Kingspan Group Plc · EURONEXT:KRX
Kingspan — FY2024 Earnings Presentation
30 slides from Kingspan's earnings presentation, Feb 21, 2025
Slide 1: Leading with Passion: Full Year Results February 2025
LEADING withPASSION Full Year Results February 2025
Slide 2: Disclaimer
Disclaimer Forward Looking Statements This presentation contains certain forward looking statements including, without limitation, the Group’s financial position, business strategy, plans and objectives of management for future operations. Such forward looking information involves risks and uncertai
Slide 3: 2024 in Summary
2024 in Summary Insulated Panels sales were broadly in line with prior year with a strong REVENUE Americas performance offset by more subdued activity in several €8.6bn European markets. Emerging regional scale in LATAM with c.€500m annualised revenue. PowerPanel® is launching imminently in Irel
Slide 4: Our Mission
Our Mission To accelerate a net zero emissions built Energy-Efficient 172 million tonnes of CO2e will environment with the wellbeing of be saved over the life of our insulation systems sold in 2024 people and planet at its heart. Greenhouse Gas Emissions 61%1 reduction in absolute Scope 1 & 2 CO2e e
Slide 5: Sustainability targets and progress
UNDERLYING BUSINESS1 WHOLE BUSINESS2 TARGET TOPIC TARGET YEAR 2020 2024 PROGRESS TOWARDS TARGET 2020 2024 Net Zero Carbon Manufacturing – scope 1 & 2030 410k4 83k 83% 89% 870k 4,5 338k 5 2 GHG emissions3 (tCO2e) 50% reduction in product CO2e intensity from CARBON primary supply partners (% reduction
Slide 6: Planet Passionate progress
400+ PROJECTS SINCE 2020 GHG EMISSIONS1 with acquisitions underlying ON-SITE GENERATION 61% 80% Absolute reduction in Scope 1 & 2 GHG emissions 14% Absolute reduction in Scope 3 GHG 30% On-site renewable TARGET 57% Wholly-owned sites have emissions since 2020 (including ACHIEVED since 2020 energy ge
Slide 7: Carbon Target Update 2025 - 2030
PROGRAMME UPDATE 2025 - 2030 Business Growth Carbon Target Update Energy use and baseline Scope 1 & 2 GHG emissions1 have increased We have achieved an 80% Scope 1 & 2 GHG emissions1 reduction, against a by >300% and >100% respectively over the past 5 years due to 90% target set in 2019. We have set
Slide 8: Updated Target Table 2025 - 2030
UPDATED TARGET TABLE 2025 - 2030 Base Year Target Year 65% Scope 1 & 2 emissions reduction1 2020 2030 15% carbon intensity reduction of key raw materials 2020 2030 >90% zero emissions company funded cars - annual replacements 2025 2030 ISO 50001 Energy management system certification for large sites
Slide 9: Megatrends That Drive Us
Megatrends That Drive Us Politics and Regulation Averting a climate emergency Market and Customers Paris Agreement goal to limit the temperature increase above pre-industrial levels to 1.5ºC Society and Workforce Future proofing of asset values Health/comfort needs of citizens Sustainability and Res
Slide 10: Completing the Envelope
Completing the Envelope Derbicoat ® NT (base sheet) 30% recycled components 5,000kg** CO2 savings Kilon LEC Multiwall 50% recycled content 36% *** less embodied carbon QuadCore LEC ® Natural Building Materials 48% * recycled content - Steico® I-Joist 15% *** less embodied carbon PowerPanel® Water +
Slide 11: The Full Spectrum
The Full Spectrum KoolDuct® Therma Insulation for internal ventilation / piping PIR Adaptable and strong thermal performance Thermal Optim-R® Ultra thin, ultra high thermal performance Steico® Return on Investment Wood fibre insulation QuadCore LEC® Space Leading thermal performance with LEC Walkabi
Slide 12: Global Expansion
Belgium Global Expansion Pipe Insulation Line 2024 Germany Data Solutions Plant 2024 PowerPanel® Enablement 2026 Insulated Panel Plant 2024 Ireland Czech Republic Poland PowerPanel® Enablement 2024 Mineral Fibre Panel Line 2024 Wood Fibre Insulation Facility 2024/2025 Wood Fibre Insulation Facility
Slide 13: Progress So Far: Revenue (€bn)
Progress So Far 9.0 8.5 8.0 7.5 7.0 6.5 Revenue (€bn) 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 13
Slide 14: 5 Year Financial Performance
5 Year Financial Performance REVENUE (€m) TRADING PROFIT (€m) CAGR +17.1% CAGR +15.6% 8,608 877 907 8,341 8,091 833 755 6,497 4,576 508 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 14
Slide 15: In a Nutshell
55% 21% 11% Roofing + Waterproofing 7% Products Insulated Panels Insulation Light, Air + Data Solutions 6% Revenue Water 85% 15% €8.6bn Drivers Energy Efficiency & Conversion Other In a Nutshell Geographic 43% 27% 22% 8% Applications Western and Southern Central and Americas ROW - Retail Regions Eur
Slide 16: Financial Highlights
Financial Highlights 2024 2023 YoY % Change CC Change* Revenue (€m) 8,608 8,091 +6% +6% Trading Profit (€m) 907 877 +3% +3% Earnings Per Share (cent) 365.2 352.3 +4% Total Dividend (cent) 54.8 52.9 +4% Free Cashflow (€m) 509.4 890.8 -43% Trading Margin 10.5% 10.8% -30bps Net Debt (€m) 1,573 980 +61%
Slide 17: Trading Profit & Margin
Trading Profit & Margin Trading Profit (€m) CAGR +15.6% Trading Margin FY 2024 FY 2023 FY 2022 Insulated Panels 11.5% 12.2% 10.6% Insulation 8.1% 9.5% 10.0% Data Solutions 15.1% 13.5% 12.0% 876.9 906.7 833.2 754.8 Roofing + Waterproofing 9.8% 5.7% 5.5% 508.2 Light, Air + Water 8.3% 8.1% 6.9% Group 1
Slide 18: Sales and Profit Bridge
Sales and Profit Bridge REVENUE (€m) TRADING PROFIT (€m) (103.3) (20.7) 629.1 48.7 1.8 (8.4) 8,608.0 906.7 876.9 8,090.6 Revenue 2023 Currency Acquisitions Underlying Revenue 2024 Trading Profit Currency Acquisitions Underlying Trading Profit 2023 2024 18
Slide 19: Sales by Geography
Sales by Geography Trading Margin FY 2024 FY 2023 YoY %Change cc Change* Western & Southern Europe 3,681.8 3,650.6 +1% - Central & Northern Europe 2,352.0 2,021.1 +16% +16% Americas 1,919.0 1,877.9 +2% +4% Rest of World 655.2 541.0 +21% +25% Group 8,608.0 8,090.6 +6% +6% *Constant currency change 20
Slide 20: Free Cash Flow (€m)
Free Cash Flow (€m) 10.0 (333.8) (41.1) (68.7) (184.3) (13.0) 1,140.3 509.4 EBITDA Working Capital Net Capex Lease Payments Net Finance Tax Non-Cash / Free Cash Flow Costs Other 20
Slide 21: Net Debt Reconciliation (€m)
Net Debt Reconciliation (€m) (0.3) (17.3) 1.1 97.6 1.0 134.6 886.2 1,573.0 (509.4) 979.5 Net Debt Dec 23 Free Cash Flow Acquisitions Investment In Repurchase Deferred Dividends Paid Dividends From FX Net Debt Dec 24 Associates Treasury shares Consideration Associates 21
Slide 22: Strong Balance Sheet
Strong Balance Sheet Net debt to EBITDA 1.47x as at 31 December 2024. Established a new European Medium Term Note programme in October 2024 and boosted liquidity with a debut public bond in the European market of €750m for 7 years at a fixed annual rate of 3.5%. Weighted average maturity of al
Slide 23: Consistent Value Accretive Growth
Consistent Value Accretive Growth FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 €8,341m €8,091m €8,608m €6,497m €4,373m €4,659m €4,576m Revenue €2,774m €3,109m €3,668m 16.4% CAGR €1,891m €833m €877m €907m €755m €497m €508m Trading €341m €378m €445m 19.8% CAGR €256m Profit €149m 329.5 352.3
Slide 24: Insulated Panels
2024 2023 Sales (€m) 4,737.5 4,722.1 Insulated Panels % of Group Sales 55% 58% Analysis of YoY % Change Underlying Currency Acquisition Total -2% - +2% - • The performance of the business in North America was most encouraging, particularly in the US but also in Canada and Mexico. Conversion to moder
Slide 25: Insulation
2024 2023 Sales (€m) 1,824.7 1,528.0 Insulation % of Group Sales 21% 19% Analysis of YoY % Change Underlying Currency Acquisition Total -9% +1% +27% +19% • 2024 was a testing and transformative year for the Insulation business. • Many European markets were under pressure coinciding with cost- driven
Slide 26: Data Solutions
2024 2023 Sales (€m) 516.2 379.7 Data Solutions % of Group Sales 6% 5% Analysis of YoY % Change Underlying Currency Acquisition Total +27% - +9% +36% • 2024 was a year of significant and exciting transition for Data Solutions as it accelerated capacity growth around the globe. • Revenue grew by 36%
Slide 27: Light, Air + Water
2024 2023 Sales (€m) 961.1 967.4 Light, Air + Water % of Group Sales 11% 12% Analysis of YoY % Change Underlying Currency Acquisition Total -2% - +1% -1% • 2024 was a year focused on consolidation across our Light, Air + Water activities following several years of acquisition-led growth. • The busin
Slide 28: Roofing + Waterproofing
2024 2023 Sales (€m) 568.5 493.4 Roofing + Waterproofing % of Group Sales 7% 6% Analysis of YoY % Change Underlying Currency Acquisitions Total +4% -3% +14% +15% • During 2024 the business doubled profitability, expanded margins substantially, gained a foothold in the US with new site acquisitions a
Slide 29: Outlook
Outlook 2024 was a year of strong progress for Kingspan. Whilst end markets were tough, we ploughed on regardless recording a strong bounce back in the second half of the year. €1.2bn of new capital was deployed in 2024 across our businesses around the world. The seeds have been sown for the nex
Slide 30: Contact details
Dublin Road Kingscourt, Co Cavan Ireland, A82 XY31 Tel: +353 42 969 8000 Email: admin@kingspan.com www.kingspan.com 30