DAVY VIEW

The expectation that Kingspan’s first-half trading profits will be little changed on H1 2023 appears somewhat unexciting, especially given the group’s track record. But in the context of variable end-markets along with the impact of weaker raw material prices, we believe it would represent a very solid outcome. First-half results will also present an opportunity to take the pulse on the wider context that informs the Kingspan investment thesis. We are confident that the message will once again be well received. Specifically, it should highlight the continuing multi-year potential arising from the combination of universal mega trends (energy conservation etc) and Kingspan-specific variables (products, geographic positioning and expansion et al.).