Slides
Page 1
Kingspan Ⓡ Half Year Results August 2026
Page 2
Forward Looking Statements This presentation contains certain forward looking statements including, without limitation, the Group’s financial position, business strategy, plans and objectives of management for future operations. Such forward looking information involves risks and uncertainties, assumptions and other factors that could cause the actual results, performance or achievements of the Group to differ materially from those in the forward looking statements. The forward looking statements in this presentation reflect views held only as of the date hereof. Neither Kingspan nor any other person gives any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward looking statements in this presentation will occur. Kingspan undertakes no duty to and will not necessarily update any such statements for new information or future events, except to the extent required by any applicable law or regulation. DISCLAIMER 2 100 Kings Highway, St. Louis, USA Insulated Building Envelopes Morin Exposed Fastener C-37
Page 3
• Trading profit up 10% to €487.2m, despite year on year currency headwind of €8.4m and Advnsys IPO exploration costs of €4.5m (headline trading profit of €500.1m before both, +13% year on year). • Strong performance overall with increased momentum in the second quarter following a seasonally slow start. Further acceleration of growth anticipated for second half. • Sales in Insulated Building Envelopes increased by 2% (+4% pre-currency) with ongoing penetration gains a key factor. Strong backlog overall as we enter the second half. • Sales in Advnsys grew strongly in the period by 34% (+36% pre-currency) buoyed by tech sector activity with rapidly growing momentum and backlog. Converged solutions driving significant wallet share gains, multiplying potential opportunity. • Invested a total of €233.6m in acquisitions and capex during the period. • Share buyback programme paused to preserve dry powder. Revenue • €9.2bn • +9% 1 H1 2026 IN SUMMARY Trading Profit • €955m • +8% 1 EPS • 370c • +2% 1 GHG EMISSIONS SCOPE 1 + 2 - 70% SINCE 2020 3 EPS 180.5c +5% Trading Profit €487m +10% EBITDA €626m +9% Revenue €4.9bn +8%
Page 4
To accelerate a net zero emissions built environment with people and planet at its heart. Greenhouse Gas Emissions 70% reduction in absolute Scope 1 & 2 CO2e emissions2 Natural Daylight Our daylighting systems sold in 2025 create 3.3 billion lumens of natural light annually Conserved Water Over 39 billion litres of rainwater will be harvested by our tanks produced in 20253 Recycled Materials 1.05 million tonnes of recycled and renewable content used in the raw materials to manufacture our products Ultra Energy-Efficient 219 million tonnes of CO2e will be saved over the life of our insulation systems sold in 20251 1. Assumes a 60 year product life. 2. FY25 versus 2020 excluding biogenic emissions. Scope 2 emissions are calculated using market-based methodology. 3. Assumes a 20 year product life. All data as of 2025. OUR MISSION 4
Page 5
100% 29% 100% 100% 55% 58% 73% 65% 63% 2030 Planet Passionate Targets1 20262(f) Progress towards target 65% reduction in Scope 1 & 2 GHG emissions3 from 2020 (%) 70% 15% reduction in carbon intensity from key raw materials from 2020 (%) 4.4% ≥90% zero emission company cars4 (annual replacement %) 90% 60% renewable energy consumption (%) 61% ISO 50001 certification for large sites5 (%) 55% Solar PV systems on all wholly owned sites (%) 58% Zero waste to landfill6 (%) -19%7 1.5 million tonnes recycled and renewable raw materials used annually (m tonnes) 1.1 Facilitate 20 product takeback and recycling schemes (no. of schemes) 13 Harvest 100 million litres of rainwater annually (million litres) 63 5 CARBON ENERGY CIRCULARITY WATER 1: Reporting boundary: manufacturing, assembly and R&D sites. 2: Businesses acquired during the first half of 2026 may not be fully reflected. 3: Excluding biogenic emissions. Scope 2 GHG emissions calculated using market-based methodology. 4: Kingspan defines a ‘zero emissions car’ as a vehicle with zero tailpipe emissions. The boundary does not include the energy used to power the vehicle or the embodied emissions from manufacturing. 5: Large sites: Sites with ≥ 4.95 GWh of annual energy consumption - based on prior year. 6: 90% reduction of waste to landfill in Kingspan manufacturing, R&D and assembly facilities from a 2020 base year. 7: A temporary, acquisition-related, increase.
Page 6
6 FINANCIAL HIGHLIGHTS 1. Constant currency change. 2. Net Debt pre-IFRS 16 per banking covenants. 3. Net debt to EBITDA ratio is pre-IFRS 16 per banking covenants. H1 2026 H1 2025 YoY % Change CC Change1 REVENUE (€m) 4,857.8 4,516.2 +8% +9% EBITDA (€m) 625.9 571.7 +9% +11% TRADING PROFIT (€m) 487.2 442.9 +10% +12% EARNINGS PER SHARE (cent) 180.5 172.1 +5% +7% INTERIM DIVIDEND (cent) 27.1 26.3 +3% FREE CASHFLOW (€m) 144.3 (20.0) +822% TRADING MARGIN 10.0% 9.8% +20bps NET DEBT2 (€m) 1,859.8 1,915.2 -3% NET DEBT/EBITDA3 1.56x 1.74x
Page 7
442.9 487.2 (8.4) 14.0* 38.7 Trading Profit H1 2025 Currency Acquisitions Underlying Trading Profit H1 2026 4,516.2 4,857.8(61.4) 125.2 277.8 Revenue H1 2025 Currency Acquisitions Underlying Revenue H1 2026 REVENUE AND PROFIT BRIDGE REVENUE (€m) TRADING PROFIT (€m) 7 *Net of Advnsys IPO exploration costs of €4.5m.
Page 8
8 41% 27% 24% 8% 43% 28% 22% 7% H1 2026 (€m) H1 2025 (€m) YoY% Change CC Change1 Western & Southern Europe 1,974.9 1,934.6 2% 3% Central & Northern Europe 1,330.5 1,259.3 6% 5% Americas 1,154.9 993.3 16% 21% Rest of World 397.5 329.0 21% 27% GROUP 4,857.8 4,516.2 8% 9% SALES BY GEOGRAPHY Western & Southern Europe Central & Northern Europe Americas Rest of World H1 2026 H1 2025 1. Constant currency change
Page 9
l 625.9 144.3 (219.9) (155.9) (39.1) (5.7) (22.8) (47.4) 9.2 EBITDA Working Capital Net Capex Lease Payments Provisions Net Finance Costs Tax Non-Cash / Other Free Cash Flow 9 STRONG FREE CASH FLOW GENERATION (€m)
Page 10
1,883.6 1,859.8 73.9 3.8 52.6 4.8 (144.3) (1.3) (13.3) 10 DISCIPLINED CAPITAL MANAGEMENT (€m) Net Debt Dec 25 Free Cash Flow Acquisitions Deferred Consideration Paid Dividends Paid Dividends Paid to NCI Dividends From Associates Other Net Debt Jun 26
Page 11
• Net debt to EBITDA 1.56x as at 30 June 2026. • Undrawn €700m green revolving credit facility with a committed term to May 2028. • Total private placement loan notes of €1,431m and public bonds of €750m. • The weighted average maturity of all drawn debt facilities is 3.7 years. • Total available liquidity as at 30 June 2026 of €1.29bn. BALANCE SHEET STRENGTH PROVIDES SIGNIFICANT FLEXIBILITY 11
Page 12
12 INSULATED BUILDING ENVELOPES • The business delivered a very strong performance, with sales, profit and order intake all growing as structural growth drivers offset challenging underlying market conditions. • France, US, LATAM and Germany performed well with some improvement in Eastern Europe. • Invested a total of €121.8m during the period, predominantly focused on the organic expansion of the business. • Oklahoma roofing facility commenced deliveries in Q2 2026 with a wider range of products to follow later in the year, and into 2027. Our Maryland facility is at commissioning stage and in 2028 we will add a third in Utah, enabling nationwide market reach. • Insulated panel capacity is currently being added in France, Brazil, Paraguay and Czechia. We are also expanding capacity at our Troldtekt acoustic insulation facility in Denmark. H1 2026 H1 2025 Sales (€m) 3,837.4 3,753.5 % of Group Sales 79% 83% Analysis of YoY % Change Underlying Currency Acquisition Total +3.0% -1.3% +0.5% +2.2% Muskegon Museum of Art, Michigan, USA Insulated Building Envelopes Morin Classic F-12 profiles; Pulse P-1, P-2, P-3, P-4 panels World leader in energy saving solutions for roofs, walls and floors
Page 13
COMPLETING THE ENVELOPE 13 1 2 3 4 5 A B C D F G H FULL SPECTRUM INSULATION PVC / TPO Membrane Adhesive PIR / QuadCore® Insulation Vapour Barrier Roof Deck QuadCore® Day-Lite Klick Translucent Wall Panel Ecofil LEC Rooflight PowerPanel® Single Ply Roofing System INSULATED BUILDING ENVELOPE PRODUCT OFFERING 1 2 3 4 5 Logstor® District Heating Troldtekt® Acoustic Insulation Kooltherm® Phenolic Steico® Wood fibre AlphaCore® GreenGuard® XPS K-Roc® Mineral Fibre Therma PIR A B C D E F G 6 7 8 9 10 6 7 8 9 10 E H Enhancing building performance and asset value
Page 14
14 Growth in Penetration Growth in Expanded OfferingGrowing Geographic Presence INSULATED BUILDING ENVELOPES MULTIFACETED GROWTH DRIVERS UK Europe USA LATAM
Page 15
15 INSULATED BUILDING ENVELOPES PRODUCT EVOLUTION Technical & Acoustic Insulation Time Innovation Single Skin Insulated Roof Panel Controlled Environments Architectural Wall Panel Roofing + Waterproofing Insulated Envelope PowerPanel® Jubilee Park Stadium Victoria, Australia Insulated Building Envelopes RW roof panel, Europanel® and Rainspan®
Page 16
16 STRUCTURAL GROWTH DRIVERS SUPPORT STRONG MARKET OUTPERFORMANCE *Includes volume estimates for Europe, US, Brazil, India and ROW markets. Source: EUROCONSTRUCT, various census bureaus, Kingspan estimates. Change in new non-residential construction output, 2025 vs 2019 (vol) -23% -18% -16% -14% -10% -9% -7% -6% -4% -11% -4.5% 13.7% c.3% p.a. OUTPERFORMANCE Compared to underlying markets France Belgium Norway UK Sweden Germany Denmark Netherlands Finland Europe Global Markets* Kingspan Organic Panels
Page 17
Trading Profit multiplied by 3.5x1 13.3% CAGR1 17 INSULATED BUILDING ENVELOPES EBITDA multiplied by 3.6x1 13.6% CAGR1 10-year historical performance Revenue multiplied by 3.1x1 1. Based on the period 2015 – 2025. 12.0% CAGR1 2,686 3,098 3,687 3,909 3,704 5,412 6,993 6,744 7,131 7,544 359 380 453 528 529 776 854 902 943 990 303 325 387 433 431 667 722 747 749 771 0.00 1,000.00 0.00 1,000.00 2,000.00 3,000.00 4,000.00 5,000.00 6,000.00 7,000.00 8,000.00 Revenue (€m) EBITDA (€m) Trading Profit (€m) Platforms in place to support attractive future growth 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Page 18
A world leader in critical bespoke infrastructure primarily focused on data centres, air handling and daylighting ADVNSYS 18 • Demand is growing at an extraordinary pace and our market share is increasing. Share of wallet is expanding rapidly as we bolt on complementary technologies in our push toward fully converged solutions for data centres. • Trading profit increased by 45% (net of €4.5m IPO exploration costs and is up 50% before these costs). Order intake and backlog is remarkably strong, increasing by over 100% year on year. • Activity is growing, particularly in the US where the rush for computing capacity far outpaces other regions. In France, Iberia, and the Nordics, we are seeing strong project pipelines while activity in the Middle East and India is on a compelling upward trajectory. • We continue to roll out new manufacturing capacity in the US, Vietnam and Australia. Liquid cooling and air handling technologies are required as the processing intensity in data centres becomes greater. • Acquisitions of Magic Aire (US) in the first half and Sandometal (Portugal) in the second half of last year complement our offering. H1 2026 H1 2025 Sales (€m) 1,020.4 762.7 % of Group Sales 21% 17% Analysis of YoY % Change Underlying Currency Acquisition Total +21.9% -1.8% +13.7% +33.8% Hortus Botanicus Amsterdam, The Netherlands Advnsys Double-glazed aluminium curtain walls
Page 19
19 19 9 8 7 6 5 4 3 2 1 A C D E F G B THE 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
Page 20
20 1. Based on $k spend per MW. 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 >18x wallet share multiplied between 2010 and 20251 < $100k / MW $180 - $250k / MW > $500k / MW Pre 2020 2023-2024 2025 onwards ADVNSYS BENEFITTING FROM COMPOUNDING MARKET GROWTH
Page 21
Louvre Damper Mesh Time Innovation Raised Access Floor Structural Ceilings Modular Integration Hot Aisle Containment Liquid Cooling to HAC Liquid Cooling to Rack Air Handling Unit 21 ADVNSYS – PERPETUAL INNOVATION
Page 22
422 570 685 750 872 1,085 1,348 1,347 1,477 1,655 45 62 69 83 102 117 144 166 197 230 38 53 58 64 77 88 111 130 158 185 0 50 100 150 200 250 300 350 400 0 200 400 600 800 1000 1200 1400 1600 1800 Revenue (€m) EBITDA (€m) Trading Profit (€m) 22 ADVNSYS EBITDA multiplied by 5.8x1 19.1% CAGR1 10-year historical performance Revenue multiplied by 4.8x1 €707m1 Total acquisition spend 1. Based on the period 2015 – 2025. 16.9% CAGR1 Order book has more than doubled, Data specific intake has more than trebled 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Page 23
GLOBAL EXPANSION - €1.2BN INVESTMENT UNLOCKING €2BN REVENUE POTENTIAL Optim-R® Line 2028 Kooltherm® Facility 2028 Mineral Fibre Panel Plant (Illinois) 2025 ✓ Data Solutions (Arkansas) 2025 ✓ Data Solutions (Kentucky 2.0) 2026 Data Solutions (Texas) 2026 Data Solutions (Arkansas 2.0) 2027 Roofing Membrane/Polysio Facility (Maryland) 2026 Roofing Shingles Plant (Georgia) 2028 Polyiso Roofing Plant (Utah) 2028 QuadCore® Insulated Panel Facility (Carolinas) 2027 Paraguay USA Australia Vietnam Saudi Arabia Central France Romania PowerPanel® Enablement 2027 Insulated Panel Line 2027 Mineral Fibre Panel Line 2026 ✓ PowerPanel® Enablement 2027 PIR/MF Panel Facility 2025 ✓ PIR Panel Line 2025 ✓ Insulated Panel Plant 2026 Insulated Panel Line 2025 ✓ Mineral Fibre Insulated Panel Plant 2026 Data Solutions 2025 ✓ Data Solutions 2026 Mineral Fibre Panel Line 2025 ✓ Data Solutions 2026 Belgium Czechia Colombia Insulated Panel Line 2027 Ukraine Building Technology Campus 2026-2030 Dunkirk, France Insulated Panel Line 2026 ✓ Poland Wood Fibre Insulation Facility 2025 ✓ Brazil Insulated Panel Facility 2027 Insulation Board Plant 2027/2028 23 New Zealand Insulated Panel Plant 2025 ✓ India Data Solutions 2026 Data Solutions 2026/2027 Nordics
Page 24
EXCEPTIONAL TRACK RECORD OF LONG-TERM GROWTH 0 1 2 3 4 5 6 7 8 9 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Revenue ( €bn) 24
Page 25
OUTLOOK • A seasonally slow start to the year with activity picking up in the second quarter. Geopolitical issues and the ongoing impact on end markets is further context for the trading environment. • Western Europe is solid overall with Central and Eastern Europe continuing the improvement seen last year. Whilst the US market is relatively subdued overall the tech sector is soaring with the LATAM region progressing well. • Insulated Building Envelopes continues to deliver strong structural growth with clients seeking highly efficient methods of construction from Kingspan’s unrivalled spectrum. • Advnsys is growing rapidly in a surging and increasingly global tech sector. Our expanding product suite and converging solutions are driving incremental wallet share gains multiplying the opportunity. • The backlog is considerably higher than at the same point last year. We can expect to break through €10bn in full year revenue, with second half trading profit up approximately 25% year on year and a full year trading profit in the region of €1,125m (approximately 18% ahead of 2025). 25 Morrison Yard Charleston, USA Insulated Building Envelopes Morin Matrix-1 rainscreen wall panel
Page 26
26 CONSISTENT VALUE ACCRETIVE GROWTH Revenue 12.7% CAGR1 Trading Profit 14.1% CAGR1 EPS (cent) 13.2% CAGR1 FY23 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY24 FY25 €3,109m €3,668m €4,373m €4,659m €4,576m €6,497m €8,341m €8,091m €8,608m €9,199m €341m €378m €445m €497m €508m €755m €833m €877m €907m €955m 143.8 159.0 184.0 204.6 206.2 305.6 329.5 352.3 365.2 370.0 1. Based on the period 2015 – 2025.
Page 27
27 MEGATRENDS THAT DRIVE US Emerging talent gap of US construction workers expected to retire in the next 5 years4 Impacting project timelines 73 % of US contractors expect lack of skilled labour to negatively impact business in the next 12 months5 Labour Market Dynamics Averting a climate emergency 2x Global Buildings Climate Tracker must accelerate by 2x the rate originally set by Paris Agreement in 20151 Future proofing of asset values 69 % of investors reported a decrease in asset value for properties with poor sustainability credentials2 Operational savings 40 % LEED and BREEAM certified buildings consume up to 40% less energy3 Sustainability and Resilience Accelerating demand 3 X Global demand for data centre infrastructure set to triple by 20307 Fuelled by AI power requirements 6 - 7 X Data Centre Demand 40 % Accelerates speed of build Cuts project timelines by up to 50% compared to traditional built-up systems6 Alleviates labour market pressure 40 % Reduces manpower requirements by up to 40%6 Modular Construction 50 % Power requirements for AI focused data centres 6-7x that of a traditional data centre8 Resulting in capacity expansion 150 % Data centre capacity measured in GWH’s anticipated to increase by over 150% by 20308 Sources: 1. UN Environment Programme (2025) Not just another brick in the wall. Global Status Report for Buildings and Construction 2024/25. 2. JLL (2025) Sustainability remains a key driver for European real estate investors. 3. Facilitate (2025) LEED vs WELL Certification: Which Green Standard Fits Your US Office? 4. Deloitte (2025) 2026 Engineering and Construction Industry Outlook. 5. Dodge (2025) The Construction Workforce: How Can the Industry Attract Enough New Workers? 6. McKinsey (2025) Making modular construction fit. 7. McKinsey (2024) AI power: Expanding data center capacity to meet growing demand. 8. BofA (2025) market reports.
Page 28
28 IN A NUTSHELL 8% ROW 34% Via distribution PRODUCTS DRIVERS GEOGRAPHIC REGIONS SECTOR END MARKET CHANNEL REVENUE € 4.9 bn APPLICATIONS - RETAIL - DISTRIBUTION - LEISURE - ACCOMMODATION - FOOD - MANUFACTURING - DATA MANAGEMENT - INFRASTRUCTURE TRADING PROFIT € 487 m 15% Other 85% Energy Efficiency & Conversion 41% Western and Southern Europe 77% Non-Residential 74% New Build 66% Direct 25% Refurbishment 27% Central and Northern Europe 24% Americas 26% Refurbishment 79% Insulated Building Envelopes 21% Advnsys 23% Residential
Page 29
70% Absolute reduction in Scope 1 & 2 GHG emissions1 since 2020 RAW MATERIALS 1.05m Tonnes of recycled and renewable raw materials utilised in 2025 COMMUNITY PROJECTS 400+ Planet Passionate Community projects to date ON-SITE GENERATION 1,670+GWh 61% Wholly-owned sites have solar PV systems installed as of 2025 48 Lower embodied carbon (LEC) products launched to date 10 Takeback & recycling schemes in place as of 2025 PRODUCTS >5bn PET bottles2 recycled since 2020 1. Scope 1&2 GHG emissions. Excluding biogenic emissions. Scope 2 GHG emissions calculated using market-based methodology. 2. Equivalent no. of PET bottles by weight. 3. Large sites: sites with ≥5 GWh annual energy use in the prior year. GHG EMISSIONS 700+ PROJECTS SINCE 2020 ENERGY EFFICIENCY 50% Large sites3 have ISO 50001 certification as of 2025 RENEWABLE ENERGY 63% Renewable energy use in 2025 LEC 29
Page 30
Dublin Road Kingscourt, Co Cavan Ireland, A82 XY31 Tel: +353 42 969 8000 Email: admin@kingspan.com www.kingspan.com 30 Inuusirvik Community Wellness Hub Baffin Island, Canada Insulated Building Envelopes Morin Pulse Series P-1, P-2, P-3, P-4, P-9 panels