Crh Public Ltd Co Liquidation Value

CRH's liquidation posture as of March 31, 2026, is deeply negative, consistent with the MFFAIS-reported cash liquidation value of approximately negative $24.6 billion and operating liquidation value of approximately negative $18.5 billion. The core structural driver is the massive intangible-to-tangible asset split combined with a heavily leveraged balance sheet that stays at face value in a wind-down scenario.

On the asset side, total reported assets are $58.2 billion. Applying liquidation haircuts: cash of $3.2 billion recovers at 100%; accounts and other receivables of $5.2 billion recover at 90-95% (~$4.8B); inventory of $5.1 billion recovers at 60% (~$3.0B); PP&E of $24.7 billion recovers at 50-70% ($12.3-17.3B); goodwill of $12.6 billion and intangibles of $2.0 billion both zero out. Operating lease ROU assets of $1.3 billion are zero in liquidation as the corresponding lease liabilities remain at face value. Total recoverable asset pool approximates $25-30 billion under these assumptions.

On the liability side, total liabilities are $33.6 billion at face value. Short- and long-term debt totals $18.5 billion (per net debt reconciliation), with $2.1 billion of remaining 2026 maturities outstanding. Finance and operating lease liabilities total approximately $1.9 billion. Pension obligations of $216 million (noncurrent defined benefit), accrued liabilities of $2.1 billion, deferred tax liabilities of $3.3 billion, and other noncurrent liabilities of $3.0 billion are all held at face in liquidation. Redeemable NCI of $422 million sits in mezzanine and would be settled before common equity. The liability stack materially exceeds recoverable asset value, yielding strongly negative equity recovery.

Key changes since the prior 10-K filing (December 31, 2025): gross debt increased from $17.7 billion to $18.5 billion ($0.9 billion increase, primarily $1.2 billion of U.S. CP issuance net of $0.2 billion repayment); cash declined from $4.1 billion to $3.2 billion; goodwill declined by approximately $460 million reflecting a $48 million impairment in International Solutions plus $468 million written off on a disposal group reclassified to held-for-sale (Construction Accessories, ~$1.8 billion of assets reclassified). The held-for-sale reclassification is balance-sheet significant as $1.8 billion in gross assets and $428 million in liabilities migrated to current, compressing the recoverable PP&E and intangible pool. Finance lease liabilities increased from $534 million to $566 million (current + noncurrent). Net debt widened from $14.2 billion to $15.8 billion quarter-over-quarter, reflecting seasonal Q1 operating cash burn of $616 million and $601 million of capex.