DAVY VIEW

Results for 2023 will close out another creditable year for Kingspan. A first full year for the Roofing + Waterproofing division, the announced investment in Steico as well as other deals and further commitment to capacity expansion all illustrate its continuing operational and strategic evolution. Financially, we identify two highlights: (1) a level of profitability considerably above start-of-year expectations and (2) a record year for free cash flow production. All this was despite mostly challenging end-markets, something that persists. Despite this, we are confident Kingspan will continue to make progress this year and beyond.