COMMUNIQUÉ RÉGLEMENTÉ

par RECTICEL (EBR:RECT)

Recticel reports H1 profit growth as it completes its first year as a building sustainability specialist

PRESS RELEASE

Regulated information – Inside information      

Brussels, 30 August 2024 – 07:00 CET                 

Recticel reports H1 profit growth as it completes its first year as a building sustainability specialist

•     Net sales increased from EUR 266.1 million in H1 2023 to EUR 298.6 million in H1 2024    [1] (+12.2%

of which 2.6% organic), with growth accelerating from +10.1% in Q1 to +14.2% in Q2

•     Underlying double digit organic volume growth both in Insulation Boards and Insulated Panels in flat or contracting Western European markets 

•     Adjusted EBITDA: from EUR 18.2 million to EUR 25.1 million (+37.9%)1 and from 6.8% to 8.4% margin on sales, with progress in all activities

•     Net cash position: EUR 58.1 million (31 December 2023: EUR 161.9 million) reflecting the acquisition of REX and seasonal working capital peak

European markets have largely remained slow in the first half with adverse weather conditions causing delays in some construction sites. While the residential sector has continued to underperform, the commercial market has shown more resilience. 

We do believe that we may have reached the bottom of the cycle in most Western European markets and we start to see a return to market growth in the UK. 

After a pre-Easter price hike in A-Chemicals, prices for raw materials have dropped, with potential to drop further in the second half of 2024.

Jan Vergote, CEO Recticel

 

“Our H1 2024 results confirm the effectiveness of our market driven strategy. 

In Insulation Boards, we are lowering our cost base and increasing sales volumes. Our operational value creation is succesful. Our recent substantial expansion of the Belgian and French plants is on stream. We are building up our innovation pipeline and are launching 15 new Insulation Boards products over the next 18 months. 

 

At the same time, we are successfully rolling out Trimo’s premium Insulated Panels strategy throughout Western Europe. The integration of Rex panels is on track.

 

In the first half-year 2024, our Soundcoat Acoustic Insulation materials have been used by all major US aerospace companies including SpaceX, Blue Origin, Boeing and Rocket Lab.

We are proud to confirm that Recticel’s net-zero targets were approved by SBTi in Q1 2024.

 

We remain focused on significant growth of the business and are well positioned to execute M&A initiatives, which we evaluate on a permanent basis.”

 

OUTLOOK

 

We see continued volume growth in H2 2024, albeit in comparison with a strong H2 2023.  Adjusted EBITDA is expected to land around EUR 50 million.

            

image 

CONSOLIDATED GROUP RESULTS – KEY FIGURES

in million EUR

1H2023

1H2024²

%

Sales

266.1

298.6

12.2%

Gross profit

45.5

54.1

19.0%

as % of sales

17.1%

18.1%

Adjusted EBITDA

18.2

25.1

37.9%

as % of sales

6.8%

8.4%

EBITDA

15.9

21.9

37.9%

as % of sales

6.0%

7.3%

Adjusted operating profit (loss)

6.7

9.8

47.2%

as % of sales

2.5%

3.3%

Operating profit (loss)

4.0

6.6

63.3%

as % of sales

1.5%

2.2%

Financial result

(6.2)

2.2

n.m.

Income from other associates³

(1.8)

0.0

n.m.

Impairment other associates

(3.9)

0.0

n.m.

Change in fair value of option structures

0.0

0.0

n.m.

Income taxes

(3.1)

(4.3)

n.m.

Result of the period of continuing operations

(10.9)

4.5

n.m.

Result of discontinued operations¹

13.0

2.0

-84.6%

Result of the period (share of the Group)

2.2

6.6

199.5%

 

 

 

 

Result of the period (share of the Group) - base (per share, in EUR)

0.04

0.12

199.2%

 

 

 

 

31 DEC 2023

30 JUN 2024

%

Total equity

438.0

432.0

-1.4%

Net financial debt (incl. IFRS 16 - Leases)

(161.9)

(58.1)

n.m.

Gearing ratio (Net financial debt / Total equity)

N/A

N/A

 

Leverage ratio (Net financial debt / EBITDA)

N/A

N/A

 

A change in the scope of consolidation took place in H1 2024: the acquisition of REX Panels & Profiles SA (100%) on 10 January 2024.

 

 

Sales: from EUR 266.1 million in H1 2023 to EUR 298.6 million in H1 2024.

Q2 2024 sales increased by 14.2% from EUR 138.4 million in 2023 to EUR 158.0 million, including  0.6% currency effect.

H1 2024 sales increased by 12.2% from EUR 266.1 million to EUR 298.6 million, including 0.7% currency impact. 

 

Adjusted EBITDA: from EUR 18.2 million in H1 2023 to EUR 25.1 million in H1 2024. Adjusted EBITDA margin on sales increased from 6.8% to 8.4%.

Adjusted operating profit (loss): from EUR 6.7 million in H1 2023 to EUR 9.8 million in H1 2024. Adjusted operating profit (loss) margin on sales increased from 2.5% to 3.3%.

 

Adjustments to Operating profit (loss) on continuing operations in H1 2024 amount to  EUR -3.2 million and include:

•     EUR -2.8 million of restructuring costs;

•     EUR -0.5 million of other adjustments: mainly M&A related transaction and legal costs.

image

1   As announced in the press release of 14 June 2023, the Engineered Foams activities have been fully divested and accounted for as Discontinued Operations (IFRS 5).

2   REX Panels & Profiles (Insulated Panels) is fully consolidated as of 10 January 2024.

3   Income from other associates: income from associates not considered as being part of the Group’s core business are not integrated in Operating profit (loss); i.e. TEMDA2 (Ascorium, formerly Automotive Interiors).

EBITDA: from EUR 15.9 million in H1 2023 to EUR 21.9 million in H1 2024. EBITDA margin on sales increased from 6.0% to 7.3%.

Operating profit (loss): from EUR 4.0 million in H1 2023 to EUR 6.6 million in H1 2024. Operating profit (loss) margin on sales increased from 1.5% to 2.2%.

 

Financial result: from EUR -6.2 million in H1 2023 to EUR 2.2 million in H1 2024.

Interest charges decreased from EUR -6.7 million in H1 2023 to EUR -1.3 million in H1 2024 following  the proceeds from the divestment of Engineered Foams to Carpenter Co.  Consequently the interest income has increased due to the cash position from EUR +0.6 million in H1 2023 to EUR 3.1 million in H1 2024.

Income and impairment from other associates: from EUR -5.6 million in H1 2023 to EUR 0 million in H1 2024 relates primarily to the partial impairment of the TEMDA2 investment value (at 49%).  

Income and deferred taxes: from EUR -3.1 million in H1 2023 to EUR -4.3 million in H1 2024.

•     Current income tax: from EUR -2.3 million in H1 2023 to EUR -3.3 million in H1 2024; current tax charges increase in line with the higher results.

•     Deferred tax: from EUR -0.7 million in H1 2023 to EUR -1.0 million in H1 2024; 

Result of the period of continuing operations: from EUR -10.9 million in H1 2023 to EUR +4.5 million in H1 2024.

Result from discontinued operations: from EUR 13.0 million in H1 2023 to EUR 2.0 million in H1 2024.

The result from discontinued operations in H1 2024 mainly represents the net capital gain as a result of the final agreement and settlement of the Completion Accounts on 5 July 2024 on the disposal of the Engineered Foams activities sold to Carpenter Co. amounting to EUR +2.0 million and composed of the following items:

•     gain on the divestment of Engineered Foams: EUR +2.3 million; 

•     direct attributable transaction costs: EUR -0.3 million.

The total result (restated) of discontinued operations in H1 2023 was composed of:

•     the result until 12 June 2023 of the Engineered Foams activities sold to Carpenter Co.  (EUR -0.5 million);

•     the net capital gain on the disposal of the Engineered Foams activities sold to Carpenter Co. amounting to EUR +10.7 million;

•     the result of the Aquinos closing account settlement (including the release of the closing accounts provision and the interest on the Aquinos receivable (EUR +2.0 million).

 

Consolidated result of the period (share of the Group): from EUR 2.2 million in H1 2023 to EUR 6.6 million in H1 2024.

 

FINANCIAL POSITION

in million EUR

 

30 JUN 2023

31 DEC 2023

30 JUN 2024

Total equity

433.6

438.0

432.0

Net financial debt excluding factoring

(151.0)

(173.2)

(72.9)

+ Lease debt (IFRS 16)

8.8

11.3

14.9

Net financial debt

(142.3)

(161.9)

(58.1)

+ Drawn amounts under factoring programs

0.0

0.0

0.0

Total net financial debt

(142.3)

(161.9)

(58.1)

Gearing ratio (incl. IFRS 16)

N/A

N/A

N/A

Leverage ratio (incl. IFRS 16)

N/A

N/A

N/A

 

APPENDICES

 

All figures and tables contained in these annexes have been compiled in accordance with the IFRS accounting and valuation principles, as adopted within the European Union. The applied valuation principles, as published in the latest annual report at 31 December 2023, were applied for the figures included in this press release.

The analysis of the risk management is described in the annual report and the IAS 34 Interim report per 30 June 2024, both which are available fromwww.recticel.com.

 

CONSOLIDATED INCOME STATEMENT

in thousand EUR  

 

1H2023

1H2024²

Sales

266,119

298,614

Cost of sales

(220,646)

(244,489)

Gross profit

45,473

54,125

General and administrative expenses

(24,104)

(28,130)

Sales and marketing expenses

(15,490)

(14,749)

Research and development expenses

(2,104)

(2,734)

Impairment of goodwill, intangible and tangible assets

(293)

0

Other operating revenues

2,470

2,544

Other operating expenses

(1,928)

(4,485)

Income from associates

0

0

Operating profit (loss)

4,024

6,570

Interest income

668

2,686

Interest expenses

(6,711)

(828)

Other financial income

2,142

1,264

Other financial expenses

(2,275)

(887)

Financial result

(6,176)

2,236

Income from other associates

(1,772)

0

Impairment other associates

(3,874)

0

Change in fair value of option structures

0

0

Result of the period before taxes

(7,798)

8,805

Income taxes

(3,076)

(4,266)

Result of the period after taxes - continuing operations

(10,874)

4,539

Result of discontinued operations

12,973

2,002

Result of the period after taxes - continuing and discontinued operations

2,100

6,542

of which share of the Group

2,209

6,617

of which non-controlling interests

(110)

(75)

³

³

¹

image

1   As announced in the press release of 14 June 2023, the Engineered Foams activities have been fully divested and accounted for as Discontinued Operations (IFRS 5).

2   REX Panels & Profiles SA is fully consolidated as of 10 January 2024.

3   Income from other associates: income from associates not considered as being part of the Group’s core business are not integrated in Operating profit (loss); i.e. TEMDA2 (Ascorium, formerly Automotive Interiors).

            

EARNINGS PER SHARE

 

1H2023

1H2024

Number of shares outstanding (including treasury shares)

56,230,920

56,498,420

Weighted average number of shares outstanding (before dilution effect)

55,891,564

55,955,197

Weighted average number of shares outstanding (after dilution effect)

56,775,738

56,377,903

in EUR

Earnings per share

Earnings per share - continuing operations

(0.19)

0.08

Earnings per share - discontinued operations

0.23

0.04

Earnings per share of continuing and discontinued operations

0.04

0.12

Earnings per share from continuing operations

Earnings per share from continuing operations - Basic

(0.19)

0.08

Earnings per share from continuing operations - Diluted

(0.19)

0.08

Earnings per share from discontinued operations

Earnings per share from discontinued operations - Basic

0.23

0.04

Earnings per share from discontinued operations - Diluted

0.23

0.04

Net book value

7.79

7.65

 

            


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

1H2023

1H2024

Result for the period after taxes

2,100

6,542

Other comprehensive income

Actuarial gains (losses) on employee benefits recognized in equity

(803)

1,073

Deferred taxes on actuarial gains (losses) on employee benefits

106

14

Currency translation differences that will not subsequently be recycled to profit and loss

(99)

1

Share in other comprehensive income in joint ventures & associates that will not subsequently be recycled to profit and loss

0

0

Items that will not subsequently be recycled to profit and loss  

(796)

 

1,088

 

Hedging reserves

0

0

Currency translation differences that subsequently may be recycled to profit and loss

(980)

1,181

Foreign currency translation reserve difference recycled in the income statement

0

0

Deferred taxes on retained earnings

91

0

Share in other comprehensive income in joint ventures & associates that subsequently may be recycled to profit and loss

0

0

Items that subsequently may be recycled to profit and loss  

(889)

 

1,181

 

Other comprehensive income net of tax

(1,684)

2,269

 

 

 

Total comprehensive income for the period

415

8,811

 

Total comprehensive income for the period

 

415

 

8,811

Total comprehensive income for the period attributable to the owners of the parent

525

8,886

Total comprehensive income for the period attributable to non-controlling interests

 

(110)

 

(75)

 

Total comprehensive income for the period attributable to the owners of the parent

525

8,886

Total comprehensive income for the period attributable to the owners of the parent - Continuing operations

(10,874)

6,884

Total comprehensive income for the period attributable to the owners of the parent - Discontinued operations

11,399

2,002

 

 

 

             

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

31 DEC 2023

30 JUN 2024

Intangible assets

70,094

79,675

Goodwill

62,409

77,331

Property, plant & equipment

120,687

158,787

Right-of-use assets

27,771

36,735

Non-current receivables

17,534

15,966

Deferred tax assets

21,551

21,434

Non-current assets

320,046

389,929

Inventories

43,692

61,830

Trade receivables

78,135

117,984

Deferred receivable for share investments/divestment

12,922

0

Other receivables and other financial assets

10,027

14,681

Income tax receivables

3,739

3,263

Cash and cash equivalents

191,393

114,996

Assets classified as held for sale

0

0

Current assets

339,907

312,754

TOTAL ASSETS

659,954

702,683

 

 

 

Capital

140,577

141,246

Share premium

133,729

134,934

Share capital

274,307

276,180

Treasury shares

(1,450)

(1,450)

Other reserves

(2,106)

(312)

Retained earnings

160,974

150,172

Hedging and translation reserves

4,556

5,743

Elements of comprehensive income of discontinued operations

Equity (share of the Group)

436,281

430,334

Equity attributable to non-controlling interests

1,706

1,630

Total equity

437,987

431,964

Employee benefit liabilities

12,412

10,791

Provisions

31,148

30,483

Deferred tax liabilities

23,088

27,253

Financial liabilities

23,082

47,838

Other amounts payable

982

1,025

Non-current liabilities

90,711

117,390

Provisions

0

0

Financial liabilities

6,415

9,072

Trade payables

70,068

76,743

Current contract liabilities

8,037

12,398

Income tax payables

1,781

2,127

Deferred payables for share investments

0

9,399

Other amounts payable

44,955

43,590

Liabilities directly associated with assets classified as held for sale

0

0

Current liabilities

131,256

153,329

TOTAL EQUITY AND LIABILITIES

659,954

702,683

 

 

             

CONSOLIDATED STATEMENT OF CASH FLOW

 

 

1H2023

1H2024

Operating profit (loss)

                                              4,024

6,570

Amortisation of intangible assets

3,772

4,789

Depreciation of tangible assets

7,779

10,515

(Reversal) Impairment losses on tangible assets

293

0

(Write-backs)/Write-offs on assets

844

(843)

Changes in provisions

(1,324)

(3,152)

Gain/(Loss) on disposal intangible and tangible assets

(20)

(45)

Other non-cash elements

598

724

GROSS OPERATING CASH FLOW BEFORE WORKING CAPITAL MOVEMENTS

 

15,965

18,558

Changes in inventories

3,692

(7,014)

Changes in trade and other receivables

(18,887)

(33,890)

Changes in trade and other payables

17,646

6,153

Changes in working capital

 

2,451

(34,751)

Income taxes paid

(4,411)

(1,116)

Cash flow from operating activities (discontinued operations)

10,887

0

NET CASH FLOW FROM OPERATING ACTIVITIES

(a)

24,892

(17,309)

Interests received

1,270

5

Dividends received

0

19

Disposal of Bedding

3,000

13,292

Disposal of Engineered Foams

428,202

0

Disposal of Orsafoam

0

1,192

Acquisition Trimo, net of cash acquired

312

0

Acquisition Rex, net of cash acquired

0

(33,777)

Increase of loans and receivables

(21)

(304)

Decrease of loans and receivables

0

57

Investments in intangible assets

(1,680)

(1,578)

Investments in property, plant and equipment

(7,551)

(14,531)

Disposals of intangible assets

395

0

Disposals of property, plant and equipment

180

40

Cash flow from divestment (investment) activities (discontinued operations)

(4,141)

0

NET CASH FLOW FROM DIVESTMENT (INVESTMENT) ACTIVITIES

(b)

419,965

(35,586)

Interests paid on financial debt

(c)

(6,462)

(848)

Interests paid on lease debt

(c)

(50)

(150)

Interests received

0

2,498

Dividends paid

(17,425)

(17,344)

Increase/(Decrease) of capital

189

1,874

Increase of financial debt

9,280

893

Decrease of financial debt

(313,548)

(10,753)

Decrease of lease debt

(d)

(3,036)

(145)

Cash flow from financing activities (discontinued operations)

(6,645)

0

NET CASH FLOW FROM FINANCING ACTIVITIES

(e)

(337,696)

(23,976)

Effect of exchange rate changes

(f)

(132)

475

Effect of exchange rate changes (discontinued operations)

(f)

(172)

0

CHANGES IN CASH AND CASH EQUIVALENTS

(a)+(b)+(e)+(f)

106,857

(76,396)

NET FREE CASH FLOW

(a)+(b)+(c)+(d)

435,310

(54,038)

 

 

 

 

 

 

 


CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FOR YEAR ENDING 30 JUNE 2024

in thousand EUR

2024

Capital

Share premium

Treasury shares

Other reserves

Retained earnings

Translation differences and

hedging reserves

Continuing operations

Discontinued operations

Total shareholders' equity

Non-

controlling interests

Total equity

Equity at the beginning of the period

140,577

133,729

(1,450)

(2,106)

160,974

4,556

436,281

0

436,281

1,706

437,987

Restatement IFRS 16

0

0

0

0

0

0

0

0

0

0

0

Dividends

0

0

0

0

(17,413)

0

(17,413)

0

(17,413)

0

(17,413)

Stock options (IFRS 2)

0

0

0

706

0

0

706

0

706

0

706

Capital movements²

669

1,205

0

0

0

0

1,874

0

1,874

0

1,874

Shareholders' movements

669

1,205

0

706

(17,413)

0

(14,833)

0

(14,833)

0

(14,833)

Profit (loss) of the period

0

0

0

0

4,615

0

4,615

2,002

6,617

(76)

6,541

Other comprehensive income

0

0

0

1,088

0

1,181

2,269

0

2,269

0

2,269

Total comprehensive income

0

0

0

1,088

4,615

1,181

6,884

2,002

8,886

(76)

8,811

Changes in scope

0

0

0

0

2,002

0

2,002

(2,002)

0

0

0

Equity at the end of the period

141,246

134,934

(1,450)

(312)

150,178

5,737

430,334

0

430,334

1,630

431,964

 

 

             

RECONCILIATION WITH ALTERNATIVE PERFORMANCE MEASURES

in thousand EUR

 

1H2023

1H2024

Income statement

 

 

Sales

266,119

298,614

Gross profit

45,473

54,125

EBITDA

15,867

21,873

Operating profit (loss)

4,024

6,570

Operating profit (loss)

4,024

6,570

Amortisation of intangible assets

3,772

4,789

Depreciation of tangible assets

7,779

10,515

Amortisation deferred charges long term

0

0

Impairments on goodwill, intangible and tangible fixed assets

293

0

EBITDA

15,867

21,873

EBITDA

15,867

21,873

Restructuring charges 

1,200

2,771

Other

1,146

469

Adjusted EBITDA

18,214

25,114

Operating profit (loss)

4,024

6,570

Restructuring charges 

1,200

2,771

Other

1,146

469

Impairments

293

0

Adjusted operating profit (loss)

6,663

9,810

 

Total net financial debt

 

 

31 DEC 2023

30 JUN 2024

Non-current financial liabilities

23,082

47,838

Current financial liabilities

6,415

9,072

Cash

(191,393)

(114,996)

Other financial assets

(4)

0

Net financial debt on statement of financial position

(161,900)

(58,087)

Factoring programs

0

0

Total net financial debt

(161,900)

(58,087)

 

 

 

Gearing ratio (Net financial debt / Total equity)

 

 

Total equity

437,987

431,964

Net financial debt on statement of financial position / Total equity

N/A

N/A

Total net financial debt / Total equity

 

N/A

 

N/A

 

Leverage ratio (Net financial debt / EBITDA)

 

 

Net financial debt on statement of financial position / EBITDA

N/A

N/A

Total net financial debt / EBITDA

 

N/A

 

N/A

 

Net working capital

 

 

Inventories and contracts in progress

43,692

61,830

Trade receivables

78,135

117,984

Other receivables

22,949

14,681

Income tax receivables

3,739

3,263

Trade payables

(70,068)

(76,743)

Current contract liabilities

(8,037)

(12,398)

Income tax payables

(1,781)

(2,127)

Other amounts payable

(44,955)

(43,590)

Net working capital

23,674

62,900

 

 

 

Current ratio (= Current assets / Current liabilities)

 

 

Current assets

339,907

312,754

Current liabilities

131,256

153,329

Current ratio (factor)

2.6

2.0

 

GLOSSARY

IFRS MEASURES

Consolidated (data): financial data following the application of IFRS 11, whereby joint ventures and associates are integrated on the basis of the equity method.

ALTERNATIVE PERFORMANCE MEASURES

In addition, the Group uses alternative performance measures (Alternative Performance Measures or "APM") to express its underlying performance and to help the reader to better understand the results. APM are not defined performance indicators by IFRS. The Group does not present APM as an alternative to financial measures determined in accordance with IFRS and does not give more emphasis to APM than the defined IFRS financial measures.

Adjusted EBITDA: EBITDA before Adjustments (to Operating Profit).

Adjusted operating profit (loss): Operating profit (loss) + adjustments to operating profit (loss).                      

Adjustments to Operating profit (loss) include operating revenues, expenses and provisions that pertain to restructuring programmes (redundancy payments, closure & clean-up costs, relocation costs,...), reorganisation charges and onerous contracts, impairments on assets ((in)tangible assets and goodwill), revaluation gains or losses on investment property, gains or losses on divestments of non-operational investment property, and on the liquidation of investments in affiliated companies, revenues or charges due to important (inter)national legal issues and costs of advisory fees incurred in relation to acquisitions or business combination projects, costs of advisory fees incurred in relation to acquisitions, divestments or business combination projects, including fees incurred in connection with their financing and reversals of inventory step up values resulting from purchase price allocations under IFRS 3 Business Combinations.

Current ratio: Current assets / Current liabilities.

EBITDA: Operating profit (loss) + depreciation, amortisation and impairment on assets; all of continued activities.

Gearing: Net financial debt / Total equity.

Income from associates: Income considered as being part of the Group’s core business are integrated in Operating profit (loss).

Income from other associates: Income from associates not considered as being part of the Group’s core business are not integrated in Operating profit (loss).

Leverage: Net financial debt / EBITDA (last 12 months).

Margin: EBITDA margin, Adjusted EBITDA margin, Operating Profit (loss) margin and Adjusted operating profit (loss) margin are expressed as a % on Sales 

Net free cash-flow: Sum of the (i) Net cash flow after tax from operating activities, (ii) the Net cash flow from investing activities, (iii) the Interest paid on financial liabilities and (iv) reimbursement of lease liabilities; as shown in the consolidated cash flow statement.

Net financial debt: Interest bearing financial liabilities and lease liabilities at more than one year + interest bearing financial liabilities and lease liabilities within maximum one year + accrued interests – cash and cash equivalents + Net marked-to-market value position of hedging derivative instruments. The interest-bearing borrowings do not include the drawn amounts under non-recourse factoring/forfeiting programs.

Net working capital: Inventories and contracts in progress + Trade receivables + Other receivables + Income tax receivables – Trade payables – Income tax payables – Other amounts payable

Operating profit (loss): Profit before income from other associates, fair value adjustments of option structures, earnings of discontinued activities, interests and taxes. Operating profit (loss) comprises income from associates of continued activities.

Total net financial debt: Net financial debt + the drawn amounts under off-balance sheet non-recourse factoring programs.

 

             

Uncertainty risks concerning the forecasts made

 

This press report contains forecasts which entail risks and uncertainties, including with regard to statements concerning plans, objectives, expectations and/or intentions of the Recticel Group and its subsidiaries. Readers are informed that such forecasts entail known and unknown risks and/or may be subject to considerable business, macroeconomic and competition uncertainties and unforeseen circumstances which largely lie outside the control of the Recticel Group. Should one or more of these risks, uncertainties or unforeseen or unexpected circumstances arise or if the underlying assumptions were to prove to be incorrect, the final financial results of the Group may possibly differ significantly from the assumed, expected, estimated or extrapolated results. Consequently, neither Recticel nor any other person assumes any responsibility for the accuracy of these forecasts.

 

 

About Recticel Group

Recticel Group is a Belgian insulation company with a strong presence in Europe and the USA. It offers smart insulation solutions that advance a carbon-free economy and a better quality of life.  

Recticel Group delivers upon a portfolio of Insulation Boards, Insulated Panels and Acoustic Solutions.

Recticel Insulation designs polyurethane thermal and thermo-acoustic boards for optimal building comfort and energy efficiency. This includes vacuum insulation panels (VIP) by Turvac.

Trimo enables the highest aesthetic standards and extends architectural capabilities with its mineral wool insulated panels and modular space solution, primarily in non-residential applications. With the recent acquisition of REX Panels & Profiles, the portfolio now includes PIR insulated panels.

Soundcoat provides acoustic solutions used in some of the world’s leading technological innovations.

At the end of 2023, Recticel employed 1,255 people and had achieved sales of EUR 529.4 million. Its operations are spread over seven countries.

The Science Based Targets initiative (SBTi) approved Recticel’s near-term targets for the reduction of  scope 1, 2 & 3 greenhouse gas emissions by 2030 (from base year 2021) and net-zero targets for 2050.

Recticel is listed on Euronext in Brussels (Euronext: RECT - Reuters: RECT.BR - Bloomberg: RECT:BB).

Financial calendar 

Third quarter trading update 2024

31.10.2024 (07:00 CET)

Media & Investor Relations

Investor Relations

Jan Vergote

Bart Van den Eede

Chief Executive Officer

Chief Financial & Legal Officer

vergote.jan@recticel.com

vandeneede.bart@recticel.com

+32 2 775 18 01

+32 2 775 18 01

Recticel NV/SA

Bourgetlaan 42 avenue du Bourget

1130 Brussels

Belgium

This press release is available in English and Dutch on www.recticel.com.

 

 



[1] REX Panels & Profiles (Insulated Panels) is fully consolidated as of 10 January 2024.

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