XML 54 R29.htm IDEA: XBRL DOCUMENT v3.25.4
Segment information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment information
19. Segment information
The Company has the following three operating and reportable segments:
Americas Materials Solutions;
Americas Building Solutions; and
International Solutions
The Americas Materials Solutions segment provides building materials, products and services for the construction and maintenance of public infrastructure and commercial and residential buildings in North America. The primary materials produced by this segment include aggregates, cementitious materials, readymixed concrete and asphalt. This segment also provides paving and construction services for customers.
The Americas Building Solutions segment manufactures, supplies and delivers building products for the built environment in communities across North America. Our subsidiaries within this segment offer building and infrastructure solutions serving complex critical infrastructure (such as water, energy, transportation and telecommunications projects) and outdoor living solutions for enhancing private and public spaces.
The International Solutions segment provides building materials, products and services across Europe and Australia, for the use in the construction of critical infrastructure, commercial and residential buildings and outdoor living spaces.
The segment structure reflects the nature of the financial information reported to and assessed by the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer, who are together determined to fulfill the role of Chief Operating Decision Maker (CODM).
The principal factors employed in the identification of the three segments reflected in this note include:
(i)     the Company’s organizational structure in 2025 (during 2025 the Divisional President fulfilled the role of “segment manager”);
(ii)     the nature of the reporting lines to the CODM; and
(iii)     the structure of internal reporting documentation such as management accounts and budgets.
The Company’s reportable segments are the same as the Company’s operating segments and correspond with how the CODM regularly reviews financial information to allocate resources and assess performance under the Company’s organizational structure.
The CODM uses Adjusted EBITDA as part of their review of the monthly operating results on a segment basis. The CODM considers actual monthly results against the budget and the prior year as part of their assessment of the performance of the business and when making decisions regarding resource allocation. Given that Interest expense and Income tax expense are managed on a centralized basis, these items are not allocated between operating segments for the purposes of the information presented to the CODM and are accordingly omitted from the detailed segmental analysis below. There are no asymmetrical allocations to reporting segments which would require disclosure.
Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, Loss on impairments, gain/loss on divestitures and investments, Income/loss from equity method investments, substantial acquisition-related costs, and pension expense/income excluding current service cost component.
The key performance measures and segment expenses for the Company’s reportable segments for the years ended December 31 were:
in $ millions
2025
Americas Materials SolutionsAmericas Building SolutionsInternational SolutionsTotal
Revenue 17,0297,12213,29637,447
Less:
   Labor3,6651,5132,6697,847
   Energy costs 7961231,0611,980
   Other segment items (i)8,5664,0127,36119,939
Adjusted EBITDA4,0021,4742,2057,681

in $ millions2024
Americas Materials SolutionsAmericas Building SolutionsInternational SolutionsTotal
Revenue 16,1737,05912,34035,572
Less:
   Labor3,4931,4472,3897,329
   Energy costs7431219831,847
   Other segment items (i)8,1924,1027,17219,466
Adjusted EBITDA3,7451,3891,7966,930
in $ millions2023
Americas Materials SolutionsAmericas Building SolutionsInternational SolutionsTotal
Revenue 15,4357,01712,49734,949
Less:
   Labor3,2741,3062,2646,844
   Energy costs8051221,3142,241
   Other segment items (i)8,2974,1477,24419,688
Adjusted EBITDA3,0591,4421,6756,176
(i)    The nature of other segment items is similar for each segment and primarily includes raw materials, haulage costs, subcontractor costs and other Selling, general and administrative expenses. The composition of other segment items is such that at a segment level none of these items is individually significant in determining segment performance.

in $ millions202520242023
Adjusted EBITDA7,6816,9306,176
Depreciation, depletion and amortization(2,156)(1,798)(1,633)
Loss on impairments (i)(40)(161)(357)
Interest income146143206
Interest expense(810)(612)(376)
Gain on divestitures and investments (ii)1250–
Pension income excluding current service cost component (ii)2173
Other interest, net (ii)71(5)
Substantial acquisition-related costs(45)(46)–
Income before income tax expense and income from equity method investments4,8054,7144,014
(i)    The total Loss on impairments is comprised of $40 million, $161 million and $295 million within International Solutions for the years ended December 31, 2025, 2024, and 2023, respectively and $62 million within Americas Materials Solutions for the year ended December 31, 2023.
(ii)    Gain on divestitures and investments, pension income excluding current service cost component and other interest, net have been included in Other nonoperating income (expense), net in the Consolidated Statements of Income.

Depreciation, depletion and amortization for each of the segments for the years ended December 31 were:
in $ millions202520242023
Depreciation, depletion and amortization
Americas Materials Solutions983846781
Americas Building Solutions387337299
International Solutions786615553
Total depreciation, depletion and amortization2,1561,7981,633

The gain on divestitures and investments for each of the segments for the years ended December 31 were:
in $ millions202520242023
Gain on divestitures and investments
Americas Materials Solutions19––
Americas Building Solutions–1–
International Solutions(18)249–
Total gain on divestitures and investments1250–
The segment assets as of December 31 were:
in $ millions202520242023
Assets
Americas Materials Solutions25,39621,47417,534
Americas Building Solutions9,7129,0497,961
International Solutions18,12115,01113,373
Total assets for reportable segments53,22945,53438,868
Cash and cash equivalents4,0963,7206,341
Restricted cash5139–
Other current assets, excluding segment assets290446193
Equity method investments502737620
Assets held for sale––1,268
Other noncurrent assets, excluding segment assets161137179
Total assets as reported in the Consolidated Balance Sheets58,32950,61347,469

The segment liabilities as of December 31 were:
in $ millions202520242023
Liabilities
Americas Materials Solutions3,4073,1543,349
Americas Building Solutions1,8991,7691,770
International Solutions5,3394,8485,050
Total liabilities for reportable segments10,6459,77110,169
Other current liabilities, excluding segment liabilities166163156
Total debt17,65313,96811,642
Deferred income tax liabilities3,5113,1052,738
Liabilities held for sale––375
Other noncurrent liabilities, excluding segment liabilities876756768
Total liabilities as reported in the Consolidated Balance Sheets32,85127,76325,848
Additions to property, plant and equipment and intangible assets for each of the segments for the years ended December 31 were:
in $ millions202520242023
Property, plant and equipment and intangible asset additions (i)
Americas Materials Solutions1,1481,151854
Americas Building Solutions507480360
International Solutions1,2231,074664
Total property, plant and equipment and intangible asset additions2,8782,7051,878
(i)     Property, plant and equipment and intangible asset additions exclude asset retirement cost additions.

Long-lived assets by geographic area as of December 31 were:
in $ millions202520242023
Long-lived assets by geographical area (i)
United Kingdom2,0281,8191,786
United States15,17713,50410,821
Other9,2037,4036,526
Total long-lived assets by geographical area26,40822,72619,133
(i)     Long-lived assets are comprised of property, plant and equipment and operating lease right-of-use assets.
Information about major customers
There are no material dependencies or concentrations of individual customers that require disclosure. The individual entities within the Company have a large number of customers spread across various activities, end-users and geographies.