Kingspan Group (KRX) H2 2024 earnings summary

Executive summary

• Revenue reached €8.6 billion in 2024, up 6% year-over-year, with trading profit at €907 million (+3%) and EPS up 4% to 365.2c, driven by strong Q4, Americas, and Data Solutions performance.

• EBITDA rose 7% to €1.14 billion; acquisitions contributed 8% to sales growth and 5% to trading profit growth.

• Major progress in sustainability: 80% reduction in Scope 1 & 2 GHG emissions since 2020 and recycling over 1.1 billion PET bottles in 2024.

• Significant capital deployment of €1.2 billion in 2024 for acquisitions and expansion.

• Strong finish to 2024 with improved momentum and healthy order backlogs, especially in Data Solutions and Insulated Panels.

Financial highlights

• Revenue: €8,608 million (+6%); trading profit: €907 million (+3%); EBITDA: €1,140 million (+7%).

• Trading margin: 10.5% (down 30bps); margin recovered to 10.9% in H2.

• Free cash flow: €509.4 million (down 43%); net debt: €1,573 million (net debt/EBITDA: 1.47x).

• Dividend increased 4% to 54.8c per share; total shareholder return: -9.5%.

• Return on capital employed: 14.4%; effective tax rate: 17%.

Outlook and guidance

• Order backlogs remain strong, especially in Data Solutions and Insulated Panels, supporting confidence for 2025.

• CapEx guidance for 2025 is around €300 million; acquisitions expected to add €35 million to 2025 profit.

• Structural demand for energy-efficient buildings and data infrastructure expected to continue globally.

• Significant operational and development headroom of nearly €2 billion.