2025 was another year of great progress at Kingspan, as the company put in place the building blocks for their next wave of growth. Whilst not yet evident in the trading results, these will form cornerstones of future growth across both the Insulated Building Envelopes and Advnsys segments. In the year itself revenue reached a record €9.2bn, and trading profit hit €955m, also a record. Like-for-like trading margin was 10.7% (reported 10.4%).
By segment, revenue at Insulated Building Envelopes was ahead by 6%, and up by a strong 12% at Advnsys. Encouragingly for the year ahead, the order backlog in value at Insulated Building Envelopes was up overall year-on-year and, notably, Advnsys entered 2026 with orders on hand up 24% in value on the same period a year ago and order intake in 2026 to date is double the same period last year.
Despite the persistent challenges presented to the construction industry worldwide, the company pressed ahead with many investment initiatives both organic and inorganic, totalling €751.9m in the year covering both strategic and bolt-on projects. The split was €325.8m on organic developments and €426.1m on acquisitions, the largest of which were an additional investment in Steico (now at 61%), taking full ownership of Nordic Waterproofing and the acquisition of Mercor’s ventilation and daylighting business.
The general trading environment in global construction markets is not without challenges, as has been the case for a few years now. There are exceptions to this at both ends of the scale. Regionally, LATAM is performing strongly, as is the US tech sector, and Continental Europe is holding its own. Activity in Britain has been weak although not as bad in the second half. By sector, the picture is also very mixed with tech and data related activity running high which plays well for Kingspan, while other industrial and residential markets are lagging historic activity levels. All things considered, the performance of Kingspan in this jumbled backdrop demonstrates the robustness and breadth of the Group and is distinctly more powerful than in the past.
Gene Murtagh, Chief Executive Officer of Kingspan commented: “Kingspan has delivered record revenue and profitability in 2025 alongside continued investment to power our next phase of growth, including over €750m in organic and M&A activity. Despite having doubled revenues since 2020 we have reduced our own Green House Gas emissions by 70% in the same period and we continue to increase our use of lower embodied carbon (LEC) solutions across our product portfolios.”
