Earnings Release • Apr 29, 2024
Earnings Release
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Regulated information – Inside information
Brussels, 29 April 2024 – 07:00 CET
Jan Vergote (CEO Recticel):
"New construction is not recovering as yet in the first quarter, but renovation activities are resilient at the vanguard of the European renovation wave.
First quarter sales are up 10.1%, including a 0.8% currency effect and 8.1% attributable to the acquisition of REX Panels & Profiles, which we completed on 10 January 2024.
Organic revenue growth is 1.2% resulting from the balance of substantial raw material deflation and significantly higher sales volumes, both in our Insulation Boards and Insulated Panels divisions.
Price pressures, especially in Insulation Boards, continue to be very high, but are being offset by operational improvements.
We are currently facing price hikes for our most important chemicals and are implementing price increases in all key geographies.
We confirm our confidence in the significant increase of our full year adjusted EBITDA."
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1 REX Panels & Profiles is fully consolidated as of 10 January 2024.
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.
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).
Annual General Meeting 28.05.2024 (10:00 CET) First half year results 2024 30.08.2024 (07:00 CET) Third quarter trading update 2024 31.10.2024 (07:00 CET)
Jan Vergote Dirk Verbruggen +32 2 775 18 01 +32 2 775 18 91
Recticel NV/SA Bourgetlaan 42 avenue du Bourget 1130 Brussels Belgium
Chief Executive Officer Chief Financial & Legal Officer [email protected] [email protected]
This press release is available in English and Dutch on www.recticel.com
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