increase of $0.5 billion, or 6%, from the same period in 2023, with total revenues 2% ahead of the same period in 2023, while total cost of revenues decreased by 1%. The gross profit margin of 35.7% increased 140bps from 34.3% for the first nine months of the prior year. Total cost of revenues decreased from the first nine months of the prior year, with a 19% reduction in energy costs due to divestitures, a decline in energy prices and lower activity levels. These were partly offset by labor cost increases of 7%.

Previous wording

Selling, general and administrative (SG&A) expenses, which are primarily comprised of haulage costs, labor costs, and other selling and administration expenses, were $1.9 billion for the three months ended June 30, 2024, a decrease of $0.1 billion, or 4%, from the comparable 2023 period. SG&A expenses decreased mainly due to cost control actions and a 3% reduction in haulage costs from lower volumes. These decreases were partly offset by a 7% increase in labor costs due to higher headcount from acquisitions and wage inflation.

Current wording

Selling, general and administrative (SG&A) expenses, which are primarily comprised of haulage costs, labor costs, and other selling and administration expenses, were $2.2 billion for the three months ended September 30, 2024, an increase of $0.2 billion, or 10%, from the comparable 2023 period. This increase was primarily due to labor cost increases of 13% as a result of increased headcount from acquisitions, and wage inflation along with a 6% increase in haulage costs, mainly driven by acquisitions.

Previous wording

For the six months ended June 30, 2024, SG&A expenses were $3.7 billion, an increase of $0.1 billion, or 2%, from the comparable 2023 period. SG&A expenses increased primarily due to labor cost increases of 9% as a result of higher headcount from acquisitions, and wage inflation; partially offset by cost control actions and lower haulage costs which decreased 3% compared with 2023 due to lower volumes.

Current wording

For the nine months ended September 30, 2024, SG&A expenses were $5.9 billion, an increase of $0.3 billion, or 5%, from the comparable 2023 period. SG&A expenses increased primarily due to labor cost increases of 10% as a result of higher headcount from acquisitions, and wage inflation.

Previous wording

Gain on disposal of long-lived assets was $102 million for the three months ended June 30, 2024, an increase of $84 million compared with 2023, and $110 million for the six months ended June 30, 2024, an increase of $87 million. The increase mainly related to a sale of certain land assets in North America.

Current wording

Gain on disposal of long-lived assets was $89 million for the three months ended September 30, 2024, an increase of $74 million compared with 2023, and $199 million for the nine months ended September 30, 2024, an increase of $161 million. The increase mainly related to the disposal of certain land assets.

Previous wording

Interest expense was $155 million in the three months ended June 30, 2024, an increase of $82 million from the comparable period in 2023 and $288 million for the six months ended June 30, 2024, an increase of $134 million from the prior period. The increase was primarily due to an increase in gross debt balances and higher interest rates on new debt issued.

Current wording

Interest expense was $164 million for the three months ended September 30, 2024, an increase of $33 million from the comparable period in 2023, and $452 million for the nine months ended September 30, 2024, an increase of $167 million from the prior period. The increases were primarily due to higher gross debt balances.

Previous wording

Other nonoperating income, net, was $23 million for the three months ended June 30, 2024, compared with $2 million in the comparable period for 2023. Other nonoperating income, net, includes pension and postretirement benefit costs (excluding service costs), gains and losses from divestitures, and other miscellaneous income and expenses. The increase in other nonoperating income, net was primarily related to gains on certain divestitures.

Current wording

Other nonoperating income, net, was $62 million for the three months ended September 30, 2024, compared with $1 million in the comparable period for 2023. Other nonoperating income, net, includes pension and postretirement benefit costs (excluding service costs), gains and losses from divestitures, and other miscellaneous income and expenses. The increase in other nonoperating income, net, was primarily related to gains on divestitures.

Previous wording

Other nonoperating income, net, was $184 million for the six months ended June 30, 2024, compared with $2 million in the comparable period for 2023. The increase in other nonoperating income, net, was primarily related to gains on the completed divestiture of phases one and two of the European Lime operations and unrealized gains on certain investments.

Current wording

Other nonoperating income, net, was $246 million for the nine months ended September 30, 2024, compared with $3 million in the comparable period for 2023. The increase in other nonoperating income, net, was primarily related to gains on the completed divestiture of the Company's European Lime operations and unrealized gains on certain investments.

Previous wording

For the three months ended June 30, 2024, the Company had an income tax expense of $430 million, compared to $379 million for the comparable period in 2023. The effective tax rate was 25% for the second quarter in 2024 compared with an effective tax rate of 24% for the second quarter in 2023. The movement in the effective tax rate was primarily driven by a change in the mix of income earned in jurisdictions with a higher rate of tax.

Current wording

For the three months ended September 30, 2024, the Company had an income tax expense of $531 million, compared to $416 million for the comparable period in 2023. The effective tax rate was 28% for the third quarter in 2024 compared with an effective tax rate of 24% for the third quarter in 2023. The movement in the effective tax rate was mainly driven by the timing of discrete items occurring throughout the year, including non-deductible acquisition-related costs in the third quarter.

Previous wording

For the six months ended June 30, 2024, the Company had an income tax expense of $411 million compared to $365 million for the comparable period in 2023. The effective tax rate was 22% for the first half of 2024 compared with an effective tax rate of 24% for the same period in 2023. The movement in the effective tax rate was primarily due to the offset of items arising in the first quarter including the movement in tax provisions, a tax deduction for share-based compensation and the largely tax-exempt divestiture of phases one and two of the European Lime operations.

Current wording

For the nine months ended September 30, 2024, the Company had an income tax expense of $942 million compared to $781 million for the comparable period in 2023. The effective tax rate was 25% for the first nine months of 2024 compared with an effective tax rate of 24% for the same period in 2023. The movement in the effective tax rate was primarily due toa change in the mix of income earned in jurisdictions with a higher rate of tax and non-deductible acquisition-related costs which is partially offset by items arising in the first quarter (being the movement in tax provisions, a tax deduction for share-based compensation and the largely tax-exempt divestiture of phases one and two of the European Lime operations).

Previous wording

For the three months ended June 30, 2024, a gain of $6 million was recorded in equity method investments, a decrease of $7 million from the comparable period in 2023 and a gain of $2 million was recorded for the six months ended June 30, 2024, a decrease of $5 million from the comparable period in 2023.

Current wording

For the three months ended September 30, 2024, a gain of $25 million was recorded in equity method investments, an increase of $11 million from the comparable period in 2023 and a gain of $27 million was recorded for the nine months ended September 30, 2024, an increase of $6 million from the comparable period in 2023.

Previous wording

Net income was $1.4 billion for the six months ended June 30, 2024, an increase of $242 million from the comparable period in 2023, primarily driven by higher gross profit, gain on disposal of long-lived assets and other nonoperating income, net, which offset higher SG&A expenses and interest expenses compared with the same period of 2023.

Current wording

Net income was $1.4 billion for the three months ended September 30, 2024, an increase of $0.1 billion from the comparable period in 2023. For the nine months ended September 30, 2024 net income increased by $0.3 billion to $2.8 billion. The results with respect to prior year comparative periods were primarily driven by higher gross profit along with higher gains on disposal of long-lived assets and divestitures, which offset higher interest expenses and higher SG&A expenses.

Previous wording

Net income attributable to CRH plc was $1.4 billion for the six months ended June 30, 2024, an increase of $242 million from the comparable period in 2023. The increase in net income attributable to CRH plc was driven by increased net income of $242 million. Basic EPS for the six months ended June 30, 2024, was $2.05, compared with $1.57 for the six months ended June 30, 2023.

Current wording

Net income attributable to CRH plc was $1.4 billion for the three months ended September 30, 2024, an increase of $0.1 billion from the comparable period in 2023. Basic EPS for the three months ended September 30, 2024, was $1.99, compared with $1.81 for the three months ended September 30, 2023.

Previous wording

Net income attributable to CRH plc was $1.3 billion for the three months ended June 30, 2024, an increase of $98 million from the comparable period in 2023. The increase in net income attributable to CRH plc was driven by increased net income of $97 million and a decrease of $1 million in net income attributable to noncontrolling interests. Basic EPS for the three months ended June 30, 2024, was $1.89, compared with $1.63 for the three months ended June 30, 2023.

Current wording

Net income attributable to CRH plc was $2.8 billion for the nine months ended September 30, 2024, an increase of $0.3 billion from the comparable period in 2023. Basic EPS for the nine months ended September 30, 2024, was $4.03, compared with $3.36 for the nine months ended September 30, 2023.

Previous wording

Within CRH’s segments, revenue is disaggregated by principal activities and products. Business lines are reviewed and evaluated as follows: (1) Essential Materials, (2) Road Solutions, (3) Building & Infrastructure Solutions, and (4) Outdoor Living Solutions. The vertically integrated Essential Materials businesses manufacture and supply aggregates and cement for use in a range of construction and industrial applications. Road Solutions support the manufacturing, installation and maintenance of public highway infrastructure projects and commercial infrastructure. Building & Infrastructure Solutions connect, protect and transport critical water, energy and telecommunications infrastructure and deliver complex commercial building projects. Outdoor Living Solutions integrate specialized materials, products and design features to enhance the quality of private and public spaces.

Current wording

Within CRH’s segments, revenue is disaggregated by principal activities and products. Business lines are revi ewed and evaluated as follows: (1) Essential Materials, (2) Road Solutions, (3) Building & Infrastructure Solutions, and (4) Outdoor Living Solutions. The vertically integrated Essential Materials businesses manufacture and supply aggregates and cement for use in a range of construction and industrial applications. Road Solutions support the manufacturing, installation and maintenance of public highway infrastructure projects and commercial infrastructure. Building & Infrastructure Solutions connect, protect and transport critical water, energy and telecommunications infrastructure and deliver complex commercial building projects. Outdoor Living Solutions integrate specialized materials, products and design features to enhance the quality of private and public spaces.

Previous wording

In Essential Materials, total revenues increased by 5% supported by pricing growth in both aggregates and cement, ahead by 12% and 8% respectively. Aggregates and cement volumes declined by 3% and 2%, respectively, impacted by adverse weather conditions and subdued new-build residential demand.

Current wording

In Essential Materials, total revenues increased by 5% driven by pricing growth in both aggregates and cement, ahead by 10% and 9%, respectively. Cement volumes increased by 1%, as acquisition activity offset the adverse impact of major hurricanes. Aggregates volumes declined by 4%, negatively impacted by adverse weather.

Previous wording

In Road Solutions, total revenues increased by 6% driven by improved pricing in all lines of business and continued funding support relating to the Infrastructure Investment and Jobs Act (IIJA). Paving and construction revenue increased by 8% with good growth in the South and West regions. Asphalt volumes and pricing increased by 1% and 4%, respectively, while readymixed concrete prices increased by 9%, offsetting a decline in volumes of 6%. Construction backlogs were ahead of the prior year supported by positive momentum in bidding activity.

Current wording

In Road Solutions, total revenues increased by 4% driven by improved pricing across all lines of business and continued funding support relating to the Infrastructure Investment and Jobs Act (IIJA) more than offsetting challenging weather in certain regions. Paving and construction revenue increased by 3% with growth in the Northeast and West regions. Construction backlogs were ahead of the prior year supported by positive momentum in bidding activity. Asphalt volumes decreased by 2% and pricing increased by 3%, while readymixed concrete volumes and prices increased by 2% and 7%, respectively.

Previous wording

Second quarter 2024 Adjusted EBITDA for Americas Materials Solutions of $1.2 billion was 28% ahead of the prior year as cost management, pricing initiatives and operational efficiencies along with a gain on certain land asset sales, mitigated the impact of higher labor and raw materials costs. Organic Adjusted EBITDA* was 25% ahead of the second quarter of 2023. Adjusted EBITDA margin increased by 460bps.

Current wording

Third quarter Adjusted EBITDA for Americas Materials Solutions of $1.5 billion was 16% ahead of the prior year as pricing initiatives, cost management and operational efficiencies along with gains on certain land asset sales mitigated the impact of higher labor and raw materials costs. Organic Adjusted EBITDA* was 12% ahead of the third quarter of 2023. Adjusted EBITDA margin increased by 270bps.

Previous wording

Americas Materials Solutions’ total revenues were 9% ahead in the first six months of the year as price increases, higher volumes across most lines of business and a positive contribution from acquisitions, including the acquisition of cement and readymixed concrete assets in Texas which closed in early February 2024, offset adverse weather. Organic total revenues* were 7% ahead.

Current wording

Americas Materials Solutions’ total revenues were 7% ahead in the first nine months of the year as price increases and the positive contribution from acquisitions more than offset lower activity levels due to adverse weather. Organic total revenues* were 4% ahead.

Previous wording

In Essential Materials, total revenues increased by 7%. Aggregates and cement pricing were ahead by 11% and 8%, respectively. Aggregates volumes increased 1% and cement volumes benefited from the impact from acquisitions, increasing 1% on the same period from the prior year. Weather negatively impacted revenues in the latter part of the half especially in Texas and the central United States.

Current wording

In Essential Materials, total revenues increased by 6%, supported by aggregates and cement pricing which were ahead by 11% and 9%, respectively. Aggregates volumes declined 1% and cement volumes increased 1% compared to the same period in 2023. Weather negatively impacted revenues throughout the year, especially toward the end of the third quarter.

Previous wording

In Road Solutions, total revenues increased by 10% driven by higher pricing and sustained activity levels through continued funding support relating to the IIJA. Asphalt prices increased by 4% while volumes were 2% ahead of the comparable period in 2023 due to early-season project activity. Paving and construction revenues increased 11% on the same period in the prior year. Readymixed concrete pricing was 9% higher than the first half of the prior year, while volumes were flat. We have seen continued momentum in bidding activity, with construction backlogs ahead of the prior year comparable period.

Current wording

In Road Solutions, total revenues increased by 7% driven by higher pricing and sustained activity levels through continued funding support relating to the IIJA. Asphalt prices increased by 4% while volumes were in line with the comparable period in 2023. Paving and construction revenues increased 7% on the same period in the prior year. Readymixed concrete pricing was 8% higher, while volumes were 1% ahead. Construction backlogs were ahead of the comparable period of the prior year supported by continued momentum in bidding activity.

Previous wording

First half 2024 Adjusted EBITDA for Americas Materials Solutions of $1.2 billion was ahead of the first half of the prior year as increased pricing and operational efficiencies along with a gain on certain land asset sales mitigated the impact of higher labor, subcontractor and raw materials costs. Organic Adjusted EBITDA* was 28% ahead of the first six months of 2023. Adjusted EBITDA margin increased by 340bps.

Current wording

Adjusted EBITDA for Americas Materials Solutions of $2.7 billion was ahead of the prior year by 23% with good growth across key markets. Increased pricing and operational efficiencies along with gains on certain land asset sales helped offset the impact of higher raw material, labor and subcontractor costs. Organic Adjusted EBITDA* was 19% ahead of the first nine months of 2023. Adjusted EBITDA margin increased by 300bps.

Previous wording

3* Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 32 to 33.

Current wording

4* Represents a non-GAAP measure. See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 32 to 33.