DAVY VIEW

Kingspan’s profit growth should accelerate from this year on, and the upcoming H1 results should represent a down payment on this expectation. The first half was not without its challenges, including adverse start-of-year weather and geopolitical headwinds, but momentum is building and the upcoming results should underline that Kingspan remains well positioned to make meaningful progress this year and beyond. The stock is ahead relatively modestly year to date, but we believe the results offer a good platform for the share price to kick on.