Armacell presents its financial results for the year 2023

Armacell, a global player in the flexible foam insulation market for equipment and a provider of technical foams, announced a 3.7% increase in its net sales reaching 836.1 million euros in 2023. The result is attributed to the growth in volumes in key insulation segments, the introduction of new products, merger and acquisition activities, and price increases to offset higher input costs. This is despite weaker demand in the wind sector and residential equipment.

The company also achieved an adjusted EBITDA of 154.6 million euros, up from 120.7 million euros in 2022, mainly thanks to volume growth, additional cost reductions, price increases to cover inflation, and contributions from mergers and acquisitions. This performance reflects an adjusted EBITDA margin of 18.5%.

In 2023, Armacell continued to strengthen its operations in passive fire protection and the acoustic domain. Furthermore, the CEO transition is progressing well, with Patrick Mathieu joining the supervisory board at the end of March 2024 and Laurent Musy taking over in April 2024. Armacell is rated B- by Standard & Poor’s and B3 by Moody’s.