Chief Executive’s Review
AULARIO DE ELCHE
Alicante, Spain
Insulated Building Envelopes
THU Lama Verona suspended metal ceiling
2025 was another year of great progress at Kingspan, as we put in place the building blocks for our next wave of growth.
Gene Murtagh
Chief Executive Officer
100 KINGS HIGHWAY
St. Louis, US
Insulated Building Envelopes
Morin Exposed Fastener C-37 Photography: Sam Fentress
MORRISON YARD
Charleston, USA
Insulated Building Envelopes
Morin Matrix-1 rainscreen wall panel
Operational highlights
- Resilient performance overall in tough end markets. Stronger second half generally.
- Sales in Insulated Building Envelopes increased by 6% (mainly acquisitions) with understandably slower sales in the US, strong LATAM and APAC performances and solid European activity overall. Global insulated panel backlog volume ahead by 8% at year end as is order intake in 2026 year to date.
- Sales in Advnsys grew strongly by 12% buoyed by tech sector activity. Global backlog ahead by 24% at year end and order intake in 2026 to date is double the same period last year. Extraordinary pipeline.
- Invested a total of €751.9m in acquisitions and capex during the year.
- Strong progress on lower embodied carbon (LEC) product range, 35 proprietary products now launched.
Summary numbers
Revenue
up 7% to €9.2bn,
(pre-currency,
up 9%).
Trading profit1
up 5% to €955m,
(up 8% pre-currency).
Acquisitions
contributed 8% to sales
growth and 6% to
trading profit growth.
Profit after tax of €716m
(2024: €691m).
Basic EPS
up 1.3% to 370 cent. Diluted EPS up 1.4% to 367 cent.
Final dividend per share of 29.2 cent (2024: 28.5 cent) giving a total dividend for the year of 55.5 cent (2024: 54.8 cent).
Strong free cash generation of €429.3m (2024: €509.4m).
Scope 1 and 2 GHG
emissions reduction
from 2024 to 2025.
Effective tax rate of 16.0% (2024: 17.0%).
Year end net debt2 of €1,883.6m(2024: €1,573.0m). Net debt to EBITDA3 of 1.65x (2024: 1.47x).
1. Operating profit before amortisation of intangibles.
2. Net debt pre-IFRS 16 per banking covenants.
3. Net debt to EBITDA ratio is pre-IFRS 16 per banking covenants.
PUHINUI TRAIN STATION
Auckland, New Zealand
Insulated Building Envelopes
KingZip Standing Seam
Photography: Simon Wilson
Looking Ahead
We exited 2025 with momentum across several strands of the business and entered the current year with healthy backlogs generally.
The start to 2026 has been sluggish, impacted by tough winter conditions in many of our end markets, albeit at a seasonally low point in the year. We expect our activity to pick up considerably through the months ahead. Whilst it is still early days in the current year we see a firm path to delivering trading profit in the region of €1.05 billion for 2026 which would represent an acceleration of the growth seen in recent years.
Beyond that, given the Group’s relentless focus on innovation, our diverse range of low carbon solutions and end markets, as well as the emerging platforms we have entered in recent years all bearing fruit, we expect trading profit growth between now and the end of the decade to exceed that achieved in recent years.
Gene Murtagh
Chief Executive Officer
