This article first appeared on GuruFocus .

• Revenue:EUR9.2 billion, pre-currency growth of 9%.

• EBITDA:EUR1.22 billion, up 7%.

• Trading Profit:EUR955 million, up 5% or 8% at constant exchange rates.

• Earnings Per Share (EPS):EUR3.70.

• Dividend:Total dividend for the year EUR0.555, payout ratio of 15%.

• Free Cash Flow:EUR429 million.

• Trading Margin:Headline down 10 basis points to 10.4%, underlying pre-acquisition up 20 basis points to 10.7%.

• Net Debt:EUR1.88 billion, net debt-to-EBITDA of 1.65x.

• CapEx:EUR325 million, with guidance of EUR350 million for the current year.

• Effective Tax Rate:16% in 2025, guidance of 16.5% for 2026.

• Insulated Panel Order Bank:Ahead 8% exiting the year.

• Advances Business Unit Revenue:Up 12% for the year.

• Advances Product Set Order Intake:Double prior year in the first six weeks.

• Geographic Sales Profile:Americas 22%, Rest of World 8%, Europe 70%.

• Warning! GuruFocus has detected 7 Warning Sign with KGSPF.

• Is KGSPF fairly valued? Test your thesis with our free DCF calculator.

Release Date: February 20, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript .

Positive Points

• Kingspan Group PLC ( KGSPF ) reported a revenue growth to EUR9.2 billion, marking a 9% increase pre-currency.

• The company achieved an EBITDA of over EUR1.2 billion, also reflecting a 9% growth.

• Kingspan Group PLC ( KGSPF ) has made significant progress in its emission reductions program, achieving a 70% reduction in Scope 1 and 2 emissions since 2020.

• The insulated panel order bank and intake were both ahead by 8%, indicating strong demand and future growth potential.

• The Advances business unit saw a 12% revenue increase, with the order intake doubling compared to the previous year, suggesting robust growth prospects.

Negative Points

• The trading margin decreased by 10 basis points to 10.4%, although underlying pre-acquisition margins were slightly better.

• Net debt increased to EUR1.88 billion, with a leverage ratio of net debt-to-EBITDA at 1.65x.

• The company faced a significant FX headwind, particularly affecting the second half of the year, which impacted profits.

• Weather conditions hampered the start of the year, affecting dispatches and deliveries.

• The boards business in Europe is facing challenges due to overcapacity and unattractive market conditions, leading to strategic exits from certain facilities.

Q & A Highlights

Q: Can you provide more color on the medium-term growth expectations and product evolution in the data sector? A: Gene Murtagh, CEO, explained that Kingspan has multi-stranded growth across its business, particularly in the insulated panel and roofing sectors, with significant potential in North America. Inflation is expected to be a positive dynamic for the group. The company is well-positioned in the tech sector, especially with the transition towards AI. Regarding product evolution, Kingspan has expanded its portfolio beyond simple access floors, maintaining pace with industry changes. The company remains confident in achieving a EUR600 million EBITDA target over the next four to five years.