Kingspan Group Plc

Strong H1 performance with upgraded outlook (growth + margins) - Revenue just under EUR 4.9bn, +8% YoY; EBITDA EUR 626m (+9%); trading profit EUR 487m (+10%). - Trading margin improving: 10% in H1, with expectation of ~12% in H2 → implies full-year margin ~11%. - Guidance raised: full-year trading profit now ~EUR 1.125bn (vs prior year +18% if achieved), implying ~25% H2 trading profit growth. - Outlook confidence extends to 2027 ~EUR 1.3bn trading profit (organic run-rate referenced by management).

Underlying strength in the two divisions (and very strong Advances momentum) - Envelope (panels/building envelope): revenue +4% pre-currency; order intake +13% by volume globally; order book “up at a similar level,” suggesting momentum continues into H2. - Encouraging regional comments: Europe strength (Iberia, France, Germany), continued strength in North America and Latin America expanding beyond Brazil into surrounding countries/Argentina. - Advances (raised floor/data): revenue +36% pre-currency; management reiterated that data mix is accelerating and is expected to exceed 50% data in the not-too-distant future. - Key opportunity surprise: management said the earlier IPO-linked pacing underestimated near-term momentum—Advances should now break through the medium-term EUR 600m (EBITDA target) well before 2030; for 2026, expectation ~EUR 400m-ish EBITDA (vs earlier ~EUR 300m).

Reported numbers had a small one-off drag; free cash flow and balance sheet are solid - H1 trading profit of EUR 487.2m is net of EUR 4.5m Advances IPO exploration costs; underlying/adjusted trading profit up ~13% YoY (currency-adjusted). - EPS +5%; interim dividend EUR 0.271 (+3%). - Free cash flow EUR 144m in H1; working capital improved: working capital/sales 12.3% (June 26) vs 13.1% (June 25). - Net debt/EBITDA ~1.56x with investment-grade focus; management referenced maintaining leverage <2x.