DAVY VIEW

Kingspan retains an enduring ability to deliver consistent earnings growth, even during a deep cyclical downturn. Admittedly, the pace of earnings growth this year may lag what has often been achieved in the past. However, it will still represent a superior performance versus a peer set wrestling with unfavourable operating conditions. We retain our conviction that Kingspan is exceptionally well set up and that its downcycle investment will act as a catalyst for sustained outperformance in the coming years.