Kingspan Q3 Report 2022

Sales in the nine month period to 30 September were €6.25bn, up 33% on the same period in the prior year, with sales growth of 17% in the third quarter. Underlying sales (pre currency and acquisitions) were up 20% in the year to date and by 9% in the third quarter.

Insulated Panels sales increased by 29% in the first nine months and by 13% in the third quarter. Underlying sales were up 23% year to date and up 7% in the third quarter. Global sales volumes in the third quarter were expectedly sluggish reflecting the slowdown in order placement flagged mid-year. Undoubtedly, a factor has been expectations around raw material pricing with some pick up in order placement post the summer period. We have been carrying higher levels of inventory than normal for much of the year and, as certain inputs have seen deflation more recently, this has had a short-term impact on margins as these materials sell through. In general, activity in the Americas has held up reasonably well, as has Germany and the UK with softer activity elsewhere in Europe. We continue to advance our innovation agenda notably QuadCoreTM LEC Panel comprising an estimated 45% of recycled materials and with 40% less embodied carbon.