CRH’s 9-month results were in line with our expectations. Sales were up by 13% to $24.4bn and EBITDA up by 14% to $4.2bn despite FX headwinds. The EBITDA margin was up by 10bps. This performance was supported by resilient demand and good pricing power particularly in America Materials and Building Products which offset the softness in Europe Materials. The company re-iterated its guidance for FY22 EBITDA.
