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    Gregor Kuglitsch • UBS Group AG

    Gregor Kuglitsch's questions to CRH PLC (CRH) leadership

    Gregor Kuglitsch's questions to CRH PLC (CRH) leadership • Q4 2024

    Question

    Gregor Kuglitsch asked about the company's margin expansion journey, questioning how much further upside exists and where CRH currently stands in that trajectory.

    Answer

    CEO Jim Mintern highlighted the 11 consecutive years of margin expansion, resulting in a 900-basis-point improvement. He attributed this to a differentiated solutions model, continuous improvement culture, cost control, and active portfolio management. He asserted that CRH has 'by no means, have reached the limit of our margin ambitions,' framing it as an ongoing journey rather than a final destination.

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    Gregor Kuglitsch's questions to CRH PLC (CRH) leadership • Q3 2024

    Question

    Gregor Kuglitsch of UBS asked for the outlook on input costs and the sustainability of a positive price-cost spread. He also requested guidance for the year-end 2024 net debt to EBITDA ratio.

    Answer

    Executive Jim Mintern stated that CRH continues to operate in an inflationary environment, with mid-single-digit cost increases expected for 2024, primarily in labor and materials. He anticipates this trend will continue into 2025, necessitating further price momentum. He also guided for a year-end 2024 net debt to EBITDA ratio of approximately 1.6x.

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    Gregor Kuglitsch's questions to Ferrovial SE (FER) leadership

    Gregor Kuglitsch's questions to Ferrovial SE (FER) leadership • Q1 2024

    Question

    Gregor Kuglitsch asked about the contents of the upcoming investor fact book, sought guidance on dividends from U.S. managed lanes, questioned the expected traffic impact on the NTE from construction, and inquired about the potential equity check size for the SR-400 project.

    Answer

    CFO Ernesto Lopez Mozo confirmed the fact book will include detailed actual data like revenue shares but no forecasts. He reiterated expectations for first-time dividends from I-66 and I-77 this year but gave no further guidance. Regarding the NTE, he stated that while a double-digit traffic drop was budgeted, performance is better than expected. He declined to comment on the SR-400 equity size until the bid winner is announced, likely in the summer.

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