Summary Financials
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Revenue
€8.6bn
+6%
2023: €8.1bn
EBITDA2
€1.14bn
+7%
2023: €1.07bn
Trading Profit1
€907m
+3%
2023: €877m
Trading Margin3
10.5%
-30 bps
2023: 10.8%
Profit After Tax
€691m
+6%
2023: €654m
EPS
365.2c
+4%
2023: 352.3c
1. Earnings before finance costs, income taxes, depreciation and amortisation
2. Operating profit before amortisation of intangibles
3. Trading profit divided by total revenue
Our Impact
As climate change intensifies, urgent action is critical. Buildings and construction account for 37% of energy-related emissions globally.
Kingspan’s mission is to accelerate a net zero emissions built environment with people and planet at its heart. Through the Completing the Envelope strategy we offer customers a wider range of high-performance building envelope solutions which deliver energy efficient, lower embodied carbon buildings and can also generate renewable energy.
Energy efficient
172m
172m tonnes of CO2e will be saved over the life of our insulation systems sold in 2024
Enough to power a major airline for over 11 years
Note: Assumes 60 year product life; based on an EU airline disclosure of
over 15.4m tonnes of CO2e emissions for 12 months to March 2024
conserved water
44.1bn
Over 44.1bn litres of rainwater will be harvested by our systems produced in 2024
Enough water to fill over 550m baths
Note: Assumes a 20 year product life
recycled material
1.1bn
In 2024 alone, we recycled 1.1 billion waste plastic bottles
Enough recycled bottles to circle the Earth over five times
Note: Equivalent number of PET bottles by weight
natural daylight
3.8bn
Our daylighting systems sold in 2024 create 3.8 billion lumens of natural light annually
Enough to light up 470k homes
Note: Assumes 10 x 60W bulbs per home
Download the full 2024 Annual Report
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CEO Review
Malmö Docks
Sweden
Insulation
Kooltherm® K15C;
Kooltherm® K20
In 2024, we delivered record trading profit of €907m in challenging markets, while we invested €1,222m in development activity sowing the seeds for future growth.
Gene Murtagh
Chief Executive Officer
25 February 2025
Trilogy
Limassol, Cyprus
Light, Air + Water
Pressure differential
system
Operational Summary
- Record performance in a tough environment and improved momentum towards end of year. Stronger overall margin in second half.
- Insulated Panels sales were broadly in line with the prior year, with a strong performance in the Americas offset by more subdued activity in several European markets. Emerging regional scale in LATAM, exiting the year with approximately c.€500m in annualised revenue. PowerPanel® now launching in Ireland and the UK.
- Insulation had a transitional year with significant category expansion and long-term growth initiatives. Strong progress in acoustic insulation. Entered the natural insulation category via the acquisition of a majority stake in Steico. Commissioned a stonewool plant acquired during the year.
- Step-change in activity in Data Solutions, with sales up 36%, reflecting increased global demand driven by AI applications. Energy efficiency remains mission-critical, with liquid cooling expected to drive further exceptional growth.
- Breakthrough year in Roofing & Waterproofing, with key strategic moves including the acquisition of a controlling stake in Nordic Waterproofing, the maiden acquisition in the US, and two large-scale organic investments underway in Oklahoma and Maryland, with production planned for early 2026.
- Light, Air & Water recorded a year of consolidation and margin progress. North America presents scalable opportunities, with an agreement reached to acquire Mercor’s daylighting business, headquartered in Poland.
Summary Financials
Revenue
€8.6bn
+6%
2023: €8.1bn
EBITDA1
€1.14bn
+7%
2023: €1.07bn
Trading Profit2
€907m
+3%
2023: €877m
Trading Margin3
10.5%
-30bps
2023: 10.8%
Profit After Tax
€691m
+6%
2023: €654m
EPS
365.2c
+7%
2023: 352.3c
- Earnings before finance costs, income taxes, depreciation, amortisation and non trading item
- Operating profit before amortisation of intangibles and non trading item
- Trading profit divided by total revenue
Looking Ahead
2024 was a year of strong progress for Kingspan. Whilst end markets were tough, we ploughed on regardless recording a strong bounce back in the second half of the year.
€1.2 billion of new capital was deployed in 2024 across our business around the world. The seeds have been sown for the next stage of our continuum of growth. We do not distract ourselves by short-term gyrations in end markets, we think long and build long.
2025 will inevitably offer up its fair share of challenges although we are excited for the year ahead. The structural demand for an energy efficient built environment continues to advance around the world. We are uniquely placed to harness that with the breadth of our offering, our Planet Passionate agenda and our strong balance sheet.
Our order backlogs are healthy in general and are soaring in the data and artificial intelligence arena. This gives us confidence that 2025 will be another year of progress at Kingspan.
Gene Murtagh
Chief Executive Officer
25 February 2025
103 City Point
Massachusetts, USA
Light, Air + Water
UniQuad® wall system;
PentaClad® cladding system
Deniz Mall
Baku, Azerbaijan
Insulated Panels
KingZip standing seam
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