Kingspan Earnings: Shares Bounce on Stronger-Than-Anticipated Finish to 2024

No-moat Kingspan’s performance in the second half of 2024 proved stronger than we’d anticipated with full-year 2024 revenue of EUR 8.6 billion and EBITA of EUR 907 million, about 2% and 5% ahead of our estimates, respectively. Stronger second-half sales for the group’s smaller, but growing data solutions segment proved stronger than we’d anticipated. Moreover, the group’s full-year 2024 EBITA margin of 10.5% came in about 30 basis points ahead of our forecast, with a materially stronger second-half EBITA margin for the light, air, and water segment than we’d expected being the major contributor to the group EBITA margin’s strength. Nonetheless, the late 2024 performance in Kingspan’s core insulation businesses—which account for some 75% of group EBITA—broadly tracked our expectations. Investors cheered the strong finish to 2024, with shares up some 10% in early trade.