Kingspan Group (KRX) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €4.86 billion, up 8% year-over-year, with EBITDA up 9% to €626 million and trading profit up 10% to €487.2 million, despite currency headwinds and IPO costs.

• Advnsys segment revenue surged 34% pre-currency, driven by tech sector demand, while Insulated Building Envelopes revenue grew 2–4% pre-currency.

• Strong Q2 momentum and a significantly higher order backlog position the group for accelerated growth in H2 and record full-year results.

• Americas revenue grew 16–21% constant currency, and Rest of World grew over 21% year-over-year, highlighting robust geographic performance.

• €233.6 million invested in acquisitions and capex; share buyback paused to preserve capital for development and M&A opportunities.

Financial highlights

• Adjusted trading profit growth was 13% year-over-year, excluding €4.5 million Advnsys IPO costs and currency effects.

• Trading margin improved by 20bps to 10.0%, with EBITDA margin rising to 12.9%.

• Earnings per share rose 5% to 180.5 cent in H1, with full-year EPS growth expected in the mid-teens.

• Interim dividend increased 3% to 27.1 cent per share; free cash flow was €144.3 million, reversing a prior outflow.

• Net debt reduced to €1,859.8 million, with net debt to EBITDA at 1.56x and €1.29 billion in available liquidity.

Outlook and guidance

• Full-year trading profit guidance raised to €1,125 million, implying 25% H2 profit growth and 18% year-over-year increase.

• Revenue expected to surpass €10 billion for the year, with momentum anticipated to continue into 2027.

• Organic trading profit of €1.3 billion targeted for 2027, supported by a strong pipeline and customer engagement.

• Ongoing geopolitical and market uncertainties noted, but strong sectoral and regional momentum anticipated.