Sales, profits up at Kingspan in 2024, despite continued market pressures in Europe

Kingscourt, Ireland – Revenues at insulation specialist Kingspan were up 6.4% in 2024, rising to €8.61bn from 2023’s €8.09bn. EBITDA was up by 6.7%, rising from €1.07bn in 2023 to €1.14bn last year.

Trading profit was up 3% to €907m. Acquisitions contributed 8% to sales growth, while 5% was the result of the growth in trading profit.

The company said it had posted “record performance” in a tough environment. Momentum improved towards the end of the year, it said, with a stronger overall margin in the second half.

Sales in its insulated panels business were fairly similar to the 2023 figure, with strong performance in the Americas being offset by more subdued activity in several European markets. It also reported that regional scale is emerging in Latin America, with about €500m of revenue in the year.

The company said it was a “testing and transformative” year for its insulation business. Many European markets were under pressure, it said, with cost-driven price deflation, and also a tapering off in the district heating category, although it believes this category will be a longer-term growth engine. In contrast, it was a good year for its acoustics and interiors insulation activities.

“We anticipate performance improvement across the rigid board operations this year, now less than 30% of sales in the division, with the prospect of some pick-up in residential activity,” it said.

Sales in its data solutions business were up 36%. Here, the rapid rise in AI applications has led to increased global data centre demand, where energy efficiency is paramount.

“Kingspan was pleased to deliver record revenue and profitability despite tough end markets, and to have finished the year with good momentum and a notable bounce in the second half,” said CEO Gene Murtagh.

“As we look to 2025, our order backlogs are healthy, and our development expenditure has sown the seeds for future growth whilst maintaining almost €2bn in operational and development headroom. 2025 will inevitably bring challenges but we remain upbeat for the year ahead supported by structural demand for energy efficient solutions for the built environment.”

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