Kingspan Group (KRX) Trading Update summary

Trading performance

• Sales for the nine months to 30 September reached €6.35bn, up 3% year-on-year and 6% in Q3.

• Insulated Panels sales improved 1% in Q3, with global order placement outpacing sales volumes.

• Insulation sales rose 18% in the first nine months, driven by the Steico acquisition, but were down 10% excluding currency and acquisitions.

• Data Solutions sales surged 29% in the period and 47% in Q3, supported by new US plant operations.

• Roofing + Waterproofing sales up 4% year-to-date, with recent acquisitions boosting annualised divisional sales to €1bn.

Regional and segment trends

• Americas activity remained steady, France performed well, and Germany showed recent growth.

• Eastern Europe faced challenges, while the Middle East, Australasia, and India saw strong momentum.

• Daylighting and ventilation are identified as key growth opportunities globally.

• District heating applications softened, and board sales in continental Europe were down in Q3.

Financial position and outlook

• Net debt at end-September was €1.39bn, with liquidity enhanced by a €750m public bond at a 3.5% fixed coupon.

• Full-year trading profit is expected to be broadly in line with the record 2023 level.

• Strong global order backlog and development pipeline support positive outlook for early 2025.