Kingspan Group PLC

XMUN:KRX

Strong first half: Kingspan said H1 revenue was just under EUR 4.9 billion, up 8%, with EBITDA up 9% and trading profit up 10%. Management described the result as strong despite a difficult first quarter globally.

Guidance raised: The company lifted full-year trading profit guidance to EUR 1.125 billion, implying about 25% second-half trading profit growth and revenue solidly above EUR 10 billion for the year.

Advances momentum: The data-center-focused Advances business was a standout, with revenue up 36% pre-currency. Management said 2026 EBITDA could be around EUR 400 million, well ahead of the earlier EUR 300 million expectation.

Margin outlook: Group trading margin was 10% in H1, up 20 basis points, and management expects close to 12% in H2, leaving full-year margin around 11% with further improvement into 2027.

Balance sheet discipline: Kingspan paused share buybacks to preserve flexibility for “chunky” acquisitions, but said it will not go beyond 2x leverage and has about EUR 1 billion of headroom today.

Demand trends: Insulated panels order intake rose 13% by volume globally, with strength in Iberia, France, Germany, North America, and Latin America. Management said the order book remains healthy into the second half.

IPO off table: Management said the Advances IPO discussion is over and that the business is firmly part of Kingspan, while still leaving room for future M&A within its balance-sheet limits.