CRH announced a good set of FY22 results in line with the market and our estimates. EBITDA was up by 13% with a margin improvement of 10bp despite lower sales volumes and headwinds from cost inflation and currency effects. The cash conversion ratio was maintained at a high level of 80%, accompanied by a low net debt/EBITDA ratio of 0.9x. The company has proposed a total dividend of $1.27 (+5% yoy) and a $3bn share buyback over the next 12 months.