DAVY VIEW

Kingspan results for 2025 represent yet another year of healthy earnings growth with trading profits a little above what we expected. More importantly, there is an unambiguously upbeat tone to the group’s outlook comments. What is particularly striking is the confidence expressed that the pace of trading profit growth over the remainder of the decade can exceed that achieved in recent years. Despite a stiffening foreign exchange (FX) translational headwind, we expect to leave our current year trading profit forecast unchanged. This points to a double-digit advance in trading profits this year, and we believe the stock at current levels offers excellent value.