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Kingspan Acquisition of BMC August 2026
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2 Kingspan Group has agreed to acquire BMC Manufacturing (BMC), a fast-growing power management systems company focused on manufacturing systems for data centres, for an initial consideration of €850m (€600m cash / €250m new Kingspan shares). BMC focuses on designing, engineering, and manufacturing electrical power systems for data centres with particular strength in power distribution cabinets (PDC). Highly complementary products marking a natural extension of our existing white space offering, enabling a converged Power, Cooling & Containment solution and doubling our potential wallet share. <5x EV/EBITDA on FY27 from 9.4x EV/EBITDA on FY26 backed by strong pipeline visibility. Significant EPS accretion from the get-go. Return on capital employed of >20% in first full year. Kingspan to acquire BMC Manufacturing
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BMC ACQUISITION: HIGH-RETURN ADVNSYS GROWTH PLATFORM 3 Earnings, margin and ROCE accretive in year 1 Deal will generate significant revenue synergies immediately Applying Kingspan’s proven roll out playbook to accelerate BMC’s rapid expansion in the US with a new facility in Kentucky Earn out of €50m based on average EBITDA of €250m 2027-29 Proforma net debt/EBITDA of 1.9x post acquisition and anticipated to be 1.1x by FY27 end, committed to investment grade status KEY METRICS €280m FY26 revenue* c.€90m FY26 EBITDA* <5x FY27* EV/EBITDA >20% first full-year ROCE* * forecast
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4 4 9 8 7 6 5 4 3 2 1 A C D E F G B GREY SPACE Hot Aisle Containment Airflow Panels Liquid Cooling Manifolds Mesh Walls Security Louvre Damper Mesh Structural Ceiling Grid Air Handling Units Water Storage Raised Access Floors CURRENT OFFERING IN THE WHITE SPACE Cooling Towers Chillers Generators Switchgear Uninterrupted Power Supply Power Distribution Unit & Busway Networking / Servers 1 2 3 4 5 6 7 8 9 A B C D E F G ADVNSYS – IDEALLY POSITIONED IN THE WHITE SPACE 10 Power Distribution Cabinets 10
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5 5 ADVNSYS – CONVERGED POWER, COOLING & CONTAINMENT SOLUTION
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BMC EXPANDS ADVNSYS’ DATA CENTRE POWER PLATFORM 6 Low Voltage Switchgear Safe site-wide power routing Critical Power Systems Continuity for critical loads Prefabricated power modules Faster modular deployment UPS integration Backup during outages Power Distribution Cabinets (PDC) Balanced power distribution An enhanced white space offering, future proofed for new datacentre power specification with refurb opportunities STRONG STRATEGIC RATIONALE Execution — proven delivery at pace for hyperscaler and co-lo programmes. Technology Readiness — aligned to next-generation datacentre power specs. Revenue quality — Technology innovation drives continuous infrastructure renewal and product obsolescence, supporting long-term growth beyond new data centre construction. Enhanced customer proposition — converged power, cooling and containment offer simplifies supply chains, enhances quality and speeds up deployment 6
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< $100k / MW $220k / MW > $500k / MW > $1m / MW Pre 2020 2023-2024 2025 2026 onwards 7 Double-digit mid-term market growth Growth in Global Data Demand Exceptional increase in Advnsys Share of Wallet Growing Advnsys Market Share Significant market share gains in existing product suite and new geographies ADVNSYS BENEFITTING FROM COMPOUNDING MARKET GROWTH 7
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3668 4373 4659 4576 6497 8341 8091 8608 9199 >10,000 >11,000 442 521 580 597 893 998 1,068 1,140 1,220 1,440 1,780 378 445 497 508 755 833 877 907 955 1,150 1,470 0 500 1000 1500 2000 2500 0 2000 4000 6000 8000 10000 12000 Revenue (€m) EBITDA (€m) Trading profit (€m) 8 KINGSPAN GROUP – HARDWIRED FOR GROWTH EBITA multiplied by 3.9x1 14.6% CAGR1 EBITDA multiplied by 4.0x1 €5.5bn2 Total acquisition spend 1. Based on the period 2017 – 2027E. 2. 2016 to 2026. 15.0% CAGR1 Consistent value accretive growth 2026E2021 2022 2023 2024 20252017 2018 2019 2020 2027E Revenue multiplied by 3.0x1 11.6% CAGR1
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Dublin Road Kingscourt, Co Cavan Ireland, A82 XY31 Tel: +353 42 969 8000 Email: ir@kingspan.com www.kingspan.com 9