Download the 2023 Annual Report

Chief Executive Review

Gene Murtagh

2023 was a landmark period for our Planet Passionate agenda, delivering an enormous 65% reduction in Scope 1 and 2 GHG emissions, against a 2020 base year.

Gene Murtagh

Chief Executive Officer

Operational Summary

  • Record performance against a challenging backdrop, improving order intake trend through the year.
  • Insulated Panels sales decrease of 9% with strong activity in France, the US and LATAM offset by subdued volumes in Central and Eastern Europe and lower pricing due to input deflation.
  • Insulation sales behind by 8%, driven by weak residential markets and price deflation led by inputs. Technical insulation progressing well. Extending the full spectrum of insulation offerings with acquisition of 51% of Steico in January 2024 and an agreement in February 2024 to acquire a stonewool production business in Germany.
  • Strong traction on our Roofing + Waterproofing strategy with revenue touching €500m. Targeted North American market entry supported by a €750m capital injection over the next five years with the objective of achieving 15% of the relevant flat roofing market over time.
  • Further progress at Light, Air + Water, with broader scale and margins progressing positively year on year.
  • Data + Flooring medium term pipeline is very encouraging driven by demand in data and artificial intelligence applications.
  • Invested a total of €482m in acquisitions and net capex during the year.


  1. Earnings before finance costs, income taxes, depreciation, amortisation and non trading item
  2. Operating profit before amortisation of intangibles and non trading item
  3. Trading profit divided by total revenue




2022: €8.3bn




2022: €998m

Trading Profit ²



2022: €833m

Trading Margin ³



2022: 11.6%

Profit After Tax



2022: €616m




2022: 329.5c
financial-shape ceo-financials

Looking Ahead

In the current environment it is difficult to predict what is in store near term with opportunities and challenges in equal measure. The performance of the business is varied across different geographies and sectors, a theme we have referred to consistently over the past year or so.

It is still very much early days in the current financial year, although seasonal factors have hampered early progress in some markets. Our balance sheet is robust and this coupled with a strong development pipeline, purposeful strategy and innovation agenda ought to place us positively in the year ahead.

The combination of a resolute focus on our distinctive Planet Passionate strategy, strong structural demand for energy efficiency, ever increasing and obvious impacts of climate change and the diversified nature of our end markets all position Kingspan favourably for the long term.

Gene Murtagh
Chief Executive Officer

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Our business model and strategy are enabling the transition from outdated, inefficient, methods of construction to ultra-performance building envelopes.