Kingspan Group (KRX) H2 2025 earnings summary

Executive summary

• Revenue reached €9.2 billion, up 9% at constant currency, with EBITDA of €1.22 billion, also up 9% year-over-year.

• Trading profit was €955 million, up 8% at constant currency, and EPS rose to €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 up 7% reported, 9% at constant FX; EBITDA up 7% to €1.22 billion.

• Trading margin at 10.4%, down 10bps headline, but up 20bps underlying to 10.7%.

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

• Dividend of €0.555 per share, payout ratio 15%.

• Acquisitions contributed €707 million to sales and €49.5 million to profit.

Outlook and guidance

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

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

• Strong backlogs and order intake expected to drive growth, despite weather-related slow start to 2026.

• Effective tax rate guided at 16.5% for 2026.

• Roofing sales in the US projected at $150–200 million in 2027, growing to $300 million in 2028.