Variable interest entities

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable interest entities

15. Variable interest entities

The Company’s operations in the Philippines are conducted through a Variable Interest Entity (VIE), wherein the Company holds 40% of the equity share capital and a 55% share of earnings and distributions. The remaining noncontrolling interest of 60% equity share capital and 45% share of earnings and distributions is held by an unrelated party. The Company’s voting rights are not proportional to its share of earnings and distributions, and substantially all of the activities of the Philippines business are conducted on behalf of the Company and controlled by the Company through contractual relationships. The Philippines business meets the definition of a VIE for which the Company is the primary beneficiary and, therefore, is consolidated.

Further, the Company has provided subordinated debt to the intermediate parent of the Philippines business which exposes the Company to the profits and losses of the Philippines business. The debt is repayable only where the shareholder agreement of the intermediate parent of the Philippines business is terminated or where the Company transfers its shares in the intermediate parent to an unrelated entity (i.e., the debt exposure of the Company becomes in substance a residual interest in the intermediate parent).

The carrying amounts of assets and liabilities of the consolidated VIE, reported within the Condensed Consolidated Balance Sheets before intragroup eliminations with other CRH companies were:

	September 30	December 31	September 30
in $ millions	2025	2024	2024
Assets
Current assets:
Cash and cash equivalents	17	21	20
Accounts receivable, net	41	38	39
Inventories	88	96	101
Other current assets	62	58	56
Total current assets	208	213	216
Property, plant and equipment, net	812	846	882
Goodwill	190	190	197
Intangible assets, net	–	1	–
Operating lease right-of-use assets, net	4	5	5
Other noncurrent assets	10	9	13
Total assets	1,224	1,264	1,313
Liabilities
Current liabilities:
Accounts payable	114	106	80
Accrued expenses	36	44	52
Current portion of long-term debt	12	33	77
Operating lease liabilities	1	1	1
Other current liabilities	20	25	23
Total current liabilities	183	209	233
Long-term debt	377	345	329
Deferred income tax liabilities	91	94	98
Noncurrent operating lease liabilities	3	4	4
Other noncurrent liabilities	23	21	20
Total liabilities	677	673	684

The operating results of the consolidated VIE, reported within the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Cash Flows before intragroup eliminations with other CRH companies were:

	Three months ended		Nine months ended
	September 30		September 30
in $ millions	2025	2024	2025	2024
Total revenues	77	88	243	282
Total cost of revenues	(75)	(86)	(240)	(262)
Gross profit	2	2	3	20
Net loss	(13)	(10)	(43)	(22)
Net cash used in operating activities			(12)	(11)