Recticel reports accelerated growth in Q3 2024

PRESS RELEASE                            

Regulated information – Inside information      

Brussels, 31 October 2024 – 07:00 CET               

Recticel reports accelerated growth in Q3 2024

•     Third quarter net sales growth of 18% from EUR 132.3 million in 2023 to EUR 156.6 million in 2024¹. Organic net sales increase accelerates to 6%.

•     Year-to-date September net sales growth of 14% from EUR 398.4 million in 2023 to  EUR 455.2 million¹ in 2024. Year-to-date organic net sales growth of 4%.

Overall, the Group had a solid third quarter with significantly higher like for like trading volumes in Insulation Boards and flat like for like trading volumes in Insulated Panels, the latter growing strongly though when including the REX acquisition.

Third quarter sales grew 18% to EUR 156.6 million with strong performance in the Netherlands, Belgium, France, UK and the Nordic countries. Central European markets remained tough. 

Organic net sales increased with 6% in spite of lower like for like raw material cost and continued price pressures due to overcapacity and low construction activity in Western Europe.

Although we see some isolated signs of recovery, we do not expect new construction to grow significantly in the fourth quarter, and our progress is mainly based on our increased competitiveness and inorganic growth.

Our order books are in good shape in most regions which will allow us to continue progress in the fourth quarter.

We are succesful in increasing employee productivity in the large majority of our sites supporting our competitiveness and market share. Our plant utilization rates are improving, though we have significant headroom for additional volumes in existing facilities.

We are rapidly upgrading the REX facilities in PIR and mineral wool to serve TRIMO’s sales organization and are enhancing our insulation boards product range with new solutions.

Jan Vergote, CEO Recticel : 

“The Group’s trading outlook for the fourth quarter remains in line with expectations, and we confirm our estimate to land around EUR 50 million Adjusted EBITDA for the year.

Given the EU agenda to improve building sustainability, and with the construction market recovery on the horizon, Recticel, with its wide product range, is well positioned to benefit from these macro trends.”

Press release – Recticel Q3 2024 Trading Update – 31 October 2024 – 7:00 CET                                      Page 1 of 2

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 

Recticel NV/SA

Bourgetlaan 42 avenue du Bourget

1130 Brussels

Belgium

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

Press release – Recticel Q3 2024 Trading Update – 31 October 2024 – 7:00 CET                                      Page 2 of 2