Annual Report &
Financial Statements
2025
SUMMARY
FINANCIALS
INSULATED BUILDING ENVELOPES 1
ADVNSYS 8
OUR IMPACT 16
OUR GLOBAL REACH 17
BUSINESS & STRATEGIC REPORT
Chairman’s Statement 18
Our Business Model & Strategy 22
Chief Executive’s Review 30
Financial Review 38
Risk & Risk Management 44
Leading with Passion 54
DIRECTORS’ REPORT
The Board 72
Report of the Nominations & Governance Committee 76
Report of the Remuneration Committee 86
Report of the Audit & Compliance Committee 108
Report of the Directors 120
CSRD SUSTAINABILITY STATEMENT
Limited Assurance Report 134
General Information 138
Environmental Information 152
Social Information 190
Governance Information 208
Appendices 214
FINANCIAL STATEMENTS
Independent Auditor’s Report 232
Financial Statements 240
Notes to the Financial Statements 249
OTHER INFORMATION
Alternative Performance Measures 302
Principal Subsidiaries and Substantial Undertakings 305
Shareholder Information 309
Corporate Information 310
Group 5 Year Summary 312
CONTENTS
1. Earnings before finance costs, income taxes,
depreciation and amortisation.
2. Operating profit before amortisation of intangibles.
3. Trading profit divided by total revenue.
4. On a constant currency basis.
5. Excluding acquisitions.
Revenue
€9.2bn
+9%
4
2024: €8.6bn
EBITDA
1
€1.22bn
+9%
4
2024: €1.14bn
Trading Profit
2
€955m
+8%
4
2024: €907m
Trading Margin
3
10.4%
+20bps
5
2024: 10.5%
Profit After Tax
€716m
+5%
4
2024: €691m
EPS
370c
+2%
4
2024: 365.2c
Conserve energy
and reduce carbon
emissions.
Our two global operating segments
are ideally positioned to benefit from
structural growth tailwinds.
ADVNSYS
Advnsys is a global leader in bespoke
critical infrastructure solutions,
primarily focused on data centres,
ventilation and daylighting. It designs
and manufactures high-performance
systems that deliver energy efficient
lighting, airflow, cooling and ventilation
for both new build and renovation
projects in data centres and commercial
buildings.
Read more on page 8
INSULATED BUILDING
ENVELOPES
Kingspan’s Insulated Building Envelopes
segment is a global leader in advanced
energy saving solutions for roofs, walls
and floors, delivering high-performance
building solutions for energy efficiency
in both new build and renovation
applications across all building types.
Read more on the next page
2025 marked another year of
tremendous growth in our Insulated
Building Envelopes segment.
Against the backdrop of challenging
new build construction markets,
our energy efficient product suite
continues to outperform underlying
activity as increased product
penetration is supplemented by
new product introductions and
geographic expansion.
In March, Kingspan launched
PowerPanel
®
2.0, an integrated PV
solution that combines our industry-
leading QuadCore
®
insulated panel
with advanced solar technology.
PowerPanel
®
is one of the first systems
globally to earn the FM Approved
mark to FM 4478. Having initially
launched in Ireland and Britain, we
intend to launch in continental Europe
during 2026.
In terms of global expansion, new
panel facilities were opened in
Germany, Australia, New Zealand,
Paraguay and Illinois (USA) to support
market penetration.
INSULATED
BUILDING
ENVELOPES
New manufacturing facility opened in Mattoon,
Illinois. The plant will focus on producing
Kingspan K-Roc
®
mineral fibre products.
1000 AZTEC WEST
Bristol, UK
Insulated Building Envelopes
OPTIM-R
®
E inverted roofing system;
Kingspan GreenGuard
®
GG300
Photography: CEG
Assured Warranty
Structural and thermal performance
of the QuadCore
®
panel covered for
up to 25 years. The external coating is
warrantied for up to 40 years.
25 years
The PV module covered for up
to 25 years and up to 30 year
linear power warranty.
Insulated Building Envelopes
» QuadCore
®
insulated
roof panel
» U-value as low as 0.11
W/m
2
K
» LONGi
®
monocrystalline PV
technology adds up to 475Wp
energy generation per module
1
2025 marked a year of progress
in our full spectrum offering. We
increased our stake in Steico, a
global leader in wood fibre insulation.
Our R&D teams are working on a
panel solution with a non-fibrous,
non-combustible core using our
propriety geopolymer. This year, we
also launched an A-Class acoustic
solution from Troldtekt
®
in Denmark.
Under the theme of circularity,
successful trials were carried out to
convert polyester textile waste to a
polyol which can be incorporated
into insulation.
Our roofing plan gained momentum
this year as we took full ownership
of Nordic Waterproofing, a leading
producer of waterproofing products
in Europe. Our US organic plans
continued apace with production trials
for polyiso board and TPO membrane
initiated in Oklahoma. PVC membrane
and further polyiso production will
follow short term in Maryland.
The culmination of all this progress
has left Kingspan primed to offer
a complete envelope solution with
world leading technology in both the
USA and Europe.
US roofing facilities poised to open, further
progress on the full spectrum insulation.
1. PVC/ TPO membrane
2. Adhesive
3. QuadCore
®
/ PIR insulation
4. Vapour barrier
5. Roof deck
1
4
2
3
5
“ Kingspan’s insulated panel, insulation,
and roofing product suite position
the business as a world leader
in building envelope solutions
supported by an unrivalled breadth
of insulation technology.”
Built up roof system
By Kingspan
2
Kingspan Group plc Annual Report & Financial Statements 2025
1. The thermal conductivity range as claimed by Kingspan in key European markets (AT, BE, CZ, DK, FI, FR, DE, IRL, IT, NL, NO, PO,
ES, SE, UK).
2. The thermal conductivity range is based on major insulation manufacturers’ websites in key European markets (AT, BE, CZ, DK,
FI, FR, DE, IRL, IT, NL, NO, PO, ES, SE, UK).
3. Thermal conductivity (Lambda) W/mK values quoted at 10ºC.
4. Thermal conductivity based on Kingspan insulation board product.
Legacy
Materials
Advanced
Materials
Bio-based
Material
Wood
Fibre
0.036 W/mK
3
(0.036-0.048)
2
Rock
Mineral Fibre
0.032 W/mK
3
(0.032-0.042)
2
Glass
Mineral Fibre
0.030 W/mK
3
(0.030-0.040)
2
Kingspan
PIR
0.022 W/mK
3,4
(0.022-0.030)
1
AlphaCore
®
0.020 W/mK
3
(0.020)
2
Kooltherm
®
Phenolic
0.019 W/mK
3
(0.019-0.023)
1
QuadCore
®
Hybrid
0.018 W/mK
3
(0.018-0.020)
1
Optim-R
®
0.007 W/mK
3
(0.007 - 0.009)
1
BALTIC HEARTS OFFICES
Vilnius, Lithuania
Insulated Building Envelopes
Dome Solar roof-solar PVC
The Full Spectrum
3
Insulated Building Envelopes
CUSTOMERS FACE INCREASING
COMPLEXITY IN TODAY’S
CONSTRUCTION LANDSCAPE.
Energy efficiency of buildings, speed of
construction and labour availability are
major challenges for our customers.
Kingspan Insulated Building Envelopes help
deliver effective solutions for all these issues.
The United Nations Environment
Programme (2025) estimates that
to meet the 2030 targets of the Paris
Agreement, annual improvements in
the Global Buildings Climate Tracker
must accelerate to almost twice the
rate originally envisaged in 2015.
These targets are echoed in the
increased focus on the sustainability
goals of companies as they react to
the prevailing desire from consumers
to be more socially responsible. Owned
and/or leased buildings’ carbon
performance form part of the scope
1 & 2 carbon output of the occupiers.
This is increasing demand for more
energy efficient buildings. Indeed,
in 2025 69% of investors reported a
decrease in asset value for properties
with poor sustainability credentials
(JLL, 2025).
Attaining accreditation from top
certification bodies such as LEED and
BREEAM improve investor appeal
through reduced operating costs
and upfront costs with provision for
tax credits, grants and rebates often
available.
Incentives exist across European
countries and within US States,
such as:
» New York offers a property tax
exemption for green buildings that
meet LEED certification standards
and also a one-time property tax
abatement equal to $10/sq ft of
green roof space;
» Cincinnati offers property
tax abatements for buildings
constructed or renovated to meet
LEED certification standards;
» France’s Green Fund provides over
€1bn in cash grants to finance work
on the building envelope, including
insulation and roofing;
» Ireland awards cash grants to
SMEs of up to €450,000 per site to
reduce their GHG emissions; and
» Poland’s Ecological Credit under
the FENG programme offers
grants for activities related to
energy efficiency, such as thermal
modernisation for SMEs.
2x
Annual improvement
in Global Buildings
Climate Tracker
must accelerate to
2x the rate originally
envisaged to meet
the targets of the
2015 Paris Agreement
25-40 %
reduction in energy
consumption for
certified buildings -
lowering operating costs
(Facilitate, 2025)
Potential financial
incentives - Access
to tax credits, grants,
and rebates
Kingspan Group plc Annual Report & Financial Statements 2025
4
One of the critical bottlenecks in many
developed construction markets is the
availability of skilled tradespeople. The
issue is set to only worsen in the US
with NCCER estimating that over the
next five years c.40% of construction
workers are expected to retire.
73% of contractors expect lack of
skilled labour to negatively impact the
business in the next 12 months (Dodge,
2025). In Europe, the European Labour
Authority reports that 75% of 29
European countries examined are
experiencing shortages in engineering
and construction sectors.
75 %
of European
construction markets
experiencing labour
shortages
MOBIL HOME
Rideau Venansault, France
Insulated Building Envelopes
JI 45-333-1000 roofing sheet; JI 56-225-900
steel deck; JI Z140 Z-purlins; JI SF Wall 1000
panel; JI Grégale 300 facade; JI 10-100-1100
steel profiles; JI 35-207-1035 wall sheet
Employment trend in Europe construction by age group, 2004-2025
Source: Eurostat
15-39 years 40-49 years 50-64 years
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
55%
50%
45%
40%
35%
30%
25%
20%
15%
Proportion of EU construction workers by age
5
Insulated Building Envelopes
INSULATED BUILDING ENVELOPES
1. QuadCore
®
2. Ecofil LEC
Rooflight
3. PowerPanel
®
4. PIR
5. Single Ply Roofing System
6. K-Roc
®
Mineral Fibre
7. GreenGuard
®
XPS
8. AlphaCore
®
9. Steico
®
Wood fibre
10. Kooltherm
®
11. Troldtekt
®
Acoustic Insulation
12. Logstor
®
District Heating
13. Translucent Wall Panel
Our solutions help reduce construction
time, enhance building performance,
improve onsite safety and support
customers’ asset values.
Our insulated building envelope systems
shift large parts of the construction/
manufacturing of buildings into our
factories significantly reducing the
requirement for labour on the worksite.
This also helps improve the building
quality, speed of construction and
lifecycle performance of the building.
McKinsey estimates that modular
construction can cut project timelines
by up to 50% compared to traditional
built-up systems (McKinsey, 2025).
Indeed, we estimate that the onsite
construction time for an average
building can be reduced from just over
30 days to c.14 days using insulated
panels rather than traditional built-up
systems. The factory manufactured
process reduces risk of on-site accidents
and the impact of weather.
Single system warranty
By providing a complete envelope solution which
incorporates insulated wall panels, roofing panels and/or a
single ply roofing system Kingspan is ideally placed to offer
customers attractive warranty support.
A single system envelope warranty provides customers with
peace of mind on their investment and assurance in the
event of adverse weather occurrences.
1
2
3
6
5
7
10
11
12
13
9
4
8
6
Kingspan Group plc Annual Report & Financial Statements 2025
In addition to the wider industry
activity, growth is fuelled by
increased product penetration,
geographic expansion and new
product innovations. This strategy has
delivered a 13.6%
1
EBITDA CAGR in the
last decade and positions the Group
ideally for future growth.
With attractive platforms across all
product categories, Kingspan is well
placed to continue to outgrow underlying
construction markets.
1. Based on the period 2015 - 2025.
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
2,686
359
303
3,098
380
325
3,687
453
387
3,909
528
433
3,704
529
431
5,412
776
667
6,993
854
722
6,744
902
747
7,131
943
749
7,544
990
771
Revenue (€m) EBITDA (€m) Trading profit (€m)
Revenue
multiplied by 3.1x
1
12.0% CAGR
1
EBITDA
multiplied by 3.6x
1
13.6% CAGR
1
Trading Profit
multiplied by 3.5x
1
13.3% CAGR
1
Benefitting from Compounding Market Growth
c.3%
outperformance
versus underlying
markets
Growth in
Penetration
Growing Geographic
Presence
Growth in Expanded
Offering
UK Europe USA LATAM
7
Insulated Building Envelopes
8
A
B
The burgeoning role of artificial
intelligence (AI) has underpinned a surge
in data processing needs across the globe.
Increased demand for infrastructure to
support this phenomenon has seen data
centre activity expand exponentially.
Kingspan has been serving data centre
customers since 1998 when we entered
the market with the acquisition of
Hewetson. We then built on our global
positioning through the acquisition
of Tate in 2001 and subsequent deals
including but not limited to ASM,
RXL, Q-nis, Sandometal and Fabtek.
Over this period we forged lasting
customer relationships based on trust,
innovation and collaboration.
The greater computing power
needed to support AI, combined with
increased rack density in data centres,
means that energy management
and cooling equipment have become
critical to the performance of our
customers’ networks.
Indeed, market reports
1
suggest
graphics processing units (GPU)
used in AI processing require
3-4x more electrical supply than
traditional central processing units
(CPU). Combined with increased
rack densities it is estimated that
the total power requirements for AI
focused data centres is 6-7x that of a
traditional data centre.
Global demand for data centre
infrastructure is set to triple by 2030.
70% of this demand coming from AI
workloads. Hyperscalers
alone expect to spend $300bn
in capex over the course of 2025
(McKinsey, 2025).
ADVNSYS
$1.7 trillion
Global data centre
infrastructure
capex expected to
exceed $1.7 trillion
by 2030.
1. BofA market reports.
8
Kingspan Group plc Annual Report & Financial Statements 2025
1
3
2
7
6
4
5
9
D
C
E
F
G
IDEALLY POSITIONED IN THE WHITE SPACE
FUTURE OPPORTUNITIES IN THE GREY SPACE.
Current offering strong
in white space
1. Hot Aisle Containment (HAC)
2. Airflow Panels
3. Liquid Cooling Manifolds
4. Mesh Walls Security
5. Louvre Damper Mesh (LDM)
6. Structural Ceiling Grid
7. Air Handling Units
8. Water Storage
9. Raised Access Floors
Future opportunity in
grey space
A. Cooling Towers
B. Chillers
C. Generators
D. Switchgear
E. Uninterrupted Power Supply
F. Power Distribution Unit & Busway
G. Networking / Servers
9
Advnsys
WELL ESTABLISHED AND HIGHLY
EFFECTIVE GO-TO-MARKET STRATEGY.
Dedicated
team
Growth leveraging our long-
term relationships and our
global presence with all
key stakeholders including
hyperscalers, colocators,
and engineers to serve
them globally. Dedicated
design and commercial
teams organised by
segments and regions
working closely to meet the
constantly evolving design
requirements.
Expert service,
maintenance and
customer support
Global customer support
throughout every phase
of our customers’ projects
including design assistance,
post-project maintenance,
or anything in between.
Global expert teams
provide comprehensive
post-build service and
maintenance, ensuring
optimal performance and
compliance.
Expanding product
portfolio
Wide range of tailored
solutions addressing varied
customer requirements, with
multiple solutions / brands,
supports stronger revenue
generation per data centre
and commercial building.
Hyperscalers, Colocators, Other End-Users
Developers, Architects, Engineers
Construction Companies
Dealer-Installers
Advnsys has entrenched relationships at every point in the value chain. The
basis for these relationships is decades of executing world-class service,
innovative product design and customer support. This partnership approach
helps us remain agile to our customers’ ever-evolving needs.
Kingspan Group plc Annual Report & Financial Statements 2025
10
STRONG TRACK RECORD OF GROWTH -
SET TO ACCELERATE.
Revenue
multiplied by 4.8x
1
16.9
% CAGR
1
EBITDA
multiplied by 5.8x
1
19.1
% CAGR
1
€707m
total acquisition
spend
1
€600m
five year EBITDA target
performance
1. Based on the period 2015 – 2025.
Revenue (€m) EBITDA (€m) Trading Profit (€m)
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
422
570
685
69
62
45
83
102
117
144
166
750
872
1,085
1,348
1,347
197
1,477
230
1,655
Advnsys has an outstanding track record
of growth and profitability. Accelerating
underlying markets, geographic
expansion and increased wallet share
underpins our ambition to double
EBITDA from 2026 levels by 2030/31.
38
53
58
64
77
88
111
130
158
185
11
Advnsys
ABILITY TO CATER TO FAST-CHANGING
DESIGN REQUIREMENTS.
Advnsys solutions help mitigate these risks by bringing the construction process
into our manufacturing facilities which leverages our talented manufacturing
and design teams, increases quality and materially improves speed of build while
also reducing costs and carbon footprint.
Market reports
1
estimate that data
centre capacity measured in GWhs will
increase by over 150% as soon as 2030,
highlighting the pace at which the
industry is set to grow. This will place
pressure on the construction labour
force tasked with delivering this new
capacity.
Indeed, a report from consultancy
firm, Bain & Co., notes the potential
for acute shortages in specialist
electrical and cooling workers. This
creates potential risks around project
timelines. We can help to resolve this.
Modular construction reduces
manpower requirements by up to
40% and accelerates timelines by up
to 50%. This enables cost savings and
potentially reduces CO
2
e emissions
(McKinsey, 2025).
1
Modular
containment
2
Pre-integrated
solutions
Data Centre Electricity Consumption (TWh)
Source: Gartner, Inc., a
business and technology
insights company
Data Center Electricity
Consumption Summary,
2025-2030
AI demand
Non-AI demand
355
397
441
484
520
548
93
126
172
234
318
432
2025 2026 2027 2028 2029 2030
1200
1000
800
600
400
200
0
1. BofA market reports.
Kingspan Group plc Annual Report & Financial Statements 2025
12
Designed for adaptability,
with bespoke fabrication
capabilities
» Improved cooling efficiency
» Reduced energy consumption
and costs
» Preferred solution for new
data centre builds
Hot Aisle
Containment
(HAC)
Scalability and seamless
integration with other data centre
infrastructure capabilities
» Regulate flow, pressure, and
temperature
» Improved efficiency and
performance
» Accelerate global transition to
liquid cooling
Liquid Cooling
Manifolds
Engineered to optimise
load capacity and airflow
management
» Higher cooling capacity and
energy efficiency
» Designed for high load capacities
» Higher flexibility and speed of
installation
Airflow
Panels
Innovation
Time
Raised
Access Floor
Structural
Ceilings
Hot Aisle
Containment
Modular
Integration
Louvre
Damper Mesh
Liquid Cooling
to HAC
Air Handling
Unit
Liquid Cooling
to Rack
A culture of innovation is ingrained in the Advnsys design and engineering
teams which has underpinned a significant product evolution from a stand-
alone flooring offering to modular integrated HAC solutions with air handling
and liquid cooling capability.
The broadening of our
product offering has driven
an increase in wallet share
from <$100k/MW pre 2020
to >$500k/MW today.
>18x
wallet share multiplied
between 2010 and 2025
< $100k/MW
Pre 2020 2023-2024 2025
onwards
$180 - $250k/MW
> $500k/MW
13
Advnsys
PROVEN ABILITY TO SCALE VIA
BROWNFIELD INVESTMENTS.
To support our customers’ rapid
construction of AI data centres we are
investing in brownfield manufacturing
sites and bolt-on acquisitions.
Near term we will open new facilities in
Kentucky, Virginia, and Texas while we
have recently entered LATAM and Asian
data markets through bolt-on deals in
Brazil and Vietnam. Our investments
will provide incremental capacity
equivalent to c.$1bn of revenue when
at full capacity.
Proven, agile and scalable
manufacturing concept, which can be
replicated and rolled out wherever our
customers need us.
For example:
» 2024, c.285k sq ft facility in St Paul,
Virginia. Already at full potential
with additional expansion planned.
» 2025, c.400k sq ft facility in
Pocahontas, Arkansas. Expect
maximum potential to be reached
in Q1 2026.
» 2026, c.787k sq ft facility in
Glasgow, Kentucky anticipated to
open mid-year.
50%
Less capital intensive
2years
Faster to market
10x
Revenue potential versus
total investment
Our investments will provide
incremental revenue potential of
c.$1bn at full capacity.
Kentucky expansion plan
14
Kingspan Group plc Annual Report & Financial Statements 2025
North America
12 existing manufacturing
locations
Europe
30 manufacturing
locations
Australia
12 manufacturing
locations
2026
Expansion plans
for Kentucky,
Texas and Virginia
2025/2026
LATAM
expansion
2025/2026
Expansion plans
for India
2025/2026
Vietnam
expansion
Organic Expansion
Expansion through M&A
Existing locations
2025/2026
Expansion plans
for the Middle East
RAPIDLY EXPANDING FOOTPRINT THROUGH
ORGANIC INVESTMENTS AND ACQUISITIONS.
15
Advnsys
OUR
IMPACT
Our products directly
enable lower carbon and
healthier buildings, now
and into the future.
Kingspan’s insulation systems, sold in 2025, will
save an estimated 978 million MWh of energy or 219
million tonnes of CO
2
e over their lifetime.
1. Assumes 60 year product life; based on EU airline disclosure of over
20.1m tonnes of CO
2
e emissions for 12 months to March 2025.
2. Assumes a 20 year product life.
3. Based on c.0.5 tonnes per person pa, OECD average.
4. Assumes 10 x 60W bulbs per home.
We used 1.05 million tonnes of
recycled and renewable content
in the raw materials used to
manufacture our products
Comparable to the municipal
waste produced by a city
of c.2m people
3
Recycled and
Renewable
Materials
1.05m
Our daylighting systems sold in
2025 create 3.3 billion lumens of
natural light annually
Enough to light up over
400k homes
4
Natural
Daylight
3.3bn
Over 39 billion litres of rainwater
will be harvested by our tanks
produced in 2025
2
Enough water to fill
nearly 16,000 Olympic
swimming pools
Conserved
Water
39.8bn
219 million tonnes of CO
2
e will
be saved over the life of our
insulation systems sold in 2025
Enough to power a major
airline for almost 11 years
1
Ultra Energy
Efficient
219m
SAN PEDRO ALCÁNTARA
SPORTS CENTRE
Málaga, Spain
Insulated Building
Envelopes
Teczone Kingzip
16
Kingspan Group plc Annual Report & Financial Statements 2025
OUR GLOBAL
REACH
2025 marked another
year of global expansion,
with the Group’s
manufacturing footprint
increasing to 278 sites.
Our Locations
Austria
Australia
Azerbaijan
Belgium
Brazil
Bulgaria
Canada
Chile
China
Colombia
Croatia
Czechia
Denmark
Egypt
Estonia
Finland
France
Germany
Hungary
India
Indonesia
Ireland
Italy
Japan
Kazakhstan
Latvia
Lithuania
Malaysia
Mexico
Morocco
Netherlands
New Zealand
Norway
Panama
Paraguay
Peru
Poland
Philippines
Portugal
Qatar
Romania
Saudi Arabia
Serbia
Singapore
Slovakia
Spain
Sweden
Switzerland
Thailand
Türkiye
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Vietnam
17
Our Impact and Global Reach
I am pleased to present
the Annual Report for
Kingspan Group plc for
the financial year ended
31 December 2025.
Trading Profit
€955m
+8% on a constant currency basis
2024: €907m
DIE RAPUNZEL WELT
Legau, Germany
Insulated Building Envelopes
Troldtekt
®
acoustic panels;
Troldtekt
®
baffles
Kingspan Group plc Annual Report & Financial Statements 2025
18
CHAIRMAN’S
STATEMENT
JOST MASSENBERG
2025 was a year of mixed market
demand against a backdrop of global
uncertainty. Despite these challenges,
Kingspan delivered another record
performance, with revenue of €9.2bn
(2024: €8.6bn), trading profit of €955m
(2024: €907m), and earnings per share
of 370.0 cent (2024: 365.2 cent). We
also finished the year with a record
order book and a strong balance sheet,
positioning us well to capitalise on the
opportunities ahead.
Delivering on strategy
Our strategy remains anchored in four pillars:
Innovation, Planet Passionate, Completing the
Envelope and Global. In 2025, we made significant
progress across each pillar, further strengthening our
foundation for sustainable long-term growth.
Our innovation platform continues to differentiate
our offering by both anticipating and responding
to evolving customer needs. In Insulated Building
Envelopes, we launched integrated building and
energy solutions including PowerPanel
®
2.0, a single
integrated roofing solution that combines high-
performance thermal insulation with solar energy
generation, LiteVault
®
, a continuous rooflight
designed to introduce natural daylight into internal
space, and lower embodied carbon (LEC) products
such as QuadCore LEC
®
and bio-based insulations.
We also advanced our proprietary next generation
core insulation technologies, including the
development of AlphaCore
®
non-combustible and
Optim-R
®
E core technologies, both providing
high-performance thermal efficiency in space-
saving constructions. In Advnsys, we broadened our
technology platform that supports critical digital
infrastructure, with particular emphasis on liquid
cooling, hot aisle containment, and air handling
solutions tailored to next-generation data centre
requirements. These investments have expanded our
addressable market and deepened our long-term
relationships with global hyperscalers providing AI
infrastructure to support modern digital services.
Chairman’s Statement Business & Strategic Report
19
THE CRADLE
Düsseldorf, Germany
Insulated Building Envelopes
Troldtekt
®
line acoustic panels
“ In Insulated Building
Envelopes, we opened
new insulated panel
facilities in Europe,
Australasia, LATAM
and the USA.”
Kingspan Group plc Annual Report & Financial Statements 2025
20
Our Planet Passionate programme remains central
to how we operate and grow. In 2025, we completed
a further 180 initiatives to reduce our environmental
impact globally. These efforts delivered a 70%
reduction in scope 1 and 2 emissions from our
operations and achieved over 63% renewable energy
consumption across our manufacturing sites, both
measured relative to the 2020 base year. We have
published our 2025 Planet Passionate Report and set
updated carbon targets for 2025-2030, reflecting the
scale and ambition of the business today.
Completing the Envelope and Global advanced at
pace during the year. In Insulated Building Envelopes,
we opened new insulated panel facilities in Europe,
Australasia, LATAM and the USA. Our US roofing
campuses in Oklahoma and Maryland remain on
schedule for commissioning in 2026 and form a key
part of our planned US investment strategy over
the coming years. Advnsys also continued its strong
growth trajectory, responding to exceptional demand
from the technology sector. We added capacity
in Europe, the USA and Asia, complemented by a
bolt-on acquisition in LATAM in early 2026, extending
our global footprint to better serve our international
client base.
In September 2025, we initiated a strategic review
of options for Advnsys, including consideration
of a potential IPO of a minority stake. Following
a thorough process and engagement with key
stakeholders and having regard to strong growth
momentum and future outlook, we concluded
that shareholder value would be maximised by
Kingspan retaining full ownership of this fast-
growing business.
Dividend and capital
Subject to shareholder approval at the Annual
General Meeting, the Board recommends a final
dividend of 29.2 cent per share, bringing the total
dividend for the year to 55.5 cent (compared to 54.8
cent in the prior year). If approved, the dividend
will be paid on 20 May 2026 to shareholders on
the register at close of business on 10 April 2026.
In addition, we returned approximately €149m to
shareholders in the first tranche of our €650m share
buyback programme, initiated in August 2025,
consistent with our balanced approach to investment
and shareholder returns.
Our people
Our people remain the cornerstone of Kingspan’s
success. Their energy and commitment were evident
throughout 2025 as our teams delivered record results
whilst advancing our sustainability and innovation
programmes. Through our People Passionate
programme, we continue to invest in talent
development, safety, and wellbeing, and to foster a
culture of inclusion whereby employees feel valued
and empowered. On behalf of the Board, I extend my
sincere thanks to all colleagues worldwide for their
dedication and outstanding contribution.
Board changes and governance
Strong governance remains central to Kingspan’s
long-term value creation. The Board and its
committees continue to enhance our governance
frameworks, ensuring alignment with best practice
and stakeholder expectations. Throughout the year,
we maintained open and constructive engagement
with shareholders on strategy, capital allocation,
sustainability, and governance priorities.
In May 2025, Linda Hickey retired from the Board.
We extend our thanks once again to Linda for her
invaluable contribution over 12 years of service,
including as Senior Independent Director and Chair
of the Remuneration Committee. At the same
time, we welcomed Eavan Saunders to the Board
as an independent non-executive director. Eavan
brings considerable international corporate, capital
markets, and governance experience to the Board.
More recently, we were pleased to announce the
appointment of Viet D. Dinh to the Board as an
independent non-executive director with effect from
1 February 2026. We look forward to benefiting from
his unique business perspective and international
business and governance experience.
Looking ahead
Kingspan enters 2026 with an ambitious pipeline
of growth initiatives. Our US roofing investment
programme, the rapid expansion of Advnsys into
AI-driven critical infrastructure, and the continued
global rollout of our high-performance insulated
building envelope solutions, all underpin our
confidence in Kingspan’s long-term growth prospects.
We remain focused on innovation, integrity and
our Planet Passionate agenda as we accelerate the
transition to a net zero emissions built environment.
On behalf of the Board, I would like to thank our
employees, customers, suppliers, and shareholders for
their continued trust and support.
Jost Massenberg
Chairman
24 February 2026
Chairman’s Statement Business & Strategic Report
21
“ Kingspan enters 2026 with
an ambitious pipeline of
growth initiatives.”
OUR BUSINESS MODEL
AND STRATEGY
Our mission is to
accelerate a net
zero emissions built
environment with
people and planet
at its heart.
BAMBOO BOOTCAMP
Davao City, Philippines
Insulated Building Envelopes
Onduline Classic bitumen
roofing solution
22
Kingspan Group plc Annual Report & Financial Statements 2025
Insulated Building Envelopes
OUR SOLUTIONS
Conserve energy and reduce carbon emissions.
Kingspan’s Insulated Building Envelopes
(previously Insulated Panels, Insulation and
Roofing + Waterproofing) segment is a global
leader in advanced energy saving solutions
for roofs, walls and floors, delivering high-
performance building solutions for energy
efficiency in both new build and renovation
applications across all building types.
Advnsys
Advnsys (previously Data Solutions and Light,
Air + Water) is a global leader in bespoke critical
infrastructure solutions, primarily focused on
data centres, ventilation and daylighting. It
designs and manufactures high-performance
systems that deliver energy efficient lighting,
airflow, cooling and ventilation for both new
build and renovation projects in data centres
and commercial buildings.
PowerPanel
®
QuadCore LEC
®
Technical
Insulation
Bio-based Building
Materials-
Steico
®
I-Joist
Water Solutions
Airflow Panels
Hot Aisle
Containment (HAC)
Kilon LEC Multiwall
RMG 600+
Derbicoat
®
NT
23
Our Business Model and Strategy and Our Solutions Business & Strategic Report
OUR STRATEGIC PILLARS
Our business model and strategic pillars enable
the ongoing conversion to high-performance
building envelopes from outdated and inefficient
methods of construction.
Kingspan’s innovation agenda is driven
across four key themes - performance,
solutions, sustainability and digitalisation.
We have a rigorous focus on iterative
performance improvements in our current
portfolio including characteristics relating
to thermal, structural, sustainability,
fire and smoke. We innovate solutions to
enable architects and building designers
to create sustainable buildings, such as
our integrated insulated panel with solar-
PV, PowerPanel
®
. We are on a pathway to
embrace the opportunity that AI presents to
the organisation. We are also progressively
surfacing our products digitally, making it
easier to find, specify, buy and track them.
Our Planet Passionate agenda is
inextricably linked with innovation.
Planet Passionate is Kingspan’s
environmental programme which aims
to impact three big global challenges –
climate change, circularity and protection
of the natural world.
By setting ourselves challenging targets in the
areas of carbon, energy, circularity and water,
we aim to make significant advances in both
our business operations and our products.
Innovation Planet Passionate
Our strategy of Completing the Envelope
aims to take our innovation and
sustainability DNA and apply them to
a wider portfolio of products which are
complementary to our current offering.
Our systems and solutions driven approach
deepens our relationships with customers and
extends the opportunities to make buildings
better now and into the future.
Kingspan is a truly global business, trading
in over 80 countries with manufacturing
sites across the globe.
We aim to continue expanding globally to
bring high-performance building envelope
solutions to markets which are at an earlier
stage in their evolution to sustainable and
efficient methods of construction.
Completing the Envelope Global
24
Kingspan Group plc Annual Report & Financial Statements 2025
STRATEGIC HIGHLIGHTS 2025
Innovation
Insulated Building
Envelopes
Lower Embodied
Carbon (LEC) Portfolio
Advnsys
The launch of PowerPanel
®
2.0 marked
a key development in this segment and
a significant engineering milestone,
integrating our QuadCore
®
insulated
panel with solar technology to deliver
a single-fix system that combines
high-performance insulation with
renewable energy generation. Other
solar technologies offered include
PowerCanopy and the solar-integrated
standing seam panel.
Our Innovation and Planet Passionate
teams worked in partnership to
take significant steps forward in the
development of LEC alternatives
across our portfolios. In 2025, we
brought 18 new LEC products to
market including: Topdek LEC,
Evolution LEC, Ecofil Premium LEC
and HAC LEC.
Advnsys has continued to develop
our HAC systems with modular
solutions integrating liquid
cooling, electrical infrastructure
and air handling capabilities.
This critical infrastructure
supports optimum data centre
performance, enhanced speed of
build, greater cost efficiency and
reduced supply chain complexity.
Planet Passionate
Carbon and Energy Circularity Water
During the year, the Group achieved
70% reduction in scope 1 & 2 GHG
emissions against our 2020 base year.
Additionally, 50% of large sites (≥5
GWh annual energy consumption)
are certified with ISO 50001. This is
supported by the completion of 52
energy efficiency projects, further
demonstrating our efficiency first
approach to decarbonisation.
In 2025, the Group introduced
two new targets to reinforce its
commitment to a more circular
business model. The first focuses
on the increased use of recycled
and renewable raw materials in our
processes (1.05m tonnes used in
2025), whereas the second aims to
expand and scale product takeback
and recycling schemes (10 schemes
facilitated during the year).
As of 2025, we have 59 rainwater
harvesting systems installed
across our businesses. These
systems have the potential to
harvest 68 million litres annually.
During the year, we harvested
and used 57.3 million litres of
rainwater.
Expansion
Insulated
Building Envelopes
Advnsys Global
During 2025, we increased our
controlling stakes in Nordic
Waterproofing and Steico to 100%
and 61%, respectively. In addition, we
have invested in insulated panel plants
in Illinois (USA), Germany, Paraguay,
Australia and New Zealand.
Strong progress is being made in
developing new US roofing plants in
Oklahoma and Maryland. Plans for a
west-coast commercial roofing facility
and entry into the residential shingles
market are well advanced. Together,
these developments position the
segment for continued innovation and
growth.
In the US, the acquisition of RXL
provides an exciting platform
to expand the Group’s data
infrastructure offering on the West
Coast. The momentum in this
business will be further supported
by a new production site in Texas. In
addition, the Group’s manufacturing
plant in St. Paul, Virginia, which
opened last year, is already operating
at full capacity with plans in place to
expand imminently to meet customer
demand. The Group also commenced
production in Arkansas, and plans
are progressing at pace to open our
newest facility in Kentucky. We also
established a manufacturing presence
in Asia with South America to follow.
We continue our global expansion
strategy with investment in new
production facilities in France,
Germany, Poland, Czechia,
Romania, Vietnam, New Zealand,
Australia, Paraguay and the
US. These investments lay the
foundations for future growth
and product penetration for
Kingspan.
25
Our Strategic Pillars and Highlights Business & Strategic Report
To be the world’s leading
provider of low-energy
building envelopes and
critical infrastructure
solutions, enabling energy
efficiency and performance
across buildings.
To advance materials,
building systems and digital
technologies to address issues
such as climate change,
circularity and the protection
of our natural world.
To expand globally, bringing
high-performance building
envelope solutions to
markets which are at an
earlier stage in the evolution
of sustainable and efficient
building methods.
ER INGENIERÍA OFFICE
Albacete, Spain
Insulated Building Envelopes
THU Lama Multipanel;
Lama Italia suspended ceiling
systems
OUR STRATEGIC GOALS
Our strategic goals are aligned with our
mission to accelerate a net zero emissions built
environment with people and planet at its heart.
Innovation
Global
Planet Passionate
Completing the Envelope
26
Kingspan Group plc Annual Report & Financial Statements 2025
The foundation of our strategy
Our values have always been the foundation of
our strategy and are fundamental to how we do
business and interact with each other.
OUR VALUES
Our belief
Historically, construction has
taken from nature with little
consideration given to the finite
resources available. Buildings
were constructed without
contemplating how they might
impact future generations. We
believe that buildings now and
into the future need to deliver
more than ever before. They
must combat climate change
by maximising energy efficiency
through superior thermal
performance while incorporating
products that are lower in
embodied carbon across their
entire lifecycle. Using less energy
is not enough; buildings should
generate their own energy too.
Buildings should be healthy and
inspirational, optimising the
benefits of daylight and clean
air. They should be designed,
constructed and operated to
protect natural resources and
conserve water as much as
possible. Above all they must
be safe, protecting people and
property from fire and other
natural hazards.
Our culture and values
Kingspan has grown from a family
business and many of the values
associated with family businesses
form the backbone of our culture
today. The business has been built
on trust in the integrity of our
people and of our offering. We
value this trust and recognise it as
being fundamental to our ongoing
success. We are entrepreneurial,
collaborative, honest, and we
stand behind a common cause –
better buildings for a better world.
We are innovative. We are the
market leader in the field of high-
performance building envelope
solutions, which ensure lifetime
carbon and resource savings. We
have gained this position through
a creative and solutions driven
mindset, which continues to inform
our innovation agenda today.
We think long-term. The strategy
of the business is driven by
long-term ambitions and not
by quarterly performance. The
success of this strategy can be
seen in our long-term growth. This
ethos is apparent in our multi-year
commitments such as our Planet
Passionate programme which
will drive real, positive impact
for the environment and forms a
common global goal across the
business.
Our People Passionate programme
continues to advance across
the business, supporting the
development and retention of
our most important resource, our
people.
Code of Conduct
Kingspan expects the highest
standards of integrity, honesty
and compliance with laws and
regulations from our employees,
our directors and our partners,
globally. We actively encourage
our employees to speak out if
they experience instances that are
not in keeping with the principles
outlined in our Code of Conduct.
All new joiners in Kingspan must
complete training on our Code of
Conduct. Our business success is
linked to our behaviours, and our
aspiration is to maintain a culture
where our everyday actions are
built on five core principles:
» Clear, ethical and
honest behaviours and
communications;
» Compliance with the law;
» Respect for the safety and
wellbeing of colleagues;
» Protection of our Group
assets; and
» Upholding our commitment to
a more sustainable future.
Please see further detail at
www.kingspan.com
27
Our Strategic Goals and Values Business & Strategic Report
» Health and safety paramount
» Management controls
» Quality systems
» Responsible supply chain partnerships
How we create value
» Product innovation and differentiation
» Excellent customer service
» Energy efficient sustainable building
envelope solutions
» We operate our businesses to the highest
standards
» We acquire excellent businesses
» We recycle capital to optimise returns
» We maintain financial discipline
» We balance our portfolio of businesses
across product and geography
» We reduce environmental impacts
through our Planet Passionate initiatives
29,000+
Employees
278
Global manufacturing facilities
Applications
» Retail
» Distribution
» Leisure
» Accommodation
» Food
» Manufacturing
» Data Management
» Infrastructure
» Residential
» Office
How we operate
2025 IN A NUTSHELL
Revenue
€9.2bn
+9%
2
2024: €8.6bn
Trading Profit
1
€955.1m
+8%
2
2024: €906.7m
SPARKASSEN ARENA
Bernau, Germany
Advnsys
Colt expanded metal
28
Kingspan Group plc Annual Report & Financial Statements 2025
Value created
1. Operating profit before amortisation of intangibles.
2. On a constant currency basis.
3. Earnings before finance costs, income taxes, depreciation and amortisation.
Products
Advnsys
18%
Insulated
Building
Envelopes
82%
Geography
DRIVERS
CHANNEL
SECTOR
END-MARKET
85% Energy Efficiency & Conversion
15% Other
64% Direct
36% Via Distribution
25% Residential
75% Non-Residential
75% New Build
25% Refurbishment
Summary numbers
EBITDA
3
€1,220.3m
+9%
2
2024: €1,140.3m
EPS
370.0c
+2%
2
2024: 365.2c
ROCE
14.1%
2024: 14.4%
Dividend
55.5c
+1%
2024: 54.8c
Central &
Northern
Europe
29%
Americas
22%
Rest of
World
8%
Western &
Southern
Europe
41%
29
In a Nutshell Business & Strategic Report
AULARIO DE ELCHE
Alicante, Spain
Insulated Building Envelopes
THU Lama Verona suspended
metal ceiling
Summary numbers
7%
Revenue up 7%
to €9.2bn,
(pre-currency,
up 9%).
5%
Trading profit
1
up 5% to €955m,
(up8%
pre-currency).
8
%
Acquisitions
contributed8% to sales
growth and6% to
trading profit growth.
4%
Profit after tax
of €716m(2024:
€691m).
370
c
Basic EPS up1.3%
to370cent. Diluted
EPS up 1.4% to
367 cent.
€429.3m
Strongfree cash generation of
€429.3m(2024: €509.4m).
55.5c
Final dividend per share of
29.2 cent (2024: 28.5 cent)
giving a total dividend for
the year of 55.5 cent (2024:
54.8 cent).
23.5
%
Scope 1 and 2 GHG
emissions reduction
from 2024to 2025.
16.0%
Effective tax rate of 16.0%
(2024: 17.0%).
€1,884m
Yearendnet debt
2
of €1,883.6m
(2024: €1,573.0m). Net debtto
EBITDA
3
of1.65x(2024:1.47x).
2025 was another year of great
progress at Kingspan, as we put
in place the building blocks for
our next wave of growth.
1. Operating profit before amortisation of intangibles.
2. Net debt pre-IFRS 16 per banking covenants.
3. Net debt to EBITDA ratio is pre-IFRS 16 per banking covenants.
Kingspan Group plc Annual Report & Financial Statements 2025
30
CHIEF
EXECUTIVE’S
REVIEW
GENE MURTAGH
Business review
2025 was another year of great progress at Kingspan,
as we put in place the building blocks for our 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 (2024: €8.6bn), and trading profit
hit €955m (2024: €907m), 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.
2025 was once again a stand-out year for our unique
and impactful Planet Passionate programme,
now in its sixth year. Since its inception over 600
projects have been implemented right across the
Group from solar power installations, to power
conservation initiatives and rainwater harvesting.
Most importantly, since 2020 our own operating GHG
emissions have been reduced by a massive 70%.
Despite the persistent challenges presented to the
construction industry worldwide, we 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.
Operational highlights
» Resilient performance overall in tough
end markets. Stronger secondhalf
generally.
» Sales in Insulated Building Envelopes
increased by 6% (mainly acquisitions)
with understandably slower sales
in the US, strong LATAMand
APACperformances and solid
European activity overall. Global
insulated panel backlog volumeahead
by 8% at year end as is order intake in
2026 year to date.
» Sales inAdvnsysgrew strongly by
12% buoyed by tech sector activity.
Global backlog ahead by 24% at year
end and order intake in 2026 to date
is double the same period last year.
Extraordinary pipeline.
» Invested a total of€751.9min
acquisitions and capex during the year.
» Strong progress on lower embodied
carbon (LEC) product range, 35
proprietary products now launched.
“ Despite the persistent
challenges, we invested
over €750m across the
Group in 2025.”
31
Chief Executive’s Review Business & Strategic Report
100 KINGS HIGHWAY
St. Louis, USA
Insulated Building Envelopes
Morin Exposed Fastener C-37
Photography: Sam Fentress
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.
Planet Passionate and our impact
In 2025, we continued to make strong progress
across our Planet Passionate programme. Now
at the midpoint of our decade-long strategy, we
have delivered over 600 projects across our global
operations, including 180 initiatives completed in
2025 alone. Together, these actions have enabled
the following key achievements since 2020, including
organic and acquisition growth:
» 70% reduction in scope 1 and 2 GHG emissions /
24% reduction in scope 3 GHG emissions;
» 63% of total renewable energy use;
» 61% of wholly owned sites with rooftop solar PV;
» Signed the world’s first commercial agreement
with RIFT to utilise novel Iron Fuel Technology™;
» 1.05m tonnes of renewable & recycled raw
materials used within our products;
» 10 product takeback and recycling schemes
implemented;
» 245 million litres of rainwater harvested; and
» Over 390 local community projects completed.
We continue to make significant progress on our
supply chain decarbonisation journey. During the
year, we signed four memoranda of understanding
with lower embodied carbon steel suppliers across
Europe, Asia and the Middle East, supporting the
future availability of lower-carbon steel. In 2025, we
increased our procurement of lower embodied carbon
materials by 30% compared with the prior year. These
initiatives have enabled the expansion of our lower
embodied carbon (LEC) product range, which now
comprises 35 products across our insulated panels,
data solutions, daylighting and structural product
portfolios.
See page 54 for the Sustainability Report
Kingspan Group plc Annual Report & Financial Statements 2025
32
“In 2025, we continued to
make strong progress
across our Planet
Passionate programme.”
Investing in our future
During the year, we invested €751.9m in business
development. In 2024, we acquired a 51% stake in
Steico, the largest wood fibre insulation business in
the world. We grew our ownership to 61% in 2025 and
made an earnout payment, which together totalled
€133.3m. We also took full ownership of Nordic
Waterproofing and completed its delisting. The total
cost of this acquisition over all years, from the initial
minority stakes in 2022 to completion, was €451.6m
(including debt acquired of €59.4m). It is a superb
platform for longer-term growth in Insulated Building
Envelopes across the Nordics, notwithstanding the
current market backdrop. During the second half, the
largest transaction was the acquisition of Mercor’s
ventilation and daylighting business in Poland,
another significant growth platform for Advnsys in
Central and Eastern Europe.
2030 Planet Passionate Targets 2025 Progress towards target
Carbon
» 65% reduction in Scope 1 & 2 GHG
emissions
1,2
from 2020 (%)
70%
» 15% reduction in carbon intensity from key
raw materials from 2020 (%)
4.0%
» ≥90% zero emission company cars
3
(annual
replacement %)
97%
Energy
» 60% renewable energy consumption (%)
63%
» ISO 50001 certification for large sites
4
(%)
50%
» Solar PV systems on all wholly owned
sites (%)
61%
Circularity
» Zero waste to landfill
5
(tonnes)
-6.0%
6
» 1.5 million tonnes recycled and renewable
raw materials used annually (tonnes)
1.05m
» Facilitate 20 product takeback and
recycling schemes (no. of schemes)
10
Water
» Harvest 100 million litres of rainwater
annually (million litres)
57.3
1. Excluding biogenic emissions. Scope 2 GHG emissions calculated using market-based methodology.
2. 2020 base year GHG emissions were recalculated due to acquisitions that occurred in 2021 through to 30 September 2025.
3. Kingspan defines a ‘zero emissions car’ as a vehicle with zero tailpipe emissions. The boundary does not include the energy used to power the
vehicle or the embodied emissions from manufacturing. Includes 100% owned Kingspan businesses.
4. Large sites: Sites with ≥5GWh annual energy use during the prior year 2024.
5. 90% reduction of waste to landfill in Kingspan manufacturing, R&D and assembly facilities from 2020 base year.
6. Increase in 2025 waste to landfill relates to legacy waste management processes from a 2024 acquisition which are now resolved.
100%
100%
27%
100%
50%
61%
70%
50%
57.3%
33
Chief Executive’s Review Business & Strategic Report
We have further progressed our bolt-on strategy
at Insulated Building Envelopes with new plants
either underway or recently completed in the US,
Paraguay, Germany, Czechia, Romania, India,
Thailand, Australia and New Zealand. The largest
of these is a vast multi-solution Roofing and
Insulation facility in Oklahoma, US. This plant is
already at certification phase, and marks our scale
entry into an attractive growth category in the
North American building envelope market. Other
complementary facilities are also underway with
combined revenue potential of over $500m over the
next number of years.
Similarly in Advnsys, the execution of the bolt-on
approach stepped up during 2025 with the addition
of Fabtek in Vietnam and RXL in the US, a data
solutions player in California, now expanding rapidly
with a significant new plant in Texas. We anticipate
similar developments in LATAM and in the Middle
East shortly. In the US, the organic brownfield
approach we have successfully adopted in Virginia
and Arkansas will be complemented by a plant in
Kentucky which will be larger than both of those
combined. This will begin production in the second
half of 2026 and, when at maximum output, will
have annual revenue potential of approximately
$600m to support the data sector.
Innovation in action
In recent years, we have developed and launched a
suite of proprietary lower embodied carbon (LEC)
products across the various businesses, including
QuadCore
LEC
®
insulated panels, KILON LEC
Multiwall, Multideck LEC, Forte LEC and RMG600+
flooring. This product suite, along with the
development of QuadCore
®
2.0, are now contributing
meaningfully, even at this early stage.
Within Insulated Building Envelopes, production of
PowerPanel
®
2.0 commenced during the period at
our Holywell, UK facility and the specification bank
continues to build encouragingly.
QuadCore
®
continues to advance well across the
Group and we also plan a QuadCore
®
insulation board
as part of our roofing proposition in the US. This will
be a unique offering in the market. QuadCore
®
now
accounts for 27% of global insulated panel revenue. We
are about to launch a low carbon insulated panel with
LEC steel incorporating Steico
®
wood fibre as the low
carbon core.
In Advnsys, a key development priority is the
incorporation of liquid cooling technology into the
rack level, as well as further development of hot
aisle containment (HAC) modules. This is critical for
highly efficient management of energy in modern
data centres, particularly those processing AI
given the vastly increased heat load involved.
Air handling and ventilation, both in data and
non-data applications, will become an increasingly
important aspect of our innovation and
development agendas.
MORRISON YARD
Charleston, USA
Insulated Building Envelopes
Morin Matrix-1 rainscreen
wall panel
Kingspan Group plc Annual Report & Financial Statements 2025
34
“ In Advnsys, a key
development priority is
the incorporation of liquid
cooling technology into the
rack level, as well as further
development of hot aisle
containment (HAC) modules.”
In the last few years, our development agenda has
delivered assets including Nordic Waterproofing,
Steico, IB Roofing and a number of bridgehead
developments in LATAM. They will considerably
strengthen our category platforms in insulated panels
and roofing as well as adding to the spectrum of
insulation solutions we provide.
France, our largest market in the Insulated
Building Envelopes segment, has been somewhat
challenging and notwithstanding this our business
performed relatively well there. Southern Europe
was somewhat better for us year-on-year, and
Central and Eastern Europe delivered an improved
performance. The market in Britain is struggling,
as has been the case in Scandinavia. In the Middle
East our business performed encouragingly, and
similar to APAC, we expect this to advance further
in the year ahead. North America and LATAM, key
regions for the Group, performed solidly overall in
the circumstances, with LATAM recording impressive
momentum. Notwithstanding the clear challenges in
some markets, Kingspan’s insulated panel volumes
continue to structurally outperform.
The total investment in this segment amounted to
€547.1m during the year. As noted above, there were
a large number of projects executed that will ensure
we have the platforms for continued expansion
globally, including entry into the US roofing market
which in itself is an exciting development which
we anticipate will provide a tremendous future
trajectory. In Europe, where conditions in the
insulation business have been tough, we have
taken steps to consolidate plants with the aim of
optimising capacity utilisation in Northern and
Western Europe and redeploying some capacity to
the US.
INSULATED BUILDING
ENVELOPES
This segment at Kingspan is
the world leader in advanced
energy saving solutions for
roofs, walls and floors.
Turnover €m
7,544.1
+6%
1
2024: 7,130.7
1. Comprising underlying -1.0%, currency -1.6% and acquisitions +8.4%.
2. Underlying pre-acquisitions 10.6%.
Trading Profit €m
770.6
+3%
2024: 749.1
Trading Margin
10.2%
-30bps
2024: 10.5%
2
PUHINUI TRAIN STATION
Auckland, New Zealand
Insulated Building Envelopes
KingZip Standing Seam
Photography: Simon Wilson
35
Chief Executive’s Review Business & Strategic Report
“ Recent asset additions
considerably strengthen
our category platforms
in insulated panels
and roofing.”
As a consequence of our agility and increasing
exposure to the deluge of global activity in the data
centre space, the performance of Advnsys has been
exceptionally strong. Trading profit has increased
by 17% in 2025 to €184.5m, and trading margin
expanded to 11.1%. Exiting the year, the order backlog
was ahead by 24% and it continues to build from
month to month.
By region, activity in North America is accelerating
rapidly as we respond to demand from hyperscalers
and other players to meet their burgeoning
requirement for infrastructure to support their data
centre roll-outs. This acceleration is also evident
across other regions worldwide, in particular in regions
where our ability to respond is strong in Europe and
APAC. Demand is also increasing in the Middle East.
In the non-data product groups, the performance has
been more subdued although we continue to build our
presence for the longer term.
2025 also marked a period of significant development
in both organic and bolt-on initiatives. Notably we
acquired Mercor’s ventilation and daylighting business
in Poland, a leading provider of daylighting and smoke
management systems in Central Europe. Additionally,
we acquired RXL in California on the data side, and
it is already expanding via a large plant in Texas as
it pushes to meet demand. Similarly in Vietnam we
acquired Fabtek to support expansion in the APAC
region, led by our team in Australia. In Portugal we
acquired Sandometal, an air handling business in
which we see significant growth potential in both the
data and non-data areas. After year end we acquired
Multiway in Brazil with further strategic bolt-ons in
train.
We are rapidly ramping up manufacturing capacity
in the US in the face of flourishing demand as we
develop an 800,000 sq ft plant in Kentucky to add to
the recent new sites in both Virginia and Arkansas.
ADVNSYS
Our business is a world
leader in critical bespoke
infrastructure primarily
focused on data centres,
ventilation and daylighting.
Turnover €m
1,654.9
+12%
1
2024: 1,477.3
1. Comprising underlying +7%, currency -2% and acquisitions +7%.
Trading Profit €m
184.5
+17%
2024: 157.6
Trading Margin
11.1%
+40bps
2024: 10.7%
36
Kingspan Group plc Annual Report & Financial Statements 2025
Looking ahead
We exited 2025 with momentum across several
strands of the business and entered the current year
with healthy backlogs generally.
The start to 2026 has been sluggish, impacted by
tough winter conditions in many of our end markets,
albeit at a seasonally low point in the year. We
expect our activity to pick up considerably through
the months ahead. Whilst it is still early days in the
current year we see a firm path to delivering trading
profit in the region of €1.05 billion for 2026 which
would represent an acceleration of the growth seen in
recent years.
Beyond that, given the Group’s relentless focus on
innovation, our diverse range of low carbon solutions
and end markets, as well as the emerging platforms
we have entered in recent years all bearing fruit,
we expect trading profit growth between now and
the end of the decade to exceed that achieved in
recent years.
Gene Murtagh
Chief Executive Officer
24 February 2026
37
Chief Executive’s Review Business & Strategic Report
INUUSIRVIK COMMUNITY WELLNESS HUB
Baffin Island, Canada
Insulated Building Envelopes
Morin Pulse Series P-1, P-2, P-3, P-4, P-9 panels
Photography: Andrew Latreille
The Financial Review provides an
overview of the Group’s financial
performance forthe year ended 31
December2025and of the Group’s
financial position at that date.
Kingspan Group plc Annual Report & Financial Statements 2025
38
FINANCIAL
REVIEW
GEOFF DOHERTY
Overview of result
Group revenueincreasedby7%to€9.2bn(2024:€8.6bn) and trading profitincreased
by5% to€955.1m(2024:€906.7m)withadecrease of10basis pointsinthe
Group’strading profit margin to10.4% (2024:10.5%).Basic EPS for the year
was370.0cent(2024:365.2cent),representingan increaseof1.3%.
The Group’s underlying sales and trading profit growth by operating segment areset out
below:
Sales Underlying Currency Acquisition Total
Insulated Building Envelopes -1.0% -1.6% +8.4% +5.8%
Advnsys +6.6% -1.7% +7.1% +12.0%
Group +0.3% -1.6% +8.2% +6.9%
The Group’s trading profit measure is earnings before interest,taxandamortisation
of intangibles:
Trading Profit Underlying Currency Acquisition Total
Insulated Building Envelopes +0.4% -2.4% +4.9% +2.9%
Advnsys +11.3% -2.4% +8.2% +17.1%
Group +2.2% -2.4% +5.5% +5.3%
The key drivers of sales and trading profit performancein each operating segmentareset
out in the Business Review.
39
Financial Review Business & Strategic Report
See page 230 for the Financial Statements
Net finance costs
Net finance costs for the year increased by €22.1m
to €54.1m (2024: €32.0m). The Group’s net interest
expense on borrowings was €60.0m (2024: €43.3m).
That increase in net interest expense reflects the
increase in outstanding debt year on year largely as a
consequence of acquisition activity. Lease interest of
€8.4m (2024: €7.2m) was recorded for the year. €1.1m
(2024: €1.3m) was recorded in respect of a non-cash
finance charge on the Group’s defined benefit pension
schemes. Dividend income of €nil (2024: €3.7m)
was received in respect of the Group’s investment in
Nordic Waterproofing in the period prior to acquiring a
controlling stake. A benefit of €15.4m (2024: €16.1m)
was recorded in the year due to a change in the fair
value of deferred contingent consideration.
Dividends and share buyback
The Board has proposed a final dividend of 29.2 cent
(2024: 28.5 cent) per ordinary share payable on 20
May 2026 to shareholders registered on the record
date of 10 April 2026. An interim dividend of 26.3
cent per ordinary share was declared during the year
(2024: 26.3 cent). In summary, the total dividend for
2025 is 55.5 cent compared to 54.8 cent for 2024. This
payout is in line with our shareholder returns policy.
In addition, during the year the Group purchased
2,198,861 of its own shares for an average price of
€67.58 per share. These shares have been cancelled.
Intangible assets and goodwill
Intangible assets and goodwill increased during the
year by €169.7m to €3,774.6m (2024: €3,604.9m).
Intangible assets and goodwill of €279.2m (2024:
€776.8m) were recorded in the year relating to
acquisitions completed by the Group. A decrease of
€58.0m (2024: increase of €23.3m) arose due to year
end exchange rates used to translate intangible assets
and goodwill other than those denominated in euro. An
increase of €0.1m (2024: €0.4m) was recorded relating
to the purchase of intangible assets. There was an
annual amortisation charge of €51.6m (2024: €44.6m).
Financial key performance indicators
The Group has a set of financial key performance
indicators (KPIs) which are presented in the table
below. These KPIs are used to measure the financial
and operational performance of the Group and to
track ongoing progress in achieving medium and long
term targets to maximise shareholder return.
Key performance indicators 2025 2024
Basic EPS growth +1.3% +4%
Sales performance +7% +6%
Trading margin 10.4% 10.5%
Free cashflow (€m) 429.3 509.4
Return on capital employed 14.1%* 14.4%
Net debt/EBITDA 1.65x 1.47x
*14.3% (2024: 15.1%) annualised for acquisitions
(a) Basic EPS growth. The growth in EPS is
accounted for primarily by a 5% increase in trading
profit partially offset by the increase in interest
payable and an increase in profit attributed to non-
controlling interests.
(b) Sales performance of +7% (2024: +6%) was
driven by an 8% contribution from acquisitions, and
modest increase in underlying sales, partially offset by
currency translation of 2%.
(c) Trading margin by segment is set out below:
2025 2024
Insulated Building Envelopes 10.2% 10.5%
Advnsys 11.1% 10.7%
QUETTA RIVERSIDE
Shepperton, UK
Insulated Building Envelopes
TEK Building System panels
Kingspan Group plc Annual Report & Financial Statements 2025
40
The Insulated Building Envelopes trading margin
decreased year on year reflecting the geographic
market, the category mix of sales and the initial
dilutive impact of acquisitions. The increased trading
margin in Advnsys reflects strong volume growth and
associated operating leverage.
(d) Free cashflow is an important indicator and
reflects the amount of internally generated capital
available for re-investment in the business or for
distribution to shareholders.
Free cashflow 2025 2024
€m €m
EBITDA¹ 1,220.3 1,140.3
Lease payments (77.9) (68.7)
Movement in working capital² (151.0) 10.0
Movement in provisions (32.7) (26.3)
Net capital expenditure3 (325.8) (333.8)
Net finance costs paid (56.1) (41.1)
Income taxes paid (132.8) (184.3)
Other including non-cash
items
(14.7) 13.3
Free cashflow 429.3 509.4
1. Earnings before finance costs, income taxes, depreciation and
amortisation
2. Excludes working capital on acquisition but includes working
capital movements since that point
3. Net of grants
Working capital at year end was €1,125.1m (2024:
€1,027.2m) and represents 11.9% (2024: 11.4%) of
annualised sales based on fourth quarter sales. This
metric is closely managed and monitored throughout
the year and is subject to a certain amount of
seasonal variability associated with trading patterns
and the timing of significant purchases of steel and
chemicals.
(e) Return on capital employed, this is calculated
by reference to trading profit plus the Group’s
share of the results of associates divided by capital
employed (calculated as net assets, excluding net
debt and adjusted for cumulative amortisation of
intangibles not fully amortised). The decrease year
on year reflects the 10bps decrease in trading margin
and the increase in capital during the year, mainly
acquisitions, with the associated returns building
overtime. The returns are 14.3% after annualising the
impact of acquisitions. The creation of shareholder
value through the delivery of long term returns well in
excess of the Group’s cost of capital is a core principle
of Kingspan’s financial strategy.
(f) Net debt to EBITDA measures the ratio of
net debt to earnings and at 1.65x (2024: 1.47x) is
comfortably less than the Group’s banking covenant
of 3.5x in both 2025 and 2024. The calculation is
pre-IFRS 16 in accordance with the Group’s banking
covenants.
Acquisitions
The Group incurred €426.1m on acquisitions during
the year (2024: €888.3m).
EU Taxonomy and CSRD
Climate related disclosures are required under the
EU Taxonomy Regulation (Sustainable finance
taxonomy - Regulation (EU) 2020/852) and by the
Corporate Sustainability Reporting Regulations, 2024.
These disclosures are included in the 2025 CSRD
Sustainability Statement within this report.
Capital structure and Group financing
The Group funds itself through a combination
of equity and debt. Debt is funded through a
combination of public bond debt, syndicated bank
facilities, and private placement loan notes. The
principal syndicated facility is a green revolving credit
facility of €800m entered into in May 2021 with a
committed term to May 2028. There were no drawings
on this facility at year end.
As part of the Group’s longer term capital structure,
the Group has total private placement loan notes
of €1,476m (2024: €1,410m) which includes a new
bilateral private placement issuance of €130m in June
2025 with a 6 year maturity. The weighted average
maturity of all outstanding private placement loan
notes as of 31 December 2025 was 3.8 years (2024:
4.5 years).
In addition, the Group has a €750m public bond
outstanding as of 31 December 2025 (2024:
€750m) as part of the European Medium Term Note
programme established in 2024.
The weighted average maturity of all drawn debt
facilities for wholly owned subsidiaries is 4.2 years
(2024: 5 years).
As well as ongoing free cashflow generation, the
Group has significant available undrawn facilities
and cash which provide appropriate headroom
for operational requirements and development
funding. Total available headroom was €1,385m at
31 December 2025 (2024: €1,950m).
41
Financial Review Business & Strategic Report
Net debt
Net debt increased by €310.6m during 2025 to €1,883.6m (2024: €1,573.0m). This is analysed in the table below:
Movement in net debt 2025 2024
€m €m
Free cashflow 429.3 509.4
Acquisitions and divestments (222.0) (775.3)
Acquisition/disposal of minority interest (33.5) (93.4)
Purchase of financial asset (0.8) (17.5)
Additions to investment in associates (2.0) (1.0)
Deferred contingent consideration paid (167.8) (1.1)
Repurchase of shares (148.6) (134.6)
Dividends paid (99.5) (96.6)
Dividends paid to non-controlling interests (27.3) (1.0)
Dividends from investment in associates 4.3 0.3
Cashflow movement (267.9) (610.8)
Exchange movements on translation (42.7) 17.3
Movement in net debt (310.6) (593.5)
Net debt at start of year (1,573.0) (979.5)
Net debt at end of year (1,883.6) (1,573.0)
Key financial covenants
The majority of Group borrowings are subject to primary financial covenants calculated in accordance with
lenders’ facility agreements which exclude the impact of IFRS 16:
» A maximum net debt to EBITDA ratio of 3.5 times; and
» A minimum EBITDA to net interest coverage of 4 times.
The performance against these covenants in the current and comparative year is set out below:
2025 2024
Covenant Times Times
Net debt/EBITDA Maximum 3.5 1.65 1.47
EBITDA/Net interest Minimum 4.0 19.0 24.7
Kingspan Group plc Annual Report & Financial Statements 2025
42
Investor relations
Kingspan is committed to interacting with the
international financial community to ensure a full
understanding of the Group’s strategic plans and its
performance against these plans. During the year, the
executive management and investor team conducted
683 institutional one-on-one and group meetings,
including presenting at 8 capital market conferences.
Share price and market capitalisation
The Company’s shares traded in the range of €62.85
to €86.15 during the year. The share price at 31
December 2025 was €74.15 (31 December 2024:
€70.45) giving a market capitalisation at that date of
€13.5bn (2024: €12.8bn). Total shareholder return for
2025 was +6.1% (2024: -9.5%).
Financial risk management
The Group operates a centralised treasury function
governed by a treasury policy approved by the Group
Board. This policy primarily covers foreign exchange
risk, credit risk, liquidity risk and interest rate risk.
The principal objective of the policy is to minimise
financial risk at reasonable cost. Adherence to the
policy is monitored by the CFO and the Internal Audit
& Compliance function. The Group does not engage in
speculative trading of derivatives or related financial
instruments.
On behalf of the Board
Geoff Doherty
Chief Financial Officer
24 February 2026
GEORGE BROWN UNIVERSITY
Toronto, Canada
Insulated Building Envelopes
Morin Matrix Series MX-1, MX-2,
MX-3 rainscreen wall panels
43
Financial Review Business & Strategic Report
RISK & RISK
MANAGEMENT
MUSKEGON MUSEUM OF ART
Michigan, USA
Insulated Building Envelopes
Morin Classic F-12 profiles; Pulse
P-1, P-2, P-3, P-4 panels
Kingspan Group plc Annual Report & Financial Statements 2025
44
As a leading building products
manufacturer in a highly
competitive international
environment, Kingspan is
exposed to a variety of risks
and uncertainties which are
monitored and controlled
by the Group’s internal risk
management framework.
Overall responsibility for risk management lies with the
Board, which ensures that risk awareness is set at an
appropriate level. The Audit & Compliance Committee
assist the Board by taking delegated responsibility
for risk identification and assessment, in addition to
reviewing the Group’s risk management and internal
control systems and making recommendations to the
Board thereon.
The chairman of the Audit & Compliance
Committee reports to the Board at each board
meeting on its activities, both for audit matters
and risk management. The activities of the Audit &
Compliance Committee are set out in detail in the
Report of the Audit & Compliance Committee.
The Board monitors the Group’s risk management
systems through its consultation with the Audit &
Compliance Committee but also through the Group’s
monthly management meetings, where at least
two executive directors are present. Business risks
and trends are the focus of monthly management
meetings, where business performance is also
assessed against budget, performance targets,
forecast and prior year. Key performance indicators
are also used to benchmark operational performance
for all manufacturing sites.
In addition to this ongoing assessment of risk within
the divisions, the Audit & Compliance Committee
oversees an annual risk assessment for the Group
whereby each management team is formally asked to
prepare a detailed risk assessment for their business.
This assessment involves evaluating group-wide
risks, as put forward by the Board, and presenting
additional risks that are specific to their business.
While it is acknowledged that the Group faces a
variety of risks, the Board, through the processes set
out above, has identified the following principal risks
and uncertainties that could potentially impact upon
the Group’s short to medium-term strategic goals:
45
Risk & Risk Management Business & Strategic Report
Volatility in the macro environment
Risk and impact Actions to mitigate
Kingspan products are targeted
at both the residential and
non-residential (including
industrial, retail, commercial,
technology, public sector and
office) construction sectors. As
a result, demand is dependent
on activity levels which may
vary by geographic market and
is subject to the usual drivers
of construction activity (i.e.
general economic conditions
and volatility, pandemics,
political uncertainty and wars
in some regions, interest rates,
business/consumer confidence
levels, supply chain disruption,
unemployment and population
growth).
While construction markets are
inherently cyclical, changing
building and environmental
regulations continue to act as
an underlying positive structural
trend in demand for many of
the Group’s products.
The exposure to cyclicality or downturn of any one construction market is
partially mitigated by the Group’s geographic diversification, by end application
and by product.
As set out in the Business Model & Strategy, the Group has mitigated this risk
through diversification as follows:
» an established globalisation strategy resulting in 278 global manufacturing
sites and a commercial presence in more than 80 countries;
» the launch of new innovative products and an approach of continual
improvements to existing product lines; and
» acquisitions and capital investments made during the year enhancing the
geographic and product diversification of the Group.
Product failure
Risk and impact Actions to mitigate
A key risk to the Kingspan
business is the potential
for functional failure of our
products which could lead to
health, safety, and security
issues for both our people and
our customers.
The Kingspan brands are well
established and are a key
element of the Group’s overall
marketing and positioning
strategy. In the event of a
product failure, the Kingspan
brands could be damaged
and if so, this could lead to
reputational damage, a loss
of market share, and other
adverse consequences.
Dedicated structures and processes are in place to manage and monitor
product quality controls throughout the business:
» New products go through rigorous internal testing at the Group’s Global
Innovation Centre, IKON, and industry leading Kingspan Fire Engineering
Research Centre before proceeding to a certification process which is
undertaken by internationally recognised and independent authorities before
being brought to market.
» The Group Head of Internal Audit & Compliance ensures a rigorous approach
to certification, testing and product compliance across the Group and
ensures consistent and robust application of processes centred around our
core commitment to product safety. 113 internal product compliance audits
were conducted by the Group Product Compliance and Certification team in
2025.
» A Group Marketing Integrity Manual (MIM) has been designed to incorporate
the Group Code of Conduct. The MIM establishes a compliance framework
for product marketing materials and websites. Compliance with the MIM is
subject to audit by the Group Internal Audit & Compliance function under a
dedicated audit programme.
» The Group’s Product Compliance function has been accredited to the
leading independent standard in compliance, ISO 37301. An additional 23
manufacturing sites have been certified to ISO 37301 in 2025.
Innovation Global
Planet Passionate Completing the Envelope
Kingspan Group plc Annual Report & Financial Statements 2025
46
Product failure (continued)
Actions to mitigate (continued)
» Quality management is a key factor in ensuring long-term product
performance. ISO 9001 is a globally recognised standard for quality
management. Five additional Kingspan manufacturing sites were accredited
to ISO 9001 during 2025.
» The terms of reference for the Audit & Compliance Committee include
oversight of the product compliance agenda.
» Our businesses employ quality control specialists and operate strict policies
to ensure consistently high standards are maintained in addition to the
sourcing and handling of raw materials.
» Effective training is delivered to our employees.
» Proactive monitoring of the public policy, regulatory and legislative
environment.
Failure to innovate
Risk and impact Actions to mitigate
Innovation Global
Planet Passionate Completing the Envelope
Failing to successfully manage
and compete with new
product innovations, changing
market trends, and consumer
preferences could have an
adverse effect on Kingspan’s
market share, future growth
and profitability of the business.
Innovation is one of Kingspan’s four strategic pillars to increasing shareholder
value and delivering on our mission to help accelerate a net zero emissions built
environment.
» There is a continual review of our product portfolio at both the executive
and local management level to ensure that they target current and future
opportunities for profitable growth.
» The Group Head of Innovation and CEO host a bi-monthly executive
innovation forum where key product developments and opportunities are
assessed, and innovation strategies are updated.
» The Group’s innovation strategy is intertwined with its Planet Passionate
sustainability strategy. Ambitious Planet Passionate goals require the Group
to invest in expanding its existing range of sustainable building products and
establish market leading supply chains for sustainable raw materials.
» This risk is further mitigated by continuing innovation and compelling
marketing programmes. The continuous evolution of the IKON Global
Innovation Centre has served to enhance the capabilities of the Group
to innovate.
» The Kingspan Fire Engineering Research Centre enables large scale fire
testing to industry regulation standards thereby accelerating the pace of
innovation and certification on the path to commercialisation.
» Our 2024 Building Information Modelling (BIM) & Digital Innovation
Programme drove the enhancement and introduction of several tools
to improve the workflows of our customers. Utilising the latest digital
technologies, Kingspan aims to empower its customers and partners with
tailored digital solutions.
» Kingspan is on a pathway to embrace and optimise the opportunity that AI
presents in a controlled and impactful manner. The foundational structures
have been put in place in 2025, and the plan is to build on this in 2026.
» Kingspan also has a deep understanding of changing consumer and
industry dynamics in its key markets and continues to refine its omnichannel
customer centric approach, enabling management to respond appropriately
to issues which may impact business performance.
» Kingspan has multiple touch points with our customers, engaging directly
on projects, attending trade shows and industry events and through our
Net Promoter Score (NPS) surveys. Insights from these touch points directly
inform innovation in our products and in our service.
47
Risk & Risk Management Business & Strategic Report
Climate change
Risk and impact Actions to mitigate
Innovation Global
Planet Passionate Completing the Envelope
Kingspan’s products provide
a solution to help mitigate
climate change, particularly
with respect to reducing
carbon emissions in the built
environment. Climate change is
therefore both an opportunity
and a risk for Kingspan.
Climate risks within our business
include regulatory changes,
substitution risk should we fail
to maintain our market leading
offering, rising energy or carbon
prices within our own operations
or in our supply chain and
physical risk to our operations or
those of our suppliers.
Transforming building and construction is an important element of addressing
the climate crisis as they represent approximately 37% of energy-related carbon
emissions. Kingspan is uniquely placed to help support the decarbonisation
of the building sector via our extensive offering of high-performance, energy
saving systems and solutions.
Risks relating to climate change are managed through a multidisciplinary, and
company-wide, risk management process.
Examples of how climate change risks are mitigated include:
Planet Passionate
» Following the successful completion of our Net Zero Energy programme (our
programme that focused on reducing energy consumption and increasing
renewable energy use where possible), Kingspan launched the next stage of
our sustainability journey in 2020, our Planet Passionate programme, which
includes 10 ambitious targets in the areas of Carbon, Energy, Circularity
and Water. This strategic agenda will enable significant advances in the
sustainability of both our business operations and our products.
» A core facet of our Planet Passionate programme is to reduce carbon
emissions within our value chain. To this end, we have been working with
new and existing suppliers on innovative raw materials, with lower embodied
carbon and higher recycled content, leading to lower embodied carbon
(LEC) products across our portfolio.
Innovation
» Our innovation agenda is inextricably linked with our Planet Passionate
programme, helping us to drive market leading products in the areas of
carbon savings and sustainability. Innovation is supported through ongoing
investments with spend of €80m in 2025.
» In 2025, our insulation products sold globally are estimated to save 219
million tonnes of CO
2
e over their lifetime. In addition, we estimate 39.8
billion litres of rainwater will be harvested over the lifetime of the tanks we
produced in 2025, and we used 1.05 million tonnes of recycled and renewable
content in the raw materials used to manufacture our products.
» In 2025, we signed the world’s first commercial contract for Iron Fuel
Technology™ with Dutch clean-tech start-up RIFT. This agreement includes
installation of RIFT’s iron fuel boiler at Kingspan’s facility in Gemert,
Netherlands which, when operational, has the potential to deliver up to an
80% reduction in gas consumption on site.
» In addition to internal innovation, Kingspan observes the market for
inventive or alternate materials which can add value to our ambition to offer
the full spectrum of energy efficient building envelope solutions, such as our
investments in wood fibre and wood wool insulations.
Kingspan Group plc Annual Report & Financial Statements 2025
48
“ Kingspan is uniquely placed to
help support the decarbonisation
of the building sector via our
extensive offering of high-
performance, energy saving
systems and solutions.”
Climate change (continued)
Actions to mitigate (continued)
Digitalisation & Artificial Intelligence
» Digital adoption is a key factor to enabling more efficiency and sustainability
in the manufacture, delivery, construction and operations of the built
environment. Enhanced digitalised processes for customer engagement
provide faster and deeper insight into the sustainability demands of our
customers.
Global Presence
» Kingspan operates out of 278 manufacturing sites across the globe,
diversifying our physical risk from climate change. We have also built
relationships with a wide range of global supply partners to limit the reliance
on any one supplier or even a small number of suppliers.
» To identify physical climate risks that may be material to our activities, the
Group conducts an annual physical climate risk assessment using a third-
party platform that supports companies in identifying and quantifying
climate-related hazards. The assessment models nine potential hazards
across multiple emissions scenarios over an 80-year horizon.
Innovation Global
Planet Passionate Completing the Envelope
HOF TER VESTE
Middelburg,
Netherlands
Advnsys
BA-4 glass panel rod support
system; Estra glazed louvred vent;
louvred smoke vent
49
Risk & Risk Management Business & Strategic Report
Business interruption (including IT continuity)
Risk and impact Actions to mitigate
Kingspan’s performance
depends on the availability
and quality of its physical
infrastructure, proprietary
technology, raw material
supply chain and information
technology. The safe and
continued operation of
these systems and assets is
threatened by natural and
man-made perils and can
be affected by the level of
investment available to improve
them.
Any significant or prolonged
restriction to its physical
infrastructure, the necessary
raw materials or its IT systems
and infrastructure could have
an adverse effect on Kingspan’s
business performance.
» Kingspan insists on industry leading operational processes and procedures
to ensure effective management of each facility. The Group invests
significantly in a rigorous programme of preventative maintenance on all key
manufacturing lines to mitigate the risk of production line stoppages.
» With 278 manufacturing sites globally, the impact of production line
stoppages is also mitigated by having business continuity plans in place to
allow for the transfer of significant production volume to another plant in
the event of a shutdown.
» In addition, and as part of our Property Damage & Business Interruption
(PDBI) insurance, Kingspan is subject to regular reviews of its manufacturing
sites by external risk management experts, with these reviews being aimed
at optimising Kingspan’s risk profile.
» Kingspan continues to focus on developing, enhancing and protecting its
intellectual property (IP) portfolio. As a global leader in building envelope
solutions, Kingspan considers its IP security to be paramount. In addition to
trade secret policies and procedures, Kingspan has developed appropriate IP
strategies to protect and defend against infringements.
» To reduce Kingspan’s exposure to raw material supply chain issues, Kingspan
retains strong relationships with a wide range of raw material suppliers
to limit the reliance on any one supplier or even a small number of global
suppliers.
» Kingspan continues to inform all stakeholders of the characteristics of our
product offerings, their appropriate application and benefits, to limit the risk
of misunderstanding within the building industry.
» Kingspan’s IT infrastructure is constantly reviewed and updated to meet the
needs of the Group. Procedures have been established for the protection
of this infrastructure and all other IT related assets. These include the
development of IT specific business continuity plans, IT disaster recovery
plans, simulation testing and back-up delivery systems, to reduce business
disruption in the event of a major technology failure.
Credit risks and credit control
Risk and impact Actions to mitigate
As part of the overall service
package, Kingspan provides
credit to customers and as a
result there is an associated
risk that the customer may
not be able to pay outstanding
balances.
At the year end, the Group was
carrying a receivables book of
€1,237.2m (2024: €1,148.2m)
expressed net of provision
for default in payment. This
represents a net risk of 13%
(2024: 13%) of sales. Of these
net receivables, approximately
63% (2024: 63%) were covered
by credit insurance or other
forms of collateral such as
letters of credit and bank
guarantees.
» Each business unit has rigorous procedures and credit control functions for
managing its receivables and takes appropriate action when necessary.
» Trade receivables are primarily managed through strong credit control
functions supplemented by credit insurance to the extent that it is available.
All major outstanding and overdue balances together with significant
potential exposures are reviewed regularly and concerns are discussed at
monthly meetings at which the Group’s executive directors are present.
» Control systems are in place to ensure that credit authorisation requests are
supported with appropriate and sufficient documentation and are approved
at appropriate levels as prescribed in the relevant authorisation matrix.
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Kingspan Group plc Annual Report & Financial Statements 2025
50
Talent development and retention
Risk and impact Actions to mitigate
The success of Kingspan is built
upon effective management
teams committed to achieving
a superior performance in each
business. Failure to attract,
retain or develop these teams
could have an impact on
business performance.
» Kingspan is committed to ensuring that the necessary policies are in place
to attract, develop and retain the skill levels needed to achieve the Group’s
strategic goals. These policies are underpinned by strong recruitment
processes, succession planning, remuneration reviews, including short and
long-term incentive plans and targeted career development programmes.
» Kingspan’s People Passionate programme is a strategic framework for
attracting, retaining and developing talent within Kingspan. The programme
is endorsed by the CEO and senior leadership team. The People Passionate
programme enshrines all the key aspects of talent development and
engagement:
- health, safety and wellbeing;
- recruitment;
- onboarding;
- performance and reward;
- training and development;
- leadership development;
- career planning and progression;
- engagement and communication; and
- people and organisational policies.
» Kingspan’s leadership team holds an annual talent forum to review
succession plans, metrics on key positions hired throughout the year and to
forecast future talent gaps as part of our human capital risk assessment.
» Kingspan’s internal career portal provides an open and transparent forum
for Kingspan employees to learn about and apply for career opportunities
across all our businesses worldwide. It has a wealth of information about
the types of roles and skills that are in demand to deliver on our strategic
objectives.
» Kingspan continues to be an attractive employer of choice for young,
talented graduates with over 2,500 applications to our global website for our
2025 graduate positions.
» Graduates participated in our Yours to Shape development programme
which was in its ninth consecutive year in 2025. The objective of the
programme is to provide new graduates with a network to collaborate
across the Group and develop the capabilities to drive their careers in
Kingspan. It spans 12 months of interactive workshops, peer coaching,
masterclasses with senior executives and assignments on the Promote
e-learning platform.
» PEAK (Programme for Executive Acceleration in Kingspan) was launched
in 2018 and is targeted at middle to senior managers. It aims to increase
leadership diversity by deepening and widening the pool of potential senior
leaders to match the increasing scale and global nature of the business.
» An Advanced Management Programme was launched in 2021 in partnership
with INSEAD’s executive business school in France. This programme supports
Kingspan’s senior leaders to engage with enterprise level goals in a more
collaborative way while transforming their leadership capabilities to drive
significant long-term growth.
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51
Risk & Risk Management Business & Strategic Report
Fraud and cybercrime
Risk and impact Actions to mitigate
Kingspan is potentially exposed
to fraudulent activity, with
particular focus on the Group’s
online banking systems, online
payment procedures and
unauthorised access to internal
systems.
» The Group issues extensive guidance and policies, which include critical
process and control policies for the mitigation of fraud risk and they must be
effectively adopted by all Group businesses.
» The Group internal audit programme includes rigorous tests of financial
controls and general IT controls to ensure they align with Group policies that
mitigate fraud risk.
» All fraud and cybercrime attempts, successful and unsuccessful, are
reported to the Audit & Compliance Committee.
» The Group’s cyber strategy is designed by a multi-discipline Group IT function
with support from external advisors and our Group Head of Cyber Security.
The Group Head of Cyber Security is responsible for owning and executing
the Group’s cyber security strategy to ensure critical assets and technologies
are protected against cyber risk.
» The Group’s cyber security roadmap sets out the phased milestones for the
implementation of enhanced cyber risk policies which are reviewed and
reassessed on an annual basis to enhance the Group’s security posture.
» Proactive cyber security services are in place which provide global 24/7
critical security services that include managed threat protection, managed
detection and incident response services, including access to trusted and
experienced cyber security advisors.
» The Group Internal Audit & Compliance function perform cyber audits with
dedicated audit programmes in addition to separate audits of IT general
controls. Findings of cyber audits are reported to the Audit & Compliance
Committee and form the basis for enhanced IT policies.
» Mandatory adoption and implementation of cyber security technologies
and controls ensure a consistent approach, providing central visibility and
standardisation.
» High frequency mandatory IT security training coupled with regular phishing
testing is performed globally for all users that have access to any IT system
in the Group.
» The Group’s corporate assets can be swiftly ‘auto-contained’ in the event of
a significant cyber security incident to limit the business impact.
Acquisition and integration of new businesses
Risk and impact Actions to mitigate
Acquisitive growth is an
important element of
Kingspan’s development
strategy. A failure to execute
and properly integrate
significant acquisitions and
capitalise on the potential
synergies they bring may
adversely affect the Group.
Failure to comply with M&A
regulations can result in
potential fines and reputational
risk for the business.
» All potential acquisitions are rigorously assessed and evaluated, both
internally and by external advisors, to ensure any potential acquisition meets
Kingspan’s strategic and financial criteria.
» The Group has formal policies in place to ensure compliance with M&A
regulations and training is provided on these policies. Internal and external
legal counsel support Group management in complying with M&A
regulations.
» This process is underpinned by extensive integration procedures and the
close monitoring of performance post-acquisition by management.
» New acquisitions are categorised as higher risk from a financial controls,
IT general controls and product compliance perspective and are therefore
subject to greater internal audit focus in the initial 12 month period post-
acquisition.
» Kingspan’s global management team has extensive experience in the
successful integration of acquired businesses, which it leverages for
onboarding new acquisitions.
Innovation Global
Planet Passionate Completing the Envelope
Kingspan Group plc Annual Report & Financial Statements 2025
52
Health and safety
Risk and impact Actions to mitigate
The nature of Kingspan’s
operations can expose its
contractors, customers,
suppliers and other individuals
to potential health and safety
risks.
Health and safety incidents
can lead to loss of life or severe
injuries.
» A robust health and safety framework is in place throughout the Group’s
operations requiring all employees to complete formal health and safety
training on a regular basis.
» ISO 45001 is an internationally-recognised framework for managing
occupational health and safety risks. An additional 13 manufacturing sites
have been certified to ISO 45001 in 2025.
» The Group monitors the performance of its health and safety framework
and takes immediate and decisive action where non-adherence is identified.
» The development of a strong safety culture is driven by management and
employees at every level and is a core part of doing business with integrity.
Laws and regulations
Risk and impact Actions to mitigate
Kingspan is subject to a broad
range of existing and evolving
governance requirements,
environmental, health and
safety and other laws,
regulations and standards
which affect the way the Group
operates. Non-compliance can
lead to potential legal liabilities,
reputational risk, and curtail the
development of the Group.
» The Group’s publicly available Code of Conduct sets out the fundamental
principles which it requires all its directors, officers and employees to adhere
to in order to meet those standards.
» In addition, Kingspan’s in-house legal team is responsible for monitoring
changes to laws and regulations that affect the business and is supported
by external advisors. Issued policies include, but are not limited to,
the following:
- Sanctions Compliance Policy;
- Anti-Fraud, Bribery and Corruption Policy;
- Competition Law Compliance Policy;
- Supplier Code of Conduct;
- Supplier Human Rights, Environmental Due Diligence Policy;
- Inclusion and Diversity Policy;
- People and Organisational Policy;
- Environmental Policy;
- Directors’ Guidance Policy;
- Health & Safety Policy; and
- Human Rights Policy.
» The Group has formal policies in place to ensure compliance with M&A
regulations and training is provided on these policies. Internal and external
legal counsel support Group management in complying with M&A
regulations.
» Training is provided through a variety of mediums in key areas of legal and
regulatory compliance, including a suite of mandatory training for those
that join Kingspan.
» The Group has a confidential independent hotline in place that allows
anonymous reporting of any suspected wrongdoing or unethical behaviour,
including reporting instances of non-compliance with laws and regulations.
All reported cases are investigated and findings are reported to the Audit &
Compliance Committee.
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53
Risk & Risk Management Business & Strategic Report
six
See page 56 for PLANET PASSIONATE
See page 60 for PRODUCT PASSIONATE
See page 64 for PEOPLE PASSIONATE
LEADING WITH
PASSION
HORTUS BOTANICUS
Amsterdam, Netherlands
Advnsys
Double-glazed aluminium curtain walls
Photography: ZJA Architects & Engineers
Kingspan Group plc Annual Report & Financial Statements 2025
54
six
We recognise the vital importance of achieving
this while:
» enhancing the safety and wellbeing of
people in buildings;
» supporting the transition to a circular
economy; and
» always delivering more performance
and value.
We believe the answers lie in challenging building
industry traditions with innovation in advanced
materials and digital technologies. What defines us is
our relentless pursuit for better building performance
whilst incorporating our Planet Passionate programme
into everything we do. Our commitment to
sustainability is instilled throughout our business.
In line with the EU’s Corporate Sustainability
Reporting Directive (CSRD), which informs the
structure and content of our 2025 CSRD Sustainability
Statement, we have built upon the comprehensive
double materiality assessment conducted throughout
2023 - 2025 in collaboration with multiple external
consultants. This ongoing process is being further
refined, with its findings actively integrated into our
sustainability strategy to meet CSRD requirements
and drive continuous improvement in our
sustainability practices.
Kingspan recognises that it has a responsibility
as a business leader to contribute towards the
achievement of the United Nations’ Sustainable
Development Goals (SDGs). Our sixth Planet
Passionate report provides more detail on how we
contribute to the SDGs.
KINGSPAN’S MISSION
To accelerate a net zero
emissions built environment
with people and planet at its
heart. We do this through
enabling high-performance
buildings via our systems and
solutions that help to save more
energy, carbon and water.
Scope 1&2
Emissions
1
down
70%
since 2020
1 Excluding biogenic emissions. Scope 2 GHG emissions
calculated using market-based methodology.
55
Leading with Passion Business & Strategic Report
BALTIC HEARTS OFFICES
Vilnius, Lithuania
Insulated Building Envelopes
Dome Solar roof-solar PVC
PLANET
PASSIONATE
Our environmental sustainability programme
Planet Passionate aims to help tackle three big
global challenges - climate change, circularity
and protection of the natural world. In 2025, we
delivered more than 180 projects, continuing to
make significant progress towards our targets,
including our circularity and energy efficiency
targets introduced this year.
56
Kingspan Group plc Annual Report & Financial Statements 2025
Sustainable Development Goals that are most closely linked to Kingspan’s operations:
2030 Planet Passionate Targets 2025 Progress towards target
Carbon
» 65% reduction in Scope 1 & 2 GHG
emissions
1,2
from 2020(%)
70%
» 15% reduction in carbon intensity from key
raw materials from 2020 (%)
4.0%
» ≥90% zero emission company cars
3
(annual
replacement %)
97%
Energy
» 60% renewable energy consumption (%)
63%
» ISO 50001 certification for large sites
4
(%)
50%
» Solar PV systems on all wholly owned
sites (%)
61%
Circularity
» Zero waste to landfill
5
(%)
-6.0%
6
» 1.5 million tonnes recycled and renewable
raw materials used annually (tonnes)
1.05m
» Facilitate 20 product takeback and
recycling schemes (no. of schemes)
10
Water
» Harvest 100 million litres of rainwater
annually (million litres)
57.3
1. Excluding biogenic emissions. Scope 2 GHG emissions calculated using market-based methodology.
2. 2020 base year GHG emissions were recalculated due to acquisitions that occurred in 2021 through to 30 September 2025.
3. Kingspan defines a ‘zero emissions car’ as a vehicle with zero tailpipe emissions. The boundary does not include the energy used to power the
vehicle or the embodied emissions from manufacturing. Includes 100% owned Kingspan businesses.
4. Large sites: Sites with ≥5GWh annual energy use during the prior year 2024.
5. 90% reduction of waste to landfill in Kingspan manufacturing, R&D and assembly facilities from 2020 base year.
6. Increase in 2025 waste to landfill relates to legacy waste management processes from a 2024 acquisition which are now resolved.
100%
100%
27%
100%
50%
61%
70%
50%
57.3%
57
Leading with Passion Business & Strategic Report
Through our Planet Passionate programme, we aim
to help enable lower carbon buildings, not only in
the operational phase but also in the upfront and
construction phase. 2025 highlights include:
» Scope 1 & 2 GHG emissions
1
: 2025 saw a 70%
reduction in scope 1 & 2 GHG emissions against
our 2020 base year. Further reductions were
achieved this year via the implementation of new
renewable energy contracts, deployment of solar
PV systems and process electrification. We also
made significant progress with our energy suppliers
and during the year we secured 21 new renewable
energy contracts.
» Scope 3 GHG emissions: In 2025, we achieved a
24% reduction in scope 3 GHG emissions against
our 2020 base year. A key facet of our carbon
ambition is to reduce our upstream scope 3
carbon emissions, particularly as they relate to
our purchased goods and services, which in 2025
accounted for over 90% of our total scope 3
emissions. Over the years, we have had significant
engagement with our key raw material suppliers
regarding their decarbonisation plans. In 2025, we
had over 150 (internal and external) supply chain
engagement meetings.
» 15% reduction in carbon intensity from key
raw materials: In 2025, we have achieved a 4%
reduction in the carbon intensity of our key raw
materials compared to the 2020 base year. This
achievement was supported by our continued
engagement and collaboration with our key
suppliers. Also, we increased our procurement of
lower embodied carbon raw materials by 30%
versus 2024.
» ISO 50001 certification for large sites
2
: At the
end of 2025, the Group has 50% of large sites
certified with ISO 50001. This is supported by the
completion of 52 energy efficiency projects, further
demonstrating our efficiency first approach to
decarbonisation.
» Zero emission cars: In 2025, 97% of our
replacement employee cars³ were electric vehicles.
This brings the total number of employee electric
vehicles to over 1,700.
» Product: In 2025, we brought 18 new LEC products
to market, including Topdek LEC, Evolution LEC,
Ecofil Premium LEC and Hot Aisle Containment
LEC. These have reduced embodied carbon
4
across
their lifespan when compared to their equivalent
standard Kingspan product.
1. Excluding biogenic emissions. Scope 2 GHG emissions calculated using market-based methodology.
2. Large sites: Sites with ≥5 GWh annual energy use during the prior year 2024.
3. Includes 100% owned Kingspan businesses.
4. Reduction in embodied carbon (modules A-C) when compared to the standard product verified by a third party and to EN15804+ A2:2019.
Carbon & Energy
ELCHE LECTURE BUILDING MIGUEL
HERNÁNDEZ UNIVERSITY
Alicante, Spain
Insulated Building Envelopes
THU Lama Verona suspended ceiling
58
Kingspan Group plc Annual Report & Financial Statements 2025
Our vision is to deliver solutions to support
the transition to a circular economy within
the construction sector.
» Waste to landfill: In 2025, we completed
32 landfill diversion projects resulting in
over 3,460 tonnes of waste being diverted
from landfill.
» Renewable and recycled raw materials:
Following the setting of our new target,
in 2025, we used 1.05 million tonnes of
recycled and renewable raw materials in the
manufacturing of our products.
» Takeback and recycling schemes: As
of 2025, we have four product takeback
schemes and six recycling schemes in place
in key markets across our insulated panel,
insulation, flooring and waterproofing
membranes products. New schemes
introduced in 2025 include Joris Ide
NextCircle, Tate Reuse Panel, and Kingspan
Natural Smoke and Heat Exhaust Ventilators
(NSHEVs) takeback.
As a manufacturer of solutions that harvest
and recycle water, we recognise the need
for water security and the protection of our
natural water systems.
» As of 2025, we have 59 rainwater harvesting
systems installed across our businesses.
These systems have the potential to harvest
68 million litres annually. During the year,
we harvested and used 57.3 million litres
of rainwater.
» In 2024, we successfully completed our target
to support five ocean clean-up projects by
2025. Despite that, we are still continuing
to support projects that can help tackle the
ocean plastic pollution crisis. We are delighted
to announce we have partnered with Seven
Clean Seas, which will facilitate the recovery
of approximately 119,000 kg of ocean-bound
plastic from Batam, Indonesia and Samut
Prakan, Thailand across a three-year period.
Circularity
Water
KINGSPAN RECOVR INITIATIVE
AND OCEAN CLEAN UP
59
Leading with Passion Business & Strategic Report
1000 AZTEC WEST
Bristol, UK
Insulated Building Envelopes
OPTIM-R
®
E Inverted
Roofing System; Green Guard
GG300
Photography: CEG
PRODUCT
PASSIONATE
60
Kingspan Group plc Annual Report & Financial Statements 2025
Integrity of product information
for the digital era
Ensuring the correct use to support the performance
of our products is central to our approach with
regards to product development, testing, support and
marketing. At Kingspan we have implemented global
product and marketing compliance programmes
that ensure the accuracy of our product information,
operating to the ISO 37301 global compliance
standard and underpinned by a culture of integrity,
honesty and compliance with laws and regulations.
Our global Environmental Claims Guide aims to
ensure that all marketing claims relating to the
sustainability performance of our products are robust
and support our Group vision of making a meaningful
impact on decarbonisation and circularity in the
built environment. In parallel, we are developing and
delivering a technology backbone for digital product
information that enables project efficiencies and
better design decisions.
Product compliance
Product compliance operates first and foremost
to the high standards set out in our Group Code of
Conduct, which has been rolled out to all employees
across the Group. The Code of Conduct incorporates
a policy for reporting misconduct anonymously and
is highly visible in all manufacturing sites across the
Group. The group-wide Directors’ Duties handbook
and associated training supports product compliance
at senior management levels. The Group Compliance
& Certification function operates to the ISO 37301
compliance standard with internal auditing and Board
oversight. ISO 37301 is an internationally recognised
Type A management system standard which sets
out the requirements and provides guidelines for
establishing, developing, implementing, evaluating,
maintaining, and continually improving a compliance
management system (CMS). To the end of 2025 we
have successfully achieved certification of 108 of our
global sites to the ISO 37301 standard.
The following structures are in place:
» Group Head of Internal Audit & Compliance
reports directly to the Audit & Compliance
Committee;
» Product Compliance Officers in each business
across Kingspan Group provide monthly reports
to the Group Product Compliance team together
with updates to their management teams;
» Audit & Compliance Committee are responsible
for monitoring product testing and marketing
compliance; and
» Internal Audit & Compliance function audit
product and marketing compliance.
Product safety and testing
The safety of those working with our products, and
living in buildings that have used our products, is
paramount at Kingspan.
The opening of our industry leading Fire Engineering
Research Centre (FERC) in Holywell, Wales was a key
milestone in our global compliance programme. FERC
has the facilities to conduct small-scale and large-
scale reaction to fire testing, in addition to large-scale
fire resistance testing with the scope of activities
continuously evolving and expanding.
We used 1.05 million tonnes of
recycled and renewable content
in the raw materials used to
manufacture our products
Comparable to the municipal
waste produced by a city
of c.2m people
3
Recycled and
Renewable
Materials
1.05m
Our daylighting systems sold in
2025 create 3.3 billion lumens of
natural light annually
Enough to light up over
400k homes
4
Natural
Daylight
3.3bn
Over 39 billion litres of
rainwater will be harvested by
our tanks produced in 2025
2
Enough water to fill
nearly 16,000 Olympic
swimming pools
Conserved
Water
39.8bn
219 million tonnes of CO
2
e will
be saved over the life of our
insulation systems sold in 2025
Enough to power a major
airline for almost 11 years
1
Ultra Energy
Efficient
219m
1. Assumes 60 year product life; based on EU airline disclosure of over
15.4m tonnes of CO
2
e emissions for 12 months to March 2025.
2. Assumes a 20 year product life.
3. Based on c. 0.5 tonnes per person pa, OECD average.
4. Assumes 10 x 60W bulbs per home.
61
Leading with Passion Business & Strategic Report
In addition, FERC’s UKAS (ISO 17025) accreditation
expected in 2026 will further demonstrate our
technical competency and impartiality.
A wide range of Kingspan insulated panels carry FM
Approvals (FM) or Loss Prevention Certification Board
(LPCB) approval, both of which are system testing
regimes developed by the insurance industry. These
approvals provide objective third party testing, which
is underpinned by quarterly, bi-annual and annual
factory surveillance audits (depending on the region)
to verify compliance. Independent certification
bodies take samples of insulated panels from our
factories and send them to their own laboratories
for fire testing to verify ongoing compliance. These
independent audits also include assessments of
change control, formulations, processing parameters,
labelling and internal testing.
The Kooltherm
®
range of insulation boards and
KoolDuct
®
pre-insulated ductwork are manufactured
with a phenolic insulation core, which has been proven
to offer higher fire and smoke performance to other
commonly used rigid thermoset insulants.
A comprehensive range of building facade systems
incorporating our insulation board and insulated panel
products have successfully passed large scale facade
tests around the globe including, but not limited
to NFPA 285 (North America), LEPIR II (France), SP
Fire 105 (Nordics), and MSZ 14800-6 (Hungary). As
it relates to large scale fire tests, there are a total
of 15 systems incorporating Kooltherm
®
which have
met the requirements of BR 135 when tested to BS
8414 (UK) and there are eight insulated panel based
systems that have met the requirements of BR 135
when tested to BS 8414. During 2025, 514 third party
external products and system audits were carried out,
providing reassurance on the safety, compliance and
certification of our products.
Integrity of product marketing
The Group Compliance Manual covers all aspects of
the processes which have been implemented across
the Kingspan Group, including the requirement for a
Register of External Certificates and Test Reports for
each product. We have 28 product lead compliance
officers appointed across the business and over 6,000
people trained in product compliance.
The Marketing Integrity Manual (MIM) ensures that
the information in the Product Compliance Register
is represented accurately in product marketing
information. An updated version of the MIM was
released in September 2025.
The overall programme includes:
» Group MIM e-learning which has been rolled out to
all marketing team members;
» Fire approvals e-learning which has been provided
to appropriate marketing team members;
» Environmental claims e-learning which has been
rolled out to all marketing team members;
» A Skills, Knowledge, Experience and Behaviour
(SKEB) competency assessment model which has
been introduced with associated training and
strict rules for publishing product information; and
» A sign-off approvals process which has
been implemented for our global website
infrastructure.
CAMPUS E SPORT
Roubaix, France
Advnsys
Ellisse Folding sunshade
system
62
Kingspan Group plc Annual Report & Financial Statements 2025
Kingspan PIM model
We have built a Product Information Management
(PIM) technology platform and this is progressively
deployed across our business:
AI Enablement
In 2025, we further advanced our AI enablement
strategy, focusing on establishing the organisational
foundations required to embed AI as a value-
generating capability that supports how we operate,
innovate and serve our customers. Our approach is
structured around three key pillars:
» Governance: Development and rollout of a group-
wide AI policy, supported by a user handbook
and practical guidance documents, to promote
the responsible, secure and ethical use of AI
technologies.
» Training and Development: Group-wide training
on the AI policy was delivered during the year. In
addition, more targeted training programmes are
in development to further build AI capability and
literacy across the Group, with phased deployment
planned throughout 2026.
» Projects: Several exploratory and pilot projects
were undertaken during the year to assess the
potential value of AI in areas such as technical
support, process automation, and insights
extraction from operational and customer data.
Building on this work, several priority initiatives
are planned for 2026, including the application
of AI to customer-facing digital tools, internal
knowledge management and data-driven
decision support.
Digital Product Information
We continue to make strong progress in the
implementation of Product Information Management
(PIM) systems across the Group. Multiple deployments
have been successfully completed to date, with
several additional implementations scheduled for
completion in 2026.
Looking ahead, our PIM platforms will serve as a
central data asset. This foundation, augmented by
AI capabilities, will enable the delivery of enhanced
digital services to support our customers, such as
generative design support, product configuration and
specification tools and real-time customer assistance.
P
P
I
I
M
M
PIM
PIM
Workflows
Manage compliance of product data. Generate
Product Compliance Register (PCR)
Documentation
Generate DoP (60 data points), Datasheets
(16 data points), Brochures (40 data points)
ERP/CRM
Exchange trusted products data with ERP systems
WEB
Push trusted technical products data to core Web
Advanced WEB
Push trusted product technical data to
e-commerce, configurators, BIM tools
Generate product Digital Passport
63
Leading with Passion Business & Strategic Report
2025 PEAK PROGRAMME
PEOPLE
PASSIONATE
The Group offers nine tailored
learning and development
initiatives designed to support
talent progression, upskilling and
leadership development globally.
64
Kingspan Group plc Annual Report & Financial Statements 2025
The Group ambition
The Group continues to be committed to our vision of
providing solid people infrastructure to deliver on our
business ambitions.
During 2025, there was a focus on both building
our global learning infrastructure and taking a
step forward to understand future skills needed to
continue to grow and develop our organisation and
our people. Both macro external trends and our own
growth ambitions were considered in conjunction
with views of leaders in our business. This has set
the scene for further work in the coming years. Our
segments continue to lead the way by experimenting
with new technology and highlighting through
cases the most beneficial approach to upskilling our
people. A core commitment within People Passionate
is to scale learning.
Developing leaders continued at pace this year,
both on-the-job and with significant investment
in our biennial executive leadership development
programme. Our leadership and early careers
programmes also continued to deliver talent into
our organisation. The management development
programmes matured this year and are offered for
team leaders, managers and senior leaders across the
Group in multiple languages and locations. During the
year we trained internal facilitators to increase our
capacity to deliver globally. Early careers recruitment
and development progressed, with additional
learning opportunities being provided for individual
contributors on a leadership path. To further support
our Inclusion & Diversity (I&D) priorities, toolkits,
training and communications were rolled out. This
continues to support the leadership requirements
for our current operations as well as building future
leadership pipelines to underpin our growth.
People retention
Data recording and analysis also matured and created
an opportunity to further gain specific and deeper
insights with which to inform People Passionate
priorities. Utilising the CSRD Workforce data gathering
process during 2025, we were able to undertake a
year on year comparative analysis and as the process
matures the insights gained are proving to be valuable
to inform people strategy. During 2025, we advanced
the quality and completeness of people data. We
continue to invest in people technology and advertise
open opportunities across the Group via our internal
careers portal.
Training and development
» In 2025, the team leader, manager and senior
leader development programmes continued.
During the year a further 200 future leaders were
trained across the world by participating in our
core people leader programmes. Participants
report being more motivated and engaged and
increased productivity is also being experienced.
The number of certified Kingspan facilitators also
more than doubled, enabling our businesses to
provide world class development from within;
» During the year, the Yours to Shape graduate
attraction and development programme
continued to develop a strong pipeline of early
career talent to underpin the Group’s future
leadership needs globally. The same can be said for
the Developing Talent Programme; and
» Our two flagship programmes, Programme for
Executive Acceleration in Kingspan (PEAK); and
Kingspan Executive Development Programme,
in partnership with INSEAD also delivered strong
strategic leaders for the future.
Yours to Shape - Graduate Attraction and
Development
Kingspan continues to build leadership pipelines
by investing in our global graduate attraction and
development programme called Yours to Shape. The
programme’s objective is to support the successful
transition of graduates from university to Kingspan,
create an international collaborative network within
the Group and develop their capabilities to drive their
career in Kingspan forward. With a record number
of applicants, it is clear from the campaign that
graduates are consistently attracted to Kingspan
for the Group’s active and practical focus on
sustainability.
This year we continued to attend university career
fairs in-person across all regions.
The Yours to Shape development programme spans
12 months of virtual and in-person workshops and
assignments. A key feature of the programme is the
opportunity to gain an understanding of the business
across different regions and segments.
Over 2024 and 2025, three modules were delivered
virtually and two modules were delivered face-to-
face. During the in-person modules, graduates
had the opportunity to visit sites and meet with
our talented colleagues and understand different
processes and products.
Kingspan is a global leader in sustainable business
and innovation. As such, our leaders are at the
forefront of advances in combating climate change,
the digitalisation of the construction industry and
advanced material research to name but a few.
Graduates get the opportunity to hear first-hand from
those leaders about the progress that the Group is
making in these areas through a masterclass series.
Each year the graduates work in cross functional,
regional teams and work on diverse business projects.
These projects are identified by the business as
65
Leading with Passion Business & Strategic Report
real challenges. The projects are innovative, align
to Kingspan’s strategic priorities, which include
sustainability, and have a commercial benefit.
In 2025, five projects were showcased to an internal
audience of senior leaders in IKON, our Global
Innovation Centre in Ireland, and the presentations
were live streamed to our facilities around the
world. The level of innovation and the integration
of sustainability into the projects was inspiring. The
projects will be taken forward for further assessment
with an aspiration to integrate the outcomes into the
existing processes and product range.
The Yours to Shape programme is a key pillar for
Kingspan’s leadership development strategy. As
talented people continue to join and develop fulfilling
careers, the longer-term high performance of the
Group is safeguarded.
Developing Talent Programme
The Developing Talent Programme is an early careers
programme aimed at developing participants to
realise their full potential, now and into the future,
and enabling them to add even more value to the
business.
The design of the programme is based on four
key principles, ownership of personal and career
development, building self-awareness and confidence,
developing and embedding good learning habits and
enabling practical application.
There are six in-person modules in total, alongside
three 1-to-1 coaching sessions. Participants must
also identify and present on an improvement project
which will deliver tangible results for their own role
and their team.
Participants receive exposure to a range of
development experiences which will help them
clarify their future personal and career direction.
The programme allows participants to identify and
develop critical skills and capabilities and to maximise
their impact and contribution to the business, all while
creating a supportive peer network and broadening
their exposure to the wider Kingspan business.
Ignite programme for front line managers
The Ignite programme has been designed to develop
leadership and professional skills and is tailored
to those who are new to team management and
leadership. The core objectives are to foster high
performance in teams, develop a shared purpose,
develop the abilities to work effectively in a fast-
paced business and to attract and retain high
performing talent.
Accelerate for middle managers and leaders
The Accelerate programme builds on the skills
developed in Ignite and introduces new concepts
on strategy execution, coaching and effectively
approaching and managing change and transition.
Evolve for more strategic leaders and managers
The Evolve programme focuses on those in roles
that are more forward looking and may already be
a manager of other leaders and or businesses.
Through a blend of in person and virtual modules,
the leaders on this programme learn more about
enterprise level leadership.
2025 GRADUATE
PROGRAMME
Kingspan Group plc Annual Report & Financial Statements 2025
66
Programme for Executive Acceleration in
Kingspan – PEAK
The high impact leadership development Programme
for Executive Acceleration in Kingspan (PEAK)
continued in 2025 with another group of highly
motivated and committed leaders completing the
programme. This programme focuses on enhancing
leadership effectiveness and building a strong network
of colleagues across the Group.
The programme is delivered through a blend of online
and in-person modules underpinned by individual
coaching. Each workshop includes insights and
exposure to subject matter experts. Project groups
tackle a leadership challenge, the output of which is
further developed across the business.
Kingspan Executive Development Programme, in
partnership with INSEAD
This programme is run in partnership with INSEAD’s
executive business school in France, one of the world’s
leading and largest business schools. This is a specific
leadership development programme for senior
executive leaders which ran in 2025.
The programme supports Kingspan’s senior leaders to
engage with enterprise level goals in a collaborative
way while transforming their leadership capabilities to
drive significant long-term growth. The programme
consists of learning events throughout the year as well
as a number of 1-to-1 coaching sessions.
Protect
Kingspan takes the safety of our employees incredibly
seriously. The Group aims to record and review all
accidents, as well as near misses. We have made
significant progress in reviewing health and safety
at both the facility and business levels, with ongoing
efforts to enhance our practices.
The Group takes a proactive approach to
occupational health and safety. In 2025, 13
additional sites achieved ISO 45001 certification.
Regular training and internal audits support
compliance, while progress is tracked through
monthly KPIs and best-practice league tables
maintained by the Group Health & Safety Auditor to
drive continuous improvement and accountability.
In 2025, the Group strengthened its governance and
culture around health and safety through several key
initiatives including the adoption of a new Health &
Safety Policy. A Health & Safety Steering Committee
was established to provide strategic direction, review
group-wide performance trends, and support each
business on the delivery of the safety agenda. The
Group also introduced a health and safety metric
into the annual bonus of executive management,
further embedding health and safety goals across
the business. In addition, annual safety forums bring
together safety professionals to review performance,
address challenges, and share best practices,
fostering collaboration and a stronger safety culture.
For more information on the Group’s policies, actions,
and targets related to occupational health and safety,
please see Section S1 – Own Workforce within our
CSRD Sustainability Statement.
Equal opportunities, employee
rights and diversity
Kingspan is committed to providing equal opportunities
from recruitment and appointment, training and
development to appraisal and promotion opportunities
for a wide range of people, free from discrimination
or harassment and in which all decisions are based
on work criteria and individual performance. We see
diversity and inclusiveness as an essential part of our
productivity, creativity and innovation. Diversity is
widely promoted within Kingspan with 22% (2024:
22%) of our global workforce female. In addition, 36%
(2024: 36%) of our most recent graduates and 17%
(2024: 15%) of top management are female. Diversity
is actively supported at Kingspan through foundational
policies, including the Group’s I&D Policy and our
global Code of Conduct, which outline the Company’s
dedication to equal opportunities, integrity, honesty,
and compliance.
Injury frequency rate
1.15
per 100k hours
Fatalities
0
2025: Group Gender Balance
Female
22%
Male
78%
67
Leading with Passion Business & Strategic Report
Our Communities
Planet Passionate Communities is the
philanthropic arm of our Planet Passionate
programme. At the heart of Planet Passionate
Communities is an ambition to create a positive
legacy as a business. Locally, our businesses are
devoting their time and resources to support
community projects.
Our goal is to build a world that is powered by
renewable energy, is net zero carbon, manages
water sustainably, and protects the earth’s
valuable resources by reducing, re-using and
recycling. We take pride in our diverse range of
global projects, showcasing our commitment to a
more sustainable future for our communities.
“ At the heart of Planet
Passionate Communities
is an ambition to create
a positive legacy as a
business.”
OP DER MILLEN
Remich, Luxembourg
Insulated Building Envelopes
Alwitra Aluminium profiles; EVALASTIC
®
EPDM waterproofing membrane
68
Kingspan Group plc Annual Report & Financial Statements 2025
Sydney Parklands Clean-Up
Australia
The Tate and Kingspan Insulated Panels teams joined forces to
clean up Western Sydney Parklands. They came together to make a
difference by caring for their environment and community.
Garraf Beach Clean-Up
Barcelona, Spain
55 volunteers from our Spanish Synthesia
office cleaned Garraf Beach. They
collected over 285 kg of waste in total,
making a real contribution to the local
environment.
Schools & Classroom Buildings
Senegal
We contributed to Bantandicor’s school-building projects in
Senegal by supplying Teczone steel roof decks for all educational
facilities. The proven durability of these roofs at the primary
school led to their selection for the secondary school, which will
eventually include eight buildings and 12 classrooms. This initiative
is demonstrating how we deliver meaningful social impact through
education and infrastructure.
69
Leading with Passion Business & Strategic Report
OUR POLICIES AND RELATED INITIATIVES
These policies and related initiatives assist in ensuring
consistency, compliance with laws and regulations,
and alignment with the Group’s goals and values in
the jurisdictions in which we operate.
Human Rights Policy
In 2023, the Group released its global Human Rights
Policy. The policy supports Kingspan’s fundamental
values and the key objective is to outline our human
rights commitments. We have a zero-tolerance
approach to slavery, human trafficking and other
human rights infringements. The Group is committed
to respecting and safeguarding the people who work
for our business and those who are affected by our
various activities. The Human Rights Charter is issued
under the Human Rights Policy and outlines in further
detail our commitment to promoting and respecting
human rights. The Group is committed to the highest
standards of business and ethical behaviour including
compliance with applicable laws and regulations as
well as company policies, practices, and procedures.
Human Rights Risk assessment
As part of the Group’s Human Rights Policy and
due diligence framework, we conduct ongoing
risk assessments to identify salient human rights
issues across our operations and value chain.
These assessments use recognised international
benchmarks such as the Global Slavery Index (Walk
Free Foundation), Children’s Rights in the Workplace
Index (UNICEF), and other datasets published by the
UN, ILO, and World Bank. Each dataset is converted
to a common risk scale to classify jurisdictions as low,
medium, high, or very high inherent risk, forming the
basis for site-level analysis and due diligence.
In 2025, a global review was conducted across
Kingspan’s own operations and key tier 1 direct suppliers
under this framework. The assessment screened
for inherent risk and applied group-level processes
and mitigating controls to determine residual risk.
The results indicated that no sites required further
due diligence. The Group continues to enhance its
due diligence processes, including the use of self-
assessment questionnaires and supplier screening tools
using third party ESG platforms, in line with its Human
Rights Policy, to ensure ongoing monitoring and
management of potential human rights risks across its
global operations.
Modern Slavery
Slavery and human trafficking are abhorrent crimes
and we all have a responsibility to ensure that they
do not continue. At Kingspan, we pride ourselves on
conducting our business ethically and responsibly. The
Group is fully committed to ensuring that modern
slavery is not taking place in our business or any of our
supply chains. We adopted and published our policy
statement at the end of 2016 and all our businesses
are responsible for ensuring supplier compliance with
the legislation.
Supplier Code of Conduct and Supplier
Human Rights and Environmental Due
Diligence Policy (SHREDD)
The Group is seeking to further enhance its ethical
and environmental procurement agenda.
We continue to build and maintain long-term
relationships with key suppliers and contractors to
ensure that they are aligned to the same goals and
standards as Kingspan, to address strategic global
issues, emerging trends and ultimately our customer
needs. Our procurement leadership team engage in
events promoting the decarbonisation of materials
used within our supply chain and in industry leading
initiatives such as the Procurement Leadership
Council, Europe. In 2025, our Group Supplier Code
of Conduct (formally Supplier Policy) was updated
and implemented across Kingspan. This Supplier
Code of Conduct sets out our expectations of
suppliers, generally in terms of business practices,
and specifically with respect to: Business Integrity;
Ethical Employment Practices; Anti-Fraud, Bribery
and Corruption; Environmental Responsibility and
cooperation with our SHREDD process. In 2024,
Kingspan developed our SHREDD policy, which further
outlines the Group’s Supplier SHREDD process. This
process is aligned with international guidelines and
principles such as OECD Guidance for Multinational
Enterprises on Responsible Business Conduct, UN
Guiding Principles on Business and Human Rights, and
ILO Declaration on Fundamental Principles and Rights
at Work. To further support ethical business practices,
the Group provides a confidential independent hotline
for raising concerns.
Kingspan Group plc Annual Report & Financial Statements 2025
70
Due diligence tools
The Group uses a variety of due diligence tools to
support our SHREDD process, including sustainability
ratings platforms to consider potential supply chain
risks across environmental, ethics, labour and human
rights, and sustainable procurement dimensions.
The assessment typically results in a supplier
scorecard that indicates the supplier’s overall ESG
performance. Over the past year, our engagement
with, and gradual rollout of these assessments,
across our global supplier base has coincided with
an increase in the number of suppliers holding ESG
ratings. Through ongoing collaboration with suppliers
and encouragement of alignment to ESG standards,
the Group seeks to help reduce environmental
impacts while promoting social equity and sound
governance practices across our network.
Customer experience programme
Understanding what our customers need is
fundamental to how we operate. In 2018, we launched
the Worldwide Voice of Customer programme to
systematically capture feedback across our businesses
and brands. The programme gives us direct insight
into customer experiences across our Group. It helps
us spot patterns, understand shifting expectations
and identify where we need to improve. These insights
have shaped tangible changes to our products,
services and processes. Since its launch, we’ve
received nearly 90,000 responses from customers
globally. This ongoing dialogue ensures we stay
grounded in what customers actually experience and
focused on improvements that genuinely matter.
Environmental Policy
The Group is dedicated to conducting its
business activities responsibly, with due regard to
environmental impacts. In 2025, the Group updated
its Environmental Policy, detailing its commitments
and approach to five key environmental topics:
Climate Change, Pollution, Water, Biodiversity, and
Resource Use & Circular Economy. Further information
on our Environmental Policy can be found in our CSRD
Sustainability Statement.
Health & Safety Policy
The Group’s Health & Safety Policy, which was
updated in 2025, sets out the Group’s commitment
to preventing injury and ill health, complying with
all applicable legal and regulatory obligations, and
continuously improving our occupational health and
safety performance.
MOBIL HOME RIDEAU
Venansault, France
Insulated Building Envelopes
JI 45-333-1000 roofing sheet;
JI 56-225-900 steel deck; JI Z140
Z-purlins; JI SF Wall 1000 panel; JI
Grégale 300 facade; JI 10-100-1100
steel profiles; JI 35-207-1035 wall sheet
71
Leading with Passion Business & Strategic Report
THE BOARD
Leadership and
Experience
ASTRAZENECA UK HEAD OFFICE
London, UK
Insulated Building Envelopes
Troldtekt
®
acoustic panels
Photography: Billy Bolton
Kingspan Group plc Annual Report & Financial Statements 2025
72
Non-executive Chairman
Jost Massenberg (Age 69)
Germany
Independent
Committee
Membership
N
Jost Massenberg was appointed to the Board in February 2018 and was appointed as non-executive
Chairman of Kingspan in 2021.
Key strengths: Jost brings a wealth of board level experience, having served in both chairman and chief
executive roles. His extensive background in the European steel and major manufacturing sectors equips him
with a deep understanding of industry dynamics. This expertise is particularly valuable as Kingspan navigates
the challenges of decarbonising its supply chain.
Previous relevant experience: Jost has held prominent leadership positions, including Chairman of VTG
Aktiengesellschaft and Chief Executive Officer of Benteler Distribution International GmbH. Prior to these roles,
he served as Chief Sales Officer and was a member of the executive board at ThyssenKrupp Steel Europe AG.
His extensive experience in these high-level positions underscores his capability to drive strategic growth and
operational excellence.
Qualifications: PhD Business Admin.
Chief Executive Officer
Gene Murtagh (Age 54)
Ireland
Gene Murtagh is the Group Chief Executive Officer. He was appointed to the Board in November 1999.
Key strengths: Gene brings over 30 years of extensive experience with Kingspan, having held both operational
and leadership roles. His profound understanding of the Group’s diverse businesses and the broader
construction materials industry provides invaluable insights that drive the Group’s strategic direction. Gene’s
expertise is instrumental in advancing our core strategic pillars: Innovation, Planet Passionate, Completing the
Envelope and Global.
Previous Kingspan roles: Gene joined the Group in 1993 and has served as Chief Executive Officer since
2005. Prior to his current role, he was the Chief Operating Officer from 2003 to 2005. Before that, he held the
positions of Managing Director for both the Group’s Insulated Panels business and the Water + Energy business.
Executive directors
Geoff Doherty (Age 54)
Ireland
Geoff Doherty is the Group Chief Financial Officer. He joined the Group and was appointed to the
Board in January 2011.
Key strengths: Geoff is a qualified Chartered Accountant with extensive experience in capital markets
and financial management within an international manufacturing context. He oversees compliance of the
Group’s financial controls and cybersecurity programmes and leads the Group’s CSRD reporting and related
sustainability disclosures, ensuring robust compliance and operational integrity.
Previous relevant experience: Before joining Kingspan, Geoff served as the Chief Financial Officer at
Greencore Group plc, where he also held the position of Chief Executive of its property and agribusiness
divisions. His diverse background equips him with a comprehensive understanding of both financial and
operational aspects of business management.
Principal external appointments: Geoff currently serves as a non-executive director at Ryanair Holdings plc,
where he holds the position of Chair of the Audit Committee.
Russell Shiels (Age 64)
United States
of America
Russell Shiels is President of Kingspan’s insulated panels businesses in the Americas as well as
Kingspan’s data solutions business globally. He was appointed to the Board in December 1996.
Key strengths: Russell offers the Board significant expertise in the building envelope market across the
Americas, coupled with an in-depth understanding of the global office and data centre market. His strategic
insights and industry knowledge are invaluable assets to our leadership team.
Previous Kingspan roles: Russell has a rich history with Kingspan, having held pivotal roles in several of the
Group’s core businesses. He was previously the Managing Director of Kingspan’s Building Components and
Raised Access Floors businesses in Europe.
Gilbert McCarthy (Age 54)
Ireland
Gilbert McCarthy is Managing Director of Kingspan’s insulated panels businesses in Europe, Asia and
Australasia. He was appointed to the Board in September 2011.
Key strengths: Gilbert offers the Board a wealth of expertise in the building envelope industry, with a
particular focus on Western Europe and Australasia. His deep understanding of market dynamics and industry
trends in these regions positions him as a valuable resource for strategic decision-making and growth
initiatives.
Previous Kingspan roles: Since joining Kingspan in 1998, Gilbert has held several senior management
positions, demonstrating his leadership and operational insight. His previous roles have included Managing
Director of the Off-Site division and General Manager of the Insulation business.
Board Committees:
A
Audit & Compliance
N
Nominations & Governance
R
Remuneration Chair
73
The Board Directors’ Report
Non-executive directors
Anne Heraty (Age 65)
Ireland
Independent
Committee
Membership
N
Anne Heraty was appointed to the Board in August 2019.
Key strengths: Anne brings a wealth of experience from her career in international business management
and her current role as Chair of Ibec. As the former Chief Executive Officer of Ireland’s largest recruitment and
outsourcing company, she has unparalleled expertise in talent development and retention strategies. Anne also
served on the sustainability committee of Outsourcing Inc., where her contributions played an important role in
advancing the company’s sustainability initiatives until she stepped down in July 2024.
Previous relevant experience: Anne is the founder and former Chief Executive Officer of Cpl Resources plc.
Additionally, Anne has held numerous other public and private non-executive directorships, further enhancing
her broad and versatile leadership capabilities.
Qualifications: B.A. in Mathematics & Economics.
Principal external appointments: Non-executive Chair of Ibec.
Éimear Moloney (Age 55)
Ireland
Independent
Committee
Membership
A
R
Éimear Moloney was appointed to the Board in April 2021 and serves as the Board’s designated
workforce engagement iNED.
Key strengths: Éimear brings extensive knowledge and experience in capital markets and asset management
to the table. As a Fellow of both the Institute of Chartered Accountants in Ireland and the Institute of Directors
in Ireland, she possesses extensive financial acumen and board governance experience. Her background also
includes significant compliance experience within the pharmaceutical manufacturing sector, which she brings
to both the Board and the Audit & Compliance Committee.
Previous relevant experience: Éimear was a senior investment manager at Zurich Life Assurance (Ireland) plc,
where she honed her skills in investment strategy and financial oversight.
Qualifications: B.A. Accounting & Finance; MSc. Investment and Treasury and F.C.A.
Principal external appointments: Non-executive director of Hostelworld Group plc and Irish Continental
Group plc.
Paul Murtagh (Age 52)
United States
of America
Paul Murtagh was appointed to the Board in April 2021.
Key strengths: Paul is the Chairman and Chief Executive Officer of Tibidabo Scientific Industries Limited. His
career includes significant roles in investment banking at Merrill Lynch, where he worked in both New York and
Sydney. Paul brings to the Board a profound understanding of the US market, coupled with extensive experience
in building successful global businesses.
Previous relevant experience: Paul has held prominent leadership roles in various companies. He was the
Chairman and Chief Executive Officer of Faxitron Bioptics LLC and Chairman of Deerland Probiotics & Enzymes
Inc.
Qualifications: B. Comm. International.
Principal external appointments: Non-executive director in a number of private companies.
Senan Murphy (Age 57)
Ireland
Independent
Committee
Membership
A
Senan Murphy was appointed to the Board in October 2022 and is the Board’s Senior Independent
Director.
Key strengths: Senan brings over three decades of international business experience, spanning multiple
industries such as building materials, renewable energy, financial services and banking. His extensive
background equips him with a deep understanding of diverse market dynamics and strategic financial
management.
Previous relevant experience: Senan has held several high-profile roles that underscore his financial and
strategic expertise. He served as the Group Finance Director at CRH plc, where he was instrumental in driving
and reporting on the company’s sustainability targets. Prior to that, he was the Chief Operating Officer of
Bank of Ireland Group. His career also includes significant roles such as Chief Operating Officer and Finance
Director at Ulster Bank, Chief Financial Officer at Airtricity, and various senior financial positions at GE in both
Europe and the USA.
Qualifications: B. Comm., F.C.A. and Dip. in Professional Accounting.
Principal external appointments: Non-executive director of Glanbia plc and of Bluestar Energy Capital, a
USA-based global investor in energy transition and renewable energy. He is also a member of the UCD College
of Business Irish Advisory Board.
Board Committees:
A
Audit & Compliance
N
Nominations & Governance
R
Remuneration Chair
Kingspan Group plc Annual Report & Financial Statements 2025
74
Non-executive directors
Louise Phelan (Age 59)
Ireland
Independent
Committee
Membership
N
R
Louise Phelan was appointed to the Board in April 2023.
Key strengths: Louise is a highly respected business leader and strategic adviser with extensive experience
in both the renewable energy and financial services sectors. Throughout her career, Louise has gained strong
commercial executive experience and valuable insights from her various board and advisory roles. Louise’s
expertise spans across multiple industries, making her an insightful contributor to the Board.
Previous relevant experience: Louise’s career includes her role as Vice President of Global Operations EMEA
at PayPal, where she also held senior positions in customer service, risk operations, and compliance. She also
served as President of the American Chamber of Commerce in Ireland and held a non-executive director role at
Voxpro. Until April 2024, Louise was the Senior Independent Director of Ryanair Holdings plc.
Qualifications: DPhil (hc).
Principal external appointments: Member of the Irish Government’s Top-Level Appointments Committee
(TLAC), and a member of the President’s Advisory Group at TUD.
Eavan Saunders (Age 54)
Ireland
Independent
Committee
Membership
A
R
Eavan Saunders was appointed to the Board in May 2025 and serves as the Board’s designated
corporate social responsibility (CSR) engagement iNED.
Key strengths: Eavan brings deep expertise in international M&A and capital markets, developed over more
than 25 years acting for financial investors, investment banks and multinational corporates. A market leading
transactional lawyer, she has worked with an array of multinational public and private sector clients across
many different sectors. Eavan is the Managing Partner and founder of the Irish office of global law firm
Dentons.
Previous relevant experience: Eavan previously served as a Senior Corporate Partner at Ashurst in London,
where she led transactions, and as a Partner at William Fry in Dublin.
Qualifications: B.C.L. Admitted as a solicitor in Ireland and England & Wales.
Principal external appointments: Managing Partner of Dentons Law Firm, Ireland.
Viet D. Dinh (Age 58)
United States
of America
Independent
Viet D. Dinh was appointed to the Board as an independent non-executive director on 1 February 2026.
Key strengths: Viet is a distinguished US attorney and legal scholar whose background spans senior roles in US
government, private practice and academia, bringing deep expertise in law, regulation, governance and risk
oversight to the Board. His experience leading complex legal and regulatory matters, combined with service
on US public company boards, equips him with valuable insight into corporate governance and stakeholder
expectations in global markets.
Previous relevant experience: Viet was formerly a partner at Kirkland & Ellis LLP and the founding partner
of Bancroft PLLC. He previously served as Assistant Attorney General of the United States (2001-2003),
as Professor of Law at Georgetown University (1996-2018) and as special adviser to Fox Corporation until
December 2025.
Qualifications: US qualified lawyer.
Principal external appointments: Non-executive director of Strategic Education, Inc.
Company Secretary
Lorcan Dowd (Age 57)
Ireland
Lorcan Dowd was appointed Group Company Secretary in July 2005.
Relevant skills and experience: Lorcan qualified as a solicitor in 1992. Before joining Kingspan, Lorcan
was Director of Corporate Legal Services in PwC in Belfast, where he honed his skills in corporate law and
governance. Prior to his tenure at PwC, Lorcan worked as a solicitor in private practice, gaining valuable
experience in various legal disciplines.
Board Committees:
A
Audit & Compliance
N
Nominations & Governance
R
Remuneration Chair
75
The Board Directors’ Report
REPORT OF THE
NOMINATIONS
& GOVERNANCE
COMMITTEE
JOST MASSENBERG
KUPITTAA BALL GAME HALL
Turku, Finland
Insulated Building Envelopes
Paroc AST
®
L panel and AST
®
L
acoustic panel
Photography: Dariusz Kaczor
Kingspan Group plc Annual Report & Financial Statements 2025
76
I am pleased to present the
Report of the Nominations
& Governance Committee
(the committee) for the year
ended 31 December 2025,
setting out the committee’s
work and the governance
developments across the Group
during the year.
Strong governance remains foundational to our
long-term performance and to the trust placed
in us by our stakeholders. Throughout 2025, the
Board continued to strengthen our governance
framework, align oversight to strategy and risk and
enhance transparency in our reporting. We remained
focused on Board composition, succession planning
and the effective operation of our committees,
ensuring we sustain the right balance of skills,
experience, independence and diversity to support
Kingspan’s ambitions.
During the year, the committee oversaw important
succession changes on the Board. Linda Hickey
stepped down from the Board on 1 May 2025,
retiring as Senior Independent Director, Chair of the
Remuneration Committee and workforce engagement
iNED. At the same time, we were pleased to welcome
Eavan Saunders to the Board as an independent
non-executive director with effect from the 2025
Annual General Meeting (AGM), and, following year
end, Viet D. Dinh joined the Board as an independent
non-executive director with effect from 1 February
2026. These changes are part of the Board’s ongoing
renewal process to ensure that the Board maintains
the right mix of skills and experience to oversee
implementation of the Group strategy and a strong
corporate governance framework. Further details of
the changes and the appointments process are set
out in this report.
In keeping with our commitment to continuous
improvement, we are also undertaking our triennial
independent review of the Board and its committees.
This commenced in the fourth quarter of 2025 and
we will report on its key findings in our 2026 annual
report.
The Board remains committed to open and
constructive engagement with our shareholders and
wider stakeholders. During the year, we welcomed
feedback on strategy, governance, remuneration and
sustainability matters, and we have reflected those
insights in our decision making and disclosures. On
behalf of the Board, I thank all who engaged with us
during 2025 and into early 2026.
Kingspan’s entrepreneurial culture is grounded in
accountability, integrity and rigorous oversight. The
changes to our Board composition, the undertaking
of our independent evaluation and the continued
evolution of our governance practices all underpin
our strategic focus and long-term value creation for
stakeholders.
Jost Massenberg
Chairman
24 February 2026
77
Report of the Nominations & Governance Committee Directors’ Report
CORPORATE GOVERNANCE
STATEMENT
Kingspan is dedicated to upholding the highest
standards of governance, accountability and
transparency. This commitment is established by
the Group Board of Directors and is consistently
communicated across all businesses within the Group.
This statement outlines how the Company has applied
the principles and complied with the provisions of
the Euronext Dublin Corporate Governance Code
(2024) during the year. The Euronext Dublin Corporate
Governance Code applies to Irish incorporated
companies with a listing on Euronext Dublin for
financial years commencing on or after 1 January
2025. Accordingly, this Annual Report marks our
first full reporting period under that Code. The Code
can be obtained from the following website: www.
euronext.com.
Statement of compliance
The directors confirm that the Company has,
throughout the accounting period ended 31 December
2025, complied with the provisions of the Euronext
Dublin Corporate Governance Code (2024), as
described in this report.
Our spirit and values
Our mission is to accelerate a net zero emissions built
environment with people and planet at its heart. The
Group recognises the importance of the Kingspan
spirit and the role it plays in delivering the long-
term success of the Company. Our business success
is inextricably linked to our behaviours, and our
aspiration is to promote and maintain the Kingspan
spirit based on our core principles:
» Integrity and transparency: We prioritise
clear, ethical and honest behaviours and
communications;
» Compliance: We adhere to all applicable laws and
regulations;
» Safety and wellbeing: We respect and prioritise
the safety and wellbeing of our colleagues;
» Protection: We are committed to safeguarding
our Group’s assets; and
» Sustainability: We uphold our commitment to a
more sustainable future.
By embodying these principles, we aim to ensure the
continued success and positive impact of Kingspan.
Board committees
The Board has established three standing committees:
Audit & Compliance, Nominations & Governance,
and Remuneration. Each committee operates
under written terms of reference that outline their
authorities and duties, which are available on the
Group’s website at www.kingspan.com.
The activities of each committee throughout the year
are detailed in their respective reports within this
Annual Report.
The members of each committee as at the date
hereof, along with the date of their first appointment
to the committee and their attendance at Board and
committee meetings are set out in the following tables:
Audit & Compliance Committee
Senan Murphy (Chair) Appointed 2022 Independent
Éimear Moloney Appointed 2021 Independent
Eavan Saunders Appointed 2025 Independent
Nominations & Governance Committee
Jost Massenberg (Chair) Appointed 2019 Independent
Anne Heraty Appointed 2023 Independent
Louise Phelan Appointed 2025 Independent
Remuneration Committee
Éimear Moloney (Chair) Appointed 2023 Independent
Louise Phelan Appointed 2023 Independent
Eavan Saunders Appointed 2025 Independent
Kingspan Group plc Annual Report & Financial Statements 2025
78
The Nominations & Governance Committee met once
in 2025. The activities of the committee included the
following matters:
» Board and committee succession: Senior
Independent Director and Remuneration
Committee Chair transitions; appointment of
Eavan Saunders as a non-executive director
(effective 1 May 2025); oversight of the process
leading to the post year end appointment of Viet
D. Dinh (effective 1 February 2026).
» Committee composition and re-elections:
Updating the committee memberships and
recommendations for director re-elections at the
2025 AGM.
» Governance and reporting: Confirmation of the
workforce engagement iNED and CSR engagement
iNED roles, and approval of the Report of the
Nominations & Governance Committee.
» Board effectiveness and engagement:
Consideration of shareholder feedback from
the 2025 AGM, and instigation of the triennial
independent review of the Board’s effectiveness in
the fourth quarter of 2025.
Board responsibilities
At Kingspan, there is a clear division of
responsibilities between the Board and executive
management. The following table sets out the key
roles within the governance structure and their
respective responsibilities.
Attendance at AGM, Board and Committee meetings during the year ended 31 December 2025
AGM 2025 Board
(maximum 7)
Audit &
Compliance
(maximum 4)
Nominations
& Governance
(maximum 1)
Remuneration
(maximum 3)
Jost Massenberg
a
7/7 1/1
Gene Murtagh
a
7/7
Geoff Doherty
a
7/7
Russell Shiels
a
7/7
Gilbert McCarthy
a
7/7
Anne Heraty
a
7/7 1/1 1/1
Éimear Moloney
a
7/7 4/4 3/3
Paul Murtagh
a
7/7
Senan Murphy
a
7/7 4/4
Louise Phelan
a
7/7 1/1 3/3
Eavan Saunders
1
N/A 5/5 3/3 2/2
Linda Hickey
2
a
1/1 1/1
1. Appointed as a director effective 1 May 2025.
2. Retired as a director as of 1 May 2025.
POMFRET SCHOOL
SCIENCE CENTER
Connecticut, USA
Insulated Building Envelopes
Morin Pulse P-1, P-2, P-3 panels
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Report of the Nominations & Governance Committee Directors’ Report
Roles and responsibilities
The Board
The Board is responsible for the effective leadership and the long-term success of the Group,
generating value for shareholders and contributing to wider society. It shapes the ethos and
values of the Group, oversees the implementation of strategy and ensures good corporate
governance practices are in place. The Board has in place a schedule of reserved matters,
ensuring effective governance and oversight.
Chairman
The Chairman’s primary responsibility is to lead the Board. The Chairman is responsible for
setting the Board’s agenda and for the efficient and effective working of the Board. The
Chairman ensures that all members of the Board, particularly the non-executive directors,
have an opportunity to contribute effectively and openly. The Chairman is also responsible for
ensuring that there is appropriate and ongoing communication with shareholders.
Senior Independent Director
The Senior Independent Director of the Board is available to shareholders who have concerns
that cannot be addressed through the Chairman or executive directors. Senan Murphy serves
as the Senior Independent Director, providing a sounding board for the Chairman and acting as
an intermediary for other directors and shareholders when necessary. The Senior Independent
Director also leads an annual meeting with the non-executive directors to appraise the
performance of the Board.
Chief Executive Officer
The Board has delegated executive responsibility for running the Group to the Chief Executive
Officer and the executive management team. The Chief Executive is responsible for the
strategic direction and the overall performance of the Group and is accountable to the Board
for all authority delegated.
Company Secretary
All directors have access to the advice and services of the Company Secretary who is
responsible for ensuring that Board procedures are followed. The Company Secretary is also
responsible for advising the Board, through the Chairman, on all governance matters.
MELO BOUW GOLDEN UNITS
Alkmaar, Netherlands
Insulated Building Envelopes
Joris Ide Magine facade cladding
Photography: Gijs Hoekstra
Kingspan Group plc Annual Report & Financial Statements 2025
80
“ Kingspan is committed to
the ongoing renewal of the
Board, which brings fresh
thinking and constructive
challenge to the Board’s
decision making.”
Workforce engagement
The Board recognises the importance of meaningful
engagement with all of our stakeholders. As set out
elsewhere in this Annual Report, we maintain long
standing partnerships with customers, suppliers and
communities. Engagement with our workforce is
especially important to the Board, as our people are
central to delivering our strategy and to Kingspan’s
long-term success.
Éimear Moloney was appointed as the workforce
engagement iNED on 1 May 2025, with a remit to
ensure employee views inform Board discussions. In
her first months in the role, Éimear engaged with
colleagues across the Group, including through the
People Passionate team, site visits alongside Board
meetings, and by attending the European Works
Council meeting in Kingscourt, Ireland. The session
was constructive and candid and provided valuable
insights on priorities raised by colleagues across our
European businesses.
We continued to advance our People Passionate
programme across our global businesses during
2025. The programme is team-led and designed to
involve employees in shaping the employee experience
through local initiatives and participation. A global
steering group representing all businesses met
quarterly, embedding a strengthened governance
and reporting framework. Businesses have integrated
the People Passionate pillars into their people
and organisational plans, and continue to assess
effectiveness through regular employee feedback.
During the year, the Group performance and
development framework was refreshed and
accompanied by updated communications and
development resources. To support high performance,
three leadership programmes were delivered in line
with business drivers, with participation from leaders
across all divisions and regions.
We continued to advance our inclusion and diversity
agenda across the Group. Insights from the Group
Inclusion & Diversity Forum’s most recent survey
informed our priorities and policy development.
During the year, the Inclusion & Diversity Policy and
the People & Organisation Policy continued to be
embedded across the Group, supported by staff
training. Progress is monitored through regular
reporting and ongoing employee feedback channels.
Board diversity
The Board values diversity in all its forms and
recognises the contribution it makes to effective
decision making, robust challenge and long-term
performance. Appointments are made on merit
against an objective skills and experience matrix, while
promoting diversity, inclusion and equal opportunity.
In particular, we seek to strengthen gender diversity
and international representation and experience on
the Board so that its composition continues to reflect
the breadth of Kingspan’s business and stakeholders.
As at 31 December 2025, the Board comprised eleven
directors of seven men and four women, with women
representing 36% of the Board. During the year, the
appointments overseen by the committee further
broadened the Board’s international perspectives and
skills, alongside deepening oversight in areas central
to Kingspan’s strategy.
Aligning succession planning with Kingspan’s strategy
remains a core focus of the committee. Our approach
includes maintaining a forward looking skills and
diversity matrix and assessing candidates against
clear, role specific criteria. We are also committed
to developing a diverse leadership pipeline for senior
management through targeted development,
mentoring and mobility opportunities across our
global businesses, so that future appointments at
Board and executive level continue to strengthen
diversity of gender, background, nationality and
experience.
Board composition and renewal
Kingspan is committed to the ongoing renewal of the
Board, which brings fresh thinking and constructive
challenge to the Board’s decision making. The
Nominations & Governance Committee leads the
process for Board appointments and ensures plans are
in place for orderly succession to both the Board and
senior management.
During 2025, the committee oversaw a planned
succession transition and the appointment of a new
independent non-executive director. In considering
candidates for Board roles, the committee remains
guided by the principle that appointments are made
on merit against objective criteria, while promoting
diversity, inclusion and equal opportunity. In
particular, the Board is committed to strengthening
gender diversity and international representation
and experience to reflect the breadth of Kingspan’s
business and stakeholders.
As part of the committee’s transition and succession
planning following Linda Hickey’s retirement from
the Board, the committee reviewed the membership
of the Board committees, and agreed the following
appointments with effect from 1 May 2025:
» Senan Murphy appointed as Senior Independent
Director;
» Éimear Moloney appointed as Chair of the
Remuneration Committee;
» Éimear Moloney appointed as workforce
engagement iNED;
81
Report of the Nominations & Governance Committee Directors’ Report
» Eavan Saunders appointed as CSR engagement
iNED;
» Eavan Saunders appointed to the Remuneration
Committee and Audit & Compliance Committee; and
» Louise Phelan appointed to the Nominations &
Governance Committee.
The committee also agreed the criteria for the
new non-executive appointments to include broad
international experience together with strong
commercial and regulatory expertise, aligned with the
Board’s diversity commitments.
Following the selection process undertaken in 2024,
the Board approved the appointment of Eavan
Saunders, with more than 25 years’ experience in
London and Dublin as a top-tier corporate lawyer
specialising in international M&A and capital
markets, with effect from 1 May 2025. Ms. Saunders’s
appointment reflects Kingspan’s global business and
further broadens the Board’s skills and experience.
The Board also announced the appointment of Viet D.
Dinh as an independent non-executive director with
effect from 1 February 2026. Mr. Dinh, a US attorney
and legal scholar, previously served as Assistant
Attorney General in the United States (2001-2003)
and as a Professor of Law at Georgetown University
(1996-2018). He brings substantial experience of key
US markets, whilst further strengthening the Board’s
legal, regulatory and governance expertise.
Key strengths and relevant experience of each director
are set out in the Board biographies in the Directors’
Report, and a breakdown of the background and
principal skills and experience of the non-executive
directors is set out in the table below.
Experience/
Skillset
Jost
Massenberg
Anne
Heraty
Éimear
Moloney
Paul
Murtagh
Senan
Murphy
Louise
Phelan
Eavan
Saunders
Viet D.
Dinh
Domicile Germany Ireland Ireland USA Ireland Ireland Ireland USA
International
a a a a a a a a
Financial
a a a a a a a
Capital markets
a a a a a a a
Governance
a a a a a a a a
Leadership
a a a a a a a a
Industry
a a a a a a a
Environmental
1
a a a a a
Risk
a a a a a a
Workforce
a a a a a a a a
1. In particular, with respect to Kingspan’s markets, raw materials and Planet Passionate strategy.
FRANKFURT AIRPORT TERMINAL 3
Frankfurt, Germany
Advnsys
Tate Caso Fix dry cavity floor system
Photography: Fraport AG
Kingspan Group plc Annual Report & Financial Statements 2025
82
Board induction programme
Upon joining the Board, each new director
participates in an induction programme to gain an
understanding of Kingspan and enhance effectiveness
in the non-executive role. The induction programme
is built around a series of meetings with the Board,
the Company Secretary and key members of the
senior management team as well as onsite visits to
understand the operations of the business. Each new
director also completes online training on directors’
duties as well as the Market Abuse Regulations and
Kingspan’s Share Dealing Policy and Code of Conduct.
Board evaluation
Kingspan has established formal procedures for
evaluating its Board, committees and individual
directors. The primary objective of this evaluation
is to ensure that the Board, both collectively and
individually, is performing effectively and to maintain
stakeholder confidence in its governance.
Annual and triennial reviews
The Chairman conducts an annual review of the
Board’s performance and the conduct of Board and
committee meetings. In addition, every third year
an externally facilitated review of the Board and its
committees is undertaken.
Consistent with our three-year cycle, the Board
appointed Independent Audit Limited in December
2025 to carry out an independent, externally
facilitated review of the Board and its committees. We
will report on the key findings of the review in our 2026
annual report.
Effectiveness and independence
The committee conducts an annual review of
the Board’s size and performance to ensure its
effectiveness. This process is designed to maintain
the impartiality and independence of non-executive
directors, enabling them to meet the challenges of
their roles effectively. Throughout the year, 55% of the
Board was composed of independent non-executive
directors. The directors consider that the Board has
strong independent representation.
Assessment of independence
The Board carefully considers various factors that
might affect, or appear to affect, the independence
of its directors. It has determined that all non-
executive directors, with the exception of Paul
Murtagh, are independent.
Conflicts of interest
The Board recognises the critical role of independent
representation in ensuring the effective functioning
of the Board. Independent directors provide
essential scrutiny and, where necessary, challenge
management as part of a robust governance
framework. To manage conflicts of interest, the
committee has implemented a comprehensive
Conflicts of Interest Policy that guides all Board
decisions when actual or potential conflicts arise.
Policy guidelines
The policy mandates that directors must avoid
situations where they have, or could have, a direct
or indirect interest that conflicts, or may conflict,
with the Company’s interests. Directors are required
to notify the Board of any potential situational and/
or transactional conflicts. Upon receiving such
notifications, the Board will evaluate the conflict
and determine the appropriate course of action. The
Board’s considerations will include:
» Avoidance or documentation: Whether the
conflict needs to be avoided entirely or simply
documented;
» Impairment of impartiality: Whether the
conflict will realistically impair the director’s ability
to participate impartially in decision making;
» Appearance of impropriety: The potential for
creating an appearance of improper conduct that
could undermine confidence in, or the reputation
of, the Company; and
» Mitigation measures: Any steps that can be
taken to avoid or mitigate the potential conflict.
Directors are prohibited from participating in
discussions or voting on matters in which they have
a conflict of interest. This ensures that all decisions
are made impartially and in the best interest of the
Company.
External commitments
Directors are permitted to serve on other boards,
provided they continue to demonstrate the necessary
commitment to effectively discharge their duties. The
committee continuously reviews the extent of the
directors’ external interests throughout the year to
ensure they do not interfere with their responsibilities
to the Company.
The committee is confident that each director
dedicates sufficient time to their duties related to the
Company. Both the Chairman and each director have
confirmed their ability to fulfil their obligations to
the Company. The committee will maintain ongoing
oversight of the external commitments of all directors
to ensure continued compliance and dedication.
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Report of the Nominations & Governance Committee Directors’ Report
Shareholders’ meetings and rights
The Company operates under the Irish Companies
Act 2014 (the Act). The Act provides for two types of
shareholder meetings: the Annual General Meeting
with all other meetings being called Extraordinary
General Meetings.
Annual General Meeting (AGM)
The Company is required to hold an AGM each year,
in addition to any other shareholder meetings that
may occur within the same year. The AGM serves as
a crucial platform for shareholders to engage with
and hear from the Company’s directors. The ordinary
business of an AGM includes:
» Receiving and considering the Company’s Annual
Report and statutory financial statements;
» Reviewing the affairs of the Group;
» Electing directors;
» Declaring dividends;
» Appointing or reappointing auditors; and
» Fixing the remuneration of auditors and directors.
Extraordinary General Meeting (EGM)
All other shareholder meetings outside the AGM are
classified as EGMs. These meetings are convened
to address urgent or special matters that require
shareholder approval.
Meeting protocols
» Chairmanship: The Chairman of the Board of
Directors presides over every general meeting.
In the Chairman’s absence, one of the directors
present will assume the role of chairman.
» Quorum: A quorum for a general meeting requires
the presence of at least three members, either in
person or by proxy, who are entitled to vote.
» Voting rights: All ordinary shares rank pari passu
and carry equal voting rights. Each member
present in person or by proxy has one vote on a
show of hands and one vote per share on a poll. In
the event of a tie, whether on a show of hands or
a poll, the chairman has a casting vote.
Further details regarding shareholders’ rights
in relation to General Meetings can be found in
the Report of the Directors and the Shareholder
Information section of this Annual Report.
See page 38 for the Financial Review
UNIVERSITY OF GLOUCESTERSHIRE
CITY CAMPUS
Gloucestershire, UK
Insulated Building Envelopes
Thermataper TT47 roof insulation
Kingspan Group plc Annual Report & Financial Statements 2025
84
Board Balance as at 31 December 2025
Independence
Non-
independent
45%
Independent
55%
Age Range
65+
18%
45-54
46%
Gender Diversity
Male
64%
Female
36%
Tenure
37%
18%
Less than 3 years
More than 3 years and less than 6 years
More than 6 years and less than 9 years
More than 9 years
18%
27%
55-64
36%
85
Report of the Nominations & Governance Committee Directors’ Report
REPORT OF THE
REMUNERATION
COMMITTEE
ÉIMEAR MOLONEY
LANPHIER SCHOOL
SPRINGFIELD
Illinois, USA
Advnsys
GridSpan
®
skylights
Kingspan Group plc Annual Report & Financial Statements 2025
86
STATEMENT BY THE CHAIR OF
THE REMUNERATION COMMITTEE
Dear Shareholders,
on behalf of the Remuneration
Committee (the committee),
I am pleased to present
the Report on Directors’
Remuneration for 2025. This
is my first statement as Chair,
following my appointment on
1 May 2025.
I would like to thank my predecessor, Linda Hickey, for
her stewardship of the committee and her leadership
of the comprehensive policy review undertaken in
2024. I would also like to express my appreciation
to shareholders for their strong support at the 2025
Annual General Meeting (AGM), where the updated
Directors’ Remuneration Policy received 97.48%
votes in favour and the Report of the Remuneration
Committee received 97.85% votes in favour.
These outcomes endorse our pay-for-performance
philosophy and the measured updates implemented
in 2025 and enables the committee to ensure
that executive director remuneration continues to
reinforce the Group’s strategy that will underpin
success for all stakeholders.
Remuneration philosophy and approach
Kingspan’s remuneration philosophy remains
grounded in paying for performance and delivery of
strategy, using clear, measurable metrics that align
incentives with the interests of our shareholders
and wider stakeholders. Our framework emphasises
clarity, transparency and strong alignment with
long-term value creation, underpinned by stretching
targets and robust governance, including malus and
clawback provisions and enhanced shareholding
requirements.
Shareholder engagement
In advance of the 2025 policy renewal, the committee
undertook structured engagement with major
shareholders and proxy advisers. Discussions centred
on Kingspan’s increased scale and complexity,
competitiveness in global talent markets, and
maintaining a close link between pay and long-term
value creation.
Feedback was supportive of strengthening performance
alignment and metrics. Shareholders recognised the
Group’s growth since the last substantive changes
in 2019, welcomed the addition of Return on Capital
Employed (ROCE) in long-term incentives and a Health
& Safety measure in the annual bonus, and supported
maintaining a market competitive framework to
attract and retain leadership.
Guided by this feedback, the refreshed policy from 2025
includes the following key features, consistent with the
structure previously outlined in the 2024 report:
» Long-term incentives: Strengthened to focus
on sustainable value creation, with EPS as the
anchor measure, ROCE reinforcing disciplined
capital allocation, and Planet Passionate goals
embedding our sustainability priorities. Relative
Total Shareholder Return (TSR) operates as a 0.9x
to 1.5x multiplier on these outcomes, introducing
both upside and downside.
87
Report of the Remuneration Committee Directors’ Report
» Annual bonus: Refined to emphasise financial
performance and customer outcomes,
complemented by a Health & Safety metric
from 2025.
» Shareholding and pensions: Increased
shareholding requirements to deepen long-
term alignment, and confirmation that pension
contributions for all incumbents reduced to 10%
of salary from 2025.
» Incentive headroom and governance: Additional
headroom is retained under bonus and Long-
term Incentive Plan (LTIP), to be exercised where
warranted by superior performance against
stretching targets.
In setting structure and opportunity levels, the
committee has been mindful of Kingspan’s growth,
market position and international footprint. Packages
remain significantly weighted to variable, equity-based
remuneration with a strong long-term orientation.
The committee will continue to exercise discretion to
ensure formulaic outcomes appropriately reflect overall
performance, risk and shareholder experience.
We appreciate the constructive engagement with
shareholders throughout the review. The strong
votes at the 2025 AGM underline support for pay
for performance, measured enhancements to
competitiveness, and alignment with long-term value
creation and stakeholder priorities. Further details on
implementation for 2025 are set out later in this report.
2025 business performance and
pay outcomes
2025 was another year of strong progress for
Kingspan despite mixed end-markets and geopolitical
uncertainty in several core geographies. Group
revenues rose to €9.2bn (up 7%), trading profit
was €955m (up 5%) and Earnings Per Share (EPS)
increased to 370 cent (up 1%). Performance was
driven by disciplined execution against our strategic
pillars, continued product innovation and sustained
operational focus. We advanced our geographic
expansion both organically and through acquisition,
with the integration of Nordic Waterproofing
strengthening our Roofing + Waterproofing platform
and the acquisition of Mercor’s ventilation and
daylighting business enhancing our offering in Europe.
Advnsys delivered strong momentum supported by
robust data led demand, an expanding global footprint
with new capacity in the US and plans for further
growth in 2026. We also made further progress against
our Planet Passionate objectives. Additional detail on
these initiatives and the financial outturn is set out in
this Annual Report.
Consistent with our pay-for-performance philosophy,
2025 outcomes reflect performance against stretching
financial and non-financial targets, and the structural
changes introduced for 2025.
Remuneration in 2025
In accordance with the policy implementation
disclosed in the 2024 Annual Report, all executive
directors received basic salary increases of 9% for 2025.
The policy approved in 2025 provides flexibility, but
the committee’s approach remains disciplined. The
annual bonus maximum remained at 150% of salary
in 2025, reweighted to 130% of salary on financial
performance, 10% of salary on Customer Net Promoter
Score (NPS), and 10% of salary on a new Health &
Safety metric introduced in 2025. Any bonus earned in
excess of 100% of salary is delivered in shares deferred
for two years. Pension contributions for all incumbent
executives reduced to 10% of salary from 2025, aligning
with stakeholder expectations and market practice.
Annual bonus outcomes
The 2025 annual bonus operated at a maximum
of 150% of salary and was assessed against the
metrics and weightings introduced in January 2025.
Targets were based on a mixture of Group and
business financial performance measures and non-
financial targets, including Customer NPS and a
Health & Safety metric focusing on accident and
injury rates. This aligns with our operational priorities
and reinforces accountability for workplace safety.
Payouts under the annual bonus scheme for executive
directors in 2025 were between 63.6% and 67.3%
of maximum, reflecting strong Group and business
performances against stretching targets. Full details
of the targets set and performance against them are
set out later in this report.
Long-term incentive outcomes
The committee reviewed incentive outcomes for
2023 Performance Share Plan (PSP) awards against
overall business performance and investor returns
during the three-year performance period from
2023 to 2025. We were satisfied that the formulaic
outcomes appropriately reflect Group performance
and individual contribution, particularly noting the
significant geopolitical uncertainties and challenging
macro economic backdrop. No exercise of discretion
to adjust outcomes was necessary. We also reviewed
the share price context at grant and vesting, and were
comfortable there were no circumstances requiring
consideration of a scale back of vesting levels.
In line with the 2025 remuneration policy, the annual
grant level of PSPs for our CEO in 2025 was 300% of
salary. The other executive directors received grant
levels of 225% of salary. ROCE was introduced as a new
metric under the LTIP from the 2025 awards, alongside
EPS and Planet Passionate measures. Relative TSR was
retained as a multiplier to the outcomes under EPS,
ROCE and Planet Passionate, with both upside and
downside between 0.9x and 1.5x. Full details of the
targets for the 2025 PSP awards are set out later in this
report. The committee is comfortable that the targets
Kingspan Group plc Annual Report & Financial Statements 2025
88
set for both the 2025 PSP awards and the annual
performance bonus retain the same levels of challenge
as prior years within the context of the ongoing macro
economic backdrop.
The committee also reviewed the ongoing suitability
of the TSR peer group. Following the delisting of
Boral Ltd in June 2024, the committee removed Boral
from the TSR comparator group for the 2023 PSP to
preserve the integrity of the group and to best reflect
the performance of the peer group over the full
three-year period. For the 2025 grant of PSP awards,
the committee refreshed the TSR peer group to
exclude Boral and the revised comparator set remains
appropriately representative of our sector and scale.
Remuneration for 2026
The implementation of our new remuneration policy
in 2025 went some way to addressing the significant
gap that had been identified between our pay levels
and those of our peers and the committee’s concerns
regarding our ability to retain and attract senior talent.
The committee continues to monitor the executives’
base salaries and total remuneration levels in the
context of our peers as well as the implications of
the continued growth and complexity of our business
on the executives’ roles. The committee also wishes
to ensure the significant gap to market addressed
in part through the policy review is managed going
forward. As part of its approach to bringing the
executives’ packages closer to those of our peers
and reflecting the continued growth and complexity
of their roles, this report last year explained that we
would be increasing our CEO’s salary in 2026 by 9%.
This decision was confirmed by the committee in the
year. In addition, the committee considered whether a
further increase was necessary for the other directors.
The committee concluded that their salaries remained
significantly below market levels and that the same
pressures existed. The committee agreed that a
further 5% increase over general workforce levels (3%)
will be applied to the other executive directors in 2026
as a further adjustment to reflect the increase in their
roles and size of the overall business.
Annual performance bonuses remain at 150% of
salary, and any policy headroom will only be used
where clearly warranted by superior performance
against stretching targets. Our LTIP award levels also
remain at 2025 levels with a 300% of salary award
level for the CEO and 225% for the other executive
directors. All LTIP awards granted from 2025 are
subject to the TSR multiplier which was introduced
as part of our new 2025 remuneration policy.
Performance measures and weightings for our annual
bonus and LTIP are also unchanged from 2025.
Conclusion
The remuneration outcomes for 2025 reflect strong
performance against stretching targets and the
operation of the policy approved by shareholders at the
2025 AGM. The structure ensures that higher potential
pay outcomes are contingent on superior performance
across financial, strategic and sustainability measures,
with enhanced alignment through increased
shareholding requirements and deferral. The committee
remains focused on ensuring the framework continues
to attract, retain and motivate talent, and support
Kingspan’s strategy, culture and long-term value
creation for shareholders and stakeholders. I hope that
you will join the Board in approving the resolution on
the Report of the Remuneration Committee at the
AGM on 30 April 2026.
Éimear Moloney
Chair of the Remuneration Committee
2025 Outturn
Fixed Pay vs Variable Pay Variable Pay Short-term vs Long-term
Fixed
36%
Variable
64%
Short-term
47%
Long-term
53%
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Report of the Remuneration Committee Directors’ Report
Remuneration at a glance
Gene
Murtagh
Geoff
Doherty
Russell
Shiels
Gilbert
McCarthy
Fixed pay 2026 salary €1,193k €797k $862k €736k
2025 salary €1,095k €738k $798k €682k
% increase
from 2025
9% 8% 8% 8%
Pension 2026: All at 10%
2025: All at 10%
Benefits Healthcare, life assurance, company car or car allowance.
Annual bonus Maximum
opportunity
2026: 150% of salary
2025: 150% of salary
Performance
conditions &
structure
2026
No change from 2025.
2025
130% of salary Group EPS, 10% of
salary Group NPS targets, and 10%
of salary Health & Safety metric.
2026
No change from 2025.
2025
70% of salary divisional profit
targets, 60% of salary Group EPS,
10% of salary NPS targets, and 10%
of salary Health & Safety metric.
Any bonus in excess of 100% of salary paid in shares deferred for two years.
2025 outturn Maximum opportunity: 150% of salary.
Outturn: 63.6% to 67.3% of maximum.
Performance
share plan
Award grant
level
2026: No change from 2025.
2025: CEO 300% of salary and other executive directors 225% of salary.
Performance
conditions &
structure
2026
No change from 2025.
2025
60% EPS growth, 25% ROCE and
15% Planet Passionate goals.
TSR multiplier to above outcomes:
- multiplier for achieving TSR between median (1.1X) and
upper quartile (1.5X) and straight-line in between.
-TSR below median (0.9X).
3-year performance period; and
2-year post vesting holding period.
2023 PSP award
vesting level
Award level: CEO 225% of salary, other executive directors 200% of salary.
Vesting level: 52.28% of maximum.
Share ownership requirements CEO: 1,000% of salary. Other executive directors: 275% of salary.
Kingspan Group plc Annual Report & Financial Statements 2025
90
DIRECTORS’
REMUNERATION POLICY
This section of the report outlines the current policy
for the remuneration of the Company’s directors.
The current remuneration policy was approved by
shareholders at the AGM on 1 May 2025 and is set out
in full in the 2024 Annual Report, and can be found on
the Company’s website at www.kingspan.com.
Our remuneration philosophy
At Kingspan, we have developed a clear philosophy
around remunerating and incentivising employees at
all levels of the organisation. The principles against
which we determine our approach to remuneration,
and make decisions, are:
» Pay for performance ensuring that variable
remuneration is only paid for strong performance
and maximum payouts will only be realised for
truly exceptional performance.
» Clarity so that executives and shareholders can
understand our pay arrangements without overly
complex rules.
» Transparency so that it is objectively transparent
with high levels of disclosure in the Annual Report.
» Alignment with shareholders by delivering a
significant proportion of remuneration through
equity, and by setting executive share ownership
guidelines.
» Alignment to culture designed to drive
superior returns for shareholders based on our
high-performance culture and key measures
aligned to strategy, including EPS growth and
ROCE, and embedding our Planet Passionate,
Customer NPS, and Health & Safety goals
throughout the business.
This approach cascades through the organisation
and has played a key role in driving the growth
of the business and significant value creation for
stakeholders over the years.
The policy for the key elements of the executive directors’ remuneration is set out in the table below:
Key element Operation Policy opportunity and measures
Fixed remuneration
Base Salary
To attract and retain the
best global talent of the
calibre required to deliver
the Group’s strategy.
Base salaries are reviewed annually by
the Remuneration Committee in the last
quarter of each year. A broad assessment
of individual and business performance is
used by the committee as part of the salary
review. Increases will generally be in line
with increases across the Group, but may
be higher or lower in certain circumstances
to reflect performance, changes in remit,
roles and responsibilities, or to allow newly
appointed executives to move progressively
towards market norms.
Any increase will typically be in line with
those awarded to the broader employee pay
environment. The committee has discretion
to award higher increases in circumstances
that it considers appropriate, such as a
change in role or responsibility.
The base salaries were increased
for all four executive directors by
9% for 2025.
A further salary increase of 9%
will be implemented for the CEO
for 2026 and 8% for the other
executive directors.
Benefits
To provide benefits which
are competitive with the
market.
In addition to their base salaries, executive
directors’ benefits include but are not limited
to life and health insurance and the use by
the executive directors of company cars (or
a taxable car allowance) and relocation or
similar allowances on recruitment, each in
line with typical market practice.
Benefits are set at a level which the
committee considers appropriate in
light of the market and depending
on the role and an individual’s
circumstances.
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Report of the Remuneration Committee Directors’ Report
Key element Operation Policy opportunity and measures
Fixed remuneration (continued)
Pensions
To provide a retirement
benefit which is
competitive with the
market.
Kingspan operates a defined contribution
pension scheme for executive directors.
Pension contributions are calculated on base
salary only. Alternatively, Kingspan may
pay a cash amount subject to all applicable
employee and employer payroll taxes and
social security.
Incumbent executive director
pensions have been reduced to 10%
of salary from 1 January 2025.
Newly appointed executive director
pensions will be capped at the rate
generally applicable in the relevant
market.
Variable remuneration
Annual
performance
bonus
To reward the delivery of
short-term performance
targets and business
strategy, satisfied in
cash and deferred
share awards, aligning
management interests
with shareholders and the
longer-term performance
of the Group.
Executive directors receive an annual
performance related bonus based on the
attainment of financial and non-financial
targets set prior to the start of each year.
Bonuses are paid on a sliding scale if the
targets are met. Maximum bonus is only
achieved if ambitious incremental growth
targets are achieved.
No more than 100% of salary can be
delivered in cash through the bonus plan.
Any performance related bonus achieved in
excess of the cash amount is satisfied by the
grant of share awards, which are deferred
for two years.
The committee has discretion to adjust
formulaic bonus outcomes to reflect Group
performance.
Policy maximum: 200% of salary.
Implementation for 2025 and 2026:
150% of salary.
The committee selects stretching
performance targets each year:
» 130% of salary on financial
metrics;
» 10% of salary on Customer NPS;
and
» 10% of salary on a new Health &
Safety metric.
Bonus payment for financial targets
pay 0% at threshold; NPS pays on a
straight-line basis across the target
range; and H&S pays only if the
target is achieved in full.
Long-term incentive
plan (LTIP)
To reward the sustained
strong performance and
delivery of Group strategic
objectives over the longer
term. Aligns the interests
of executive directors
and senior management
with those of the Group’s
shareholders and
recognises and rewards
value creation over the
longer term.
Executive directors are entitled to
participate in Kingspan’s PSP. Under the
terms of the PSP, performance shares are
awarded to the executive directors and the
senior management team. The performance
shares will vest after three years only if
the Group’s underlying performance has
improved during the three-year performance
period, and if certain financial and
non-financial sustainability targets are
achieved over the performance period.
The awards are subject to a two-year post
vesting holding period.
Prior to granting an award, the committee
sets performance conditions which it
considers to be appropriately stretching.
On achieving the threshold performance
target, not more than 25% of an award
will vest.
Policy maximum: 300% of salary.
Implementation for 2025 and 2026:
CEO at 300% of salary and the
other executive directors at 225%
of salary.
Performance measures and
weightings:
» 60% EPS;
» 25% ROCE;
» 15% Planet Passionate; and
» Relative TSR operates as
a multiplier to the other
outcomes, as follows:
TSR
performance
TSR
multiplier
Below median 0.9X
Between median
& upper quartile
1.1X to 1.5X
(straight-line)
Top quartile 1.5X
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92
The policy on non-executive directors’ remuneration is as follows:
Key element Operation Policy opportunity and measures
Non-executive
director fees
To reflect time
commitment, experience
and responsibilities, and
to attract and retain high
calibre non-executive
directors by offering a
market competitive fee
level.
Non-executive director fee levels
are reviewed annually.
The Chairman receives a single fee
for all his responsibilities.
Other non-executive directors
receive a basic board membership
fee. The chair of board committees
and the Senior Independent
Director receive an additional fee
for this role.
Non-executive directors are
entitled to the reimbursement
of reasonable business expenses
including any tax (grossed up)
that may be payable on those
expenses.
Fees for non-executive directors are within
the limits set by the shareholders from time
to time, with a current aggregate limit of
€1,500,000.
The basic annual fee for non-executive
directors is set at €100,000.
An additional fee of €25,000 applies for each
of the following roles:
» Chair of the Remuneration Committee;
» Chair of the Audit & Compliance
Committee; and
» Senior Independent Director.
These fees are adjusted annually for
inflation in line with increases to the general
workforce.
The following are key structural aspects of the remuneration policy in relation to the executive directors:
Clawback and malus
Ensures an appropriate
balance between risk
and reward.
Covers material misstatement of financial results, material breach of executive’s
employment contract, error in contract, failure of risk management, corporate
failure, wilful misconduct, recklessness and/or fraud resulting in serious damage to
the financial condition or business reputation of the Group.
The period within which clawback and malus can be operated is two years from
payment of annual bonus and/or vesting of LTIP awards.
Shareholding guideline
Ensures alignment
between the interests of
executive directors and
shareholders.
1,000% of salary for the CEO and 275% for the other executive directors, to be
achieved through the retention of at least 50% of all vested variable pay awards.
For new appointees, the committee may consider it appropriate to require a
percentage of the annual bonus paid to be deferred into shares (rather than just
bonus in excess of 100% of salary), in order to achieve this guideline.
Achievement is measured through beneficially owned shares, and the retention of
vested deferred share and LTIP awards (subject to sales to meet taxes).
Post-cessation of
employment and
general shareholding
requirements
Ensures alignment
between the interests of
executive directors and
shareholders.
All executive directors are subject to a post-employment shareholding requirement of
the lower of (i) shares or equity interests held on cessation, or (ii) 200% of salary, for
two years post-employment.
Approach to
recruitment
To attract an executive
director of the calibre
required to shape and
deliver the Group’s
business strategy.
In exceptional circumstances, such as to facilitate recruitment, the committee
may exercise its discretion and grant LTIPs up to the same level as the maximum
permitted for the CEO (450%).
93
Report of the Remuneration Committee Directors’ Report
Termination - notice
periods
Each of the executive directors have service contracts with Kingspan which provide
for 12 months’ notice of termination by the Company (or, at the discretion of the
Company, payment for all or part thereof) and 6 or 12 months by the director and
it is Kingspan’s policy that notice periods will not exceed 12 months. The service
contracts do not include any provision for compensation for loss of office, other than
the notice period provisions set out above. There are no enhanced provisions on a
change of control and there are no specific severance arrangements.
The committee’s policy in relation to termination of service contracts is to deal
with each case on its merits having regard to the circumstances of the individual,
the termination of employment, any legal advice received and what is in the best
interests of Kingspan and its shareholders.
Termination - annual
performance bonus
and long-term
incentive plans
Annual performance bonuses and PSP awards are dealt with in accordance with the
rules of the relevant plans. At the discretion of the committee (and normally where
the individual has served a minimum of six months of the bonus year), a pro-rata
annual performance bonus may become payable at the normal payment date for
the period of service subject to full year performance targets being met.
The default treatment for share based awards is that any unvested award will lapse
on termination of employment. However, under the rules of the Performance Share
Plan (PSP), in certain prescribed circumstances (e.g. “good leaver”), awards are
eligible to vest subject to the performance conditions being met over the normal
performance period (or a shorter period at the committee’s discretion) and with the
award being reduced pro-rata by an amount to reflect the proportion of the vesting
period not actually served.
Year 1 Year 2 Year 3 Year 4 Year 5
Total Pay over 5 years
FIXED PAY
ANNUAL BONUS
(Malus and clawback
provisions apply)
LTIP
(Malus and clawback
provisions apply)
SHAREHOLDING
REQUIREMENT
(From 2025, 1,000% of salary
for the CEO and 275% for the
other executive directors)
» Salary,
benefits and
pension
» Executive directors’ minimum shareholding requirement
» Up to 100%
of salary
in cash
» Excess bonus in shares
» Two-year deferral period
» No further performance conditions
» Three-year performance period
» Two-year post-vesting
holding period
» No further performance conditions
Kingspan Group plc Annual Report & Financial Statements 2025
94
Executive directors | Gene | Geoff | Russell | Gilbert | Total | |||||
| Murtagh | Doherty | Shiels 1 | McCarthy | |||||||
EUR’000 | EUR’000 | EUR’000 | EUR’000 | EUR’000 | ||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Fixed remuneration | ||||||||||
Salary and Fees | 1,095 | 1,004 | 738 | 677 | 706 | 676 | 682 | 625 | 3,221 | 2,982 |
Pension Contributions 2 | 109 | 120 | 74 | 88 | 71 | 95 | 68 | 75 | 322 | 378 |
Benefits 3 | 60 | 43 | 56 | 50 | 83 | 90 | 30 | 43 | 229 | 226 |
Total fixed remuneration | 1,264 | 1,167 | 868 | 815 | 860 | 861 | 780 | 743 | 3,772 | 3,586 |
| Performance pay | ||||||||||
| Annual Incentives | ||||||||||
Cash Element | 1,044 | 958 | 704 | 646 | 713 | 585 | 657 | 381 | 3,118 | 2,570 |
Deferred Share Awards | - | - | - | - | 7 | - | - | - | 7 | - |
| Long-term Incentives | ||||||||||
Grant Value 4, 5 | 1,127 | 482 | 648 | 276 | 670 | 276 | 599 | 262 | 3,044 | 1,296 |
Share Price Movement 4, 5 | 189 | (53) | 108 | (29) | 112 | (30) | 100 | (26) | 509 | (138) |
Total performance pay | 2,360 | 1,387 | 1,460 | 893 | 1,502 | 831 | 1,356 | 617 | 6,678 | 3,728 |
Total remuneration | 3,624 | 2,554 | 2,328 | 1,708 | 2,362 | 1,692 | 2,136 | 1,360 | 10,450 | 7,314 |
Non-executive directors | 2025 | 2024 |
Jost Massenberg | 350 | 350 |
Anne Heraty | 100 | 75 |
Éimear Moloney | 117 | 75 |
Paul Murtagh | 100 | 75 |
Senan Murphy | 142 | 90 |
Louise Phelan | 100 | 75 |
Eavan Saunders 6 | 67 | - |
Linda Hickey 7 | 50 | 105 |
Total non-executive pay | 1,026 | 845 |
Total directors’ remuneration | 11,476 | 8,159 |
95
Report of the Remuneration Committee Directors’ Report
Executive director | Pension contributions | ||
2024 | 2025 | 2026 | |
Gene Murtagh | 12% | 10% | 10% |
Geoff Doherty | 13% | 10% | 10% |
Russell Shiels | 14% | 10% | 10% |
Gilbert McCarthy | 12% | 10% | 10% |
TUI CITY COUNCIL
Pontevedra, Spain
Insulated Building Envelopes
Troldtekt
®
panels
Photography: Sergio Ruano
and Ruela Audiovisuais
Kingspan Group plc Annual Report & Financial Statements 2025
96
| Executive | Bonus measure | Max. | Threshold | Target for | Performance | Outcome | ||
| director | opportunity/ | target | maximum | (% of | ||||
| weighting | measure) | |||||||
| (as % salary) | ||||||||
| Gene | Group EPS | 130% | 328.7 cent | 401.7 cent | 370.0 cent | 58.0% | ||
| Murtagh | Group NPS | 10% | Group NPS of 43 to 48 | 48 | 100% | |||
Health & Safety | 10% | Group average AIR 1 ≤ 19 | 15.5 | 100% | ||||
| Geoff | Group EPS | 130% | 328.7 cent | 401.7 cent | 370.0 cent | 58.0% | ||
| Doherty | Group NPS | 10% | Group NPS of 43 to 48 | 48 | 100% | |||
Health & Safety | 10% | Group average AIR 1 ≤ 19 | 15.5 | 100% | ||||
| Russell | Divisional profit | 70% | 90% of prior | 105% of | 104.7% | 97.7% | ||
| Shiels | prior year | year | ||||||
Group EPS | 60% | 328.7 cent | 401.7 cent | 370.0 cent | 37.7% | |||
NPS | 10% | NPS of 44 - 49 | 42 | 0% | ||||
Health & Safety | 10% | Average AIR 1 ≥ 5% reduction | -13.7% | 100% | ||||
| Gilbert | Divisional profit | 70% | 90% of prior | 105% of | 101.9% | 79.3% | ||
| McCarthy | prior year | year | ||||||
Group EPS | 60% | 328.7 cent | 401.7 cent | 370.0 cent | 37.7% | |||
NPS | 10% | NPS of 41 to 46 | 45 | 83.3% | ||||
Health & Safety | 10% | Average AIR 1 ≥ 5% reduction | -15.5% | 100% | ||||
Executive director | Overall annual performance outcome | ||
% of max opportunity | % of salary | ||
Gene Murtagh | 63.6% | 95.4% | |
Geoff Doherty | 63.6% | 95.4% | |
Russell Shiels | 67.3% | 101% | |
Gilbert McCarthy | 64.3% | 96.5% |
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Report of the Remuneration Committee Directors’ Report
Weighting | % of award that vests | Outcome | Vesting % | ||||
0% | 25% | 100% | |||||
EPS | 45% | Less than 3% | 3% CAGR | 6% CAGR | 3.94% | 21.83% | |
| CAGR | CAGR | ||||||
TSR | 45% | Less than | Median | At or above | 57.1 | 20.84% | |
| Median | upper quartile | percentile | |||||
Planet Passionate | 10% | See below | See below | See below | See below | 9.61% | |
Total Vesting | 52.28% |
| Planet | Performance measure | Weighting | 2020 | 2025 | 2025 | Vesting | |
| Passionate | base year | target | actual | % | |||
| Carbon | » | Net zero carbon manufacturing | 1.1% | 409,017 2 | 245,848 | 75,072 | 100% |
| (scope 1 & 2 GHG emissions – | |||||||
tCO2e) 1 | |||||||
» | Zero emissions company funded | 1.1% | 11 | 100 | 82 | 82.00% | |
| cars – annual replacement (%) | |||||||
| Energy | » | 60% direct renewable energy | 1.1% | 20.0 2 | 35 | 45.7 | 100% |
| use (%) | |||||||
» | 20% on-site energy | 1.1% | 4.9 | 12.5 | 11.1 | 88.80% | |
| generation (%) | |||||||
» | Solar PV systems on all | 1.1% | 20.7 | 50 | 70 | 100% | |
| wholly owned facilities (%) | |||||||
| Circularity | » | Zero company waste to | 1.1% | 18,668 2 | 9,311 | 7,819 | 100% |
| landfill (tonnes) | |||||||
» | Recycle 1 billion PET bottles into | 1.1% | 573 | 1,000 | 1,266 | 100% | |
| our manufacturing processes | |||||||
| annually (million bottles) | |||||||
» | QuadCore ® products utilising | 1.1% | 5.9 | 75 3 | 75 3 | 100% | |
| recycled PET (%) | |||||||
| Water | » | Harvest 100 million litres of | 1.1% | 20.1 | 60 | 56.5 | 94.17% |
| rainwater annually (million litres) | |||||||
Overall vesting of Planet Passionate PSP measures | 96.11% | ||||||
Kingspan Group plc Annual Report & Financial Statements 2025
98
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Carlisle Companies Inc | Owens Corning Inc |
Compagnie de Saint Gobain SA | Recticel NV |
CRH plc | Rockwool A/S |
Grafton Group plc | Sika AG |
Holcim AG | Wienerberger AG |
Executive director | Basis of the award | Number of base | Grant date | Potential awards | |
| (% of salary) | awards granted | after TSR | |||
| multiplier | |||||
| (0.9X to 1.5X | |||||
of base) 1 | |||||
Gene Murtagh | 300% | 44,192 | 1 May 2025 | 39,773 - | 66,288 |
Geoff Doherty | 225% | 22,349 | 1 May 2025 | 20,114 - | 33,523 |
Russell Shiels | 225% | 21,227 | 1 May 2025 | 19,104 - | 31,840 |
Gilbert McCarthy | 225% | 20,638 | 1 May 2025 | 18,574 - | 30,957 |
| Performance | Weighting | % vesting at | Threshold vesting | Maximum vesting |
| measure | threshold | target | target | |
EPS | 60% | 25% | 3% CAGR | 6% CAGR |
ROCE | 25% | 25% | 12% | 16% |
Planet Passionate | 15% | 0% | Various | Various |
TSR performance | Below median | Between median & | Top quartile |
| upper quartile | |||
TSR Multiplier | 0.9X | 1.1X to 1.5X | 1.5X |
Armstrong World Industries Inc | Holcim AG |
Carlisle Companies Inc | Mohawk Industries Inc |
Compagnie de Saint Gobain SA | Owens Corning Inc |
CRH plc | Recticel NV |
Geberit AG | Rockwool A/S |
Grafton Group plc | Sika AG |
Heidelberg Materials AG | Wienerberger AG |
Report of the Remuneration Committee Directors’ Report
| Executive | At 31 | Base | Max TSR | Vested | Exercised | At 31 | Option | Earliest | Latest |
| director | Dec | awards | multiplier | during | or lapsed | Dec | price € | exercise | expiry |
| 2024 | granted | (1.5X of | year | during | 2025 | date | date | ||
| during | base) | year | |||||||
| year | |||||||||
| Gene Murtagh | |||||||||
Unvested | 89,324 | 44,192 | 22,096 | (5,741) | (19,062) 1 | 130,809 | 0.13 | 20/02/2026 | 01/05/2032 |
Vested | 109,681 | - | - | 5,741 | (114,541) 2 | 881 | 0.13 | 22/08/2025 | 22/08/2029 |
199,005 | 44,192 | 22,096 | - | (133,603) | 131,690 | 0.13 | |||
| Geoff Doherty | |||||||||
Unvested | 52,373 | 22,349 | 11,174 | (3,314) | (11,002) 1 | 71,580 | 0.13 | 20/02/2026 | 01/05/2032 |
Vested | - | - | - | 3,314 | (3,314) 3 | - | 0.13 | - | - |
52,373 | 22,349 | 11,174 | - | (14,316) | 71,580 | 0.13 | |||
| Russell Shiels | |||||||||
Unvested | 53,274 | 21,227 | 10,613 | (3,397) | (11,280) 1 | 70,437 | 0.13 | 20/02/2026 | 15/03/2029 |
Vested | - | - | - | 3,397 | (3,397) 4 | - | 0.13 | - | - |
53,274 | 21,227 | 10,613 | - | (14,677) | 70,437 | 0.13 | |||
| Gilbert McCarthy | |||||||||
Unvested | 48,403 | 20,638 | 10,319 | (3,065) | (10,175) 1 | 66,120 | 0.13 | 20/02/2026 | 01/05/2032 |
Vested | 56,721 | - | - | 3,065 | (19,122) 5 | 40,664 | 0.13 | 25/02/2022 | 22/08/2029 |
105,124 | 20,638 | 10,319 | - | (29,297) | 106,784 | 0.13 | |||
| Company Secretary | |||||||||
| Lorcan Dowd | |||||||||
Unvested | 8,668 | 3,099 | - | (803) | (1,463) 6 | 9,501 | 0.13 | 20/02/2026 | 24/02/2032 |
Vested | 13,278 | - | - | 803 | (5,695) 7 | 8,386 | 0.13 | 25/02/2022 | 23/02/2029 |
21,946 | 3,099 | - | - | (7,158) | 17,887 | 0.13 |
Executive director | At 31 Dec | Granted | Vested & | At 31 Dec | Earliest | |
| 2024 | during year | transferred | 2025 | transfer/ | ||
| during year | exercise date | |||||
Gene Murtagh | Unvested | 8,874 | - | (3,545) | 5,329 | 31/03/2026 |
Geoff Doherty | Unvested | 5,733 | - | (2,288) | 3,445 | 31/03/2026 |
Russell Shiels | Unvested | 6,002 | - | (2,860) | 3,142 | 31/03/2026 |
Gilbert McCarthy | Unvested | 2,190 | - | (1,971) | 219 | 31/03/2026 |
Kingspan Group plc Annual Report & Financial Statements 2025
100
At 31 Dec 2025 | At 31 Dec 2024 | Shareholding at | Shareholding | |
| 31 Dec 2025¹ | requirement | |||
| (% Salary) | met (CEO: | |||
| 1,000% salary, | ||||
| other executive | ||||
| directors 275%) | ||||
| Executive directors | ||||
Gene Murtagh | 1,080,020 | 1,080,020 | 7,324% | Yes |
Geoff Doherty | 281,936 | 266,228 | 2,835% | Yes |
Russell Shiels | 230,542 | 227,145 | 2,424% | Yes |
Gilbert McCarthy | 284,804 | 282,833 | 3,104% | Yes |
| Non-executive directors | ||||
Jost Massenberg (Chairman) | 1,000 | 1,000 | ||
Anne Heraty | 2,250 | 2,250 | ||
Éimear Moloney | 2,000 | 2,000 | ||
Paul Murtagh | - | - | ||
Senan Murphy | 2,000 | - | ||
Louise Phelan | 7,948 | - | ||
Eavan Saunders | - | - | ||
| Company Secretary | ||||
Lorcan Dowd | 3,980 | 3,816 |
Change in directors and employee
remuneration
The following table shows the percentage change in
fixed and variable remuneration using the single figure
methodology for the directors of the Company and
the global average total remuneration of an employee
for the respective year ends.
101
Report of the Remuneration Committee Directors’ Report
Fixed remuneration
1
Variable remuneration
2
%
change
2024 to
2025
%
change
2023 to
2024
%
change
2022 to
2023
%
change
2021 to
2022
%
change
2020 to
2021
%
change
2024 to
2025
%
change
2023 to
2024
%
change
2022 to
2023
%
change
2021 to
2022
%
change
2020 to
2021
Executive directors
Gene Murtagh 8% 4% 1% 3% 0% 70% -58% 70% -59% 110%
Geoff Doherty 7% 8% 0% 1% 0% 63% -54% 67% -56% 116%
Russell Shiels
3
0% 0% -1% 17% 0% 81% -56% 54% -51% 136%
Gilbert McCarthy 5% 6% 1% 1% 0% 120% -61% 46% -57% 116%
Non-executive directors
Jost Massenberg
(Chairman)
0% 0% 0% 36% 244%
Anne Heraty 33% 0% 0% 0% 0%
Éimear Moloney
4
56% 0% 0% 50% N/A
Paul Murtagh
4
33% 0% 0% 50% N/A
Senan Murphy
5
58% 6% 347% N/A N/A
Louise Phelan
6
33% 50% N/A N/A N/A
Eavan Saunders
7
N/A N/A N/A N/A N/A
Linda Hickey
8
-52% 0% 0% 24% 0%
Average Employee
9
5% 1% 2% 7% 4% 4% -15% 2% -24% 32%
1. Includes salary and fees, pension contributions and taxable benefits.
2. Includes annual bonus and long-term incentives calculated at the market value on the vesting date.
3. Russell Shiels’ remuneration is denominated in USD, and has been converted to Euro at the following average rates USD: 1.130 (2024: 1.082),
(2023: 1.0818), (2022: 1.0544), (2021: 1.1828). Year-on-year percentage changes in Euro terms are therefore impacted by FX rate movements.
4. Appointed as a director as of 30 April 2021.
5. Appointed as a director as of 1 October 2022.
6. Appointed as a director as of 28 April 2023.
7. Appointed as a director as of 1 May 2025.
8. Retired as a director as of 1 May 2025.
9. Calculated by dividing the aggregate payroll costs of employees for the respective year ends (excluding social welfare costs and costs related
to executive directors) by the average number of employees for the respective year ends as disclosed in note 3 to the consolidated financial
statements.
CONCERT HALL
Haute Garonne, France
Insulated Building Envelopes
JI 25 180 1085 steel sheets; JI 60 160 800 composite
floor; JI 90 400 steel sheets; JI 56 225 900 steel
roof deck; JI Grégale 300 facade
Kingspan Group plc Annual Report & Financial Statements 2025
102
IMPLEMENTATION OF
REMUNERATION POLICY
FOR 2026
Base salary and pension
As part of the Remuneration Policy review detailed
above, the committee has reviewed the salaries
and overall remuneration packages of each of the
executive directors in the context of their roles,
responsibilities and market pay levels. For 2026, the
CEO will receive a 9% salary increase, in line with
the signalling provided in the 2024 report, and the
other executive directors will receive an increase of
5% over general workforce levels (c.3%). This reflects
benchmarking that placed executive salaries below
the median of our peer group and is intended to
maintain competitive positioning, while remaining
proportionate in the context of broader workforce
increases.
Base salary
2025
Base salary
2026
Gene Murtagh €1,094,500 €1,193,000
Geoff Doherty €738,000 €797,000
Russell Shiels $798,000 $862,000
Gilbert McCarthy €681,500 €736,000
Pension contributions of all incumbent executives
remains at 10%.
Annual bonus
The approach for 2026 is the same as for 2025. The
maximum bonus opportunity for all the executive
directors remains at 150% of salary and is to be
measured as 130% of salary on financial metrics,
10% of salary on Customer NPS, and 10% of salary
on a Health & Safety metric. The executive directors’
financial element is based solely on Group EPS and for
the business managing directors, the split is between
Group EPS and divisional profit targets. Targets
are commercially sensitive and will be disclosed
retrospectively with performance against them in the
2026 Report of the Remuneration Committee.
Performance share awards
As with the annual bonus, the approach for 2026
is the same as for 2025. The CEO will receive a PSP
award over shares with a market value of 300% of
base salary, and the other executive directors 225%
of base salary. The metric framework introduced in
2025, adding ROCE alongside the existing EPS metric
and Planet Passionate goals, while retaining relative
TSR as a multiplier to outcomes, remains in place. In
increasing the potential opportunity and headroom
under the PSP, the committee ensured that
performance expectations rose commensurately.
With the addition of ROCE and EPS growth
targets set off another record year, the committee
is confident that the overall calibration is
appropriately stretching.
The 2026 PSP targets are as set out below.
Performance measure Weighting % vesting at
threshold
Threshold vesting
target
Maximum vesting
target
EPS 60% 25% 3% CAGR 6% CAGR
ROCE 25% 25% 12% 16%
Planet Passionate 15% 0% Various Various
TSR performance Below median Between median &
upper quartile
Top quartile
TSR Multiplier 0.9X 1.1X to 1.5X 1.5X
Non-executive director fees
The non-executive director fees for 2026 are set out in the table below:
2025 2026
Chairman’s annual fee €350,000 €360,500
Non-executive director’s annual fee €100,000 €103,000
Senior Independent Director’s annual fee €25,000 €25,750
Audit or Remuneration Committee Chair’s annual fee €25,000 €25,750
103
Report of the Remuneration Committee Directors’ Report
COMMITTEE GOVERNANCE
Committee membership and attendance
Name Number of
meetings attended
Linda Hickey (Chair)
1
1/1
Éimear Moloney (Chair) 3/3
Louise Phelan 3/3
Eavan Saunders
2
2/2
1. Linda Hickey retired from the committee as of 1 May 2025.
2. Eavan Saunders was appointed to the committee as of 1 May 2025.
The CEO does not normally attend meetings but provides input where relevant, to the committee chair prior to
the meeting. No individual is present at a meeting when the terms of his or her own remuneration are discussed.
The Company Secretary acts as the secretary to the committee. The terms of reference are available on the
Group’s website: www.kingspan.com
Key activities during 2025
Feb Jul Nov
Salary and fees
Engage independent consultants for policy and benchmark review
a
Review implementation of overall remuneration policy
a
Review and approve executives’ salary, role and responsibilities for 2026
a
Review and recommend to the Board, non-executives’ fees for 2026
a
Review remuneration benchmark
a
Review non-financial performance measures
a
Review and approve Chairman’s fee
a
Performance pay
Assess Group and individual performance against targets for 2024
a
Review executive bonus measures and weighting for 2026
a
Agree Group and individual performance targets for 2026
a
PSP awards
Assess performance of 2022 PSP awards against targets
a
Determine percentage of 2022 PSP awards which vest
a
Review performance measures for grants of PSP awards for 2025
a
Agree targets and level for grants of PSP awards for 2025
a
Review non-financial Planet Passionate measures for 2025
a
Governance
Review and approve Report of the Remuneration Committee for the 2024 Annual Report
a
Update on governance and remuneration trends generally
a a
Consider shareholder votes and feedback from the 2025 AGM
a
Review of the Remuneration Policy
a
Shareholder engagement on proposed policy changes
a
Review of the current share plan and consideration of alternative share plan options
a
Kingspan Group plc Annual Report & Financial Statements 2025
104
External advisors
The Remuneration Committee obtained advice during
the year from independent remuneration consultants
Korn Ferry. Korn Ferry’s fees for advice to the
committee were €120,770. Korn Ferry is a member of
the Remuneration Consultants Group and a signatory
to its Code of Conduct, and all advice is provided in
accordance with this code. The committee concluded
that the associated fee for the provision of this
service was not material and would not affect Korn
Ferry’s independence and objectivity. Accordingly, the
committee is satisfied that the advice obtained was
objective and independent.
Shareholder voting
The following table summarises the details of
votes cast in respect of the resolution on the
Directors’ remuneration policy and the Report of the
Remuneration Committee at the 2025 AGM.
Resolution Votes for Votes against Total votes Votes withheld
Number % Number % Number % of total
voting
rights
Number
Directors’
Remuneration
Policy
142,540,398 97.48% 3,688,079 2.52% 146,228,477 80.32% 2,832,506
Report of the
Remuneration
Committee
145,853,767 97.85% 3,198,686 2.15% 149,052,453 81.87% 8,530
ELYSIAN RESIDENCES
Hertfordshire, UK
Insulated Building Envelopes
K-Roc
®
Rainscreen Slab
105
Report of the Remuneration Committee Directors’ Report
500
400
300
200
100
-
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Kingspan
MSCI World
MSCI Europe
Total Shareholder Returns %
2021 2022 2023 2024 2025
CEO Remuneration (€‘000)
Earnings Per Share (cent)
CEO Remuneration vs Kingspan Performance
306c
330c
352c
365c
Fixed Remuneration Total Performance Pay (excl. share price growth) LTI Share Price Growth
EPS
€10,000
€8,000
€6,000
€4,000
€2,000
€0
500
400
300
200
100
0
370c
The graph below shows the Company’s TSR performance against the performance of the MSCI World and MSCI
Europe indices over the 10-year period to 31 December 2025:
Performance charts
106
Kingspan Group plc Annual Report & Financial Statements 2025
“ Our framework emphasises clarity,
transparency and strong alignment
with long-term value creation,
underpinned by stretching targets
and robust governance.”
HAAKSBERGEN
INDUSTRIAL PARK
Overijssel, Netherlands
Insulated Building Envelopes
Joris Ide SF Sidings 1000 wall panels
Photography: Gijs Hoekstra
107
Report of the Remuneration Committee Directors’ Report
REPORT OF
THE AUDIT &
COMPLIANCE
COMMITTEE
SENAN MURPHY
Kingspan Group plc Annual Report & Financial Statements 2025
108
JUBILEE PARK STADIUM
Victoria, Australia
Insulated Building Envelopes
RW roof panel, Europanel
®
and Rainspan
®
Photography: Nicole England
As chairman of the Audit
& Compliance Committee
(the committee), I am pleased
to present the report of
the committee for the year
ended 31 December 2025 to
stakeholders and wider society.
This report details how the committee
has met its responsibilities under its
Terms of Reference, the Irish Companies
Act 2014 and under the Euronext Dublin
Corporate Governance Code (2024)
during the last twelve months.
The Audit & Compliance Committee focused
particularly on the appropriateness of the
Group’s financial statements and product
compliance processes. During the year, the
committee’s Terms of Reference were expanded
to include Health & Safety, the details of which
are set out below.
The committee has satisfied itself, and has
advised the Board accordingly, that the 2025
Annual Report and financial statements are fair,
balanced and understandable, and provide the
information necessary for shareholders to assess
the Group’s performance, business model and
strategy. The significant issues that the committee
considered in relation to the financial statements
and how these issues were addressed are set out in
this report.
The committee has also satisfied itself in relation
to the effectiveness of the controls and processes
regarding product compliance and monitoring the
culture of compliance across the Group.
The committee acknowledges the requirements
under section 225 of the Companies Act 2014 and
has ensured that the directors are aware of their
responsibilities and comply fully with this provision.
One of the committee’s key responsibilities is to
review the Group’s risk management and internal
controls systems, including internal financial controls.
During the year, the committee carried out a robust
assessment of the principal risks facing the Group and
monitored the risk management and internal controls
system on an ongoing basis. Further details regarding
these matters are also set out later in this report.
The committee also reviewed the effectiveness of
both the external audit process and the internal audit
function as part of the continuous improvement of
financial reporting and risk management across the
Group.
Senan Murphy
Chairman, Audit & Compliance Committee
“ One of the committee’s
key responsibilities is to
review the Group’s risk
management and internal
controls systems, including
internal financial controls.”
109
Report of the Audit & Compliance Committee Directors’ Report
ROLE AND
RESPONSIBILITIES
The Board has established an Audit & Compliance
Committee to monitor the integrity of the Group’s
financial statements and the effectiveness of the
Group’s internal financial and IT general controls.
Additionally, the committee has responsibility for
reviewing the effectiveness of the processes and
controls associated with product certification and the
marketing of the Group’s products.
In 2024, the committee’s Terms of Reference were
expanded to include oversight of the Group’s
compliance with CSRD and alignment with ESRS. The
committee reviews sustainability disclosures, oversees
the assurance process, monitors sustainability
risk integration, and ensures the Group has the
appropriate systems and expertise from a compliance
perspective.
The committee’s role and responsibilities are set out
in the committee’s Terms of Reference which are
available from the Company and are displayed on the
Group’s website (www.kingspan.com).
The Terms of Reference are reviewed annually and
amended where appropriate. During the year the
committee worked with management, the external
auditors and Group Internal Audit & Compliance in
fulfilling these responsibilities.
The Audit & Compliance Committee Report deals
with the key areas in which the committee plays an
active role and has responsibility. These areas are
as follows:
1. Financial reporting and related primary areas
of judgement;
2. CSRD reporting;
3. The external audit process;
4. The Group’s internal audit function and risk
management controls;
5. The Group’s product compliance and
certification function;
6. Compliance with the Group Marketing
Integrity Manual;
7. Health & Safety; and
8. Governance.
Committee membership
The committee comprised three independent non-
executive directors. Senan Murphy (chairman) and
Éimear Moloney were on the committee for the full
financial year. Eavan Saunders was appointed to the
committee on 1 May 2025 with Anne Heraty stepping
down at that juncture. The biographies of each can be
found in the Directors’ Report.
The Board considers that the committee has an
appropriate and experienced blend of commercial,
financial and industry expertise to enable it to fulfil
its duties, and that the committee chairman, Senan
Murphy B.Comm., F.C.A, has appropriate, recent and
relevant financial experience.
Meetings
The committee met four times during the year ended
31 December 2025. Attendance at the meetings and
matters under review at each meeting are noted in
the following tables.
Kingspan Group plc Annual Report & Financial Statements 2025
110
SPARKASSEN ARENA
Bernau, Germany
Advnsys
Expanded metal
Committee Member Attended Eligible Appointment Date
Senan Murphy (chairman) 4 4 2022
Éimear Moloney 4 4 2021
Eavan Saunders
1
3 3 2025
Anne Heraty
2
1 1 2019
1. Eavan Saunders was appointed to the committee on 1 May 2025.
2. Anne Heraty retired from the committee on 1 May 2025.
Audit & Compliance Committee Activities FEB JUN AUG NOV
Financial Reporting
Review and approve preliminary and half year results
Consider key audit and accounting issues and judgements
Review correspondence with Irish Auditing and Accounting
Supervisory Authority (IAASA)
Approve going concern and viability statements
Consider accounting policies and the impact of new
accounting standards
Review management letter from auditors
Review of any related party matters and intended disclosures
Review Annual Report (including ESEF format) and confirm if
fair, balanced and understandable
CSRD
Engagement with statutory auditor regarding limited
assurance requirements for CSRD Sustainability Statement
and associated planning
Consideration with the external auditor of the process carried
out by the Company to identify material sustainability related
impacts, risks and opportunities in accordance with ESRS
Update from management on CSRD enhancements on
reporting processes
External Auditor
Ongoing assessment of auditor performance – including
feedback from management
Approval of external audit plan and ongoing review
Review reports and correspondence from the auditor to the
Audit & Compliance Committee
Review of digital audit findings and insights
Confirm auditor independence and consider non-audit services
and materiality of related fees
Review and consideration of audit fees
Internal Audit and Risk Management Controls
Ongoing performance assessment of internal audit team
Review of internal audit reports and monitor progress on
open actions
Approve internal audit plan and resources, taking account
of risk management
Review of financial and IT general controls
Review of internal audit reports for cybersecurity controls
111
Report of the Audit & Compliance Committee Directors’ Report
Audit & Compliance Committee Activities FEB JUN AUG NOV
Internal Audit and Risk Management Controls (continued)
Meeting with Group Head of IT for update on the Group’s cyber
risk management policy and procedures
Review and approve the structure of the internal audit team
Review details of global fraud and cyber-attack attempts and
management’s response
Monitor Group confidential independent hotline procedures
and reports
Assessment of compliance with Group Global Sanctions Policy
Review of Group liquidity position
Assessment of the principal risks and effectiveness of internal
control systems
Product Compliance & Certification
Review and approve internal audit plan for audit of product
marketing compliance with Group Marketing Integrity Manual
Review of internal audit reports relating to product marketing
compliance
Review and consider the structure and expertise of the product
compliance and certification team
Meetings and updates from Group Head of Internal Audit &
Compliance
Discussions with management on product compliance and
certification matters as well as site visits
Health & Safety
Health & Safety governance and oversight terms agreed and
adopted by the committee
Monitoring of the implementation of ISO 45001 certification
across plants in the Group
Monitoring effectiveness of the Group’s Health & Safety
compliance programme
Review of Health & Safety audit activity undertaken
Establishment of “safety pyramid” assessment processes in
newly acquired business
Governance
Formal evaluation of external and internal audit functions
Review and approve Directors’ Compliance Statement
Update on Group Treasury strategy and approve Group
Treasury Policy
Kingspan Group plc Annual Report & Financial Statements 2025
112
Each committee meeting was attended by the
Chief Financial Officer, the Group Head of Internal
Audit & Compliance and the external audit lead
partner. The Company Secretary is the secretary of
the committee. Other directors and members of
the senior management team may attend meetings
as required.
The chairman of the committee also met with both
the Group Head of Internal Audit & Compliance and
the external audit lead partner outside of committee
meetings as required throughout the year.
Committee evaluation
As outlined within the Report of the Nominations
& Governance Committee, the performance of the
Board also includes a review of the committees. Any
recommendations raised in relation to the Audit &
Compliance Committee are acted upon in a formal
and structured manner. No issues were identified for
the year ended 31 December 2025.
Financial reporting
The committee is responsible for monitoring the
integrity of the Group’s financial statements and
reviewing the financial reporting judgements
contained therein. The financial statements are
prepared by a finance team with the appropriate
qualifications, expertise, and experience.
The committee confirmed to the Board that the
Annual Report, taken as a whole, is fair, balanced
and understandable and provides the information
necessary for shareholders to assess the Group’s
position and performance, business model
and strategy.
In respect of the year to 31 December 2025, the
committee reviewed:
» the Group’s Trading Updates issued in April and
November 2025;
» the Group’s Interim Report for the six months to 30
June 2025; and
» the Preliminary Announcement and Annual Report
to 31 December 2025.
In carrying out these reviews, the committee:
» reviewed the appropriateness of Group accounting
policies and monitored changes to, and
compliance with, accounting standards on an
ongoing basis;
» discussed with management and the external
auditor the critical accounting policies and
judgements that had been applied;
» compared the results with management accounts
and budgets and reviewed reconciliations between
these and the final results;
» discussed a report from the external auditor
identifying the significant accounting and
judgemental issues that arose in the course of the
audit;
» considered the management representation letter,
requested by the external auditor for any non-
standard issues and monitored action taken by
management as a result of any recommendations;
» discussed with management future accounting
developments which are likely to affect the
financial statements;
» reviewed the budgets and strategic plans of
the Group to ensure that all forward looking
statements made within the Annual Report reflect
the actual position of the Group; and
» considered key areas in which estimates and
judgement had been applied in the preparation
of the financial statements including, but not
limited to, a review of fair values on acquisition,
the carrying amount of goodwill, intangible assets
and property, plant and equipment, litigation
and warranty provisions, valuation of inventory,
measurement of put option liabilities and tax
matters.
The primary areas of judgement considered by the
committee in relation to the Group’s 2025 financial
statements, and how they were addressed by the
committee are set out overleaf.
In addition, the Group Internal Audit & Compliance
team reviews the businesses covered in its annual
internal audit plan, as agreed by the committee, and
reports its findings to the committee throughout
the year. These internal audit reviews are focused
on areas of judgement such as warranty provisions
and inventory, and provide the committee with
information on the adequacy and appropriateness of
provisions in these areas.
113
Report of the Audit & Compliance Committee Directors’ Report
Primary areas
of judgement
Committee activity
Adequacy
of warranty
provisions
The committee reviewed the judgements applied by management in assessing both
specific and risk-based warranty provisions at 31 December 2025. The committee
reviewed and discussed with management the monthly reports presented to the Board
which set out warranty provisions, warranty costs and an analysis of these costs as a
percentage of sales. Warranty provisions are reviewed on an ongoing basis throughout
the year in conjunction with the internal audit process. The committee was satisfied that
such judgements were appropriate, and the risk had been adequately addressed.
Accounting
for business
combinations
Total acquisition consideration in 2025 amounted to €255.4m. The committee discussed
with management and the external auditors the accounting treatment for newly
acquired businesses, and the related judgements made by management, and were
satisfied that the treatment in the Group’s financial statements was appropriate.
Consideration
of impairment
of goodwill,
intangible assets
and property,
plant and
equipment
The committee considered the annual impairment assessment of goodwill, intangible
assets and property, plant and equipment prepared by management for each Cash
Generating Unit (CGU) using a discounted cash flow analysis based on the strategic
plans approved by the Board, including a sensitivity analysis on key assumptions. The
primary judgement areas were the achievability of the long-term business plans and
the key macroeconomic and business specific assumptions. In considering the matter,
the committee discussed with management the judgements made and the sensitivities
performed. Further detail of the methodology is set out in Note 9 to the financial
statements.
Kingspan completed 12 acquisitions during the financial year. The measurement of
goodwill is not yet finalised however, and in accordance with IFRS, the methodology
for all acquisitions and assessment of such items of goodwill was presented to the
committee and the results were determined appropriate.
Valuation of
inventory and
adequacy of
inventory provision
The committee reviewed the valuation and provisioning for inventory at 31 December
2025. The main area of judgement was the level of provisioning required for slow moving
and obsolete inventory. The committee reviewed and discussed with management
the monthly board report which sets out gross inventory balances and associated
obsolescence provision including an analysis by inventory, category and ageing. Inventory
provisions are reviewed on an ongoing basis throughout the year in conjunction with
the internal audit process. The committee was satisfied that such judgements were
appropriate, and the risk had been adequately addressed.
Taxation Provisioning for potential current tax liabilities and the level of deferred tax asset
recognition in relation to accumulated tax losses are underpinned by a range of
judgements. The committee addresses these issues through a range of reporting
streams from senior management and a process of challenging the appropriateness of
management’s views including the degree to which these are supported by professional
advice from external legal and other advisory firms. This assessment was conducted in
line with the provisions of IFRIC 23. The Group’s Accounting Manual sets out detailed
policies that prescribe the methodology to be used by management in calculating such
provisions. Each business formally confirms compliance with these policies on an annual
basis. The committee was satisfied that such judgements were appropriate, and the risk
had been adequately addressed.
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Kingspan Group plc Annual Report & Financial Statements 2025
CSRD
As part of the committee’s ongoing responsibilities
to oversee financial and non-financial reporting, the
committee’s Terms of Reference included compliance
with CSRD.
During the year, the committee, in collaboration with
Group management, continued to build on the CSRD
reporting structures put in place in the previous year.
The committee oversaw the development of processes
to ensure European Sustainability Reporting Standards
(ESRS) compliance and enhance the quality of the
Group’s sustainability disclosures. Key activities during
the year include:
» Regularly reviewing updates from management
and the external auditor on the Group’s CSRD
compliance;
» Oversight of the Double Materiality Assessment
(DMA) process to identify the key sustainability
issues relevant to the Group and its stakeholders
and ensuring alignment with ESRS requirements;
» Review of the Delegated Regulation introduced on
11 July 2025 extending ESRS transitional provisions,
and the Delegated Act adopted on 4 July 2025
streamlining EU Taxonomy reporting obligations,
and their application to the Group;
» Monitoring the development and improvement of
systems and controls for collating, validating, and
reporting sustainability data;
» Ensuring that sustainability reporting processes are
integrated into the Group’s existing governance
and risk management frameworks;
» Overseeing the assurance process, conducted by
the external auditor for CSRD-related disclosures;
and
» Review and approve the Group’s CSRD
Sustainability Statement, ensuring compliance
with CSRD and ESRS requirements.
The committee will continue to oversee the
integration of sustainability reporting into the Group’s
broader strategic and operational framework.
External auditor
The committee has responsibility for overseeing
the Group’s relationship with the external auditor
including reviewing the audit team, the quality and
effectiveness of their performance, their external audit
plan and process, their independence from the Group,
their appointment and their audit fee proposals.
Performance and audit plan
Following the completion of the 2024 year end
audit, the committee carried out a review of the
effectiveness of the external auditor and the audit
process. This review involved discussions with both
Group management and internal audit, in addition
to feedback provided by regional management. The
committee continues to monitor the performance,
independence and objectivity of the external auditors
and takes this into consideration when making its
recommendations to the Board on the remuneration,
the terms of engagement and the re-appointment, or
otherwise, of the external auditors.
Prior to commencement of the 2025 year end audit,
the committee approved the external auditor’s work
plan and resources. Throughout the audit process the
external auditor continuously reassessed audit risk
and kept the committee appraised of any changes.
The committee concurred with the key audit matter
identified by the external auditor which is revenue
recognition.
During the year, the committee met with the external
auditor without management being present. This
meeting provided the opportunity for direct dialogue
and feedback between the committee and the
auditor, where they discussed inter alia some of the
key audit management letter points.
EU audit reform
The regulatory framework for the Group’s statutory
audit is governed by EU legislation under Directive
2014/56/EU and Regulation EU No. 537/2014. EU
Audit reform legislation is applicable in the Member
States of the European Union, including Ireland. Under
this legislation, Kingspan Group plc is considered a
Public Interest Entity (PIE). Key developments falling
from the implementation of this legislation are:
» a requirement that the PIE changes its statutory
auditor every ten years (following rotation, the
statutory audit firm cannot be reappointed for
four years);
» a requirement that certain procedures are followed
for the selection of the new statutory auditor; and
» restrictions on the entitlement of the statutory
auditing firm to provide certain non-audit services.
Under EU legislation, EY is permitted to continue as
the Group’s statutory auditor until the financial year
ended 31 December 2029.
Independence and objectivity
The committee is responsible for ensuring that the
external auditor is objective and independent. EY
was appointed as the Group’s auditor on 1 May 2020,
following a formal tender process in which several
leading global firms submitted written tenders and
delivered in-person presentations.
The committee received confirmation from the
external auditor that they are independent of the
Primary areas
of judgement
Committee activity
Adequacy
of warranty
provisions
The committee reviewed the judgements applied by management in assessing both
specific and risk-based warranty provisions at 31 December 2025. The committee
reviewed and discussed with management the monthly reports presented to the Board
which set out warranty provisions, warranty costs and an analysis of these costs as a
percentage of sales. Warranty provisions are reviewed on an ongoing basis throughout
the year in conjunction with the internal audit process. The committee was satisfied that
such judgements were appropriate, and the risk had been adequately addressed.
Accounting
for business
combinations
Total acquisition consideration in 2025 amounted to €255.4m. The committee discussed
with management and the external auditors the accounting treatment for newly
acquired businesses, and the related judgements made by management, and were
satisfied that the treatment in the Group’s financial statements was appropriate.
Consideration
of impairment
of goodwill,
intangible assets
and property,
plant and
equipment
The committee considered the annual impairment assessment of goodwill, intangible
assets and property, plant and equipment prepared by management for each Cash
Generating Unit (CGU) using a discounted cash flow analysis based on the strategic
plans approved by the Board, including a sensitivity analysis on key assumptions. The
primary judgement areas were the achievability of the long-term business plans and
the key macroeconomic and business specific assumptions. In considering the matter,
the committee discussed with management the judgements made and the sensitivities
performed. Further detail of the methodology is set out in Note 9 to the financial
statements.
Kingspan completed 12 acquisitions during the financial year. The measurement of
goodwill is not yet finalised however, and in accordance with IFRS, the methodology
for all acquisitions and assessment of such items of goodwill was presented to the
committee and the results were determined appropriate.
Valuation of
inventory and
adequacy of
inventory provision
The committee reviewed the valuation and provisioning for inventory at 31 December
2025. The main area of judgement was the level of provisioning required for slow moving
and obsolete inventory. The committee reviewed and discussed with management
the monthly board report which sets out gross inventory balances and associated
obsolescence provision including an analysis by inventory, category and ageing. Inventory
provisions are reviewed on an ongoing basis throughout the year in conjunction with
the internal audit process. The committee was satisfied that such judgements were
appropriate, and the risk had been adequately addressed.
Taxation Provisioning for potential current tax liabilities and the level of deferred tax asset
recognition in relation to accumulated tax losses are underpinned by a range of
judgements. The committee addresses these issues through a range of reporting
streams from senior management and a process of challenging the appropriateness of
management’s views including the degree to which these are supported by professional
advice from external legal and other advisory firms. This assessment was conducted in
line with the provisions of IFRIC 23. The Group’s Accounting Manual sets out detailed
policies that prescribe the methodology to be used by management in calculating such
provisions. Each business formally confirms compliance with these policies on an annual
basis. The committee was satisfied that such judgements were appropriate, and the risk
had been adequately addressed.
115
Report of the Audit & Compliance Committee Directors’ Report
Group under the requirements of the IAASA Ethical
Standard for Auditors (Ireland) 2020. The external
auditor also confirmed that they were not aware of
any relationships between the Group and the firm
or between the firm and any persons in financial
reporting oversight roles in the Group that may affect
its independence.
Non-audit services
To further ensure independence, the committee has
a policy on the provision of non-audit services by the
external auditor that seeks to ensure that the services
provided by the external auditor are not, or are not
perceived to be, in conflict with auditor independence.
The committee ensured that the independence of
the external audit was not compromised by obtaining
an account of all relationships between the external
auditor and the Group, by reviewing the economic
importance of the Group to the external auditor and
by monitoring the audit fees as a percentage of total
income generated from the relationship with the
Group. The committee’s policy on the provision of
non-audit services by the Group’s external auditor is
fully compliant with EU audit reform legislation.
An analysis of fees paid to the external auditor,
including the non-audit fees, is set out in Note 5
and below:
Audit v Other Assurance & Non-Audit Services (€m)
2025
2024
2023
2022
2.9
6.5
2021
2020
0.9
5.8
0.3
4.8
0.1
4.1
0.3
3.7
0.1
2.7
Audit services
Non-audit services
“ The committee has
been delegated, by the
Board, the responsibility
for monitoring the
effectiveness of the
Group’s system of
risk management and
internal control.”
Kingspan Group plc Annual Report & Financial Statements 2025
116
Internal audit and compliance
The committee reviewed and agreed the annual
internal audit plan. The internal audit plan is risk
based, with all divisions audited every year, and
all new businesses audited within 12 months of
acquisition.
The committee reviewed reports from the Group
Head of Internal Audit & Compliance at its quarterly
meetings. These reports enable the committee to
monitor the progress of the internal audit plan, to
discuss key findings and the plan to address them,
and to obtain status updates of previous key findings.
The committee is responsible for reviewing the
effectiveness of the internal audit function and does
so based upon discussion with Group management,
the Group’s external auditor and feedback provided
by management. The committee was satisfied that
the internal audit function is working effectively,
improves risk management throughout the Group and
that the internal audit team is sufficiently resourced
in addition to having the adequate level of experience
and expertise.
The terms of reference of the committee include
oversight of the processes around product
certification and product marketing.
Risk management and internal controls
The committee has been delegated, by the Board,
the responsibility for monitoring the effectiveness
of the Group’s system of risk management and
internal control. As part of both the year end audit
and the half year review process, the committee
monitors the Group’s risk management and internal
control processes through detailed discussions with
management and executive directors, the review and
approval of the internal and external audit reports,
all of which highlight the greatest areas of risk
and control weakness in the Group. All weaknesses
identified by either internal or external audits are
discussed by the committee with Group management
and an implementation plan for the targeted
improvements to these systems is put in place. The
implementation plan is overseen by the Chief Financial
Officer and the committee is satisfied that this plan is
being properly executed.
As part of its standing schedule of business, the
committee carried out an annual risk assessment of
the business to formally identify the key risks facing
the Group. Full details of this risk assessment and
the key risks identified are set out in the Risk & Risk
Management section of this Annual Report.
These processes, which are used by the committee
to monitor the effectiveness of the Group’s system of
risk management and internal control, are in place
throughout the accounting period and remain in place
up to the date of approval of this Annual Report.
The main features of the Group’s internal control and
risk management systems that specifically relate
to the Group’s financial reporting and accounts
consolidation process are set out in the Report of the
Directors.
Product compliance framework
The committee has responsibility for reviewing the
effectiveness of the processes and controls associated
with product compliance and monitoring the
culture of compliance across the Group. The Group
product compliance framework can be split into two
categories:
1. Compliance of products with product specific
laws and regulations, testing, certification and
accreditation; and
2. The accuracy and consistency of product
marketing materials.
The Group Product Compliance & Certification team,
led by the Group Head of Internal Audit & Compliance,
is independent of local management and performs
the following functions:
» Supports compliance governance across the Group
in implementing policies, processes and procedures
to ensure continued improvement in management
systems. This includes ownership of the Group
Product Compliance Policy;
» Performs extensive audits of processes and
controls associated with product compliance and
the monitoring of compliance across the Group;
and
» Leads the design and roll-out of the Group
Compliance Management System (CMS) which
has achieved the international ISO 37301 standard.
The committee meets with the Group Head of Internal
Audit & Compliance for updates on the Group’s
compliance and certification agenda. This includes
updates on the product compliance audit schedule
and the results of completed audits as well as
reviewing the Group Compliance Auditing Guidelines.
The Audit & Compliance Committee visits sites with
the Group Product Compliance & Certification team
to better understand the product compliance culture
at an operational level.
The committee also meets regularly with the Group
Head of Internal Audit & Compliance in relation to
product marketing compliance matters. Following
the adoption of the Group Marketing Integrity
Manual, the Group Internal Audit Plan includes
specific audits, performed by appropriately trained
internal auditors, of product marketing compliance
with the Group Marketing Integrity Manual.
117
Report of the Audit & Compliance Committee Directors’ Report
The committee noted the following product
compliance highlights in 2025:
» An additional 23 sites have been accredited with
the leading international compliance standard,
ISO 37301 during 2025;
» 113 internal product compliance audits were
conducted by the Group Product Compliance and
Certification team;
» 514 external product compliance audits were
conducted by independent certification bodies;
» 30 business unit marketing audits were performed
by the Group Internal Audit & Compliance team;
» ISO 37301 education and training systems
delivered;
» Incorporation of newly acquired businesses into the
CMS;
» Recruitment of additional compliance experts for
Group Internal Audit & Compliance team;
» Compliance managers reporting to Group
Compliance & Certification team monthly; and
» Product compliance registers maintained across
all businesses.
Health & Safety framework
The Group is committed to maintaining the highest
standards of health, safety, and wellbeing across
all operations. Our Health & Safety framework is
embedded within our broader risk-management
and compliance systems and is designed to prevent
incidents, safeguard our people, and ensure
continuous improvement. Oversight is provided by
the Audit & Compliance Committee, supported by
the Group Health & Safety function, which monitors
performance, compliance, and emerging regulatory
requirements.
The Board retains responsibility for health and safety
and receives regular updates on performance metrics,
significant incidents, regulatory developments, and
audit outcomes.
Operational accountability is delegated to business
unit leadership teams, all of whom are required
to implement Group standards, conduct local risk
assessments, and ensure training compliance.
During the year, we enhanced our governance by:
» Monitoring effectiveness of the Group’s Health &
Safety compliance programme;
» Monitoring of the implementation of ISO 45001
certification across plants in the Group;
» Reviewing Health & Safety audit activity
undertaken; and
» Strengthening internal audit coverage of safety-
critical processes.
Confidential independent reporting
procedures
The Group has a Code of Conduct, full details
of which are available on the Group’s website
www.kingspan.com.
Based on the standards set out in this Code of
Conduct, the Group employs a comprehensive,
confidential and independent hotline to allow all
employees to raise their concerns about their working
environment and business practices. This allows
management and employees to work together to
address any instances of fraud or other misconduct in
the workplace.
Any instances of fraud or misconduct reported on the
independent hotline are reported to the Group Head
of Internal Audit & Compliance and the Company
Secretary who ensure each incident is appropriately
investigated and details of the incident reported to
the committee including: key control failures, any
financial loss and actions for improvement. All reports
through the independent reporting line and all fraud
attempts are presented at each committee meeting.
During the year, the committee reviewed the Group’s
confidential independent reporting process and were
satisfied with the design and operating effectiveness
of the process.
Kingspan Group plc Annual Report & Financial Statements 2025
118
LUC SPITS ARCHITECTURE OFFICE SPACE
Waterloo, Belgium
Advnsys
Tate Attiro access floors
Photography: Caroline Dethier
119
Report of the Audit & Compliance Committee Directors’ Report
REPORT OF THE
DIRECTORS
GENE MURTAGH
GEOFF DOHERTY
KUWIL KAWANGKOAN DAM PROJECT
Sulawesi, Indonesia
Insulated Building Envelopes
Onduvilla tiles
Photography: PutuPrayoga
Kingspan Group plc Annual Report & Financial Statements 2025
120
Report of the Directors Directors’ Report
The directors of Kingspan
Group plc have pleasure
in presenting their report
with the audited financial
statements for the year ended
31 December 2025.
This Report of the Directors and
the Business & Strategic Report on
pages 18-71 together comprise the
Management Report for the purposes of
the Transparency (Directive 2004/109/
EC) Regulations 2007 of Ireland.
Information incorporated by reference
The following information is provided in other appropriate sections of this Annual Report and the financial
statements and is incorporated into this Report of the Directors by reference.
Information Reported in Page(s)
A review of the business of the Group. Chief Executive’s Review 30
The Group’s Key Performance Indicators (KPIs). Financial Review 38
A description of likely future developments in the Group’s
business.
Chief Executive’s Review 37
A description of the principal risks and uncertainties that
could affect the Group’s business.
Risk & Risk Management Report 44
The Company’s application of the principles, and
compliance with the provisions, of the Euronext Dublin
Corporate Governance Code (2024).
Report of the Nominations &
Governance Committee
76
The names and biographical details of the Directors. The Board 73
The directors’ and Company Secretary’s interests in shares
and debentures.
Report of the Remuneration
Committee
101
The Group’s financial risk management objectives, policies
and a description of the use of financial instruments.
Financial Statements (Note 20) 277
The amount of interim dividends (if any) paid by the
Company during the year and the amount (if any) that
the directors recommend should be paid by way of final
dividend.
Financial Review 40
Information required by the European Union (EU)
Taxonomy Regulation (Sustainable finance taxonomy -
Regulation (EU) 2020/852), the Corporate Sustainability
Reporting Regulations 2024 and by the European Union
(Disclosure of Non-Financial and Diversity Information by
certain large undertakings and groups) Regulations 2017.
CSRD Sustainability Statement 132
121
Principal activities:
Kingspan is the global leader in high-performance insulation, building envelopes and advanced building
systems solutions. Kingspan Group plc is a holding company for the Group’s subsidiaries and other entities.
The Group’s principal activities comprise the manufacture and distribution of the following product suites,
delivered through two global operating segments as part of a complete building envelope and critical
infrastructure offering.
Insulated Building Envelopes
Kingspan’s Insulated Building Envelopes
segment is a global leader in advanced
energy saving solutions for roofs, walls and
floors, delivering high-performance building
solutions for energy efficiency in both new
build and renovation applications across all
building types.
Advnsys
Advnsys is a global leader in bespoke critical
infrastructure solutions, primarily focused on
data centres, ventilation and daylighting. It
designs and manufactures high-performance
systems that deliver energy efficient lighting,
airflow, cooling and ventilation for both new
build and renovation projects in data centres
and commercial buildings.
BICYCLE PARKING STATION
Dordrecht, Netherlands
Advnsys
BA-4 Glass Roofs with integrated BIPV
Photography: Rindert van der Toren
Kingspan Group plc Annual Report & Financial Statements 2025
122
Kingspan’s two global operating segments together
provide a comprehensive suite of high-performance
building envelope and critical infrastructure solutions
for both the new build and refurbishment markets.
Innovation
Innovation is a strategic pillar for the Group,
underpinning growth, sustainability, leadership and
long-term resilience. Our focus is on developing
solutions that respond to the evolving needs of
customers and regulators, while strengthening core
technologies and capabilities across our portfolio.
Innovation activity is guided by clear strategic
priorities, disciplined investment, and a strong
emphasis on performance, safety and scalability.
During the year, investment in research and
development supported platform evolution in core
insulation technologies, the integration of solar
generation into the building envelope, and end-of-
life and recycling capabilities. The Group’s research
and development expenditure for the year ended
31 December 2025 was €79.6m (2024: €75.5m).
Research and development expenditure is generally
expensed in the year in which it is incurred.
Strategic focus areas
Kingspan’s innovation focuses on the following areas:
integrated building and energy solutions (including
solar-integrated envelope systems), lower embodied
carbon and bio-based materials across mainstream
product lines, circularity and end-of-life solutions,
and next generation core insulation technologies with
enhanced performance and fire safety. The selected
projects below illustrate progress in each area.
Integrated building and energy solutions
» PowerPanel
®
commercial launch: part of a broader
solar roadmap for new build and retrofit. Tested
and approved to FM4478;
» PowerPlus KS1000RW: tested and approved to
FM4478;
» PowerCanopy: testing complete to FM4480 with
certification programme underway;
» PowerPlus KS1000TD: certification programme
underway to FM4478;
» Solar integrated standing seam panel for the US:
development and certification testing in progress;
» OneDek
®
insulated roof deck assemblies:
expansion to tapered roof systems. Tested and
approved to FM4470 and FM4471; and
» LiteVault
®
continuous rooflight system: daylighting
integrated with high-performance envelopes.
Low embodied carbon and bio-based materials
» QuadCore LEC
®
platform: further scaling with fire
resistance programme to FM4540 underway;
» KILON LEC range and Ecofil LEC Premium: lower
carbon polycarbonate solutions; and
» Bio-based insulation via wood fibre activities:
capability building in a growing segment.
Circularity and end-of-life
» Takeback schemes and recovery infrastructure
build-out;
» Kingspan Light Air Water RECOVR
®
Centre:
consolidation of collection and processing
capability;
» Evaluation of mechanical and chemical recycling
routes: pilots with market partners;
» Novitumen
®
technology: circular bitumen material
made from 100% recycled bitumen recovered from
demolition roofs, production waste, and offcuts,
enabling the creation of high-performance
membranes; and
» Research programmes addressing recycling of
legacy materials and products.
Next generation core technologies and
performance leadership
» QuadCore
®
platform evolution: enhanced fire
resistance, reduced calorific contribution, and
clean room classification pathway (FM4882);
» QuadCore
®
2.0: continued rPET geographic roll
out;
» Next generation Kooltherm
®
: improved insulation
values, fire performance and lower GWP;
» InnovaCELL™ (North America): pathways to lower
embodied carbon, with testing to regional fire
standards (such as, ASTM E119 / CAN ULC S101,
with DM40 F+ targeting 60 minute rating);
» AlphaCore
®
and Optim-R
®
E: advanced thermal
performance options; and
» Fire Engineering Research Centre: UKAS ISO 17025
accreditation expected in 2026.
Digitalisation and customer experience
We are also advancing digital tools and services that
support these priorities and improve the customer
experience, including tools to find, specify, purchase
and track solutions, improving speed of compliant
design and on-site lifecycle insight.
123
Report of the Directors Directors’ Report
Share certificate dematerialisation
In accordance with the EU Central Securities
Depositories Regulation (EU) 909/2014 (CSDR), all
securities of Irish issuers admitted to trading or traded
on trading venues in the European Economic Area
are now required to be held in book-entry form as
of 1 January 2025. This change eliminates the need
for physical share certificates as ownership is now
recorded electronically. From 1 January 2023, all new
share issuances by the Company have been issued
in book-entry form and from 1 January 2025, all
remaining shares have transitioned to this format.
Share certificates previously issued to shareholders
became invalid as of 1 January 2025 and have been
replaced by book-entry balances maintained by the
Company’s registrar, Computershare Investor Services
(Ireland) Limited.
Share buyback programme
On 8 August 2025, pursuant to the authority granted
by shareholders at the Annual General Meeting
on 1 May 2025, the Company announced the
commencement of a new share buyback programme
to repurchase up to 10% of the issued ordinary shares
of €0.13 each in the capital of the Company, subject
to a maximum aggregate consideration of €650
million. The buyback commenced on 8 August 2025
and, subject to the necessary shareholder authorities
remaining in place and market conditions, may
continue until no later than 31 July 2027. Between 8
August 2025 and 31 December 2025, the Company
repurchased in aggregate 2,198,861 ordinary shares
for a total consideration of €148.6 million and at a
volume-weighted average price of €67.58 per share.
These shares have been cancelled.
The European Communities
(Takeover Bids (Directive 2004/25/EC))
Regulations 2006
The information required by Regulation 21 of the above
Regulations as at 31 December 2025 is set out below.
Structure of the Company’s share capital
At 31 December 2025, the Company had an authorised
share capital comprised of 250,000,000 (2024:
250,000,000) ordinary shares of €0.13 each and
the Company’s total issued share capital comprised
182,397,781 (2024: 184,596,642) ordinary shares.
The number of shares held as treasury shares at the
beginning of the year was 2,797,159 (1.54% of the
then issued share capital (excluding treasury shares)),
with a nominal value of €363,631. During the year,
the Company repurchased for cancellation 2,198,861
shares (1.22% of the issued share capital (excluding
treasury shares)), with a nominal value of €285,852.
These shares were cancelled. A total of 334,832
shares (0.19% of the issued share capital (excluding
treasury shares)), with a nominal value of €43,528,
were reissued during the year in connection with the
exercise of share options under the Kingspan Group
Performance Share Plan and the Kingspan Group
Employee Benefit Trust. As at 31 December 2025,
the balance of treasury shares held was 2,462,327
(1.37% of the issued share capital (excluding treasury
shares)), with a nominal value of €320,103.
Analysis of registered shareholding accounts as at 31 December 2025:
Shareholding range Number of
accounts
% of total Number of
shares held
% of total
1 - 1,000 1,279 70.86 549,423 0.30
1,001 – 10,000 438 24.27 993,423 0.54
10,001 – 100,000 49 2.71 343,641 0.19
100,001 – 1,000,000 33 1.83 665,060 0.36
Over 1,000,000 6 0.33 179,846,234 98.61
1,805 100.00 182,397,781 100.00
“Our focus is on developing solutions
that respond to the evolving needs
of customers and regulators, while
strengthening core technologies and
capabilities across our portfolio.”
Kingspan Group plc Annual Report & Financial Statements 2025
124
Rights and obligations attaching to the
ordinary shares
The Company has no securities in issue conferring
special rights with regards control of the Company.
All ordinary shares rank pari passu, and the rights
attaching to the ordinary shares (including as to
voting and transfer) are as set out in the Company’s
Articles of Association (Articles). The Articles also
contain the rules relating to the appointment and
removal of directors, procedures for amending the
Articles, the powers of the Company’s directors, and
the issuing or buying back by the Company of its
shares. A copy of the Articles may be found on www.
kingspan.com or may be obtained on request to the
Company Secretary.
Holders of ordinary shares are entitled to receive duly
declared dividends in cash or, when offered, additional
ordinary shares. In the event of any surplus arising
on the occasion of the liquidation of the Company,
shareholders would be entitled to a share in that
surplus pro rata to their holdings of ordinary shares.
Holders of ordinary shares are entitled to receive
notice of and to attend, speak and vote in person or
by proxy, at general meetings having, on a show of
hands, one vote, and, on a poll, one vote for each
ordinary share held. Procedures and deadlines for
entitlement to exercise, and exercise of, voting rights
are specified in the notice convening the general
meeting in question. There are no restrictions on
voting rights except in the circumstances where a
“Specified Event” (as defined in the Articles) shall
have occurred and the directors have served a
Restriction Notice on the shareholder. Upon the
service of such Restriction Notice, no holder of the
shares specified in the notice shall, for so long as such
notice shall remain in force, be entitled to attend or
vote at any general meeting, either personally or by
proxy.
Holding and transfer of ordinary shares
The ordinary shares may be held in uncertificated
form through the Euroclear Bank system or (via a
holding of CREST Depository Interest (CDIs)) the
CREST system.
As set out below, there is no requirement to obtain the
approval of the Company, or of other shareholders,
for a transfer of ordinary shares. The directors may
decline to register (a) any transfer of a partly paid
share to a person of whom they do not approve, (b)
any transfer of a share to more than four joint holders,
or (c) any transfer of a share on which the Company
has a lien.
Transfers of uncertificated shares may be effected
by means of a relevant system in the manner
provided for in the Regulation (EU) No. 909/2014
of the European Parliament and of the Council of
23 July 2014 (the CSD Regulations) and the rules
of the relevant system. The directors may refuse to
register a transfer of uncertificated shares only in such
circumstances as may be permitted or required by the
CSD Regulations.
Rules concerning the appointment
and replacement of the directors and
amendment of the Company’s Articles
Unless otherwise determined by ordinary resolution
of the Company, the number of directors shall not be
less than two or more than 15.
Subject to that limit, the shareholders in general
meeting may appoint any person to be a director
either to fill a vacancy or as an additional director.
The directors also have the power to co-opt additional
persons as directors, but any director so co-opted
is under the Articles required to be submitted to
shareholders for re-election at the first Annual General
Meeting (AGM) following his or her co-option.
Substantial interests
As at 16 February 2026, the Company had received notification of the interests outlined in the table below, in its
ordinary share capital (excluding treasury shares), which were equal to, or in excess of, 3%.
Notification Date Shareholder Shares held %
01/12/2025 Eugene Murtagh 27,018,000 15.01%
13/02/2026 The Capital Group Companies, Inc. 10,894,038 6.05%
09/02/2026 FMR LLC 10,862,388 6.03%
16/02/2026 Blackrock, Inc. 10,810,648 6.00%
02/10/2025 Generation Investment Management LLP 7,049,293 3.87%
125
Report of the Directors Directors’ Report
The Articles require that at each AGM of the Company
one-third of the directors retire by rotation. However,
in accordance with best practice, the directors have
resolved they will all retire and submit themselves for
re-election by the shareholders at the AGM to be held
on 30 April 2026.
The Company’s Articles may be amended by special
resolution (75% majority of votes cast) passed at
general meeting.
Powers of directors including powers in
relation to issuing or buying back by the
Company of its shares
Under its Articles, the business of the Company shall
be managed by the directors, who exercise all powers
of the Company as are not, by the Companies Acts or
the Articles, required to be exercised by the Company
in general meeting.
The directors are currently authorised to issue a
number of shares equal to the authorised but as
yet unissued share capital of the Company on
such terms as they may consider to be in the best
interests of the Company, under an authority that
was conferred on them at the AGM held on 1 May
2025. The directors are also currently authorised
on the issue of new equity for cash to disapply the
strict statutory pre-emption provisions that would
otherwise apply, provided that the disapplication
is limited to the allotment of equity securities in
connection with (i) any rights issue or any open
offer to shareholders, or (ii) the allotment of shares
not exceeding in aggregate 10% of the nominal
value of the Company’s issued share capital, or (iii)
for the purpose of financing (or refinancing) an
acquisition or other capital investment of a kind
contemplated by the UK Pre-emption Group not
exceeding in aggregate 10% of the nominal value
of the Company’s issued share capital. Both these
authorities expire on 1 August 2026 unless renewed
and resolutions to that effect are being proposed at
the AGM to be held on 30 April 2026.
The Company may, subject to the Companies Acts
and the Articles, purchase any of its shares and
may either cancel or hold in treasury any shares so
purchased, and may re-issue any such treasury shares
on such terms and conditions as may be determined
by the directors. The Company shall not make market
purchases of its own shares unless such purchases
have been authorised by a special resolution passed
by the members of the Company at a general
meeting. At the AGM held on 1 May 2025, shareholders
passed a resolution giving the Company, or any of its
subsidiaries, the authority to purchase up to 10% of
the Company’s issued ordinary shares. At the AGM to
be held on 30 April 2026, shareholders are being asked
to renew this authority.
Change of control provisions
Some of the Group’s banking facilities include
provisions that, in the event of a change of control
of the Company, could oblige early prepayment
of the facilities. Some of the Group’s agreements
with minority shareholders also contain provisions
that would allow the counterparty to terminate the
agreement in the event of a change of control of the
Company. The Company’s Performance Share Plan
contains change of control provisions which allow for
TAIKOO WALKWAYS
Quarry Bay, Hong Kong
Advnsys
Ventria TG ventilation
window solution; Estra TG
glazed louvred vent
Kingspan Group plc Annual Report & Financial Statements 2025
126
the acceleration of the exercise of share options/awards
in the event of a change of control of the Company.
There are no agreements between shareholders
that are known to the Company which may result
in restrictions on the transfer of securities or voting
rights.
There are no agreements between the Company and
its directors or employees providing for compensation
for loss of office or employment (whether through
resignation, purported redundancy or otherwise) that
occurs because of a takeover bid.
Directors and Secretary
The directors and secretary of the Company at the
date of this report are as shown in The Board section
of this Annual Report.
Conflicts of interest
None of the directors have any direct or indirect
interest in any contract or arrangement subsisting
at the date hereof which is significant in relation to
the business of the Company or any of its subsidiaries
nor in the share capital of the Company or any of its
subsidiaries.
Financial instruments
In the normal course of business, the Group has
exposure to a variety of financial risks, including
foreign currency risk, interest rate risk, liquidity risk
and credit risk. The Company’s financial risk objectives
and policies are set out in Note 20 of the financial
statements.
Internal control and risk
management systems
The Board confirms that there is an ongoing process
for identifying, evaluating and managing any
significant risks faced by the Group. This process has
been in place for the year under review and up to the
date of approval of the financial statements, and it
is regularly reviewed by the Board in accordance with
Section 4 (Audit, Risk and Internal Control) of the
Euronext Dublin Corporate Governance Code (2024).
The Board has delegated responsibility to the Audit
& Compliance Committee to monitor and review
the Group’s risk management and internal control
processes, including the financial, operational and
compliance controls. This is done through detailed
discussions with management and the executive
directors, the review and approval of the internal
audit reports, which focus on the areas of greatest
risk to the Group, and the external audit reports, as
part of both the year end audit and the half year
review, all of which are designed to highlight the key
areas of control weakness in the Group. Further details
of the work conducted by the Audit & Compliance
Committee in this regard are detailed in the Report of
the Audit & Compliance Committee contained in this
Annual Report.
The main features of the Group’s internal control and
risk management systems that relate specifically to
the Group’s financial reporting processes are:
» strategic plans are approved annually by the
Board and compared to actual performance and
forecasts on a monthly basis;
» sufficiently sized finance teams with appropriate
level of experience and qualifications throughout
the Group;
» formal Group Accounting Manual in place which
clearly sets out the Group financial policies in
addition to the formal controls;
» formal IT and treasury policies and controls in
place;
» centralised tax and treasury functions;
» sales reports are submitted and reviewed on
a weekly basis whilst full reporting packs are
submitted and reviewed on a monthly basis; and
» internal audit function review financial controls, IT
general controls, cyber security controls and report
results/findings on a quarterly basis to the Audit &
Compliance Committee.
The main features of the Group’s internal control and
risk management systems that relate specifically to
the Group’s consolidation process are:
» the review of reporting packages for each entity as
part of the year end audit process;
» the reconciliation of reporting packages to
monthly management packs as part of the audit
process and as part of management review;
» the validation of consolidation journals as part
of the management review process and as an
integral component of the year end audit process;
» the review and analysis of results by the Chief
Financial Officer and the internal auditors with the
management of each business;
» consideration by the Audit & Compliance
Committee of the outcomes from the annual risk
assessment of the business; and
» the review of internal and external audit
management letters by the Chief Financial Officer,
the Head of Internal Audit & Compliance and the
Audit & Compliance Committee and the follow up
of any critical management letter points to ensure
issues highlighted are addressed.
In addition, the remit of the Audit & Compliance
Committee also includes reviewing the effectiveness
127
Report of the Directors Directors’ Report
of the controls and processes relating to product
compliance by:
» reviewing reports from the Group Head of
Internal Audit & Compliance relating to product
compliance, certification and accreditation,
including implementation status of the Group’s ISO
37301 Compliance Management Systems targets;
» auditing compliance with the Group Marketing
Integrity Manual; and
» monitoring the culture of compliance across the
Group.
Further information on the risks faced by the Group
and how they are managed are set out in the Risk &
Risk Management section of this Annual Report.
Accounting records
The directors are responsible for ensuring that
accounting records, as outlined in Sections 281 to 285
of the Companies Act 2014, are kept by the Group.
The directors have provided appropriate systems
and resources, including the appointment of suitably
qualified accounting personnel, to maintain adequate
accounting records throughout the Group, in order
to ensure that the requirements of Sections 281 to
285 are complied with. The accounting records of the
Company are maintained at the principal executive
offices located at Dublin Road, Kingscourt, Co.
Political donations
Neither the Company nor any of its subsidiaries have
made any political donations in the year which would
be required to be disclosed under the Electoral Act
1997 (2024: €nil).
Subsidiary companies
Kingspan is a truly global business, with an operating
presence in over 80 countries and 278 manufacturing
sites across the globe.
The Company’s principal subsidiary undertakings at 31
December 2025, country of incorporation and nature
of business are listed on pages 305-308 of this Annual
Report.
The Company does not have any branches outside of
Ireland.
Significant events since year end
Subsequent to the reporting date, the decision has
been made to not pursue an initial public offering
(IPO) of Advnsys. This event occurred after the
reporting period and does not provide evidence
of conditions that existed at the reporting date.
Accordingly, no adjustments have been made in the
financial statements as of 31 December 2025.
There have been no other material events subsequent
to 31 December 2025 which would require adjustment
to, or disclosure in this report.
Going concern
The directors have reviewed budgets and projected
cash flows for a period of not less than 12 months
from the date of this Annual Report, and considered
its net debt position and capital commitments,
available committed banking facilities and other
relevant information including the economic conditions
currently affecting the building environment generally
and the Group’s strategic plan. Based on this review,
the directors have concluded that there are no material
uncertainties that would cast significant doubt over
the Company’s and the Group’s ability to continue as
a going concern. For this reason, the directors consider
it appropriate to adopt the going concern basis in
preparing the financial statements.
Viability statement
The directors are required to assess the prospects of
the Company, explain the period over which we have
done so and state whether we have a reasonable
expectation that the Company will be able to
continue in operation and meet liabilities as they fall
due over this period of assessment.
The directors have assessed the prospects of the
Group over the three-year period to February 2029.
The directors concluded that three years was an
appropriate period for the assessment, having had
regard to:
» the Group’s rolling strategic plan which extends to
2029;
» the Group’s long-term funding commitments
some of which fall to be repaid during the period;
» the inherent short-cycle nature of the construction
market including the Group’s order bank and
project pipeline; and
» the potential impact of macro-economic events
and political uncertainty in some regions.
It is recognised that such future assessments are
subject to a level of uncertainty that increases with
time, and therefore future outcomes cannot be
guaranteed or predicted with certainty.
The Group strategic plan is approved by the Board,
building upon each of the businesses’ management
plans as well as the Group’s strategic goals. It is based
on a number of cautious assumptions concerning
macro growth and stability in our key markets, and
continued access to capital to support the Group’s
ongoing investments. The strategic plan is subject
to stress testing which involves flexing a number of
the main assumptions underlying the forecast in
Kingspan Group plc Annual Report & Financial Statements 2025
128
severe but reasonable scenarios. Such assumptions
are rigorously tested by management and the
directors. It is reviewed and updated annually and was
considered and approved by the Board at its meeting
in December 2025.
In making this assessment, the directors have
considered the resilience of the Group, taking account
of its current position and the principal risks facing the
business as outlined in the Risk & Risk Management
Report contained in this Annual Report, and the
Group’s ability to manage those risks. The risks have
been identified using a top-down and bottom-up
approach, and their potential impact was assessed
having regard to the effectiveness of controls in place
to manage each risk. In assessing the prospects of the
Group such potential impacts have been considered
as have the mitigating factors in place. Based on
this assessment the directors have a reasonable
expectation that the Group will be able to continue in
operation and meet its liabilities as they fall due over
the three-year period of their assessment.
Directors’ responsibility statement
Each of the directors whose names and functions are
set out in The Board section of this Annual Report
confirm their responsibility for preparing the Annual
Report and the consolidated and Company financial
statements in accordance with applicable Irish law
and regulations.
Company law in Ireland requires the directors to
prepare financial statements for each financial year.
Under that law the directors have to prepare the
consolidated financial statements in accordance with
International Financial Reporting Standards (IFRSs)
as adopted by the EU. The directors have elected
to prepare the Company financial statements in
accordance with IFRSs as adopted by the EU and as
applied by the Companies Act 2014. The financial
statements are required by law to give a true and fair
view of the assets, liabilities and financial position of
the Group and Company at 31 December 2025 and
of the profit or loss of the Group for that period. In
preparing those financial statements, the directors are
required to:
» select suitable accounting policies and then apply
them consistently;
» make judgements and estimates that are
reasonable and prudent;
» state whether applicable IFRSs have been followed,
subject to any material departures disclosed and
explained in the financial statements; and
» prepare the financial statements on the going
concern basis unless it is inappropriate to presume
that the Company, and the Group as a whole, will
continue in business.
The directors are responsible for keeping accounting
records which disclose with reasonable accuracy at
any time the financial position of the Group and the
Company and which enable them to ensure that the
financial statements comply with the Companies Act
2014 and Article 4 of the IAS Regulation.
They are responsible for safeguarding the assets of
the Group and hence for taking reasonable steps
for the prevention and detection of fraud and other
irregularities.
The directors are responsible for the maintenance and
integrity of the corporate and financial information on
the Company’s website. Legislation in the Republic of
Ireland governing the preparation and dissemination
of financial statements may differ from legislation in
other jurisdictions.
In accordance with Transparency (Directive 2004/109/
EC) Regulations 2007 and the Transparency Rules of
the Financial Regulator, the directors confirm that to
the best of their knowledge:
» the Group financial statements and the Company
financial statements, prepared in accordance
with the applicable set of accounting standards,
give a true and fair view of the assets, liabilities,
financial position and profit or loss of the Group
and Company; and
» the Report of the Directors includes a fair review of
the development and performance of the business
and the position of the Group and Company,
together with a description of the principal risks
and uncertainties that they face.
They are also satisfied:
» that the Annual Report and financial statements,
taken as a whole, is fair, balanced and
understandable and provides the information
necessary for shareholders to assess the Group’s
position, business model and strategy.
Statement of directors’ responsibilities
for the CSRD sustainability statement
The directors are responsible for developing and
implementing a process to identify the information
reported in the CSRD Sustainability Statement
(the Sustainability Statement) in accordance with
the European Sustainability Reporting Standards
(ESRS) and for disclosing this process in the basis
of preparation on page 139 of the Sustainability
Statement. This responsibility includes:
» understanding the context in which the Group’s
activities and business relationships take place
and developing an understanding of its affected
stakeholders;
» the identification of the actual and potential
impacts (both negative and positive) related
129
Report of the Directors Directors’ Report
BUILDING NAME
Location
Section
Product
TRANSPORTER BRIDGE,
VISITOR CENTRE
Newport, UK
Insulated Building Envelopes
Vieo wall system; Europanel
®
range
Kingspan Group plc Annual Report & Financial Statements 2025
130
to sustainability matters, as well as risks and
opportunities that affect, or could reasonably be
expected to affect, the Group’s financial position,
financial performance, cash flows, access to
finance or cost of capital over the short, medium,
or long term;
» the assessment of the materiality of the identified
impacts, risks and opportunities related to
sustainability matters by selecting and applying
appropriate thresholds; and
» making assumptions and estimates that are
reasonable in the circumstances.
The directors are further responsible for the
preparation of the Sustainability Statement in
accordance with Part 28 of the Companies Act 2014,
including, but not limited to:
» preparation in accordance with the ESRS;
» presenting and reporting a double materiality
assessment process to identify the information
required to be reported in the Sustainability
Statement pursuant to the ESRS and for disclosing
this process in the Sustainability Statement;
» preparing the disclosures in subsection ‘The EU
Taxonomy’ within the environmental section
of the Sustainability Statement, in compliance
with Article 8 of EU Regulation 2020/852 (the
Taxonomy Regulations);
» designing, implementing and maintaining such
internal controls that are deemed necessary
to enable the preparation of the Sustainability
Statement free from material misstatement,
whether due to fraud or error; and
» the selection and application of appropriate
sustainability reporting methods and making
assumptions and estimates that are reasonable in
the circumstances.
In reporting forward-looking information in
accordance with ESRS, the Group is required to
prepare the forward-looking information on the basis
of disclosed assumptions about events that may
occur in the future and possible future actions by the
Group. This includes the selection of different but
acceptable estimation, approximation or forecasting
techniques, which could have resulted in materially
different amounts or disclosures being reported.
Actual outcome is likely to be different since
anticipated events frequently do not occur
as expected.
Directors’ compliance statement
The directors acknowledge that they are responsible
for securing the Company’s compliance with its
relevant obligations in accordance with Section
225 (2)(a) of the Companies Act 2014 (the Act)
(described below as the Relevant Obligations).
In accordance with Section 225 (2)(b) of the Act, the
directors confirm that:
» a Compliance Policy Statement has been drawn
up setting out the Company’s policies (that are,
in the opinion of the directors, appropriate to the
Company) in respect of the compliance by the
Company with its Relevant Obligations;
» appropriate arrangements or structures are in
place that, in the opinion of the directors, provide
a reasonable assurance of compliance in all
material respects with the Company’s Relevant
Obligations; and
» during the financial year to which this report
relates, a review has been conducted of the
arrangements or structures that are in place to
ensure material compliance with the Company’s
Relevant Obligations.
Relevant audit information
Each of the directors have taken all the steps that
they should or ought to have taken as a director in
order to make himself or herself aware of any relevant
audit information and to establish that the Group’s
statutory auditor is aware of that information. So
far as the directors are aware, there is no relevant
information of which the Group’s statutory auditor is
unaware.
Auditor
In accordance with Section 383 (2) of the
Companies Act 2014, the Company’s auditor, EY,
will continue in office. EY were first appointed as
the Company’s auditor on 1 May 2020, with effect
for the financial year ending 31 December 2020. A
resolution authorising the directors to determine their
remuneration will be proposed at the AGM.
On behalf of the Board
Gene Murtagh
Chief Executive Officer
Geoff Doherty
Chief Financial Officer
24 February 2026
131
Report of the Directors Directors’ Report
THE CRADLE
Düsseldorf, Germany
Insulated Building Envelopes
Troldtekt
®
line acoustic panels
Photography: Olaf Wiechers
CSRD
SUSTAINABILITY
STATEMENT
132
Kingspan Group plc Annual Report & Financial Statements 2025
CONTENTS
Limited Assurance Report on the 134
CSRD Sustainability Statement
General Information 138
Environmental Information 152
EU Taxonomy 153
E1 Climate change 158
E2 Pollution 173
E3 Water and marine resources 175
E4 Biodiversity and ecosystems 178
E5 Resource use and circular economy 178
Social Information 190
S1 Own workforce 191
S2 Workers in the value chain 204
S3 Affected communities 205
S4 Consumers and end-users 206
Governance Information 208
G1 Business conduct 209
Appendices 214
133
CSRD Sustainability Statement
Our limited assurance conclusion
We have performed a limited assurance engagement
on the sustainability reporting set out in the CSRD
Sustainability Statement (hereafter referred to as
the ‘CSRD Sustainability Statement’) prepared by
Kingspan Group plc (“the Group”), included on
pages 132 to 229 of the Annual Report of the Group
for the year ended 31 December 2025, prepared in
accordance with Part 28 of the Companies Act 2014.
Based on the procedures performed and evidence
obtained, nothing has come to our attention to cause
us to believe that the Group’s CSRD Sustainability
Statement for the year ended 31 December 2025 is not
prepared, in all material respects, in accordance with
Part 28 of the Companies Act 2014, including:
» The compliance of the CSRD Sustainability
Statement with the European Sustainability
Reporting Standards (ESRS);
» The process carried out by the Group to identify
material sustainability related impacts, risks, and
opportunities in accordance with ESRS;
» The compliance with the reporting requirements
of Article 8 of Regulation (EU) 2020/852 (the
“Taxonomy Regulations”); and
» Compliance with the requirement to mark up the
CSRD Sustainability Statement in accordance with
Section 1600 of the Companies Act 2014.
Basis for our conclusion
We conducted our limited assurance engagement
in accordance with International Standard on
Assurance Engagements (ISAE) (Ireland) 3000,
as adopted by the Irish Auditing and Accounting
Supervisory Authority (IAASA). The procedures in
a limited assurance engagement vary in nature
and timing from, and are less in extent than for, a
reasonable assurance engagement. Consequently,
the level of assurance obtained in a limited assurance
engagement is substantially lower than the assurance
that would have been obtained had a reasonable
assurance engagement been performed.
Any internal control structure, no matter how
effective, cannot eliminate the possibility that
fraud, errors or irregularities may occur and remain
undetected and because we use selective testing in
our engagement, we cannot guarantee that all errors
or irregularities, if present, will be detected.
The CSRD Sustainability Statement includes
prospective information such as ambitions, strategy,
plans, expectations and estimates. Prospective
information relates to events and actions that have
not yet occurred and may never occur. We do not
provide any assurance on the assumptions and
achievability of this prospective information.
Our responsibilities under this standard are further
described in the section titled ‘Our responsibilities’ in
this report.
We are independent of the Group in accordance
with the International Code of Ethics for Professional
Accountants (including International Independence
Standards) issued by the International Ethics
Standards Board for Accountants (IESBA Code), the
independence requirements of the Companies Act
2014 and the Code of Ethics issued by Chartered
Accountants Ireland that are relevant to our limited
assurance engagement of the CSRD Sustainability
Statement in Ireland.
Our firm applies International Standard on Quality
Management (ISQM) 1 (Ireland), Quality Management
for Firms that Perform Audits or Reviews of Financial
Statements, or Other Assurance or Related Services
Engagements, issued by the IAASA. This standard
requires the firm to design, implement and operate
a system of quality management, including policies
or procedures regarding compliance with ethical
requirements, professional standards and applicable
legal and regulatory requirements.
We believe that the evidence we have obtained is
sufficient and appropriate to provide a basis for our
conclusion.
Other matter – Compliance with the
requirement to mark-up the CSRD
Sustainability Statement
We note that Section 1613(3)(c) of the Companies
Act 2014 requires us to report on the compliance by
the Group with the requirement to mark-up the CSRD
Sustainability Statement in accordance with Section
1600 of that Act. Section 1600 of the Companies Act
2014 requires that the Directors’ Report is prepared in
the electronic reporting format specified in Article 3 of
Delegated Regulation (EU) 2019/815 and shall mark-
up the CSRD Sustainability Statement. However, at
the time of issuing our limited assurance report, the
INDEPENDENT PRACTITIONER’S LIMITED ASSURANCE
REPORT TO THE DIRECTORS OF KINGSPAN GROUP PLC
Limited Assurance Report on the CSRD Sustainability Statement
Limited Assurance Report
134
Kingspan Group plc Annual Report & Financial Statements 2025
electronic reporting format has not been specified
nor become effective by Delegated Regulation.
Consequently, the Group is not required to mark-up
the CSRD Sustainability Statement. Our conclusion is
not modified in respect of this matter.
Other information
The directors are responsible for the other information.
The other information comprises the information
included in the Group’s Annual Report but does not
include the CSRD Sustainability Statement and our
Limited Assurance Report thereon.
Our limited assurance conclusion on the CSRD
Sustainability Statement does not cover the other
information and we do not express any form of
assurance conclusion thereon.
Responsibilities for the CSRD
Sustainability Statement
As explained more fully in the Statement of Directors’
Responsibilities for the CSRD Sustainability Statement,
the directors of the Group are responsible for:
» preparing, measuring, presenting and reporting
the CSRD Sustainability Statement in accordance
with the relevant criteria, contained in the
applicable sustainability reporting framework
being the ESRS, Part 28 of the Companies Act
2014; the Taxonomy Regulations; the requirement
to mark up the CSRD Sustainability Statement in
accordance with Section 1600 of the Companies
Act 2014; and any additional criteria used by
the Group to supplement and/ or interpret the
sustainability reporting framework criteria; and
» developing, implementing and reporting its double
materiality assessment process to identify the
information reported in the CSRD Sustainability
Statement in accordance with ESRS and for
disclosing this process in the CSRD Sustainability
Statement. This responsibility includes identifying
and engaging with the Group’s stakeholders
as identified in the Group’s double materiality
assessment process (stakeholders) to understand
their information needs.
Those charged with governance are also responsible
for overseeing the Group’s CSRD Sustainability
Statement reporting process.
Inherent limitations in preparing the
CSRD Sustainability Statement
Inherent limitations exist in all assurance
engagements. There are inherent limitations regarding
the measurement or evaluation of the CSRD
Sustainability Statement subject to limited assurance,
which have been set out below:
» Estimates, approximations and/ or forecasts
used by the Group in preparing and presenting
their CSRD Sustainability Statement are subject
to significant inherent uncertainty. The extent
to which the CSRD Sustainability Statement
contains, qualitative, quantitative, objective,
subjective, historical and prospective disclosures,
also represents a significant degree of uncertainty.
The selection by management of different
but acceptable estimation, approximation or
forecasting techniques, could have resulted in
materially different amounts or disclosures being
reported. For the avoidance of doubt, the scope
of our engagement and our responsibilities will
not involve us performing work necessary for any
assurance on the reliability, proper compilation, or
accuracy of the prospective information.
» Certain metrics reported within the CSRD
Sustainability Statement may be subject to
inherent limitations, for example, value chain
information relating to emissions data provided by
third parties.
Our responsibilities
Our objectives are to plan and perform the assurance
engagement to obtain limited assurance about
whether the CSRD Sustainability Statement in scope
of our conclusion, is free from material misstatement,
whether due to fraud or error, and to issue a Limited
Assurance Report that includes our conclusion.
Misstatements can arise from fraud or error and
are considered material if, individually or in the
aggregate, they could reasonably be expected to
influence decisions of users on the basis of the CSRD
Sustainability Statement.
As part of a limited assurance engagement in
accordance with ISAE (Ireland) 3000, we exercise
professional judgment and maintain professional
scepticism throughout the engagement. We also:
» Perform risk assessment procedures, including
obtaining an understanding of internal controls
relevant to the engagement, to identify disclosures
where material misstatements are likely to
arise, whether due to fraud or error, but not for
the purpose of providing a conclusion on the
effectiveness of the Group’s internal control.
» Design and perform procedures responsive to
where material misstatements are likely to arise in
the CSRD Sustainability Statement. The risk of not
detecting a material misstatement resulting from
fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of
internal control.
» Design and perform procedures to evaluate
whether the CSRD Sustainability Statement has
been prepared in accordance with the ESRS, which
135
CSRD Sustainability Statement
includes the process carried out by the Group to
identify material sustainability related impacts,
risks and opportunities.
» Design and perform procedures to evaluate
whether the CSRD Sustainability Statement has
been prepared in compliance with the Taxonomy
Regulations.
» With respect to our conclusion in respect to the
Group’s reporting obligations and responsibility
to mark up the CSRD Sustainability Statement in
accordance with Section 1600 of the Companies Act
2014, we assess whether we have become aware of
anything to suggest that the CSRD Sustainability
Statement has not been prepared, in all material
respects in this specified format. However, as
explained in the ‘Other matter - Compliance with
the requirement to mark-up the CSRD Sustainability
Statement’ section of our assurance report, the
Group is not currently required to mark-up the
CSRD Sustainability Statement.
Summary of the work performed
A limited assurance engagement involves performing
procedures to obtain evidence about the CSRD
Sustainability Statement. The nature, timing
and extent of procedures selected depend on
professional judgment, including the identification of
disclosures where material misstatements are likely
to arise, whether due to fraud or error, in the CSRD
Sustainability Statement.
The procedures in a limited assurance engagement
vary in nature and timing from, and are less in
extent than for, a reasonable assurance engagement
and depend on professional judgment, including
the identification of disclosures where material
misstatements are likely to arise, whether due to
fraud or error, in the CSRD Sustainability Statement.
Consequently, the level of assurance obtained in a
limited assurance engagement is substantially lower
than the assurance that would have been obtained
had a reasonable assurance engagement been
performed.
In conducting our limited assurance engagement, the
procedures we have performed included the following:
» We obtained an understanding of the CSRD
Sustainability Statement reporting process
performed by the Group, including the preparation
of the CSRD Sustainability Statement;
» We obtained an understanding of the Group’s
double materiality assessment process by
performing inquiries to understand the sources
of the information used by management and
reviewing the Group’s internal documentation
of this process; and evaluating whether the
evidence obtained from our procedures about the
Group’s process is consistent with the description
of the process set out in the CSRD Sustainability
Statement;
» We performed risk assessment procedures to
understand the Group and its environment,
including the Group’s reporting boundary, its value
chain information and identify risks of material
misstatement;
» We designed and performed further assurance
procedures (which included inquiries and
analytical procedures) to respond to the identified
risks of material misstatement; and
» We evaluated the overall presentation of the
CSRD Sustainability Statement, and considered
whether the CSRD Sustainability Statement as a
whole, including the sustainability matters and
disclosures, is disclosed in accordance with the
applicable criteria.
The purpose of our limited assurance
work and to whom we owe our
responsibilities.
Our report is made solely in accordance with Section
1613 of the Companies Act 2014 to the Directors of the
Group.
Our assurance work has been undertaken so that
we might state to the Directors those matters we
are required to state to them in a limited assurance
report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume
responsibility to anyone other than the Group and its
Directors, as a body, for our limited assurance work,
for this report, or for the conclusions we have formed.
Louise Whyte
for and on behalf of
Ernst & Young Chartered Accountants
Dublin
25 February 2026
136
Kingspan Group plc Annual Report & Financial Statements 2025
PARADOME POTSDAM
Brandenburg, Germany
Advnsys
Tate Caso Fix dry cavity floor system
Photography: Reinhard Kietzmann
137
CSRD Sustainability Statement
GENERAL
INFORMATION
CSRD Sustainability
Statement
GARS AM INN HIGH
SCHOOL
Bavaria, Germany
Advnsys
Colt Shadotex membrane
solar shading system
Kingspan Group plc Annual Report & Financial Statements 2025
138
BP-1 – General basis for preparation
of the Sustainability Statement
We, the directors of Kingspan Group plc (the Group)
have prepared this CSRD Sustainability Statement
(the Statement) for the year ended 31 December 2025
in accordance with Part 28 of the Companies Act
2014. Relevant data points within the Environmental,
Social and Governance (ESG) sections have been
evaluated through our Double Materiality Assessment
(DMA) to ensure that applicable material information
is disclosed in compliance with the reporting
requirements.
Our Statement is prepared on the same consolidated
basis as the financial statements. Where full
integration was not feasible, we have incorporated
estimates to ensure completeness and transparency in
our disclosures.
In addition to covering our internal operations,
the Statement extends to relevant aspects of our
upstream and downstream value chain. Specifically,
our DMA identifies material Impacts, Risks and
Opportunities (IROs) throughout the value chain and
we clearly define the boundaries of our value chain
coverage where relevant.
In accordance with ESRS, the Group has opted to
omit certain information due to its commercially
sensitive nature. Specifically, this omission pertains
to details on future financial resources allocated
to the action plan, including capital expenditures
(capex) and operating expenses (opex). The Group
has allocated significant operational and capital
resources to execute its sustainability action plan
and achieve its long-term strategic objectives. The
Group funds its operations and investments through a
capital structure comprising a combination of equity
and debt. Debt financing includes a green revolving
credit facility and green private placement loan notes,
reflecting the Group’s commitment to sustainable
development. In 2024, the Group established a
Green Finance Framework to support the issuance of
green finance instruments, enabling the financing or
refinancing of projects that meet Taxonomy criteria
and further advancing its sustainability initiatives.
Additional details on the Group’s capital structure,
financing arrangements and available headroom can
be found in the Financial Review section of this Annual
Report. For further information relevant to the Group’s
core funding and liquidity risk, please refer to Note 20
of the Financial Statements.
The Group’s ability to implement its sustainability
action plan is not dependent on external
preconditions, such as financial support or public
policy developments. While specific funding
allocations per action are commercially sensitive
and not disclosed, the Group’s established financing
structure ensures the flexibility and capacity to
execute the action plan effectively.
External review
This Statement has been subject to a limited
assurance review by the Group’s statutory auditor,
EY. Please refer to the Limited Assurance Report for
further information.
Summary of Key Terms and Acronyms
Acronym Definition
CSRD Corporate Sustainability Reporting
Directive
DMA Double Materiality Assessment
ESRS European Sustainability Reporting
Standards
IRO Impact, Risk and Opportunity
DNSH Do No Significant Harm
For a comprehensive list of acronyms and definitions
used in this report, please refer to Appendix 5.
BP-2 – Disclosures in relation to
specific circumstances
The Group uses estimates in the reporting of certain
data points. These estimates and judgments are
reviewed on an ongoing basis to ensure accuracy
and reliability. Management develops its estimates
using historical experience, insights from internal
experts, independent advice, external data sources
and other information deemed reasonable under the
given circumstances. For each data point, we clearly
indicate where an estimate has been applied. Where
prior year estimates have been restated or where
estimates remain the best available information, this
is clearly indicated in the footnotes to the relevant
metrics.
Prior year information is restated where material
errors are identified or where changes in methodology,
estimates, or other adjustments affect comparability,
in accordance with ESRS requirements. Where
restatements arise from material errors, the nature
and impact of the change are disclosed alongside
the relevant metric. Restatements are detailed in
Appendix 7.
Unless otherwise stated, we define time horizons as
follows: short-term refers to one year, medium-term
covers the period from the end of the short-term up
to five years and long-term is defined as more than
five years.
In 2025, the Group changed the presentation of
certain sustainability information to align with its
decision to avail of the full topical disclosure deferral
introduced under the European Commission’s Quick
Fix Delegated Act (Quick Fix). This transitional
relief allows eligible CSRD reporters to defer certain
detailed topical disclosure requirements, including
the omission of specific ESRS topical standards. As a
139
CSRD Sustainability Statement
result, the overview of material IROs required under
ESRS 2 SBM-3 has been partially centralised within
ESRS 2, providing an integrated view of the topics
subject to the deferral. Concise safeguard summaries
for ESRS E4 Biodiversity and ecosystems, S2 Workers
in the value chain, S3 Affected communities, and
S4 Consumers and end-users are provided within
their respective topical sections. This represents a
change in presentation from the prior year, when full
topical disclosures covering policies, actions, targets
and metrics were provided for these standards. The
change affects the level of detail disclosed but not the
underlying material topics, scope, or boundaries of the
related information.
Additionally, the presentation of the EU Taxonomy
disclosure tables has been updated in 2025 to reflect
the revised format introduced by the Commission
Delegated Act (EU) 2026/73, which introduces
structural changes to the KPI tables.
In 2025, the Group updated the reporting boundary
for certain health and safety metrics under S1-14
following the application of the Quick Fix phase-in
provisions for non-employee data. As a result, the
share of workforce covered by the health and safety
management system and the total recordable rate
of work-related accidents are reported for own
employees only in 2025, whereas 2024 figures also
included non-employees. This change affects year-
on-year comparability of these metrics. Although,
the Group reported health and safety incident
data for non-employees in 2025, headcount data
for non-employees are unavailable, as such no
numerical difference can be presented, and prior year
comparatives have not been restated.
As part of the 2025 DMA, the Group reassessed all
previously identified IROs. Year-on-year changes reflect
additional information gathered since the previous
DMA and changes in external factors that could give
rise to new or modified IROs or affect the relevance of
specific disclosures. Detail on movements for material
IROs related to ESRS E4, S2, S3 and S4 are disclosed
in ESRS 2 SBM-3, while movements in material IROs
related for E1, E2, E3, E5, S1 and G1 are described within
their respective topical sections. Where disclosure
requirements that were applicable in the prior reporting
period are no longer material, comparative information
is not presented in the current reporting period.
Appendix 1 sets out the list of material topics and where
they are addressed in the Statement.
The measurement of all disclosed metrics has only
been subject to validation by the assurance provider,
with no additional external validation. Where specific
information, metrics or data points are required
disclosures for the purposes of the Statement, but are
noted in the Statement as being included elsewhere
in the Annual Report, they are hereby incorporated by
reference. See Appendix 1.
A content index with the ESRS Disclosure Requirements
that are covered by the Sustainability Statement is
included alongside information reported in alignment
with other sustainability frameworks. See Appendix 4.
GOV-1 – The role of the administrative,
management and supervisory bodies
The Group Board of Directors (the Board) holds overall
responsibility for the Group’s internal control system,
while day-to-day implementation is delegated to
executive management.
The Audit & Compliance Committee, established as
a sub-committee of the Board, is specifically tasked
with monitoring the effectiveness of the Group’s
risk management and internal control systems. This
governance structure ensures that sustainability
matters are integrated into the highest levels of
oversight, including the management of material
IROs. To support this, a CSRD working group,
consisting of members of Group management
and senior managers, was formed to coordinate
and support strategic decision making for the
implementation of CSRD. The Group holds monthly
meetings, with progress updates on CSRD, including
the DMA and IRO scoring as well as the management
of IROs, provided to the CFO on a quarterly basis and
to the Audit & Compliance Committee at each of
their meetings throughout the year.
The CEO is tasked with overseeing sustainability
related issues, ensuring they are integrated into the
Group’s strategy, risk management and business
plans. The CEO, supported by the Board’s executive
directors also oversees sustainability efforts across
our two global operating segments, with key issues
reported to the Board bi-monthly via our internal
reporting structures.
The Chief Sustainability, Digital and Marketing Officer
reports directly to the CEO and leads the Planet
Passionate programme, providing periodic updates to
the Board on environmental initiatives. The Group’s
People Passionate programme, led by the Group
Head of Leadership and Development, focuses on
social sustainability, including employee development
and wellbeing, and is supported by Human Resource
representatives across the Group.
The Board, CEO, executive directors and management
ensure that appropriate skills and expertise are in
place to oversee sustainability, either through direct
experience or external support and promote the
ongoing development of sustainability expertise across
the Group. Éimear Moloney has been appointed as
the workforce engagement iNED, and Eavan Saunders
as the CSR engagement iNED, reinforcing the Board’s
commitment to strong governance practices in
addressing material sustainability issues.
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Kingspan Group plc Annual Report & Financial Statements 2025
In 2025, the Board was composed of four executive
members and seven non-executive members. Further
information on the Board’s composition, skills and
experience and responsibilities is incorporated by
reference and is located in The Board section of this
Annual Report.
For details on how the Board and the Remuneration
Committee oversee sustainability related targets,
including their integration into remuneration policies,
please refer to section GOV-3 of this Statement.
GOV-2 – Information provided to and
sustainability matters addressed by
the undertaking’s administrative,
management and supervisory bodies
The Board, CEO and executive directors are informed
about sustainability matters through our internal
reporting structures. These structures allow oversight
of sustainability related IROs across the Group’s
operating segments. This process includes reporting
material issues to the Board, with updates on CSRD
compliance provided at each of the four Audit &
Compliance Committee meetings during the year
ended 31 December 2025. Management teams across
the businesses must assess sustainability progress and
raise material IROs for escalation via our structured
internal reporting processes, which include monthly
management meetings. The Chief Sustainability,
Digital and Marketing Officer provides periodic updates
to the Board on the progress of the Planet Passionate
programme. The Board reviews material sustainability
topics, including climate initiatives, resource efficiency
and employee wellbeing, ensuring that these topics,
as outlined in ESRS 2 SBM-3 of the Statement detailing
the Group’s material IROs, are incorporated into the
decision-making processes across the Group.
The Board also considers sustainability IROs when
overseeing the Group’s strategy and approving major
transactions. The Board evaluates relevant factors
including potential fit with our sustainability goals,
opportunities to leverage synergies and learnings and
also balancing short-term risks to our sustainability
journey against long-term success factors.
GOV-3 – Integration of sustainability
related performance in incentive
schemes
The remuneration principles and overall remuneration
of the Group’s executive directors are outlined in
the Report of the Remuneration Committee section
within this Annual Report.
The Group offers both short-term and long-term
incentive schemes for members of management
linked to sustainability related performance. This
demonstrates the Group’s commitment to achieving
its sustainability strategy.
» Short-term incentives: These include an
annual bonus based on the Group’s financial
performance, the customer performance
indicator (Net Promoter Score) and a Health
& Safety metric. The Health & Safety metric
accounts for 10% of the base salary component
(representing 6.7% of the total maximum bonus
opportunity) and strengthens accountability for
safety outcomes, further embedding the Group’s
health and safety objectives across the business.
NPS is used as a customer experience and
brand advocacy indicator within the Worldwide
Voice of Customer programme; customer views
of the Group’s sustainability efforts may be
reflected indirectly in NPS outcomes, but NPS
is not employed as a standalone sustainability
performance metric. NPS accounts for 10% of the
base salary component, and together the Health
& Safety and NPS metrics represent 13.3% of the
total maximum bonus opportunity.
» Long-term incentive plan (LTIP): These include
specific sustainability related targets, which
account for 15% of the vesting criteria applicable
to the annual performance share plan award.
These targets focus on seven of the Group’s Planet
Passionate environmental objectives, such as
reducing GHG emissions, increasing renewable
energy use and rainwater harvesting. These
objectives directly contribute to the Group’s overall
climate strategy and performance is assessed
against these targets, which align with our GHG
emission reduction targets under E1-4 – Targets.
The Board and the Remuneration Committee review
sustainability linked incentives annually to ensure they
align with the Group’s evolving ESG priorities and long-
term strategy. For further information on the specific
sustainability related targets included within the
performance share plan, please see the Report of the
Remuneration Committee within this Annual Report.
GOV-4 – Statement on due diligence
The table below maps where in our Statement we
outline our due diligence process, including the key
aspects and steps we follow.
141
CSRD Sustainability Statement
Further information may be found here:
Core elements of due diligence Section in the
Statement
Page
a) Embedding due diligence in governance, strategy and business model General 144
b) Engaging with affected stakeholders in all key steps of the due diligence General 143
c) Identifying and assessing adverse impacts Environmental /
Social
144, 194
d) Taking actions to address those adverse impacts Environmental /
Social
168, 196
e) Tracking the effectiveness of these efforts and communicating Social 198
GOV-5 – Risk management and
internal controls over sustainability
reporting
The Group’s risk management and internal control
system for sustainability reporting is an important
component of the Group’s operational and strategic
framework. Risk management is integrated across
the businesses, each business is responsible for
identifying and managing sustainability related risks,
while ensuring alignment with the Group’s overall
sustainability strategy. This localised approach enables
a tailored response to risks that arise at various levels
of the organisation, ensuring they are addressed
effectively and incorporated into decision making
processes under the oversight of senior management
across the businesses, executive directors and the
Audit & Compliance Committee.
Sustainability risks are identified through a multi-
disciplinary approach including, but not limited to,
monthly meetings across the Group’s businesses with
executive directors. The cross-functional management
teams assess and escalate risks, starting at the
business unit level, ensuring comprehensive review
across all businesses along with appropriate escalation
in conjunction with management. Additionally,
an annual risk review is conducted by the Group’s
Internal Audit & Compliance function. This includes
an analysis of sustainability related risks. The findings
are submitted to the Audit & Compliance Committee
and these risks are a key component of the annual
strategic review presented to senior management.
Our assessments cover risks across the entire
value chain, including those related to suppliers
and operations. Risks are prioritised based on their
potential financial and strategic impact, ensuring that
the material risks receive appropriate attention.
The Group’s material risks are detailed within the
corresponding topical sections of this Statement.
To ensure the completeness and integrity of
sustainability related data, the Group has established
internal validation and reporting processes across
its businesses. These controls include standardised
reporting procedures, cross-functional data reviews
and oversight mechanisms to mitigate the risk of
estimation errors and data gaps.
Findings from our sustainability risk assessments
are integrated into the Group’s core functions.
Operational adjustments are made where necessary
to address identified risks and ensure alignment with
the Group’s sustainability goals. Additionally, these
findings feed into the Group’s broader strategic
planning process, ensuring that sustainability
considerations are factored into both medium and
long-term business decisions. Periodic reporting of key
sustainability risk findings to the Audit & Compliance
Committee supports ongoing monitoring and
governance, ensuring transparency and accountability
in sustainability disclosures.
Additionally, Planet Passionate data is collated and
reviewed at the group level by the Group Sustainability
team and is also subject to review by Internal Audit
& Compliance to ensure accuracy, reliability and
alignment with reporting requirements.
SBM-1 – Strategy, business model and
value chain
The Group’s mission is to accelerate a net zero
emissions built environment with people and the
planet at its heart. We aim to achieve this through
four strategic pillars: Innovation, Planet Passionate,
Completing the Envelope and Global. Our business
model and strategic pillars enable the ongoing
transition to high-performance building envelopes,
replacing outdated and inefficient construction
methods.
The Group’s two global operating segments offer a
suite of complementary building envelope solutions for
both the new-build and refurbishment construction
markets. With 278 manufacturing sites, the Group
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Kingspan Group plc Annual Report & Financial Statements 2025
sources key raw materials such as metals, chemicals,
mineral fibre and wood from supply chain partners.
To secure and develop these inputs, the Group works
with key suppliers to identify short and medium-term
solutions that reduce the environmental impacts
of our key products while maintaining their high-
performance. Procuring lower embodied carbon raw
materials is a key part of our strategy, as it will enable
us to offer lower embodied carbon products to our
customers and contribute to the reduction of our
scope 3 GHG emissions.
The Group’s core product categories, insulated
panels, insulation boards, roofing and waterproofing
solutions, data centre infrastructure and lighting and
ventilation solutions are widely used across sectors
such as retail, infrastructure, manufacturing and
residential. Through the continuous development of
innovative and proprietary technology, the Group has
built a portfolio of products that deliver value across
key metrics. Critically, the differentiated thermal
performance of the Group’s insulation solutions
enables design teams, architects and ultimately our
customers to play a role in tackling climate change
by reducing energy consumption and GHG emissions.
These solutions provide recognised benefits for
stakeholders.
The Group distributes its products through a
combination of direct sales and distribution channels,
primarily targeting the new-build, commercial,
industrial and technology sectors. Upstream, the
Group collaborates with key suppliers to source key
raw materials, working with partners to understand
and benchmark their sustainability performance.
Downstream, the Group fosters strong relationships
with a range of stakeholders including but not limited
to contractors, architects, developers, engineers,
building designers, building owners, facilities
managers and local authorities to deliver high-
performance building envelope solutions across a wide
range of applications. For further details on our global
reach and solutions, please refer to the Our Business
Model and Strategy section of this Annual Report.
The total headcount for the Group and the
headcount of countries with greater than 10% of
the total headcount are reported in section S1-6 of
the Statement. For total revenue breakdown by the
Group’s operating segments please refer to Note 2 of
the Financial Statements.
SBM-2 – Interests and views of
stakeholders
As a global leader in building envelope solutions, the
Group engages with a diverse range of stakeholders at
a local, regional and global scale. The Group defines
stakeholders as individuals or groups whose interests
are affected or could be affected by our activities and
products.
Key stakeholder groups include:
» Employees;
» Shareholders/investors;
» Financial institutions;
» Suppliers;
» Customers and end-users;
» Regulatory bodies/government agencies/
policymakers;
» Industry associations/ professional bodies; and
» Community organisations/non-governmental
organisations (NGOs).
We engage with key stakeholder groups through
various methods, including direct meetings, surveys,
industry forums and participation in working groups.
The purpose of these engagements varies depending
on the specific circumstances, but a common theme
is understanding their views, needs and expectations.
We recognise that collaboration with our stakeholders
is crucial for achieving our business objectives,
fostering growth and contributing to sustainable
development. Maintaining an open dialogue allows us
to build strong relationships across our value chain,
within local communities and within the broader
construction industry.
Stakeholder engagement is a critical component
of our ongoing due diligence and DMA processes,
informing both our risk management approach
and the development of collaborative projects.
Stakeholder feedback and insights have been
incorporated into our decision-making process,
especially within the context of our due diligence and
DMA, as detailed in section IRO-1 of this Statement.
The feedback and insights gained from these
engagements play a key role in shaping our business
model and strategy. Stakeholder input directly
influences decisions related to key sustainability
initiatives, resource efficiency measures and employee
wellbeing. Additionally, these insights help identify
potential risks and opportunities, which guide
the Group’s long-term strategy for growth and
sustainability. This ensures that our business model
remains adaptive to evolving stakeholder expectations
and market dynamics.
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CSRD Sustainability Statement
SBM-3 – Material impacts, risks and
opportunities and their interaction
with strategy and business model
The table below presents the Group’s material IROs as
identified through the DMA described in section IRO-1.
This year’s presentation differs from the prior year,
as the overview of IROs has been partially centralised
within ESRS 2 SBM-3 to provide an integrated view of
material topics subject to the Quick Fix deferral. This
change reflects the Group’s decision to avail of the full
topical disclosure deferral introduced under the Quick
Fix, and to streamline sustainability information for
greater clarity.
Material IROs related to topics subject to the Quick
Fix deferral, ESRS E4 Biodiversity and ecosystems, S2
Workers in the value chain, S3 Affected communities,
and S4 Consumers and end-users, are presented in
the table below. Material IROs for all other topics, E1
Climate change, E2 Pollution, E3 Water and marine
resources, E5 Resource use and circular economy,
S1 Own workforce, and G1 Business conduct, are
described within their respective topical sections of
this report, together with the associated policies,
actions, targets and metrics.
Concise paragraph safeguard summaries for the
deferred topics are provided within their topical
sections, while full topical disclosures continue to
be presented for all other standards. Year-on-year
changes to IROs for the deferred topics are described
within this section, while changes for the remaining
topics are discussed in their respective topical
disclosures. The IROs identified under the deferred
topics are reflected in the Group’s Planet Passionate
programme, product development initiatives, and
ethical sourcing practices, which aim to address
related impacts and opportunities.
Material impacts, risks and opportunities for topics
subject to the Quick Fix deferral (ESRS E4, S2, S3 and
S4) are set out in the tables below:
ESRS E4 – Biodiversity and ecosystems
IRO detail IRO name IRO brief description Kingspan initiatives
Type:
Negative impact
– actual
Value chain
stage:
Own operations
Climate
change
Climate change is one of
the key impact drivers on
biodiversity and ecosystems
degradation and as explained
in the E1 - Climate change
section, the Group has material
impacts on climate change
from its own operations.
Policy: The Group Environmental
Policy includes considerations
and provisions aligned with our
biodiversity-related IROs.
Decarbonisation plan: The Group
developed a transition plan (the Plan)
for climate change mitigation. The
Plan comprises mitigation levers for
scope 1, 2 and 3 GHG emissions and
is underpinned by our carbon targets,
which are set out as part of the Planet
Passionate programme.
Type:
Negative impact –
actual
Value chain
stage:
Upstream
Pressures on
biodiversity
Direct drivers or pressures are
impacts that unequivocally
influence biodiversity and
ecosystem processes. Drivers
include climate change, land,
freshwater and sea use change;
tree cover loss; invasives and
pollution.
Policy: The Group Environmental
Policy includes considerations
and provisions aligned with our
biodiversity-related IROs.
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Kingspan Group plc Annual Report & Financial Statements 2025
ESRS S2 – Workers in the value chain
IRO detail IRO name IRO brief description Kingspan initiatives
Type:
Positive impact
- actual
Value chain:
Upstream
The Group
promotes
sustainable
supply chains
through its Code
of Conduct and
Supplier Code of
Conduct
The Group promotes
sustainable supply chains
through a detailed Code
of Conduct and Supplier
Code of Conduct, utilising
ESG rating tools to
monitor ESG scores across
its supply chain.
Due diligence: The Group has developed a
due diligence process that includes supplier
audits, corrective action plans and the
use of various ESG rating tools to monitor
supplier sustainability performance.
Internal and external policies: The Group
has established clear standards for ethical
practices and sustainability expectations
across our supply chain through key policies,
including our Human Rights Policy, Code
of Conduct, Supplier Code of Conduct and
SHREDD Policy.
Type:
Positive impact
- actual
Value chain:
Upstream
Current/
emerging
regulation
The Group observes the
evolving regional and
jurisdiction-specific supply
chain regulations.
Type:
Positive impact
- actual
Value chain:
Upstream
Established
Human Rights
Policy and
due diligence
procedures
The Group has established
comprehensive policies
and procedures helping to
mitigate adverse human
rights impacts across its
supply chain.
Training programmes: The Group provides
training programmes for internal teams on
its human rights policies.
Engagement and collaboration: The
Group promotes continuous improvement
by prioritising collaboration and
engagement to enhance supplier practices
and further align them with the Group’s
sustainability initiatives.
Regulatory compliance: The Group
actively stays informed and up to date with
evolving regional and jurisdiction-specific
supply chain regulations, ensuring that
our policies and practices reflect the latest
requirements and best practices.
Reporting mechanisms: The Group
provides anonymous reporting channels
that allow workers in the value chain to raise
concerns about ethical or human rights
violations. These mechanisms, outlined
in our Supplier Code of Conduct, ensure
that concerns can be raised confidentially
and are addressed through appropriate
processes.
Type:
Potential risk
Time Horizon:
Short-term to
Medium-term
Triggered by:
Dependency
Risks of human
rights breaches
Potential breaches of
human rights regulations
could lead to reputational
damage and litigation
issues.
Type:
Potential
opportunity
Time Horizon:
Short-term to
Medium-term
Triggered by:
Our impacts
Policies and
procedures
mitigating
human rights
risk
The Group’s policies help
to prevent human rights
violations and ensure
ethical labour practices,
reducing modern slavery
risks. Promoting human
rights and protection for
confidential independent
hotlines boosts the
Group’s reputation,
enhancing business
relationships and
stakeholder trust.
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ESRS S3 – Affected communities
IRO detail IRO name IRO brief description Kingspan initiatives
Type:
Negative impact
- potential
Time Horizon:
Short-term
Value chain:
Upstream and
downstream
Upstream
and
downstream
potential
negative
impacts on
indigenous
and local
communities
Includes potential
negative impacts
across our value chain
(both upstream and
downstream) relating to
environmental factors.
Due diligence: The Group has developed
a due diligence process that includes but
is not limited to supplier audits, corrective
action plans and the use of various ESG
rating tools to monitor supplier sustainability
performance.
Internal and external policies: The Group
has established clear standards for ethical
practices and sustainability expectations
across our supply chain through key policies,
including our Human Rights Policy, Code
of Conduct, Supplier Code of Conduct,
Corporate Citizenship Policy, Environmental
Policy and SHREDD Policy.
Reporting mechanisms: As highlighted
in our Human Rights Policy, there are
various channels available for affected
communities. Third parties can visit
the Group website for further contact
information.
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ESRS S4 – Consumers and end-users
IRO detail IRO name IRO brief description Kingspan initiatives
Type:
Positive impact -
actual
Value chain:
Downstream
Safety and
quality of
products
The Group has a positive
impact on the lives of
consumers through the
provision of products and
services that are safe and
of high quality.
Dedicated oversight structures: The Group
has established dedicated structures and
processes to oversee product quality and
compliance, with the Audit & Compliance
Committee reviewing their effectiveness and
monitoring compliance culture.
Global compliance programme: The Group
has implemented a rigorous global product
compliance and marketing programme,
led by the Group Head of Internal Audit &
Compliance, following ISO 37301 standards
and supported by internal audits and Board
oversight.
Policies: The Group’s Product Compliance
Policy outlines our commitment to the safety,
quality and integrity of our products. This
policy is further reinforced by an internal-
facing Group Compliance Manual, which
details the processes implemented across
the Group. The manual also includes the
requirement for maintaining a Register of
External Certificates and Test Reports for each
product.
Marketing integrity: The Group MIM
provides a compliance framework for
marketing materials and websites, with
adherence audited by the Group Internal Audit
& Compliance function.
Environmental claims guide: The Group
introduced a global Environmental Claims
Guide to ensure all sustainability related
marketing claims are accurate and robust.
Product testing & safety: New products
undergo rigorous testing at our IKON
and FERC facilities, adhering to ISO 9001
standards, to ensure product safety and
quality.
Continuous improvement: The Group
regularly reviews and updates compliance
and quality management systems, with
progress tracked and reported to the Audit
& Compliance Committee, including specific
targets for continuous improvement.
Type:
Positive impact -
actual
Value chain:
Downstream
Product
information
Providing accurate
product information
is crucial for ensuring
structural integrity and
optimal performance.
Type:
Potential risk
Time Horizon:
Short-term
Triggered by:
Our impacts
Product
failure
Potential functional
failure of our products
could lead to health and
safety issues alongside
reputational damage.
Dedicated structures and
processes are in place
to manage and monitor
product quality.
Type:
Potential risk
Time Horizon:
Short-term
Triggered by:
Our impacts
Integrity
of product
marketing
Risk of reputational
damage and/or litigation
issues resulting from
mismarketing incidents.
The MIM establishes a
compliance framework
for product marketing
materials/websites and is
subject to internal audit.
ESRS E4 – Biodiversity and ecosystems
Own operations:
Out of the five key biodiversity impact drivers,
outlined in CSRD, ESRS E4 – paragraph 4, which are
climate change; land-use, freshwater and sea-use
change; direct exploitation; invasive alien species;
pollution, only climate change is deemed material for
our operations (with pollution deemed as relevant
but not material and the rest as not relevant). As
part of our internal assessment process, we also use
widely recognised publicly available tools to better
understand our biodiversity related impacts and
dependencies at the site level.
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CSRD Sustainability Statement
Due to the nature of our impacts, the location of our
activities, and our proactive management approach,
we also concluded that we do not have operations
that affect threatened species. It is not required that
we provide a list of material sites with activities that
negatively affect biodiversity sensitive areas.
Value chain:
Given the location specific nature of biodiversity,
assessing IROs across our extensive value chain poses
a significant challenge. In 2025, we rolled out our
updated Supplier Code of Conduct for all businesses
across the Group, reinforcing the importance of
Kingspan’s SHREDD policy. It outlines our expectations
for our suppliers in relation to environmental
stewardship including protection of biodiversity and
mitigation of any negative impacts. As we continue to
work closely with relevant stakeholders, we continue
to take a precautionary approach and consider our
upstream impacts on biodiversity as material.
Year-on-year changes include merging two upstream
material negative impacts related to pressures on
biodiversity.
ESRS S2 – Workers in the value chain
Material IROs remain consistent with the prior year
and arise through relationships with tier-1 suppliers.
Opportunities relate to strengthening supplier
capability and promoting ethical-sourcing practices.
The SHREDD process, supplier-engagement forums
and monitoring systems manage and track these
matters, supporting the resilience of the supply-chain
strategy over the medium term.
ESRS S3 – Affected communities
Material IROs remain consistent with the prior year.
Potential negative impacts extend upstream and
downstream, where environmental factors may
affect local communities connected to our suppliers
and customers. These communities are diverse and
numerous, reflecting the Group’s trading presence in
over 80 countries and its wide range of supplier types
and sizes.
The Group does not operate in a higher risk sector
(e.g. agribusiness, oil and gas), hence its impact on
the rights of indigenous peoples is minimal, if any.
The Group is not in the business of land acquisition
and does not exploit land for resources. The Group
is not connected with activities related to adequate
food or housing and does not have security-
related impacts. There are no ongoing complaints,
identified incidents involving the rights of indigenous
peoples, legal exposure, or experienced boycotts by
indigenous peoples.
Engagement programmes, human rights due diligence
procedures and community investment initiatives are
central to how the Group addresses these impacts and
aims to maintain long-term, positive relationships with
the communities in which it operates.
ESRS S4 – Consumers and end-users
The Group manages IROs linked to product quality,
safety and transparent information. Following
reassessment through the DMA, the IRO on
leveraging technology to enhance customer-service
capabilities no longer meets the criteria for material
disclosure, reflecting changes in internal operations
and subsequent assessment outcomes. Remaining
IROs focus on maintaining safe, compliant and
high-performance products that help support a net
zero built environment. Impacts occur through the
manufacture and marketing of building envelope
products used by professional installers and building
operators.
Across the deferred topics (ESRS E4, S2, S3 and S4),
the Group’s diversified manufacturing base, long-
term supplier partnerships and innovation framework
support the resilience of the business model in
addressing these material impacts and risks. Aligned
with our mission to accelerate a net zero emissions
built environment with people and planet at its
heart, this approach ensures that the management
of sustainability IROs remains integrated within our
overall strategic direction.
IRO-1 – Description of the process to
identify and assess material impacts,
risks and opportunities
The Group completed its first DMA in 2024 which
was carried out in collaboration with both internal
and external stakeholders. The process involved the
identification of key IROs across our value chain. This
assessment spanned short, medium and long-term
time horizons, evaluating both impact materiality,
the effects of the Group’s activities on society and
the environment and financial materiality, examining
how sustainability factors could influence the Group’s
financial performance.
The Group’s DMA methodology aligns with CSRD and
ESRS requirements. This process was supported by
third-party experts and included a detailed, multi-
step approach:
1. Scoping
The scope of the assessment included, but was
not limited to, a review of the Group’s operational
segments, encompassing upstream and
downstream activities, geographical reach and key
suppliers. Internal business knowledge and external
expertise was utilised to ensure an evaluation of
impacts.
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2. Identification
A list of actual and potential IROs was developed
through desktop research, peer benchmarking,
internal consultations with subject matter experts
and input from external experts. This assessment
considered both the actual and potential impacts
of the Group’s business on society and the
environment (impact materiality), as well as how
sustainability matters could potentially affect
the Group’s financial performance and position
(financial materiality). Additionally, publicly
available tools were used to assess environmental
risks. Each identified IRO was mapped to ESRS
topical standards.
For impacts, the Group assessed materiality
based on criteria of severity and likelihood, with
thresholds set accordingly. This assessment
considers activities, business relationships and
geographies where adverse impacts may be
more likely, factoring in resource dependencies,
regulatory variations and market conditions that
influence risk exposure. Severity is determined
by the scale, scope and irremediable nature of
negative impacts, as well as the scale and scope
of positive impacts. In contrast, the financial
materiality of risks and opportunities is assessed
using thresholds based on the anticipated
financial effects and likelihood of occurrence. This
dual approach ensures that both the societal and
environmental impacts, as well as financial risks
and opportunities, are appropriately evaluated and
prioritised for reporting purposes. This structured
rating system is aligned with ESRS guidelines.
3. Engagement
The Group engaged with over 50 stakeholders from
a range of groups, including executives, customers,
employees, NGOs and regulatory bodies, through
surveys and interviews. Also, input from NGOs and
community organisations served as a valuable
proxy to capture societal perspectives. This broad
engagement ensured the validation of identified
sustainability matters from both impact and
financial perspectives, helping to prioritise IROs
based on the significance of their potential societal
and financial impacts.
4. Consolidation
Feedback from stakeholders was analysed and
integrated into the final DMA. The results were
validated by the Group’s management team
to ensure alignment with the Group’s strategic
priorities. The DMA process remained flexible,
allowing for recalibration and refinement where
necessary to reflect additional insights, emerging
issues or regulatory guidance.
5. Reporting
The outcome of the DMA identified material IROs
across all ten ESRS topics, as detailed in the topical
ESRS standards, forming the basis for the Group’s
sustainability reporting. The findings were aligned
with both impact and financial materiality, ensuring
that the Group’s sustainability efforts focus on
the most significant societal, environmental and
business risks and opportunities.
The assessment serves as a foundational tool for the
Group’s sustainability reporting. The dynamic nature
of this process allows for continuous refinement
and adjustment as new risks, opportunities and
stakeholder expectations emerge. The Group monitors
this assessment on an ongoing basis, with the findings
integrated into the Group’s overall risk management
and decision making processes.
In 2025, the Group built on DMA and findings reported
for 2024. During the year, the Group conducted a
series of targeted workshops with internal subject-
matter experts to reassess the prior-year IRO universe,
cross-check inputs from grievance mechanisms, and
consider updated information and changes in external
factors, including acquisitions, peer reporting and
regulatory developments.
This review ensured that the identification of actual
and potential IROs, associated scoring and ESRS
topic mapping remained current and reflective of
the Group’s operating context. No material changes
were made to the DMA methodology itself during
the reporting period, rather, the existing framework
was revalidated and applied to confirm its continued
appropriateness. The Group will continue to monitor
developments in the regulatory landscape including
updates to the ESRS framework, and will update the
DMA as appropriate to reflect any resulting changes.
The following sections describe this updated process
in more detail, illustrating how it was implemented for
each of the ESRS Environmental topics.
Topic-Specific Assessment:
E1 – Climate change
To assess our impacts on climate change, and in
particular our GHG emissions, we have a group-wide
methodology for collecting, collating, analysing and
reporting our scope 1, 2 and 3 GHG emissions. These
emissions, which are available in section E1-6, are the
basis of our climate change impact assessment.
Climate change scenario analysis enables improvement
to our strategic thinking and planning, which refines
the resilience of our strategy. A resilient strategy
allows the Group to be more flexible, adaptable to
disruptions and remain effective under many different
circumstances and conditions. An integral part of this
process is to identify the multifaceted implications of
climate change scenarios.
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CSRD Sustainability Statement
To achieve this, we use a two-pronged approach:
1. Quantitative analysis:
We are using an external assessment tool to better
understand the implications of a wider spectrum of
physical and transition climate change risks across
different scenarios and time horizons. The tool used
is built on the latest climate change science with over
1,000 impact functions based on expert literature.
Both our own operations and our key suppliers (which
is the most material part of our upstream value chain)
were included in the analysis.
(a) Physical risks: We examined nine physical
hazards (pluvial flooding, wildfire, temperature
extremes, water stress, coastal flooding,
fluvial flooding, tropical cyclone, drought and
landslides) across eight decades (2020 to 2100)
and four climate change scenarios, across a mix
of Shared Socioeconomic Pathways (SSPs) and
Representative Concentration Pathways (RCP).
These included, 1. RCP 8.5-SSP5, 2. RCP 7.0-SSP3,
3. RCP 4.5- SSP2 and 4. RCP 2.6-SSP1.
The results of the physical risk analysis showed
exposure to minimal impacts due to temperature
extremes and water stress in the higher climate
change RCP-SSP scenarios starting from the
2040s and rising steadily until the 2090s.
However, the financial impact of physical risks
was not material to the Group’s operations in the
lower RCP-SSP scenarios.
(b) Transition risks: We examined five transition risk
types (carbon pricing, litigation, new technology,
reputational damage and market) across eight
decades (2020 to 2100) and four climate change
scenarios (1. RCP 8.5-SSP5, 2. RCP 7.0- SSP3, 3.
RCP 4.5-SSP2 and 4. RCP 2.6-SSP1).
The results of the transition risk analysis showed
a number of items including, but not limited
to, exposure to litigation, new technology,
reputational damage and market risks which were
not material to the Group’s operations in all the
scenarios that we examined. The exposure to the
financial impact of carbon pricing was not found
to be material in medium, medium high and high
scenarios. However, we found that the exposure
to carbon pricing increased only in the 2090s in
the low (RCP 2.6-SSP1) scenario.
2. Qualitative analysis:
For several of our risks and opportunities, we were
faced with the constraints and limitations of publicly
available scenarios. Specifically, quantitative scenario
data for customer demand/ market fluctuations
for insulation products are not yet available, so
we studied and used a mix of SSPs and related
Integrated Assessment Models (IAMs) to construct
a relevant narrative. This approach allowed us to
better understand broad socio-economic trends
that could shape future society and gain access to
a wider array of quantitative information. We used
SSP1 (a low challenge to mitigation and adaptation
pathway), SSP2 (a medium challenge to mitigation
and adaptation pathway), SSP5 (a high challenge to
mitigation, low challenge to adaptation) and three
RCP targets: 1.9, 3.4 and 6.0 w/m
2
targets (1.3 – 1.4,
2.1 – 2.3 and 3.2-3.3
o
C respectively).
The Group has recently updated the resilience analysis
of its strategy and business model. This update
incorporated both quantitative and qualitative
analysis, as well as internal expertise in the building
materials industry. Based on these findings and our
assertion that climate change risks and opportunities
are already integrated into our strategy, products and
business model, we concluded that our business model
and strategy are resilient across all SSPs. This includes
the worst-case scenario of SSP3, which assumes lower
demand for sustainable products, though insulating
buildings will be mandated in all scenarios. We will
continue to refine our strategic planning as more
detailed tools on future demand for building and
insulation products become available. While certain
critical climate related assumptions used in the
Financial Statements are largely compatible with the
scenarios detailed above, the impairment tests are
broader in scope, which includes additional factors
such as macro-economic conditions and market
dynamics. Additionally, the Group did not identify any
key assets or business activities that are incompatible
with or require significant adjustments to align with
the transition to a climate-neutral economy (see
our disclosure on locked-in emissions in the Climate
change section and our EU Taxonomy alignment in the
Environmental information section below).
Topic-Specific Assessment:
E2 – Pollution
The Group comprises several distinct manufacturing
processes, with a variety of inputs, outputs and
scale, which makes the process of assessing our
pollution related IROs at the Group level complex and
challenging. To tackle this challenge, we utilised our
internal expertise across the Group’s businesses and
engaged a third-party expert in this field. We also
considered and applied the established knowledge
on this area, as presented in industry standards
and publications and examined data including,
but not limited to, raw materials, direct pollutant
measurements and production volumes. In 2025,
we reassessed and refined our list of IROs and we
are committed to continue doing so in the following
reporting cycles.
Topic-Specific Assessment:
E3 – Water and marine resources
To identify its water-related IROs, the Group
screened its assets and activities using various tools,
including water withdrawal and consumption data
collected across the Group and an external tool
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Kingspan Group plc Annual Report & Financial Statements 2025
(WRI’s Aqueduct) to help to identify and evaluate
water risks across our operations. We evaluated our
dependencies on water by conducting a detailed
analysis of our processes to understand for which of
them water is an integral input. We used data on
water withdrawals as a proxy for water dependencies
and water consumption as a proxy for water impacts.
In summary, due to the nature and variety of our
operations and processes, we do not believe our
impacts and dependencies are material at the
Group level. Similarly, given the large number and
geographical spread of our facilities, we concluded
that water is not a material risk at the Group level.
Nevertheless, we will continue to monitor the situation
and if we identify a priority site (based on either
impacts or dependencies on water) we will develop
site specific, water action plans.
For our upstream value chain, we used publicly
available sectoral water assessment tools and
leveraged our internal expertise on the topic. Based on
this analysis, we concluded that we do have material
impacts on water due to the nature of operations
of our key suppliers (i.e. steel and chemicals). As a
next step we envisage conducting a more detailed
assessment of our key suppliers related to water and
ecosystem services. The results will help us to refine
our impacts and dependencies materiality assessment
and aid our teams in deciding if specific actions need
to be taken to mitigate these impacts.
Topic-Specific Assessment:
E4 – Biodiversity and ecosystems
Biodiversity is location specific; its state and
importance can vary greatly depending on
location. The Group is a global manufacturer with
278 manufacturing sites and a vast and complex
value chain. To understand, assess and manage
biodiversity related IROs, we used location specific
data. For our biodiversity IRO assessment, we
used WWF’s Biodiversity Risk Filter (BRF) tool that
allowed us to combine location specific data on the
integrity of biodiversity with corporate data (e.g. site
importance and industry classification) to obtain
an understanding of our IROs and assess the need
for prioritising location(s) for action. BRF covers
both physical and reputational risks (transition and
systemic were not included), with eight underlying risk
categories and a plethora of indicators. The results
continued to form part of our DMA for the topic (for
more information on the results of the assessment
and year-on-year changes, see section SBM-3 section,
page 144).
Topic-Specific Assessment:
E5 – Resource use and circular economy
As a global leader in advanced insulation and building
envelope solutions, the Group recognises circularity as a
critical issue and aims to help accelerate the transition
to a circular economy. Our material IROs related to
resource use and circular economy have been identified
via the DMA. As part of the assessment, we screened
our activities and key manufacturing processes to
understand related IROs. This screening process
included reference to available data on our material
inflows and outflows, market trends and regulatory
drivers. This assessment was completed by the Group
Sustainability team who engaged with sustainability
teams across the businesses and procurement leads
for relevant input and utilised internal expertise on
these topics to assist in the determination of double
materiality. For the assessment of the IROs related to
our material inflows, 2024 raw material volumes and
spend data was reviewed. This dataset was collated
from procurement and finance teams across the
businesses as part of our reporting cycle. Material
outflows, products and waste were assessed. Our
waste data is collected at site level, monthly, in our
environmental data collection system. Assessing
product alignment was completed through review
of product literature including, but not limited to,
environmental product declarations and consultations
with internal stakeholders.
IRO-2 – Disclosure requirements in
ESRS covered by the undertaking’s
sustainability statement
The Group’s DMA process, as defined in section IRO-1,
serves as the foundation for determining material
information to be included regarding the relevant IROs.
The tables in Appendix 1 list all the ESRS disclosure
requirements in ESRS 2 and the 10 topical standards
that are material to the Group, guiding the
preparation of our Statement. These tables also
indicate where information related to specific
disclosure requirements, located outside the
Statement, is incorporated by reference to sections
such as Our Business Model and Strategy, Financial
Statements, or the Report of the Remuneration
Committee within this Annual Report.
The table in Appendix 4 includes all the data points
derived from other EU legislation, as listed in ESRS 2
Appendix B, indicating where these data points can
be found in our report and which are assessed as not
relevant.
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CSRD Sustainability Statement
ENVIRONMENTAL
INFORMATION
CSRD Sustainability
Statement
CASA CLV
Cajamar, São Paulo
Insulated Building Envelopes
Isofachada panel
Photography: Manuel Sá
Kingspan Group plc Annual Report & Financial Statements 2025
152
EU TAXONOMY
DISCLOSURE
General
Our mission is to accelerate a net zero emissions
built environment with people and planet at its
heart. Our business model is built around two global
operating segments, Insulated Building Envelopes and
Advnsys. These segments deliver integrated building
envelope solutions that enhance energy efficiency
and reduce GHG emissions in both new-build and
refurbishment projects. By replacing outdated,
inefficient construction methods with innovative,
high-performance solutions, we align with global
sustainability goals and contribute to climate change
mitigation. The Group is reporting pursuant to Article
8 of Regulation (EU) 2020/852 on the EU Taxonomy
and for 2025, has elected to apply Commission
Delegated Regulation (EU) 2026/73.
Eligible and aligned screening process
The Group applies a structured screening process to
assess alignment with the EU Taxonomy framework,
referencing the Climate Delegated Act (EU
2021/2139), the Complementary Climate Delegated
Act (EU 2022/1214), the Environmental Delegated
Act (EU 2023/2486) and the Amending Delegated
Act (EU 2023/2485), which amends and clarifies the
application of the technical screening criteria set out
in the Climate and Environmental Delegated Acts.
To determine taxonomy-eligible activities, we assessed
our economic activities across the taxonomy-eligible
activities outlined in Annex I and II of the Climate
Delegated Act, identifying those that contribute
to one or more of the six environmental objectives.
Our primary eligible activity, ‘Manufacture of energy
efficiency equipment for buildings’ (CCM 3.5), was
identified based on its role in enhancing energy
efficiency and reducing carbon emissions in the built
environment.
To ensure compliance with the Technical Screening
Criteria (TSC), we conducted a detailed assessment
of our aligned activities against the substantial
contribution requirements set out in Annex I. This
included evaluating product performance, energy
efficiency thresholds and alignment with regulatory
standards that contribute to climate change
mitigation. This assessment was carried out with
reference to the Commission Delegated Act (EU)
2026/73, which introduced clarifications on the
scope, materiality thresholds and application of the
Taxonomy framework. In line with these clarifications,
the Group did not assess the eligibility or alignment of
economic activities where the cumulative contribution
of those activities to the relevant KPI (turnover, capex
or opex) was below 10% of the denominator of the
respective KPI. For capex, this primarily related to
investments supporting the Group’s Planet Passionate
targets across multiple activities, including solar
photovoltaic electricity generation (4.1), bioenergy-
related electricity and heat generation (4.8 and 4.24),
and transport by passenger cars and light commercial
vehicles (6.5), which were assessed as non-material in
aggregate.
Additionally, we assessed our operations against
DNSH criteria to confirm that our activities do not
adversely impact other environmental objectives.
The assessment process also included reviewing
governance and social safeguards to ensure
compliance with minimum safeguards under Article 18
of the EU Taxonomy regulation.
Technical screening
The Group primarily aligns with Activity CCM 3.5
– Manufacture of energy efficiency equipment for
buildings, under the Climate Change Mitigation
objective. Our building envelope solutions enable
significant reductions in energy consumption and
GHG emissions, supporting the transition to a low-
carbon future. In line with Regulation (EU) 2020/852,
Article 3, an economic activity qualifies as taxonomy-
aligned if it substantially contributes to one or more
environmental objectives, does no significant harm
to the remaining objectives and meets minimum
safeguards for social and governance standards.
The Group’s taxonomy-aligned activities have been
assessed against Annex I of the Climate Delegated
Act.
Double counting
Reporting to one eligible activity (CCM 3.5) and
excluding intercompany sales ensures double counting
is avoided from a turnover KPI perspective. Opex and
capex are reported in line with Article 8 definitions and
relate to distinct categories of expenditure supporting
CCM 3.5, ensuring that costs are not double counted.
Taxonomy-eligible and aligned turnover
Taxonomy-aligned and/or eligible turnover is derived
from Activity CCM 3.5 – Manufacture of energy
efficiency equipment for buildings and from a
reporting basis is consistent with the Group’s revenue
recognition policy outlined in Note 1 to the financial
statements. The denominator reflects total Group
revenue. The numerator represents the total eligible
and aligned revenue activities derived from the sale of
energy efficient building envelope solutions.
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CSRD Sustainability Statement
Taxonomy-eligible and aligned capex
The numerator for the taxonomy-aligned and/
or eligible capex KPI, includes expenditure on the
expansion, establishment or improvement of
taxonomy-eligible/ aligned assets. The denominator
consists of all additions to tangible and intangible
assets before depreciation, amortisation and
remeasurements, excluding fair value changes.
This includes costs accounted for under relevant
IFRS standards, including IAS 16 Property, Plant
& Equipment, IAS 38 Intangible Assets, IAS 40
Investment Property and IFRS 16 Leases. There are
no capex plans to specifically extend taxonomy
alignment.
Taxonomy-eligible and aligned opex
The opex KPI denominator is defined as direct non-
capitalised costs relating to research and development,
renovation measures, short-term leases, maintenance
and other direct expenditures relating to the day-
to-day servicing of the Group’s assets of property,
plant and equipment that are necessary to ensure
the continued and effective use of such assets. The
opex numerator includes expenditure within the above
defined boundary that supports eligible and/or aligned
revenue under Activity CCM 3.5 – Manufacture of
energy efficiency equipment for buildings.
Do No Significant Harm (DNSH)
Climate change adaptation
To identify physical climate risks that might be
material to our activities, we performed a physical
climate risk assessment. The assessment was
performed using a third-party platform that supports
companies to identify and measure climate risk.
It models nine different hazards over the next 80
years for several emission scenarios. Based on the
results of the analysis and the materiality of the
identified physical climate risks, we concluded that
the implementation of adaptation solutions was not
warranted for our operations under scope. Hence, we
have not adversely affected the adaptation efforts
of other people, of nature, of cultural heritage, of
assets or of other economic activities via adaptation
solutions or plans.
Sustainable use and protection of water and
marine resources
Due to the nature of our activities, including the
variance in both size and location of our operations,
our impacts and dependency on water vary across
our Group. For example, the vast majority of our
sites withdraw less than 10,000 m
3
of water per year
(categorised as very low) and are therefore not water
intensive.
As part of our DMA, we identified and analysed
environmental degradation risks related to both water
stress and water quality using third-party tools and
internal expertise. Regarding water stress, 30% (2024:
29%) of our sites (manufacturing, assembly and R&D)
are located in areas of high or extremely high-water
stress. These facilities represent 16% (2024: 9%) of our
water withdrawals.
We assessed water quality for sites with water
withdrawals exceeding 10,000 m
3
per year as we
believe that there is a clear correlation between water
withdrawal volumes and impacts/risks related to water
quality. The results showed that none of the examined
sites have high (or very high) operational risks related
to water quality. Based on the above and our overall
water profile, we did not identify any priority sites
for the implementation of water use and protection
management plans during the reporting year.
Pollution prevention and control
In its Environmental Policy, Kingspan recognises the
importance of pollution as a critical global issue and
is committed to developing a process to identify and
monitor material pollution-related impacts, risks and
opportunities within its operations.
Kingspan’s manufacturing activities do not use or
produce any substances listed in the regulation
under the points (a) to (d) of the Appendices C:
Generic Criteria for DNSH to pollution prevention and
control regarding use and presence of chemicals.
The requirement in point (f) is also fulfilled because
substances listed in the ECHA SVHC list are not known
to be present in amounts above 0.1% in Kingspan
products. Regarding substances under restrictions
under REACH regulation (point (e) of appendix C),
substances used by Kingspan are either not restricted
by EC 1907/2006 Annex XVII or are used in full
compliance with the conditions specified in that Annex.
This applies to both formaldehyde and methylene
diphenyl diisocyanate (MDI). Formaldehyde is
classified as CMR and its emissions are in the process
of being restricted in consumer products, whereas
industrial products are covered by worker protection
rules. There are exposure limits for workers set at EU
level. Formaldehyde is a building block for phenolic
resins which are purchased for use in the manufacture
of phenolic foams. In the final product there is very
little residual formaldehyde left, with measures in
place designed to ensure that regulatory thresholds
are not breached. Similarly, MDI is used as a building
block for the polyurethane (PU) and polyisocyanurate
(PIR) used in the manufacture of PU/PIR foams.
Again, the residual presence of MDI is minimal,
ensuring that the requirements of Appendix C points
(e) and (f) are met in that case as well.
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Kingspan Group plc Annual Report & Financial Statements 2025
All Kingspan products also meet the requirements of
EC 1907/2006 Annex XVII with respect to microplastics,
since they are either used in industrial settings or
incapsulated in final products and therefore meet the
stated exemption requirements.
Transition to a circular economy
The Group has assessed information related to
the use of secondary raw materials and reused
components in the Group’s manufactured products
by reviewing and reporting data on raw materials
collected at group level and through sustainability
engagement initiatives across the Group’s businesses.
With the help of the new target under the Planet
Passionate programme, the Group has increased the
use of recycled and renewable raw materials in the
manufacturing of its products to 1.05 million tonnes in
2025.
The Group continues to assess and increase adoption
of circular design best practices through multi-
disciplinary collaboration and innovation. This
includes supporting product design for high durability,
recyclability, ease of disassembly and adaptability
by working in collaboration with teams across the
Group’s businesses. The Group’s core product portfolio
is designed to be highly durable and long lasting.
The Group has also undertaken multiple initiatives to
evaluate and improve waste management systems
which have helped identify opportunities for recycling
of our waste and highlight areas for improvement in
our manufacturing processes. We continue to divert
waste from landfill, driven by our zero waste to landfill
by 2030 target, which has been a fundamental pillar
of our Planet Passionate programme since 2020.
The Group has completed an assessment of the
availability of information on substances of concern
throughout the lifecycle of our manufactured
products by collaborating with a third-party with
expertise in the chemical industry. Based on this
assessment, it is determined that the Group’s
manufacturing activities do not use or produce any
substances listed in the regulation under the points
(a) to (d) of the Appendix C: Generic Criteria for
DNSH to pollution prevention and control regarding
use and presence of chemicals. Regarding REACH
regulation, all substances used by the Group are either
not restricted under EC 1907/2006 Annex XVII or are
used in full compliance with the specified conditions
in that Annex. For more information see Pollution
prevention and control.
Protection and restoration of biodiversity and
ecosystems
Directive 2011/92/EU outlines (in Annexes I and II)
project categories that are likely to have a significant
effect on the environment. Projects listed in Annex
I are those that have significant effects on the
environment, whereas projects listed in Annex II
do not necessarily have significant effects on the
environment in every case. The Group does not own
or operate projects (i.e. sites) listed in Annex I. Only
5 (2024:4) of the Group’s sites (1.8%) (2024:1.5%)
are listed in Annex II. For the latter, either an
Environmental Impact Assessment (EIA) or screening
has been completed and the required mitigation
measures, where applicable, for protecting the
environment have been implemented.
Due to the location of our activities, the nature of our
impacts and our proactive management approach,
we maintain that we do not have any significant
effects on the conservation objectives of biodiversity-
sensitive areas.
Minimum safeguards
The Group ensures compliance with the Minimum
Safeguards under the EU Taxonomy by aligning
its policies and practices with key international
frameworks, including the OECD Guidelines for
Multinational Enterprises, the UN Guiding Principles
on Business and Human Rights, the ILO Declaration
on Fundamental Principles and Rights at Work and the
International Bill of Human Rights.
Our approach focuses on nine key areas, which
include, Human Rights Policies, Human Rights
Due Diligence, Addressing Human Rights Impacts
and Tracking Effectiveness, Human Rights
Communications, Grievance Mechanisms, Consumer
Interests, Anti-Corruption, Fair Competition and
Taxation. Through our Human Rights Policy, SHREDD
Policy and Supplier Code of Conduct, we uphold
human rights across our operations and supply chains,
addressing forced labour, non-discrimination and
supporting collective bargaining rights.
We also maintain a zero-tolerance approach to fraud,
bribery and corruption through our Anti-Fraud, Bribery
& Corruption Policy. The Group Code of Conduct
reinforces this commitment by including a confidential
independent hotline policy, supported by a secure and
anonymous channel to report concerns. The SHREDD
process assesses supplier risks, implements corrective
action plans and ensures ongoing alignment with
international standards.
Governance and transparency underpin our
approach, with confidential reporting mechanisms
and annual reviews to monitor and improve
compliance. By embedding robust policies and
fostering accountability, the Group demonstrates its
commitment to human rights, labour standards and
ethical governance across its value chain.
155
CSRD Sustainability Statement
Proportion of turnover, capex, opex from products or services associated with
taxonomy-eligible or taxonomy-aligned economic activities.
Turnover
Financial
Year 2025
2025
KPI Total Proportion
of
Taxonomy
eligible
activities
Taxonomy
aligned
activities
Proportion
of
Taxonomy
aligned
activities
Breakdown by environmental objectives of
Taxonomy aligned activities
Proportion
of enabling
activities
Proportion
of
transitional
activities
Not assessed
activities
considered
non-material
Taxonomy
aligned
activities
in previous
financial
year
(2024)
Proportion
of
Taxonomy
aligned
activities
in previous
financial
year (2024)
Climate
Change
Mitigation
Climate
Change
Adaptation
Water Circular
Economy
Pollution Biodiversity
EUR m % EUR m % % % % % % % % % % EUR m %
Turnover
9,199 57% 3,639 40% 100% 0% 0% 0% 0% 0% 100% 0% 0% 3,466 40%
Capex
365 65% 187 51% 100% 0% 0% 0% 0% 0% 100% 0% 0% 140 38%
Opex
1,629 56% 656 40% 100% 0% 0% 0% 0% 0% 100% 0% 0% 565 41%
Reported KPI (Turnover) Turnover
Financial year (2025) 2025
Economic Activities Code Taxonomy
eligible KPI
(Proportion
of Taxonomy
eligible
Turnover)
Taxonomy
aligned KPI
(monetary
value of
Turnover)
Taxonomy
aligned KPI
(Proportion
of
Taxonomy
aligned
Turnover)
Environmental objective of Taxonomy
aligned activities
Enabling
activity
Transitional
activity
Proportion of
Taxonomy aligned
in Taxonomy
eligible
Climate
Change
Mitigation
Climate
Change
Adaptation
Water Circular
Economy
Pollution Biodiversity
% EUR m % % % % % % % (E where
applicable)
(T where
applicable)
%
Manufacture of
energy efficiency
equipment for
buildings
CCM
3.5
57% 3,639 40% 100% 0% 0% 0% 0% 0% E 69%
Sum of alignment
per objective
100% 0% 0% 0% 0% 0%
Total KPI (Turnover)
57% 3,639 40% 100% 0% 0% 0% 0% 0% 100% 0% 69%
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Kingspan Group plc Annual Report & Financial Statements 2025
Capex
Reported KPI (Capex) Capex
Financial year (2025) 2025
Economic Activities Code Taxonomy
eligible KPI
(Proportion
of Taxonomy
eligible
capex)
Taxonomy
aligned KPI
(monetary
value of
capex)
Taxonomy
aligned KPI
(Proportion
of
Taxonomy
aligned
capex)
Environmental objective of Taxonomy
aligned activities
Enabling
activity
Transitional
activity
Proportion
of Taxonomy
aligned in
Taxonomy
eligible
Climate
Change
Mitigation
Climate
Change
Adaptation
Water Circular
Economy
Pollution Biodiversity
% (Million
EUR)
% % % % % % % (E where
applicable)
(T where
applicable)
%
Manufacture of
energy efficiency
equipment for
buildings
CCM
3.5
65% 187 51% 100% 0% 0% 0% 0% 0% E 79%
Sum of alignment
per objective
100% 0% 0% 0% 0% 0%
Total KPI (Capex)
65% 187 51% 100% 0% 0% 0% 0% 0% 100% 0% 79%
Opex
Reported KPI (Opex) Opex
Financial year (2025) 2025
Economic Activities Code Taxonomy
eligible KPI
(Proportion
of Taxonomy
eligible opex)
Taxonomy
aligned KPI
(monetary
value of
opex)
Taxonomy
aligned KPI
(Proportion
of
Taxonomy
aligned
opex)
Environmental objective of Taxonomy
aligned activities
Enabling
activity
Transitional
activity
Proportion
of Taxonomy
aligned in
Taxonomy
eligible
Climate
Change
Mitigation
Climate
Change
Adaptation
Water Circular
Economy
Pollution Biodiversity
% (Million
EUR)
% % % % % % % (E where
applicable)
(T where
applicable)
%
Manufacture of
energy efficiency
equipment for
buildings
CCM
3.5
56% 656 40% 100% 0% 0% 0% 0% 0% E 72%
Sum of alignment
per objective
100% 0% 0% 0% 0% 0%
Total KPI (Opex)
56% 656 40% 100% 0% 0% 0% 0% 0% 100% 0% 72%
157
CSRD Sustainability Statement
ESRS E1 -
CLIMATE CHANGE
ESRS 2 – SBM-3
As climate change intensifies, it presents an
urgent and multifaceted challenge. While the
Paris Agreement underscores the pressing need for
immediate measures to limit global temperature
increase at 1.5°C above pre-industrial levels (which
was surpassed for the first time in 2024), the journey
towards achieving a net zero world will not take
the trajectory originally anticipated. Buildings and
construction are responsible for 37%
1
of energy-
related CO2 emissions globally, a fact that highlights
the importance of the sector in the transition to a
net zero emissions pathway. We are uniquely placed
to help support the decarbonisation of the building
sector via our extensive offering of high-performance,
energy saving systems and solutions.
Through the DMA, we identified our material IROs
pertaining to climate change, which are presented in
more detail in this section.
The Group’s business strategy is built around the
importance of addressing climate change through
the built environment. The Group’s product portfolio
consists of products that have a positive impact on
resource efficiency, particularly in relation to in-use
energy and carbon saving benefits (see impacts
below). The embodied carbon of our insulation
products is not material relative to their estimated
lifetime carbon savings.
While our insulation systems enable significant energy
and carbon savings in the operation of buildings, the
Group recognises the importance of working with key
suppliers on emission reduction activities to reduce
the embodied carbon of our products (see impacts
below). We believe it is imperative that we continue
to demonstrate leadership on the climate change
agenda. As an industry leader, we take our position on
climate action very seriously and have set ourselves
ambitious targets with respect to our own GHG
emissions (see impacts below and disclosure E1-6 for
how we assess and measure our total GHG emissions).
The results of the use of scenario analysis to assess
the resilience of our business model and strategy in
relation to climate change can be found in section
ESRS 2, IRO-1.
1. United Nations Environment Programme, & Yale Center for Ecosystems + Architecture (2023). Building Materials
and the Climate: Constructing a New Future.
EL COYOL
Alajuela, Costa Rica
Insulated Building Envelopes
Dome Solar roof-solar TPO
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Kingspan Group plc Annual Report & Financial Statements 2025
IRO detail IRO name IRO brief description Kingspan initiatives
Type:
Positive impact
– actual
Value chain
stage:
Downstream
Reduced
energy
used via
insulation
products &
solutions
Consumers can reduce energy
usage and costs by better
insulating their buildings (reducing
usage) or through installing other
insulation products. In this respect
the Group is indirectly contributing
to reduced energy usage and CO
2
e
emissions downstream.
Product offering: The Group offers
market leading products, particularly
in the field of building insulation. The
Group’s high-performance insulation
solutions help architects and building
owners design buildings that consume
less energy for the long term.
Innovation strategy: Decarbonisation
of our product portfolio is a key focus
area for innovation. We aim to achieve
this through refining existing products
with lower carbon alternatives and
exploring new, alternative materials
and solutions. Such innovations ensure
our products and systems help our
end-users to meet the need to reduce
the carbon footprint of the built
environment.
Type:
Negative
impact – actual
Value chain
stage:
Own operations
GHG from
operations
The Group is an industry leader in
manufacturing products which
help mitigate climate risk in the
construction sector. We take this
leadership position very seriously
and have set ourselves industry
leading targets with respect to our
direct carbon emissions. The Group
already has an environmental
sustainability programme, Planet
Passionate, which has set ambitious
direct renewable energy (60% by
2030) and GHG emissions reduction
targets. This programme serves
us well in mitigating the risk of an
increased cost of operations.
Decarbonisation plan: The Group
developed a transition plan (the Plan)
for climate change mitigation. The
Plan comprises mitigation levers for
scope 1, 2 and 3 GHG emissions and
is underpinned by our carbon targets,
which are set out as part of the Planet
Passionate programme.
Product offering: In recent years, the
Group took significant steps forward
in the development of LEC alternatives
across our portfolios now including
35 products such as QuadCore LEC
®
insulated panel, Topdek LEC, Evolution
LEC, Ecofil premium LEC and Hot
Aisle Containment LEC. In addition,
PowerPanel
®
, a fully integrated
insulated panel with solar technology
is a novel solution that embodies the
future of sustainable construction.
Type:
Negative
impact – actual
Value chain
stage:
Upstream &
downstream
GHG from
our value
chain (scope
3 GHG
emissions)
The Group relies on the
procurement of raw materials
to manufacture its products.
These raw materials include steel
and chemicals - the embodied
carbon of these products can be
considered moderate to high. The
vast majority of the Group’s total
carbon footprint derives from the
procurement of these materials.
Type:
Positive impact
– potential
Time horizon:
Medium/
long-term
Value chain
stage:
Upstream
Reduced
embodied
carbon of
key raw
materials we
procure
The Group actively collaborates
with its suppliers to assist them in
reducing their embodied carbon,
resulting in productive partnerships
that aim for a significant 15%
reduction in product CO
2
e intensity
from key raw materials by 2030, as
presented in our Planet Passionate
report.
159
CSRD Sustainability Statement
IRO detail IRO name IRO brief description Kingspan initiatives
Type:
Positive impact
– potential
Time horizon:
Medium/long-
term
Value chain
stage:
Downstream
New, lower
emission
products
Innovation in the form of new
products provides customers with
superior products and added
value. It may also aid customers in
lowering their GHG emissions.
Product offering: In recent years, the
Group took significant steps forward
in the development of LEC alternatives
across our portfolios now including
35 products such as QuadCore LEC
®
insulated panel, Topdek LEC, Evolution
LEC, Ecofil premium LEC and Hot
Aisle Containment LEC. In addition,
PowerPanel
®
, a fully integrated
insulated panel with solar technology
is a novel solution that embodies the
future of sustainable construction.
Innovation strategy: Decarbonisation
of our product portfolio is a key focus
area for innovation. We aim to achieve
this through two main strategies:
refining existing products with lower
carbon alternatives and exploring new,
alternative materials and solutions.
Such innovations ensure our products
and systems help our end-users to
meet the need to reduce the carbon
footprint of the built environment.
Type:
Positive impact
– potential
Time horizon:
Short-term
Value chain
stage:
Downstream
Solar panels
- consumer
benefits
By installing PowerPanel
®
,
consumers can experience
multiple positive impacts including
diversifying their energy sources
to reduce dependency on the grid,
decreasing their GHG emissions and
potentially saving money on energy
bills, particularly if costs of other
heating power sources continue to
rise.
Type:
Risk/
transitional
(market)
Time Horizon:
Medium-term
Derives from:
Other (market)
Changing
customer
behaviour
Failure to reduce the embodied
carbon of our products may lead to
deselection by the market.
Innovation strategy: Decarbonisation
of our product portfolio is a key focus
area for innovation. We aim to achieve
this through two main strategies:
refining existing products with lower
carbon alternatives and exploring new,
alternative materials and solutions.
Such innovations ensure our products
and systems help our end users to
meet the need to reduce the carbon
footprint of the built environment.
Type:
Risk/
transitional
(market)
Horizon:
Medium-term
Derives from:
Other (market)
Substitution
of existing
products
and services
with lower
emission
options
If the Group does not continue
to develop industry leading high-
performance, low carbon insulation
technologies, there is a risk that our
existing products are substituted by
competitors.
Type:
Risk/
transitional
(regulation)
Time Horizon:
Medium-term
Derives from:
Dependencies
Carbon price
mechanisms
If our key suppliers fail to
decarbonise in line with the latest
climate science there is a risk they
will pass through their increased
cost to their customers.
Decarbonisation plan: The Plan
comprises mitigation levers for scope
1, 2 and 3 GHG emissions and is
underpinned by our carbon targets,
which are set out as part of the Planet
Passionate programme. For more
information, see the relevant transition
plan section below.
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IRO detail IRO name IRO brief description Kingspan initiatives
Type:
Opportunity
Time Horizon:
Short-term
Derives from:
Other (market)
Use of
public sector
incentives
In October 2020, the EU adopted
the strategic communication
on the Renovation Wave which
contains an action plan aiming to
at least double the annual energy
renovation rate of buildings by 2030
and to foster deep renovations.
A key facet within the renovation
wave is to improve the energy
efficiency of the building envelope.
The Group’s high-performance
insulation products are ideally
suited for renovation given that
dimension can be a key constraint
in refurbishment.
Product offering: In recent years, the
Group took significant steps forward
in the development of LEC alternatives
across our portfolios now including
35 products such as QuadCore LEC
®
insulated panel, Topdek LEC, Evolution
LEC, Ecofil premium LEC and Hot
Aisle Containment LEC. In addition,
PowerPanel
®
, a fully integrated
insulated panel with solar technology
is a novel solution that embodies the
future of sustainable construction.
Innovation strategy: Decarbonisation
of our product portfolio is a key focus
area for innovation. We aim to achieve
this through two main strategies:
refining existing products with lower
carbon alternatives and exploring new,
alternative materials and solutions.
Such innovations ensure our products
and systems help our end-users to
meet the need to reduce the carbon
footprint of the built environment.
Type:
Opportunity
Time Horizon:
Short-term
Derives from:
Other (products
& services)
Development
of new
products
or services
through
R&D and
innovation
Innovation is a key facet of our
strategy. Should the Group innovate
an energy efficient product with
substantially superior carbon saving
performance to alternatives, it
could accelerate share gains from
traditional insulation.
Type:
Opportunity
Time Horizon:
Short-term
Derives from:
Other (products
& services)
Development
of climate
adaptation,
resilience
and
insurance
risk solutions
The EU is expected to include the
carbon emissions from buildings
in the next phase of its Emissions
Trading Scheme (ETS II). This will
support the demand for high-
performance building envelope
products as they help to lower the
heating and cooling needs of a
building.
Type:
Opportunity
Time Horizon:
Medium-term
Derives from:
Other (market)
Shift in
consumer
preferences
A significant proportion of
a building’s embodied and
operational carbon impact comes
from how the building has been
designed and the materials used.
Based on this, we have seen
increased interest and engagement
from top-tier customers seeking
to develop strategic partnerships
with key suppliers, enabling them
to develop lower embodied carbon,
net zero energy buildings. The
Group regards this as a significant
opportunity to strengthen its
relationships with key customers
who have similar strategic
decarbonisation goals.
161
CSRD Sustainability Statement
Our mission is to accelerate a net zero emissions built
environment with people and planet at its heart.
Our strategy is to be the global leader in innovative
building envelope solutions which reduce the resource
consumption of buildings, lowering their long-term
running costs and their environmental impacts.
Climate change risks and opportunities are deeply
embedded in our strategy, R&D investment, products
and business model. We have clear plans and actions
in place to address our impacts, manage our risks and
pursue our opportunities.
Innovation as a key lever to manage our
material IROs
The Group strives to be the market leader with
the most advanced solutions. We target to invest
approximately 1% of revenue annually in R&D and
digital transformation which gives us significant scale
in innovation versus our peers. The Group’s innovation
efforts has led to breakthrough products such as
QuadCore
®
, AlphaCore
®
, Optim-R
®
and Kooltherm
®
.
QuadCore
®
is an insulated panel technology which
is almost 20% more thermally efficient than a
traditional PUR core panel. Kooltherm
®
is an insulation
board technology which is almost twice as efficient as
traditional stonewool type insulation, while Optim-R
®
is a high-performance rigid vacuum insulation
panel (VIP) with a declared thermal conductivity of
just 0.007 W/mK, offering even greater insulating
performance than commonly used insulation
materials. These innovative products, such as
QuadCore LEC
®
and PowerPanel
®
and future products,
will continue to differentiate the Group from our
competitors and help to drive adoption of advanced
materials to reduce the energy consumption of
buildings. The Group continues to invest in R&D to
create technologies which combat climate change
and we expect innovation to increment revenue in the
future.
Supplier engagement is an integral part
of our strategy
The Group has made two public commitments to
reduce its scope 3 GHG emissions, for more details
see page 167. Procurement and sustainability teams
work closely with our key suppliers on decarbonisation
strategy and product development. An example of the
Group’s intent to make meaningful progress towards
this goal is its active engagement with suppliers
on an ongoing basis to obtain data and project
updates. In 2025, the Group held a Supplier Forum to
further engage with our key suppliers in relation to
sustainability and innovation.
The Group continuously monitors the GHG emissions
performance of key suppliers throughout the year.
To improve access to supplier and product-specific
emissions data and support the development of
product decarbonisation roadmaps, the Group
maintains active engagement with suppliers. This
includes site visits, meetings, conference calls,
and ongoing electronic communications between
procurement and sustainability teams, with over 150
meetings taking place in 2025.
Business model resilience
Our business model and strategic pillars, detailed in
section ESRS 2, SBM-1, outline our ongoing conversion
strategy to high-performance building envelopes
from outdated, inefficient methods of construction.
Scenario analysis plays a critical role in evaluating the
resilience of our business model and strategy over the
short, medium and long-term, enabling us to adapt
to climate related risks and opportunities, such as
emerging regulations, changing customer preferences
and the physical impacts of climate change. The
following highlights illustrate our ability to adapt and
maintain our resilience:
IRO detail IRO name IRO brief description Kingspan initiatives
Type:
Opportunity
Time Horizon:
Medium-term
Derives from:
Other (market)
Expansion
into new
markets
The Group recently invested in
additional manufacturing facilities
in new territories. Over time, the
Group will help to develop these
markets and to educate building
owners and regulators on the
benefits of high-performance
insulation and thermally efficient
building envelopes.
Strategic pillar – Global: The Group
aims to continue expanding globally
to bring high-performance building
envelope solutions to markets
which are at an earlier stage in their
evolution to sustainable and efficient
methods of construction.
Strategic pillar – Completing the
Envelope: The Group’s strategy of
Completing the Envelope aims to take
our innovation and sustainability DNA
and apply them to a wider portfolio of
products which are complementary to
our current offering.
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Kingspan Group plc Annual Report & Financial Statements 2025
» Securing access to finance: In alignment with
our sustainability strategy, we have established
a Green Finance Framework to issue financial
instruments such as bonds and loans, enabling
us to finance and refinance projects that support
the transition to a low carbon and climate
resilient economy. This ensures continued access
to affordable capital to drive innovation, reduce
embodied carbon in our products and improve
operational efficiency.
» Redeploying, upgrading, or decommissioning
assets: The Group is committed to reducing
emissions across its operations, with scope 1 and
2 GHG emissions in 2025 accounting for less
than 4% (2024:5%) of our total GHG footprint.
To ensure continued progress, we have set a
1.5°C aligned absolute reduction target for scope
1 and 2 emissions and showcased our ability to
upgrade our existing assets as demonstrated by
the implementation of over 400 decarbonisation
projects across our operations since 2020. These
projects include process electrification and
upgrades, energy efficiency initiatives and the
investment in onsite renewable energy generation.
» Shifting products and services portfolio: We
have seen increased engagement from top-tier
customers seeking strategic partnerships to
develop lower embodied carbon, net zero energy
buildings. Scenario analysis has informed decisions
to prioritise innovative, sustainable product
solutions, such as high-performance insulation
and low carbon materials. This focus not only
ensures our portfolio evolves in alignment with
market needs but also strengthens relationships
with customers who share our decarbonisation
goals, securing the Group’s position as a leader in
sustainable building solutions.
» Reskilling the workforce: Our people are central
to the success of all four of our strategic pillars:
Innovation, Planet Passionate, Completing the
Envelope and Global. By fostering an agile,
innovative and skilled workforce, we ensure our
employees are equipped to support the transition
to a low carbon economy and drive our long-term
strategic goals. See section S1-4 Actions for more
details on the Group’s training and development
programmes.
E1-1 - Transition plan for climate
change mitigation, E1-3 – Actions and
E1-4 – Targets
To ensure our business model is compatible with a
1.5°C future, in line with the Paris Agreement, and
with the long-term target of achieving net zero
carbon by 2050, the Group developed a transition plan
(the Plan) for climate change mitigation. Aligned with
our climate IROs, the Plan is deeply integrated into
our strategy, R&D investments, products and business
model. The Group’s core strategy is structured around
the manufacture and delivery of a wide range of high-
performance resource efficient solutions. The Plan is
approved by our CEO, who is the most senior person
responsible for sustainability-related issues and is
underpinned by our ambitious mitigation targets.
Scope 3 Scope 1 & 2
5%
11%
8%
24%
0.2%
Transition plan
2020 Scope 1 & 2
Reduction
Scope 3
Reduction
2025 Potential
Organic
Growth
Scope 1 & 2
Planned
Reduction
Projects
Scope 3
Planned
Reduction
Projects
2030
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
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CSRD Sustainability Statement
Progress so far
As of 2025, the Group has reduced scope 1 & 2 GHG
emissions by 70.3% in comparison to 2020, our base
year. This was achieved through several types of
initiatives ranging from minimising the use of high
Global Warming Potential (GWP) blowing agents,
implementing energy efficiency projects, procuring
more renewable energy, and increasing onsite
renewable energy generation.
We have also reduced our scope 3 GHG emissions by
24% since 2020. As 90% of our total scope 3 emissions
are attributable to purchased goods & services
(Category 1 - C1), continuing our engagement with
suppliers of raw materials remains the most critical
decarbonisation lever to further reduce our total
scope 3 emissions.
Bringing our operations in line with a 1.5 °C world
(scope 1 & 2 GHG emissions)
Due to our focus and achievement of emission
reductions within our operations to date, our scope
1 and 2 GHG emissions in 2025 accounted for less
than 4% of our total GHG emissions. We set a 1.5°C
aligned absolute reduction target to keep continued
focus on reduction of scope 1 and 2 GHG emissions.
Given the relatively mature renewable electricity
market particularly in Europe, we prioritised renewable
electricity conversion for new sites (organic growth)
and acquisitions.
The renewable fuel markets are still not as developed
as renewable electricity markets, however, we have
seen advances in the procurement of biofuel products
in certain regions. In 2025, we were using biofuels
in eleven countries including Ireland, the United
Kingdom, Denmark, Belgium and Sweden.
# Target name Base year Base year
emissions
Target
year
Scope 2025
emissions
Progress
to date
1 65% absolute reduction –
scope 1 and 2 emissions
2020 882,481
tCO
2
e
2030 1 and 2 261,793
tCO
2
e
70.3%
Target context and additional information
1. Overview: We have set a 65% absolute scope 1 and 2 GHG emissions reduction target by 2030, from a 2020
base year. This near-term target was approved by the Science Based Targets Initiative (SBTi) in July 2025,
and it was developed using the absolute contraction approach. Our 2020 baseline emissions are recalculated
to account for structural changes, in line with the GHG Protocol’s guidance. The target aims to mitigate
our scope 1 and scope 2 (market based) GHG emissions, as outlined in the climate change section of our
environmental policy. Our mitigation actions (both completed to date and planned) to achieve this target
are outlined below, detailed per decarbonisation lever. To allow comparability of information over time in
line with ESRS 1, 7.1 and GHG protocol guidance, we recalculated our 2020 (base year) GHG emissions to
account for structural changes. As such, the 2020 base year has been recalculated to 882,481 from 870,482
(difference: 11,999).
2. Scope: Scope 1 and 2 GHG emissions (market based) excluding biogenic emissions. All manufacturing,
assembly and R&D sites within the Group, including acquisitions since 2020 prior to cut off of 30 September
2025.
3. Consideration of future developments: We will continue to improve energy efficiency and upgrade
equipment, such as our insulated panel manufacturing process, to reduce carbon emissions associated with
fossil fuel use. However, the capacity of the electricity grid is a crucial consideration for future electrification
efforts. The availability of renewable electricity is critical to our strategy. While we closely monitor market
developments in this area, we will prioritise generating electricity through solar PV systems at our sites as
well as improve our energy efficiency through ISO 50001 certification for sites with energy use over 5 GWh
annually. Given the limited access to renewable electricity in certain regions, we will continue to monitor
market developments and pursue renewable energy solutions as they become available. Unlike the more
established renewable electricity markets, renewable fuel markets are still relatively underdeveloped.
However, as biofuel technology matures, we are also committed to actively seeking biofuel suppliers to
replace our fossil fuel usage, where suitable. Our target will also be supported by the continued phase-out of
the small remaining use of high GWP blowing agents.
4. Progress outlook and trends: The target is monitored on a monthly basis by our Group Sustainability team.
Since 2020, we have achieved a 70.3% reduction, a rate that is exceeding the minimum annual reduction
needed for a transition to a 1.5°C world.
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Kingspan Group plc Annual Report & Financial Statements 2025
In 2025, we have achieved a further 9.1% reduction
in scope 1 & 2 GHG emissions, 8.9% of which is from
over 100 energy related emissions reduction initiatives
including energy efficiency, process electrification,
on-site renewable energy generation and renewable
energy contracts. 0.2% of the reduction is attributable
to further decrease in high-GWP blowing agents use.
Overall, the Group has achieved 70.3% carbon savings
in scope 1 & 2 GHG emissions in comparison to 2020,
our base year.
Our strategy seeks to minimise GHG emissions
growth from the organic growth of the business
where possible, however we also account for this
potential impact within our decarbonisation planning.
Starting in 2025, we prioritise sites with annual energy
consumption over 5GWh in the prior year to obtain
ISO 50001 certification. As of the end of 2025, 50% of
these sites have obtained certification. We expect a
further emissions reduction by 6.4% from conversion
of renewable energy and process electrification, and a
further 3% from a combination of initiatives including
energy efficiency, onsite generation, and process
material substitution to help us achieve our 2030
targets.
1. Decarbonisation lever: process improvement and electrification
Scope: To reduce scope 1 GHG emissions from our operations, we utilise both process conversions to facilitate
the use of renewable fuel and process electrification as important decarbonisation levers, where suitable.
Completed actions during the reporting year: During the year, we implemented 18 process electrification
and conversion projects across our operations. These projects include the electrification of manufacturing
components and forklifts and the conversion of processes in preparation for the use of renewable fuels. These
projects are estimated to save approximately 2,234 tCO
2
e annually and contribute 0.3% towards our Target #1.
Planned actions: 54 relevant projects (including process electrification and conversion projects) are in various
planning stages with the aim to be completed by 2030. We estimate that these projects will help us reduce our
GHG emissions by approximately 53,824 tCO
2
e annually and contribute 6.1% towards our Target #1.
2. Decarbonisation lever: onsite renewable energy generation
Scope: The Group will continue the installation of on-site solar PV systems across all wholly owned facilities
to minimise the reliance on non-renewable electricity grids, especially for businesses that have limited access
to renewable electricity suppliers, to further reduce scope 2 GHG emissions. We will also investigate other
renewable energy generation technologies beyond solar PV, to determine suitable options and availability.
Completed actions during the reporting year: In 2025, we implemented 18 renewable energy generation
projects including the installation and expansion of solar PV systems. We expect that these projects will help
reduce our GHG emissions by approximately 150 tCO
2
e per year.
Planned actions: We are planning to implement 75 new projects including solar PV installations and
extensions and heat pump projects, by 2030. We estimate that 17 of these projects will have a significant
impact on our carbon emissions (approximate reduction of 6,751 tCO
2
e per year), expecting to contribute
0.8% towards our Target #1.
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2020
2020 - 2024 Initiatives
2025 Energy related
2025 Process related
2025
Potential organic growth
Process improvements &
renewable contracts
On-site generation
Energy efficiency
Lower GWP raw materials
2030 Forecast
Increase Decrease Total
100.0%
-61.2%
Scope 1 and 2 decarbonisation plan
-8.9%
-0.2%
29.7%
8.0%
-6.4% -0.8%
-0.5%
-1.7%
28.3%
165
CSRD Sustainability Statement
Reducing our value chain emissions in line with
1.5°C (scope 3 GHG emissions)
In 2025, scope 3 emissions made up 96.5% of the
Group’s total GHG emissions. Downstream emissions
from categories 11 and 12 have significantly reduced
to date due to the phasing out of use of high GWP
blowing agents in North America, as addressed in the
section above. To date we have successfully reduced
our C11 & 12 emissions by 86.3% compared to 2020.
GHG emissions from scope 3, category 3 (Fuel- and
Energy-Related Activities Not Included in scope 1 or
scope 2) are managed via the five decarbonisation
levers for the reduction of scope 1 and 2 GHG
emissions (see section above). These levers focus on
optimising energy usage and switching to renewable
energy sources, where applicable.
90.3% of our total scope 3 GHG emissions are within
category C1 and can be attributed to raw materials
procured for manufacturing. We have therefore set
two targets, both absolute and intensity, which aim to
drive reductions in our C1 scope 3 emissions.
The decarbonisation levers below have been
developed to help us achieve these targets:
» Data collection and reporting;
» Supplier engagement & collaboration; and
» Development of lower embodied carbon products.
3. Decarbonisation lever: energy efficiency
Scope: In addition to pursuing the increased use of renewable energy, we will continue to implement energy
efficiency projects to enhance energy utilisation and decrease reliance on both renewable and non-renewable
energy sources, which also supports our goal of reducing scope 1 and 2 GHG emissions.
Completed actions during the reporting year: Showcasing our commitment to energy efficiency first,
we implemented over 50 relevant projects including, manufacturing component upgrades and LED light
replacements. These projects are expected to contribute an estimated 1,393 tCO
2
e of annual GHG emission
savings, contributing 0.2% towards carbon reduction to Target #1. To further encourage energy efficiency and
demonstrate our efforts to increase energy efficiency in our operations, we have set a target to implement ISO
50001 Energy management systems for large sites (>5GWh/year).
Planned actions: Numerous energy efficiency projects are expected to be completed by 2030, including air
compressor upgrades, LED light replacements, process energy efficiency projects and heat recovery projects. We
have 73 projects in various planning stages and the related estimated annual carbon emission savings are 3,518
tCO
2
e, which are expected to contribute a further 0.4% carbon reduction to Target #1.
4. Decarbonisation lever: renewable energy contracts
Scope: The Group has prioritised conversion to renewable electricity where it is available to reduce scope
2 GHG emissions, focusing initially on European markets. However, as other markets develop (e.g. North
America), the implementation of projects in these areas will be considered. We also aim to switch from non-
renewable to renewable fuels, where possible.
Completed actions in the reporting year: In 2025, 21 of the projects we implemented helped us switch from
non-renewable to renewable energy. They are expected to help us reduce our GHG emissions by approximately
5,767 tCO
2
e annually and have a 0.7% GHG emissions reduction contribution towards Target #1.
Planned actions: We expect to implement 13 additional renewable energy conversion projects by 2030, which
will help us reduce our GHG emissions by approximately 3,035 tCO
2
e annually; a 0.3% contribution towards
Target #1. Where renewable energy is becoming more readily available in the marketplace, we will investigate
the feasibility of additional projects.
5. Decarbonisation lever: lower GWP raw materials
Scope: We are in the process of phasing out the use of high GWP blowing agents for the manufacturing of
insulation products where technically possible. As a result of our efforts, by the end of 2025 we have managed
to significantly reduce our scope 1 process related GHG emissions by 96% compared to 2020.
Completed actions in the reporting year: In 2025, as a result of switching from high GWP blowing agents to
lower GWP for the manufacturing of insulation products, we managed to reduce our scope 1 GHG emissions by
approximately 1,963 tCO
2
e, a 0.2% contribution towards our GHG emissions reduction for the year (Target #1).
Planned actions: We will continue to make the switch to lower GWP blowing agents, where technically
feasible, and by doing so, we estimate that we can further reduce our GHG emissions by approximately 3,000
tCO
2
e per year by 2030. We estimate that these projects will help us achieve an additional 1.7% reduction in
GHG emissions (Target #1).
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Kingspan Group plc Annual Report & Financial Statements 2025
# Target name Base
year
Base year
emissions
Target
year
Scope VC scope 2025
emissions
Progress
to date
2 42% absolute reduction
– scope 3 emissions
2020 9,030,178
tCO
2
e
2030 3 Upstream &
downstream
6,869,845
tCO
2
e
24%
Target context and additional information
1. Overview: Initially set in 2021, this absolute 1.5˚C aligned target, was again approved by the SBTi in July 2025.
It is based on the Absolute Contraction Approach (ACA). We also calculated a 1.5˚C aligned reference target
value (based on the same methodology by the SBTi, which is a 42% reduction for the same period). The
target aims to help us mitigate our indirect GHG emissions as outlined in the climate change section of our
Environmental Policy. 2020 is our base year as it was the year we introduced our comprehensive environmental
data reporting methodology. Our mitigation actions and decarbonisation levers are outlined in section E1-3. To
allow comparability of information over time in line with ESRS 1, 7.1 and GHG protocol guidance, we recalculated
our 2020 (base year) GHG emissions to reflect a transition from monetary to physical emission calculations for
certain key materials and to account for structural changes. As such, the 2020 base year has been recalculated
to 9,030,178 from 8,130,451 (difference: 899,727).
2. Scope: The target covers the following scope 3 categories: purchased goods and services, fuel and energy
related activities, use of sold products and end-of-life treatment of sold products, which are responsible for 94%
of our scope 3 GHG emissions.
3. Consideration of future developments: Reductions in absolute scope 3 emissions is challenging for a global
manufacturing business with over 90% of emissions embedded in our upstream raw materials. However,
it is critical that each industry sets 1.5 ˚C aligned decarbonisation targets across all scopes. We are closely
monitoring relative industry trends and working closely with our procurement team and key suppliers to increase
availability and procurement of lower embodied carbon raw materials to support the progression of this target.
4. Target monitoring/ progress outlook/ trends: 24% reduction achieved to date from 2020 in all 4 categories.
# Target name Base
year
Base year Target
year
Scope VC scope 2025 Progress
to date
3 15% reduction in
carbon intensity of key
raw materials
2020 2.7361
tCO
2
e/t
2030 3 Upstream &
downstream
2.6257
tCO
2
e/t
4.0%
Target context and additional information
1. Overview: We seek to find solutions to help reduce emissions from our purchased goods and services, which
account for over 90% of our total value chain emissions. Achieving absolute scope 3 emissions reductions is
challenging for a global manufacturing business with a diverse product offering which requires large quantities
of raw materials. This target was set to help us to track and demonstrate progress as our key suppliers
implement their emissions reduction strategies. This target was developed after consultations with internal
stakeholders, including members of our procurement team. Our mitigation actions and decarbonisation levers
are outlined throughout this section. To allow comparability of information over time in line with ESRS 1, 7.1, we
recalculated our 2020 (base year) carbon intensity of key raw materials to reflect improved data coverage and
quality, including updated emission factors. As such, the 2020 base year has been recalculated to 2.7361 from
2.540 (difference: 0.1961).
2. Scope: This target covers the key raw materials we procure from our primary raw material suppliers. The majority
of our upstream value chain emissions are attributable to three key raw material categories – metals, chemicals
and mineral fibre. In 2025, these three categories accounted for over 82.6% of emissions related to purchased
goods & services (Category C1).
3. Consideration of future developments: Achievement of our supply chain targets is dependent on the progress
made by suppliers of these key raw materials. It is also reliant on significant industry decarbonisation in the
metals, chemicals and mineral fibre industries. We have taken these dependencies into account in setting our
target and developing our strategy to achieve this target through collaboration with our key suppliers.
4. Target monitoring/ progress outlook/ trends: To date, through procurement and supplier engagement
strategies, we have reduced the intensity of the carbon in our key raw materials by 4.0%.
Our sustainability and innovation strategies focus on
reducing the environmental footprint of our existing
products while also bringing new products to market.
We aim to achieve this through the procurement of
lower embodied carbon raw materials and via the
development of new lower environmental impact
solutions. This will enable us to provide a full spectrum
of building envelope solutions for our customers.
167
CSRD Sustainability Statement
Key mitigation actions/action taken during the reporting year and planned for future per identified
decarbonisation lever:
1. Decarbonisation lever: data collection and reporting
Scope: This decarbonisation lever relates to both our internal and external data collection. The collection of
raw material volumes and spend data, along with the selection of accurate emission factors, is critical to
accurately calculating and reporting of our scope 3 emissions. Our data collection and reporting improvement
strategy is focused on collecting more granular product and supplier specific emissions information to allow for
more accurate reporting of emissions and strategic decision making. Internally, we focus on collecting detailed
volume data for key raw materials used in our products. This approach improves visibility of our upstream value
chain emissions and supports the achievement of Target #2 and Target #3.
Completed actions in the reporting year: In 2025, we increased our collection of supplier-specific and product-
specific data, resulting in over 40% of our scope 3 category 1 emissions being calculated using primary data.
Product-specific carbon intensity information is collected in the form of environmental product declarations,
and product carbon footprints. These are sourced both directly and indirectly, through supplier engagement
and supplier annual reports, respectively. We also implemented a new scope 3 data collection and reporting
system which is used to calculate, analyse and report on our C1 scope 3 GHG emissions. The use of this tool has
allowed us to calculate 79% of our scope 3 C1 emissions using physical emission factors as opposed to monetary,
supporting our data collection and reporting improvement strategy.
In 2025, we focused on implementing a new mechanism to internally report the consumption and spend data
of key raw materials across the Group’s businesses, expanding the scope compared to previous years. This
mechanism also standardises data collection, improving consistency and accuracy in the reporting process
across the Group’s businesses.
Planned actions: Further development of internal data collection methodologies, will increase the transition
towards emissions calculated using physical emission factors. We will also continue the collection of further
supplier specific and product specific emissions information to increase the accuracy of our reporting. This
is led through our supplier engagement programme (further details below) and is critical in supporting the
achievement of our scope 3 GHG reduction targets.
2. Decarbonisation lever: supplier engagement and collaboration
Scope: Through our supplier engagement strategy, we prioritise engagement with key suppliers of our key
raw materials, as they contribute significantly to our upstream GHG emissions. By collaborating with our
key suppliers and maintaining long-term relationships, we aim to ensure alignment with our environmental
objectives/ targets.
We recognise the critical role these stakeholders play in contributing to the embodied carbon of our products
and scope 3 emissions at the group level as shown by the fact that category 1 scope 3 GHG emissions
accounted for 90% of our total scope 3 GHG emissions.
Completed actions in reporting year: As previously mentioned, the Group focused on reducing the embodied
carbon of the key raw materials we purchase. To achieve this, we hold open discussions with our key suppliers
to address the challenges and opportunities associated with decarbonisation, requesting decarbonisation
roadmaps at both company and product level for key raw material suppliers. A prime example of this
engagement is our Supplier Forum to further engage with our key suppliers in relation to sustainability and
innovation.
In 2025, we rolled out our updated Supplier Code of Conduct across all businesses, reinforcing the importance of
the Group’s SHREDD Policy. Alongside this, we implemented a new ESG Rating platform to streamline supplier
due diligence. These actions have enhanced our visibility into high-risk suppliers and enabled more effective
collaboration with key raw material partners to drive environmental accountability, resulting in a 19% increase
in the number of suppliers with an ESG Rating.
Our supplier engagement programme includes suppliers covering over 63% of our Category 1 (C1) scope 3
emissions. Notably, all of our key chemical raw material suppliers were engaged in the reporting period.
Steel has been one of the key focus areas as it significantly contributes to the embodied carbon of our insulated
panel products. We were one of the first construction investors in green steel manufacturing and continue to
demonstrate leadership in our industry having signed four additional MOUs with lower embodied carbon steel
suppliers such as Meranti and Hydnum.
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Kingspan Group plc Annual Report & Financial Statements 2025
Additional information on climate change
Our Article 8 disclosures, outlined in the EU Taxonomy
section of this report, detail the proportion of our
revenues, capex, and opex currently eligible and
aligned with the EU Taxonomy. These disclosures
cover activity 3.5 Manufacturing of Energy Efficiency
Equipment for Buildings.
To support the continued alignment of our economic
activities with Taxonomy criteria, the Group established
a Green Finance Framework in 2024. This framework
enables the issuance of green finance instruments
to finance or refinance projects that meet Taxonomy
criteria. These include investments in energy-
efficient manufacturing facilities, renewable energy
infrastructure, and green building projects certified
under recognised standards. Eligible expenditures under
the framework include both capex and opex, ensuring
alignment with substantial contribution criteria for
climate change mitigation and, where applicable,
compliance with transition plans.
The Group’s organic expansion in 2025, including
new lines and facilities, integrates energy efficiency
and low carbon technologies, contributing to
increased alignment with Taxonomy objectives.
Ongoing renovations of existing assets further
ensure operational improvements are consistent with
sustainability goals.
Over time, we expect our alignment with Taxonomy
criteria to evolve through continued investment in
innovative, low-carbon solutions and the expansion of
Taxonomy aligned revenues, capex, and opex.
For further details on our EU Taxonomy alignment, refer
to the EU Taxonomy section of this report. To learn
more about the Green Finance Framework, please see
the Green Finance Framework document
.
The Group did not invest capex amounts in coal, oil
and gas-related economic activities (these activities
are related to the following NACE codes: B.05, C.19,
D.35.1, D.35.3, G.46.71 and gas-related activities with
direct GHG emissions that are higher than 270 gCO
2
/
KWh) during the reporting period. Also, Kingspan is
not excluded from EU Paris-aligned Benchmarks.
Regarding locked-in GHG emissions from its key
assets, the Group has assessed that it does not have
locked-in GHG emissions that might jeopardise the
achievement of its targets or its transition plan for
climate change mitigation.
E1-2 - Policies
The Group has developed a Climate Change Section
(CCS) within its ‘Environmental Policy’ to manage,
prevent, mitigate and remediate actual and potential
impacts, to address risks and to pursue opportunities
related to both climate change mitigation and
adaptation. The CCS’s provisions relate to all climate-
related material IROs (as presented in section ESRS
2 – SBM-3 of this chapter) and it covers our own
operations and the upstream stage of our value
chain. The CCS addresses climate change mitigation,
climate change adaptation, energy efficiency and
renewable energy generation. Via the CCS, we
highlight that our commitment is aligned with the
Paris Agreement. Also, while setting the policy,
2. Decarbonisation lever: supplier engagement and collaboration (continued)
Planned actions: We will continue our supplier engagement, working with our key suppliers to further reduce
the embodied carbon of our key raw materials and to identify opportunities for collaboration. We also plan
to expand the scope of our engagement programme to include additional suppliers and address a further
proportion of our emissions related to raw materials. Supplier engagement and collaboration is a key lever in
progressing both Target #1 and Target #2, in relation to C1 scope 3 GHG emissions.
3. Decarbonisation lever: development of lower impact products
Scope: To support our scope 3 GHG emissions reduction targets, supplier engagement strategy and the
procurement of lower embodied carbon raw materials, we aim to continue developing and expanding our
LEC product ranges. These products are designed to help achieve our scope 3 GHG emission reduction targets
by offering a market route for products with enhanced environmental performance. This in turn helps our
customers meet their own decarbonisation goals.
Completed actions in the reporting year: The Group has brought 35 products with improved environmental
performance to market to date, including 18 LEC products launched in 2025. This helps develop a market for
these products while also driving demand upstream for lower embodied carbon raw materials.
Planned actions: We are in the process of developing further decarbonisation product roadmaps and
continuing to work closely with our R&D teams to continue the expansion of the LEC product range and other
products with improved environmental performance by 2030 and beyond.
169
CSRD Sustainability Statement
we considered the views and expectations of key
stakeholders as part of the DMA process outlined in
previous sections. The managing directors (MDs) are
responsible for its implementation, while monitoring
of the CCS is performed as part of our Planet
Passionate programme, which included targets that
were designed to help us achieve our policy objectives.
The CCS is available on our website and was also
made available to all stakeholders responsible for its
implementation.
E1-5 - Energy consumption and mix
Metric (MWh) 2020
4
2022
4
2023
4
2024 2025
Total energy consumption
1
634,001 828,435 929,637 2,538,263 2,640,702
Total fossil energy consumption
1
506,925 541,669 604,153 1,030,361 967,524
Share of fossil sources (%) 80 65 65 41 37
Coal and coal products 0 0 0 126,816 154,679
Crude oil & petroleum products
1
84,830 103,735 93,622 105,213 109,749
Natural gas
1
279,616 334,979 415,945 611,764 617,857
Other fossil sources
1,2
19,822 24,116 15,381 8,944 9,298
Purchased Electricity/heat/steam/
cooling from fossil sources
1,3
122,657 78,839 79,205 177,624 75,941
Consumption from nuclear sources
3
n/a n/a n/a n/a n/a
Total renewable energy consumption
1
127,076 286,766 325,484 1,507,902 1,673,178
Share of renewable sources (%) 20 35 35 59 63
Renewable fuel
1
18,416 52,276 65,272 1,089,267 1,140,905
Purchased renewable elec./heat/steam/
cooling from renewable sources
1
97,747 216,206 235,310 389,070 492,050
Self-generated, non-fuel
1
10,913 18,284 24,902 29,565 40,223
Note - Boundary: Includes manufacturing, assembly, and R&D sites within the Group, excluding acquisitions made after 30th September 2025. The
impact of acquisitions after this date were estimated and deemed not material at the Group level.
1. Includes restated figures for historical data - for more information see Appendix 7.
2. Includes other non-renewable, non-fossil sources.
3. The Group does not actively source energy from nuclear sources, however the non-renewable electricity we purchase might include nuclear
sources.
4. Outside the scope of the CSRD assurance.
Metric (MWh) 2020
2
2022
2
2023
2
2024 2025
Total energy production
1
42,099 73,489 90,465 815,385 837,433
Non-renewable energy production
1
10,993 13,011 8,555 49,613 60,393
Renewable energy production
1
31,106 60,478 81,910 765,772 777,040
1. Includes restated figures for historical data - for more information see Appendix 7.
2. Outside the scope of the CSRD assurance.
Metric 2024 2025
Energy intensity (MWh / €m of net revenue)
1
295 287
Net revenue from activities in high climate impact sectors
2
used to calculate energy
intensity (€m)
8,608 9,199
Net revenue - other (€m) - -
Total net revenue per financial statements (€m) 8,608 9,199
1. Includes restated figures for more information see Appendix 7.
2. High climate impact sectors refer to those listed under NACE Sections A to H and Section L, as defined in Commission Delegated Regulation
(EU) 2022/1288. As all our operations fall within these sectors, it is assumed that the entirety of our revenue is captured under the relevant
appendices.
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Kingspan Group plc Annual Report & Financial Statements 2025
E1-6 - Gross Scope 1, 2, 3 and Total GHG emissions
GHG Protocol aligned
1
ESRS aligned
2
Metric (tCO
2
e)
3
2020
(base
year)
2022 2023 2024 2025 %
(2025
vs.
2024)
2024 2025
%
(2025
vs.
(2024)
Gross scope 1 GHG emissions
4
615,382 453,928 273,653 239,336 240,872 0.6 228,086 239,049 4.8
% of scope 1 GHG emissions
from regulated emission
trading schemes
0 0 0 53% 55% 3.8 53 55 3.8
Biogenic CO
2
emissions
4
387,679 457,489 358,965 396,075 412,412 4.1 395,458 412,409 4.3
Gross market-based scope 2
GHG emissions
4
267,099 246,054 200,572 103,029 20,921 -79.7 99,930 20,560 -79.4
Gross location-based scope 2
GHG emissions
4
259,464 226,886 206,616 214,665 177,249 -17.4 211,524 176,755 -16.4
Gross scope 1 and 2
(market-based) GHG
emissions
4
882,481 699,982 474,225 342,365 261,793 -23.5 328,016 259,609 -20.9
Scope 3 GHG emissions
4
9,586,317 8,429,374 7,515,593 7,060,405 7,311,988 3.6 6,869,309 7,299,427 6.3
C1. Purchased goods and
services
4
7,956,323 7,114,105 6,503,611 6,315,645 6,602,424
4.4
6,146,063 6,590,842
6.1
C11. Use of sold products
4
472,762 329,629 55,363 7,947 8,690 7,947 8,690
C12. End of life treatment of sold
products
4
480,109 366,158 142,384 113,365 121,671 113,365 121,671
C3. Fuel and energy related
activities
4
120,984 156,032 138,114 142,461 137,059 139,706 136,569
C2. Capital goods
4
89,235 110,729 211,426 137,461 77,728 -43.5 130,319 77,711 -40.4
C4. Upstream transportation
and distribution
4
306,209 198,592 299,742 234,274 254,675 8.7 226,258 254,460 12.5
C5. Waste generated in
operations
4
7,545 7,418 8,153 12,604 9,094 -27.8 10,464 9,073 -13.3
C6. Business travel
4
46,595 58,693 74,389 24,328 24,530 0.8 23,457 24,394 4.0
C7. Employee commuting
4
31,089 30,354 30,333 33,598 38,365 14.2 33,167 38,265 15.4
C10. Processing of Sold Products
4
75,466 57,664 52,078 38,563 37,752 -2.1 38,563 37,752 -2.1
Total GHG emissions
(location-based)
4
10,461,163 9,110,188 7,995,862 7,514,406 7,730,109 2.9 7,308,919 7,715,231 5.6
Total GHG emissions
(market-based)
4
10,468,798 9,129,356 7,989,818 7,402,770 7,573,781 2.3 7,197,325 7,559,036 5.0
1. Methodology aligned with the GHG Protocol’s guidance on recalculation methodologies for structural changes. This allows for meaningful
comparisons of emissions over time. Historical and reporting year (pre-structural change) data has been restated to reflect the change in the
inventory boundary (acquisitions or divestments). GHG Protocol-aligned metrics for 2020-2025 are outside the scope of the CSRD assurance.
2. Methodology aligned with ESRS requirements. Reporting boundary is in alignment with the financial statements.
3. Boundary includes manufacturing, assembly and R&D sites within the Group, excluding acquisitions made after 30 September 2025. The
impact of acquisitions after this date were estimated and deemed not material at the Group level.
4. Includes restated figures for historical data - for more information see Appendix 7.
Note: GHG emissions include the following GHG gases: CO
2
, CH
4
, N
2
O and HFCs. PFCs, SF
6
and NF
3
are not included as they are
not considered to be associated with our inputs. See Appendix 6 for more details on our calculation methodology and assumptions.
171
CSRD Sustainability Statement
GHG Intensity per net revenue (tCO
2
e / €m of net revenue) 2024 2025
Total GHG emissions (location-based) per net revenue
1
849 839
Total GHG emissions (market-based) per net revenue
1
836 822
1. Includes restated figures for more information see Appendix 7.
Note: See page 260 in the financial statements section for the revenue amount used in the calculation of the energy intensity metric.
E1-7 - GHG removals and GHG mitigation
projects financed through carbon credits
The Group did not purchase carbon credits from the
voluntary market during the reporting period and did
not generate or apply GHG removals and/or storage
resulting from projects within its own operation or
value chain.
We follow updated guidance and requirements
from several authoritative institutions and we do
not procure carbon credits to count as reductions
towards meeting our carbon targets. Our focus is
instead on decarbonisation within our operations and
value chain. After we have achieved our long-term
SBT, we aim to neutralise any residual GHG emissions
(i.e. remaining GHG emissions from hard-to-abate
sources) by procuring only high quality, carbon credits.
We will only procure credible, high-quality carbon
credits that will demonstrate and ensure additionality
and permanence. Nature-based solutions, such as
reforestation, cannot guarantee the permanence
needed so we will continue to closely monitor the
market and invest in the most suitable solution in the
coming years.
E1-8 - Internal carbon pricing
In January 2023, we introduced an internal carbon
charge across our global business for all our
manufacturing, assembly and R&D sites. Each
operating business unit is charged €70/tonne
1
for
each energy-related tCO
2
e emitted by their business
during the year. The charge is included in the business
P&L accounts, directly affecting business profitability
and management remuneration. The charge covers
our scope 1 & 2 GHG emissions (excluding process and
biogenic emissions) and will be adjusted as required to
ensure progress against our targets and to align with
relevant developments in this field.
Scope 1 GHG emissions covered in 2025
2
: 226,464
tCO
2
e (95% of overall scope 1 GHG emissions); 2024:
213,846 (94% of overall scope 1 GHG emissions).
Scope 2 GHG emissions (market-based) covered
in 2025²: 20,560 tCO
2
e (100% of overall scope 2 GHG
emissions); 2024: 99,930 (100% of overall scope 2
GHG emissions).
The carbon charge was implemented to accelerate
reduction of direct GHG emissions. It has helped
to further incentivise the rapid deployment of
decarbonisation projects including renewable
energy contract conversions and forklift fleet
decarbonisation, while facilitating increased focus
across the business on our decarbonisation strategy.
1. The carbon charge price was determined through an extensive review of carbon pricing guidance, existing carbon pricing mechanisms and
rates already implemented, both at corporate and national level, including a review of the EU ETS carbon price and trajectory. A variety of
carbon price levels were modelled against our business footprint and strategic decarbonisation projects to determine a suitable price to assist
in furthering our science based 1.5˚C aligned decarbonisation strategy.
2. Includes restated figures for FY24 - for more information see Appendix 7.
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Kingspan Group plc Annual Report & Financial Statements 2025
ESRS E2 –
POLLUTION
Interaction with other ESRS
(a) Relevant GHG connected to air pollution:
carbon dioxide (CO
2
), methane (CH
4
), nitrous
oxide (N
2
O), hydrofluorocarbons (HFCs),
perfluorocarbons (PFCs), sulphur hexafluoride
(SF
6
) and nitrogen trifluoride (NF
3
) are covered in
E1 - Climate change.
(b) Water consumption, water recycling and storage.
Emissions to water, air and soil and substances
of concern are covered in E3 - Water and marine
resources.
(c) Biodiversity loss and interaction with ecosystems
and species are covered in E4 - Biodiversity and
ecosystems.
(d) Transition away from extraction of non-
renewable resources and the implementation
of practices that prevent waste generation
are covered in E5 - Resource use and circular
economy.
ESRS 2 - SBM-3
Our overall DMA approach for the topic of Pollution is
outlined in the ESRS 2 IRO-1 section of this Report. The
outcome of this analysis is as follows:
» Pollution to air, water and soil:
As a global manufacturer of building materials
with 278 manufacturing sites across the globe, we
consider the sub-topic of pollution to air, water
and soil which for the purposes of this analysis
includes the generation and use of microplastics
as relevant to our operations and included it
in our DMA. We worked with both internal and
external experts to determine the materiality of
the identified IROs related to this sub-topic and
concluded that none of them were material for
our own operations for 2025. We reached this
conclusion after a detailed analysis that included,
among others, review of relevant environmental
permits across our sites and pollutant volumes
emitted. Underscoring the assertion of non-
materiality of this sub-topic is the fact that the
Group does not operate sites that belong in the
sectors listed in Annex I of Directive 2011/92/EU.
The sectors included in this Annex are those that
have significant effects on the environment. In
addition, Annex II of the same Directive contains
sectors that do not necessarily have significant
effects on the environment in every case. Only five
of the Group’s sites (1.8%) belong to a sector listed
in Annex II. These sites were included in our analysis
and their impacts were deemed not material.
As part of the assessment process we also
examined the impacts stemming from the rest
of our value chain, focusing on the type and
volumes of key raw materials we procure (i.e.
metals, chemicals, mineral fibre and timber).
Considering the complexity of our upstream
value chain and the lack of robust data, we
concluded that pollution to air, water and soil is
potentially material for our upstream value chain.
Downstream from our operations, due to the
nature of our products, we deem pollutants to air,
water and soil as not material.
Finally, in relation to microplastics in the value
chain, we have deemed our impacts not material
both upstream (i.e. microplastics procured) and
downstream from our operations.
» Substances of concern (SoC)/ Substances of
very high concern (SVHC):
As a global manufacturer of building materials
with 278 manufacturing sites, the sub-topic of
SoC and SVHC is considered relevant, and IROs
were identified and assessed in detail. To assess
the materiality of our impacts, we engaged a
third party consultant with chemical expertise.
The consultant conducted an assessment of our
key chemical raw materials and products and
presented the findings in a detailed report
1
.
The results of this assessment allowed us to
consider the materiality of SoCs and SVHCs in
relation to the materials we procure and our
product portfolio. We concluded, based on
this assessment, that SoCs and SVHCs is not
a material sub-topic at the Group level for our
operations (including procured materials) and
downstream value chain.
Finally, given the nature, extent and complexity of
our value chain, we have determined that the sub-
topic of SoCs and SVHCs is potentially material for
our upstream value chain and have indicated it as
such.
Regarding pollution-related risks and opportunities,
we concluded that the financial materiality of this
topic was not material at the Group level for FY25.
1. This assessment includes estimates and assumptions and was
carried out based on the information available at the time. We
do not view this assessment as final; as regulations, relevant
guidance and market best practices keep changing and evolving,
we will continue to evaluate the need to update this assessment.
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CSRD Sustainability Statement
Material impacts related to Pollution
IRO detail IRO name IRO brief description Kingspan initiatives
Type:
Negative impact -
potential
Time Horizon:
Short-term
Value chain stage:
Upstream
Pollution to
air, water
and soil
Due to the nature of the construction
industry and its value chain, we consider
the Group’s impacts related to pollution
of air, water and soil potentially material
for our upstream value chain. Impacts
from microplastics are not included.
Policy: The Group’s
Environmental Policy
includes considerations
and provisions aligned
with pollution related
IROs.
Certifications: In
2025, 47% of our
sites held ISO 14001
certification, reflecting
the implementation
of their environmental
management systems
(2024: 50%).
Type:
Negative impact –
potential
Time Horizon:
Short-term
Value chain stage:
Upstream
Pollution
caused by
substances
of concern/
very high
concern
Due to the nature of the construction
industry and its value chain, we consider
the Group’s impacts related to pollution
caused by substances of concern/ very
high concern potentially material for
our upstream value chain. Impacts from
microplastics are not included.
E2-1 – Policies, E2-2 – Actions, and E2-3 – Targets
In the Pollution Section (PS) of our Environmental
Policy, we recognise the importance of pollution,
as a critical global issue. Our policy outlines our
objectives in relation to material IROs related to
pollution, including our commitment to develop a
process to identify and monitor these IROs within our
operations. Specifically, it outlines our aim to manage
material IROs related to pollution to air, water and soil
(including pollution from microplastics and of living
organisms and food resources).
As we have not identified any material IROs related
to SoC or SVHC within our operations and due to
the complexity of the topic and unique regional
requirements, management of IROs related to the
substitution or minimisation of substances of concern
and incident and emergency prevention are not
addressed in the PS of our policy. MDs oversee and
are responsible for the implementation of the PS.
Our Environmental Policy is available on our website
and was also made available to all stakeholders
responsible for its implementation.
As explained above, pollution (including the two
sub-topics) was not deemed material for our own
operations at the group-level. Accordingly, we have
not set a group-wide target or initiated group-level
actions for this topic.
A consistent baseline is maintained through
environmental management systems aligned with
ISO 14001 at our sites, with certification progressing
across the network. At the end of 2025, 47% of
our manufacturing sites had achieved ISO 14001
certification (2024: 50%). In parallel, pollution-
related impacts and risks are addressed locally by
site teams, applying applicable regulations and
site-specific controls. Where applicable and required
by local legislation, the Group’s manufacturing
sites either operate under environmental permits,
or, where changes in operating conditions require
a permit to be renewed or updated, work with the
relevant authorities to secure the necessary variations.
Compliance activities commonly include monitoring
and reporting of air emissions, water discharges
and potential soil contamination against relevant
thresholds and conditions. We monitor environmental
breaches in our operating areas, and no material fines
were reported in 2025.
Looking ahead, we will continue to evaluate the need
to update internal processes for monitoring and
managing pollution-related IROs, while working to
improve the quality and completeness of data on our
key value chain partners’ pollution-related impacts.
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Kingspan Group plc Annual Report & Financial Statements 2025
ESRS E3 - WATER AND
MARINE RESOURCES
Interaction with other ESRS
(a) Emissions to water and the use and generation of
microplastics are covered in E2 – Pollution.
(b) Sustainable use and impacts on freshwater
aquatic ecosystems are covered in E4 –
Biodiversity and ecosystems.
(c) Waste management, including plastic and
wastewater are covered in E5 – Resource use and
circular economy.
ESRS 2 – SBM-3
Data from the Food and Agriculture Organisation of
the United Nations from 2017 indicates that of the
global annual freshwater withdrawals, agriculture
accounts for 71% of the total, domestic withdrawals
account for 12% and industry for 17%. The vast
majority of our sites (89%) withdraw less than 10,000
m
3
of water per year (categorised as very low) and are
therefore not water intensive.
As part of our internal processes, we also assess the
water risk facing each of our manufacturing locations.
We use widely recognised publicly available tools
and utilise the results of the analysis to inform our
approach to water management.
Priority sites
As part of our IRO assessment, we have established
a process to identify any priority sites, in relation
to water. Priority sites are those which are deemed
to have material water impacts or dependencies,
determined by annual water withdrawal exceeding
100,000 m
3
(categorised as medium) and location
in areas of high or very high water stress. During
the reporting period, no priority sites have been
identified, supporting our assertion that we do
not have material impacts or risks within our own
operations. See the results of this assessment of our
sites in the heatmap below.
100%
Kingspan’s water heatmap
1,000,000
100,000
10,000
Water withdrawals (m
3
/year)
2 sites
15 sites
162 sites
Low/medium High/ very high
Very Low
Low
Medium
Baseline water stress
0%
40%
0 sites
10 sites
68 sites
Note: Water withdrawal categories based on WWF (2024) WWF Risk Filter Suite version 2.0. https://riskfilter.org/
175
CSRD Sustainability Statement
Nevertheless, we acknowledge that our business relies
on the procurement of raw materials from industries
that consume large quantities of water, hence we
deemed our upstream impacts as material. The Group
does not rely nor have impacts on marine resources
(e.g. gravels and seafood products), hence we deem
that we do not have any material IROs related to
this sub-topic. Through the DMA we conducted
(as outlined in section ESRS 2 IRO-1), we identified
material IROs related to water, which are presented in
more detail in this section.
IRO detail IRO name IRO brief description Kingspan initiatives
Type:
Negative impact -
actual
Value chain
stage:
Upstream
Water consumption
quantities
The Group’s key suppliers operate
in industries that consume large
quantities of water (e.g. steel and
plastics), hence having negative
impacts on water availability.
Policy: The Group’s
Environmental Policy
includes considerations
and provisions aligned
with our water-related
IROs.
Product offering: The
Group manufactures and
supports technologies
to preserve and protect
water, such as rainwater
harvesting systems and
wastewater treatment
systems. The Group sells
rainwater harvesting and
telemetry systems.
Type:
Positive impact -
actual
Value chain
stage:
Downstream
Manufacture of water-
related products
The Group has a range of
products available to customers
which aid in treating water to
improve its quality including
sewage treatment, septic
tanks and rainwater collection
infrastructure.
Type:
Opportunity
Time Horizon:
Short-term
Derives from:
Other (market)
Increased sales of
existing products and
services
The Group sells rainwater
harvesting and telemetry
systems. As water stress and
water availability become more
severe in the coming decades, we
anticipate an increased demand
for these products can lead to
increased revenues.
GARDEN MUSEUM
London, UK
Insulated Building Envelopes
OPTIM-R
®
roofing system
Photography: Anthony Coleman
176
Kingspan Group plc Annual Report & Financial Statements 2025
Regarding our water-related opportunity (presented
in the table above), we manufacture and support
technologies to preserve and protect water, such
as rainwater harvesting systems and wastewater
treatment systems. As water stress becomes more
severe in the coming decades, we anticipate an
increased demand for these products can lead to
increased revenues.
E3-1 – Policies
The Group has developed a dedicated Water Section
(WS) in its Environmental Policy to manage, prevent,
mitigate and remediate actual and potential impacts,
to address risks and to pursue opportunities related
to water. The WS’s provisions relate to our material
impacts and dependencies and covers all of our
manufacturing, R&D and assembly facilities (including
sites in water stressed areas). The WS addresses
water management at priority sites – priority sites
are identified based on their dependency on water
(i.e. water withdrawal), their impacts (i.e. water
consumption) and their water-stress status. Water
considerations related to water treatment and use/
sourcing, product and service design and consumption
reduction commitments are not explicitly addressed in
the WS, since our management approach, including
the water-related topics tackled, will depend on the
local context of water and the specific needs and
circumstances at priority sites.
Our SHREDD Policy (see section ESRS S2 for further
detail), which is aligned with several guidelines and
principles (i.e. OECD Guidance for Multinational
Enterprises (MNCs) on Responsible Business
Conduct (RBC) (OECD, 2023); UN Guiding Principles
on Business and Human Rights (UNGP, 2011);
International Labour Organisation (ILO) Declaration
on Fundamental Principles and Rights at Work
(ILO, 1998) seeks to address our material upstream
environmental impacts including water. The WS
does not include provisions related to sustainable
oceans and seas, as they were deemed not material
topics. MDs oversee and are responsible for the WS’s
implementation. Monitoring of the WS is performed
as part of our Planet Passionate programme. Our
Environmental Policy is available on our website
and was also made available to all stakeholders
responsible for its implementation.
Note: Water pollution is under the scope of the
pollution section of our Environmental Policy.
E3-2 - Actions and E3-3 – Targets
As outlined above, our impacts and dependency on
water vary across our Group. This fact, along with
the local context of water, means that a group-wide
target based on absolute reductions is neither the
most efficient nor the most strategically relevant
option. Instead, we are focusing our attention and
resources on sites as needed, helping to address any
water-related challenges. As outlined in the WS of our
Environmental Policy, priority sites will be identified
by using relevant criteria such as exposure to water
stress and dependency on water (see more detailed
explanation and heatmap above) and action plans
developed, as needed. The site-specific action plans
will have a focus on the local nature of water and
local circumstances. As mentioned above, no priority
sites were identified in 2025, therefore there are no
specific actions at the group level related to water. In
2025, we have not set targets related to our material
water-related IROs. The Group tracks the effectiveness
of the WS of our Environmental Policy through our
internal environmental data collection and reporting
processes.
However, as part of Planet Passionate, we have set a
voluntary water-related target; to harvest 100 million
litres of rainwater annually by 2030. The target covers
all Group manufacturing, assembly and R&D sites.
Harvesting rainwater helps our sites reduce their
impacts and alleviate stress on local aquifers and
water systems by withdrawing less freshwater from
third-party providers or groundwater sources. Even
though this target was not designed to address any
of our material impacts or risks, it nevertheless helps
further our goal of playing a role in helping address
global environmental challenges and be a good
neighbour to our local communities.
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CSRD Sustainability Statement
ESRS E4 – BIODIVERSITY
AND ECOSYSTEMS
The Group is availing of the deferral option for this
topic under the Quick Fix. In accordance with ESRS
2 paragraph 17 and AR 16 of ESRS 1 Appendix A, the
Group acknowledges ESRS E4 – Biodiversity and
Ecosystems as a material topic and provides this
safeguard summary in place of detailed topical
disclosures for the current reporting year. The Group’s
material IROs for this topic are presented within
ESRS 2 SBM-3, which provides an integrated overview
of each topic subject to the Quick Fix deferral and
their connection to the Group’s business model and
strategy.
The following provides a concise overview of the
Group’s key policies, actions and targets relevant
to this topic, consistent with the Quick Fix deferral
framework.
Policies, targets, actions and metrics
The Biodiversity Appendix (BA) of our Environmental
Policy was developed based on the identified impacts,
risks, dependencies and opportunities related to
biodiversity and ecosystems. With the BA we aim to
manage and mitigate our material direct impact
drivers as identified in our materiality analysis (e.g.
climate change) and support the traceability of
timber products, by obtaining relevant certification
for material timber quantities. MDs are responsible for
the implementation of the BA.
More details on the plan, as well as the results of
actions/initiatives, are presented in the E1- Climate
change section of this Report. The Group has not
implemented additional biodiversity specific actions.
Our targets relate to our material impacts from our
own operations (i.e. climate change); we have set
GHG mitigation targets that serve as the basis for our
transition plan. This plan will help us not only reduce
our GHG emissions, but also reduce our climate-
related biodiversity impacts. Similarly, our progress
against our targets is monitored using relevant
metrics. More details on the targets and metrics are
presented in the E1 - Climate change section of this
Report. The Group has not set additional biodiversity
specific targets and we are not reporting impact
metrics related to biodiversity and ecosystems change
for this reporting period.
ESRS E5 - RESOURCE USE
AND CIRCULAR ECONOMY
Interaction with other sustainability topics
a) Relevant GHG and energy resources (energy
consumption) are covered in E1 - Climate change.
b) Emissions to water, air and soil and substances of
concern are covered in E2 – Pollution.
c) Water consumption, water recycling and storage
are covered in E3 – Water and marine resources.
d) Biodiversity loss and interaction with ecosystems
and species are covered in E4 - Biodiversity and
ecosystems.
ESRS 2 – SBM-3
The majority of the Group’s material IROs are
associated with our upstream and downstream
value chain. Our use of primary non-renewable raw
materials across the business has an impact on
resource depletion. However, the durability of our Key
Product Groups, with typical expected lifespans of up
to 50 years for some products, has a positive impact
by reducing or eliminating the need for replacement
during the lifespan of a building and therefore can
contribute to reduced demand for raw materials.
We identified both material risks and opportunities
in relation to evolving customer behaviour and
potentially increasing demand for solutions with
higher recycled and/or renewable content and end-of-
life solutions that can help reduce upstream resource
depletion and downstream material leakage from the
economy.
The subtopic of waste generated from the Group’s
manufacturing sites was not identified as material.
However, we have a robust waste management and
monitoring process in place with the aim to minimise
our impacts, to the extent possible.
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Kingspan Group plc Annual Report & Financial Statements 2025
Material impacts, risks and opportunities related to resource use and circular economy
IRO detail IRO name IRO brief description Kingspan initiatives
Type:
Positive impact -
actual
Value chain
stage:
Upstream
Reduce
resource
depletion due
to long life of
products
The average durability
of the Group’s key
building products,
typically up to 50 years,
prevents the need for
replacement through
the lifespan of a
building and therefore
can reduce the overall
material impacts on
the upstream use of
materials.
Policy:
The Group’s Environmental Policy includes
considerations and provisions aligned with
circular economy-related IROs.
LIFECycle Product Framework - Input
Materials:
Input materials, which is a lever of our circular
economy programme, was designed to help
us increase the use of recycled and renewable
raw materials, in line with our recycled and
renewable raw materials target.
Innovation:
Decarbonisation of our product portfolio is
a key focus area for innovation. We aim to
achieve this through two main strategies:
refining existing products with lower carbon
and increased recycled content alternatives,
and exploring new bio-based materials and
solutions.
Type:
Negative impact
- actual
Value chain
stage:
Upstream
Resource
depletion from
use of non-
renewable
and/or
primary raw
materials
The Group uses
primary, non-renewable
materials in products
across the business
and while certain
materials can be reused
or recycled, this does
result in depletion of
resources.
Type:
Positive impact -
actual
Value chain
stage:
Upstream
Reduced
resource
depletion
from use of
recycled and/
or renewable
raw materials
The Group uses a
proportion of recycled
and/or renewable
materials in production
processes, which
results in reduced
resource depletion from
extraction of primary
raw materials.
Type:
Risk
Time Horizon:
Long-term
Derives from:
Other (market)
Changing
customer
behaviour
- Increased
demand for
products with
recycled and/
or renewable
content
Increased emphasis
being placed on
the recycled and/or
renewable content
when selecting
products, could impact
market share of existing
products, resulting in
reduced revenues.
LIFECycle Product Framework
- Input Materials:
Input materials, which is a lever of our circular
economy programme, aims to increase the use
of recycled and renewable raw materials, in
line with our new recycled and renewable raw
materials target.
Innovation:
Decarbonisation of our product portfolio is
a key focus area for innovation. We aim to
achieve this through two main strategies:
refining existing products with lower carbon
and increased recycled content alternatives
and exploring new bio-based materials and
solutions.
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CSRD Sustainability Statement
IRO detail IRO name IRO brief description Kingspan initiatives
Type:
Risk
Time Horizon:
Long-term
Derives from:
Other (market)
Changing
customer
behaviour
- Increased
demand for
products with
end-of-life
recycling or
reuse options
Increased customer
emphasis on
recyclability when
selecting products,
could impact market
share of current
products, resulting in
reduced revenue.
LIFECycle Product Framework - Extended
Life Models and Cycling: Developing a
range of options to help keep materials and
products that reach the end of their service
life circulating within the economy, in line
with our circularity targets. We aim to do this
through partnerships and the deployment of
recycling facilities and product takebacks, such
as Winterswijk’s glycolysis plant, Derbigum’s
No Roof to Waste Scheme, Joris Ide NextCircle
and Tate Reuse Panel in line with our targets to
address end-of-life solutions for our products.
Type:
Opportunity
Time Horizon:
Long-term
Derives from:
Other (market)
Changing
customer
behaviour
- Increased
demand for
products with
recycled and/
or renewable
content
Opportunity to take
steps to become
a market leader in
the production of
products with increased
recycled/renewable
content, resulting in
increased revenue.
LIFECycle Product Framework - Input
Materials: Input materials, a lever of our
circular economy programme, aims to increase
the use of recycled and renewable raw
materials, in line with our new recycled and
renewable raw materials target.
Innovation:
Decarbonisation of our product portfolio is
a key focus area for innovation. We aim to
achieve this through two main strategies:
refining existing products with lower carbon
and increased recycled content alternatives
and exploring new bio-based materials and
solutions.
Type:
Opportunity
Time Horizon:
Long-term
Derives from:
Other (market)
Development
and
deployment
of solutions
to divert
products from
landfill and/
or energy
recovery
Development and
deployment of solutions
for end-of-life of
products.
LIFECycle Product Framework - Extended
Life Models and Cycling: Developing a
range of options to help keep materials and
products that reach the end of their service life
circulating within the economy, in line with our
targets. We aim to do this through partnerships
and the deployment of recycling facilities
and product takebacks, such as Winterswijk’s
glycolysis plant, Derbigum’s No Roof to Waste
Scheme, Joris Ide NextCircle and Tate Reuse
Panel in line with our target to address end-of-
life solutions for our products.
The Group’s strategy to mitigate impacts, reduce risk
and capitalise on opportunities through policies and
actions is explained in the following sections.
E5-1 – Policies
As a global manufacturer, we are committed to
helping accelerate the use of circularity practices
within our industry. To achieve this, we have included
a dedicated Circular Economy Section (CES) within
our Environmental Policy.
As part of the DMA process, key internal and external
stakeholder groups including regulatory bodies,
shareholders, customers, employees, industry
associations and community organisations were
consulted through surveys and interviews. Their
feedback has been considered in the CES, along
with circularity principles as outlined in the UN
Environment Programme and the World Economic
Forum Centre for Nature and Climate.
The CES aims to further integrate circular economy
into our environmental strategy and consider
circularity principles throughout the Group’s
operations and product development processes. The
CES aims to achieve this by outlining our approach
to managing, preventing and mitigating actual and
potential impacts, addressing risks and pursuing
opportunities related to the circular economy. The
CES outlines our aim to increase our use of secondary
and responsibly sourced, renewable raw materials.
In addition, it also addresses our aim to follow the
waste hierarchy when managing our waste generation
from our manufacturing processes and to report in
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Kingspan Group plc Annual Report & Financial Statements 2025
a clear and transparent manner. As a result, the CES
has a direct impact on the setting of our targets
and actions, which are managed through our Planet
Passionate programme. Further detail is provided in
the Actions & Targets section. MDs are responsible
for the implementation of the CES, which is made
available to relevant stakeholders and on our website.
E5-2 – Actions and E5-3 – Targets
As a global manufacturer, enhancing the circularity
of our products is a key focus. Our strategic actions
related to resource use and the circular economy
are underpinned by our LIFECycle Product Circularity
Framework, which is aligned with internationally
recognised circular economy principles. The LIFECycle
Framework supports embedding these principles
within our operations and our upstream and
downstream value chain through the lean design
for circularity approach. The framework addresses
four themes:
» Input materials;
» Factory processes;
» Extended life models; and
» Cycling.
To achieve our policy objectives the Group has set
voluntary targets, outlined below, which cover all
Group manufacturing and assembly sites and R&D
centres. Through the achievement of our targets,
we aim to increase our use of secondary recycled
and responsibly sourced renewable raw materials,
reduce operational waste to landfill, develop recycling
technologies and facilitate the takeback more of our
products and the recovery of materials in key markets.
Our circular economy targets were designed to help
us address our material IROs as identified through
our DMA. Our targets have been set considering the
scientific evidence that the current global rate of
natural resource consumption is at a rate of 1.8 times
1
the rate that our planet’s biocapacity can regenerate
and that accelerating a transition to a circular
economy can greatly help to alleviate the resource
pressures on our planet.
Input from relevant stakeholders was considered
and targets were set to mitigate negative impacts
and risks. These targets focus on increasing our use
of renewable and recycled resources, developing
products with improved environmental performance
and innovating to meet customer and market
demands. Our strategy aims to contribute to the
acceleration of the transition to a more circular
economy. Waste data is collected at site level and
reported at the group level. Our target to facilitate
product takeback and recycling schemes has been set
based on an assessment of our material flows and Key
Product Groups. Further details for each of the targets
are provided below.
# Target name Target year Target Progress to date
1 1.5 million tonnes recycled and
renewable raw materials used
annually
2030 1.5 MT 1.05 MT
Target context and additional information
Overview: We have set this target with the aim to increase our use of recycled and responsibly sourced,
renewable materials and to directly address our material IROs related to material inflows. In order to mitigate
negative impacts on biodiversity and ecosystem degradation, the renewable content must be procured from
sources using responsible production practices, in line with our Environmental Policy. The target supports the
embedding of circular design principles and increasing the circular material use rate in our manufacturing
processes.
Scope: The target includes raw materials such as metals, chemicals, mineral fibre and bio-based materials in
our manufacturing, assembly and R&D sites within the Group, including acquisitions since 2020 prior to cut off
of 30 September 2025.
Target monitoring / progress outlook and trends: This is a five year target starting in 2025, which is
monitored on a quarterly basis by our Group Sustainability team. In this first year, we have introduced new
internal systems to improve our data visibility and accuracy, expanded our supplier engagement activities to
support progress and ultimately increased the procurement of lower embodied carbon and higher recycled and
renewable content in our raw materials compared to previous years. We have used over one million tonnes of
recycled and renewable materials used in 2025, which keeps us on track to meet our 2030 target.
Linked LIFECycle themes and actions: Input materials.
1. Global Footprint Network, 2025.
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CSRD Sustainability Statement
# Target name Target year Target Progress to date
2 Facilitate 20 product takeback and
recycling schemes
2030 20 schemes 10 schemes
Target context and additional information
Overview: We aim to improve the end-of-life or end-of-use options for our products and materials. For
construction products, extended life models can take many forms, so this target was designed with the aim to
increase the development of more circular end-of-life solutions for Key Product Groups in our key markets and
help us manage our IROs for resource outflows. It is also intended to provide another driver for circular product
design to better consider the end-of-life and end-of-use phase of our products and materials as we aim to
accelerate our progress towards this target.
Scope: This target covers all of our Key Product Groups and their relevant markets.
Target monitoring/ progress outlook/ trends: This is a five year target starting in 2025, which is monitored
on a quarterly basis by our Group Sustainability Team. We have facilitated 10 takeback and recycling schemes
launched to date. The development of new end-of-life solutions are planned as we stay on course to meet our
2030 target.
Linked LIFECycle themes and actions: Extended life models and Cycling.
# Target name Target year Target (%) Progress to date
3 Zero company waste to landfill (90%
reduction from 2020)
2030 90 -6%
Target context and additional information
Overview: Prevention of material leakage from the economy is a key focus in the implementation of our
circularity strategy. This target is designed to manage our IROs for resource outflows in relation to waste and
development and deployment of solutions to divert waste from landfill.
Scope: All manufacturing, assembly and R&D sites within the Group, including business acquired on or prior to
30 September 2025. The impact of acquisitions after this date were estimated and deemed not material at the
Group level.
Target monitoring/ progress outlook/ trends: In 2025, we completed 32 landfill diversion projects resulting
in over 3,460 tonnes of waste being diverted from landfill. The increase in 2025 of waste to landfill relates to
legacy waste management processes of a 2024 acquisition which are now resolved.
Linked LIFECycle themes and actions: Factory processes and Cycling.
Target Waste Hierarchy
1.5 million tonnes recycled and renewable raw materials used annually Prevention
Facilitate 20 product takeback and recycling schemes
Preparing for re-use
Recycling
Zero company waste to landfill (90% reduction from 2020)
Other recovery
Disposal
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Kingspan Group plc Annual Report & Financial Statements 2025
We have completed actions and planned further
steps to support the progress of our targets in each
theme of the LIFECycle product framework, along with
the overarching aim to develop our new and existing
products with circularity principles in mind, denoted
within the framework as Lean Design for Circularity.
Lean Design for Circularity
Circular economy is considered as part of our
sustainability focused innovation strategy during
the development of new products. By incorporating
circular design principles in construction product
design, we can seek to design processes with the
vision of minimising the embodied carbon and end-
of-life impacts of construction products and projects.
At IKON, we have incorporated a sustainable design
review process into our product development process
including considerations for longevity, reusability,
disassembly and recyclability.
While existing and upcoming policy and legislative
frameworks aim to incentivise and enable the
transition to a circular economy, these economic
models are not yet widespread in the construction
industry. This is crucial to enable circularity at scale in
our industry. Moving forward, we aim to actively work
with industry partners to address these issues and
continue to adapt our approach as the topic evolves
while we look for opportunities to realise the benefits
of the circular economy.
Lever: Input Materials
The use of recycled, bio-based and recyclable input
materials that are responsibly sourced is an important
element of our circularity strategy. We are working
to increase our use of recycled materials whilst also
exploring potential bio-based raw material options for
future products.
Completed actions:
Building on the momentum of achieving our target
to recycle the equivalent of 1 billion PET bottles
(by weight) annually into our manufacturing
processes one year ahead of schedule in 2024, we
have continued to implement supplier engagement
initiatives to explore new sources of secondary raw
materials to decarbonise our supply chain and further
mitigate depletion of natural resources.
In 2025, we increased our procurement of lower
embodied carbon raw materials in line with our
decarbonisation and circularity strategies. The
decarbonisation of these materials presents an
opportunity to align with circularity principles and
increase the procurement of secondary raw materials;
see section E1-1 – Decarbonisation Lever: Supplier
Engagement and Collaboration. This was achieved by
engaging our key suppliers to obtain more accurate
supplier specific and product specific recycled content
information. This engagement along with improving
our internal systems have led to improved accuracy in
our raw materials reporting in 2025.
These actions have increased the procurement
of secondary recycled and renewable content,
contributing to meeting our recycled and renewable
raw materials target (see Target #1 above) in 2025
with approximately 1.05 million tonnes of recycled and
renewable raw materials used in our operations. Our
progress towards the target to date demonstrates
our commitment to working together with our key
value chain stakeholders and has made new products
possible with lower embodied carbon and higher
recycled content.
Planned actions:
We are continuously improving the quality of
sustainability data related to resource inflow across
our manufacturing operations via automated data
collection and cross-functional oversight as well as
improving due diligence systems to enhance visibility,
transparency and governance. The aim of these
actions is to enable our procurement team to consider
circularity performance indicators like recycled
content and renewable content in our supply choices.
Our procurement and sustainability teams continue to
actively engage with suppliers to source raw materials
with lower embodied carbon and higher recycled
and renewable content. This aligns with our target
of using 1.5 million tonnes of recycled and renewable
raw materials by 2030. For further information on our
supplier engagement strategy and planned actions
see section E1-1 – Scope 3 GHG emissions.
Increasing recycled content in our key raw material
inflows enables our product roadmap to feature a
strong pipeline of additional LEC products planned for
launch in the near future and beyond.
Lever: Factory Processes
We aim to increase resource efficiency in factory
processes to minimise the generation of operational
waste. When production waste cannot be
reintroduced back into our manufacturing processes,
we seek to recover the materials to be used in
other products thanks to established partnerships
with other industry stakeholders as well as the
implementation of our own recycling technologies.
Completed actions:
In 2025, we completed over 32 new projects aimed
at diverting waste from landfill. This includes a wide
range of initiatives to improve material efficiency in
our operations and divert waste but also developing
partnerships with suppliers and the wider industry
to realise additional value and keep materials
recirculating within the economy.
A key project to address waste in our own operations
was completed by our Isometall site which has
successfully implemented a project to return
manufacturing waste to their supplier, resulting in
waste being diverted from landfill and reintroduced
back into raw material production.
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CSRD Sustainability Statement
Our actions have also focused on developing industry
partnerships to reduce waste to landfill. Sites in our
insulation businesses have begun an exciting project
which enables the remanufacture of our waste into a
new construction product by a partner organisation
– a long term collaboration involving multiple sites.
Using a combination of the above techniques, our site
in Saint Mary’s, Australia has been addressing their
operational waste through cross-departmental efforts
in 2025 diverting significant quantities of project
waste from landfill.
We also work closely with our waste contractors where
possible to maximise the diversion of our waste from
landfill. All of these actions have helped us reduce
municipal waste to landfill by over 67% since 2020.
The increase in 2025 waste to landfill relates to legacy
waste management processes of a 2024 acquisition
which are now resolved.
Planned actions:
The Group will continue to invest in improving material
efficiency in our manufacturing processes while
focusing on waste management, segregation and
data collection systems to reduce material leakage
from the economy. The pipeline of projects will
focus on finding recycling solutions for traditionally
difficult to recycle materials (including technologies
to separate heavily mixed waste materials), finding
new reuse and remanufacturing pathways for
manufacturing waste and finding new partnerships
to support the development of more circular
infrastructure where existing recycling pathways are
not available.
We currently have over 50 projects scheduled for the
next two years and these planned actions span across
a range of strategic areas including:
» Developing internal technologies to address the
generation of manufacturing waste;
» Maximising opportunities for reuse, repurposing
and remanufacturing both internally and
externally to realise the maximum value of waste
materials; and
» Collaborating with more suppliers to establish
manufacturing waste recycling and return
solutions.
Our planned actions aim to continue to reduce
and ultimately minimise material leakage from our
manufacturing processes and demonstrates our
commitment to keeping materials recirculating within
the economy in line with achieving our zero company
waste to landfill target by 2030
1
.
Lever: Extended Life Models & Cycling
Extended life models for our products is critical to
reducing material leakage from the economy and
can take many forms. Due to construction and
demolition practices and current regulations, it can be
challenging to find ways to reuse or extend the life of
a building product.
Therefore, we are also exploring and implementing
cycling options to keep materials within the
economy. We are involved in ongoing projects to
develop and implement chemical and mechanical
cycling solutions for products and materials at each
stage of production, installation and end of life, as
well as finding new purposes for waste generated
in production.
Completed actions:
We have now facilitated 10 product takeback and
recycling schemes in total across the Group, focused
on recovering viable production waste as well as post-
consumer products and materials where possible.
In 2025, a major focus has been to expand the
number of end-of-life solutions for our products
which has seen three new product takeback schemes
launched across the Group covering a variety of Key
Product Groups from insulated panels, insulation
solutions and daylighting solutions. The takeback
schemes provide a product takeback guarantee at
end-of-life to ensure the materials in these products
will be processed for recovery. For example, the Next
Circle takeback scheme from the Joris Ide business
will take back, reprocess and reuse products while
recycling the raw materials from any unrecoverable
products.
This year we also launched two more recycling and
reuse schemes, building on the momentum from the
previous year. The Reuse Panel scheme has already
recovered over 30,000 m² of post-consumer raised
access floor products. The BelterTech recycling
scheme at our Deland site in USA has successfully
manufactured products on site from manufacturing
waste this year and is expected to recover more than
90% of the annual insulation waste in the future as
capacity continues to increase.
Planned actions:
In accordance with the aims set out in the CES and in
line with our target to facilitate 20 product takeback
and recycling schemes by 2030, we continue to develop
alternative end of life solutions for our products in
key markets to help reduce material leakage from
the economy. This includes expanding solutions for
takeback schemes, support of industry extended
producer responsibility programmes and collaboration
with key partners to help us achieve our goals. Multiple
internal and external stakeholders have been engaged
in developing the roadmap for the development of
1. 90% reduction from 2020 baseline.
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Kingspan Group plc Annual Report & Financial Statements 2025
solutions across key European and US markets in
product sets including insulated panels, insulation
solutions and daylighting products.
Focusing on a 2030 time horizon, the Group will
expand the ongoing projects to support operations
in other regions, which are currently underway and
outlined in the completed actions above.
E5-4 – Resource inflows
Our 278 manufacturing sites produce a wide range of
products for the construction sector, utilising a variety
of raw materials.
The use of responsibly sourced, biological raw
materials is an important element of our circularity
strategy, as stated in the CES. In 2025, 97% (2024:
97%
1
) of our biological raw materials are certified
as responsibly sourced by PEFC (Programme for the
Endorsement of Forest Certification) and FSC (Forest
Stewardship Council). We also aim to increase our use
of recycled raw materials, supporting the achievement
of Target #1.
The table below provides further detail on our resource
inflows. Our packaging materials have been excluded
from this disclosure as they are not deemed a material
resource inflow.
Metric Unit 2024 2025
Total weight of
technical materials
1,2
t 3,634,958 3,001,322
Total weight of
biological materials
1
t 647,406 678,387
Weight of secondary
reused or recycled
content
t 316,341 395,475
Percentage of
secondary reused or
recycled content
1
% 8.7 13.2%
1. Includes restated figures - for more information see Appendix 7.
2. Analytical procedures conducted in 2025 identified a material
data input error of 347,266 tonnes (t), which has subsequently
been corrected. Please refer to Appendix 7 for further information.
Our total weight of technical and biological raw
materials disclosure is based on a variety of data
sources. Information related to the procurement of
our key raw materials is collated monthly at group
level. Further raw material information is collected
annually, with the balance of our raw material
volumes estimated based on our spend.
The disclosure of secondary raw materials used
throughout the year is calculated based on product or
supplier specific recycled content information, where
available. If specific recycled content data is not
available, industry averages for the reporting period
are applied. We are continuously improving our data
collection and reporting methodologies, with the aim
of increasing the accuracy of our disclosure each year.
E5-5 – Resource outflows
Products and materials
The Group’s businesses manufacture a variety of
products for numerous applications including,
but not limited to: insulation solutions, insulated
panels, structural steel products and systems,
facades, ceiling systems, raised access floors and
daylighting solutions. Our reporting boundary for
E5-5 encompasses the Group’s Key Product Groups
and excludes packaging as it is not deemed to be a
material resource outflow.
The Group takes actions to ensure products can
be aligned with circular economy principles by
considering circular design principles during product
development, where possible, such as designing for
durability, disassembly, recyclability and repairability.
The methodology to determine product alignment to
circularity principles, detailed below, included desktop
research and reference to our third party verified
Environmental Product Declarations (EPDs), which
can be found on our website.
Circularity principle - Durability
Our insulation and insulated panel products have long
reference service lives, typically up to 50 years, with
the remainder of our product portfolio between 25-60
years. This reflects the fact our products have been
designed to last for the typical lifespan of building
projects, depending on the end-use conditions and
material specification. As a result, they are inherently
designed and engineered for durability.
Circularity principle - Disassembly
While current construction and demolition practices
do not always prioritise disassembly, certain Group
products, such as insulated panels and raised access
floor products, are modular single component units.
Site experience has shown that these products can
be safely disassembled for reuse or recycling. The
design of these products for ease of disassembly also
contributes to the repairability of buildings where they
are installed.
Circularity principle - Recyclability
Certain products have been designed considering
recyclability with the aim that their main constituent
materials can be separated at end of life to
maximise recycling potential. The recyclability of our
products vary depending on the type of material
and application. Our product portfolio also includes
many products which consist mainly of a single
material (such as steel, aluminium or polycarbonate)
which generally can be recycled (or reused) by the
relevant industry. Our insulated panels and insulation
boards consist of a variety of insulation materials
185
CSRD Sustainability Statement
combined with steel or other facers. The recycling of
insulated panels involves the recycling of the metal
and the insulation material which may require further
processing. The separation of insulation materials
from the metal can be executed manually, therefore
such processing can be undertaken at reclamation
plants. The metal components can be recycled by the
relevant metal industry. While recycling solutions exist
for insulation materials, they are not yet considered
widely recycled in practice. However, we have set
targets and are undertaking initiatives (outlined in the
Targets and Actions Section) to develop and support
end-of-life solutions for our products.
Circularity principle - Repairability
The repairability is not presented as there are
currently no international standards or agreed
metrics for classifying the repairability of building
materials and construction products. Our products
are designed to last. The current available
methodologies for classifying repairability are not
applicable to building materials. This is because
repairability would need to be considered in the
context of the specific building construction rather
than just the repairability of the product on its own.
Without these considerations and without recognised
international standards or metrics, a meaningful
representation of repairability is not possible
therefore we have not included repairability as a
metric at this time.
MOBIL HOME RIDEAU
Venansault, France
Insulated Building Envelopes
JI 45-333-1000 roofing sheet;
JI 56-225-900 steel deck; JI
Z140 Z-purlins; JI SF Wall 1000
panel; JI Grégale 300 facade;
JI 10-100-1100 steel profiles; JI
35-207-1035 wall sheet
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Kingspan Group plc Annual Report & Financial Statements 2025
Waste reporting
The waste metrics provided below encompass all
of the Group’s manufacturing and assembly sites,
as well as R&D centres. To ensure accuracy and
completeness of our waste data, we have established
an Environmental Data Reporting Procedure, which
sets reporting requirements and overall guidance for
data collation and reporting. Waste data is monitored
at the site level, with all applicable sites required to
report both hazardous and non-hazardous waste
streams, along with the relevant treatment methods,
on a monthly basis.
Expected durability and recyclable content of Key Product Groups
Key Product Group
1
Expected durability (years)
2
Recyclable content (%)
3
Insulated panels 30-60 31-69
Insulation solutions 30-60 0-100
Wood fibre insulation 50 81-91
Structural steel products & systems 50-60 100
Facades 30-50 97
Data centre containment solutions 50 95
Ceilings 30-50 100
Raised access floors 25 99
Daylighting solutions 25-30 79-100
Waterproofing membranes4 30-50 0-100
1. The above information for each Key Product Group is indicated based on a sample of products reviewed, within the product category, and
ranges included where suitable to provide indication of variety of product parameters within said category.
2. The expected durability, as stated above, is based on the published reference service life (RSL), durability or warranty obtained from a
representative sample of product EPDs, product datasheets or brochures for each Key Product Group.
3. The recyclable content is based on the published material composition data obtained from a representative sample of product EPDs for each
Key Product Group, where available, or material composition stated in product datasheets and brochures. Conservatively, only the metal
portion of our insulated panel products has been included as recyclable, based on product with thickness ≥ 100mm.
4. For the purposes of this disclosure, we are referring to the primary weathering membranes only. For TPO and PVC we assume a minimum
thickness of 80mm and that the installation meets the requirements of the 30 year warranty offering.
Note: While every effort has been made to ensure the accuracy and reliability of the information in this table, it is provided for general reporting
purposes only and should not be construed as definitive or exhaustive. The data and assumptions are subject to change and the information
does not constitute a guarantee of any specific product performance, durability or otherwise. Please refer to specific product guidelines and
recommendations for such information.
Comparability note: In 2025, we updated our analysis adding new products and therefore have provided comparative figures for the following
metrics as per prior year disclosure: Expected durability (years): insulated panels: 40-60; insulation solutions: 30-50; structural steel
products & systems: 60; facades: 50; ceilings: 50. Data centre containment solutions and waterproofing membranes are new categories.
Recyclable content (%): insulation solutions: 0; daylighting solutions: 100. Data centre containment solutions and waterproofing
membranes are new categories.
Description of methodologies, criteria and assumptions used to calculate data in relation to the table above:
The expected durability is based on the published reference service life obtained from a representative sample of product EPDs, or equivalent,
for each Key Product Group. The representative sample includes at least one product from each major product with similar performance and
characteristics. The recyclable content is based on the published material composition data obtained from a representative sample of product
EPDs, or equivalent, for each Key Product Group. The representative sample includes at least one product from each major product family with
similar performance and characteristics. The recyclable content presented in the table encompass closed loop or open loop materials that are
widely recyclable in practice and at scale.
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CSRD Sustainability Statement
Metric (tonnes) 2024 2025
Total amount of waste generated
1
181,176 185,136
Total amount by weight diverted from disposal
1
118,354 131,723
Non-hazardous Waste
1
117,113 129,882
Preparation for reuse - 1,185
Recycling
1
116,948 128,342
Other recovery operations 165 355
Hazardous Waste
1
1,241 1,841
Preparation for reuse - -
Recycling
1
1,235 1,812
Other recovery operations 6 29
Total amount by weight directed to disposal
1
62,822 53,413
Non-hazardous Waste
1
55,068 45,040
Incineration
1
33,434 26,144
Landfill
1,2
21,634 18,889
Other disposal operations - 7
Hazardous Waste
1
7,754 8,373
Incineration
1
7,159 7,476
Landfill
1
595 897
Other disposal operations - -
Total amount of non-recycled waste
1
62,993 54,982
Total percentage (%) of non-recycled waste
1
35 30
Total amount of hazardous waste generated
1
8,995 10,214
Total amount of radioactive waste generated - -
1. Includes restated figures - for more information see Appendix 7.
2. Total amount of non-hazardous landfill waste generated and directed to disposal has been restated from 11,936t to 21,634t to account for
omission of stored waste related to a 2024 acquisition - for more information see Appendix 7.
Note. Boundary: includes manufacturing, assembly and R&D sites within the Group, excluding acquisitions made after 30 September 2025. The
impact of acquisitions after this date were estimated and deemed not material at the Group level.
The relevant waste streams and waste composition is presented in the table below which represents the Group’s
key waste streams covering 91% of our total waste by volume.
Relevant waste streams and materials present in waste
Metals
Wood and wood production waste
Insulation materials
Municipal, construction and demolition waste
Chemicals
Paper and cardboard
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Kingspan Group plc Annual Report & Financial Statements 2025
BUILDING NAME
Location
Section
Product
MERIAM PARK MARKET
SHOPPING CENTER
California, USA
Insulated Building Envelopes
AWIP CW36 corrugated panel;
SR2 standing seam roof panel
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CSRD Sustainability Statement
SOCIAL
INFORMATION
CSRD Sustainability
Statement
BROWNS SHOES
DISTRIBUTION CENTRE
Montreal, Canada
Insulated Building Envelopes
QuadCore
®
KS Series;
QuadCore
®
Karrier Wall panel
Kingspan Group plc Annual Report & Financial Statements 2025
190
ESRS S1 - OWN
WORKFORCE
ESRS 2 - SBM-3
The material IROs related to the Group’s own workforce
have been identified through the DMA. Based on the
Group’s 2025 DMA, ESRS S1-16 - Compensation metrics
(pay gap and total compensation) were not identified
as material, and these data points are therefore not
reported for 2025. This assessment reflects updated
information gathered since the previous DMA and
changes in external factors considered in evaluating
the relevance of specific disclosure requirements. The
2025 DMA also concluded that potential risks and
opportunities related to occupational health and
safety are not material in the current reporting period.
These updates reflect scoring changes made through
the Group’s structured DMA framework, informed
by improved internal visibility of relevant information
and the application of a consistent, evidence-based
approach to evaluating significance across all
sustainability topics. Notwithstanding this assessment,
the Group continues to report workforce health and
safety metrics in line with ESRS S1-14 for the 2025
reporting period. There were no other year-on-year
changes to material IROs related to the ESRS S1.
The Group monitors its DMA assessment on an
ongoing basis, allowing for continuous refinement
and adjustment as new risks, opportunities and
stakeholder expectations emerge. These changes
reflect the Group’s refreshed evaluation of people
related sustainability matters, ensuring that
disclosures remain focused on areas of greatest
significance to the business and its stakeholders.
The Group’s own workforce comprises employees
with direct employment contracts, including full-
time, part-time and temporary staff across various
roles and functions. While non-employee workers
are subject to the Quick Fix phase-in provisions, the
number of work-related accidents for agency workers
and subcontractors are disclosed under section S1-14.
We focus on key positive impacts, including employee
engagement, learning and career development and
health and safety, through our People Passionate
programme, which includes initiatives addressing
core people policies, including our commitment
to human rights. While still in its first phase, the
programme has provided valuable insights into
workforce risks. The nature of the Group’s operations
has the potential, in some instances, to expose
employees, such as those directly engaged in the
manufacturing process, to increased human rights
risks such as occupational health and safety risks.
The businesses already implements comprehensive
approaches tailored to meet the specific needs of
their people and organisation.
Through risk assessments, stakeholder engagement
and feedback collection, we have developed a more
informed understanding of how different roles,
activities and individual characteristics contribute
to these risks. This ongoing process informs our
proactive risk management approach, helping us
tailor our internal controls and processes to address
the unique challenges faced by different groups,
ensuring the wellbeing of all employees across
various contexts and functions.
In terms of negative impacts, while no systemic issues
have been identified, any material negative impacts
related to occupational health and safety would likely
manifest as individual incidents. To address these
risks, we have implemented strict internal controls,
mandatory safety training and a strong safety culture
supported by the rollout of ISO 45001 certification.
ISO 45001 is an internationally recognised standard
for occupational health and safety management
systems, designed to improve employee safety, reduce
workplace risks and create safer working conditions.
Additionally, no material impacts on the workforce
have been identified related to our transition to
climate-neutral operations.
Through the ongoing development of the People
Passionate programme, we have gained insights
into risks affecting different workforce groups by
utilising stakeholder engagement, risk assessments
and feedback mechanisms. This helps us better
understand and address the unique needs and
challenges faced by our workforce.
The Group refreshed its human rights risk assessment,
developed in collaboration with an external
consultant, which includes screening potential risks of
forced labour and child labour within our operations.
To identify countries with elevated risks, we consulted
indices such as the Global Slavery Index (GSI) by Walk
Free and Children’s Rights in the Workplace by UNICEF.
The assessment identified certain countries with
elevated inherent risk profiles for incidents of forced
or compulsory labour, including Ukraine, Saudi Arabia,
Türkiye, Kazakhstan and the United Arab Emirates,
and for child labour, including Vietnam, the United
Arab Emirates and China. However, after considering
the Group’s internal policies, processes and mitigating
controls, the assessment concluded that the residual
risk of incidents of forced labour, compulsory labour
or child labour within the Group’s operations is not
significant. The Group’s presence in the countries
listed above is limited, with Türkiye, Vietnam and
the United Arab Emirates together accounting for
approximately 4% of total employees. The remaining
countries collectively represent less than 1% of the
Group’s workforce. Building on this assessment, we
continue to strengthen our due diligence processes to
monitor and assess potential risks of forced labour or
child labour across our global operations.
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CSRD Sustainability Statement
Our assessment concluded that the potential salient
human rights risks of forced labour and child labour
scored lower relative to other risks. This is due to
relevant internal controls and policies, including
the Group’s Human Rights Policy and Human
Rights Charter, which apply universally across all
our businesses, helping to mitigate localised risks
associated with forced or child labour. For further
information regarding how the Group applied the
indices through our global approach to human rights
please refer to our Human Rights Policy.
The relationship between material IROs arising from
the Group’s workforce is closely aligned with the
Group’s strategy and business model. Our people
are central to the success of all four of our strategic
pillars; Innovation, Planet Passionate, Completing the
Envelope and Global. Failure to manage workforce
health, safety and wellbeing could lead to material
negative impacts, while effectively managing these
aspects drives innovation, productivity and long-term
business success. Furthermore, our policies on ethical
labour practices enhance our reputation and align
with stakeholder expectations, ultimately supporting
value creation.
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IRO detail IRO name IRO brief description Kingspan initiatives
Type:
Positive impact
- actual
Value chain:
Own
operations
Career
progression
through
training and
development
The Group offers
comprehensive learning
and development
programmes, which
support employee career
progression. These
programmes foster skill
development, develop
leaders and facilitate
transitions from academia
to industry or to more
senior positions.
People Passionate: The Group’s People Passionate
programme encapsulates key aspects of
talent management and engagement such as
performance evaluation, career development and
opportunities for upskilling.
Talent, management and leadership
development programmes:
» Graduates participate in the Yours to Shape
development programme.
» Early Career staff can undertake programmes
such as Developing Talent Programme and
Explore.
» A suite of tailored programmes for frontline,
middle and senior managers is offered globally.
» PEAK (Programme for Executive Acceleration
in Kingspan) targets middle to senior
managers to enhance leadership diversity and
expand the pool of future senior leaders in line
with the Group’s global growth.
» Executive Development Programme, in
partnership with INSEAD, supports the Group’s
senior leaders to engage with enterprise
level goals in a more collaborative way while
transforming their leadership capabilities to
drive significant long-term growth.
Succession planning: The Group regularly reviews
its pipeline of leaders to support the growth
of the business as part of our Human Capital
risk assessment. The Group Head of Leadership
& Development is responsible for succession
planning.
Careers portal: The Group’s internal careers
portal provides an open and transparent forum
for employees to learn about and apply for career
opportunities throughout the Group. The Group
has a strong track record of fostering internal
promotions across its businesses, demonstrating
its commitment to employee growth and
development.
Policies: Through key policies such as the Group’s
Inclusion & Diversity Policy and our global Code of
Conduct, the Group sets its commitment to equal
opportunities, integrity, honesty and compliance.
These are supported by the Board Diversity Policy.
Steering groups: The I&D Forum delivered
training, policies and toolkits, which were
subsequently devolved to the businesses for
implementation.
Surveys: The businesses continue to undertake
employee engagement surveys including pulse
surveys which inform their people strategies and
priorities.
Type:
Potential risk
Time Horizon:
Short-term
Triggered by:
Our impacts
Effective
talent
management
There is a potential risk
that some sites might not
effectively manage talent
attraction, retention
and development. If
talent management is
inefficient, it could lead
to the departure of skilled
employees, subsequently
increasing costs related
to hiring and training new
talent and operational
inefficiencies.
Type:
Potential
opportunity
Time Horizon:
Short-term
Triggered by:
Our impacts
Learning and
development
programmes
The Group’s
comprehensive learning
and development
programmes support
career progression,
fostering skill
development, aiding
retention and ensuring a
skilled workforce for the
future.
Type:
Positive impact
- actual
Value chain:
Own
operations
Employee
engagement
programme
The Group is continuously
engaging and
implementing various
programmes that
promote wellbeing
of employees and a
collaborative working
culture.
Type:
Positive impact
- potential
Time Horizon:
Short-term
Value chain:
Own
operations
Equal
opportunities
The Group can contribute
to the promotion of
inclusive policies in the
areas of recruitment,
training and career
development.
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CSRD Sustainability Statement
IRO detail IRO name IRO brief description Kingspan initiatives
Type:
Positive impact
- actual
Value chain:
Own
operations
Occupational
health and
safety
Initiatives promoting
health and safety can
enhance the overall
occupational health and
safety of both employees
and non-employees.
ISO certifications: In 2025, 13 additional sites
achieved ISO 45001 certification.
Policies: The Group’s Health & Safety Policy, sets
out the Group’s commitment to preventing injury
and ill health, complying with all applicable legal
and regulatory obligations, and continuously
improving our occupational health and safety
performance.
Internal control mechanisms: The Group closely
monitors the performance of its health and
safety framework, using KPIs to track adherence
and identify areas for improvement. Immediate
and decisive action is taken in response to any
instances of non-compliance. The Group’s Health
& Safety Compliance Officer provides monthly
reports and regular updates, including a best
practice league table, ensuring continuous
improvement and accountability across the
Group.
Training and awareness: A robust health and
safety framework is in place throughout the
Group’s operations requiring all employees to
complete formal health and safety training on a
regular basis. A new training hub was launched on
the Group health and safety training platform in
2025 to centralise materials, support continuous
learning and improve access to training resources.
An introductory avatar video, available in multiple
languages, was also introduced to support
acquisitions and internal communications.
Internal communications and network: A
Group health and safety reporting platform was
created to share best practice guidance, safety
alerts and report near misses and safety concerns,
ensuring that the entire Group remains informed
of key issues and improvements. All safety
professionals have access to this framework,
which also includes detailed policies. Additionally,
annual safety forums bring together safety
professionals to review KPI performance, address
challenges and foster a community focused on
sharing best practices. In 2025, quarterly regional
virtual conferences were introduced to supplement
the annual safety forums, and an annual Health &
Safety newsletter was launched to share group-
wide updates and best practices.
Reporting mechanisms: The Group provides
anonymous reporting channels that allow
employees to raise concerns including but not
limited to occupational health and safety.
Culture: The development of a strong safety
culture is driven by management and employees
at every level and is a core part of doing business
with integrity.
Type:
Negative
impact
- actual
Value chain:
Own
operations
Occupational
health and
safety
Insufficient actions
to ensure health and
safety would negatively
affect employees’ and
non-employees’ overall
occupational health and
safety.
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IRO detail IRO name IRO brief description Kingspan initiatives
Type:
Positive impact
- actual
Value chain:
Own
operations
Established
Human
Rights Policy
and due
diligence
procedures
The Group has established
comprehensive policies
and procedures ensuring
safe and ethical labour
practices but also
significantly reducing the
risk of modern slavery and
human trafficking.
Internal and external policies: The Group has
established clear standards for ethical practices
and sustainability expectations across our own
workforce through key policies such as the Group’s
Human Rights Policy and the Code of Conduct.
Reporting mechanisms: The Group provides
anonymous reporting channels that allow
employees to raise concerns including but not
limited to ethical or human rights violations. These
mechanisms, outlined in our Human Rights Policy,
ensure that concerns can be raised confidentially
and are addressed through appropriate processes.
Type:
Potential risk
Time Horizon:
Short-term
Triggered by:
Our impacts
Human rights
breaches
Potential breaches of
human rights regulations
could lead to reputational
damage, litigation and
may impact the Group’s
ability to attract labour.
ESRS 2 - SBM-2 - Interests and views of
stakeholders
The Group recognises its own workforce as key
stakeholders, whose interests, views and rights are
integral to shaping our strategy and business model.
People are a critical driver of the Group’s success and
our People Passionate programme further integrates
the interests and views of our workforce into both our
business model and strategy.
S1-1 – Policies
The below policies apply to the Group, its subsidiaries,
joint ventures and their directors, officers and
employees. These policies cover all our businesses,
wherever they are located. The Group policies can be
accessed on our website: www.kingspan.com.
The Group policies relevant to the material IROs
related to our own workforce, for which MDs are
responsible, include:
The Code of Conduct applicable to all Group
businesses, details our commitment to responsible
behaviour and compliance with laws and regulations.
It also promotes our core values of honesty, integrity
and compliance with the law, guiding our behaviours
and decision making.
The People & Organisation Policy establishes
global principles for the implementation of our
People Passionate programme, ensuring a balance
between fair treatment of employees and business
needs. The programme includes key aspects of
talent management and engagement such as
recruitment, onboarding, training and development,
career progression, opportunities for upskilling and
leadership development. This supports effective talent
management, career progression and learning and
development programmes.
The Group’s Health & Safety Policy outlines our
commitment to preventing injury and ill health,
complying with all applicable legal and regulatory
obligations, and continuously improving health
and safety. This commitment is reinforced through
the Group’s health and safety framework, which
implements the ISO 45001 standard to support robust
management of workplace safety and risk prevention.
This supports occupational health and safety.
The Human Rights Policy outlines our commitment
to upholding and promoting human rights values
in all aspects of our operations. Aligned with
International Labour Organisation (ILO) conventions
and UN principles, it includes mechanisms for
reporting breaches of human rights. For more
information on the salient human rights risks we seek
proactively to identify, prevent or mitigate, see our
Human Rights Policy.
The I&D Policy ensures inclusion, diversity, equal
opportunities, equity and a sense of belonging
across our business. It promotes a culture that
values differences and aims to eliminate workplace
discrimination. This policy supports equal opportunities
and fosters a supportive and equitable environment for
all employees. As part of our zero-tolerance approach
to discrimination in any form, we are committed
to encouraging inclusion and diversity among our
workforce. While our policies do not explicitly list
specific grounds for discrimination, we enforce a
comprehensive and robust framework to ensure all
employees are treated fairly and with respect.
This framework is upheld through communication
of the policies, training and awareness programmes
to promote understanding and adherence. To
ensure employees are treated fairly, responsibility
for the policy’s implementation rests with the MDs.
Additionally, we provide access to remedy through
anonymous reporting channels, including our global
195
CSRD Sustainability Statement
confidential independent hotline, which empowers
employees to raise concerns in a safe and secure
manner.
S1-2 - Processes for engaging with own workers
and workers’ representatives about impacts
Employee engagement played a key role in shaping
the People Passionate programme. The Group has
established a Global Steering Group representing
all businesses to contribute to the design and
implementation of this global programme. The
Steering Group meets quarterly.
In 2025, we continued to collaborate with employee
representatives to establish a European Works Council
(EWC), which serves as a platform for engaging with
our employees at the European level on business
strategy, development, employment matters,
investments and transnational issues annually. The
EWC represents over 13,200 Group employees across
24 countries. Additionally, our Human Rights Policy is
aligned with ILO conventions and UN principles that
outlines our commitment to upholding and promoting
human rights values across all operations.
Employee engagement across the Group is actively
managed at the local level, with the frequency of
surveys depending on the type of interaction. There
is positive interaction with employee representatives
and works councils at the local level. Internal
communications are supported by a network of
communication champions across each of the
businesses. The effectiveness of the engagement
is assessed through various means, including
employee surveys and regular review meetings.
By continuously integrating feedback from our
workforce into our strategic people programmes, we
ensure that our strategies and actions are informed
by their perspectives, leading to more effective
management of actual and potential impacts. The
MDs have responsibility for ensuring active employee
engagement.
Through our People Passionate programme, we are
actively working to identify and address workforce
risks, across varying employee categories which may
include groups potentially vulnerable to impacts or
marginalisation. In the programme’s first phase,
valuable insights have been gathered, and we are
continuing to refine our engagement processes to
better understand and support these groups.
See section ESRS 2 SBM-2 for more information on
stakeholder engagement.
S1-3 - Processes to remediate negative impacts
and channels for own workers to raise concerns
The Group is committed to achieving an open
working environment in which employees feel able
to report directly to their line manager. However,
in rare circumstances when an employee is not
comfortable with that or feels unable to do so,
concerns may be reported to Group legal teams or
through EthicsPoint. EthicsPoint is a comprehensive,
confidential and entirely anonymous reporting
tool to assist management and employees to work
together in addressing misconduct in the workplace,
all while cultivating a positive work environment. For
further details, please refer to Section G1-1 regarding
procedures that protect the Group’s anonymous and
independently run hotline.
S1-4 – Actions
The Group has developed a framework to address
workforce engagement, wellbeing, career
development, health and safety and ethical labour
practices. These initiatives are guided by senior
leadership to ensure that the Group continues
to foster a positive and supportive workplace
environment. Below are the key actions that support
the Group’s approach to addressing own workforce
impacts, risks and opportunities.
People Passionate Programme
The People Passionate programme, endorsed by
the CEO, is the Group’s global initiative, focused
on enhancing employee engagement, career
development and wellbeing. Phase 1 of the
programme, which runs from 2024 to 2026, was
communicated to the Group in 2023.
This programme builds on the Group’s past successes
while identifying areas for improvement, aiming to
create a workplace where employees feel empowered
to contribute their unique strengths and perspectives.
The programme emphasises employee performance
and development, leadership development and
upskilling opportunities, supporting the Group’s
ambition of maintaining a highly engaged and
productive workforce. Progress and effectiveness
are monitored by the Global Steering Group, with
key metrics such as retention rates being reviewed
regularly to ensure alignment with business objectives.
The Group identifies appropriate actions through
a combination of employee feedback and regular
risk assessments. These processes allow the Group
to proactively address potential risks and capitalise
on opportunities for workforce development and
wellbeing. Examples of dedicated resources include,
but are not limited to, dedicated human resources
teams, digital learning platforms, employee feedback
tools such as pulse surveys and leadership and
management development programmes aligned to
the Group’s business drivers.
In 2025, the People Passionate programme activities
continued to be deployed. Over the year, an initial
analysis of the impact of automation on future skills
needed to execute business strategy was undertaken.
This preliminary work examined internal and external
trends and contributed to the work being undertaken
to refresh the learning and development strategy. The
core Group leadership and management development
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Kingspan Group plc Annual Report & Financial Statements 2025
programmes continued successfully this year with
positive business impact being measured and tracked.
The Group’s Human Resources Information System
(HRIS) continued to be successfully rolled out and is
on track against the deployment plan.
Learning and Development Programmes
The Group offers a range of learning and development
initiatives designed to support talent progression,
upskilling and leadership development.
Programme Objective Target
Yours to
Shape
» Build a pipeline of leaders for now and into the future
» Provide opportunities for graduate employees to form
networks across the Group
» Support on-the-job functional development
Graduates are hired directly from
university into full–time roles in
businesses across the Group.
Explore Pilot
2025
» Pilot of this programme was successfully completed
with our America’s panels business
» Develop skills for self-leadership, interpersonal
effectiveness and team working
» Learn more about prioritising and being productive
» Develop core skills like change management and
resilience
» Learn about an approach to career development
For employees hired in the last
five years and are at an early
stage in their working life.
Developing
Talent
» Develop early-career talent by building self-awareness,
confidence and ownership of personal development
» Enhance critical skills and impact through structured
learning, coaching and practical application
» Strengthen future capability by fostering peer networks,
business exposure and improvement-led thinking
Early careers programme aimed
at developing participants to
realise their full potential.
Ignite » Transition from peer to boss
» Inspiring others to deliver results
» Planning and prioritisation
» Communicating with impact
Frontline team leaders or
managers or employees about to
become a manager for the first
time.
Accelerate » Creating high performing teams
» Communication and engagement
» Strategic workforce planning
» Agility and pace
For team managers or managers
of team leaders.
Safety
Leadership
Programme
Pilot 2025
» Pilot of this programme was commenced
» Effective communication for safer workplaces
» Coaching and motivating at the front line
» Delegation and goal-setting at the front line
» The role of conflict and change in safety
Employees with safety leadership
responsibilities.
Evolve » Creating high performing organisations
» Energising teams and organisations
» Collaborating to achieve shared purpose
» Creating and sustaining fulfilling workplaces
Manager of managers, director,
member of leadership teams.
PEAK » Leading in a global business
» Grow and empower others
» Cross group networking and collaboration organisation
» Strategic thinking, vision and execution
Middle to senior leaders currently
responsible for effectively leading
and managing significant teams
and committed to even more
significant roles within the Group.
Executive
Leadership
Development
in partnership
with INSEAD
» This development is tailored to support our leaders
develop their leadership capabilities which underpins
the growth potential of the Group
» The intensity and relevance of the learning materials,
makes it a unique experience and pivotal in in the
leader’s development
» Engage with enterprise level goals
The Group’s most senior leaders.
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CSRD Sustainability Statement
The People Passionate programme is designed to
create a working environment of high performance,
where everyone can work in meaningful roles and
make their contribution while gaining experience and
through their work making a positive difference in
the world. Each of the People Passionate activities
contribute to the unique culture, that is customer
centric, dynamic and rewarding. These initiatives
foster a culture of continuous learning and
development, ensuring employees are supported to
perform their current role and have the tools they
need to grow within the organisation. Programme
evaluations including business impact evaluations as
well as annual talent forums and regular feedback
mechanisms allow the Group to evaluate the
effectiveness of these programmes and adjust them
based on evolving workforce needs.
The Group’s businesses track metrics internally, such
as improving employee engagement scores. Tracking
these metrics allows the Group to assess the success
of its initiatives and make informed adjustments as
needed. Examples of dedicated resources include, but
are not limited to, learning and development teams,
digital learning platforms, mentorship programmes
and financial support for further education.
Occupational Health and Safety
The Group takes a proactive approach to occupational
health and safety, with ISO 45001 implemented
across an additional 13 manufacturing facilities in
2025. This comprehensive safety framework includes
regular training, internal audits and prompt corrective
actions when non-compliance is identified. The Group
continuously tracks progress on ISO 45001 certification
through internal KPIs, including monthly reports and
best practice league tables, provided by the Group’s
Health & Safety Compliance Officer. These help to
ensure continuous improvement, accountability and
alignment with the ISO 45001 standard. Health and
safety is prioritised at every level of the organisation,
with management and employees actively promoting
a strong safety culture. To support these efforts, the
Group has dedicated health and safety professionals
across the businesses and, as of 2025, a full-time
Health & Safety auditor and compliance officer to
strengthen oversight, governance and alignment.
To enhance communication and collaboration,
the Group established a Health & Safety Steering
Committee in 2025. The Committee provides strategic
direction, reviews group-wide performance trends and
supports the delivery of the health and safety agenda
across all the businesses.
Further initiatives to deliver positive impacts include
the creation of a Group health and safety reporting
platform to share best practice guidance, safety
alerts and report near misses and safety concerns,
ensuring that the entire Group remains informed
of improvements and developments. All safety
professionals have access to this platform, which also
includes relevant policies and a dedicated training hub
introduced in 2025 to consolidate learning resources
and support consistent health and safety capability
development across sites.
Additionally, our annual safety forums bring together
our safety professionals to review KPI performance,
address challenges and foster a stronger culture of
safety through collaboration and the sharing of best
practices. From 2025, the Group also holds three
quarterly regional virtual conferences, complementing
the annual forums and providing regular opportunities
to share updates and reinforce best practices.
To strengthen engagement, a regular Health &
Safety newsletter was launched in 2025, alongside a
new introductory avatar video, available in multiple
languages, to support acquisitions, onboarding and
internal communications on key safety priorities.
A new health and safety metric was also added to
the executive annual bonus targets in 2025, further
reinforcing leadership accountability and commitment.
Examples of dedicated resources include, but
are not limited to, health and safety personnel,
comprehensive training programmes, provision of
safety equipment and investments in new safety
technologies.
Human Rights Policies and Due Diligence
The Group has developed a Human Rights Policy and
Human Rights Charter which includes an insight into
the ongoing development of due diligence processes
that promote and safeguard ethical labour practices
across our operations. This policy is designed to
mitigate human rights violations where possible, such
as modern slavery and human trafficking and to
promote ethical standards throughout the workforce.
The Group provides employees with anonymous
reporting channels through the confidential
independent hotline, allowing concerns about ethical
or human rights violations to be raised and addressed
confidentially. All reported cases are investigated
and findings are shared with the Audit & Compliance
Committee. This approach ensures that the Group
maintains high ethical standards while mitigating the
risks associated with human rights breaches.
The Group’s commitment to human rights not only
aids in mitigating potential risks but also enhances
our reputation as a responsible and ethical employer,
aligning with core values, contributing to talent
attraction and retention and aligning with global
sustainability initiatives. Examples of dedicated
resources include, but are not limited to, the
confidential independent hotline for anonymous
reporting and dedicated compliance teams.
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Kingspan Group plc Annual Report & Financial Statements 2025
S1-5 - Targets
The Group’s People Passionate programme is aligned
with the Group’s strategy and material IROs related
to own workforce. The programme is a multi-year
initiative which aims to address critical workforce
priorities, with the first phase running from 2024 to
2026, focusing on performance, learning and career
development, health and safety and ethical labour
practices.
The next phase, spanning 2027 to 2029, will be
informed by a comprehensive employee feedback
exercise planned for 2026. This complements current
feedback mechanisms, including employee surveys
and regular management evaluations and reinforces a
continuous feedback loop, ensuring that the relevant
people policies and initiatives remain responsive to
material IROs related to own workforce.
The Group tracks the effectiveness of its policies
through qualitative assessments such as surveys,
feedback and management reviews. While specific
quantitative targets and a base year have not yet
been adopted, insights gathered during this phase
will guide the development of measurable targets
and baselines in future phases. This phased approach
ensures the programme evolves to meet workforce
needs while remaining aligned with the Group’s long-
term strategy.
S1-6 - Characteristics of the undertaking’s
employees, S1-8 - Collective bargaining coverage
and social dialogue and S1-9 Diversity metrics
The Group’s reported employee metrics encompass
all businesses controlled by the Group as of the end of
2024, with additional estimates reflecting acquisitions
made in 2025. This encompasses employees with
direct employment contracts, including full-time,
part-time and temporary staff. Employee numbers
are expressed as headcount. In line with CSRD
guidance, the Group defines top management as
individuals occupying positions one and two levels
below the CEO. This includes MDs and their direct
reports.
The Group collates workforce data quarterly at the
group level. Data collection is conducted across the
Group’s businesses, with each business preparing
and submitting consolidated reports. Each business
is required to submit a standardised template to
the Group, detailing workforce metrics, including
employee numbers, turnover and diversity figures.
The average number of persons employed by the
Group can be reconciled with the information
reported in the Financial Statements under Note 3.
SAN PEDRO ALCÁNTARA SPORTS CENTRE
Málaga, Spain
Insulated Building Envelopes
Teczone KingZip
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CSRD Sustainability Statement
Key employee figures for 2025:
Category Female Male Other Not disclosed Total
Total number of employees
1,6
6,310 22,763 1 7 29,081
Percentage of total employees 22% 78%
Number of permanent employees
1,6
5,946 21,496 1 7 27,450
Number of temporary employees
1,6
344 1,136 - - 1,480
Number of non-guaranteed hours
employees
1,2,6
20 131 - - 151
Average number of employees
3,6
27,955
Total number of leavers
4,6
5,752
Employee total turnover rate %
3
20.6%
Key employee figures for 2024:
Category Female Male Other Not disclosed Total
Total number of employees
1,5
5,664 20,671 - 2 26,337
Percentage of total employees 22% 78%
Number of permanent employees
1,5
5,351 19,449 - 2 24,802
Number of temporary employees
1,5
301 1,201 - - 1,502
Number of non-guaranteed hours
employees
1,2,5
12 21 - - 33
Average number of employees
3,5
25,401
Total number of leavers
4,5
4,520
Employee total turnover rate %
3
17.8%
Diversity metrics:
Category 2024 2025
Number of males and females in top management
1,5,6
179 / 31 195/41
Percentage of males and females in top management 85% / 15% 83%/17%
Employees under 30
1,5,6
4,540 4,929
Employees aged 30-50
1,5,6
14,206 15,571
Employees over 50
1,5,6
7,591 8,581
Number of employees in countries representing at least 10% of total number of employees:
Country 2024 2025
Poland
1,5,6
3,533 3,819
United Kingdom
1,5,6
3,220 3,269
United States of America
1,5,6
2,301 2,940
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Kingspan Group plc Annual Report & Financial Statements 2025
Collective bargaining coverage and social dialogue:
In 2025, 71%
6
(2024: 71%
5
) of the Group’s total employees within the European Economic Area (EEA) were covered
by collective bargaining agreements. This figure excludes employees in non-EEA countries, in line with the Quick
Fix deferral for non-EEA data collection.
Collective bargaining coverage and social dialogue in 2025
Coverage rate Collective Bargaining Coverage:
EEA Countries Only (>10% of Total
Employees)
1,6
Social Dialogue and Workplace
Representation: EEA Countries Only
(>10% of Total Employees)
1,6
0-19%
20-39% Poland
40-59% Poland
60-79%
80-100%
Collective bargaining coverage and social dialogue in 2024
Coverage rate Collective Bargaining Coverage:
EEA Countries Only (>10% of Total
Employees)
1,5
Social Dialogue and Workplace
Representation: EEA Countries Only
(>10% of Total Employees)
1,5
0-19%
20-39% Poland
40-59% Poland
60-79%
80-100%
1. The number of persons employed by the Group at 31 December 2025.
2. Non-guaranteed hours employees are employed by the undertaking without a guarantee of a minimum or fixed number of
working hours.
3. The average number of persons employed by the Group in the financial year.
4. Total number of employees who left the Group during the reporting period, excluding those who transferred within the
business and excluding contracted agency staff (non-employees).
5. Includes estimated data for acquisitions completed in 2024; estimates have been reviewed and remain the best available
information at the reporting date.
6. Includes estimates for acquisitions completed in 2025.
The Group’s current methodology does not support
a breakdown of employee numbers by gender at the
country level. However, we are actively developing
our data collection processes and plan to provide this
breakdown in future reporting cycles.
S1-10 - Adequate wages
All employees across the Group are paid an adequate
wage, in line with applicable benchmarks. For the
purpose of defining an adequate wage, we use
the national minimum wage in each jurisdiction,
as specified by national legislation or collective
agreements. The adequate wage indicator is
calculated by comparing the wages of employees
earning the lowest wage (basic wage plus fixed
additional payments) with market data on the
minimum wage in the respective area.
The Group is committed to ensuring that all
employees receive at least the legal minimum wage
in every country where we operate. As outlined in
our People & Organisation Policy, the Group provides
fair compensation for work performed, including
overtime, in accordance with local laws, individual
contracts, or union agreements. We regularly monitor
local wage standards to maintain full compliance with
applicable laws and regulations.
In alignment with our Human Rights Policy, this
approach to assessing and maintaining adequate
wages helps to mitigate potential salient human
rights risks related to wages and benefits. By ensuring
that all employees are fairly compensated for
their work, the Group reduces the risk of economic
exploitation, poverty-level wages and inequitable
201
CSRD Sustainability Statement
treatment across its global operations. Beyond
meeting legal requirements, we actively assess our
global compensation packages to ensure they remain
competitive and aligned with market benchmarks.
This reflects our commitment to protecting human
rights and fostering a responsible and ethical
workplace.
S1-14 - Health and safety metrics
The Group’s health and safety figures pertain
exclusively to employees in our manufacturing sites, as
these are the primary focus of our health and safety
management system. Our total number of work-
related accidents includes Group employees with a
contract of employment, as well as agency workers
and sub-contractors. Agency workers are individuals
employed by a third-party agency who work under the
Group’s direction and control but are not employees
of the Group. Sub-contractors are independent
individuals engaged under a contract to deliver
specific services or projects, typically for an agreed fee
or rate, and are not employees of the Group.
The Group tracks and monitors health and safety
data on a monthly basis at the group level. Data
is collected monthly across the Group’s businesses,
with each business required to submit a standardised
template to the Group’s Health & Safety Compliance
Officer. This template details key metrics, including
the number of total recordable and lost time
accidents, which are then reported to senior
management to ensure continuous oversight and
improvement.
In 2025, the Group refined its reporting boundaries for
selected health and safety metrics to improve data
accuracy and alignment with ESRS requirements.
The total recordable rate of work-related accidents
and the share of workforce covered by the health
and safety management system are now reported
for employees with a contract of employment only.
This ensures data integrity and consistency across
reporting entities.
Total work-related accidents and fatalities continue
to include both employees and non-employees,
maintaining comparability for these absolute
measures. As non-employee headcount data are
unavailable, prior-year figures for the affected metrics
have not been restated and are therefore not directly
comparable.
Health and safety metrics:
Unit 2024 2025
Share of workforce covered by the health and safety
management system
1, 5
% 84 88
Fatalities
2
Number 1 0
Total recordable employee work-related accidents
6
Number 506
Total recordable non-employee work-related accidents
6
Number 200
Total recordable work-related accidents
3
Number 523 706
Total recordable rate of work-related accidents
4, 5
Per million hours worked 12.9 11.5
1. The reported workforce coverage reflects the current scope of the Group’s health and safety management system, which is focused on
manufacturing sites due to the nature of the associated health and safety risks. The denominator is based on the average number of persons
employed by the Group during the financial year and includes estimates for acquisitions completed in 2025.
2. Fatalities refer to the number of employees who lost their lives due to work-related injuries or ill health.
3. Injuries that result in more than one day away from work.
4. Assumes 8-hour workday and 225 workdays per year.
5. 2025 marks a change in reporting boundary and methodology. These changes affect the share of workforce covered by the health and safety
management system and the total recordable rate of work-related accidents, which are now reported for own employees only. Non-employee
headcount data is not available. 2024 data have not been restated and are not directly comparable.
6. New disclosures introduced in 2025. 2024 data not available on a disaggregated basis.
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Kingspan Group plc Annual Report & Financial Statements 2025
S1-17 - Incidents, complaints and severe human
rights impacts
The information presented below has been gathered
using the methodologies specified in sections S1-6
and G1-1 of this report. Section S1-6 details the
process for collecting complaints raised through local
channels, such as reporting directly to a line manager.
In contrast, section G1-1 outlines the procedure for
handling complaints submitted via EthicsPoint, the
Group’s confidential and independent hotline.
The Group is committed to creating an open working
environment where employees feel comfortable
reporting issues directly to their line manager.
However, in exceptional cases where an employee is
uncomfortable or unable to do so, concerns can be
reported to Group legal teams or through EthicsPoint,
the Group’s anonymous and independently managed
hotline. Whilst all complaints are fully investigated,
not all are substantiated.
Unit 2024 2025
Complaints of incidents of discrimination, including
harassment
1,3,4
Number 36 74
Complaints filed through channels for people to raise
concerns
1,2,3,4
Number 147 138
Complaints filed to National Contact Points for OECD
Multinational Enterprises
Number 0 0
Fines, penalties and compensation for damages as a
result of the incidents and complaints of discrimination
€ 0 0
Severe human rights incidents, including cases of non-
respect of UN Guiding Principles and OECD Guidelines for
Multinational Enterprises
Number 0 0
Fines, penalties and/or compensation severe human
rights issues and incidents
€ 0 0
1. Including complaints (substantiated and unsubstantiated) filed through EthicsPoint.
2. Excluding incidents of discrimination and harassment.
3. Includes estimated data for acquisitions completed in 2024; estimates have been reviewed and remain the best available information at the
reporting date.
4. Includes estimates for acquisitions completed in 2025.
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CSRD Sustainability Statement
ESRS S2 – WORKERS IN
THE VALUE CHAIN
ESRS 2 - SBM-3
The Group is availing of the deferral option for this
topic under the Quick Fix. In accordance with ESRS
2 paragraph 17 and AR 16 of ESRS 1 Appendix A, the
Group acknowledges ESRS S2 – Workers in the value
chain as a material topic and provides this safeguard
summary in place of detailed topical disclosures for
the current reporting year. The Group’s material IROs
for this topic are presented within ESRS 2 SBM-3,
which provides an integrated overview of each topic
subject to the Quick Fix deferral and their connection
to the Group’s business model and strategy.
The following provides a concise overview of the
Group’s key policies, actions and targets relevant
to this topic, consistent with the Quick Fix deferral
framework.
Policies
The SHREDD process, which was developed and
released across the Group in 2024, is focused on
mitigating risks related to human rights violations
and environmental impacts across our supply chain.
Specific quantitative targets have not yet been
adopted, but the Group is focusing on developing its
due diligence framework to identify, prioritise and
mitigate risks.
The below relevant policies apply to the Group, its
subsidiaries, joint ventures and their directors, officers
and employees. These policies cover all our businesses,
wherever they are conducted. The Group expects the
same high standards of its contractors, suppliers and
other business partners. Relevant policies include:
» The Human Rights Policy;
» Supplier Code of Conduct;
» Code of Conduct;
» SHREDD Policy; and
» The Environmental Policy.
These policies are approved by the Board, with MDs
accountable for implementation.
Targets, actions and metrics
Key actions to identify, monitor, prevent, mitigate,
and address actual or potential adverse impacts on
workers in the value chain include the implementation
of the SHREDD process across all Group entities
and key suppliers, supplier risk assessment and
categorisation with enhanced due diligence for
high-risk suppliers, and the use of audits, corrective
action plans, and regular reviews to address identified
risks. Non-compliant suppliers may face termination.
SHREDD is aligned with OECD, UNGP, and ILO
standards to ensure transparency and accountability.
Employees receive training to embed ethical practices
across procurement and supply chain functions.
The SHREDD process is regularly reviewed to reflect
evolving regulations and stakeholder expectations.
Confidential channels are available for raising human
rights concerns. Ongoing monitoring and continuous
improvement of due diligence scope and depth are in
place.
The SHREDD process was launched group-wide last
year, with new acquisitions onboarded incrementally
and key suppliers assessed. Based on engagement
with suppliers and key stakeholders, the SHREDD
process has been adapted to improve the efficiency
and effectiveness.
The resulting SHREDD process is now comprised of the
following phases:
1. Risk Identification: Supplier risk is assessed
based on inherent risk factors such as Industry risk,
Country risk, Sustainability risk and Procurement
risk via a third party ESG rating platform.
2. Risk Mitigation: Suppliers identified as high risk
are continually engaged through third party ESG
rating platforms which focus on performance
across Human Rights, Social and Environmental
topics. Where relevant, corrective actions plans
may be assigned to improve their risk rating.
3. Risk Remediation: Where high risk suppliers are
not engaging with risk mitigation measures, they
may be requested to undertake a physical audit.
Corrective action plans can be assigned based
on audit findings. No physical audits have been
requested to date.
Targeted training continues to be rolled out to ensure
consistent application across the Group.
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Kingspan Group plc Annual Report & Financial Statements 2025
ESRS S3 – AFFECTED
COMMUNITIES
ESRS 2 - SBM-3
The Group is availing of the deferral option for this
topic under the Quick Fix. In accordance with ESRS
2 paragraph 17 and AR 16 of ESRS 1 Appendix A, the
Group acknowledges ESRS S3 – Affected communities
as a material topic and provides this safeguard
summary in place of detailed topical disclosures for
the current reporting year. The Group’s material IROs
for this topic are presented within ESRS 2 SBM-3,
which provides an integrated overview of each topic
subject to the Quick Fix deferral and their connection
to the Group’s business model and strategy.
The following provides a concise overview of the
Group’s key policies, actions and targets relevant
to this topic, consistent with the Quick Fix deferral
framework.
Policies
As detailed in section SBM-3 of this report, material
impacts related to local communities include potential
negative impacts arising from environmental factors
across both our upstream and downstream value
chain. The Group applies the precautionary principle
to account for potential impacts where evidence or
data may currently be insufficient. Consequently, we
do not yet have a Group policy that directly manages
this potential negative impact related to affected
communities.
While several policies indirectly manage material
impacts on affected communities, these primarily
focus on the Group’s own operations rather than
addressing upstream or downstream activities.
These policies set standards for ethical practices and
provide reporting mechanisms. They include the Code
of Conduct, Supplier Policy, Environmental Policy,
Corporate Citizenship Policy and SHREDD Policy.
Our Human Rights Policy outlines our commitment
to upholding and promoting human rights values
in all aspects of our operations and aligns with ILO
conventions and UN principles.
Targets, actions and metrics
The Group is committed to ensuring our suppliers
uphold our rigorous standards for ethical behaviour
and environmental sustainability. As part of our
commitment, the Group applies the precautionary
principle to account for potential impacts related to
affected communities where evidence or data may
currently be insufficient.
As we do not have a Group policy specifically
addressing this potential negative impact on affected
communities, no direct action is in place to mitigate
these potential impacts within our upstream value
chain at this time. However, consistent with our
approach to such policies, we aim to develop targeted
actions as part of a dynamic and evolving framework,
informed by the availability of reliable data and
industry best practices. The Group’s SHREDD process
was developed and released across the Group in
2024. Its primary objective is to proactively address,
prevent and mitigate impacts on human rights, the
environment and associated individuals, communities
and ecosystems.
We haven’t identified any relevant issues or concerns
that would be material at the group level and
therefore have not deemed it necessary to set targets
pertaining to local communities and indigenous
peoples. As we continue to refine both our IRO process
and our process of engaging with local communities,
we will re-examine the setting of a relevant target in
the coming years.
205
CSRD Sustainability Statement
ESRS S4 – CONSUMERS
AND END-USERS
ESRS 2 - SBM-3
The Group is availing of the deferral option for this
topic under the Quick Fix. In accordance with ESRS
2 paragraph 17 and AR 16 of ESRS 1 Appendix A, the
Group acknowledges ESRS S4 – Consumers and end-
users as a material topic and provides this safeguard
summary in place of detailed topical disclosures for
the current reporting year. The Group’s material IROs
for this topic are presented within ESRS 2 SBM-3,
which provides an integrated overview of each topic
subject to the Quick Fix deferral and their connection
to the Group’s business model and strategy.
The following provides a concise overview of the
Group’s key policies, actions and targets relevant
to this topic, consistent with the Quick Fix deferral
framework.
The Group has not yet set formal, time-bound targets
specific to ESRS S4. However, we monitor progress
through a range of certification milestones. Our
approach integrates ISO 37301 as a cornerstone of
compliance management, supported by internal
audits and compliance assessments that evaluate
adherence to policies and identify areas for
improvement. Progress on certification targets,
such as the number of sites achieving ISO 37301
certification, is assessed annually and reported to the
Audit & Compliance Committee.
ISO 37301 certification was extended to 23 additional
sites in 2025, and the Group is targeting a further
10 sites for certification in 2026. Separately, 5
manufacturing sites achieved ISO 9001 accreditation
during the year.
Policies
The Group has established a comprehensive set of
policies that apply to all subsidiaries, joint ventures,
directors, officers, employees, and expects the same
high standards from contractors, suppliers, and
business partners. Relevant policies include:
» The Product Compliance Policy. This is supported
by the internal Group Compliance Manual, which
includes the Register of External Certificates and
Test Reports; and
» The Group Marketing Integrity Manual (MIM) and
the Environmental Claims Guide.
There are additional supporting policies such as the
Code of Conduct, Environmental Policy, and Human
Rights and SHREDD Policies, which are indirectly
relevant for consumer channels and expectations.
These policies aim to minimise environmental impacts
and ensure compliance with health, safety and
applicable laws, demonstrating our commitment
to sustainability and product safety. MDs have
responsibility for the implementation of these policies.
Targets, actions and metrics
The Group has developed a framework to manage
product quality, safety and integrity, ensuring
these elements are prioritised throughout product
development, testing, support and marketing, while
formal, time-bound targets and base years have
not yet been established. Below are the key actions
supporting the Group’s approach to addressing
impacts, risks and opportunities for consumers and
end-users:
» Operating a global product compliance and
marketing programme aligned with ISO 37301, led
by the Group Head of Internal Audit & Compliance
and overseen by the Audit & Compliance
Committee;
» Achieving and maintaining certifications: In
2025, an additional 5 sites achieved ISO 9001
accreditation. In 2025, 113 internal audits and
514 external product and system audits were
completed;
» Conducting rigorous product testing and
approvals. For more information see Product
Passionate section within this Annual Report (page
60-63);
» Maintaining robust controls and registers,
including the Product Compliance Register (PCR)
for approved products, legal obligations, and
standards. All marketing materials, labels, and
order forms are required to align with the PCR and
MIM; and
» Engaging stakeholders through the Voice of
Customer programme and providing localised
channels for raising concerns, with processes
tailored to regional requirements.
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Kingspan Group plc Annual Report & Financial Statements 2025
BUILDING NAME
Location
Section
Product
POMFRET SCHOOL SCIENCE CENTRE
Connecticut, USA
Insulated Building Envelopes
Morin Pulse Series P-1, P-2, P-3 panels
207
CSRD Sustainability Statement
GOVERNANCE
INFORMATION
CSRD Sustainability
Statement
MELO BOUW GOLDEN UNITS
Alkmaar, Netherlands
Insulated Building Envelopes
Joris Ide Magine facade cladding
Photography: Gijs Hoekstra
208
Kingspan Group plc Annual Report & Financial Statements 2025
ESRS G1 - BUSINESS
CONDUCT
ESRS 2 – SBM-3
The material IROs related to business conduct have
been identified through the Group’s DMA, which
serves as the foundation for this section. The 2025
DMA confirmed that the material IROs are consistent
with those established in the previous reporting year.
The Group is committed to upholding best practice
standards in governance, accountability and
transparency. This commitment is set by the Board
and cascades throughout the organisation, across all
businesses and geographical locations. The Board’s
proactive approach to risk management is supported
by a robust internal control system that monitors
business risks and ensures compliance with ethical
standards. The internal audit and compliance function
provide additional assurance, with key findings
reported directly to the Board. This comprehensive
approach helps the Group stay aligned with best
practices in governance and business conduct,
maintaining accountability and transparency across
all operations.
IRO detail IRO name IRO brief description Kingspan initiatives
Type:
Positive impact
- actual
Value chain:
Own operations
Confidential
independent
hotline
service
The Group’s confidential
independent hotline
encourages employees
and other stakeholders
to report issues via
a dedicated hotline,
positively impacting
stakeholders by fostering
a culture of transparency
and accountability.
Reporting mechanisms: The Group employs
a comprehensive, confidential independent
hotline service to allow all employees to
raise their concerns about their working
environment and business practices.
Control procedures: Any instances of fraud
or misconduct reported on the confidential
independent hotline service are reported
to the Group Head of Internal Audit &
Compliance and the Company Secretary.
All reports through the hotline and all fraud
attempts are presented at each Audit &
Compliance Committee meeting.
Policies: The Group’s Code of Conduct
incorporates our policy for a confidential
and independent hotline with high visibility
promoted in all sites across the Group. All
key policies, including but not limited to, our
Code of Conduct, outline how employees can
raise any potential concern.
Type:
Potential risk
Time Horizon:
Short/Medium-
term
Triggered by:
Dependency
If trust in the confidential
independent hotline
diminishes and suspected
misconduct goes
unreported, it could
adversely impact the
Group’s reputation.
Type:
Positive impact
- actual
Value chain:
Downstream
Board
oversight and
culture
Strong Board oversight
fosters a positive and
transparent culture across
the Group. Ethics and
integrity are emphasised
to all employees, positively
impacting all stakeholders.
Oversight: The Board fosters a transparent
and accountable culture across the Group.
Key responsibilities include:
» Setting strategic direction and values;
» Overseeing compliance, internal controls
and major decisions; and
» Supporting governance through
three standing committees: Audit &
Compliance, Nominations & Governance
and Remuneration.
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CSRD Sustainability Statement
IRO detail IRO name IRO brief description Kingspan initiatives
Type:
Positive impact –
actual
Value chain:
Downstream
Transparency
and reporting
The Group promotes
transparency by regularly
reporting financial and
non-financial information
to stakeholders.
Reporting & engaging: The Group
promotes transparency by regularly providing
stakeholders with comprehensive financial
and non-financial information. Through
annual reports, sustainability updates and
active stakeholder engagement, we ensure
stakeholders are fully informed about the
Group’s operations, strategy and impacts.
In 2025, the executive management and
investor relations team conducted 683 (2024:
483) institutional one-on-one and group
meetings, including presenting at 8 (2024: 7)
capital market conferences.
Type:
Potential risk
Time Horizon:
Short/ Medium-
term
Triggered by:
Dependency
Anti-fraud,
bribery and
corruption
The Group’s Anti-Fraud,
Bribery & Corruption
Policy aims to minimise
financial and reputational
damage from fraud,
bribery, or corruption.
Any violations could lead
to severe consequences,
including financial losses,
fines, imprisonment and
significant harm to the
Group’s reputation.
Policies & internal controls: The Group’s
Anti-Fraud, Bribery & Corruption Policy
establishes a comprehensive system
to prevent, detect and respond to
incidents of fraud and corruption through
regular employee training, independent
investigations, clear reporting mechanisms
and strict disciplinary measures, ensuring
compliance with legal and ethical standards
across the Group.
GOV-1 – The role of the administrative,
supervisory and management bodies
The Board of the Company is responsible for
the leadership, strategic direction and overall
management of the Group, ensuring the Company
operates with integrity and maintains strong
corporate governance. It has established three
standing committees, Audit & Compliance,
Nominations & Governance and Remuneration,
to oversee specific areas of governance and
business conduct. These committees operate
under written terms of reference that clearly define
their responsibilities, ensuring accountability and
transparency across the Group.
The Audit & Compliance Committee monitors the
integrity of the Group’s financial statements and
internal controls, ensuring adherence to regulatory
and ethical standards. This committee works closely
with the internal audit and compliance teams to
manage risks related to business conduct. The
Nominations & Governance Committee ensures
the Board has the necessary skills and experience
to govern effectively, including overseeing matters
of business conduct and ethics. The Remuneration
Committee, meanwhile, ensures that executive
remuneration aligns with both financial performance
and ethical behaviour.
The key strengths and relevant experience of each
director are outlined in the Directors’ Report, while
the background, principal skills and experience of the
non-executive directors are detailed in the Report of
the Nominations & Governance Committee section of
this Annual Report.
G1-1 – Corporate culture and business conduct
policies
The below policies apply to the Group, its subsidiaries,
joint ventures and their directors, officers and
employees. These policies cover all our businesses
wherever they are located. The Group policies can be
accessed on our website: www.kingspan.com.
The Group has implemented a suite of policies to
manage its IROs related to business conduct and
corporate culture, with ultimate responsibility held by
business MDs. These policies are designed to uphold
the highest ethical standards, ensure transparency
and foster a culture of integrity across all operations.
Key publicly available policies include the Code of
Conduct, Anti-Fraud, Bribery & Corruption Policy and
Conflicts of Interest Policy.
The Code of Conduct reflects the Group’s
commitment to acting responsibly, complying with
the law and maintaining high ethical standards
in interactions with stakeholders. It applies to all
employees across the Group and is supported by
mandatory training for all staff, including new
joiners. The Group Code of Conduct incorporates
our Policy for a confidential independent hotline
and details that retaliation or reprisals will not
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Kingspan Group plc Annual Report & Financial Statements 2025
be tolerated. The policy is underpinned by the
EthicsPoint hotline, a confidential and anonymous
reporting tool available to both internal and external
stakeholders. Employees are encouraged to report
concerns directly to their line managers, but if
this is not possible, they can escalate matters to
the Group Legal team or through EthicsPoint. All
reports are overseen by the Group Head of Internal
Audit & Compliance and the Company Secretary,
ensuring a robust process for investigating incidents.
Reports and outcomes, including fraud attempts or
misconduct, are presented to the Audit & Compliance
Committee, which also evaluates the effectiveness of
the confidential independent hotline process. These
mechanisms are critical to how the Group manages
the material IROs related to business conduct and
corporate culture.
The Anti-Fraud, Bribery & Corruption Policy
underscores the Group’s zero tolerance approach to
bribery and corruption, mandating that all incidents
or suspicions are promptly investigated and that
appropriate recovery and disciplinary actions are
taken. Compliance with this policy is supported
by the internal Group Accounting Manual (GAM),
which governs financial and legal compliance by
providing clear guidelines to prevent fraud, bribery
and corruption. The Group identifies IT users as being
at the highest risk for corruption and bribery. For
more details on the training provided, please refer to
section G1-3.
The Conflicts of Interest Policy establishes a
framework for identifying, disclosing and managing
conflicts of interest to maintain impartiality and
integrity. The Board is responsible for establishing
systems to manage conflicts across the Group,
monitoring compliance with the policy and reviewing
the policy regularly to ensure its effectiveness.
This policy strengthens the Group’s governance by
ensuring transparency in managing potential or
actual conflicts.
Our People Passionate initiative is a key component
of the Group’s efforts to promote and evaluate its
corporate culture. This initiative aims to enhance the
employee experience across the Group, while over time
enabling the Board to assess and monitor the evolution
of the Group’s performance and corporate culture.
See section S1-4 Actions for further detail. Corporate
culture within the Group is further supported by the
Group’s People & Organisation Policy.
The Group has no policies in place with respect
to animal welfare, as this is not a material topic
for the Group. The Group remains committed to
ongoing evaluations of its policies and practices to
ensure alignment with best practices and regulatory
requirements.
G1-2 – Management of relationships with
suppliers
The Group seeks to build and maintain long-term
relationships with key suppliers. Supplier engagement,
data tracking and collaboration are integral to our
Planet Passionate strategic pillar, ensuring that
our building envelope solutions deliver long-term
sustainable performance. The Group does not have
a specific policy to prevent late payments to small
and medium-sized enterprises (SMEs). However, we
are committed to working collaboratively with our
suppliers to ensure fair and timely payments and to
maintaining positive relationships across the supply
chain.
The Group’s Code of Conduct plays a central role in
our approach to managing supplier relationships. It
sets clear expectations of integrity, honesty and legal
compliance for all employees, directors and partners
globally. These principles are incorporated into the
Group’s Supplier Code of Conduct, which ensures that
our suppliers are aligned with our ethical standards
and expectations for responsible business practices.
Sustainability factors are taken into account through
engagement with suppliers, including during the
selection process, and alignment with the Group’s
Supplier Code of Conduct and Code of Conduct. We
aim to ensure ongoing adherence to these standards
through continuous engagement. As referenced in
our Supplier Code of Conduct, the Group reserves the
right to terminate the supplier relationship if a supplier
fails to uphold the standards outlined in the Policy.
The Group’s SHREDD process, referenced in the
Supplier Code of Conduct, outlines our commitment
to ensuring that suppliers adhere to the highest
standards of human rights and environmental
sustainability. This policy enables the Group to assess
and manage risks related to human rights violations
and environmental impacts within our supply chain.
The SHREDD process will be regularly reviewed and
refined to ensure that it continues to align with our
Group’s values, objectives and evolving regulatory
standards.
G1-3 – Prevention and detection of corruption
and bribery
The Group has established a comprehensive system
to prevent, detect and respond to allegations or
incidents of corruption and bribery. This is outlined
in our Anti-Fraud, Bribery & Corruption Policy and
supported by the Group’s Code of Conduct and our
internal GAM, which governs financial and legal
compliance. These policies reflect our commitment
to integrity and full compliance with applicable
laws. Oversight is provided by the Board, Audit &
Compliance Committee and the Internal Audit &
Compliance team.
Our system includes comprehensive measures such as
fraud risk assessments, third-party due diligence and
211
CSRD Sustainability Statement
continuous communication and training to ensure
compliance with our standards. All relevant employees
receive mandatory training on the Anti-Fraud, Bribery
& Corruption Policy every two years, reinforcing
their understanding of anti-corruption laws, risk
identification and reporting procedures. Responsibility
for delivering this training is assigned to each MD,
supported by solutions from Group Legal, ensuring
tailored implementation across functions. Compliance
with the Group’s policies on corruption and bribery is
mandatory for all employees.
The Group rolled out targeted training on its Anti-
Fraud, Bribery & Corruption Policy to all employees,
with a particular focus on functions identified as
at-risk. The Group considers all IT users at-risk due to
their access to sensitive systems and data. Training
is mandatory for all employees and is delivered on
a two-year cycle to ensure ongoing awareness and
compliance with the Group’s policy.
The Group Legal team provides teams across
the businesses with standardised examples and
guidance on training content to ensure alignment
with regulatory requirements and evolving risks.
Responsibility for the successful rollout of the training
lies with teams across the businesses, which are
equipped with the necessary tools and resources to
facilitate compliance.
In line with prior disclosures, training for at-risk
functions remains mandatory and is delivered on
a two-year cycle. Employees who completed the
programme last year continue to fall within the
current validity period. New joiners are provided
access to appropriate training during the period,
maintaining 100% (2024: 100%) coverage of identified
at-risk functions. Management teams across the
businesses are also responsible for monitoring training
rollout rates and ensuring timely notification of
employee obligations.
Allegations regarding corruption and/or bribery may be
addressed through our confidential independent hotline
and all investigations are conducted independently by
the Group Head of Internal Audit & Compliance and
the Internal Audit & Compliance team, which operates
separately from the business functions involved in the
issue. All fraud and cybercrime attempts, successful
or not, are reported to the Audit & Compliance
Committee at each meeting, ensuring transparency
and comprehensive oversight.
Any suspected or confirmed incidents of fraud,
bribery, corruption, sanctions violations, or anti-
competitive behaviour must be promptly reported to
the CFO, Group Head of Internal Audit & Compliance,
Group Head of Legal, Group Financial Controller and
Group Treasurer.
Failure to comply with these policies may result in
disciplinary action, up to and including dismissal
or prosecution. This strict enforcement upholds the
Group’s ethical standards and ensures compliance
across all operations. Each leadership team is
responsible for clearly communicating the Group’s
stance on fraud to employees, emphasising their roles
and the resources available to them.
The illustration below, which is included in our Anti-
Fraud, Bribery & Corruption Policy, summarises the key
owners and measures for the prevention, detection and
response to incidents of fraud, corruption and bribery:
Prevention Detection Response
Owners Board / Audit & Compliance Committee oversight
Executive and line management functions
Internal Audit & Compliance and monitoring functions
Measures » Fraud and misconduct
risk assessment
» Code of Conduct and
related standards
» Employee and third-party
due diligence
» Communication and
training
» Process-specific fraud
risk controls
» Confidential
independent hotline
» Auditing and
monitoring
» Proactive forensic
data analysis
» Fraud investigation protocols
» Remedial action protocols
» Internal disciplinary actions
» External investigation and
prosecution
212
Kingspan Group plc Annual Report & Financial Statements 2025
G1-4 – Confirmed incidents of corruption or
bribery
The Group has established a comprehensive
framework to prevent, detect and respond to
incidents of corruption and bribery, as outlined in our
Anti-Fraud, Bribery & Corruption Policy (section G1-3
of this report).
Key resources supporting these efforts include a
confidential independent hotline for anonymous
reporting and a dedicated Internal Audit &
Compliance team who oversee investigations to
ensure objectivity and impartiality. The Group’s
action plan incorporates measures such as fraud risk
assessments, due diligence and mandatory anti-
corruption training, which is delivered every two years.
Allegations are addressed through a confidential
mechanism, with findings regularly reported to
the Audit & Compliance Committee to ensure
accountability and oversight.
During the financial year, the Group has reported zero
convictions for violations of anti-corruption and anti-
bribery laws.
Anti-corruption and anti-bribery: Unit 2024 2025
Number of convictions for anti-corruption and anti-bribery laws Number 0 0
Total fines for violation of anti-corruption and anti-bribery laws €m 0 0
PEDRO & SONS AUTO WORKS
Cádiz, Spain
Insulated Building Envelopes
Teczone TZ-30 trapezoidal
profiled sheeting
213
CSRD Sustainability Statement
Appendix 1: Disclosure requirements and incorporation by reference
Disclosure
code
Disclosure name Section/
report
1
Page Reason for
omitting
ESRS 2 - General disclosures
BP-1 General basis for preparation of the
sustainability statement
SUS 139
BP-2 Disclosures in relation to specific circumstances SUS 139
GOV-1 The role of the administrative, management
and supervisory bodies
BOARD/SUS 72, 140
GOV-2 Information provided to and sustainability
matters addressed by the undertaking’s
administrative, management and supervisory
bodies
SUS 141
GOV-3 Integration of sustainability related
performance in incentive schemes
REM/SUS 98, 141
GOV-4 Statement on due diligence SUS 141
GOV-5 Risk management and internal controls over
sustainability reporting
SUS 142
SBM-1 Strategy, business model and value chain BM&S/SUS/
FS
22, 142,
259
SBM-2 Interests and views of stakeholders SUS 143
SBM-3 Material impacts, risks and opportunities and
their interaction with strategy and business
model
SUS 144
IRO-1 Description of the process to identify and assess
material impacts, risks and opportunities
SUS 148
IRO-2 Disclosure requirements in ESRS covered by the
undertaking’s sustainability statement
SUS 151
ESRS E1 - Climate change
ESRS 2 GOV-3 Integration of sustainability-related
performance in incentive schemes
REM/SUS 98, 141
E1-1 Transition plan for climate change mitigation SUS 163
ESRS SBM-3 Material impacts, risks and opportunities and
their interaction with strategy and business
model
SUS 158
ESRS 2 IRO-1 Description of the processes to identify and
assess material climate-related impacts, risks
and opportunities
SUS 148
E1-2 Policies related to climate change mitigation
and adaptation
SUS 169
E1-3 Actions and resources in relation to climate
change policies
SUS 163
E1-4 Targets related to climate change mitigation
and adaptation
SUS 163
E1-5 Energy consumption and mix SUS 170
E1-6 Gross scopes 1, 2, 3 and total GHG emissions SUS 171
E1-7 GHG removals and GHG mitigation projects
financed through carbon credits
SUS 172
APPENDICES
214
Kingspan Group plc Annual Report & Financial Statements 2025
Appendix 1: Disclosure requirements and incorporation by reference (continued)
Disclosure
code
Disclosure name Section/
report
1
Page Reason for omitting
ESRS E1 - Climate change (continued)
E1-8 Internal carbon pricing SUS 172
E1-9 Anticipated financial effects from material
physical and transition risks and potential
climate-related opportunities
- - Transition exemption
ESRS E2 – Pollution
ESRS 2 IRO-1 Description of the processes to identify and
assess material pollution-related impacts, risks
and opportunities
SUS 148
E2-1 Policies related to pollution SUS 174
E2-2 Actions and resources related to pollution SUS 174
E2-3 Targets related to pollution SUS 174
E2-4 Pollution of air, water and soil (including
microplastics)
- - No material IRO
identified related to
data points
E2-5 Substances of concern and substances of very
high concern
- - No material IRO
identified related to
data points
E2-6 Anticipated financial effects from material
pollution-related risks and opportunities
- - Transition exemption
ESRS E3 – Water and marine resources
ESRS 3 IRO-1 Description of the processes to identify and
assess material water and marine resources-
related impacts, risks and opportunities
SUS 148
E3-1 Policies related to water and marine resources SUS 177
E3-2 Actions and resources related to water and
marine resources
SUS 177
E3-3 Targets related to water and marine resources SUS 177
E3-4 Water consumption - - Not material
E3-5 Anticipated financial effects from material
water and marine resources-related risks and
opportunities
- - Transition exemption
ESRS E4 – Biodiversity and ecosystems
ESRS 2
SBM-3
Material impacts, risks and opportunities and
their interaction with strategy and business
model
SUS 144
ESRS 2 IRO-1 Description of the processes to identify and
assess material biodiversity and ecosystem-
related impacts, risks and opportunities
SUS 148
E4-1 Transition plan and consideration of biodiversity
and ecosystems in strategy and business model
- - Full topical deferral
– summarised
information disclosed
under the safeguard
provision (see page 178)
E4-2 Policies related to biodiversity and ecosystems - -
215
CSRD Sustainability Statement
Disclosure
code
Disclosure name Section/
report
1
Page Reason for omitting
ESRS E4 – Biodiversity and ecosystems (continued)
E4-3 Actions and resources related to biodiversity
and ecosystems
- -
Full topical deferral
– summarised
information disclosed
under the safeguard
provision (see page 178)
E4-4 Targets related to biodiversity and ecosystems - -
E4-5 Impact metrics related to biodiversity and
ecosystems change
- -
E4-6 Anticipated financial effects from material
biodiversity and ecosystem-related risks and
opportunities
- -
ESRS E5 – Resource use and circular economy
ESRS 2 IRO-1 Description of the processes to identify
and assess material resource use and
circular economy-related impacts, risks and
opportunities
SUS 148
E5-1 Policies related to resource use and circular
economy
SUS 180
E5-2 Actions and resources related to resource use
and circular economy
SUS 181
E5-3 Targets related to resource use and circular
economy
SUS 181
E5-4 Resource inflows SUS 185
E5-5 Resource outflows SUS 185
E5-6 Anticipated financial effects from material
resource use and circular economy-related risks
and opportunities
- - Transition exemption
ESRS S1 – Own Workforce
ESRS 2
SBM-2
Interests and views of stakeholders SUS 143
ESRS 2
SBM-3
Material impacts, risks and opportunities and
their interaction with strategy and business
model
SUS 191
S1-1 Policies related to own workforce SUS 195
S1-2 Processes for engaging with own workers and
workers’ representatives about impacts
SUS 196
S1-3 Processes to remediate negative impacts and
channels for own workers to raise concerns
SUS 196
S1-4 Taking action on material impacts and
approaches to mitigating material risks and
pursuing material opportunities related to own
workforce and effectiveness of those actions
and approaches
SUS 196
S1-5 Targets related to managing material impacts SUS 199
S1-6 Characteristics of the undertaking’s employees SUS 199
S1-7 Characteristics of non-employee workers in the
undertaking’s own workforce
- - Transition exemption
S1-8 Collective bargaining coverage and social
dialogue
SUS 199
Appendix 1: Disclosure requirements and incorporation by reference (continued)
216
Kingspan Group plc Annual Report & Financial Statements 2025
Disclosure
code
Disclosure name Section/
report
1
Page Reason for omitting
ESRS S1 – Own Workforce (continued)
S1-9 Diversity metrics SUS 199
S1-10 Adequate wages SUS 201
S1-11 Social protection - - Transition exemption
S1-12 Persons with disabilities metrics - - Transition exemption
S1-13 Training and skills development metrics - - Transition exemption
S1-14 Health and safety metrics SUS 202
S1-15 Work-life balance metrics - - Transition exemption
S1-16 Compensation metrics (pay gap and total
remuneration)
- - Not material
S1-17 Incidents, complaints and severe human rights
impact
SUS 203
ESRS S2 – Workers in the value chain
ESRS 2
SBM-3
Material impacts, risks and opportunities
related to workers in the value chain
SUS 144
ESRS 2
SBM-2
Interests and views of stakeholders - -
Full topical deferral
– summarised
information disclosed
under the safeguard
provision (see page
204)
S2-1 Policies related to value chain workers - -
S2-2 Processes for engaging with value chain workers
about impacts
- -
S2-3 Processes to remediate negative impacts
and channels for value chain workers to raise
concerns
- -
S2-4 Taking action on material impacts on value
chain workers and approaches to managing
material risks and pursuing material
opportunities related to value chain workers and
effectiveness of those actions
- -
S2-5 Targets related to managing material negative
and positive impacts
- -
ESRS S3 – Affected communities
ESRS SBM-3 Material impacts, risks and opportunities
related to affected communities
SUS 144
ESRS SBM-2 Interests and views of stakeholders - -
Full topical deferral
– summarised
information disclosed
under the safeguard
provision (see page
205)
S3-1 Policies related to affected communities - -
S3-2 Processes for engaging with affected
communities about impacts
- -
S3-3 Processes to remediate negative impacts and
channels for affected communities to raise
concerns
- -
S3-4 Taking action on material impacts on
affected communities and approaches to
managing material risks and pursuing material
opportunities related to affected communities
and effectiveness of those actions
- -
S3-5 Targets related to managing material negative
and positive impacts
- -
Appendix 1: Disclosure requirements and incorporation by reference (continued)
217
CSRD Sustainability Statement
Disclosure
code
Disclosure name Section/
report
1
Page Reason for
omitting
ESRS S4 – Consumers and end-users
ESRS 2
SBM-3
Material impacts, risks and opportunities
related to consumers and end-users
SUS 144
ESRS 2
SBM-2
Interests and views of stakeholders - -
Full topical deferral
– summarised
information disclosed
under the safeguard
provision (see page
206)
S4-1 Policies related to consumers and end-users - -
S4-2 Processes for engaging with consumers and
end-users about impacts
- -
S4-3 Processes to remediate negative impacts and
channels for consumers and end-users to raise
concerns
- -
S4-4 Taking action on material impacts on
consumers and end-users and approaches to
managing material risks and pursuing material
opportunities related to consumers and end-
users and effectiveness of those actions
- -
S4-5 Targets related to managing material negative
and positive impacts
- -
ESRS G1 – Business conduct
ESRS 2
GOV-1
The role of the administrative, supervisory and
management bodies
SUS 140
ESRS 2 IRO-1 Description of the processes to identify and
assess material impacts, risks and opportunities
SUS 148
G1-1 Corporate culture and business conduct policies SUS 210
G1-2 Management of relationships with suppliers SUS 211
G1-3 Prevention and detection of corruption and
bribery
SUS 211
G1-4 Confirmed incidents of corruption or bribery SUS 213
G1-5 Political influence and lobbying activities - - Not material
G1-6 Payment practices - - Not material
1. REM = Remuneration report. SUS = CSRD Sustainability Statement. BOARD = The Board. BM&S = Business Model and Strategy. FS = Financial
Statements.
Appendix 1: Disclosure requirements and incorporation by reference (continued)
218
Kingspan Group plc Annual Report & Financial Statements 2025
GRI Standard Disclosure Page
GRI 2: General Disclosures 2021 2-1 Organisational details 22
GRI 2: General Disclosures 2021 2-2 Entities included in the organisation’s
sustainability reporting
305
GRI 2: General Disclosures 2021 2-4 Restatements of information Appendix 7 - pages 228-229
GRI 2: General Disclosures 2021 2-5 External assurance 134
GRI 2: General Disclosures 2021 2-9 Governance structure and
composition
78, 85
GRI 2: General Disclosures 2021 2-11 Chair of the highest governance
body
73
GRI 2: General Disclosures 2021 2-14 Role of the highest governance body
in sustainability reporting
140
GRI 2: General Disclosures 2021 2-18 Evaluation of the performance of the
highest governance body
83
GRI 2: General Disclosures 2021 2-19 Remuneration policies 86
GRI 2: General Disclosures 2021 2-22 Statement on sustainable
development strategy
30
GRI 2: General Disclosures 2021 2-26 Mechanisms for seeking advice and
raising concerns
210
GRI 2: General Disclosures 2021 2-29 Approach to stakeholder
engagement
143
GRI 3: Material Topics 2021 3-1 Process to determine material topics 148
GRI 101: Biodiversity 2024 101-1 Policies to halt and reverse
biodiversity loss
178
GRI 301: Materials 2016 301-1 Materials used by weight or volume 185
GRI 301: Materials 2016 301-2 Recycled input materials used 185
GRI 302: Energy 2016 302-1 Energy consumption within the
organisation
170
GRI 302: Energy 2016 302-3 Energy intensity 170
GRI 303: Water and Effluents
2018
303-1 Interactions with water as a shared
resource
175
GRI 305: Emissions 2016 305-1 Direct (Scope 1) GHG emissions 171
GRI 305: Emissions 2016 305-2 Energy indirect (Scope 2) GHG
emissions
171
GRI 305: Emissions 2016 305-3 Other indirect (Scope 3) GHG
emissions
171
GRI 305: Emissions 2016 305-4 GHG emissions intensity 171
GRI 306: Waste 2020 306-3 Waste generated 188
GRI 306: Waste 2020 306-4 Waste diverted from disposal 188
GRI 306: Waste 2020 306-5 Waste directed to disposal 188
GRI 403: Occupational Health
and Safety 2018
403-1 Occupational health and safety
management system
202
Appendix 2: Reporting with reference to the GRI (Global Reporting
Initiative) Standards
219
CSRD Sustainability Statement
Topic Accounting metric Disclosure
Code
Comment Code
Greenhouse
Gas
Emissions
Gross global Scope 1 emissions, percentage
covered under emissions-limiting regulations
E1-6 EM-
CM-
110a.1
Discussion of long-term and short-term
strategy or plan to manage Scope 1
emissions, emissions reduction targets and
an analysis of performance against those
targets
E1-1, E1-3,
E1-4
EM-
CM-
110a.2
Air Quality Air emissions of the following pollutants:
(1) NOx (excluding N
2
O), (2) SOx, (3)
particulate matter (PM
10
), (4) dioxins/
furans, (5) volatile organic compounds
(VOCs), (6) polycyclic aromatic
hydrocarbons (PAHs) and (7) heavy metals
- As per section E2 - Pollution, the
sub topic of Pollution to Air, Water
and Soil has been deemed not
material for our own operations.
EM-
CM-
120a.1
Energy
Management
(1) Total energy consumed, (2) percentage
grid electricity, (3) percentage alternative,
(4) percentage renewable
E1-5 EM-
CM-
130a.1
Water
Management
(1) Total fresh water withdrawn, (2)
percentage recycled, (3) percentage in
regions with High or Extremely High Baseline
Water Stress
- As per section E3 - Water and
marine resources, water has been
deemed not material for our own
operations.
EM-
CM-
140a.1
Waste
Management
Amount of waste generated, percentage
hazardous, percentage recycled
E5-5 EM-
CM-
150a.1
Biodiversity
Impacts
Description of environmental management
policies and practices for active sites
- See Kingspan’s Environmental
Policy.
EM-
CM-
160a.1
Terrestrial acreage disturbed, percentage of
impacted area restored
- This indicator is not applicable
to Kingspan. Kingspan does not
operate quarries.
EM-
CM-
160a.2
Workforce
Health &
Safety
(1) Total recordable incident rate (TRIR) and
(2) near miss frequency rate (NMFR) for
(a) full-time employees and (b) contract
employees
S1-14 Near miss data is recorded at
business level for internal reporting
purposes only.
EM-
CM-
320a.1
Number of reported cases of silicosis - This indicator is not applicable to
Kingspan. Employees and workers
are not exposed to large amounts
of crystalline silica dust.
EM-
CM-
320a.2
Product
Innovation
Percentage of products that qualify for
credits in sustainable building design and
construction certifications
- The Group does not separately
track revenue from products
qualifying for credits in sustainable
building certification schemes. For
related information, please refer
to the EU Taxonomy disclosure,
which reports 57% of revenue as
Taxonomy-eligible for the reporting
period.
EM-
CM-
410a.1
Pricing
Integrity &
Transparency
Total addressable market and share of
market for products that reduce energy,
water and/or material impacts during usage
and/or production
- A 2025 report from Grand View
Research estimated the Global
Insulation Market size to be
$69.43bn in 2024.
EM-
CM-
410a.2
Total amount of monetary losses as a
result of legal proceedings associated with
cartel activities, price fixing and anti-trust
activities
- Kingspan did not receive any fines
or sanctions in relation to cartel
activities, price fixing and anti-
trust activities.
EM-
CM-
520a.1
Appendix 3: SASB
220
Kingspan Group plc Annual Report & Financial Statements 2025
Disclosure
requirement
Data
point
SFDR
reference
Pillar 3
reference
Benchmark
regulation
reference
EU
Climate
Law
reference
Section Page
ESRS 2 GOV-1 Board’s gender
diversity
21 (d) X X BOARD 85
ESRS 2 GOV-1 Percentage
of board members who are
independent
21 (e) X BOARD 85
ESRS 2 GOV-4 Statement on
due diligence
30 X X SUS 142
ESRS 2 SBM-1 Involvement in
activities related to fossil fuel
activities
40 (d) i X X Not
applicable
-
ESRS 2 SBM-1 Involvement in
activities related to chemical
production
40 (d)
ii
X X Not
applicable
-
ESRS 2 SBM-1 Involvement
in activities related to
controversial weapons
40 (d)
iii
X X Not
applicable
-
ESRS 2 SBM-1 Involvement
in activities related to
cultivation and production of
tobacco
40 (d)
iv
X Not
applicable
-
ESRS E1-1 Transition plan to
reach climate neutrality by
2050
14 X SUS 163
ESRS E1-1 Undertakings
excluded from Paris-aligned
Benchmark
16 (g) X X SUS 163
ESRS E1-4 GHG emission
reduction targets
34 X X X SUS 163
ESRS E1-5 Energy
consumption from fossil
sources disaggregated by
sources (only high climate
impact sectors)
38 X SUS 170
ESRS E1-5 Energy
consumption and mix
37 X SUS 170
ESRS E1-5 Energy intensity
associated with activities in
high climate impact sectors
40-43 X SUS 170
ESRS E1-6 Gross Scope 1, 2, 3
and Total GHG emissions
44 X X X SUS 171
ESRS E1-6 Gross GHG
emissions intensity
53-55 X X X SUS 172
ESRS E1-7 GHG removals and
carbon credits
56 X Not
applicable
-
Appendix 4: Datapoints that derive from other EU legislation
221
CSRD Sustainability Statement
Disclosure
requirement
Data
point
SFDR
reference
Pillar 3
reference
Benchmark
regulation
reference
EU
Climate
Law
reference
Section Page
ESRS E1-9 Exposure of the
benchmark portfolio to
climate-related physical risks
66 X Transition
exemption
-
ESRS E1-9 Disaggregation of
monetary amounts by acute
and chronic physical risk;
location of significant assets
at material physical risk
66 (a);
66 (c)
X Transition
exemption
-
ESRS E1-9 Breakdown of
the carrying value of its real
estate assets by energy-
efficiency classes
66 (c) X Transition
exemption
-
ESRS E1-9 Degree of exposure
of the portfolio to climate-
related opportunities
69 X Transition
exemption
-
ESRS E2-4 Amount of each
pollutant listed in Annex II
of the E-PRTR Regulation
emitted to air, water and soil
28 X Not
material
-
ESRS E3-1 Water and marine
resources
9 X SUS 177
ESRS E3-1 Dedicated policy 13 X SUS 177
ESRS E3-1 Sustainable oceans
and seas
14 X Not
material
-
ESRS E3-4 Total water
recycled and reused
28 (c) X Not
material
-
ESRS E3-4 Total water
consumption in m
3
per net
revenue on own operations
29 X Not
material
-
ESRS 2- SBM 3 - E4 16 (a) i X SUS 144
ESRS 2- SBM 3 - E4 16 (b) X SUS 144
ESRS 2- SBM 3 - E4 16 (c) X SUS 144
ESRS E4-2 Sustainable land
/ agriculture practices or
policies
24 (b) X Not
material
-
ESRS E4-2 Sustainable land
/ agriculture practices or
policies
24 (c) X Not
material
-
ESRS E4-2 Policies to address
deforestation
24 (d) X Not
material
-
ESRS E5-5 Non-recycled
waste
37 (d) X SUS 188
ESRS E5-5 Hazardous waste
and radioactive waste
39 X SUS 188
ESRS 2- SBM3 – S1 Risk of
incidents of forced labour
14 (f) X SUS 191
Appendix 4: Datapoints that derive from other EU legislation (continued)
222
Kingspan Group plc Annual Report & Financial Statements 2025
Appendix 4: Datapoints that derive from other EU legislation (continued)
Disclosure
requirement
Data
point
SFDR
reference
Pillar 3
reference
Benchmark
regulation
reference
EU
Climate
Law
reference
Section Page
ESRS 2- SBM3 – S1 Risk of
incidents of child labour
14 (g) X SUS 191
ESRS S1-1 Human rights
policy commitments
20 X SUS 195
ESRS S1-1 Due diligence
policies on issues addressed
by the fundamental
International Labour
Organisation Conventions 1
to 8
21 X SUS 195
ESRS S1-1 Processes and
measures for preventing
trafficking in human beings
22 X SUS 195
ESRS S1-1 Workplace
accident prevention policy or
management system
23 X SUS 195
ESRS S1-3 Grievance/
complaints handling
mechanisms
32 (c) X SUS 196
ESRS S1-14 Number of
fatalities and number
and rate of work-related
accidents
88 (b)
and (c)
X SUS 202
ESRS S1-14 Number of days
lost to injuries, accidents,
fatalities or illness
88 (e) X Transition
exemption
-
ESRS S1-16 Unadjusted
gender pay gap
97 (a) X X Not
material
-
ESRS S1-16 Excessive CEO pay
ratio
97 (b) X Not
material
-
ESRS S1-17 Incidents of
discrimination
103 (a) X SUS 203
ESRS S1-17 Non-respect of
UNGPs on Business and
Human Rights and OECD
104 (a) X X SUS 203
ESRS 2- SBM3 – S2 Significant
risk of child labour or forced
labour in the value chain
11 (b) X Full topic
deferral
-
ESRS S2-1 Human rights
policy commitments
17 X Full topic
deferral
-
ESRS S2-1 Policies related to
value chain workers
18 X SUS 204
ESRS S2-1 Non-respect of
UNGPs on Business and
Human Rights principles and
OECD guidelines
19 X X Full topic
deferral
-
223
CSRD Sustainability Statement
Appendix 4: Datapoints that derive from other EU legislation (continued)
Disclosure
requirement
Data
point
SFDR
reference
Pillar 3
reference
Benchmark
regulation
reference
EU Climate
Law
reference
Section Page
ESRS S2-1 Due diligence
policies on issues addressed by
the fundamental International
Labour Organisation
Conventions 1 to 8
19 X SUS 204
ESRS S2-4 Human rights
issues and incidents
connected to its upstream
and downstream value chain
36 X Full
topic
deferral
-
ESRS S3-1 Human rights policy
commitments
16 X Full
topic
deferral
-
ESRS S3-1 Non-respect of
UNGPs on Business and
Human Rights, ILO principles
and OECD guidelines
17 X X Full
topic
deferral
-
ESRS S3-4 Human rights
issues and incidents
36 X Full
topic
deferral
-
ESRS S4-1 Policies related to
consumers and end-users
16 X SUS 206
ESRS S4-1 Non-respect of
UNGPs on Business and
Human Rights and OECD
guidelines
17 X X Full
topic
deferral
-
ESRS S4-4 Human rights
issues and incidents
35 X Full
topic
deferral
-
ESRS G1-1 United Nations
Convention against
Corruption
10 (b) X SUS 210
ESRS G1-1 Protection of
whistle-blowers
10 (d) X SUS 210
ESRS G1-4 Fines for violation
of anti-corruption and anti-
bribery laws
24 (a) X X SUS 213
ESRS G1-4 Standards of anti-
corruption and anti-bribery
24 (b) X SUS 213
Note: Sustainable Finance Disclosures Regulation (SFDR). SUS = CSRD Sustainability Statement. BOARD = The Board
224
Kingspan Group plc Annual Report & Financial Statements 2025
Appendix 5: Summary of Key Terms and Acronyms
Acronym Definition
CSRD Corporate Sustainability Reporting Directive
DMA Double Materiality Assessment
ESRS European Sustainability Reporting Standards
IRO Impact, Risk and Opportunity
DNSH Do No Significant Harm
GHG Greenhouse Gas
KPI Key Performance Indicator
SAQ Self-Assessment Questionnaire
TCFD Task Force on Climate-related Financial Disclosures
ESG Environmental, Social and Governance
EFRAG European Financial Reporting Advisory Group
CEO Chief Executive Officer
NPS Net Promoter Score
LTIP Long-Term Incentive Plan
NGOs Non-Governmental Organisations
SSPs Shared Socioeconomic Pathways
IAMs Integrated Assessment Models
RCP Representative Concentration Pathways
BRF Biodiversity Risk Filter
MDI Methylene Diphenyl Diisocyanate
PU/PUR Polyurethane
PIR Polyisocyanurate
EIA Environmental Impact Assessment
CO
2
e Carbon Dioxide Equivalent
LEC Lower Embodied Carbon
ETS Emissions Trading Scheme
GWP Global Warming Potential
CCS Climate Change Section
CMR Carcinogenic, Mutagenic, Reprotoxic
WS Water Section
MNCs Multinational Enterprises
RBC Responsible Business Conduct
UNGP UN Guiding Principles on Business and Human Rights
ILO International Labour Organisation
MD Managing Director
RWH Rainwater Harvesting
BA Biodiversity Appendix
IFC International Finance Corporation
CES Circular Economy Section
EPDs Environmental Product Declarations
GSI Global Slavery Index
225
CSRD Sustainability Statement
Acronym Definition
PEAK Programme for Executive Acceleration in Kingspan
EWC European Works Council
SHREDD Supplier Human Rights and Environmental Due Diligence Policy
MIM Marketing Integrity Manual
FERC Fire Engineering Research Centre
PCR Product Compliance Register
SMEs Small and Medium-sized Enterprises
GAM Group Accounting Manual
CFO Chief Financial Officer
Note: GHG emissions (scope 1, 2 and 3) are
calculated using two distinct methodologies. First,
a methodology aligned with the GHG Protocol’s
guidance on recalculation methodologies for
structural changes. This allows for meaningful
comparisons of emissions over time. Historical and
reporting year (pre-structural change) data has
been restated to reflect the change in the inventory
boundary (acquisitions or divestments). The second
is a methodology aligned with ESRS requirements.
Reporting boundary is in alignment with the financial
statements.
Scope 1 GHG emissions:
Relevant environmental data is collected and collated
on a monthly basis in the environmental reporting
platform used by the Group. Scope 1 emissions were
calculated in the platform by the application of an
extensive range of emission factors from a variety of
sources, including but not limited to IEA, DEFRA and
EPA, to energy/material consumption data. Data
included purchased fuels (for both stationary and
mobile combustion), while for non-energy sources
included blowing agents and catalysts. Also, scope 1
emissions include CH
4
and N
2
O from the combustion
of biomass.
Scope 2 GHG emissions:
Relevant environmental data is collected and collated
on a monthly basis in the environmental reporting
platform used by the Group. Scope 2 emissions were
calculated in the platform by applying an extensive
range of emission factors from a variety of sources,
including but not limited to IEA, DEFRA and EPA, to
the relevant energy consumption data. The platform
calculates both location and market-based scope
2 emissions by applying the applicable emission
factors; the emission factors applied to calculate
scope 2 emissions do not separate the percentage
of biomass or biogenic emissions. The renewable
energy related to scope 2 GHG emissions is made up
of approximately 1.4% district heating and 98.6%
renewable electricity supply contracts bundled with
renewable energy attributes including Renewable
Energy Certificates (RECs) and Guarantees of Origin
(GoOs). The remaining approximately 13% of our
purchased energy, related to scope 2 GHG emissions,
is non-renewable.
Note: Emission factor databases may be a source
of limitation for scope 1 and 2 GHG emissions
calculations.
Scope 3 GHG emissions:
Over 35% of our scope 3 GHG emissions were
calculated using primary data obtained from
suppliers and value chain partners, supported by our
supplier engagement programme. Methodologies
and assumptions for each scope 3 category, where
applicable, are outlined below.
Note: Scope 3 GHG emissions calculation is limited by
challenges in data collection, reliance on secondary
data and the use of monetary-based emissions.
C1. Purchased goods and services: We use a
reporting platform to manage our scope 3, category 1
GHG emissions, utilising both monetary and physical
emission factors from primary and secondary sources.
For raw materials, we prioritise primary data, product
and supplier-specific, when available. When primary
data is not available, we aim to apply alternative
physical emission factors. For the remaining activity
Appendix 6: Methodologies and significant assumptions for the calculation of
GHG emissions
Appendix 5: Summary of Key Terms and Acronyms (continued)
226
Kingspan Group plc Annual Report & Financial Statements 2025
data, we use monetary emission factors from sources
including but not limited to the EPA, Ecoinvent,
DEFRA, accounting for inflation and deflation, where
necessary.
C2. Capital goods: Spend-based method. Capital
goods emissions were calculated by applying relevant
EPA monetary emission factors to each of our capital
expenditure categories.
C3. Fuel-and-energy related activities: Fuel-based
method. We calculated the emissions for this category
by using the amount of fuels and electricity consumed
during the year and a combination of WTT emission
factors (factor source: primarily DEFRA).
C4. Upstream transportation and distribution:
Spend-based method. According to the GHG Protocol
- Guidance document: Outbound transportation
and distribution services that are purchased by the
reporting company are excluded from category 9
and included in category 4 (Upstream transportation
and distribution) because the reporting company
purchases the service. Taking this into account, all
transport costs (both for upstream and downstream
transport) are reported under this category. Emissions
were calculated using our transportation spend and
appropriate monetary emission factors from the EPA
database.
C5. Waste generated in operations: Waste type
specific method. We calculated the emissions for
waste generated in our operations by using the
amount of waste generated during the year and
multiplying by relevant waste emission factors (factor
source: primarily DEFRA).
C6. Business travel: Spend-based method. We
used the total cost for business travel across the
Group for 2025, and then allocated to appropriate
key categories (e.g. hotel stays and meals). Relevant
monetary emission factors from the EPA database
were then applied to calculate emissions.
C7. Employee commuting: Average-data method.
As per the GHG Protocol, emissions for this category
were calculated based on full-time equivalent
employees, estimated average round-trip commuting
distances, number of working days, and relevant
distance-based emission factors from the DEFRA
database.
C8. Upstream leased assets: Emissions from
operation of assets leased by Kingspan are already
included in scope 1 and 2 and therefore, this scope 3
category is assumed to be not applicable.
C9. Downstream transportation and distribution:
Reported under category 4, in accordance with GHG
protocol guidance.
C10. Processing of sold products: Average-data
method. Quantity of intermediate products sold to
third parties was determined, and emissions were
calculated based on estimated downstream product
quantities with appropriate allocation. Emission
factors sourced from DEFRA.
C11. Use of sold products: This category includes
emissions from blowing agents released during
product use. Each blowing agent has an annual loss
rate, as provided by the IPCC, which we apply over
a 50-year period to estimate total emissions. Using
IPCC data, we calculate fugitive emissions released
annually from our products. We then assume a
product lifespan and apply the relevant annual loss
percentages to estimate total emissions over the
lifetime of products sold in 2025.
C12. End of life treatment of sold products:
Waste-type-specific method. The quantity of products
sold in 2025 was allocated to appropriate end-of-
life treatment method (e.g. landfill, incineration,
recycling). Emissions were calculated using
appropriate emissions factors for each waste type and
treatment method.
C13. Downstream leased assets: Kingspan’s
business model does not include the lease of assets to
other entities, so this scope 3 category is assumed to
be not applicable.
C14. Franchises: The Group did not operate any
franchises, so scope 3, category 14 is not relevant to
our operations.
C15. Investments: According to the GHG protocol,
category 15 is designed primarily for private
financial institutions (e.g. commercial banks),
but is also relevant to public financial institutions
(e.g. multilateral development banks, export credit
agencies) and other entities with investments not
included in scope 1 and scope 2. As a result, it’s not
relevant for Kingspan.
Appendix 6: Methodologies and significant assumptions for the calculation of
GHG emissions (continued)
227
CSRD Sustainability Statement
ESRS E1 – Climate change
E1-5 – Energy consumption and mix
We are providing restated comparative figures for the
following metrics (MWh). Unless otherwise stated,
the restatements are due to the update of estimated
figures disclosed in the preceding reporting period.
Total energy consumption: from 2,526,110 to
2,538,264 (difference(d): 12,154, also includes
minor data entry correction); total fossil energy
consumption: from 1,024,081 to 1,030,362 (d: 6,281,
also includes minor data entry correction); crude oil
and petroleum products: from 103,580 to 105,213
(d: 1,633); natural gas: from 607,973 to 611,764
(d: 3,791, also includes minor data entry correction);
other fossil sources: from 8,801 to 8,944 (d: 143);
purchased electricity/heat/steam/cooling from
fossil sources: from 176,911 to 177,624 (d: 713); total
renewable energy consumption: from 1,502,029 to
1,507,902 (d: 5,873); renewable fuel: from 1,087,895
to 1,089,267 (d: 1,372); purchased renewable
electricity/heat/steam/cooling from renewable
sources: from 384,694 to 389,070 (d: 4,376); self-
generated, non-fuel: from 29,440 to 29,565 (d: 125);
total energy production: from 814,259 to 815,385
(d: 1,126); non-renewable energy production:
from 49,506 to 49,613 (d: 107); renewable energy
production: from 764,753 to 765,772 (d: 1,019).
Energy intensity:
We are providing restated comparative figures for
the following metrics (MWh/€m) due to the relevant
updates as per the section E1-5 restatements outlined
above.
Energy intensity: from 293 to 295 (d: 2).
E1-6 – Gross scopes 1, 2, 3 and total
GHG emissions
We are providing restated comparative figures
for the following metrics (tCO
2
e) due to emission
factor and methodology updates and the effect of
the restatements for E1-5 presented above. These
restatements are relevant to the ‘ESRS-aligned’
methodology.
Gross scope 1 GHG emissions: from 227,672 to
228,086 (d: 414); biogenic CO
2
emissions: from
394,948 to 395,458 (d: 510); gross location-based
scope 2 GHG emissions: from 216,093 to 211,524
(d: 4,569); gross market-based GHG emissions:
from 110,165 to 99,930 (d: 10,235); gross scope 1 and
2 (market based) GHG emissions: from 337,837 to
328,016 (d: 9,821).
We are providing restated comparative figures for the
following metrics (tCO
2
e). Unless stated otherwise,
the restatements are due to the update of estimated
figures disclosed in the preceding reporting period,
emission factor updates and methodology updates
and the effect of the restatements for E1-5 presented
above. These restatements are relevant to the “ESRS-
aligned” methodology.
Gross scope 3 GHG emissions: from 6,990,923
to 6,869,309 (d: 121,614, also includes the effect of
the restatement in waste reporting); use of sold
products: from 6,048 to 7,947 (d: 1,899); capital
goods: from 133,995 to 130,319 (d: 3,676); fuel and
energy related activities: from 139,579 to 139,706
(d: 127); upstream transportation and
distribution: from 222,506 to 226,258 (d: 3,752);
waste generated in operations: from 4,918
to 10,464 (d: 5,546, also includes the effect of
the restatement in waste reporting); business
travel: from 23,849 to 23,457 (d: 392); employee
commuting: from 33,229 to 33,167 (d: 62); total
GHG emissions (location-based): from 7,434,688
to 7,308,919 (d: 125,769, also includes the effect of
the restatement in waste reporting); total GHG
emissions (market-based): 7,328,760 to 7,197,325
(d: 131,435, also includes the effect of the restatement
in waste reporting).
In addition to the above, we introduced key
refinements to the calculation framework for the
following scope 3 categories. These include enhanced
data collection processes, increased granularity within
the calculation approach, and the expansion of
reporting scope to include the category ‘processing of
sold products’.
Purchased goods and services: from 6,375,447 to
6,146,063 (d: 229,384); end of life treatment of
sold products: from 51,352 to 113,365 (d: 62,013);
processing of sold products: from 0 to 38,563
(d: 38,563).
GHG intensity per net revenue:
We are providing restated comparative figures for
the following metrics (tCO
2
e/€m) due to the relevant
updates as per the section E1-6 restatements outlined
above.
Total GHG emissions (location-based) per
net revenue: from 864 to 849 (d: 15); Total GHG
emissions (market-based) per net revenue: from 851
to 836 (d: 15).
E1-8 – Internal carbon pricing
We are providing restated comparative figures for the
following metrics due to the relevant updates as per
the section E1-6 restatements outlined above.
Appendix 7: Restatements
228
Kingspan Group plc Annual Report & Financial Statements 2025
Scope 1 covered: from 215,252 to 213,846 (d: 1,406);
% covered: from 95% to 94% (d: 1%); scope 2
(market-based) covered: from 110,165 to 99,930
(d: 10,235).
ESRS E5 – Resource use and
circular economy
E5-4- Resource inflows
We are providing restated comparative figures for the
following metrics due to a data entry correction to
figures disclosed in the preceding reporting period.
For more information on the restatements for this
disclosure see section “E5-4- Resource inflows” (page
185).
Total weight of technical materials: from
3,982,224t to 3,634,958t (d: 347,266); percentage of
secondary reused or recycled content: from 7% to
8.7% (d: 1.7%).
We are providing restated comparative figures for
the following metrics due to the update of estimated
figures disclosed in the preceding reporting period.
Total weight of biological materials: from 352,744t
to 647,406t (d: 294,662); percentage of biological
raw materials certified as sustainably sourced:
from 95% to 97% (d: 2%).
Waste reporting
We are providing restated comparative figures for
the following metrics (t). Unless otherwise stated,
the restatements are due to the update of estimated
figures disclosed in the preceding reporting period.
The below restatements also include the effect of
stored waste omission (9,844t) for these categories:
total amount of waste generated, total amount by
weight directed to disposal, directed to disposal/
non-hazardous, directed to disposal/non-hazardous/
landfill. Please see “Waste reporting” section (page
188) for more information.
Total amount of waste generated: from 172,261
to 181,176 (d: 8.915, also includes minor data entry
correction); total amount by weight diverted from
disposal: from 119,980 to 118,354 (d: 1,626, also
includes minor data entry correction); total amount
by weight diverted from disposal/non-hazardous
waste: from 118,796 to 117,113 (d: 1,683, also includes
minor data entry correction); diverted from
disposal/non-hazardous/recycling: from 118,631
to 116,948 (d: 1,683, also includes minor data entry
correction); total amount by weight diverted from
disposal/hazardous: from 1,184 to 1,241
(d: 57); diverted from disposal/hazardous/
recycling: from 1,178 to 1,235 (d: 57); total amount
by weight directed to disposal: from 52,281 to
62,822 (d: 10,541); directed to disposal/non-
hazardous: from 44,571 to 55,068 (d: 10,497);
directed to disposal/non-hazardous/incineration:
from 32,635 to 33,434 (d: 799); directed to disposal/
non-hazardous/landfill: from 11,936 to 21,634
(d: 9,698); directed to disposal/hazardous:
from 7,710 to 7,754 (d: 44); directed to disposal/
hazardous/incineration: from 7,110 to 7,159 (d:49);
directed to disposal/hazardous/landfill: from
600 to 595 (d:5); total amount of non-recycled
waste: from 52,452 to 62,993 (d: 10,541); total
percentage of non-recycled waste: from 30.4% to
35% (d: 4.6%); total amount of hazardous waste
generated: (8,895 to 8,995 d:100).
229
CSRD Sustainability Statement
230
Kingspan Group plc Annual Report & Financial Statements 2025
SILT HOTEL
Middelkerke, Belgium
Advnsys
Colt FireCurtain FM1; Axial fans; Firelight
Duo smoke vent; Duo Therma smoke vent;
Damper units; CO
2
detection devices
FINANCIAL
STATEMENTS
231
Financial Statements
CONTENTS
Independent Auditor’sReport 232
Consolidated Income Statement 240
Consolidated Statement of Comprehensive Income 241
Consolidated Statement of Financial Position 242
Consolidated Statement of Changes In Equity 243
Consolidated Statement of Cash Flows 245
Company Statement of Financial Position 246
Company Statement of Changes In Equity 247
Company Statement of Cash Flows 248
Notes to the Financial Statements 249
1 Statement of Accounting Policies 249
2 Segment Reporting 259
3 Employees 263
4 Finance Expense And Finance Income 264
5 Profit For The Year Before Income Tax 265
6 Directors’ Remuneration 265
7 Income Tax Expense 266
8 Earnings Per Share 267
9 Goodwill 267
10 Other Intangible Assets 269
11 Property, Plant And Equipment 270
12 Financial Assets 271
13 Investment In Associates 271
14 Inventories 272
15 Trade And Other Receivables 272
16 Trade And Other Payables 273
17 Leases 273
18 Interest Bearing Loans And Borrowings 274
19 Deferred Contingent Consideration 276
20 Financial Risk Management And Financial Instruments 277
21 Provisions For Liabilities 287
22 Deferred Income - Government Grant 287
23 Deferred Tax Assets And Liabilities 288
24 Business Combinations 288
25 Share Capital 292
26 Share Premium 292
27 Treasury Shares 292
28 Retained Earnings 293
29 Dividends 293
30 Non-Controlling Interests 293
31 Reconciliation Of Net Cash Flow To Movement In Net Debt 294
32 Guarantees And Other Financial Commitments 295
33 Pension Obligations 295
34 Related Party Transactions 300
35ContingentLiabilities 300
36 Events Subsequent To Year End 301
37 Approval Of Financial Statements 301
Other Information
Alternative Performance Measures 302
Principal Subsidiaries and Substantial Undertakings 305
Shareholder Information 309
Corporate Information 310
Group 5 year summary 312
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF KINGSPAN GROUP PLC
Report on the audit of the
financial statements
Opinion
We have audited the European Single Electronic Format
financial statements (‘the financial statements’) of Kingspan
Group plc (‘the Company’) and its subsidiaries (‘the Group’)
for the year ended 31 December 2025, which comprise the
Consolidated Income Statement, the Consolidated Statement
of Comprehensive Income, the Consolidated Statement of
Financial Position, the Consolidated Statement of Changes
in Equity, the Consolidated Statement of Cash Flows, the
Company Statement of Financial Position, the Company
Statement of Changes in Equity, the Company Statement of
Cash Flows and notes to the financial statements, including
the material accounting policy information set out in note
1. The financial reporting framework that has been applied
in their preparation is Irish Law and International Financial
Reporting Standards (IFRS) as adopted by the European Union
and, as regards the Company financial statements, as applied
in accordance with the provisions of the Companies Act2014.
In ouropinion:
• the Group financial statements give a true and fair view of
the assets, liabilities and financial position of the Group as at
31 December 2025 and of its profit for the year thenended;
• the Company statement of financial position gives a true
and fair view of the assets, liabilitiesand financial position
of the Company as at31 December2025;
• the Group financial statements have been properly
prepared in accordance with IFRS as adopted by the
EuropeanUnion;
• the Company financial statements have been properly
prepared in accordance with IFRS as adopted by the
European Union as applied in accordance with the
provisions of the Companies Act 2014; and
• the Group financial statements and Company financial
statements have been properly prepared in accordance
with the requirements of the Companies Act 2014 and, as
regards the Group financial statements, Article 4 of the
IASRegulation.
The maintenance and integrity of the Kingspan Group plc web site is
the responsibility of the directors; the work carried out by the auditors
does not involve consideration of these matters and, accordingly,
the auditors accept no responsibility for any changes that may
have occurred to the financial statements since they were initially
presented on the website.
Legislation in the Republic of Ireland governing the preparation and
dissemination of financial statements may differ from legislation in
other jurisdictions.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable
law. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of
the Financial Statements section of our report. We are
independent of the Group and Company in accordance with
ethical requirements that are relevant to our audit of financial
statements in Ireland, including the Ethical Standard as
applied to public interest entities issued by the Irish Auditing
and Accounting Supervisory Authority (IAASA), and we have
fulfilled our other ethical responsibilities in accordance with
theserequirements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for ouropinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that
the directors’ use of the going concern basis of accounting
in the preparation of the financial statements is appropriate.
Our evaluation of the directors’ assessment of the Group
and parent company’s ability to continue to adopt the going
concern basis of accountingincluded:
• In conjunction with our walkthrough of the Group’s
financial statement close process, we confirmed our
understanding of management’s going concern assessment
process and also engaged with management early to
ensure all key factors were considered in theirassessment.
• We obtained management’s going concern assessment,
including the cash forecast and covenant calculation for
the going concern period which covers a period of at least
twelve months from the date of signing this auditopinion.
• We considered the appropriateness of the methods used
to calculate the cash forecasts and covenant calculations
and determined through inspection and testing of the
methodology and calculations that the methods utilised
were appropriately sophisticated to be able to make an
assessment for theGroup.
• We considered the mitigating factors included in the cash
forecasts and covenant calculations that are within control
of the Group. This includes review of the Group’s non-
operating cash outflows and evaluating the Group’s ability
to control these outflows as mitigating actions ifrequired.
• We performed reverse stress testing in order to identify
factors which would lead to the Group utilising all liquidity
or breaching financial covenants during the going
concern assessment period. None of these factors were
consideredlikely.
• We reviewed the Group’s going concern disclosures
included in the annual report in order to assess that
the disclosures were appropriate and in conformity with
reportingstandards.
232
Kingspan Group plc Annual Report & Financial Statements 2025
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
TO THE MEMBERS OF KINGSPAN GROUP PLC
The Group continued to generate significant operating
cash flows which amounted to €819.7 million in 2025. At 31
December 2025, the Group has unrestricted cash and cash
equivalents of €584.7 million and unused committed debt
facilities of up to €800 million from a revolving bank credit
facility expiring in May2028.
Conclusion
Based on the work we have performed, we have not identified
any material uncertainties relating to events or conditions
that, individually or collectively, may cast significant doubt
on the Group and parent company’s ability to continue as a
going concern for a period of at least twelve months from
when the financial statements are authorised forissue.
In relation to the Group and parent company’s reporting on
how they have applied the Irish Corporate Governance Code,
we have nothing material to add or draw attention to in
relation to the directors’ statement in the financial statements
about whether the directors considered it appropriate to
adopt the going concern basis ofaccounting.
Our responsibilities and the responsibilities of the directors
with respect to going concern are described in the relevant
sections of this report. However, because not all future
events or conditions can be predicted, this statement is
not a guarantee as to the Group’s ability to continue as a
goingconcern.
Overview of our audit approach
Key audit matters • The key audit matter that we identified in the current year was:
» Revenue recognition
Audit scope • We performed an audit of the complete financial information of 20 operating units
and performed audit procedures on specific balances for a further 44 operating
units and central procedures on purchase price accounting for acquisitions, goodwill
impairment testing, taxation and transfer pricing, leases, share-based payments,
deferred contingent consideration, retirement benefit obligations and going concern.
• We performed procedures at a further 19 operating units that were specified by the
Group audit team in response to specific risk factors.
• ‘Operating units’ represent business units across the Group considered for audit
scoping purposes.
Materiality • Overall Group materiality was assessed to be €42.5 million which represents
approximately 5% of Group Profit before tax.
In the prior year, our auditor’s report included key audit matters relating to Revenue Recognition, Warranty Provisions, and
Accounting for Acquisitions. In the current year, we have retained the key audit matter related to Revenue Recognition and
removed “Accounting for Acquisitions” due to the decrease in the size and level of acquisition activity in 2025, as well as
“Warranty Provisions” due to limited differences identified historically.
233
Financial Statements
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
TO THE MEMBERS OF KINGSPAN GROUP PLC
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not
due to fraud) that we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of
resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
Risk Our response to the risk Key observations
communicated to the
Audit & Compliance
Committee
Revenue recognition
(2025: €9,199.0 million,
2024: €8,608.0million)
There is a risk that revenue
may be inflated through
management override of
controls by posting manual
journal adjustments to
achieve revenue targets
orforecasts.
There is no significant
judgement or estimate
associated with the
identifiedrisk.
Refer to the Audit and
Compliance Committee
Report (page 108); the
Statement of Accounting
Policies (page 249);
and note 2 of the Group
Financial Statements (page
259).
We performed procedures on revenue at all in-scope components, as
outlined in further detail in the ‘Tailoring the scope’ sectionbelow.
We obtained an understanding of each in-scope component’s
revenue recognition policy and how it is applied (depending on the
nature of the revenue recognised at each component), including a
walkthrough of the design and implementation of relevant controls;
performed detailed transactional testing of revenue recognised
throughout the year, commensurate with the higher audit risk
assigned to revenue; examined supporting documentation including
customer contracts and terms of agreements, statements of works
or purchase orders, sales invoices, customer balance confirmations
and cash receipts to determine whether revenue is recognised in
accordance with terms of contracts and the Group accounting
policies. We also performed cut-off procedures and review of credit
memos and other adjustments such as discounts andrebates.
For significant manual journals posted to revenue, we identified
journal sources, profiled journal activity by month and compared
it to the prior year, analysed who posted these journals considering
our understanding of the process, and followed up on any unusual
trends and anomalies. We tested non-routine material top-side
adjustments recorded in revenueaccounts.
In some components, we utilised data analytics procedures. This
included correlation analysis of the strength of relationship between
revenue and other accounts to identify anomalies and unusual
journalentries.
We performed procedures on key financial statement disclosures for
compliance with IFRS 15 Revenue from Contracts withCustomers.
The above procedures are performed locally by component teams.
We performed full and specific scope audit procedures over this risk
at 58 operating units.
Our observations included
an overview of the risk,
outline of the audit
procedures performed, the
judgements we focused
on and the results of
ourtesting.
Our planned audit
procedures in respect
of revenue recognition
were completed without
exception.
234
Kingspan Group plc Annual Report & Financial Statements 2025
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
TO THE MEMBERS OF KINGSPAN GROUP PLC
Our application of materiality
We apply the concept of materiality in planning and
performing the audit, in evaluating the effect of identified
misstatements on the audit and in forming our auditopinion.
Materiality
Materiality is the magnitude of an omission or misstatement
that, individually or in the aggregate, could reasonably be
expected to influence the economic decisions of the users
of the financial statements. Materiality provides a basis for
determining the nature and extent of our audit procedures.
We determined materiality for the Group to be €42.5 million
(2024: €41.6 million), which is 5% (2024: 5%) of Group’s
Profit before tax (2024: Group’s Profit before tax). Profit
before tax is a key performance indicator for the Group and
is also a key metric used by the Group in the assessment of
the performance of management. We therefore considered
the Group’s Profit before tax to be the most appropriate
performance metric on which to base our materiality
calculation as we consider it to be the most relevant
performance measure to the stakeholders of the Group. We
determined materiality for the Parent Company to be €21.1
million (2024: €23.3 million), which is approximately 1%
(2024: 1%) of total equity. During the course of our audit, we
reassessed initial materiality and considered that no further
changes to materiality werenecessary.
Performance materiality
Performance materiality is the application of materiality at
the individual account or balance level. It is set at an amount
to reduce to an appropriately low level the probability that
the aggregate of uncorrected and undetected misstatements
exceeds materiality. On the basis of our risk assessments,
together with our assessment of the Group’s overall control
environment, our judgement was that performance
materiality was 75% (2024: 50%) of our planning materiality,
namely €31.9 million (2024: €20.8 million). We have set
performance materiality at this percentage based on our
assessment of the risk of misstatements, both corrected
and uncorrected. Audit work was undertaken at component
locations for the purpose of responding to the assessed risks of
material misstatement of the Group financial statements. The
performance materiality set for each component is based on
the relative scale and risk of the component to the Group as a
whole and our assessment of the risk of misstatement at that
component. In the current year, the range of performance
materiality allocated to components was €6.2 million to €9.4
million (2024: €4.0 million to €6.0 million).
Reporting threshold
Reporting threshold is an amount below which identified
misstatements are considered as being clearly trivial. We
agreed with the Audit & Compliance Committee that we
would report to them all uncorrected audit differences in
excess of €2.1 million (2024: €2.1 million), which is set at 5%
of planning materiality, as well as differences below that
threshold that, in our view, warranted reporting on qualitative
grounds. We evaluate any uncorrected misstatements against
both the quantitative measures of materiality discussed above
and in light of other relevant qualitative considerations in
forming ouropinion.
An overview of the scope of our audit
Tailoring the scope
We are required to establish an overall audit strategy that
sets the scope, timing, and direction of our audit. Audit scope
comprises the operating units, activities, and processes to be
audited that, in aggregate, are expected to provide sufficient
coverage of the financial statements for us to express an audit
opinion. We followed a risk-based approach when developing
our audit approach to obtain sufficient appropriate audit
evidence on which to base our audit opinion. We performed
risk assessment procedures, with input from our component
auditors, to identify and assess risks of material misstatement
of the Group financial statements and identified significant
accounts and disclosures. Our assessment of audit risk, our
evaluation of materiality and our allocation of performance
materiality determined our audit scope for each operating
unit within which, when taken together, enabled us to form
an opinion on the consolidated financial statements. Our
audit effort was focused towards higher risk areas, such as
management judgements and on operating units that we
considered significant based upon size, complexity orrisk.
We assessed our 2025 audit scope following the completion
of our 2024 audit. We identified those operating units that
were significant by virtue of their contribution to results or
significant by virtue of their associated risk or complexity. In
identifying the operating units where we would perform audit
procedures, we considered our understanding of its operating
environment, the potential impact of climate change,
the Group’s system of internal control at the entity level,
centralised processes and IT applications. We also considered
the history or expectation of unusual or complex transactions,
potential for material misstatements, the previous
effectiveness of controls, our fraud assessment and internal
audit findings. We then considered the adequacy of account
coverage and remaining audit risk of operating units not
directly covered by audit procedures. Finally, we assessed the
appropriateness of our audit scope by comparing to the prior
year; ensured that there was sufficient unpredictability in our
scope and made the necessary changes where appropriate.
We applied our risk analysis which consolidate internal and
external data to inform us on higher risk components to be
included in scope. This allowed us to risk rate the Group’s
operating units. We identified 83 operating units where we
believed that it was appropriate to carry out targetedtesting.
235
Financial Statements
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
TO THE MEMBERS OF KINGSPAN GROUP PLC
By following this approach, our audit effort focused on
higher risk areas, such as management judgements. Our
group wide procedures enabled us to obtain audit evidence
over the operating units that were full, specific or specified
procedure scope. We did not make substantial changes to
our 2024 assessment of the components where we performed
audit procedures. Also, there were no significant changes
to the number of IT applications we tested. We determined
that certain centralised audit procedures could be performed
in the following audit areas: purchase price accounting for
significant acquisitions, goodwill impairment testing, taxation
and transfer pricing, leases, share-based payments, deferred
contingent consideration, retirement benefit obligations and
goingconcern.
We then identified 31 components as individually relevant
components to the Group due to relevant events and
conditions underlying the identified risks of material
misstatement of the Group financial statements being
associated with the reporting components or a pervasive risk
of material misstatement of the Group financial statements
or a significant risk or an area of higher assessed risk of
material misstatement of the Group financial statements
being associated with the components. Further, we identified
1 component as individual relevant component due to
materiality or financial size of the component relative to
theGroup.
For those individually relevant components, we identified
the significant accounts where audit work needed to be
performed at these components by applying professional
judgement, having considered the Group significant accounts
on which centralised procedures will be performed, the
reasons for identifying the financial reporting component
as an individually relevant component and the size of the
component’s account balance relative to the Group significant
financial statement account balance. We then considered
whether the remaining Group significant account balances
not yet subject to audit procedures, in aggregate, could give
rise to a risk of material misstatement of the Group financial
statements. We selected 32 components of the Group to
include in our audit scope to address these risks. Having
identified the components for which work will be performed,
we determined the scope to assign to eachcomponent.
Of the 83 components selected, we designed and performed
audit procedures on the entire financial information of 20
components (“full scope components”). For 44 components
(“specific scope component”), we designed and performed
audit procedures on specific significant accounts balances
or disclosures of the financial information of the component.
For the remaining 19 components, we performed specified
audit procedures to obtain evidence for one or more relevant
assertions. We kept our audit scope under review throughout
the year to reflect changes in the underlying business and
risks; however, no significant changes were required. The table
below illustrates the scope of work performed by our audit
teams:
Operating Units
procedures
2025 2024 No. of
Countries
Basis of inclusion Extent of
Full Scope 20 20 11 Size & significant risk Complete financial information
Specific Scope 44 42 16 Significant risk or higher
risk estimates
Individual account balances
Specified Procedures
1
19 18 7 Other risk factors Individual transactions or processes
Other Procedures 492 419 61 Residual risk of error Supplementary Audit Procedures
2
Total 575 499
1 These procedures were performed at operating units and at the group level, to address specified risks of the audit or for
audit coveragepurposes.
2 We performed supplementary audit procedures in relation to centralised group accounting and reporting processes. These
included, but were not limited to, purchase price accounting on significant acquisitions, goodwill impairment testing,
taxation and transfer pricing, leases, share-based payments, deferred contingent consideration, retirement benefit
obligations and goingconcern.
236
Kingspan Group plc Annual Report & Financial Statements 2025
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
TO THE MEMBERS OF KINGSPAN GROUP PLC
Involvement with component teams
In establishing our overall approach to the Group audit, we
determined the type of work that needed to be undertaken
at each of the components by us, as the Group audit
engagement team, or by component auditors operating
under our instruction. The Group audit team continued to
follow a programme of planned visits that has been designed
to ensure that senior members of the Group audit team,
including the Audit Engagement Partner, visit a number of
overseas locations. During the current year’s audit cycle,
visits were undertaken by the primary audit team of the
component teams in Brazil, Sweden, Czech Republic, France,
Spain and Belgium. In conjunction with these visits, the audit
team performed file reviews for all 20 full-scope components
located in the UK and the US, in addition to the locations
stated above. These visits and file reviews involved discussing
the audit approach and any issues arising with the component
team, holding discussions with local management, and
attending closing meetings as well as review of component
team files. The Group audit team interacted regularly with the
component teams where appropriate during various stages
of the audit, reviewed relevant working papers and were
responsible for the scope and direction of the audit process.
Where relevant, the section on key audit matters details the
level of involvement we had with component auditors to
enable us to determine that sufficient audit evidence has been
obtained as a basis for our opinion on the Group as a whole.
This, together with the additional procedures performed at
Group level, gave us appropriate evidence for our opinion on
the Group financialstatements.
Other information
The directors are responsible for the other information. The
other information comprises the information included in
the annual report other than the financial statements and
our auditor’s report thereon. Our opinion on the financial
statements does not cover the other information and, except
to the extent otherwise explicitly stated in our report, we do
not express any form of assurance conclusionthereon.
Our responsibility is to read the other information and, in
doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially
misstated. If we identify such material inconsistencies
or apparent material misstatements, we are required to
determine whether there is a material misstatement in the
financial statements or a material misstatement of the other
information. If, based on the work we have performed, we
conclude that there is a material misstatement of this other
information, we are required to report thatfact.
We have nothing to report in thisregard.
Corporate Governance Statement
We have reviewed the director’s statement in relation to going
concern, longer-term viability and that part of the Corporate
Governance Statement relating to the Group and Company’s
compliance with the provision of the Irish Corporate
Governance Code specified for our review by the Euronext
Dublin ListingRules.
Based on the work undertaken as part of our audit, we have
concluded that each of the following statements of the
Corporate Governance Statement is materially consistent with
the financial statements or our knowledge obtained during
theaudit:
• the Directors’ statement with regards to the
appropriateness of adopting the going concern basis of
accounting and any material uncertainties identified set
out on page 128;
• the Directors’ explanation as to its assessment of the Group
prospects, the period this assessment covers and why the
period is appropriate set out on pages128 and 129;
• the Directors’ statement as to whether they have a
reasonable expectation that the Group and the Company
will be able to continue in operation and meet its liabilities
as they fall due over the period of their assessment,
including any related disclosures drawing attention to
any necessary qualifications or assumptions set out on
page128;
• the Directors’ statement on fair, balanced and
understandable and the information necessary for
shareholders to assess the Group's performance, business
model and strategy set out in page129;
• the Board’s confirmation that it has carried out a robust
assessment of the emerging and principal risks set out on
page 129;
• the section of the annual report that describes the review
of effectiveness of risk management and internal control
systems set out on pages 45 to 53; and
• the section describing the work of the Audit & Compliance
Committee set out on pages108 to 118.
We have nothing to report in respect of our responsibility to
report when the directors’ statement relating to the Group’s
compliance with the Irish Corporate Governance Code does
not properly disclose a departure from a relevant provision of
the Code specified under the Euronext Listing Rules for review
by theauditors.
237
Financial Statements
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
TO THE MEMBERS OF KINGSPAN GROUP PLC
Opinions on other matters prescribed
by the Companies Act 2014
In our opinion, based solely on the work undertaken in the
course of the audit, we reportthat:
• the information given in the Directors’ Report, other than
those parts dealing with the non-financial statement
pursuant to the requirements of S.I. No. 360/2017 is
consistent with the financial statements; and
• the Directors’ Report, other than those parts relating to
sustainability reporting where required by Part 28 of the
Companies Act 2014, and those parts dealing with the non-
financial statement pursuant to the requirements of S.I. No.
360/2017 has been prepared in accordance with applicable
legalrequirements.
• We have obtained all the information and explanations
which, to the best of our knowledge and belief, are
necessary for the purposes of ouraudit.
• In our opinion the accounting records of the Company
were sufficient to permit the financial statements
to be readily and properly audited and the Company
statement of financial position is in agreement with the
accountingrecords.
Corporate Governance Statement
required by the Companies Act 2014
We report, in relation to information given in the Corporate
Governance Statement on pages 78 to 85that:
• in our opinion, based on the work undertaken during
the course of the audit, the information given in the
Corporate Governance Statement pursuant to subsections
2(c) and (d) of section 1373 of the Companies Act 2014
is consistent with the Company’s statutory financial
statements in respect of the financial year concerned
and such information has been prepared in accordance
with the Companies Act 2014. Based on our knowledge
and understanding of the Company and its environment
obtained in the course of the audit, we have not identified
any material misstatements in thisinformation;
• in our opinion, based on the work undertaken during the
course of the audit, the Corporate Governance Statement
contains the information required by Regulation 6(2) of the
European Union (Disclosure of Non-Financial and Diversity
Information by certain large undertakings and groups)
Regulations 2017; and
• in our opinion, based on the work undertaken during the
course of the audit, the information required pursuant to
section 1373(2)(a),(b),(e) and (f) of the Companies Act
2014 is contained in the Corporate GovernanceStatement.
Matters on which we are required to
report by exception
Based on the knowledge and understanding of the Group and
its environment obtained in the course of the audit, we have
not identified material misstatements in the Directors’ Report.
The Companies Act 2014 requires us to report to you if, in our
opinion, the disclosures required by sections 305 to 312 of the
Act, which relate to disclosures of directors’ remuneration and
transactions, are not complied with by the Company. We have
nothing to report in thisregard.
We have nothing to report in respect of section 13 of the
European Union (Disclosure of Non-Financial and Diversity
Information by certain large undertakings and groups)
Regulations 2017 ,which require us to report to you if, in our
opinion, the Company has not provided in the non-financial
statement the information required by Section 5(2) to (7) of
those Regulations, in respect of 31 December2024.
The Companies Act 2014 also requires us to report to you if, in
our opinion, the Company has not provided the information
required by Section 1110N in relation to its remuneration report
for the financial year 31 December 2024. We have nothing to
report in thisregard.
Respective responsibilities
Responsibilities of directors for the
financial statements
As explained more fully in the directors’ responsibilities
statement set out on page 129 to 131, the directors are
responsible for the preparation of the financial statements in
accordance with the applicable financial reporting framework
that give a true and fair view, and for such internal control
as they determine is necessary to enable the preparation
of financial statements that are free from material
misstatement, whether due to fraud orerror.
In preparing the financial statements, the directors are
responsible for assessing the Group and the parent Company’s
ability to continue as going concerns, disclosing, as applicable,
matters related to going concern and using the going concern
basis of accounting unless management either intends to
liquidate the Group or the parent Company or to cease
operations, or has no realistic alternative but to doso.
Auditor’s responsibilities for the audit of
the financial statements
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not
a guarantee that an audit conducted in accordance with
ISAs (Ireland) will always detect a material misstatement
when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these
financialstatements.
238
Kingspan Group plc Annual Report & Financial Statements 2025
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
TO THE MEMBERS OF KINGSPAN GROUP PLC
Explanation to what extent the audit was
considered capable of detecting irregularities,
including fraud
Irregularities, including fraud, are instances of non-compliance
with laws and regulations. We design procedures in line with
our responsibilities, outlined above, to detect irregularities,
including fraud, that could reasonably be expected to have
a material effect on the financial statements. The risk of not
detecting a material misstatement due to fraud is higher
than the risk of not detecting one resulting from error, as
fraud may involve deliberate concealment by, for example,
forgery or intentional misrepresentations, or through collusion.
In addition, the further removed any non-compliance is
from the events and transactions reflected in the financial
statements, the less likely it is that our procedures will identify
such non-compliance. The extent to which our procedures are
capable of detecting irregularities, including fraud is detailed
below. However, the primary responsibility for the prevention
and detection of fraud rests with both those charged with
governance of the company andmanagement.
Our approach was asfollows:
• We obtained an understanding of the legal and regulatory
frameworks that are applicable to the Group and
determined that the most significant are those that
relate to the form and content of external financial and
corporate governance reporting including company law, tax
legislation, employment law and regulatorycompliance;
• We understood how the Group companies are complying
with those frameworks by making enquiries of
management, internal audit, those responsible for legal
and compliance procedures and the Company Secretary.
We corroborated our enquiries through our review of
the Group’s Compliance Policies, board minutes, papers
provided to the Audit & Compliance Committee and
correspondence received with regulatorybodies;
• We assessed the susceptibility of the Group’s financial
statements to material misstatement, including how fraud
might occur by meeting with management, including
within various parts of the business, to understand where
they considered there was susceptibility to fraud. We also
considered performance targets and the potential for
management to influence earnings or the perceptions of
analysts. Where this risk was considered to be higher, we
performed audit procedures to address each identified
fraud risk. These procedures included testing manual
journals and were designed to provide reasonable assurance
that the financial statements were free from fraud or
error; and
• Based on this understanding we designed our audit
procedures to identify non-compliance with such laws
and regulations. Our procedures included a review of
board minutes to identify any non-compliance with laws
and regulations, a review of the reporting to the Audit &
Compliance Committee on compliance with regulations,
and enquiries of internal and external legal counsel and
management. We have involved our own internal legal
specialists in the execution of certainprocedures.
A further description of our responsibilities for the audit of
the financial statements is located on the IAASA’s website
at: https://iaasa.ie/wp-content/uploads/docs/media/
IAASA/Documents/audit-standards/Description_of_auditors_
responsibilities_for_audit.pdf. This description forms part of
our auditor’sreport.
Other matters which we are required to
address
We were appointed by the Board of Directors following the
AGM held on 1 May 2020 to audit the financial statements for
the year ended 31 December 2020 and subsequent financial
periods. The period of total uninterrupted engagement
including previous renewals and reappointments of the firm is
six years. The non-audit services prohibited by IAASA’s Ethical
Standard were not provided to the Group and we remain
independent of the Group in conducting our audit. Our audit
opinion is consistent with the additional report to the Audit &
ComplianceCommittee
The purpose of our audit work and to
whom we owe our responsibilities
Our report is made solely to the Company’s members, as a
body, in accordance with section 391 of the Companies Act
2014. Our audit work has been undertaken so that we might
state to the Company’s members those matters we are
required to state to them in an auditor’s report and for no
other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the
Company and the Company’s members, as a body, for our
audit work, for this report, or for the opinions we haveformed.
Dermot Daly
for and on behalf of
Ernst & Young Chartered Accountants and Statutory
AuditFirm
Office: Dublin
Date: 25 February 2026
239
Financial Statements
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
Note | 2025 | 2024 | |
| €m | €m | ||
REVENUE | 2 | ||
Cost of sales | ( | ( | |
GROSS PROFIT | |||
Operating costs, excluding intangible asset amortisation | ( | ( | |
TRADING PROFIT | 2 | ||
Intangible asset amortisation | 10 | ( | ( |
OPERATING PROFIT | |||
Finance expense | 4 | ( | ( |
Finance income | 4 | ||
Share of associates’ profit after tax | 13 | ||
PROFIT FOR THE YEAR BEFORE INCOME TAX | 5 | ||
Income tax expense | 7 | ( | ( |
PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS | |||
Attributable to owners of Kingspan Group plc | |||
Attributable to non-controlling interests | 30 | ||
| EARNINGS PER SHARE FOR THE YEAR | |||
Basic | 8 | ||
Diluted | 8 |
Gene Murtagh Geoff Doherty 24 February2026
Chief Executive Officer Chief FinancialOfficer
240
Kingspan Group plc Annual Report & Financial Statements 2025
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
Note | 2025 | 2024 | |
| €m | €m | ||
Profit for the year | |||
| Other comprehensive (loss)/income: | |||
| Items that may be reclassified subsequently to profit or loss | |||
Exchange differences on translating foreign operations | ( | ||
Effective portion of changes in fair value of cash flow hedges | |||
Income taxes relating to changes in fair value of cash flow hedges | 23 | ( | |
| Items that will not be reclassified subsequently to profit or loss | |||
Actuarial gains on defined benefit pension schemes | 33 | ||
Income taxes relating to actuarial gains on defined benefit pension schemes | 23 | ( | ( |
Equity investments at FVOCI – net change in fair value | 12 | ( | |
Total other comprehensive (loss)/income | ( | ||
Total comprehensive income for the year | |||
Attributable to owners of Kingspan Group plc | |||
Attributable to non-controlling interests | 30 | ||
241
Financial Statements
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
Note | 2025 | 2024 | |
| €m | €m | ||
| ASSETS | |||
| NON-CURRENT ASSETS | |||
Goodwill | 9 | ||
Other intangible assets | 10 | ||
Investment in associates | 13 | ||
Financial assets | 12 | ||
Property, plant and equipment | 11 | ||
Right of use assets | 17 | ||
Derivative financial instruments | 20 | ||
Retirement benefit assets | 33 | ||
Deferred tax assets | 23 | ||
| CURRENT ASSETS | |||
Inventories | 14 | ||
Trade and other receivables | 15 | ||
Derivative financial instruments | 20 | ||
Cash and cash equivalents | 18 | ||
TOTAL ASSETS | |||
| LIABILITIES | |||
| CURRENT LIABILITIES | |||
Trade and other payables | 16 | ||
Provisions for liabilities | 21 | ||
Deferred income – government grant | 22 | ||
Lease liabilities | 17 | ||
Deferred contingent consideration | 19 | ||
Interest bearing loans and borrowings | 18 | ||
Current income tax liabilities | |||
| NON-CURRENT LIABILITIES | |||
Retirement benefit obligations | 33 | ||
Provisions for liabilities | 21 | ||
Deferred income – government grant | 22 | ||
Interest bearing loans and borrowings | 18 | ||
Lease liabilities | 17 | ||
Deferred tax liabilities | 23 | ||
Deferred contingent consideration | 19 | ||
TOTAL LIABILITIES | |||
NET ASSETS | |||
| EQUITY | |||
Share capital | 25 | ||
Share premium | 26 | ||
Other undenominated capital | |||
Treasury shares | 27 | ( | ( |
Other reserves | ( | ( | |
Retained earnings | |||
EQUITY ATTRIBUTABLE TO OWNERS OF KINGSPAN GROUP PLC | |||
NON-CONTROLLING INTERESTS | 30 | ||
TOTAL EQUITY |
Gene Murtagh Geoff Doherty 24 February2026
Chief Executive Officer Chief FinancialOfficer
242
Kingspan Group plc Annual Report & Financial Statements 2025
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
€m | €m | €m | €m | €m | €m | €m | €m | €m | €m | €m | €m | €m | €m | |
Balance at 1 January 2025 | ( | ( | ( | |||||||||||
| Transactions with owners recognised directly in equity | ||||||||||||||
Employee share-based compensation | ||||||||||||||
Tax on employee share- based compensation | ( | |||||||||||||
Exercise or lapsing of share options | ( | |||||||||||||
Repurchase and cancellation of shares | ( | ( | ( | ( | ||||||||||
Dividends | ( | ( | ( | |||||||||||
| Transactions with non-controlling interests: | ||||||||||||||
Arising on acquisition | ( | ( | ( | ( | ||||||||||
Settlement of put option | ( | ( | ||||||||||||
Purchase of non-controlling interests | ( | ( | ( | ( | ||||||||||
Movement in non-controlling interests | ||||||||||||||
Dividends paid to non-controlling interests | ( | ( | ||||||||||||
Fair value movement | ( | ( | ( | |||||||||||
Transactions with owners | ( | ( | ( | ( | ( | ( | ( | |||||||
| Total comprehensive income for the year | ||||||||||||||
Profit for the year | ||||||||||||||
| Other comprehensive income | ||||||||||||||
| Items that may be reclassified subsequently to profit or loss | ||||||||||||||
| Cash flow hedging in equity | ||||||||||||||
- current year | ||||||||||||||
- tax impact | ( | ( | ( | ( | ||||||||||
Exchange differences on translating foreign operations | ( | ( | ( | ( | ||||||||||
| Items that will not be reclassified subsequently to profit or loss | ||||||||||||||
| Actuarial gains on defined | ||||||||||||||
benefit pension scheme | ||||||||||||||
| Income taxes relating to actuarial gains | ||||||||||||||
on defined benefit pension scheme | ( | ( | ( | |||||||||||
Total comprehensive income for the year | ( | |||||||||||||
Balance at 31 December 2025 | ( | ( | ( |
Total Equity
Non-Controlling
Interests
Total Attributable to
Owners of the Parent
Retained Earnings
Other Reserve
Put Option Liability
Reserve
Revaluation Reserve
Share-based
Payment Reserve
Cash Flow Hedging
Reserve
Translation Reserve
Treasury Shares
Other Undenominated
Capital
Share Premium
Share Capital
243
Financial Statements
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
€m | €m | €m | €m | €m | €m | €m | €m | €m | €m | €m | €m | €m | €m | |
Balance at 1 January 2024 | ( | ( | ( | |||||||||||
| Transactions with owners recognised directly in equity | ||||||||||||||
Employee share-based compensation | ||||||||||||||
Tax on employee share- based compensation | ( | |||||||||||||
Exercise or lapsing of share options | ( | ( | ||||||||||||
Repurchase of shares | ( | ( | ( | ( | ||||||||||
Dividends | ( | ( | ( | |||||||||||
Share consideration for acquisition | ||||||||||||||
| Transactions with non-controlling interests: | ||||||||||||||
Arising on acquisition | ( | ( | ||||||||||||
Purchase of non-controlling interests | ( | ( | ( | ( | ||||||||||
Increase in non-controlling interests | ||||||||||||||
Dividends paid to non-controlling interests | ( | ( | ||||||||||||
Fair value movement | ( | ( | ( | |||||||||||
Transactions with owners | ( | ( | ( | ( | ( | |||||||||
| Total comprehensive income for the year | ||||||||||||||
Profit for the year | ||||||||||||||
| Other comprehensive income | ||||||||||||||
| Items that may be reclassified subsequently to profit or loss | ||||||||||||||
| Cash flow hedging in equity | ||||||||||||||
- current year | ||||||||||||||
- tax impact | ||||||||||||||
Exchange differences on translating foreign operations | ( | |||||||||||||
| Items that will not be reclassified subsequently to profit or loss | ||||||||||||||
| Actuarial gains on defined | ||||||||||||||
benefit pension scheme | ||||||||||||||
| Income taxes relating to actuarial gains | ||||||||||||||
on defined benefit pension scheme | ( | ( | ( | |||||||||||
| Equity investments at FVOCI – | ||||||||||||||
net change in fair value | ( | ( | ( | |||||||||||
Total comprehensive income for the year | ||||||||||||||
Balance at 31 December 2024 | ( | ( | ( |
Total Equity
Non-Controlling
Interests
Total Attributable to
Owners of the Parent
Retained Earnings
Other Reserve
Put Option Liability
Reserve
Revaluation Reserve
Share-based
Payment Reserve
Cash Flow Hedging
Reserve
Translation Reserve
Treasury Shares
Other Undenominated
Capital
Share Premium
Share Capital
244
Kingspan Group plc Annual Report & Financial Statements 2025
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Note | 2025 | 2024 | |
| €m | €m | ||
| OPERATING ACTIVITIES | |||
Profit for the year | |||
| Add back non-cash and/or non-operating expenses: | |||
Income tax expense | 7 | ||
Depreciation | 5 | ||
Amortisation of intangible assets | 10 | ||
Impairment of property, plant and equipment | 11 | ||
Government grant amortisation | 22 | ( | |
Employee equity settled share options | 3 | ||
Exchange translation adjustment | ( | ||
Finance income | 4 | ( | ( |
Finance expense | 4 | ||
Profit on sale of property, plant and equipment | 5 | ( | ( |
| Changes in working capital: | |||
Inventories | ( | ( | |
Trade and other receivables | ( | ||
Trade and other payables | ( | ||
| Other: | |||
Change in provisions | ( | ( | |
Pension contributions | 33 | ( | ( |
Cash generated from operations | |||
Income tax paid | ( | ( | |
Interest paid | ( | ( | |
Net cash flow from operating activities | |||
| INVESTING ACTIVITIES | |||
Additions to property, plant and equipment | ( | ( | |
Additions to intangible assets | 10 | ( | ( |
Additions to investment in associates | 13 | ( | ( |
Proceeds from disposals of property, plant and equipment | |||
Purchase of subsidiary undertakings (including net debt/cash acquired) | 24 | ( | ( |
Purchase of financial asset | ( | ( | |
Dividends from investment in associates | 13 | ||
Payment of deferred contingent consideration | 19 | ( | ( |
Finance income received | |||
Receipt of government grants | 22 | ||
Net cash flow from investing activities | ( | ( | |
| FINANCING ACTIVITIES | |||
Drawdown of loans and borrowings | 31 | ||
Repayment of loans and borrowings | 31 | ( | ( |
Acquisition of minority interest | ( | ( | |
Payment of put option liabilities | 19 | ( | |
Derivative financial instruments movement | 31 | ( | |
Payment of lease liability | 17 | ( | ( |
Repurchase of shares | ( | ( | |
Dividends paid to non-controlling interests | 30 | ( | ( |
Proceeds from increase in non-controlling interests | |||
Dividends paid | 29 | ( | ( |
Net cash flow from financing activities | ( | ||
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | 31 | ( | |
Effect of movement in exchange rates on cash held | ( | ||
Cash and cash equivalents at the beginning of the year | |||
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR |
245
Financial Statements
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
Note
2025
€m
2024
€m
ASSETS
NON-CURRENT ASSETS
Investments in subsidiaries 12 2,341.0 2,328.0
CURRENT ASSETS
Amounts owed by group undertakings 15 14.0 18.3
Cash and cash equivalents 0.4 0.4
TOTAL ASSETS 2,355.4 2,346.7
LIABILITIES
CURRENT LIABILITIES
Amounts owed to group undertakings 16 227.9 0.1
Payables 16 0.5 0.5
TOTAL LIABILITIES 228.4 0.6
NET ASSETS 2,127.0 2,346.1
EQUITY
Equity attributable to owners of Kingspan Group plc
Share capital 25 23.7 24.0
Share premium 26 228.5 215.9
Other undenominated capital 1.0 0.7
Treasury shares 27 (184.1) (186.8)
Retained earnings 28 2,057.9 2,292.3
TOTAL EQUITY 2,127.0 2,346.1
In accordance with section 304 of the Companies Act 2014, the Company’s loss for the financial year was €0.1m (2024: profit
of €194.6m).
Gene Murtagh Geoff Doherty 24 February2026
Chief Executive Officer Chief FinancialOfficer
246
Kingspan Group plc Annual Report & Financial Statements 2025
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Share
Capital
Share
Premium
Other
Undenominated
Capital
Treasury
Shares
Retained
Earnings
Total Equity
€m €m €m €m €m €m
Balance at 1 January 2025 24.0 215.9 0.7 (186.8) 2,292.3 2,346.1
Shares issued - 12.6 - 2.7 (7.2) 8.1
Repurchase and cancellation of shares (0.3) - 0.3 - (148.6) (148.6)
Employee share-based compensation - - - - 21.0 21.0
Dividends - - - - (99.5) (99.5)
Transactions with owners (0.3) 12.6 0.3 2.7 (234.3) (219.0)
Loss for the year - - - - (0.1) (0.1)
Balance at 31 December 2025 23.7 228.5 1.0 (184.1) 2,057.9 2,127.0
Share
Capital
Share
Premium
Other
Undenominated
Capital
Treasury
Shares
Retained
Earnings
Total Equity
€m €m €m €m €m €m
Balance at 1 January 2024 23.9 129.3 0.7 (55.8) 2,186.3 2,284.4
Shares issued 0.1 86.6 - 3.6 (11.9) 78.4
Repurchase of shares - - - (134.6) - (134.6)
Employee share-based compensation - - - - 19.9 19.9
Dividends - - - - (96.6) (96.6)
Transactions with owners 0.1 86.6 - (131.0) (88.6) (132.9)
Profit for the year - - - - 194.6 194.6
Balance at 31 December 2024 24.0 215.9 0.7 (186.8) 2,292.3 2,346.1
247
Financial Statements
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
2025
€m
2024
€m
OPERATING ACTIVITIES
(Loss)/profit for the year after tax (0.1) 194.6
Net cash flow from operating activities (0.1) 194.6
FINANCING ACTIVITIES
Change in receivables 4.3 147.6
Change in payables 227.8 0.3
Repurchase of shares (148.6) (134.6)
Proceeds from shares issued - 62.8
Proceeds from equity settled share scheme 16.1 27.3
Dividends paid (99.5) (96.6)
Net cash flow from financing activities 0.1 6.8
INVESTING ACTIVITIES
Investment in subsidiaries - (201.4)
Net cash flow from investing activities - (201.4)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 0.4 0.4
Net increase in cash and cash equivalents - -
CASH AND CASH EQUIVALENTS AT END OF YEAR 0.4 0.4
248
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1 Statement of Accounting Policies
Standards, amendments to standards and interpretations | Effective date – periods |
| beginning on or after | |
| Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: | 1 January 2025 |
| Lack of Exchangeability |
249
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1 Statement of Accounting Policies (continued)
Standards, amendments to standards and interpretations | Effective date – periods |
| beginning on or after | |
| Amendments to the Classification and Measurement of Financial Instruments | 1 January 2026 |
| (Amendments to IFRS 9 and IFRS 7) | |
Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 | 1 January 2026 |
Annual Improvements Volume 11 | 1 January 2026 |
IFRS 18 Presentation and Disclosure in Financial Statements | 1 January 2027 |
IFRS 19 Subsidiaries without Public Accountability: Disclosures | 1 January 2027* |
| Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: | 1 January 2027* |
| Translation to a Hyperinflationary Presentation Currency | |
Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures | 1 January 2027* |
250
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1 Statement of Accounting Policies (continued)
251
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1 Statement of Accounting Policies (continued)
Customer relationships | 2 - 10 years |
Brands | 2 - 12 years |
Patents | 8 years |
Technological know-how and order backlogs | 1 - 10 years |
252
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1 Statement of Accounting Policies (continued)
Average rate | Closing rate | |||
Euro = | 2025 | 2024 | 2025 | 2024 |
Pound Sterling | 0.857 | 0.847 | 0.874 | 0.830 |
US Dollar | 1.130 | 1.082 | 1.174 | 1.041 |
Canadian Dollar | 1.578 | 1.482 | 1.608 | 1.496 |
Australian Dollar | 1.752 | 1.640 | 1.756 | 1.675 |
Polish Zloty | 4.240 | 4.305 | 4.224 | 4.274 |
Brazilian Real | 6.307 | 5.835 | 6.434 | 6.424 |
Danish Krone | 7.464 | 7.459 | 7.469 | 7.458 |
253
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1 Statement of Accounting Policies (continued)
254
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1 Statement of Accounting Policies (continued)
Freehold buildings | 2% to 2.5% on cost |
Plant and machinery | 4% to 20% on cost |
Fixtures and fittings | 10% to 20% on cost |
Computer equipment | 12.5% to 33% on cost |
Motor vehicles | 10% to 25% on cost |
255
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1 Statement of Accounting Policies (continued)
256
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1 Statement of Accounting Policies (continued)
257
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1 Statement of Accounting Policies (continued)
258
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1 Statement of Accounting Policies (continued)
2 Segment Reporting
In identifying the Group’s operating segments, management
based its decision on the product supplied by each segment
and the fact that each segment is managed and reported
separately to the CODM. The Chief Executive Officer and Chief
Financial Officer perform the function of the CODM. These
operating segments are monitored, and strategic decisions are
made on the basis of segment operating results.
During the year, the Group revised its operating segment
structure to reflect material developments in its ‘Completing
the Envelope’ strategy and to enhance alignment with how the
business is managed, reviewed, and resourced by the CODM.
The updated structure introduces two distinct operating
segments, Insulated Building Envelopes and Advnsys, each
encompassing integrated product platforms with clearly
defined commercial, operational, and strategic profiles. This
change follows a period of significant transformation across
the Group, including major acquisitions, strategic investment
in adjacent technologies, and increased cross-divisional
integration. The revised segmental presentation provides a
more accurate and meaningful view of performance and
resource allocation in line with the Group’s long-term growth
strategy, innovation priorities, and commitment to delivering
fully integrated, high-performance building solutions. The
revised reporting structure reflects the internal reporting
reviewed by the CODM and used for decision making purposes.
Comparative figures for prior periods have been restated on a
consistent basis to ensure like-for-like comparability.
Operating Segments
The Group has the following two reportable segments:
Insulated Building Envelopes | Manufacture of advanced energy saving solutions for roofs, walls and floors, |
| delivering high-performance building solutions for energy efficiency in both new build | |
| and renovation applications across all building types. | |
Advnsys | Manufacture of bespoke critical infrastructure solutions, primarily focused on |
| energy efficient lighting, airflow, cooling and ventilation for both new build and | |
| renovation projects in data centres and commercial buildings. |
259
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
| Insulated | Advnsys | Total | |
| Building | |||
| Envelopes | |||
€m | €m | €m | |
Total Revenue - 2025 | 7,544.1 | 1,654.9 | 9,199.0 |
Total Revenue - 2024 | 7,130.7 | 1,477.3 | 8,608.0 |
| Disaggregation of revenue 2025 | |||
Point in Time | 7,426.6 | 1,253.2 | 8,679.8 |
Over Time | 117.5 | 401.7 | 519.2 |
7,544.1 | 1,654.9 | 9,199.0 | |
| Disaggregation of revenue 2024 | |||
Point in Time | 7,075.1 | 1,087.9 | 8,163.0 |
Over Time | 55.6 | 389.4 | 445.0 |
7,130.7 | 1,477.3 | 8,608.0 |
| Insulated | Advnsys | Total | Total | |
| Building | 2025 | 2024 | ||
| Envelopes | ||||
€m | €m | €m | €m | |
Trading profit – 2025 | 770.6 | 184.5 | 955.1 | |
Intangible amortisation | (47.6) | (4.0) | (51.6) | |
Operating profit – 2025 | 723.0 | 180.5 | 903.5 | |
Trading profit - 2024 | 749.1 | 157.6 | 906.7 | |
Intangible amortisation | (41.2) | (3.4) | (44.6) | |
Operating profit - 2024 | 707.9 | 154.2 | 862.1 | |
Net finance expense | (54.1) | (32.0) | ||
Share of associates’ profit after tax | 2.1 | 1.7 | ||
Profit for the year before income tax | 851.5 | 831.8 | ||
Income tax expense | (135.8) | (141.0) | ||
Net profit for the year | 715.7 | 690.8 |
260
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2 Segment Reporting (continued)
| Insulated | Advnsys | Total | Total | |
| Building | 2025 | 2024 | ||
| Envelopes | ||||
€m | €m | €m | €m | |
Assets - 2025 | 7,609.7 | 1,540.3 | 9,150.0 | |
Assets - 2024 | 7,431.0 | 1,293.9 | 8,724.9 | |
Derivative financial instruments | 6.7 | 4.7 | ||
Cash and cash equivalents | 584.7 | 1,005.4 | ||
Deferred tax asset | 79.3 | 84.5 | ||
Total assets as reported in the Consolidated Statement of Financial Position | 9,820.7 | 9,819.5 |
| Insulated | Advnsys | Total | Total | |
| Building | 2025 | 2024 | ||
| Envelopes | ||||
€m | €m | €m | €m | |
Liabilities - 2025 | (1,918.2) | (548.8) | (2,467.0) | |
Liabilities - 2024 | (2,008.3) | (494.2) | (2,502.5) | |
Interest bearing loans and borrowings (current and non-current) | (2,468.9) | (2,583.0) | ||
Income tax liabilities (current and deferred) | (152.5) | (143.2) | ||
Total liabilities as reported in the Consolidated Statement of Financial Position | (5,088.4) | (5,228.7) |
| Insulated | Advnsys | Total | |
| Building | |||
| Envelopes | |||
€m | €m | €m | |
Capital Investment – 2025 * | 368.8 | 103.9 | 472.7 |
Capital Investment – 2024 * | 894.0 | 71.6 | 965.6 |
Depreciation included in segment result - 2025 | (217.6) | (45.5) | (263.1) |
Depreciation included in segment result - 2024 | (192.2) | (39.7) | (231.9) |
Non-cash items included in segment result - 2025 | (16.0) | (5.0) | (21.0) |
Non-cash items included in segment result - 2024 | (15.1) | (4.8) | (19.9) |
* Capital investment also includes fair value of property, plant and equipment and intangible assets acquired in
business combinations.
261
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2 Segment Reporting (continued)
| Western & | Central & | Americas | Rest of | Total | |
| Southern | Northern | World | |||
| Europe | Europe | ||||
€m | €m | €m | €m | €m | |
| Income Statement Items | |||||
Revenue - 2025 | 3,812.9 | 2,640.9 | 2,050.3 | 694.9 | 9,199.0 |
Revenue - 2024 | 3,681.8 | 2,352.0 | 1,919.0 | 655.2 | 8,608.0 |
| Statement of Financial Position Items | |||||
Non-current assets - 2025 * | 2,502.5 | 2,548.0 | 1,024.7 | 362.0 | 6,437.2 |
Non-current assets - 2024 * | 2,449.7 | 2,396.5 | 964.9 | 326.5 | 6,137.6 |
| Other segmental information | |||||
Capital Investment - 2025 | 146.9 | 150.4 | 147.8 | 27.6 | 472.7 |
Capital Investment - 2024 | 186.1 | 599.9 | 140.5 | 39.1 | 965.6 |
262
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
3 Employees
a) Employee numbers
The average number of persons employed by the Group in the financial year was:
| 2025 | 2024 | |
| Number | Number | |
Production | 16,502 | 15,599 |
Sales and distribution | 6,030 | 5,250 |
Management and administration | 5,423 | 4,552 |
27,955 | 25,401 |
| 2025 | 2024 | |
| €m | €m | |
Wages and salaries | 1,472.6 | 1,290.9 |
Social welfare costs | 199.5 | 173.8 |
Pension costs - defined contribution (Note 33) | 51.5 | 43.6 |
Share-based payments and awards | 21.0 | 19.9 |
1,744.6 | 1,528.2 | |
Actuarial gains recognised in other comprehensive income (Note 33) | (0.2) | (3.4) |
1,744.4 | 1,524.8 |
| Number of PSP Options | ||
2025 | 2024 | |
Outstanding at 1 January | 1,651,420 | 1,635,093 |
Granted | 638,091 | 491,852 |
Forfeited | (282,276) | (110,285) |
Lapsed | - | - |
Exercised | (321,285) | (365,240) |
Outstanding at 31 December | 1,685,950 | 1,651,420 |
Of which, exercisable | 199,817 | 419,847 |
263
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
3 Employees (continued)
2025 | Awards | 2024 | Awards | |
| 24 February | 19 February | |||
| 2025 | 2024 | |||
Share price at grant date | €75.30 | €83.04 | ||
Exercise price per share | €0.13 | €0.13 | ||
Expected volatility | 32.25% | 39.9% | ||
Expected dividend yield | 0.8% | 1.25% | ||
Risk-free rate | 1.7% | 2.4% | ||
Expected life | 3 years | 3 years |
| 2025 | 2024 | |
| €m | €m | |
| Finance expense | ||
Lease interest | 8.4 | 7.2 |
Bank loan interest | 31.2 | 21.6 |
Private placement loan note and bond interest | 36.9 | 37.3 |
Other interest | 1.1 | 1.3 |
| Finance income | 77.6 | 67.4 |
Interest earned | (8.1) | (15.6) |
Deferred contingent consideration – fair value movement | (15.4) | (16.1) |
Equity investments at FVOCI – dividend income | - | (3.7) |
(23.5) | (35.4) | |
Net finance expense | 54.1 | 32.0 |
264
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024 | |
| €m | €m | |
| The profit before income tax for the year is stated after charging/(crediting): | ||
Distribution expenses | 417.3 | 386.6 |
Product development costs (total, including payroll) | 79.6 | 75.5 |
Depreciation | 263.1 | 231.9 |
Amortisation of intangible assets | 51.6 | 44.6 |
Impairment of property, plant and equipment | 0.4 | 3.9 |
Foreign exchange net gains | (4.4) | (11.5) |
Profit on sale of property, plant and equipment | (1.5) | (7.9) |
| EY Ireland | Other EY | Total | EY Ireland | Other EY | Total | |
| 2025 | Offices | 2025 | 2024 | Offices | 2024 | |
| 2025 | 2024 | |||||
€m | €m | €m | €m | €m | €m | |
Audit of Group and subsidiaries | 2.5 | 4.0 | 6.5 | 2.3 | 3.5 | 5.8 |
Other assurance services | 2.6 | 0.3 | 2.9 | 0.7 | 0.1 | 0.8 |
Tax compliance and advisory services | - | - | - | 0.1 | - | 0.1 |
5.1 | 4.3 | 9.4 | 3.1 | 3.6 | 6.7 |
| 2025 | 2024 | |
| €m | €m | |
Fees | 1.0 | 0.8 |
Other emoluments | 6.6 | 5.8 |
Pension costs | 0.3 | 0.4 |
7.9 | 7.0 | |
Performance Share Plan accounting charge | 5.0 | 3.7 |
12.9 | 10.7 |
265
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024 | |
| €m | €m | |
| Tax recognised in the Consolidated Income Statement | ||
| Current taxation: | ||
Current tax expense | 141.1 | 147.9 |
Adjustment in respect of prior years | (1.8) | (9.8) |
| Deferred taxation: | 139.3 | 138.1 |
Origination and reversal of temporary differences | (3.4) | 2.5 |
Effect of rate change | (0.1) | 0.4 |
(3.5) | 2.9 | |
Income tax expense | 135.8 | 141.0 |
| 2025 | 2024 | |
| €m | €m | |
Profit for the year | 851.5 | 831.8 |
Applicable notional tax charge (12.5%) | 106.4 | 104.0 |
Expenses not deductible for tax purposes | 18.7 | 17.8 |
Net effect of differing tax rates | 18.1 | 28.8 |
Utilisation of unprovided deferred tax assets | (2.0) | (1.9) |
Other items | (5.4) | (7.7) |
Total income tax expense | 135.8 | 141.0 |
266
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
8 Earnings Per Share
| 2025 | 2024 | |
| €m | €m | |
| The calculations of earnings per share are based on the following: | ||
Profit attributable to ordinary shareholders | 671.2 | 665.5 |
| Number of | Number of | |
| shares (‘000) | shares (‘000) | |
| 2025 | 2024 | |
Weighted average number of ordinary shares for the calculation of basic earnings per share | 181,392 | 182,224 |
Dilutive effect of share options | 1,287 | 1,446 |
Weighted average number of ordinary shares for the calculation of diluted earnings per share | 182,679 | 183,670 |
| 2025 | 2024 | |
| € cent | € cent | |
Basic earnings per share | 370.0 | 365.2 |
Diluted earnings per share | 367.4 | 362.3 |
Dilution is attributable to the weighted average number of share options outstanding at the end of the reporting period.
The number of options which are anti-dilutive and have therefore not been included in the above calculations is nil (2024: nil).
| 2025 | 2024 | |
| €m | €m | |
At 1 January | 3,365.7 | 2,660.6 |
Arising on acquisitions (Note 24) | 214.2 | 682.5 |
Effect of movement in exchange rates | (58.2) | 22.6 |
Carrying amount 31 December | 3,521.7 | 3,365.7 |
| At 31 December | ||
Cost | 3,589.4 | 3,433.4 |
Accumulated impairment losses | (67.7) | (67.7) |
Carrying amount | 3,521.7 | 3,365.7 |
267
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
9 Goodwill (continued)
Cash generating units | Goodwill (€m) | |||
2025 | 2024 | 2025 | 2024 | |
Insulated Building Envelopes | 8 | 8 | 2,868.3 | 2,818.4 |
Advnsys | 4 | 4 | 653.4 | 547.3 |
Total | 12 | 12 | 3,521.7 | 3,365.7 |
| Panels | Insulation | Roofing + | ||||
| Joris Ide | Waterproofing | |||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Goodwill (€m) | 402.5 | 397.1 | 896.9 | 904.5 | 854.3 | 807.5 |
Discount rate (%) | 9.8 | 10.1 | 10.0 | 10.1 | 9.6 | 9.9 |
Excess of value-in-use over carrying amount (€m) | 1,022.1 | 973.6 | 890.0 | 1,143.6 | 810.8 | 368.9 |
268
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
9 Goodwill (continued)
2025 | Customer | Patents & | Other | Total |
| Relationships | Brands | Intangibles | ||
| €m | €m | €m | €m | |
| Cost | ||||
At 1 January | 183.8 | 260.8 | 91.6 | 536.2 |
Arising on acquisitions (Note 24) | 36.4 | 22.9 | 5.7 | 65.0 |
Additions | - | - | 0.1 | 0.1 |
Effect of movement in exchange rates | (0.5) | (4.6) | (0.7) | (5.8) |
At 31 December | 219.7 | 279.1 | 96.7 | 595.5 |
| Accumulated amortisation | ||||
At 1 January | 87.7 | 144.1 | 65.2 | 297.0 |
Charge for the year | 25.3 | 19.8 | 6.5 | 51.6 |
Effect of movement in exchange rates | (1.0) | (4.7) | (0.3) | (6.0) |
At 31 December | 112.0 | 159.2 | 71.4 | 342.6 |
Net Book Value as at 31 December 2025 | 107.7 | 119.9 | 25.3 | 252.9 |
2024 | Customer | Patents & | Other | Total |
| Relationships | Brands | Intangibles | ||
| €m | €m | €m | €m | |
| Cost | ||||
At 1 January | 140.5 | 211.0 | 86.6 | 438.1 |
Arising on acquisitions (Note 24) | 43.0 | 47.8 | 3.5 | 94.3 |
Additions | - | 0.1 | 0.3 | 0.4 |
Effect of movement in exchange rates | 0.3 | 1.9 | 1.2 | 3.4 |
At 31 December | 183.8 | 260.8 | 91.6 | 536.2 |
| Accumulated amortisation | ||||
At 1 January | 67.9 | 124.3 | 57.5 | 249.7 |
Charge for the year | 19.4 | 18.3 | 6.9 | 44.6 |
Effect of movement in exchange rates | 0.4 | 1.5 | 0.8 | 2.7 |
At 31 December | 87.7 | 144.1 | 65.2 | 297.0 |
Net Book Value as at 31 December 2024 | 96.1 | 116.7 | 26.4 | 239.2 |
269
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11 Property, Plant And Equipment
| Land and | Plant, | Motor vehicles | Total | |
| buildings | machinery | |||
| and other | ||||
| equipment | ||||
€m | €m | €m | €m | |
| As at 31 December 2025 | ||||
Cost | 1,372.4 | 3,088.1 | 95.7 | 4,556.2 |
Accumulated depreciation and impairment charges | (415.2) | (1,677.2) | (59.5) | (2,151.9) |
Net carrying amount | 957.2 | 1,410.9 | 36.2 | 2,404.3 |
At 1 January 2025, net carrying amount | 874.6 | 1,342.3 | 37.3 | 2,254.2 |
Arising on acquisitions (Note 24) | 36.4 | 3.8 | 2.3 | 42.5 |
Additions | 90.7 | 266.0 | 8.4 | 365.1 |
Disposals | (8.7) | (12.1) | (0.5) | (21.3) |
Reclassification | 16.2 | (15.8) | (0.4) | - |
Depreciation charge for year | (33.3) | (145.5) | (10.4) | (189.2) |
Impairment charge for year | - | (0.4) | - | (0.4) |
Effect of movement in exchange rates | (18.7) | (27.4) | (0.5) | (46.6) |
At 31 December 2025, net carrying amount | 957.2 | 1,410.9 | 36.2 | 2,404.3 |
| Land and | Plant, | Motor vehicles | Total | |
| buildings | machinery | |||
| and other | ||||
| equipment | ||||
€m | €m | €m | €m | |
| As at 31 December 2024 | ||||
Cost | 1,280.4 | 2,934.8 | 90.6 | 4,305.8 |
Accumulated depreciation and impairment charges | (405.8) | (1,592.5) | (53.3) | (2,051.6) |
Net carrying amount | 874.6 | 1,342.3 | 37.3 | 2,254.2 |
At 1 January 2024, net carrying amount | 690.2 | 848.4 | 28.6 | 1,567.2 |
Arising on acquisitions (Note 24) | 103.7 | 395.6 | 5.5 | 504.8 |
Additions | 104.7 | 244.9 | 16.5 | 366.1 |
Disposals | (12.3) | (12.1) | (0.6) | (25.0) |
Reclassification | 6.3 | (5.1) | (1.2) | - |
Depreciation charge for year | (25.3) | (130.7) | (11.1) | (167.1) |
Impairment charge for year | (0.2) | (3.7) | - | (3.9) |
Effect of movement in exchange rates | 7.5 | 5.0 | (0.4) | 12.1 |
At 31 December 2024, net carrying amount | 874.6 | 1,342.3 | 37.3 | 2,254.2 |
Included in land and buildings and plant, machinery and other equipment were amounts of €32.5m and €186.0m respectively
(2024: €66.2m and €176.5m) relating to expenditure for assets in the course of construction. These assets have not yet
been depreciated.
The Group has no material investment properties and hence no property assets are held at fair value.
No property, plant or equipment have been pledged as security for liabilities entered into by the Group.
270
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024 | |
| €m | €m | |
| Equity investments designated as FVOCI | ||
At 1 January | 23.9 | 128.4 |
Additions | 0.8 | 23.4 |
Arising on acquisitions (Note 24) | - | 0.2 |
Step up to subsidiary | - | (125.2) |
Fair value remeasurement | - | (2.7) |
Effect of movement in exchange rates | 0.4 | (0.2) |
At 31 December | 25.1 | 23.9 |
| 2025 | 2024 | |
| €m | €m | |
| Company | ||
At 1 January | 2,328.0 | 2,118.4 |
Additions | - | 201.4 |
Share options and awards | 13.0 | 8.2 |
At 31 December | 2,341.0 | 2,328.0 |
| 2025 | 2024 | |
| €m | €m | |
| Interest in associates accounted for using the equity method | ||
At 1 January | 14.5 | - |
Arising on acquisitions (Note 24) | (0.6) | 11.9 |
Additions | 2.0 | 1.0 |
Share of profit after tax | 2.1 | 1.7 |
Dividends | (4.3) | (0.3) |
Reclassification | 1.4 | - |
Fair value remeasurement | 6.0 | - |
Step up to subsidiary | (7.4) | - |
Effect of movement in exchange rates | (0.2) | 0.2 |
At 31 December | 13.5 | 14.5 |
271
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024 | |
| €m | €m | |
Raw materials and consumables | 899.4 | 869.5 |
Work in progress | 61.8 | 55.4 |
Finished goods | 422.9 | 452.1 |
Inventory impairment allowance | (168.3) | (179.9) |
At 31 December | 1,215.8 | 1,197.1 |
| 2025 | 2024 | |
| €m | €m | |
| Amounts falling due within one year: | ||
Trade receivables, gross | 1,338.8 | 1,264.6 |
Expected credit loss allowance | (101.6) | (116.4) |
Trade receivables, net | 1,237.2 | 1,148.2 |
Other receivables | 164.0 | 159.0 |
Prepayments | 88.0 | 77.0 |
Value added tax | 7.8 | 6.0 |
1,497.0 | 1,390.2 |
| 2025 | 2024 | |
| €m | €m | |
| Amounts falling due within one year: | ||
Amounts owed by group undertakings | 14.0 | 18.3 |
14.0 | 18.3 |
272
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024 | |
| €m | €m | |
| Current | ||
Trade payables | 754.8 | 726.3 |
Accruals | 618.2 | 630.5 |
Deferred revenue and customer prepayments | 155.6 | 142.1 |
Income tax & social welfare | 65.2 | 61.3 |
1,593.8 | 1,560.2 |
The directors consider that the carrying amount of trade and other payables approximates to their fair value.
Company
| 2025 | 2024 | |
| €m | €m | |
| Current | ||
Amounts owed to group undertakings | 227.9 | 0.1 |
Payables | 0.5 | 0.5 |
228.4 | 0.6 |
The amounts due to group undertakings are unsecured, interest free and are repayable on demand.
17 Leases
Right of use asset
| Land and | Plant, | Motor | Total | |
| buildings | machinery | vehicles | 2025 | |
| and other | ||||
| equipment | ||||
€m | €m | €m | €m | |
At 1 January 2025 | 167.1 | 24.0 | 44.7 | 235.8 |
Additions | 18.5 | 2.7 | 29.9 | 51.1 |
Arising on acquisitions (Note 24) | 5.5 | 2.2 | 3.8 | 11.5 |
Remeasurement | 7.8 | (1.0) | - | 6.8 |
Terminations | (4.4) | (0.3) | (1.1) | (5.8) |
Depreciation charge for the year | (35.4) | (8.2) | (30.3) | (73.9) |
Reclassification | 1.1 | (1.2) | 0.1 | - |
Effect of movement in exchange rates | (6.1) | (0.6) | (0.8) | (7.5) |
At 31 December 2025 | 154.1 | 17.6 | 46.3 | 218.0 |
273
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
17 Leases (continued)
| Land and | Plant, | Motor | Total | |
| buildings | machinery | vehicles | 2024 | |
| and other | ||||
| equipment | ||||
€m | €m | €m | €m | |
At 1 January 2024 | 158.6 | 22.9 | 37.7 | 219.2 |
Additions | 17.1 | 5.8 | 26.5 | 49.4 |
Arising on acquisitions (Note 24) | 20.2 | 3.1 | 2.2 | 25.5 |
Remeasurement | 12.5 | 0.3 | 0.6 | 13.4 |
Terminations | (7.6) | (0.1) | (1.4) | (9.1) |
Depreciation charge for the year | (35.6) | (7.7) | (21.5) | (64.8) |
Reclassification | (0.3) | - | 0.3 | - |
Effect of movement in exchange rates | 2.2 | (0.3) | 0.3 | 2.2 |
At 31 December 2024 | 167.1 | 24.0 | 44.7 | 235.8 |
Lease liability
| 2025 | 2024 | |
| €m | €m | |
At 1 January | 238.6 | 219.8 |
Additions | 48.5 | 48.1 |
Arising on acquisitions (Note 24) | 10.5 | 26.2 |
Remeasurement | 6.9 | 13.2 |
Terminations | (6.3) | (9.9) |
Payments | (77.9) | (68.7) |
Interest | 8.4 | 7.2 |
Effect of movement in exchange rates | (8.0) | 2.7 |
At 31 December | 220.7 | 238.6 |
| Split as follows: | ||
Current liability | 59.2 | 63.9 |
Non-current liability | 161.5 | 174.7 |
At 31 December | 220.7 | 238.6 |
Expenses of €21.3m (2024: €17.4m) relating to short-term leases, leases of low-value assets and variable lease payments were
recognised in the Consolidated Income Statement.
| 2025 | 2024 | |
| €m | €m | |
| Current financial liabilities | ||
Private placement loan notes | 161.0 | 42.5 |
Bank loans (unsecured) | 218.1 | 154.9 |
Lease obligations per banking covenants | 2.3 | 0.3 |
381.4 | 197.7 |
274
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
18 Interest Bearing Loans And Borrowings (continued)
| 2025 | 2024 | |
| €m | €m | |
| Non-current financial liabilities | ||
Private placement loan notes | 1,314.9 | 1,367.6 |
Public bonds | 750.0 | 750.0 |
Bank loans (unsecured) | 15.6 | 256.6 |
Lease obligations per banking covenants | 7.0 | 11.1 |
2,087.5 | 2,385.3 |
| 2025 | 2024 | |
| €m | €m | |
Cash and cash equivalents | 584.7 | 1,005.4 |
Derivatives financial instruments | 0.6 | 4.6 |
Current borrowings | (381.4) | (197.7) |
Non-current borrowings | (2,087.5) | (2,385.3) |
Total Net debt | (1,883.6) | (1,573.0) |
275
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024 | |
| €m | €m | |
At 1 January | 497.6 | 229.1 |
Deferred contingent consideration arising on acquisitions (Note 24) | 33.4 | 127.5 |
Movement in deferred contingent consideration arising from fair value remeasurement | (15.4) | (16.1) |
Put option liabilities arising on acquisitions | 42.0 | 148.8 |
Movement in put option liabilities arising from fair value remeasurement | 58.1 | 35.0 |
Deferred contingent consideration paid | (94.2) | (1.1) |
Put option liabilities paid | (73.6) | - |
Effect of movement in exchange rates | (7.5) | (25.6) |
At 31 December | 440.4 | 497.6 |
| Split as follows: | ||
Current liabilities | 279.5 | 345.5 |
Non-current liabilities | 160.9 | 152.1 |
440.4 | 497.6 | |
| Analysed as follows: | ||
Deferred contingent consideration | 48.4 | 125.8 |
Put option liabilities | 392.0 | 371.8 |
440.4 | 497.6 |
The put option liabilities arising on acquisitions in the current year relates principally to the acquisition of RXL. In the prior year,
this related to the acquisitions of Steico, Villalba, TreeTops, IB Roofing, Fatek and Solen.
The deferred contingent consideration arising on acquisitions in the current year primarily relates to the acquisition of Mercor
and Fabtek. In the prior year, this primarily related to the acquisition of Steico and TreeTops.
Included in the amount paid during the year was a combined payment of €133.3 million relating to the January 2024 acquisition
of a 51% controlling shareholding in Steico. This comprised the settlement of deferred contingent consideration and the exercise
of a put option to acquire an additional 10.1% shareholding previously held by a non-controlling interest.
For each acquisition for which deferred contingent consideration has been provided, an annual review takes place to evaluate
if the payment conditions are likely to be met. For the purposes of the fair value assessments all of the put option liabilities
are valued using the option price formula in the shareholders agreement and the most recent financial projections. These are
classified as unobservable inputs. The significant unobservable inputs used in the fair value measurements and the quantitative
sensitivity analysis are shown in the table below:
Valuation technique | Significant | Sensitivity of the input to the fair value | |||
| unobservable inputs | |||||
| Deferred | Discounted cashflow method | • | Risk adjusted discount | • | A 10% decrease in the risk adjusted |
| contingent | The net present value of the expected | rates between 0.0% | discount rate would result in an increase | ||
| consideration | payment is calculated by using a | and 4.3%. | in the fair value of the deferred contingent | ||
| risk adjusted discount rate where | • | Forecast performance | consideration of €0.1m. | ||
| material. The expected payments are | in excess of a | • | A 5% increase in the assumed profitability | ||
| valued using the earn out formula in | predetermined | of the acquired entities would result in an | |||
| the shareholders’ agreement and the | base target. | increase in the fair value of the deferred | |||
| most recent financial projections. | contingent consideration of €0.1m. | ||||
| Put option | Discounted cashflow method | • | Risk adjusted discount | • | A 10% decrease in the risk adjusted |
| liabilities | The net present value of the expected | rates of between 1.8% | discount rate would result in an increase | ||
| payment is calculated by using a risk | and 32.8%. | in the fair value of the put option liabilities | |||
| adjusted discount rate. The expected | • | EBITDA multiples of | of €4.8m. | ||
| payments are valued using the option | between 5.0 and 9.3. | • | A 5% increase in the assumed profitability | ||
| price formula in the shareholders’ | of the acquirees would result in an | ||||
| agreement and the most recent | increase in the fair value of the put option | ||||
| financial projections. | liabilities of €18.1m. | ||||
276
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
19 Deferred Contingent Consideration (continued)
277
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
20 Financial Risk Management And Financial Instruments (continued)
As at 31 December 2025 | Carrying | Contractual | Within 1 | Between | Between | Greater |
| amount | cash flow | year | 1 and 2 | 2 and 5 | than 5 | |
| 2025 | years | years | years | |||
€m | €m | €m | €m | €m | €m | |
| Non derivative financial instruments | ||||||
Bank loans | 233.7 | 233.7 | 218.2 | 1.7 | 2.4 | 11.4 |
Private placement loan notes | 1,475.9 | 1,626.1 | 198.7 | 65.3 | 985.4 | 376.7 |
Public bonds | 750.0 | 907.5 | 26.3 | 26.3 | 78.8 | 776.1 |
Lease obligations per banking covenants | 9.3 | 9.3 | 2.3 | 1.8 | 5.2 | - |
Lease liabilities | 220.7 | 244.3 | 66.5 | 49.9 | 73.9 | 54.0 |
Trade and other payables | 1,373.0 | 1,373.0 | 1,373.0 | - | - | - |
Deferred contingent consideration | 440.4 | 502.7 | 303.8 | 5.9 | 126.4 | 66.6 |
| Derivative financial liabilities/(assets) | ||||||
| Foreign exchange forwards used for hedging: | ||||||
Carrying value liabilities | - | - | - | - | - | - |
Carrying value assets | (6.7) | - | - | - | - | - |
- outflow | - | 194.3 | 117.6 | 63.2 | 13.5 | - |
- inflow | - | (201.0) | (121.3) | (65.8) | (13.9) | - |
As at 31 December 2024 | Carrying | Contractual | Within 1 | Between | Between | Greater |
| amount | cash flow | year | 1 and 2 | 2 and 5 | than 5 | |
| 2024 | years | years | years | |||
€m | €m | €m | €m | €m | €m | |
| Non derivative financial instruments | ||||||
Bank loans | 411.5 | 433.4 | 168.3 | 259.3 | 3.7 | 2.1 |
| Private placement loan notes | 1,410.1 | 1,566.9 | 76.5 | 194.2 | 818.5 | 477.7 |
| Public bonds | 750.0 | 933.8 | 26.3 | 26.3 | 78.8 | 802.4 |
Lease obligations per banking covenants | 11.4 | 11.4 | 0.3 | 5.0 | 4.9 | 1.2 |
Lease liabilities | 238.6 | 258.3 | 67.8 | 54.6 | 81.4 | 54.5 |
Trade and other payables | 1,418.1 | 1,418.1 | 1,418.1 | - | - | - |
Deferred contingent consideration | 497.6 | 540.6 | 364.3 | 12.6 | 163.7 | - |
| Derivative financial liabilities/(assets) | ||||||
| Foreign exchange forwards used for hedging: | ||||||
Carrying value liabilities | - | - | - | - | - | - |
Carrying value assets | (4.7) | - | - | - | - | - |
- outflow | - | 168.4 | 168.4 | - | - | - |
- inflow | - | (173.1) | (173.1) | - | - | - |
278
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
20 Financial Risk Management And Financial Instruments (continued)
279
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
20 Financial Risk Management And Financial Instruments (continued)
As at 31 December 2025 | Weighted average | Total | At fixed | At floating | Under 5 | Over |
| effective interest | interest rate | interest rate | years | 5 years | ||
| rate | €m | €m | €m | €m | €m | |
Bank loans | 0.34% | 233.7 | 21.0 | 212.7 | 222.3 | 11.4 |
Loan notes | 1.55% | 1,475.9 | 1,475.9 | - | 1,113.4 | 362.5 |
Public bonds | 1.07% | 750.0 | 750.0 | - | - | 750.0 |
2,459.6 | 2,246.9 | 212.7 | 1,335.7 | 1,123.9 |
| Total | At fixed | At floating | |
| interest rate | interest rate | ||
| €m | €m | €m | |
Euro | 2,289.2 | 2,076.5 | 212.7 |
USD | 170.4 | 170.4 | - |
2,459.6 | 2,246.9 | 212.7 |
As at 31 December 2024 | Weighted average | Total | At fixed interest | At floating | Under 5 | Over |
| effective interest | rate | interest rate | years | 5 years | ||
| rate | €m | €m | €m | €m | €m | |
Bank loans | 0.69% | 411.5 | 23.1 | 388.4 | 409.5 | 2.0 |
Loan notes | 1.34% | 1,410.1 | 1,410.1 | - | 946.6 | 463.5 |
Public Bonds | 1.02% | 750.0 | 750.0 | - | - | 750.0 |
2,571.6 | 2,183.2 | 388.4 | 1,356.1 | 1,215.5 |
| Total | At fixed interest | At floating | |
| rate | interest rate | ||
| €m | €m | €m | |
Euro | 2,379.5 | 1,991.1 | 388.4 |
USD | 192.1 | 192.1 | - |
2,571.6 | 2,183.2 | 388.4 |
| 2025 | 2024 | |
| €m | €m | |
Cash & cash equivalents | 584.7 | 1,005.4 |
Trade receivables | 1,338.8 | 1,264.6 |
Derivative financial assets | 6.7 | 4.7 |
280
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
20 Financial Risk Management And Financial Instruments (continued)
| 2025 | 2024 | |
| €m | €m | |
Western & Southern Europe | 612.5 | 612.1 |
Central & Northern Europe | 283.0 | 257.3 |
Americas | 293.8 | 279.6 |
Rest of World | 149.5 | 115.6 |
1,338.8 | 1,264.6 |
| 2025 | 2024 | |
| €m | €m | |
Insulated panels customers | 745.0 | 719.8 |
Insulation customers | 221.2 | 220.9 |
Other customers | 372.6 | 323.9 |
1,338.8 | 1,264.6 |
| Weighted | Gross | Loss | |
| average loss | carrying | allowance | |
| rate | amount | ||
% | €m | €m | |
Current (not past due) | 0% | 953.4 | 4.1 |
1-30 days past due | 2% | 209.0 | 4.2 |
31-60 days past due | 9% | 47.9 | 4.4 |
61-90 days past due | 15% | 21.8 | 3.2 |
More than 90 days past due | 80% | 106.7 | 85.7 |
1,338.8 | 101.6 |
281
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
20 Financial Risk Management And Financial Instruments (continued)
| Weighted | Gross | Loss | |
| average loss | carrying | allowance | |
| rate | amount | ||
% | €m | €m | |
Current (not past due) | 0% | 873.1 | 4.1 |
1-30 days past due | 2% | 212.9 | 4.5 |
31-60 days past due | 10% | 52.9 | 5.5 |
61-90 days past due | 36% | 18.4 | 6.7 |
More than 90 days past due | 89% | 107.3 | 95.6 |
1,264.6 | 116.4 |
| 2025 | 2024 | |
| €m | €m | |
Balance at 1 January | 116.4 | 111.4 |
Arising on acquisition | 2.7 | 4.0 |
Written off during the year | (7.7) | (6.4) |
Net remeasurement of loss allowance | (3.0) | 4.7 |
Effect of movement in exchange rates | (6.8) | 2.7 |
At 31 December | 101.6 | 116.4 |
282
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
20 Financial Risk Management And Financial Instruments (continued)
| Financial | Assets at | Derivatives | Total | |
| asset at | amortised | designated | ||
| fair value | cost | as hedging | ||
| through OCI | instrument | |||
€m | €m | €m | €m | |
| 2025 | ||||
| Current: | ||||
Trade receivables, net | - | 1,237.2 | - | 1,237.2 |
Other receivables | - | 171.8 | - | 171.8 |
Cash and cash equivalents | - | 584.7 | - | 584.7 |
Derivative financial instruments | - | - | 3.7 | 3.7 |
- | 1,993.7 | 3.7 | 1,997.4 | |
| Non-current: | ||||
Derivative financial instruments | - | - | 3.0 | 3.0 |
Financial asset | 25.1 | - | - | 25.1 |
25.1 | - | 3.0 | 28.1 |
| Financial | Assets at | Derivatives | Total | |
| asset at | amortised | designated | ||
| fair value | cost | as hedging | ||
| through OCI | instrument | |||
€m | €m | €m | €m | |
| 2024 | ||||
| Current: | ||||
Trade receivables, net | - | 1,148.2 | - | 1,148.2 |
Other receivables | - | 165.0 | - | 165.0 |
Cash and cash equivalents | - | 1,005.4 | - | 1,005.4 |
Derivative financial instruments | - | - | 4.7 | 4.7 |
- | 2,318.6 | 4.7 | 2,323.3 | |
| Non-current: | ||||
Financial asset | 23.9 | - | - | 23.9 |
23.9 | - | - | 23.9 |
283
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
20 Financial Risk Management And Financial Instruments (continued)
| Financial | Financial | Financial | Derivatives | Total | |
| liabilities at | liabilities | liabilities at | designated | ||
| fair value | measured at | fair value | as hedging | ||
| through profit | amortised cost | though equity | instrument | ||
| or loss | |||||
€m | €m | €m | €m | €m | |
| 2025 | |||||
| Current: | |||||
Borrowings | - | 381.4 | - | - | 381.4 |
Lease liabilities | - | 59.2 | - | - | 59.2 |
Trade payables | - | 754.8 | - | - | 754.8 |
Accruals | - | 618.2 | - | - | 618.2 |
Deferred contingent consideration | 30.2 | - | 249.3 | - | 279.5 |
30.2 | 1,813.6 | 249.3 | - | 2,093.1 | |
| Non-current: | |||||
Borrowings | - | 2,087.5 | - | - | 2,087.5 |
Lease liabilities | - | 161.5 | - | - | 161.5 |
Deferred contingent consideration | 18.2 | - | 142.7 | - | 160.9 |
18.2 | 2,249.0 | 142.7 | - | 2,409.9 |
| Financial | Financial | Financial | Derivatives | Total | |
| liabilities at fair | liabilities | liabilities at fair | designated | ||
| value through | measured at | value though | as hedging | ||
| profit or loss | amortised cost | equity | instrument | ||
€m | €m | €m | €m | €m | |
| 2024 | |||||
| Current: | |||||
Borrowings | - | 197.7 | - | - | 197.7 |
Lease liabilities | - | 63.9 | - | - | 63.9 |
Trade payables | - | 726.3 | - | - | 726.3 |
Accruals | - | 630.5 | - | - | 630.5 |
Deferred contingent consideration | 103.2 | - | 242.3 | - | 345.5 |
103.2 | 1,618.4 | 242.3 | - | 1,963.9 | |
| Non-current: | |||||
Borrowings | - | 2,385.3 | - | - | 2,385.3 |
Lease liabilities | - | 174.7 | - | - | 174.7 |
Deferred contingent consideration | 22.7 | - | 129.4 | - | 152.1 |
22.7 | 2,560.0 | 129.4 | - | 2,712.1 |
284
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
20 Financial Risk Management And Financial Instruments (continued)
As at 31 December 2025 | As at 31 December 2024 | |||||
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |
| €m | €m | €m | €m | €m | €m | |
| Financial Assets | ||||||
Equity investments | - | 25.1 | - | - | 23.9 | - |
Foreign exchange contracts for hedging | - | 6.7 | - | - | 4.7 | - |
| Financial Liabilities | ||||||
Deferred contingent consideration | - | - | 48.4 | - | - | 125.8 |
Put option liabilities | - | - | 392.0 | - | - | 371.8 |
| Balance | Settlement | Fair value | Arising on | Translation | Balance | |
| 1 January | movement | acquisition | adjustment | 31 December | ||
| 2025 | 2025 | |||||
€m | €m | €m | €m | €m | €m | |
| Deferred contingent | ||||||
consideration | 125.8 | (94.2) | (15.4) | 33.4 | (1.2) | 48.4 |
Put option liabilities | 371.8 | (73.6) | 58.1 | 42.0 | (6.3) | 392.0 |
497.6 | (167.8) | 42.7 | 75.4 | (7.5) | 440.4 |
| Balance | Settlement | Fair value | Arising on | Translation | Balance | |
| 1 January | movement | acquisition | adjustment | 31 December | ||
| 2024 | 2024 | |||||
€m | €m | €m | €m | €m | €m | |
| Deferred contingent | ||||||
consideration | 16.2 | (1.1) | (16.1) | 127.5 | (0.7) | 125.8 |
Put option liabilities | 212.9 | - | 35.0 | 148.8 | (24.9) | 371.8 |
229.1 | (1.1) | 18.9 | 276.3 | (25.6) | 497.6 |
285
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
20 Financial Risk Management And Financial Instruments (continued)
As at 31 December 2025 | As at 31 December 2024 | |||||
| Carrying | Fair Value | Level | Carrying | Fair Value | Level | |
| amount | amount | €m | ||||
| €m | €m | €m | ||||
Private placements | 1,475.9 | 1,487.6 | 2 | 1,410.1 | 1,426.5 | 2 |
Public bonds | 750.0 | 798.3 | 2 | 750.0 | 817.3 | 2 |
| 2025 | 2024 | |
| €m | €m | |
Equity | 4,732.3 | 4,590.8 |
Add back accumulated amortisation of intangible assets not fully amortised | 175.6 | 139.2 |
Net debt | 1,883.6 | 1,573.0 |
Total Capital Employed | 6,791.5 | 6,303.0 |
286
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
21 Provisions For Liabilities
| 2025 | 2024 | |
| €m | €m | |
| Guarantees and warranties | ||
At 1 January | 164.3 | 183.9 |
Arising on acquisitions (Note 24) | 30.4 | 5.0 |
Provided during year | 65.7 | 67.4 |
Claims paid | (51.6) | (57.8) |
Provisions released | (46.2) | (35.9) |
Effect of movement in exchange rates | (4.8) | 1.7 |
At 31 December | 157.8 | 164.3 |
Current liability | 44.6 | 55.9 |
Non-current liability | 113.2 | 108.4 |
157.8 | 164.3 |
The Group manufactures a wide range of insulation and related products for use primarily in the construction sector. Some
products carry formal guarantees of satisfactory performance of varying periods following their purchase by customers and a
provision is carried in respect of the expected costs of settling warranty, and guarantee claims which arise. The Group in the
course of its operations can be party to claims, litigation or enforcement actions. Both the number of claims and the cost of
settling the claim are sensitive to change. Where a present obligation exists, in most cases, a sufficiently reliable estimate can
be made based on a range of possible outcomes and a provision has been recognised. In some cases where a present obligation
exists but the extent and cost of settling a claim or potential claim or enforcement action cannot be measured with sufficient
reliability, no provision is recognised until such a reliable estimate can be made. Provisions are reviewed by management on
a regular basis and adjusted to reflect the current best estimate of the economic outflow. If it is no longer probable that an
outflow of economic benefits will be required, the related provision is reversed.
For the non-current element of the provision, the Group anticipates that these will be utilised within three years of the reporting
date. Discounting of the non-current element has not been applied because the discount would be immaterial.
22 Deferred Income – Government Grant
| 2025 | 2024 | |
| €m | €m | |
At 1 January | - | - |
Received during the year | 16.6 | - |
Amortised to the income statement | (2.0) | - |
Effect of movement in exchange rates | (0.7) | - |
At 31 December | 13.9 | - |
Current | 2.4 | - |
Non-current | 11.5 | - |
13.9 | - |
Government grants of €16.6m were received during the year.
287
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
23 Deferred Tax Assets And Liabilities
Deferred tax assets and liabilities arising from temporary differences and unused tax losses after offset are as follows:
| 2025 | 2024 | |
| €m | €m | |
Deferred tax assets | 79.3 | 84.5 |
Deferred tax liabilities | (109.0) | (113.9) |
Net position | (29.7) | (29.4) |
Deferred tax arises from differences in the carrying value of items such as property, plant and equipment, intangibles, pension
obligations, and other temporary differences in the financial statements and the tax base established by the tax authorities.
The movement in the net deferred tax position for 2025 is as follows:
| Balance | Recognised | Recognised | Recognised | Translation | Arising on | Balance | |
| 1 Jan | in profit | in equity | in other | adjustment | acquisitions | 31 Dec | |
| 2025 | or loss | comprehensive | 2025 | ||||
| income | |||||||
€m | €m | €m | €m | €m | €m | €m | |
Property, plant and equipment | (65.5) | (2.1) | - | - | 3.0 | (2.4) | (67.0) |
Intangibles | (60.4) | 6.3 | - | - | 3.1 | (15.0) | (66.0) |
Other temporary differences | 72.8 | (0.7) | (0.3) | (1.7) | (4.3) | 14.9 | 80.7 |
Pension obligations | 5.9 | (0.2) | - | (0.1) | (1.1) | - | 4.5 |
Unused tax losses | 17.8 | 0.2 | - | - | 0.1 | - | 18.1 |
(29.4) | 3.5 | (0.3) | (1.8) | 0.8 | (2.5) | (29.7) |
The movement in the net deferred tax position for 2024 is as follows:
| Balance | Recognised | Recognised | Recognised | Translation | Arising on | Balance | |
| 1 Jan | in profit | in equity | in other | adjustment | acquisitions | 31 Dec | |
| 2024 | or loss | comprehensive | 2024 | ||||
| income | |||||||
€m | €m | €m | €m | €m | €m | €m | |
Property, plant and equipment | (60.8) | (3.2) | - | - | (1.7) | 0.2 | (65.5) |
Intangibles | (44.9) | 10.0 | - | - | (1.0) | (24.5) | (60.4) |
Other temporary differences | 95.6 | (5.1) | (2.2) | - | 1.0 | (16.5) | 72.8 |
Pension obligations | 5.5 | 0.9 | - | (0.5) | - | - | 5.9 |
Unused tax losses | 23.3 | (5.5) | - | - | - | - | 17.8 |
18.7 | (2.9) | (2.2) | (0.5) | (1.7) | (40.8) | (29.4) |
24 Business Combinations
A key strategy of the Group is to create and sustain market leading positions through acquisitions in markets it currently
operates in, together with extending the Group’s footprint in new geographic markets. In line with this strategy, the principal
acquisitions completed during the year were as follows:
In October 2025, the Group acquired 100% of Mercor’s ventilation and daylighting business, headquartered in Poland. Mercor
is a leading provider of day lighting and smoke management systems in Central Europe. The total combined consideration,
including deferred contingent consideration and net debt acquired, amounted to €99.7m.
288
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
24 Business Combinations (continued)
The Group also made a number of smaller acquisitions during the year for a combined consideration, including deferred
contingent consideration and net debt acquired, of €155.7m which principally includes:
• The Insulated Building Envelopes segment acquired 85% of the share capital of Hao Wei in Singapore in March 2025, 100% of
the share capital of Eurotag in Denmark in April 2025, 100% of the share capital of Meta Soluciones in Spain and Suomen in
Finland, during July 2025. The business also acquired 100% of the share capital of Coverworld in the UK in August 2025.
• The Advnsys segment acquired 70% of the share capital of RXL in the US in March 2025, 100% of the share capital of
Sandometal in Portugal and Permastore in the UK, during July 2025. The business also acquired 100% of the share capital of
Fabtek in Vietnam in December 2025.
The table below reflects the provisional fair value of the identifiable net assets acquired in respect of the acquisitions completed
during the year. Any amendments to fair values will be made within the twelve month period from the date of acquisition, as
permitted by IFRS 3 Business Combinations.
| Mercor | Other* | Total | |
| €m | €m | €m | |
| Non-current assets | |||
Intangible assets | 15.1 | 49.9 | 65.0 |
Investment in associates | - | (0.6) | (0.6) |
Property, plant and equipment | 11.5 | 31.0 | 42.5 |
Right of use assets | 1.4 | 10.1 | 11.5 |
Deferred tax assets | 0.4 | 13.7 | 14.1 |
| Current assets | |||
Inventories | 8.2 | 5.0 | 13.2 |
Trade and other receivables | 29.0 | 23.7 | 52.7 |
| Current liabilities | |||
Trade and other payables | (17.4) | (76.6) | (94.0) |
Provisions for liabilities | - | (2.4) | (2.4) |
Lease liabilities | (0.4) | (0.6) | (1.0) |
| Non-current liabilities | |||
Retirement benefit obligations | (0.1) | - | (0.1) |
Provisions for liabilities | (0.9) | (27.1) | (28.0) |
Lease liabilities | (1.1) | (8.4) | (9.5) |
Deferred tax liabilities | (2.3) | (14.3) | (16.6) |
Total identifiable assets | 43.4 | 3.4 | 46.8 |
Non-controlling interest arising on acquisition | - | 1.8 | 1.8 |
Step up from investment in associate | - | (7.4) | (7.4) |
Goodwill | 56.3 | 157.9 | 214.2 |
Total consideration | 99.7 | 155.7 | 255.4 |
| Satisfied by: | |||
Cash (net of cash acquired) | 78.6 | 143.4 | 222.0 |
Deferred contingent consideration | 21.1 | 12.3 | 33.4 |
Total consideration | 99.7 | 155.7 | 255.4 |
* Other includes the remaining acquisitions completed during the period together with certain immaterial remeasurements of
prior year accounting estimates.
289
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
24 Business Combinations (continued)
The acquired goodwill is attributable principally to the profit generating potential of the businesses, together with a strong
workforce, new geographies and synergies expected to be achieved from integrating the acquired businesses into the Group’s
existing business.
In the post-acquisition period to 31 December 2025, the businesses acquired during the current year contributed revenue of
€115.7m and trading profit of €17.2m to the Group’s results. None of the acquisitions are individually material to the Group and
so this disclosure is provided in aggregate.
The Group’s full year revenue and trading profit had the acquisitions taken place at the start of the year, would have been
€9,344.9m and €970.9m respectively.
The gross contractual value of trade and other receivables as at the respective dates of acquisition amounted to €55.7m. The
fair value of these receivables is €52.7m, all of which is recoverable, and is inclusive of an aggregate impairment provision of
€3.0m.
There is €32.6m of goodwill (2024: €33.3m) which is expected to be deductible for tax purposes.
The Group incurred acquisition related costs of €2.6m (2024: €6.1m) relating to external legal fees and due diligence costs.
These costs have been included in operating costs in the Consolidated Income Statement.
The initial assignment of fair values to identifiable net assets acquired has been performed on a provisional basis due to the
relative size of the acquisitions and the timing of the transactions. Any amendments to these fair values within the twelve-
month timeframe from the date of acquisition will be disclosed in the 2026 Annual Report, as stipulated by IFRS 3.
Prior year acquisitions
The following principal acquisitions completed during the prior year were as follows:
In January 2024, the Group acquired 51% of the share capital of Steico SE (Steico) with an option to acquire a further c.10% of
shares in Steico in the future. Steico is the world leader in wood-fibre insulation and wood-based building envelope products,
based in Germany and listed on the unofficial markets of several German Stock Exchanges. The total combined consideration,
including deferred contingent consideration and net debt acquired, amounted to €510.0m.
In October 2024, the Group increased its shareholding in Nordic Waterproofing Holding AB (Nordic Waterproofing) to 62.6%
thereby attaining a controlling shareholding. Nordic Waterproofing is a publicly listed company on the Nasdaq Stockholm and
is a market leader in waterproofing products and services for the protection of buildings and infrastructure. The total combined
consideration, including net debt acquired, amounted to €162.3m.
The Group also made a number of smaller acquisitions during the prior year for a combined consideration, including deferred
contingent consideration and net debt acquired, of €305.6m:
• The Insulated Building Envelopes segment acquired the business and assets of Conqueror in New Zealand in January
2024, 100% of the share capital of Rafinor and Eftex, 75% of the share capital of TreeTops in Denmark, 100% of the share
capital of Clastina in Belgium and acquired the stonewool manufacturing business and assets in Germany from Karl Bachl
Kunststoffverarbeitung GmbH & Co. KG during April 2024. In May 2024, the segment also acquired the acoustic business and
assets of Isolco in the Netherlands and 70% of the share capital of Fatek Advance Insulation in Thailand during June 2024.
The segment acquired 100% of the share capital of KZK in the Netherlands in July 2024 and 100% of the share capital of
Siegmetall in Germany in September 2024. The segment further acquired 90% of the share capital of IB Roof Systems in the
USA in September 2024, 100% of the share capital of PSP Profile in France in October 2024, 85% of the share capital of Solen
Energy in the UK, 51% of the share capital of Villalba in Chile in November 2024 and acquired certain business and assets of
TPF in France in December 2024. A controlling interest in a venture in Paraguay was also acquired during the financial year.
• The Advnsys segment acquired 100% of the share capital of Visa Oeste and Petaproj in Portugal in April 2024 and in October
2024 acquired 100% of the share capital of National Poly Industries in Australia.
The table below reflects the provisional fair value of the identifiable net assets acquired in respect of the acquisitions completed
during the prior year. Any amendments to fair values were made within the twelve-month period from the date of acquisition,
as permitted by IFRS 3 Business Combinations.
290
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
24 Business Combinations (continued)
Steico | Nordic | Other* | Total | |
| Waterproofing | ||||
€m | €m | €m | €m | |
| Non-current assets | ||||
Intangible assets | 65.7 | 7.5 | 21.1 | 94.3 |
Investment in associates | - | 11.9 | - | 11.9 |
Financial assets | - | 0.2 | - | 0.2 |
Property, plant and equipment | 341.9 | 39.3 | 123.6 | 504.8 |
Right of use assets | 2.2 | 11.0 | 12.3 | 25.5 |
| Current assets | ||||
Inventories | 50.2 | 60.6 | 51.7 | 162.5 |
Trade and other receivables | 45.2 | 75.7 | 56.2 | 177.1 |
| Current liabilities | ||||
Trade and other payables | (76.9) | (71.9) | (66.1) | (214.9) |
Provisions for liabilities | (1.9) | (1.2) | (1.9) | (5.0) |
Lease liabilities | (0.7) | (4.3) | (3.2) | (8.2) |
| Non-current liabilities | ||||
Retirement benefit obligations | (4.0) | - | - | (4.0) |
Lease liabilities | (1.5) | (7.0) | (9.5) | (18.0) |
Deferred tax liabilities | (22.8) | (9.6) | (8.4) | (40.8) |
Total identifiable assets | 397.4 | 112.2 | 175.8 | 685.4 |
Non-controlling interest arising on acquisition | (121.9) | (131.0) | (11.9) | (264.8) |
Step up from financial asset | - | (125.2) | - | (125.2) |
Goodwill | 234.5 | 306.3 | 141.7 | 682.5 |
Total consideration | 510.0 | 162.3 | 305.6 | 977.9 |
| Satisfied by: | ||||
Cash (net of net debt/cash acquired) | 337.2 | 162.3 | 275.8 | 775.3 |
Deferred contingent consideration | 97.7 | - | 29.8 | 127.5 |
Share capital issued | 75.1 | - | - | 75.1 |
Total consideration | 510.0 | 162.3 | 305.6 | 977.9 |
* Other includes the remaining acquisitions completed during the period together with certain immaterial remeasurements of
prior year accounting estimates.
The acquired goodwill is attributable principally to the profit generating potential of the businesses, together with a strong
workforce, new geographies and synergies expected to be achieved from integrating the acquired businesses into the Group’s
existing business.
In the post-acquisition period to 31 December 2024, the businesses acquired during the year contributed revenue of €536.3m
and trading profit of €35.3m to the Group’s results. None of the acquisitions are individually material to the Group and so this
disclosure is provided in aggregate.
The Group’s full year revenue and trading profit had the acquisitions taken place at the start of the year, would have been
€9,171.4m and €947.6m respectively.
The gross contractual value of trade and other receivables as at the respective dates of acquisition amounted to €181.1m. The fair
value of these receivables is €177.1m, all of which is recoverable, and is inclusive of an aggregate impairment provision of €4.0m.
There was €33.3m of goodwill (2023: €nil) expected to be deductible for tax purposes.
291
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024 | ||
| €m | €m | ||
| Authorised | |||
250,000,000 | Ordinary shares of €0.13 each (2024: 250,000,000 Ordinary shares of €0.13 each) | 32.5 | 32.5 |
| Issued and fully paid | |||
Ordinary shares of €0.13 each Opening balance – 184,596,642 (2024: 183,591,682) shares | 24.0 | 23.9 | |
Shares allotted – Nil (2024: 1,004,960) shares | - | 0.1 | |
Shares cancelled – 2,198,861 (2024: Nil) shares | (0.3) | - | |
Closing balance – 182,397,781 (2024: 184,596,642) shares | 23.7 | 24.0 |
| 2025 | 2024 | |
| €m | €m | |
At 1 January | 215.9 | 129.3 |
Shares issued | - | 62.7 |
Re-issued treasury shares | 12.6 | 23.9 |
At 31 December | 228.5 | 215.9 |
2025 | 2024 | |||||
| No. of | Consideration | Total | No. of | Consideration | Total | |
| shares | paid | €m | shares | paid | €m | |
| € | € | |||||
At 1 January | 2,797,159 | 66.80 | 186.8 | 1,668,148 | 33.48 | 55.8 |
Repurchase of shares | - | - | - | 1,515,689 | 88.80 | 134.6 |
Shares issued | (334,832) | 7.93 | (2.7) | (386,678) | 9.30 | (3.6) |
At 31 December | 2,462,327 | 74.80 | 184.1 | 2,797,159 | 66.80 | 186.8 |
2025 | 2024 | |||||
| No. of | Nominal value | Total | No. of | Nominal value | Total | |
| shares | € | € | shares | € | € | |
At 1 January | 2,797,159 | 0.13 | 363,631 | 1,668,148 | 0.13 | 216,859 |
Repurchase of shares | - | - | - | 1,515,689 | 0.13 | 197,040 |
Shares issued | (334,832) | 0.13 | (43,528) | (386,678) | 0.13 | (50,268) |
At 31 December | 2,462,327 | 0.13 | 320,103 | 2,797,159 | 0.13 | 363,631 |
292
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024 | ||
| €m | €m | ||
| Equity dividends on ordinary shares: | |||
2025 | Interim dividend | 47.6 | 47.8 |
2024 | Final dividend | 51.9 | 48.8 |
| Proposed for approval at AGM | 99.5 | 96.6 | |
Final dividend of | 52.5 | 51.8 |
| 2025 | 2024 | |
| €m | €m | |
At 1 January | 298.3 | 99.8 |
Profit for the year attributable to non-controlling interests | 44.5 | 25.3 |
Arising on acquisition (Note 24) | (1.8) | 264.8 |
Purchase of non-controlling interests | (78.3) | (88.2) |
Increase in non-controlling interests | 15.6 | 8.4 |
Other comprehensive income attributable to non-controlling interests | 2.3 | - |
Dividends paid to non-controlling interests | (27.3) | (1.0) |
Share of foreign operations’ translation movement | (2.9) | (10.8) |
At 31 December | 250.4 | 298.3 |
293
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024 | |
| €m | €m | |
Movement in cash and cash equivalents | (360.5) | 38.1 |
Drawdown of loans and borrowings | (130.0) | (899.7) |
Repayment of loans and borrowings | 226.6 | 246.2 |
Settlement of derivative financial instruments | (4.0) | - |
Change in net debt resulting from cash flows | (267.9) | (615.4) |
Translation movement - relating to US dollar loan | 21.7 | (11.2) |
Translation movement – other | (64.4) | 28.5 |
Derivative financial instruments movement | - | 4.6 |
Net movement | (310.6) | (593.5) |
Net debt at start of the year | (1,573.0) | (979.5) |
Net debt at end of the year | (1,883.6) | (1,573.0) |
| Balance | Repayments | Drawdowns / | Non-cash | Balance | |
| 1 Jan 2025 | Receipts | movements | 31 Dec 2025 | ||
| €m | €m | €m | €m | €m | |
Bank loans and borrowings | 422.9 | (184.1) | - | 4.2 | 243.0 |
Loan notes | 1,410.1 | (42.5) | 130.0 | (21.7) | 1,475.9 |
Public Debt | 750.0 | - | - | - | 750.0 |
Derivatives | (4.6) | 4.0 | - | - | (0.6) |
2,578.4 | (222.6) | 130.0 | (17.5) | 2,468.3 |
| Balance | Repayments | Drawdowns / | Non-cash | Balance | |
| 1 Jan 2024 | Receipts | movements | 31 Dec 2024 | ||
| €m | €m | €m | €m | €m | |
Bank loans and borrowings | 326.3 | (53.2) | 149.7 | 0.1 | 422.9 |
Loan notes | 1,591.9 | (193.0) | - | 11.2 | 1,410.1 |
Public Debt | - | - | 750.0 | - | 750.0 |
Derivatives | - | - | - | (4.6) | (4.6) |
1,918.2 | (246.2) | 899.7 | 6.7 | 2,578.4 |
294
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024 | |
| €m | €m | |
Contracted for | 132.9 | 96.6 |
Not contracted for | 165.1 | 151.2 |
298.0 | 247.8 |
33 Pension Obligations
The Group operates defined contribution schemes in each of its main operating locations. The Group also has a number of
defined benefit schemes in the UK and mainland Europe.
Defined contribution schemes
The total cost charged to profit or loss of €51.5m (2024: €43.6m) represents employer contributions payable to these schemes
in accordance with the rules of each plan. An amount of €6.6m (2024: €5.9m) was included at year end in accruals in respect
of defined contribution pension accruals.
Defined benefit schemes / obligations
The Group has three defined benefit schemes in the UK, all of which are closed to new members and to future accrual. The total
pension contributions to these schemes for the year amounted to €nil (2024: €nil) and the expected contributions for 2026 are
€0.7m. On 6 December 2022, the Group executed a €150.8m bulk insurance annuity insurance policy ‘buy in’ for the Colt Life
Assurance and Retirement Scheme (‘CLARS’). This buy in ensures that an insurance asset fully matches the remaining pension
liability. Therefore for this particular scheme the Group is no longer exposed to the pension risks outlined below.
The Group also has pension obligations in mainland Europe which are accounted for as defined benefit obligations. These
obligations have been accounted for in line with the Group’s existing pension obligations whereby companies are not required
to fund independent schemes for post employment benefit obligations. Instead, commencing from the date the employee
becomes eligible to receive the income stream, this obligation is satisfied from available cash resources of the relevant
employing company. A provision has been made for the unfunded liability. €2.4m of pension entitlements have been paid to
retired former employees during the year (2024: €2.8m).
The pension costs relating to all of the above defined benefit obligations are assessed in accordance with the advice of qualified
actuaries. In the case of the three UK legacy schemes, the most recent actuarial valuations were performed as of 31 December
2025. In general, actuarial valuations are not available for public inspection however, the results of valuations are advised to
members of the various schemes.
295
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
33 Pension Obligations (continued)
The UK and European defined benefit schemes expose the Group to the following risks:
Interest Rate Risk: The discount rates employed in determining the present value of the Group’s defined benefit liabilities are
set with reference to corporate bond yields. A decrease in corporate bond yields would increase the schemes’ defined benefit
obligation. Such movements in bond yields would result in volatility in the Group’s Consolidated Financial Statements.
Inflation Risk: A significant proportion of the Group’s defined benefit obligation is linked to inflation therefore higher inflation
will result in a higher defined benefit obligation (subject to the appropriate caps in place to protect the schemes against
extreme inflation). This is expected to be offset to an extent by an increase in the value of the Group’s holdings in liability driven
investments (LDI) type plan assets.
Longevity Risk: The present value of the Group’s defined benefit obligation is calculated with reference to the mortality of
scheme members, both during and after employment. If scheme members live longer than expected, the scheme’s benefits will
need to be paid for longer, increasing the scheme’s defined benefit obligation.
The directors note that the Group’s UK defined benefit schemes are also exposed to the following significant risk:
Asset Volatility: The Group’s defined benefit obligations are calculated using discount rates set with reference to corporate
bond yields. The schemes’ assets comprise of equities, bonds, property and LDI, all of which may fluctuate significantly in value.
These assets are expected to outperform corporate bonds in the long-term, but provide volatility and risk in the short-term.
The extent of the Group’s obligation under these schemes is sensitive to judgemental actuarial assumptions, of which the
principal ones are set out below. It is not considered that any reasonable sensitivity analysis on these assumptions would
materially alter the scheme obligations.
2025 | 2024 | |||
| Funded | Un-funded | Funded | Un-funded | |
| Schemes | Schemes | Schemes | Schemes | |
| Life expectancies | ||||
Life expectancy for someone aged 65 - Males | 21.7 | 20.8 | 21.5 | 20.7 |
Life expectancy for someone aged 65 - Females | 24.0 | 23.7 | 24.0 | 23.6 |
Life expectancy at age 65 for someone aged 45 - Males | 23.0 | 21.5 | 22.9 | 21.5 |
Life expectancy at age 65 for someone aged 45 - Females | 25.4 | 23.3 | 25.5 | 23.4 |
Rate of increase in salaries | - | 1.9% - 3.0% | - | 2% - 4% |
Rate of increase of pensions in payment | 0% - 3.0% | 2.0% - 2.5% | 0% - 3.03% | 2% - 2.50% |
Rate of increase for deferred pensioners | 2.2% - 3.4% | - | 2.75% - 3.95% | - |
Discount rate | 5.6% | 2.0% - 5.7% | 5.50% | 2.5% - 5.6% |
Inflation rate | 2.8% | 1.7% - 2.8% | 3.35% | 1.8% - 2.6% |
It is noted that the ‘Funded Schemes’ relate to the wholly and partly funded UK schemes and six partially funded immaterial
European schemes. The ‘Un-funded Schemes’ covers all other European defined benefit schemes.
296
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
33 Pension Obligations (continued)
The table below gives an indication of the impact of a change in the principal actuarial assumptions on the funded defined
benefit scheme liabilities.
Assumption | Change in | Impact on plan liabilities | ||
| assumption | ||||
2025 | 2024 | |||
Funded Schemes | Discount rate | Increase/decrease by | Decrease by 7% / | Decrease by 6% / |
| 0.5% | increase by 5% | increase by 6% | ||
Un-funded Schemes | Discount rate | Increase by 0.25% | Decrease by 3% | Decrease by 3% |
Funded Schemes | Inflation rate | Increase/decrease by | Increase by 5% / | Increase by 3% / |
| 0.5% | decrease by 3% | decrease by 3% | ||
Un-funded Schemes | Inflation rate | Increase by 0.25% | Increase by 1% | Increase by 1% |
Funded Schemes | Mortality assumptions | Increase by 1 year | Increase by 3% | Increase by 3% |
Un-funded Schemes | Mortality assumptions | Increase by 1 year | Increase by 3% - 7% | Increase by 3% - 7% |
The sensitivity analyses above have been determined on a method that extrapolates the impact on the defined benefit
obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The sensitivity
analyses are based on a change in a significant assumption, keeping all other assumptions constant. The sensitivity analyses
may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions
would occur in isolation from one another.
Movements in net liability recognised in the Consolidated Statement of Financial Position
| 2025 | 2024 | |
| €m | €m | |
Net liability in schemes at 1 January | (37.5) | (37.0) |
Arising on acquisitions (Note 24) | (0.1) | (4.0) |
Employer contributions | 1.2 | 2.6 |
Recognised in consolidated income statement | (2.6) | (2.5) |
Recognised in consolidated statement of comprehensive income | 0.2 | 3.4 |
Effect of movement in exchange rates | 0.1 | - |
Net liability in schemes at 31 December | (38.7) | (37.5) |
Defined benefit pension income/(expense) recognised in the Consolidated Income Statement
| 2025 | 2024 | |
| €m | €m | |
Current service cost | (1.4) | (1.3) |
Other expenses | (0.1) | (0.2) |
Settlements of scheme obligations | - | 0.3 |
Total, included in operating costs | (1.5) | (1.2) |
Interest on scheme obligations | (9.0) | (9.1) |
Interest on scheme assets | 7.9 | 7.8 |
Net interest expense, included in finance expense (Note 4) | (1.1) | (1.3) |
297
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
33 Pension Obligations (continued)
Analysis of amount included in other comprehensive income
| 2025 | 2024 | |
| €m | €m | |
Actual return less interest on scheme assets | (3.5) | (14.2) |
Experience (loss)/gain arising on scheme liabilities | (0.6) | 0.8 |
Actuarial (loss)/gain arising from changes in demographic assumptions | (0.5) | 11.0 |
Actuarial gain arising from changes in financial assumptions | 4.8 | 5.8 |
Gain recognised in other comprehensive income | 0.2 | 3.4 |
The cumulative actuarial loss recognised in other comprehensive income to date is €38.6m (2024: €38.8m).
In 2025, the actual return on plan assets was a loss of €1.1m (2024: €11.6m).
Asset Classes and Expected Rate of Return
The assets in the scheme at each year end were as follows:
2025 | 2024 | |
| Asset Classes as % of Total Scheme Assets | ||
Equities | 11.4% | 9.5% |
Bonds (Corporates) | 0.5% | 0.4% |
Bonds (Gilts) | 5.5% | 6.4% |
Cash | 1.5% | 2.0% |
Property | 2.6% | 4.5% |
Liability Driven Investment | 11.0% | 9.9% |
Insurance Policy net of Insurance Premium due | 67.5% | 67.3% |
100% | 100% |
The net pension liability is analysed as follows:
| 2025 | 2024 | |||
| €m | €m | |||
| Funded | Un-funded | Funded | Un-funded | |
| Schemes | Schemes | Schemes | Schemes | |
Equities | 16.5 | - | 15.0 | - |
Bonds (Corporates) | 0.7 | - | 0.7 | - |
Bonds (Gilts) | 8.0 | - | 10.2 | - |
Cash | 2.1 | - | 3.2 | - |
Property | 3.8 | - | 7.1 | - |
Liability Driven Investment | 15.7 | - | 15.6 | - |
Insurance Policy net of Insurance Premium due | 96.9 | - | 106.7 | - |
Fair market value of plan assets | 143.7 | - | 158.5 | - |
Present value of obligation | (143.0) | (39.4) | (154.5) | (41.5) |
Surplus/(deficit) | 0.7 | (39.4) | 4.0 | (41.5) |
298
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
33 Pension Obligations (continued)
| 2025 | 2024 | |
| €m | €m | |
| Analysed between: | ||
Funded schemes’ surplus | 1.7 | 4.3 |
Unfunded obligations | (40.4) | (41.8) |
(38.7) | (37.5) | |
Related deferred tax asset | 4.5 | 5.9 |
| 2025 | 2024 | |
| €m | €m | |
| Changes in present value of defined benefit obligations | ||
At 1 January | 196.0 | 207.2 |
Arising on acquisitions (Note 24) | 0.7 | 4.0 |
Current service cost | 1.4 | 1.3 |
Other expenses | (0.2) | (0.2) |
Interest cost | 9.0 | 9.1 |
Benefits paid | (12.7) | (15.1) |
Settlement | (0.1) | (0.5) |
Actuarial (gains)/losses | (3.7) | (17.6) |
Effect of movement in exchange rates | (8.0) | 7.8 |
At 31 December | 182.4 | 196.0 |
| 2025 | 2024 | |
| €m | €m | |
| Changes in fair value of scheme assets during year | ||
At 1 January | 158.5 | 170.2 |
Arising on acquisitions (Note 24) | 0.6 | - |
Interest on scheme assets | 7.9 | 7.8 |
Employer contributions | (1.2) | 0.1 |
Benefits paid | (10.3) | (12.5) |
Settlement | (0.1) | (0.2) |
Other expenses | (0.3) | (0.5) |
Actual return less interest | (3.5) | (14.2) |
Effect of movement in exchange rates | (7.9) | 7.8 |
At 31 December | 143.7 | 158.5 |
The weighted average duration of the defined benefit obligation at 31 December 2025 was 9.5 years (2024: 10.5 years).
299
Financial Statements
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
300
Kingspan Group plc Annual Report & Financial Statements 2025
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
35 Contingent Liabilities (continued)
36 Events Subsequent To Year End
Subsequent to the reporting date, the decision has been made to not pursue an initial public offering (IPO) of Advnsys. This
event occurred after the reporting period and does not provide evidence of conditions that existed at the reporting date.
Accordingly, no adjustments have been made in the financial statements as of 31 December 2025.
There have been no other material events subsequent to 31 December 2025 which would require adjustment to, or disclosure in
this report.
37 Approval Of Financial Statements
The financial statements were approved by the directors on 24 February 2026.
301
Financial Statements
ALTERNATIVE PERFORMANCE MEASURES
The Group uses a number of metrics, which are non-IFRS measures, to monitor the performance of its operations.
The Group believes that these metrics assist investors in evaluating the performance of the underlying business. Given that
these metrics are regularly used by management, they also give the investor an insight into how Group management review and
monitor the business on an ongoing basis.
The principal APMs used by the Group are defined as follows:
Trading profit
This comprises the operating profit as reported in the Consolidated Income Statement before intangible asset amortisation and
non trading items. This equates to the Earnings Before Interest, Tax and Amortisation (“EBITA”) of the Group. Trading profit is
used by management as it excludes items which may hinder year on year comparisons.
2025 | 2024 | ||
Financial Statements Reference | €m | €m | |
Trading profit | Consolidated Income Statement | 955.1 | 906.7 |
Trading margin
Measures the trading profit as a percentage of revenue.
2025 | 2024 | ||
Financial Statements Reference | €m | €m | |
Trading profit | Consolidated Income Statement | 955.1 | 906.7 |
Revenue | Consolidated Income Statement | 9,199.0 | 8,608.0 |
Trading margin | 10.4% | 10.5% |
EBITDA
The Group defines EBITDA as earnings before net finance expenses, income taxes, depreciation, amortisation and non trading
item.
2025 | 2024 | ||
Financial Statements Reference | €m | €m | |
Trading profit | Consolidated Income Statement | 955.1 | 906.7 |
Share of associates’ profit after tax | Consolidated Income Statement | 2.1 | 1.7 |
Depreciation | Consolidated Statement of Cash Flows | 263.1 | 231.9 |
EBITDA | 1,220.3 | 1,140.3 |
Free cash flow
Free cash flow is the cash generated from operations after net capital expenditure, interest received, income taxes paid,
government grants received and lease payments and reflects the amount of internally generated capital available for re-
investment in the business or for distribution to shareholders.
2025 | 2024 | ||
Financial Statements Reference | €m | €m | |
Net cash flow from operating activities | Consolidated Statement of Cash Flows | 819.7 | 894.5 |
Additions to property, plant and equipment | Consolidated Statement of Cash Flows | (365.1) | (366.3) |
Additions to intangible assets | Consolidated Statement of Cash Flows | (0.1) | (0.4) |
Proceeds from disposals of property, plant and equipment | Consolidated Statement of Cash Flows | 22.8 | 32.9 |
Receipt of government grants | Consolidated Statement of Cash Flows | 16.6 | - |
Finance income received | Consolidated Statement of Cash Flows | 13.3 | 17.4 |
Lease payments | Consolidated Statement of Cash Flows | (77.9) | (68.7) |
Free cash flow | 429.3 | 509.4 |
302
Kingspan Group plc Annual Report & Financial Statements 2025
ALTERNATIVE PERFORMANCE MEASURES (CONTINUED)
Return on capital employed (ROCE)
ROCE is trading profit plus share of profit of associates as a percentage of net assets employed at the end of each reporting
period, which excludes net debt and adjusts for cumulative amortisation of intangibles not fully amortised.
2025 | 2024 | ||
Financial Statements Reference | €m | €m | |
| Consolidated Statement of Financial | |||
| Net assets | Position | 4,732.3 | 4,590.8 |
Add back accumulated amortisation of intangible assets not fully amortised | 175.6 | 139.2 | |
Net debt | Note 18 | 1,883.6 | 1,573.0 |
6,791.5 | 6,303.0 | ||
Trading profit | Consolidated Income Statement | 955.1 | 906.7 |
Share of associate’s profit after tax | Consolidated Income Statement | 2.1 | 1.7 |
957.2 | 908.4 | ||
Return on capital employed | 14.1% | 14.4% |
Banking Covenants
The Net debt: EBITDA and the EBITDA: Net Interest ratios disclosed in this report are calculated in accordance with the terms
and conditions of the covenants as set out in the Group’s external borrowing arrangements. Therefore, EBITDA and Net Interest
are adjusted to exclude the impact of IFRS 16 Leases for these calculations.
Net debt
Net debt represents the net total of current and non-current borrowings, current and non-current derivative financial
instruments, (excluding foreign currency derivatives which are used for transactional hedging), and cash and cash equivalents
as presented in the Consolidated Statement of Financial Position. Lease liabilities recognised due to the implementation of
IFRS 16 and deferred contingent consideration have also been excluded from the calculation of net debt. Consistent with
the 2024 APMs, this definition is in accordance with the terms and conditions of the covenants as set out in the Group’s
external borrowing arrangements.
2025 | 2024 | ||
Financial Statements Reference | €m | €m | |
Net debt | Note 18 | 1,883.6 | 1,573.0 |
Net debt : EBITDA
Net debt as a ratio to 12 month EBITDA. For the purpose of this calculation, EBITDA is solely adjusted for the impact
of IFRS 16 Leases.
2025 | 2024 | ||
Financial Statements Reference | €m | €m | |
EBITDA | 1,220.3 | 1,140.3 | |
Lease liability payments | Consolidated Statement of Cash Flows | (77.9) | (68.7) |
EBITDA (adjusted for the impact of IFRS 16) | 1,142.4 | 1,071.6 |
2025 | 2024 | ||
Financial Statements Reference | €m | €m | |
Net debt | Note 18 | 1,883.6 | 1,573.0 |
EBITDA (adjusted for the impact of IFRS 16) | 1,142.4 | 1,071.6 | |
Net debt: EBITDA times | 1.65 | 1.47 |
303
Financial Statements
ALTERNATIVE PERFORMANCE MEASURES (CONTINUED)
Net interest
The Group defines net interest as the Group’s interest expense on borrowings net of bank interest receivable. The impact of IFRS
16 Leases is excluded from the calculation which is consistent with the terms and conditions of the covenants as set out in the
Group’s external borrowing arrangements.
2025 | 2024 | ||
Financial Statements Reference | €m | €m | |
Bank loan interest | Note 4 | 31.2 | 21.6 |
Private placement loan note and bond interest | Note 4 | 36.9 | 37.3 |
Bank interest earned | Note 4 | (8.1) | (15.6) |
Net Interest | 60.0 | 43.3 |
Working capital
Working capital represents the net total of inventories, trade and other receivables and trade and other payables, net of
transactional foreign currency derivatives excluded from net debt.
2025 | 2024 | ||
Financial Statements Reference | €m | €m | |
Inventories | Note 14 | 1,215.8 | 1,197.1 |
Trade and other receivables | Note 15 | 1,497.0 | 1,390.2 |
Trade and other payables | Note 16 | (1,593.8) | (1,560.2) |
Foreign currency derivatives excluded from net debt | Note 20 | 6.1 | 0.1 |
Working capital | 1,125.1 | 1,027.2 |
Working capital ratio
Measures working capital as a percentage of October to December turnover annualised. The annualisation of turnover reflects
the current profile of the Group rather than a partial reflection of any acquisitions completed during the period.
2025 | 2024 | ||
Financial Statements Reference | €m | €m | |
Working capital | 1,125.1 | 1,027.2 | |
October - December turnover annualised | 9,421.0 | 8,986.2 | |
Working capital ratio | 11.9% | 11.4% |
Total shareholder return (TSR)
Total shareholder return (TSR) is a key performance metric for the Performance Share Plan (PSP).
The methodology for calculating the total shareholder return assumes the following: the open price is set as the closing price
of the final trading day prior to the beginning of the performance period; the close price is set as the closing price on the final
trading day of the performance period; the calculation assumes all dividends are reinvested on the ex-dividend date, at the
closing price on that day.
2025 | 2024 | ||
Financial Statements Reference | % | % | |
Total Shareholder Return | Page 43 | +6.1% | (9.5%) |
304
Kingspan Group plc Annual Report & Financial Statements 2025
PRINCIPAL SUBSIDIARIES
AND SUBSTANIAL UNDERTAKINGS
| % | Nature of | |
| Advnsys | Shareholding | Business |
| Australia | ||
| Kingspan Water & | 95 | Manufacturing |
| Energy Pty Limited | ||
Tate Asia-Pacific Pty Limited | 100 | Sales & Marketing |
| Belgium | ||
| Kingspan Access | 100 | Manufacturing |
| Floors Europe NV | ||
Provan Group BV | 100 | Manufacturing |
Provan NV | 100 | Manufacturing |
| Canada | ||
Tate ASP Access Floors Inc. | 100 | Manufacturing |
| France | ||
Kingspan Light Air SASU | 100 | Sales & Marketing |
Skydôme SASU | 100 | Manufacturing |
| Germany | ||
Colt International GmbH | 100 | Manufacturing |
Kingspan Light + Air GmbH | 100 | Manufacturing |
Kingspan Services GmbH | 100 | Sales & Marketing |
Kingspan STG GmbH | 100 | Manufacturing |
Tate Global GmbH | 100 | Manufacturing |
| Ireland | ||
Kingspan Light & Air Limited | 100 | Manufacturing |
Kingspan Tate Limited | 100 | Sales & Marketing |
Mr. Vent Limited | 70 | Sales & Marketing |
RXL Limited | 70 | Manufacturing |
| Netherlands | ||
| Kingspan Light + Air | 100 | Manufacturing |
| Netherlands B.V. | ||
| Malaysia | ||
Tate Global Sdn. Bhd. | 100 | Sales & Marketing |
| Poland | ||
Mercor Light & Vent Sp Z.o.o | 100 | Manufacturing |
| Portugal | ||
| Sandometal - Metalomecânica | 100 | Manufacturing |
| e Ar Condicionado S.A. | ||
| Singapore | ||
Colt Ventilation East Asia Pte Ltd | 100 | Sales & Marketing |
| Spain | ||
Kingspan Suelo Tecnico S.L. | 100 | Sales & Marketing |
| % | Nature of | |
| Advnsys | Shareholding | Business |
| United Kingdom | ||
Colt Group Limited | 100 | Holding Company |
Colt International Limited | 100 | Manufacturing |
Kingspan Water & Energy Limited | 100 | Manufacturing |
| Tate Global Solutions | 100 | Holding Company |
| (Holdings) Limited | ||
Tate Global Solutions Limited | 100 | Manufacturing |
| United States | ||
ASM Modular Systems Inc. | 100 | Manufacturing |
Kingspan Light & Air LLC | 100 | Manufacturing |
RXL Inc. | 70 | Manufacturing |
Tate Access Floors Inc. | 100 | Manufacturing |
| Vietnam | ||
Fabtek Joint Stock Company | 99.8 | Manufacturing |
| % | Nature of | |
| Insulated Business Envelopes | Shareholding | Business |
| Austria | ||
Kingspan GmbH | 100 | Sales & Marketing |
| Belgium | ||
Joris Ide NV | 100 | Manufacturing |
| Bosnia and Herzegovina | ||
Kingspan d.o.o. Banja Luka | 100 | Sales & Marketing |
| Brazil | ||
| Kingspan-Isoeste Construtivos | 51 | Manufacturing |
| Isotérmicos SA | ||
| Bulgaria | ||
Onduline Stroitelni Materiali LLC | 100 | Sales & Marketing |
| Canada | ||
| Kingspan Insulated | 100 | Manufacturing |
| Panels Limited | ||
Vicwest Inc. | 100 | Manufacturing |
| Chile | ||
Villalba SA | 51 | Manufacturing |
| China | ||
Chemprogress HK Limited | 100 | Sales & Marketing |
| Colombia | ||
Kingspan Paneles Aislados SAS | 60 | Manufacturing |
305
Financial Statements
PRINCIPAL SUBSIDIARIES
AND SUBSTANIAL UNDERTAKINGS (CONTINUED)
| % | Nature of | |
| Insulated Business Envelopes | Shareholding | Business |
| Croatia | ||
Kingspan d.o.o. | 100 | Sales & Marketing |
| Czechia | ||
Kingspan AS Denmark | 100 | Manufacturing |
Hetag IFA Tagdaekning A/S | 40 | Sales & Marketing |
Hetag Tagdækning Syd A/S | 40 | Manufacturing |
LOGSTOR Denmark Holding ApS | 100 | Manufacturing |
Troldtekt A/S | 100 | Manufacturing |
| Estonia | ||
Aktsiaselts Toode | 100 | Manufacturing |
| Finland | ||
Kerabit Kattoelementit Oy | 100 | Manufacturing |
Kingspan Oy | 100 | Sales & Marketing |
| France | ||
B.A.C. Acier SAS | 100 | Manufacturing |
| Comptoir du Batiment | 100 | Manufacturing |
| et de L'Industrie SAS | ||
Isocab France SASU | 100 | Manufacturing |
Joris Ide Auvergne SASU | 100 | Manufacturing |
Joris Ide Sud Ouest SAS | 100 | Manufacturing |
Metal SASU | 100 | Manufacturing |
Onduline France SASU | 100 | Manufacturing |
Profinord SASU | 100 | Manufacturing |
| Societe Bretonne de | 100 | Manufacturing |
| Profilage SASU | ||
| Germany | ||
Alwitra GmbH | 100 | Manufacturing |
| CaPlast Kunststoffverarbeitungs | 100 | Manufacturing |
| GmbH | ||
Joris Ide Deutschland GmbH | 100 | Manufacturing |
Kingspan GmbH | 100 | Sales & Marketing |
| Kingspan Insulation | 100 | Manufacturing |
| GmbH & Co. KG | ||
| Kingspan Mineral | 100 | Manufacturing |
| Insulation GmbH | ||
LOGSTOR Deutschland GmbH | 100 | Sales & Marketing |
STEICO SE | 61 | Manufacturing |
| % | Nature of | |
| Insulated Business Envelopes | Shareholding | Business |
| Hungary | ||
Kingspan Kft | 100 | Manufacturing |
| India | ||
Kingspan Jindal Private Limited | 51 | Manufacturing |
| Indonesia | ||
PT Onduline Indonesia | 100 | Sales & Marketing |
| Ireland | ||
Kingspan Limited | 100 | Manufacturing |
Kingspan Insulation Limited | 100 | Manufacturing |
| Italy | ||
Onduline Italia S.r.l. | 100 | Manufacturing |
| Latvia | ||
Balex Metal SIA | 100 | Manufacturing |
| Lithuania | ||
Balex Metal UAB | 100 | Sales & Marketing |
| Malaysia | ||
| Onduline Building Materials | 100 | Manufacturing |
| (M) SDN BHD | ||
| Mexico | ||
| Kingspan Insulated | 100 | Manufacturing |
| Panels SA DE CV | ||
| Netherlands | ||
Derbigum Nederland B.V. | 100 | Manufacturing |
Joris Ide Nederland B.V. | 100 | Manufacturing |
Kingspan B.V. | 100 | Sales & Marketing |
Kingspan Insulation B.V. | 100 | Manufacturing |
Kingspan Unidek B.V. | 100 | Manufacturing |
LOGSTOR Nederland B.V. | 100 | Sales & Marketing |
| New Zealand | ||
Kingspan Insulation NZ Limited | 100 | Manufacturing |
| Norway | ||
Nordic Waterproofing AS Panama | 100 | Sales & Marketing |
Synthesia Technology SA | 100 | Manufacturing |
306
Kingspan Group plc Annual Report & Financial Statements 2025
PRINCIPAL SUBSIDIARIES
AND SUBSTANIAL UNDERTAKINGS (CONTINUED)
| % | Nature of | |
| Insulated Business Envelopes | Shareholding | Business |
| Paraguay | ||
Kingspan MV Aceros SA | 51 | Manufacturing |
| Peru | ||
Synthesia Technology SAC | 100 | Sales & Marketing |
| Philippines | ||
OFIC Philippines Inc. | 100 | Sales & Marketing |
| Poland | ||
Balex Metal Sp. Z o.o. | 100 | Manufacturing |
Corotop SA | 100 | Manufacturing |
Kingspan Sp. Z o.o. | 100 | Manufacturing |
LOGSTOR International Sp. Z o.o. | 100 | Manufacturing |
STEICO Sp. Z o.o. | 61 | Manufacturing |
| Portugal | ||
| Alaço - Revestimentos | 100 | Manufacturing |
| Metalicos SA | ||
| Romania | ||
Terasteel SA | 99 | Manufacturing |
Wetterbest SA | 100 | Manufacturing |
| Saudi Arabia | ||
Kingspan Company for Manufacturing LLC | 100 | Manufacturing |
| Serbia | ||
TeraSteel d.o.o. Leskovac | 100 | Manufacturing |
| Slovakia | ||
Balex Metal AS Slovenia | 100 | Manufacturing |
Kingspan d.o.o. | 100 | Sales & Marketing |
| Spain | ||
Huurre Iberica SA | 100 | Manufacturing |
Kingspan Insulation SAU | 100 | Manufacturing |
Teczone Española SA | 100 | Manufacturing |
| % | Nature of | |
| Insulated Business Envelopes | Shareholding | Business |
| Sweden | ||
Nordic Waterproofing AB | 100 | Manufacturing |
| Switzerland | ||
LOGSTOR Schweiz AG | 100 | Sales & Marketing |
| Thailand | ||
| Kingspan Insulated Panels | 70 | Manufacturing |
| (Thailand) Company Limited | ||
| Türkiye | ||
Kingspan Yapi Elemanlari A.S. | 51 | Manufacturing |
| Onduline Avrasya Insaat | 100 | Manufacturing |
| Malzemeleri Sanayi | ||
| Ve Ticaret A.S. | ||
| Ukraine | ||
Kingspan-Ukraine LLC | 100 | Sales & Marketing |
| United Arab Emirates | ||
| Kingspan Insulated Panels | 100 | Manufacturing |
| Manufacturing LLC | ||
| United Kingdom | ||
Euroclad Group Limited | 100 | Manufacturing |
Kingspan Insulation Limited | 100 | Manufacturing |
Kingspan Limited | 100 | Manufacturing |
| United States | ||
Kingspan Insulated Panels Inc. | 100 | Manufacturing |
Kingspan Insulation LLC | 100 | Manufacturing |
Morin Corporation | 100 | Manufacturing |
| Pre-insulated Metal | 100 | Manufacturing |
| Technologies Inc. | ||
| Uruguay | ||
Bromyros SA | 51 | Manufacturing |
| Vietnam | ||
Kingspan Company Limited | 100 | Manufacturing |
307
Financial Statements
PRINCIPAL SUBSIDIARIES
AND SUBSTANIAL UNDERTAKINGS (CONTINUED)
| % | Nature of | |
| Corporate | Shareholding | Business |
| Ireland | ||
Kingspan Holdings (Irl) Limited | 100 | Management & |
| Procurement | ||
| Kingspan Holdings (North | 100 | Holding Company |
| America) Limited | ||
| Kingspan Holdings | 100 | Holding Company |
| (Overseas) Limited | ||
Kingspan Holdings Limited | 100 | Holding Company |
| Kingspan International | 100 | Finance Company |
| Finance Unlimited Company | ||
Kingspan Nominees Limited | 100 | Holding Company |
| Kingspan Securities | 100 | Finance Company |
| (Ireland) DAC | ||
Kingspan Securities Limited | 100 | Finance Company |
| Germany | ||
Kingspan Holding GmbH | 100 | Holding Company |
| Netherlands | ||
| Kingspan Holding | 100 | Holding Company |
| Netherlands B.V. | ||
| United Kingdom | ||
Kingspan Group Limited | 100 | Holding Company |
Kingspan Services (UK) Limited | 100 | Holding Company |
Kingspan UK Financing Limited | 100 | Finance Company |
| United States | ||
Kingspan Holdings Panels US Inc. | 100 | Holding Company |
Pursuant to section 316 of the Companies Act 2014, a full list
of subsidiaries, joint ventures and substantial undertakings will
be annexed to the Company’s Annual Return to be filed in the
Companies Registration Office in Ireland.
308
Kingspan Group plc Annual Report & Financial Statements 2025
309
Financial Statements
SHAREHOLDER INFORMATION
Stock exchange listing
The Company’s shares are listed on the main market of the
Euronext Dublin Stock Exchange.
Share registrar
Computershare Investor Services (Ireland) Limited
(“Computershare”) maintains the Company’s register of
members. Should a shareholder have any queries in respect
of their shareholding, they should contact Computershare
directly using the contact details provided below:
The Company Registrar:
Computershare Investor Services (Ireland) Limited,
3100 Lake Drive,
Citywest Business Campus,
Dublin 24,
D24 AK82.
Telephone number +353 1 447 5103.
Dematerialisation
Under the EU Central Securities Depositories Regulation (EU)
909/2014 (“CSDR”), all securities of Irish issuers admitted
to trading or traded on trading venues in the European
Economic Area were required to be represented in book-
entry form by 1 January 2025. Book-entry form refers to
an electronic record of ownership, eliminating the need
for physical documents such as share certificates. In line
with CSDR, from 1 January 2023, all new share issuances
in the Company have been held in book-entry form, and
on 1 January 2025, all remaining shares transitioned to this
format. Share certificates previously issued to shareholders
became invalid on 1 January 2025 and have been replaced
by book-entry balances maintained by our share registrar,
Computershare Investor Services (Ireland) Limited. For more
information, please visit the Dematerialisation section of our
website at www.kingspan.com or contact the Company’s
Registrar, Computershare.
Amalgamation of shareholding accounts
Shareholders who receive duplicate sets of Company mailings
due to multiple accounts in their name should write to the
Company’s Registrar to have their accounts amalgamated.
Annual General Meeting
The Annual General Meeting (AGM) of the Company will be
held on Thursday, 30 April 2026 at 9.00 a.m.
Notice of the 2026 AGM will be made available to view online
at www.kingspan.com/agm2026.
Shareholders’ right to table draft
resolutions and to put items on
the agenda
A shareholder or a group of shareholders holding 3% of the
issued share capital, representing at least 3% of the total
voting rights of all shareholders who have a right to vote at
the meeting, have a right to table a draft resolution for an
item on the agenda of the meeting subject to any contrary
provisions in company law. In the case of the 2026 Annual
General Meeting, the latest date for submission of such
requests is 19 March 2026 (being 42 days prior to the date of
the meeting).
The request:
» may be in hard copy form or in electronic form;
» must set out in writing details of the draft resolution in
full or, if supporting a draft resolution sent by another
shareholder, clearly identify the draft resolution which is
being supported;
» must be authenticated by the person or persons making
it (by identifying the shareholder or shareholders meeting
the qualification criteria and, if in hard copy, by being
signed by the shareholder or shareholders); and
» must be received by the Company not later than 42 days
before the meeting to which the request relates.
In addition to the above, the request must be made in
accordance with one of the following ways:
» a hard copy request which is signed by the
shareholder(s), states the full name and address of the
shareholder(s) and is sent to the Company Secretary,
Kingspan Group plc, Head Office, Dublin Road,
Kingscourt, Co Cavan, Ireland; or
» a request which states the full name and address of the
‘Shareholder Reference Number’ (SRN), as printed on the
accompanying Form of Proxy of the shareholder(s) and is
sent to [email protected].
A draft resolution must not be such as would be incapable of
being passed or otherwise be ineffective (whether by reason
of inconsistency with any enactment or the Company’s
Memorandum and Articles of Association or otherwise). Any
draft resolution must not be defamatory of any person.
310
Kingspan Group plc Annual Report & Financial Statements 2025
CORPORATE INFORMATION
Company Information
Kingspan Group plc was incorporated on 14 August 1979. It
is an Irish domiciled company, and the registered office is
Kingspan Group plc, Dublin Road, Kingscourt, Co. Cavan, A82
XY31, Ireland. The registered company number of Kingspan
Group plc is 70576.
Financial calendar
Preliminary results 20 February 2026
Trading update 30 April 2026
AGM 30 April 2026
Half-yearly results 7 August 2026
Trading update 9 November 2026
Banks
Bank of America Merrill Lynch HSBC Bank plc
ING Bank NV BNP Paribas
Commerzbank Danske Bank AS
KBC Bank NV NatWest Bank Plc
Bank of Ireland Unicredit Bank AG
Stockbrokers
Goodbody, Bank of America Merrill Lynch,
9-12 Dawson St, 2 King Edward St,
Dublin 2, Farringdon,
D02 YX99, London,
Ireland. EC1A 1HQ,
England.
Auditor
Ernst & Young,
Chartered Accountants,
EY Building,
Harcourt Centre,
Harcourt Street,
Dublin 2,
Ireland.
Solicitors
McCann FitzGerald,
Riverside One,
Sir John Rogerson’s Quay,
Dublin 2,
D02 X576,
Ireland.
311
Financial Statements
SKYLINE GONDOLA
Queenstown, New Zealand
Insulated Building Envelopes
KS1000RW Trapezoidal Roof Panel
Photography: Wyatt + Gray Architects
GROUP FIVE YEAR SUMMARY
Results (€m) 2025 2024 2023 2022 2021
Revenue 9,199.0 8,608.0 8,090.6 8,340.9 6,497.0
Trading profit 955.1 906.7 876.9 833.2 754.8
Net profit before tax 851.5 831.8 794.2 746.6 689.0
Operating cashflow 1,021.9 1,137.3 1,368.6 884.0 490.6
Equity (€m) 2025 2024 2023 2022 2021
Gross assets 9,820.7 9,819.5 8,001.6 7,681.4 6,387.9
Working capital 1,125.1 1,027.2 872.2 1,195.9 977.8
Total shareholder equity 4,732.3 4,590.8 3,947.8 3,395.5 2,959.3
Net debt 1,883.6 1,573.0 979.5 1,539.6 756.1
Ratios 2025 2024 2023 2022 2021
Net debt as % of total shareholders’ equity 39.8% 34.3% 24.8% 45.3% 25.5%
Current assets / current liabilities 1.37 1.60 1.65 1.78 1.80
Net debt / EBITDA 1.65 1.47 0.97 1.62 0.88
Per Ordinary Share (€cent) 2025 2024 2023 2022 2021
Earnings 370.0 365.2 352.3 329.5 305.6
Operating cashflows 563.4 624.1 752.9 487.1 270.5
Net assets 2,608.9 2,519.3 2,171.8 1,870.9 1,631.8
Dividends 55.5 54.8 52.9 49.4 45.9
Average number of employees 27,955 25,401 22,384 20,590 17,880
754.8
305.6
45.9
6,497.0
8,340.9
833.2
32 9.5
49.4
876.9
352.3
52.9
Revenue (€m)
Trading Profit (€m)
EPS (€cent)
DPS (€cent)
8,608.0
906.7
365.2
54.8
2021
2022
2023
8,0 9 0.6
2024
2025
2021
2022
2023
2024
2025
2021
2022
2023
2024
2025
2021
2022
2023
2024
2025
9,199.0
955.1
370.0
55.5
312
Kingspan Group plc Annual Report & Financial Statements 2025
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design: reddog.ie
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Turku, Finland
Insulated Building Envelopes
Paroc AST
®
L panel; AST
®
L
acoustic panel
Photography: Dariusz Kaczor
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Dublin Road, Kingscourt
Co. Cavan, Ireland, A82 XY31
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Email: [email protected]
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KINGSPAN GROUP PLC ANNUAL REPORT & FINANCIAL STATEMENTS 2025