Recticel Reports H1 Profit Growth in Its First Year as a Building Sustainability Specialist

Brussels, 30 August 2024 – As Recticel marks its first year as a building sustainability specialist, the company reported notable growth in its H1 2024 results. Net sales surged by 12.2%, reaching EUR 298.6 million, driven by a 2.6% organic increase. Growth accelerated from 10.1% in Q1 to 14.2% in Q2.

Both Insulation Boards and Insulated Panels registered double-digit organic volume growth. Adjusted EBITDA increased by 37.9% to EUR 25.1 million, raising the margin on sales from 6.8% to 8.4%. Despite a slow start in European markets due to unfavorable weather, Recticel saw resilience in the commercial sector and a return to growth in the UK.

CEO Jan Vergote highlighted the company's market-driven strategy, cost base reduction, and volume increases in Insulation Boards, alongside a successful rollout of Trimo's premium Insulated Panels. Soundcoat Acoustic Insulation materials gained traction in the US aerospace market.

The net-zero targets for the company were approved by SBTi in Q1 2024. The company expects continued volume growth in H2 2024, aiming for an adjusted EBITDA around EUR 50 million.