Kingspan Full-Year Report 2022

Financial Highlights:

• Revenue up 28% to €8.3bn, (pre-currency, up 25%).
• Trading profit up 10% to €833m, (pre-currency, up 7%).
• Acquisitions contributed 9% to sales growth and 8% to trading profit growth in the year.
• Milestone EBITDA of c. €1bn (2021: €893.2m) in the financial year.
• Group trading margin of 10.0%, a decrease of 160bps.
• Basic EPS up 8% to 329.5 cent.

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.

Sales performance of +28% (2021: +42%) was driven by a 16% increase in underlying sales, a 9% contribution from acquisitions and positive currency translation of 3%. The increase in underlying sales reflected a combination of strong year on year price growth due to raw material inflation offset by an overall reduction in volume particularly in the second half of the year as global construction markets eased.