FIRST-HALF 2026 RESULTS
Recticel Accelerates Profitable Growth
- Sales increased by 16.4%, from EUR 335.2 million to EUR 390.1 million1, with Q2 growth reaching 25.6%
- Organic sales growth reached 8.4% in H1, accelerating to 17.3% in Q2, driven by volume, product mix and pricing
- Growth was broad-based across all key geographies, with contributions from both Insulation Boards and Insulated Panels
- Adjusted EBITDA increased by 28.9%, from EUR 27.7 million to EUR 35.7 million, with the margin on sales expanding by 0.9 percentage points to 9.2%
- The US greenfield investment is progressing as planned, while production has started at the new recycling plant in Belgium
- EPS of continuing operations from EUR -0.10 to EUR 0.18
- In connection with Ascorium, an adjustment of the net asset value of EUR -25 million has been accounted for
- FY Adjusted EBITDA outlook of approximately EUR 70 million, implying a continuation of the H1 growth rate
Stefaan Debusschere, Chief Executive Officer of Recticel Group:
“The first half was characterized by cautious growth in Q1 and a very dynamic Q2. In the wake of the geopolitical crisis in the Middle East, Recticel has successfully passed on cost increases. The limited availability of raw materials from Asia also contributed into higher sales prices, especially in Insulation Boards. Although the Insulated Panels activity showed continued growth, certain projects in Europe and some shipments to the Middle East and Asia were delayed to later this year.
In H1 our smart performance & downstream products again increased their share in the Group’s total revenue from 20.3% to 24.4% despite the exceptional growth of our conventional boards activity in Q2. We continue to focus growth into these higher margin advanced products and downstream activities.
We confirm the startup of our polyol recycling unit in Wevelgem (B), and the construction of our insulated panels plant in Tennessee (US) is on schedule for the Q4 production start.
As geopolitical tensions evolve, raw material costs may ease somewhat but are likely to remain at high levels. We anticipate a slight improvement in our construction markets. Irrespective of market developments, we intend to continue growing volumes and increasing the share of higher-value-added activities in our portfolio.
For FY 2026, we forecast Adjusted EBITDA of approximately EUR 70 million, while broadly sustaining the margin improvement achieved in H1.”
Jan Vergote, Executive Chairman of Recticel Group:
“Recticel Group is now well positioned to deliver the execution of its ELEVATE 2030 value creation plan and achieve EUR 100 million Adjusted EBITDA.
At the same time, we remain determined to complete the Group’s final major divestment. In connection with Ascorium, an adjustment of the net asset value of EUR -25 million has been accounted for.”
PRESS RELEASE
Regulated information – Inside information
Brussels, 28 August 2026 – 07:00 CET
1 Consolidated Group results – key figures
in million EUR
<
| H1 2025 | H1 20261/2 | % | |
|---|---|---|---|
| Sales | 335.2 | 390.1 | 16.4% |
| Gross profit | 57.3 | 69.3 | 20.9% |
| as % of sales | 17.1% | 17.8% | |
| Adjusted EBITDA | 27.7 | 35.7 | 28.9% |
| as % of sales | 8.3% | 9.2% | |
| EBITDA | 24.6 | 34.1 | 38.5% |
| as % of sales | 7.3% | 8.7% | |
| Adjusted operating profit (loss) | 12.0 | 18.6 | 54.5% |
| as % of sales | 3.6% | 4.8% | |
| Operating profit (loss) | 8.7 | 16.9 | 95.5% |
| as % of sales | 2.6% | 4.3% | |
| Financial result | (1.6) | (0.4) | n.m. |
| Income from other associates3 | 0.0 | 0.0 | n.m. |
| Impairment other associates | (11.5) | 0.0 | n.m. |
| Income taxes | (1.3) | (6.5) | n.m. |
| Result of the period of continuing operations | (5.8) | 10.0 | n.m. |
| Result of discontinued operations | 5.5 | (25.6) | n.m. |
| Result of the period (share of the Group) | (0.3) | (16.0) | n.m. |
| Earnings per share - continuing operations | (0.10) | 0.18 | 270.3% |
| Return on capital employed | 8.3% | 10.1% | 21.6% |
| 31 DEC 2025 | 30 JUN 2026 | % | |
|---|---|---|---|
| Total equity | 430.4 | 399.1 | -7.3% |
| Net financial debt (incl. IFRS 16 - Leases) | (27.4) | 18.6 | n.m. |
| Gearing ratio (Net financial debt / Total equity) | N/A | 4.7% | |
| Leverage ratio (Net financial debt / AEBITDA) | N/A | 0.3 |
2 Financial position
in million EUR
| 30 JUN 2025 | 31 DEC 2025 | 30 JUN 2026 | |
|---|---|---|---|
| Total equity | 426.2 | 430.4 | 399.1 |
| Net financial debt excluding factoring | (63.6) | (40.0) | (4.1) |
| + Lease debt (IFRS 16) | 13.2 | 12.6 | 22.8 |
| Net financial debt | (50.4) | (27.4) | 18.6 |
| + Drawn amounts under factoring programmes | 0.0 | (0.0) | (0.0) |
| Total net financial debt | (50.4) | (27.4) | 18.6 |
| Gearing ratio (incl. IFRS 16) | N/A | N/A | 4.7% |
| Leverage ratio (incl. IFRS 16) | N/A | N/A | 0.29 |
3 Sustainability
While delivering double-digit sales growth in H1 2026 (+16.4%), Recticel Group increased its Scope 1 and 2 greenhouse gas emissions by only 3.1% compared with the same period last year. This modest increase should be viewed in the context of the Group’s continued business expansion. Relative to our 2021 SBTi baseline, Scope 1 and 2 emissions were already 52.4% lower, keeping Recticel firmly on track to achieve its commitment of reducing these emissions by 90% by 2030.
In addition, carbon intensity per cubic metre of material produced decreased by a further 7.3%, demonstrating continued progress in reducing the embodied carbon footprint of our operations.
Recognition of our sustainability performance continued throughout H1 2026. Recticel Group achieved a CDP A score, earned an EcoVadis Silver rating and obtained an MSCI AA rating. Furthermore, the Group was named among the Financial Times Top 100 Climate Leaders in Europe.
| Indicators | SBTi base year 2021 | FY 2025 | % FY 2025 - FY 2021 | Target SBTi 2030 | H1 2021 * | H1 2025 | H1 2026 ** | % H1 2026 - H1 2025 | % H1 2026 - H1 2021 |
|---|---|---|---|---|---|---|---|---|---|
| Greenhouse gas indicators (tCO2e) | |||||||||
| Scope 1+2 (market based) | 11,439 | 5,478 | -52.1% | -90% | 5,719 | 2,642 | 2,723 | 3.1% | -52.4% |
| Scope 3 (Cat. 3.1 till 3.15) | 646,726 | 624,208 | -3.5% | -25% | |||||
| Scope 1+2+3 | 658,165 | 629,686 | -4.3% |
| Indicators | SBTi base year 2021 | FY 2025 | % FY 2025 - FY 2021 | H1 2025 | H1 2026 ** | % H1 2026 - H1 2025 |
|---|---|---|---|---|---|---|
| Carbon intensity (kgCO2e/m³) | ||||||
| Scope 1+2 (market based) per m³ produced | 3.5 | 1.4 | -60.4% | 1.3 | 1.2 | -7.3% |
* H1 2021 GHG emissions are 50% of FY 2021 SBTi base year emissions.
** For comparitive purposes, Kuras (November 2025), Miclar (December 2025) and Isopanel (June 2026) have been excluded.
4 Appendices
All figures and tables contained in these appendices 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 2025, 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 2026, both which are available from www.recticel.com.
The H1 2026 data reported in this press release have not been reviewed by the statutory auditor.
4.1 Condensed consolidated income statement
in thousand EUR
| H1 2025 | H1 20261/2 | |
|---|---|---|
| Sales | 335,200 | 390,143 |
| Cost of sales | (277,856) | (320,812) |
| Gross profit | 57,344 | 69,331 |
| General and administrative expenses | (23,099) | (28,799) |
| Sales and marketing expenses | (16,415) | (16,757) |
| Research and development expenses | (2,326) | (2,029) |
| Impairment of goodwill, intangible and tangible assets | (245) | 0 |
| Other operating revenues | 3,339 | 3,911 |
| Other operating expenses | (9,935) | (8,722) |
| Income from associates | 0 | 03 |
| Operating profit (loss) | 8,664 | 16,934 |
| Interest income | 1,152 | 259 |
| Interest expenses | (984) | (1,208) |
| Other financial income | 658 | 1,782 |
| Other financial expenses | (2,467) | (1,218) |
| Financial result | (1,641) | (384) |
| Income from other associates | 0 | 03 |
| Impairment other associates | (11,524) | 0 |
| Change in fair value of option structures | 0 | 0 |
| Result of the period before taxes | (4,502) | 16,550 |
| Income taxes | (1,333) | (6,535) |
| Result of the period after taxes - continuing operations | (5,835) | 10,016 |
| Result of discontinued operations | 5,540 | (25,644) |
| Result of the period after taxes - continuing and discontinued operations | (294) | (15,628) |
| of which share of the Group | (292) | (15,979) |
| of which non-controlling interests | (2) | 351 |
4.2 Earnings per share
| H1 2025 | H1 2026 | |
|---|---|---|
| Number of shares outstanding (including treasury shares) | 56,680,920 | 56,741,620 |
| Weighted average number of shares outstanding (before dilution effect) | 55,984,843 | 56,442,695 |
| Weighted average number of shares outstanding (after dilution effect) | 56,229,980 | 56,576,073 |
in EUR
| Earnings per share | ||
| Earnings per share - continuing operations | (0.10) | 0.18 |
| Earnings per share - discontinued operations | 0.10 | (0.45) |
| Earnings per share of continuing and discontinued operations | (0.01) | (0.28) |
| Earnings per share from continuing operations | ||
| Earnings per share from continuing operations - Basic | (0.10) | 0.18 |
| Earnings per share from continuing operations - Diluted | (0.10) | 0.18 |
| Earnings per share from discontinued operations | ||
| Earnings per share from discontinued operations - Basic | 0.10 | (0.45) |
| Earnings per share from discontinued operations - Diluted | 0.10 | (0.45) |
| Net book value | 7.52 | 7.03 |
4.3 Consolidated statement of comprehensive income
in thousand EUR
| H1 2025 | H1 2026 | |
|---|---|---|
| Result for the period after taxes | (294) | (15,628) |
| Other comprehensive income | ||
| Actuarial gains (losses) on employee benefits recognised in equity | (536) | 74 |
| Deferred taxes on actuarial gains (losses) on employee benefits | (19) | 38 |
| Currency translation differences that will not subsequently be recycled to profit and loss | 7 | (9) |
| 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 | (547) | 103 |
| Hedging reserves | 0 | 0 |
| Currency translation differences that subsequently may be recycled to profit and loss | (1,615) | 760 |
| Foreign currency translation reserve difference recycled in the income statement | (0) | 0 |
| Deferred taxes on retained earnings | (0) | 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 | (1,615) | 760 |
| Other comprehensive income net of tax | (2,163) | 863 |
| Total comprehensive income for the period | (2,457) | (14,765) |
| Total comprehensive income for the period | (2,457) | (14,765) |
| Total comprehensive income for the period attributable to the owners of the parent | (2,455) | (15,134) |
| Total comprehensive income for the period attributable to non-controlling interests | (2) | 369 |
| Total comprehensive income for the period attributable to the owners of the parent | (2,455) | (15,134) |
| Total comprehensive income for the period attributable to the owners of the parent - Continuing operations | (7,995) | 10,569 |
| Total comprehensive income for the period attributable to the owners of the parent - Discontinued operations | 5,540 | (25,704) |
4.4 Consolidated statement of financial position
in thousand EUR
| 31 DEC 2025 | 30 JUN 2026 | |
|---|---|---|
| Intangible assets | 73,657 | 84,608 |
| Goodwill | 94,509 | 93,803 |
| Property, plant & equipment | 182,764 | 208,616 |
| Right-of-use assets | 27,299 | 35,608 |
| Non-current receivables | 9,659 | 1,950 |
| Deferred tax assets | 30,135 | 28,425 |
| Non-current assets | 418,022 | 453,011 |
| Inventories | 57,441 | 75,450 |
| Trade receivables | 110,993 | 173,201 |
| Deferred receivable for share investments/divestment | 172 | 172 |
| Other receivables and other financial assets | 12,130 | 15,360 |
| Income tax receivables | 4,552 | 3,326 |
| Cash and cash equivalents | 82,251 | 131,334 |
| Assets acquired exclusively with a view to resale | 0 | 105,260 |
| Current assets | 267,540 | 504,103 |
| TOTAL ASSETS | 685,562 | 957,114 |
| Capital | 141,882 | 142,671 |
| Share premium | 136,380 | 138,084 |
| Share capital | 278,262 | 280,755 |
| Treasury shares | (1,450) | (1,450) |
| Other reserves | (167) | 2,198 |
| Retained earnings | 155,144 | 146,342 |
| Equity adjustment - NCI put option | (8,937) | (11,340) |
| Hedging and translation reserves | 4,230 | 5,046 |
| Elements of comprehensive income of discontinued operations | 0 | (26,495) |
| Equity (share of the Group) | 427,083 | 395,056 |
| Equity attributable to non-controlling interests | 3,360 | 4,083 |
| Total equity | 430,443 | 399,139 |
| Employee benefit liabilities | 11,049 | 10,796 |
| Provisions | 21,185 | 21,872 |
| Deferred tax liabilities | 23,927 | 26,473 |
| Financial liabilities | 44,035 | 131,474 |
| Non-current contract liabilities | 0 | 0 |
| Other amounts payable | 134 | 64 |
| Deferred payables for share investments | 8,937 | 11,340 |
| Non-current liabilities | 109,267 | 202,020 |
| Provisions | 2 | 2 |
| Financial liabilities | 10,800 | 18,478 |
| Trade payables | 94,023 | 131,358 |
| Current contract liabilities | 9,778 | 30,254 |
| Income tax payables | 2,258 | 3,721 |
| Deferred payables for share investments | 0 | 0 |
| Other amounts payable | 28,992 | 58,623 |
| Liabilities directly associated with assets acquired exclusively with a view to resale | 0 | 113,519 |
| Current liabilities | 145,852 | 355,955 |
| TOTAL EQUITY AND LIABILITIES | 685,562 | 957,114 |
4.5 Consolidated statement of cash flow
in thousand EUR
| H1 2025 | H1 2026 | |
|---|---|---|
| Operating profit (loss) | 8,664 | 16,934 |
| Amortisation of intangible assets | 5,004 | 5,844 |
| Depreciation of tangible assets | 10,712 | 11,337 |
| (Reversal) Impairment losses on tangible assets | 250 | 0 |
| (Write-backs)/Write-offs on assets | (885) | 657 |
| Changes in provisions | (1,392) | (64) |
| Gain/(Loss) on disposal intangible and tangible assets | (115) | (21) |
| Other non-cash elements | 673 | 612 |
| GROSS OPERATING CASH FLOW BEFORE WORKING CAPITAL MOVEMENTS | 22,910 | 35,299 |
| Changes in inventories | (9,192) | (16,518) |
| Changes in trade and other receivables | (36,536) | (65,649) |
| Changes in trade and other payables | 25,150 | 79,670 |
| Changes in working capital | (20,578) | (2,497) |
| Income taxes paid | (1,199) | (3,273) |
| NET CASH FLOW FROM OPERATING ACTIVITIES (a) | 1,133 | 29,528 |
| Interests received | 16 | 60 |
| Dividends received | (0) | 0 |
| Disposal of Orsafoam | 1,192 | 0 |
| Acquisition Rex, net of cash acquired | 691 | 0 |
| Acquisition Kuras/Miclar, net of cash acquired | 0 | 0 |
| Acquisition Isopanel, net of cash acquired | 0 | (10,027) |
| Acquisition Ascorium (51%), net of cash acquired | 0 | (1,000) |
| Investments in and subscriptions to capital increases | (241) | |
| Increase of loans and receivables | (4) | 9 |
| Decrease of loans and receivables | 29 | 22 |
| Investments in intangible assets | (2,213) | (1,669) |
| Investments in property, plant and equipment | (7,248) | (30,943) |
| Disposals of property, plant and equipment | 209 | 77 |
| Disposals of financial investments | 0 | 0 |
| NET CASH FLOW FROM DIVESTMENT (INVESTMENT) ACTIVITIES (b) | (7,328) | (43,712) |
| Interests paid on financial debt (c) | (715) | (678) |
| Interests paid on lease debt (c) | (189) | (177) |
| Interests received | 861 | 305 |
| Dividends paid | (17,446) | (17,499) |
| Increase/(Decrease) of capital | 495 | 2,619 |
| Increase of financial debt | 50 | 89,489 |
| Decrease of financial debt | (3,798) | (8,782) |
| Decrease of lease debt (d) | (2,548) | (2,765) |
| NET CASH FLOW FROM FINANCING ACTIVITIES (e) | (23,289) | 62,512 |
| Effect of exchange rate changes (f) | (1,049) | 755 |
| CHANGES IN CASH AND CASH EQUIVALENTS (a)+(b)+(e)+(f) | (30,533) | 49,083 |
| NET FREE CASH FLOW (a)+(b)+(c)+(d) | (9,646) | (17,804) |
| Net cash position opening balance (g) | 132,717 | 82,251 |
| Net cash position closing balance (h) | 102,185 | 131,334 |
| CHANGES IN CASH AND CASH EQUIVALENTS (h)-(g) | (30,533) | 49,083 |
| Net cash position closing balance (discontinued operations) | 0 | 5,058 |
4.6 Consolidated statement of changes in shareholders’ equity for year ending 30 June 2026
in thousand EUR
| 2026 | Capital | Share premium | Treasury shares | Other reserves | Retained earnings | Equity adjustment - NCI put option | Translation differences and hedging reserves | Continuing operations | Discontinued operations | Total shareholders' equity | Non-controlling interests | Total equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity at the beginning of the period | 141,882 | 136,380 | (1,450) | (167) | 155,144 | (8,937) | 4,230 | 427,083 | 0 | 427,083 | 3,360 | 430,443 |
| Dividends | 0 | 0 | 0 | 0 | (17,593) | 0 | 0 | (17,593) | 0 | (17,593) | 0 | (17,593) |
| Stock option plans - subscription rights | 0 | 0 | 0 | 612 | 0 | 0 | 0 | 612 | 612 | 0 | 612 | |
| Capital movements | 789 | 1,704 | 0 | 0 | (0) | 0 | 0 | 2,492 | 0 | 2,492 | (0) | 2,492 |
| Shareholders' movements | 789 | 1,704 | 0 | 612 | (17,593) | 0 | 0 | (14,489) | 0 | (14,489) | (0) | (14,489) |
| Profit (loss) of the period | 0 | 9,665 | 0 | 9,665 | (25,644) | (15,979) | 351 | (15,628) | ||||
| Other comprehensive income | 0 | 0 | 0 | 103 | (15) | 0 | 816 | 904 | (60) | 844 | 19 | 863 |
| Total comprehensive income | 0 | 0 | 0 | 103 | 9,650 | 0 | 816 | 10,569 | (25,704) | (15,134) | 369 | (14,765) |
| Changes in scope | (0) | 0 | 0 | 1,649 | (858) | (2,403) | 0 | (1,612) | (791) | (2,404) | 354 | (2,050) |
| Equity at the end of the period | 142,671 | 138,084 | (1,450) | 2,198 | 146,342 | (11,340) | 5,046 | 421,551 | (26,495) | 395,056 | 4,083 | 399,139 |
4.7 Reconciliation with alternative performance measures
in thousand EUR
| Income statement | H1 2025 | H1 2026 |
|---|---|---|
| Sales | 335,200 | 390,143 |
| Gross profit | 57,344 | 69,331 |
| EBITDA | 24,630 | 34,116 |
| Operating profit (loss) | 8,664 | 16,934 |
| Operating profit (loss) | 8,664 | 16,934 |
| Amortisation of intangible assets | 5,004 | 5,844 |
| Depreciation of tangible assets | 10,712 | 11,337 |
| Amortisation deferred charges long term | 0 | 0 |
| Impairments on goodwill, intangible and tangible fixed assets | 250 | 0 |
| EBITDA | 24,630 | 34,116 |
| EBITDA | 24,630 | 34,116 |
| Restructuring charges | 2,901 | 554 |
| Other | 202 | 1,078 |
| Adjusted EBITDA | 27,732 | 35,748 |
| Operating profit (loss) | 8,664 | 16,934 |
| Restructuring charges | 2,901 | 554 |
| Other | 202 | 1,078 |
| Impairments | 250 | 0 |
| Adjusted operating profit (loss) | 12,016 | 18,567 |
| Adjusted operating profit (loss) LTM | 21,143 | 31,090 |
| Amortisation of intangible assets LTM | 9,942 | 10,910 |
| Adjusted EBITA LTM | 31,085 | 42,000 |
| Total equity | 426,240 | 399,141 |
| Total net financial debt | (50,395) | 18,619 |
| Capital employed | 375,845 | 417,760 |
| Return on capital employed | 8.3% | 10.1% |
| Total net financial debt | 31 DEC 2025 | 30 JUN 2026 |
|---|---|---|
| Non-current financial liabilities | 44,035 | 131,474 |
| Current financial liabilities | 10,800 | 18,478 |
| Cash | (82,251) | (131,334) |
| Other financial assets | 0 | 0 |
| Net financial debt on statement of financial position | (27,416) | 18,619 |
| Factoring programmes | (0) | (0) |
| Total net financial debt | (27,416) | 18,619 |
| Gearing ratio (Net financial debt / Total equity) | ||
| Total equity | 430,443 | 399,139 |
| Net financial debt on statement of financial position / Total equity | N/A | 4.7% |
| Total net financial debt / Total equity | N/A | 4.7% |
| Leverage ratio (Net financial debt / AEBITDA) | ||
| Net financial debt on statement of financial position / AEBITDA | N/A | 0.3 |
| Total net financial debt / AEBITDA | N/A | 0.3 |
| Net working capital | ||
| Inventories and contracts in progress | 57,441 | 75,450 |
| Trade receivables | 110,993 | 173,201 |
| Other receivables | 12,303 | 15,533 |
| Income tax receivables | 4,552 | 3,326 |
| Trade payables | (94,023) | (131,358) |
| Current contract liabilities | (9,778) | (30,254) |
| Income tax payables | (2,258) | (3,721) |
| Other amounts payable | (28,992) | (58,623) |
| Net working capital | 50,239 | 43,554 |
| Current ratio (= Current assets / Current liabilities) | ||
| Current assets | 267,540 | 504,103 |
| Current liabilities | 145,852 | 355,955 |
| Current ratio (factor) | 1.8 | 1.4 |
4.8 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 EBITA: Adjusted operating profit (loss) before amortisations.
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.
Capital Employed: Equity + Net financial debt.
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 / Adjusted 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.
Return on Capital Employed: Adjusted EBITA / Capital Employed.
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 the Recticel Group
Recticel Group is a leading insulation company headquartered in Belgium, with operations in eight countries across Europe and the US. It offers smart insulation solutions that advance a carbon-free economy and a better quality of life.
Our Insulation Boards division provides high-performance insulation solutions to meet the growing demand for energy efficiency and sustainability in buildings. The insulation boards are marketed by Recticel Insulation, our vacuum insulated panels by Turvac, and our bespoke solutions for tapered and flat roofs by Gradient.
Our Insulated Panels division specialises in premium quality products for the building envelope sector. Trimo enables the highest aesthetic standards and extends architectural capabilities with its mineral wool insulated panels and modular space solutions. Conventional mineral wool and PIR insulated panels are manufactured by Rex Panels & Profiles. The recently acquired Miclar, Kuras and Isopanel focus on downstream services for the insulated panels market.
Within our Acoustic Solutions division, Soundcoat provides highly specialised acoustic engineering capabilities for the aerospace and aviation market, as well as for OEMs and the heavy-duty and transport industries.
At the end of 2025, Recticel Group employed 1,311 people and achieved sales of EUR 655.1 million.
The Science Based Targets initiative (SBTi) approved Recticel Group’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. The Group is on the CDP A List for Climate Change, earned an EcoVadis Silver rating and obtained an MSCI AA rating. Recticel Group is included in the Financial Times list of Europe’s Climate Leaders 2026.
Recticel Group is listed on Euronext in Brussels (Euronext: RECT - Reuters: RECT.BR - Bloomberg: RECT:BB).
Financial calendar
Third quarter trading update 2026 29.10.2026 (07:00 AM CET)
Media & Investor Relations
Investor Relations
Jan Vergote
Bart Van den Eede
Executive Chairman
Chief Financial & Legal Officer
vergote.jan@recticel.com
vandeneede.bart@recticel.com
+32 2 775 18 01
+32 2 775 18 01
Recticel NV
Bourgetlaan 42 avenue du Bourget
1130 Brussels
Belgium
This press release is available in English and Dutch on www.recticel.com.
Notes
- Isopanel Group (Insulated Panels) is fully consolidated as from 1 June 2026.
- Ascorium Holding GmbH is fully consolidated as from 1 March 2026 and, due to the ongoing divestment process, is reported according to IFRS 5 under result of discontinued operations and as assets/liabilities held for sale.
- 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).