Gene M. Murtagh

Chief Executive’s Review

Santa Monica High School Discovery Building

Califorina, USA

Data + Flooring


Annual Report 2022

Given the powerful combination of our global scale, the diversity of our end markets, our ability to grow organically and through acquisition, alongside our strong innovation pipeline and an ongoing societal drive for energy efficiency, we believe Kingspan is very well placed for continuing progress for the benefit of all stakeholders.

Operational Summary

  • Record year overall in a testing environment and a tougher second half.
  • Insulated Panels sales increase of 23% driven by raw material price growth and a 46% increase in global sales volume of QuadCoreTM. Ground-breaking Lower Embodied Carbon (LEC) insulated panel launched recently.
  • Insulation sales strongly ahead by 40% driven by inflation and acquisitions. District heating applications a standout performer. Significant progress on entry into the bio-based insulation category. AlphaCore® launching shortly. Technical insulation now comprising 35% of divisional revenue.
  • Roofing + Waterproofing platform embedded. Annualised revenue run rate in excess of €500m. Ondura Group acquisition completed in September 2022 following Derbigum acquisition and strategic minority investment of 24% in Nordic Waterproofing.
  • Technical insulation and roofing significantly increase the Group’s exposure to RMI.
  • Significant progress at Light + Air, with a sales increase of 27% and margins progressing year on year.
  • Strong performance in Data + Flooring with sales up 33% and a strong data centre solutions pipeline into 2023.
  • Invested a total of €1.3bn in acquisitions, purchase of minority interest and capexduring the year.

Summary Financials




2021: €6.5bn




2021: €893.2m

Trading Profit ²



2021: €754.8m

Trading Margin ³



2021: 11.6%

Profit After Tax



2021: €570.6m




2021: 305.6c

  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

financials-shape financials-mobile financials-image

Looking Ahead

2022 was a bumpy year with the strong performance in the first half giving way to a more subdued environment in the second half of the year.

It is difficult to look too far ahead in this environment. We anticipate delivering a broadly similar trading profit in the first quarter of 2023 to that of 2022, aided in part by the contribution from acquisitions. We are mindful of a more demanding comparative to come in the second quarter. Longer term, Kingspan is very well placed given the powerful combination of our global scale, diversity of our end markets, strong innovation agenda and an ongoing societal drive for energy efficiency.

Gene M. Murtagh
Chief Executive


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