Kingspan Group (KRX) Trading Update summary

Financial performance and sales trends

• Group sales reached €2.1bn for Q1 2025, up 9% year-on-year, with underlying growth modestly ahead.

• Europe saw overall sales growth, while US sales were slow but order intake hit record levels; Latin America, Middle East, and India started the year strongly.

• Insulated Panels and Insulation sales both rose 4%, with strong growth in Acoustic Insulation and a solid start for Steico.

• Roofing + Waterproofing sales surged 55%, driven by the Nordic Waterproofing acquisition, expanding the Nordic market channel.

• Data Solutions sales increased 37%, supported by a robust global data centre pipeline as AI demand grows.

Operational highlights and outlook

• US execution plan is on track, with new plants in Oklahoma and Maryland set for production in early 2026.

• Net debt rose to €1,711m, mainly due to seasonal working capital needs; leverage stands at about 1.5x net debt to EBITDA.

• Trading outlook for early Q2 remains reasonable, with regional sentiment varying; overall trading profit growth expected for H1.

• Continued focus on innovation, product development, and sustainability positions the group well for the future.