Kingspan Group (KRX) H2 2025 earnings summary

Executive summary

• Revenue reached €9.2 billion, up 9% at constant currency, with EBITDA over €1.2 billion, also up 9%.

• Trading profit was €955 million, up 8% at constant currency, and EPS was €3.70.

• Achieved resilient performance in 2025 despite challenging end markets, with stronger results in the second half and robust order backlogs entering 2026.

• Significant investments of €751.9 million in acquisitions and capex supported expansion and innovation.

• Significant progress in emission reductions, achieving a 77% reduction in Scope 1 and 2 since 2020.

Financial highlights

• Group revenue grew 7% (9% at constant FX), with €707 million sales growth from acquisitions.

• EBITDA rose 7% to €1.22 billion; trading margin at 10.4%, underlying margin up 20bps to 10.7%.

• Free cash flow was €429 million; net debt at year-end was €1.88 billion, with net debt/EBITDA at 1.65x.

• Dividend for the year was €0.555 per share, a 15% payout ratio.

• CapEx was €325 million, with €350 million guided for the current year.

Outlook and guidance

• Expecting around 10% earnings growth in 2026, with acceleration anticipated into 2027 and 2028.

• Targeting trading profit of approximately €1.05 billion for 2026.

• Strong backlogs and order intake support confidence in future growth, despite a weather-impacted start to the year.

• Effective tax rate guided at 16.5% for 2026.

• Expects trading profit growth through the decade to exceed recent years, supported by innovation and new platforms.