Kingspan Group Plc · EURONEXT:KRX
Kingspan — Kingspan Grp Ord — FY2025 Earnings Presentation
30 slides from Kingspan's earnings presentation, Feb 20, 2026
Slide 1: Full Year Results
Full Year Results February 2026
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: 2025 in Summary
Revenue 2025 IN SUMMARY Revenue €9.2bn • €9.2bn Resilient performance overall in tough end markets. Stronger second half +9% 1 generally. • +9% EBITDA 1 Trading Profit Sales in Insulated Building Envelopes increased by 6% (mainly acquisitions) with understandably slower sales in the US, stro
Slide 4: Our Mission
OUR MISSION Ultra Energy-Efficient 219 million tonnes of CO2e will To accelerate a net zero emissions built be saved over the life of our environment with people and planet at its insulation systems sold in 20251 heart. Greenhouse Gas Emissions 70% reduction in absolute Scope 1 & 2 CO2e emissions2 R
Slide 5: 2030 Planet Passionate Targets
2030 Planet Passionate Targets 2025 Progress towards target CARBON 65% reduction in Scope 1 & 2 GHG emissions1,2 from 2020 (%) 70% 100% 15% reduction in carbon intensity from key raw materials from 2020 (%) 4.0% 27% ≥90% zero emission company cars3 (annual replacement %) 97% 100% ENERGY 60% renewabl
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS 2025 2024 YoY % Change CC Change1 REVENUE (€m) 9,199 8,608 +7% +9% EBITDA (€m) 1,220 1,140 +7% +9% TRADING PROFIT (€m) 955 907 +5% +8% EARNINGS PER SHARE (cent) 370.0 365.2 +1% +2% TOTAL DIVIDEND (cent) 55.5 54.8 +1% FREE CASHFLOW (€m) 429.3 509.4 -16% TRADING MARGIN 10.4% 10.5%
Slide 7: Revenue and Profit Bridge
REVENUE ANDPROFIT SALES AND PROFIT BRIDGE BRIDGE REVENUE (€m) TRADING PROFIT (€m) 22.0 20.3 707.2 49.5 (138.2) (21.4) 9,199.0 955.1 8,608.0 906.7 Revenue Currency Acquisitions Underlying Revenue Trading Profit Currency Acquisitions Underlying Trading Profit 2024 2025 2024 2025 7
Slide 8: Sales by Geography
SALES BY GEOGRAPHY 2025 2024 YoY %Change CC Change* Western & Southern Europe 3,812.9 3,681.8 4% 4% Central & Northern Europe 2,640.9 2,352.0 12% 12% Americas 2,050.3 1,919.0 7% 12% Rest of World 694.9 655.2 6% 13% GROUP 9,199.0 8,608.0 7% 9% *Constant currency change 2025 2024 8% 41% 8% 43% Western
Slide 9: Strong Free Cash Flow Generation
STRONG FREE CASH FLOW GENERATION (€m) (151.0) (325.8) (77.9) (32.7) (56.1) 1,220.3 (132.8) (14.7) 429.3 EBITDA Working Net Capex Lease Provisions Net Finance Tax Non-Cash / Free Cash Flow Capital Payments Costs Other 9
Slide 10: Disciplined Capital Management
DISCIPLINED CAPITAL MANAGEMENT (€m) 38.4 27.3 99.5 148.6 167.8 1,883.6 (429.3) 1,573.0 258.3 Net Debt Dec 24 Free Cash Flow Acquisitions Deferred Share Buyback Dividends Dividends paid to FX/Other Net Debt Dec 25 Consideration Paid NCI paid 10
Slide 11: Balance Sheet Strength Provides Significant Flexibility
BALANCE SHEET STRENGTH PROVIDES SIGNIFICANT FLEXIBILITY Net debt to EBITDA 1.65x as at 31 December 2025. Undrawn €800m green revolving credit facility with a committed term to May 2028. Total private placement loan notes of €1,476m and public bonds of €750m. The weighted average maturity of
Slide 12: Insulated Building Envelopes
Muskegon Museum of Art, Michigan, USA Insulated Building Envelopes INSULATED BUILDING ENVELOPES Morin Classic F-12 profiles; Pulse P-1, P-2, P-3, P-4 panels World leader in advanced energy savings solutions for roofs, walls and floors. France, our largest market, has been somewhat challenging an
Slide 13: Completing the Envelope
COMPLETING THE ENVELOPE Enhancing building performance and asset value 6 7 INSULATED BUILDING ENVELOPE PRODUCT OFFERING 8 1 QuadCore® 2 Day-Lite Klick Translucent Wall Panel 9 3 Ecofil LEC Rooflight 10 4 PowerPanel® 5 Single Ply Roofing System 6 PVC / TPO Membrane 7 Adhesive 4 8 PIR / QuadCore® Insu
Slide 14: Insulated Building Envelopes Multifaceted Growth Drivers
INSULATED BUILDING ENVELOPES MULTIFACETED GROWTH DRIVERS Growth in Penetration Growing Geographic Presence Growth in Expanded Offering UK Europe USA LATAM 14
Slide 15: Insulated Building Envelopes Product Evolution
INSULATED BUILDING ENVELOPES PRODUCT EVOLUTION Innovation Insulated Envelope PowerPanel® Roofing + Waterproofing Technical & Acoustic Insulation Controlled Environments Jubilee Park Stadium Architectural Victoria, Australia Insulated Wall Single Skin Panel Insulated Building Envelopes Roof Panel Tim
Slide 16: Structural Growth Drivers Support Strong Market Outperformance
STRUCTURAL GROWTH DRIVERS SUPPORT STRONG MARKET OUTPERFORMANCE Change in new non-residential construction output, 2025 vs 2019 (vol) 13.7% c.3% p.a. OUTPERFORMANCE Compared to underlying -4% -4.5% markets -7% -6% -10% -9% -11% -14% -16% -18% Kingspan -23% Global Organic France Belgium Norway UK Swed
Slide 17: Insulated Building Envelopes: Platforms for Future Growth
INSULATED BUILDING ENVELOPES Platforms in place to support attractive future growth 10-year Revenue multiplied by 3.1x1 EBITDA multiplied by 3.6x1 Trading Profit multiplied by 3.5x1 historical performance 12.0% CAGR1 13.6% CAGR1 13.3% CAGR1 7,544 8,000.00 6,993 7,131 7,000.00 6,744 6,000.00 5,412 5,
Slide 18: Advnsys
Hortus Botanicus ADVNSYS Amsterdam, The Netherlands Advnsys Double-glazed aluminium curtain walls A world leader in critical bespoke infrastructure primarily focused on data centres, ventilation and daylighting. Order backlog was ahead by 24% and it continues to build. Activity in North Americ
Slide 19: Advnsys – Ideally Positioned in the White Space
ADVNSYS – IDEALLY POSITIONED IN THE WHITE SPACE CURRENT OFFERING IN THE WHITE SPACE 1 Hot Aisle Containment A E Airflow Panels 8 2 F 3 Liquid Cooling Manifolds B 5 7 4 Mesh Walls Security 6 4 5 Louvre Dampner Mesh 3 1 6 Structural Ceiling Grid D G 7 Air Handling Units 2 8 Water Storage 9 Raised Acce
Slide 20: Advnsys Benefitting from Compounding Market Growth
ADVNSYS BENEFITTING FROM COMPOUNDING MARKET GROWTH Growth in Global Growing Advnsys Exceptional increase in Data Demand Market Share Advnsys Share of Wallet >18x wallet share multiplied between 2010 and 20251 > $500k / MW Double-digit Significant mid-term market share gains in existing $180 - $250k
Slide 21: Advnsys – Perpetual Innovation
ADVNSYS – PERPETUAL INNOVATION Innovation Liquid Cooling to Rack Air Handling Unit Liquid Cooling to HAC Louvre Dampner Mesh Modular Integration Hot Aisle Structural Containment Raised Access Ceilings Floor Time 21
Slide 22: Advnsys: Order Book Trends Point to Accelerating Growth
ADVNSYS Order book trends point to accelerating growth 10-year Revenue multiplied by 4.8x1 EBITDA multiplied by 5.8x1 €707m1 historical performance 16.9% CAGR1 19.1% CAGR1 Total acquisition spend 1800 1,655 400 1600 1,477 350 1400 1,348 1,347 300 1200 1,085 230 250 1000 872 197 185 200 800 750 166 6
Slide 23: Global Expansion – €1.2bn Investment Unlocking €2bn Revenue Potential
GLOBAL EXPANSION - €1.2BN INVESTMENT UNLOCKING €2BN REVENUE POTENTIAL Belgium Czech Republic PowerPanel® Enablement 2026 Mineral Fibre Panel Line 2025 Insulated Panel Line 2027 PowerPanel® Enablement 2026 Poland Wood Fibre Insulation Facility 2025 Dunkirk, France Ukraine Insulated Panel Line 2025 Bu
Slide 24: Exceptional Track Record of Long-Term Growth
EXCEPTIONAL TRACK RECORD OF LONG-TERM GROWTH 9 8 7 6 Revenue ( €m) 5 4 3 2 1 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 25 24
Slide 25: Outlook
OUTLOOK We exited 2025 with momentum across several strands of the business and entered the current year with healthy backlogs generally. The start to 2026 has been sluggish impacted by tough winter conditions in many of our end markets, albeit at a seasonally low point in the year. We see a f
Slide 26: Consistent Value Accretive Growth
CONSISTENT VALUE ACCRETIVE GROWTH FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 €8,608m €9,199m €8,341m €8,091m €6,497m €4,373m €4,659m €4,576m €3,109m €3,668m Revenue 12.7% CAGR1 €877m €907m €955m €755m €833m Trading Profit €445m €497m €508m €341m €378m 14.1% CAGR1 329.5 352.3 365.2 370.0 305.6
Slide 27: Megatrends That Drive Us
MEGATRENDS THAT DRIVE US Sustainability and Resilience Labour Market Dynamics Data Centre Demand Averting a climate emergency Emerging talent gap Accelerating demand of US construction workers Global demand for data centre 2x Global Buildings Climate Tracker must accelerate by 2x the rate originally
Slide 28: In a Nutshell
82% 18% PRODUCTS Insulated Building Envelopes Advnsys REVENUE € 9.2bn 85% 15% DRIVERS Energy Efficiency & Conversion Other IN A NUTSHELL GEOGRAPHIC 41% 29% 22% 8% APPLICATIONS Western and Southern Central and Americas ROW - RETAIL REGIONS Europe Northern Europe - DISTRIBUTION - LEISURE - ACCOMMODATI
Slide 29: Projects Since 2020
600+ PROJECTS SINCE 2020 GHG EMISSIONS RENEWABLE ENERGY ON-SITE GENERATION 70% 63% 1,670+ 61% ENERGY EFFICIENCY Absolute reduction in Scope 1 & 2 GHG emissions1 since 2020 Renewable energy use in 2025 GWh Wholly-owned sites have solar PV systems installed 50% Large sites3 have ISO 50001 certificatio
Slide 30: Dublin Road
Dublin Road Kingscourt, Co Cavan Ireland, A82 XY31 Tel: +353 42 969 8000 Email: admin@kingspan.com www.kingspan.com Inuusirvik Community Wellness Hub Baffin Island, Canada Insulated Building Envelopes Morin Pulse Series P-1, P-2, P-3, P-4, P-9 panels