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Recticel — Earnings Release 2025
Feb 27, 2026
3993_er_2026-02-27_d09e4f81-699f-4257-ac87-822fa91e9952.pdf
Earnings Release
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PRESS RELEASE
Regulated information – Inside information
Brussels, 27 February 2026 – 07:00 CET
RECTICELGROUP
ANNUAL RESULTS 2025
Growth Across The Board
- Revenue up 7.4% from EUR 610.2 million to a record-high EUR 655.1 million¹
- Strong organic volume growth in Insulated Panels and Insulation Boards
- Organic revenue growth of 6.3%, impacted by pass through of exceptionally low input costs in H2
- Adjusted EBITDA up 12.5% from EUR 49.6 million to EUR 55.8 million¹ and adjusted EBITDA margin on sales up from 8.1% to 8.5%
- Net cash position at EUR 27.4 million
- Major investments progressing as planned, successful integration of Miclar and Kuras acquisitions
- Acquisition of 100% of the shares of Ascorium to enable the next strategic step of divesting the participation
- Proposal to pay a gross dividend of EUR 0.31 per share
Jan Vergote, Chief Executive Officer, commented:
"Recticel is pleased to announce another year of growth across the board in Insulation Panels and Insulation Boards. We are encouraged to have achieved this in flat building markets and look forward to future tailwinds as the cycle recovers.
In H2, substantially lower raw material prices have been passed through to the market, masking underlying volume growth. As we speak, A-chemical prices are surging and will partly reverse this effect though we are still below H1 2025 feedstock costs.
In order to continue and accelerate our growth, we have launched our Elevate 2030 value creation plan based on 6 non-cyclical smart pillars: operational excellence, administrative efficiency, advanced products, downstream offering, geographies, carbon footprint reduction. All our management efforts, major projects and acquisitions are part of this plan and more value creating steps will follow along these lines. We are pleased to see that our advanced products & downstream offering, now more than 20% of revenue, along with our premium mineral wool panels, also at 20% of the group revenue, outgrow our commodities.
Our strategic investment in a greenfield facility for both mineral wool and PIR insulated panels in Tennessee (US) is progressing as planned, and we expect to start production in Q4 2026. Our industry leading recycling plant in Wevelgem (BE) is planned to be operational by April 2026. The integration of our downstream acquisitions Miclar and Kuras is successful and our M&A pipeline is promising.
We have signed an agreement with Temda 1 to acquire the remaining 51% of the Ascorium shares for EUR 1 million, as we want full control over the strategic steps to be taken."
OUTLOOK
Despite a slow start of the year, our expectation is that building markets may improve somewhat in 2026. Regardless of market effects, we expect to continue volume growth and to increase the share of high added value activities in our portfolio. Given the current volatility of the input costs and related pricing effects, we do not, in line with previous years, provide a quantitative outlook for the year.
¹ Kuras BV (Insulated Panels) is fully consolidated as from 1 November 2025 and Miclar Group (Insulated Panels) is fully consolidated as from 1 December 2025.
Press release – Annual result 2025 – 27 February 2026 – 7:00 CET
RECTICELGROUP
1 Consolidated Group results – key figures
in million EUR
| 2024 | 2025¹ | % | |
|---|---|---|---|
| Sales | 610.2 | 655.1 | 7.4% |
| Gross profit | 104.5 | 114.0 | 9.0% |
| as % of sales | 17.1% | 17.4% | |
| Adjusted EBITDA | 49.6 | 55.8 | 12.6% |
| as % of sales | 8.1% | 8.5% | |
| EBITDA | 42.6 | 51.3 | 20.6% |
| as % of sales | 7.0% | 7.8% | |
| Adjusted operating profit (loss) | 18.9 | 24.6 | 29.7% |
| as % of sales | 3.1% | 3.7% | |
| Operating profit (loss) | 11.5 | 19.9 | 73.3% |
| as % of sales | 1.9% | 3.0% | |
| Financial result | 3.4 | (3.5) | n.m. |
| Income from other associates² | 0.0 | 0.0 | n.m. |
| Impairment other associates | 0.0 | (11.5) | n.m. |
| Income taxes | 1.5 | 0.6 | n.m. |
| Result of the period of continuing operations | 16.3 | 5.6 | n.m. |
| Result of discontinued operations | 1.6 | 5.0 | 213.0% |
| Result of the period (share of the Group) | 18.1 | 10.2 | -43.8% |
| Result of the period (share of the Group) - base (per share, in EUR) | 0.32 | 0.18 | -44.0% |
| 31 DEC 2024 | 31 DEC 2025 | % | |
| --- | --- | --- | --- |
| Total equity | 445.1 | 430.5 | -3.3% |
| Net financial debt (incl. IFRS 16 - Leases) | (74.4) | (27.4) | 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 2025: the acquisition of Kuras BV (70%) on 1 November 2025 and the acquisition of Miclar Group (76%) on 1 December 2025.
¹ Kuras BV (Insulated Panels) is fully consolidated as from 1 November 2025 and Miclar Group (Insulated Panels) is fully consolidated as from 1 December 2025.
² 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. Ascorium Holding GmbH (formerly TEMDA2).
Press release – Annual result 2025 – 27 February 2026 – 7:00 CET
Page 2 of 14
RECTICELGROUP
Sales from EUR 610.2 million in 2024 to EUR 655.1 million in 2025.
Q4 2025 sales increased by 6.3% (2.1% organically) from EUR 155.0 million to EUR 164.7 million, including -0.8% currency effect.
H2 2025 sales increased by 2.7% (0.6% organically) from EUR 311.6 million to EUR 319.9 million, including -1.1% currency effect.
in million EUR
| Q1 2024 | Q2 2024 | Q3 2024 | 4Q2024 | 2024 | Q1 2025 | Q2 2025 | Q3 2025 | 4Q2025 | 2025 | % FY | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 140.6 | 158.0 | 156.6 | 155.0 | 610.2 | 158.4 | 176.8 | 155.2 | 164.7 | 655.1 | 7.4% |
Adjusted EBITDA from EUR 49.6 million in 2024 to EUR 55.8 million in 2025.
H2 2025 adjusted EBITDA increased by 14.8% from EUR 24.5 million to EUR 28.1 million. Despite high competitive pressure, adjusted EBITDA margin on sales increased from 7.9% to 8.8%.
in million EUR
| H1 2024 | H2 2024 | 2024 | H1 2025 | H2 2025 | 2025 | % FY | |
|---|---|---|---|---|---|---|---|
| Adjusted EBITDA | 25.1 | 24.5 | 49.6 | 27.7 | 28.1 | 55.8 | 12.6% |
Adjusted operating profit (loss) from EUR 18.9 million in 2024 to EUR 24.6 million in 2025.
H2 2025 adjusted operating profit (loss) from EUR 9.1 million to EUR 12.5 million. Adjusted operating profit (loss) margin on sales increased from 2.9% to 3.9%.
in million EUR
| H1 2024 | H2 2024 | 2024 | H1 2025 | H2 2025 | 2025 | % FY | |
|---|---|---|---|---|---|---|---|
| Adjusted operating profit (loss) | 9.8 | 9.1 | 18.9 | 12.0 | 12.5 | 24.6 | 29.7% |
Adjustments to Operating profit (loss):
in million EUR
| H1 2024 | H2 2024 | 2024 | H1 2025 | H2 2025 | 2025 | |
|---|---|---|---|---|---|---|
| Restructuring charges and provisions | (2.8) | (5.1) | (7.9) | (2.9) | (0.9) | (3.8) |
| Other | (0.5) | 1.3 | 0.9 | (0.2) | (0.5) | (0.7) |
| Total impact on EBITDA | (3.2) | (3.8) | (7.0) | (3.1) | (1.4) | (4.5) |
| Impairments | 0.0 | (0.4) | (0.4) | (0.2) | 0.1 | (0.1) |
| Total impact on Operating profit (loss) | (3.2) | (4.2) | (7.4) | (3.4) | (1.3) | (4.6) |
Adjustments to Operating profit (loss) on continuing operations 2025 amount to EUR -4.6 million and include:
- EUR -3.8 million of restructuring costs mainly related to Ascorium (EUR -2.25 million) and the closure of the thermo-acoustic boards plant in Angers, France;
- EUR -0.7 million of other adjustments: M&A related transaction costs;
- EUR -0.1 million impairment on intangible and tangible fixed assets.
Adjustments to Operating profit (loss) on continuing operations in 2024 amount to EUR -7.4 million and include:
- EUR -7.9 million of restructuring costs as a result of right-sizing the company structure;
- EUR +0.9 million of other adjustments: M&A related transaction costs offset by a release of the Ascorium insurance provision and IT provision (EUR 1.2 million);
- EUR -0.4 million impairment on intangible and tangible fixed assets.
Press release – Annual result 2025 – 27 February 2026 – 7:00 CET
RECTICELGROUP
EBITDA from EUR 42.6 million in 2024 to EUR 51.3 million in 2025.
Operating profit (loss) from EUR 11.5 million 2024 to EUR 19.9 million in 2025.
Financial result from EUR 3.4 million in 2024 to EUR -3.5 million in 2025.
Interest charges on debt have remained stable at EUR -2.0 million in 2024 to EUR -2.0 million in 2025. The interest income has decreased from EUR 4.3 million in 2024 to EUR 1.4 million in 2025 due to lower interest rates and lower cash.
Other net financial income and expenses: from EUR 1.1 million in 2024 to EUR -2.9 million in 2025 due to the GBP, USD and SEK exchange rate evolution.
Income and impairment from other associates from no result in 2024 to EUR -11.5 million in 2025, due to the impairment of the Ascorium vendor loan in H1 2025 (EUR 11.5 million).
Income and deferred taxes from EUR 1.5 million in 2024 to EUR 0.6 million in 2025.
- current income tax: from EUR -5.9 million in 2024 to EUR -4.2 million in 2025;
- deferred tax: from EUR 7.4 million in 2024 to EUR 4.9 million in 2025.
Result of the period of continuing operations from EUR 16.3 million in 2024 to EUR 5.6 million in 2025.
Result from discontinued operations from EUR 1.6 million in 2024 to EUR 5.0 million in 2025.
The result from discontinued operations in 2025 mainly represents:
- the release of indemnity provisions on the divestment of Recticel Engineered Foams to Carpenter for EUR 5.0 million;
- the release of indemnity provisions on the divestment of Bedding to Aquinos for EUR 1.1 million;
- offset by direct attributable costs to discontinued operations of EUR -1.0 million.
Consolidated result of the period (share of the Group) from EUR 18.1 million in 2024 to EUR 10.2 million in 2025.
2 Financial position
in million EUR
| 31 DEC 2024 | 30 JUN 2025 | 31 DEC 2025 | |
|---|---|---|---|
| Total equity | (445.1) | (426.3) | (430.5) |
| Net financial debt excluding factoring | (89.9) | (63.6) | (40.0) |
| + Lease debt (IFRS 16) | 15.5 | 13.2 | 12.6 |
| Net financial debt | (74.4) | (50.4) | (27.4) |
| + Drawn amounts under factoring programmes | (0.0) | 0.0 | (0.0) |
| Total net financial debt | (74.4) | (50.4) | (27.4) |
| Gearing ratio (incl. IFRS 16) | 16.7% | 11.8% | 6.4% |
| Leverage ratio (incl. IFRS 16) | N/A | N/A | N/A |
3 Non-adjusting subsequent event
On 22 December 2025, with the aim of unrestrained decision making during the strategic exercise with regard to the automotive operations, Temda 1 and Recticel signed a share purchase agreement under which Recticel will obtain 100% control of Ascorium for a purchase price of EUR 1.0 million. Closing is expected before 28 February 2026.
Due to the next strategic step of divesting the participation, Ascorium will be reported under discontinued operations and assets/liabilities held for sale.
Press release – Annual result 2025 – 27 February 2026 – 7:00 CET
RECTICELGROUP
4 Sustainability
In 2025, we achieved a 19.5% reduction in direct (Scope 1) emissions and a 36.9% reduction in indirect energy-related (Scope 2) emissions. This delivered a 36.1% decrease in combined Scope 1+2 carbon intensity per m³. These results demonstrate that strong volume growth and meaningful climate action can go hand in hand, with operational efficiency remaining a central driver of progress. Since 2021, we have reduced energy consumption per m³ by 34%, reinforcing the clear link between operational excellence and climate performance.
We remain on track to meet our targets approved by the SBTi (Science Based Targets initiative): a 90% absolute reduction in Scope 1+2 emissions by 2030 compared with our 2021 baseline. While achieving our 25% absolute Scope 3 reduction target remains challenging, we have already lowered Scope 3 carbon intensity per m³ by 14.3%. This progress reflects concrete actions to decarbonise both our operations and our supply chain through responsible sourcing, efficiency improvements, and targeted emissions-reduction initiatives.
Our performance has also received external recognition. Early 2026, we earned a Silver rating from EcoVadis, placing us among the top 15% of companies assessed globally. In addition, our sustainability reporting received formal recognition, underscoring our commitment to transparency, accountability, and measurable impact.
| Indicators | 2021 restated a
SBTi base year | 2024 restated a | 2025 | % 2025-2024 | % 2025-2021 |
| --- | --- | --- | --- | --- | --- |
| Greenhouse gas indicators (tCO2e) | | | | | |
| Scope 1 | 5,951 | 4,538 | 3,652 | -19.5% | -38.6% |
| Scope 2 | 5,488 | 3,082 | 1,944 | -36.9% | -64.6% |
| Scope 2 - market based | 5,488 | 3,082 | 1,944 | | |
| Scope 2 - location based | 5,488 | 4,182 | 4,350 | | |
| variance (= impact of renewable energy) | 0 | 1,100 | 2,406 | | |
| Scope 3 (³) | 578,788 | 561,474 | 600,009 | 6.9% | +3.7% |
| Scope 1+2 | 11,439 | 7,620 | 5,595 | -26.6% | -51.1% |
| Scope 1+2+3 (³) | 590,227 | 569,093 | 605,604 | 6.4% | +2.6% |
| Carbon intensity (kgCO2e/m³) | | | | | |
| Carbon intensity scope 1+2 | 3.5 | 2.2 | 1.4 | -35.2% | -59.6% |
| Carbon intensity scope 3 (³) | 174.7 | 158.8 | 149.7 | -5.7% | -14.3% |
| Carbon intensity scope 1+2+3 (³) | 178.2 | 161.0 | 151.1 | -6.1% | -15.2% |
| Energy intensity | | | | | |
| Energy intensity in Wh/m³ | 18.5 | 14.1 | 12.2 | -13.3% | -34.0% |
| | 2024 restated a | 2025 | % |
| --- | --- | --- | --- |
| Estimated avoided emissions from all Recticel Group building insulation products over 50 years (tCO2e) | 17,372,308 | 19,710,676 | +13.5% |
| Recticel Group carbon footprint (scope 1+2+3) (tCO2e) ³ | 569,093 | 605,604 | +6.4% |
| Multiple | 30.5 | 32.5 | +6.6% |
- The consolidated sustainability data reported in the press release have not been reviewed by the statutory auditor.
- As part of ongoing data quality improvements, Recticel continues to enhance the completeness and accuracy of its sustainability data. As such, the indicators for FY2021 (i.e. SBTi baseline) and FY2024 have been revised compared to prior year reporting due to updates in emission factors for Scope 3 Category 3.12, End-of-life treatment of sold products, and data improvements for fuel and energy consumption. Moreover, certain estimated datapoints for FY2021 for Rex Panels & Profiles have now been updated with actual data.
- Restated for category 3.12, End-of-life treatment of sold products, using correct GHG methodology; Category 3.15 Investment, is not included in scope 3 GHG and carbon intensity indicators.
Press release – Annual result 2025 – 27 February 2026 – 7:00 CET
RECTICELGROUP
5 Proposed dividend
The Board of Directors will propose to the Annual General Meeting of 26 May 2026 the payment of a stable gross dividend of EUR 0.31 per share on 56,752,920 shares. This represents a total dividend pay-out of EUR 17.6 million (2024: respectively EUR 0.31 per share and EUR 17.5 million in total).
6 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 2024, 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 2025, both which are available from www.recticel.com.
STATUTORY AUDITOR'S NOTE ON THE CONSOLIDATED FINANCIAL INFORMATION THE YEAR ENDED 31 DECEMBER 2025
The statutory auditor, PwC Bedrijfsrevisoren BV / Reviseurs d'Entreprises SRL, represented by Wouter Coppens*, has confirmed that the audit, which is substantially complete, has not to date revealed any material misstatement in the draft consolidated accounts, and that the accounting data reported in this press release is consistent, in all material respects, with the draft consolidated accounts from which it has been derived.
The consolidated sustainability data reported in this press release has not been reviewed by the statutory auditor.
Diegem, 26 February 2026
The statutory auditor
PwC Bedrijfsrevisoren BV/Reviseurs d'Entreprises SRL
Represented by
Wouter Coppens*
Bedrijfsrevisor/Réviseur d'entreprises
- Acting on behalf of Wouter Coppens BV
Press release – Annual result 2025 – 27 February 2026 – 7:00 CET
RECTICELGROUP
6.1 Condensed consolidated income statement
| in thousand EUR | ||
|---|---|---|
| 2024 | 2025¹ | |
| Sales | 610,196 | 655,075 |
| Cost of sales | (505,647) | (541,110) |
| Gross profit | 104,549 | 113,964 |
| General and administrative expenses | (43,306) | (46,941) |
| Sales and marketing expenses | (30,367) | (32,010) |
| Research and development expenses | (4,894) | (3,993) |
| Impairment of goodwill, intangible and tangible assets | (394) | (134) |
| Other operating revenues | 6,366 | 6,301 |
| Other operating expenses | (20,465) | (17,274) |
| Income from associates | 0 | 0 |
| Operating profit (loss) | 11,489 | 19,914 |
| Interest income | 3,980 | 1,719 |
| Interest expenses | (1,580) | (1,903) |
| Other financial income | 3,338 | 3,196 |
| Other financial expenses | (2,359) | (6,481) |
| Financial result | 3,380 | (3,470) |
| Income from other associates | 0 | 0 |
| Impairment other associates | 0 | (11,524) |
| Change in fair value of option structures | 0 | 0 |
| Result of the period before taxes | 14,868 | 4,920 |
| Income taxes | 1,476 | 645 |
| Result of the period after taxes - continuing operations | 16,345 | 5,565 |
| Result of discontinued operations | 1,613 | 5,047 |
| Result of the period after taxes - continuing and discontinued operations | 17,957 | 10,613 |
| of which share of the Group | 18,132 | 10,199 |
| of which non-controlling interests | (174) | 414 |
¹ Kuras BV (Insulated Panels) is fully consolidated as from 1 November 2025 and Miclar Group (Insulated Panels) is fully consolidated as from 1 December 2025.
² 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. Ascorium Holding GmbH (formerly TEMDA2).
Press release – Annual result 2025 – 27 February 2026 – 7:00 CET
Page 7 of 14
RECTICELGROUP
6.2 Earnings per share
| 2024 | 2025 | |
|---|---|---|
| Number of shares outstanding (including treasury shares) | 56,605,920 | 56,752,920 |
| Weighted average number of shares outstanding (before dilution effect) | 56,067,538 | 56,339,332 |
| Weighted average number of shares outstanding (after dilution effect) | 56,475,310 | 56,541,062 |
| in EUR | ||
| Earnings per share | ||
| Earnings per share - continuing operations | 0.29 | 0.10 |
| Earnings per share - discontinued operations | 0.03 | 0.09 |
| Earnings per share of continuing and discontinued operations | 0.32 | 0.19 |
| Earnings per share from continuing operations | ||
| Earnings per share from continuing operations - Basic | 0.29 | 0.10 |
| Earnings per share from continuing operations - Diluted | 0.29 | 0.10 |
| Earnings per share from discontinued operations | ||
| Earnings per share from discontinued operations - Basic | 0.03 | 0.09 |
| Earnings per share from discontinued operations - Diluted | 0.03 | 0.09 |
| Net book value | 7.86 | 7.59 |
6.3 Consolidated statement of comprehensive income
in thousand EUR
| 2024 | 2025 | |
|---|---|---|
| Result for the period after taxes | 17,957 | 10,613 |
| Other comprehensive income | ||
| Actuarial gains (losses) on employee benefits recognised in equity | 839 | (120) |
| Deferred taxes on actuarial gains (losses) on employee benefits | (492) | (22) |
| Currency translation differences that will not subsequently be recycled to profit and loss | (7) | 11 |
| 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 | 339 | (131) |
| Hedging reserves | 0 | 0 |
| Currency translation differences that subsequently may be recycled to profit and loss | 2,034 | (2,474) |
| Foreign currency translation reserve difference recycled in the income statement | 0 | 0 |
| Deferred taxes on retained earnings | 0 | 3 |
| 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 | 2,034 | (2,471) |
| Other comprehensive income net of tax | 2,374 | (2,602) |
| Total comprehensive income for the period | 20,331 | 8,010 |
| Total comprehensive income for the period | 20,331 | 8,010 |
| Total comprehensive income for the period attributable to the owners of the parent | 20,505 | 7,596 |
| Total comprehensive income for the period attributable to non-controlling interests | (174) | 414 |
| Total comprehensive income for the period attributable to the owners of the parent | 20,505 | 7,596 |
| Total comprehensive income for the period attributable to the owners of the parent - Continuing operations | 18,892 | 2,549 |
| Total comprehensive income for the period attributable to the owners of the parent - Discontinued operations | 1,613 | 5,047 |
Press release – Annual result 2025 – 27 February 2026 – 7:00 CET
RECTICELGROUP
6.4 Consolidated statement of financial position
in thousand EUR
| 31 DEC 2024 | 31 DEC 2025 | |
|---|---|---|
| Intangible assets | 76,549 | 73,657 |
| Goodwill | 76,467 | 94,509 |
| Property, plant & equipment | 160,763 | 182,764 |
| Right-of-use assets | 39,903 | 27,299 |
| Non-current receivables | 13,795 | 9,659 |
| Deferred tax assets | 27,396 | 30,135 |
| Non-current assets | 394,872 | 418,022 |
| Inventories | 55,075 | 57,441 |
| Trade receivables | 101,925 | 110,993 |
| Deferred receivable for share investments/divestment | 864 | 172 |
| Other receivables and other financial assets | 12,119 | 12,130 |
| Income tax receivables | 4,098 | 4,552 |
| Cash and cash equivalents | 132,717 | 82,251 |
| Current assets | 306,799 | 267,540 |
| TOTAL ASSETS | 701,670 | 685,562 |
| Capital | 141,515 | 141,882 |
| Share premium | 135,696 | 136,380 |
| Share capital | 277,211 | 278,262 |
| Treasury shares | (1,450) | (1,450) |
| Other reserves | (1,338) | (122) |
| Retained earnings | 162,491 | 155,144 |
| Equity adjustment - NCI put option | 0 | (8,937) |
| Hedging and translation reserves | 6,689 | 4,230 |
| Equity (share of the Group) | 443,602 | 427,128 |
| Equity attributable to non-controlling interests | 1,531 | 3,360 |
| Total equity | 445,133 | 430,488 |
| Employee benefit liabilities | 10,996 | 11,005 |
| Provisions | 28,479 | 21,185 |
| Deferred tax liabilities | 25,377 | 23,927 |
| Financial liabilities | 46,218 | 44,035 |
| Other amounts payable | 972 | 134 |
| Deferred payables for share investments | 0 | 8,937 |
| Non-current liabilities | 112,044 | 109,223 |
| Provisions | 1,252 | 2 |
| Financial liabilities | 12,116 | 10,800 |
| Trade payables | 87,844 | 94,023 |
| Current contract liabilities | 9,577 | 9,778 |
| Income tax payables | 1,522 | 2,258 |
| Other amounts payable | 32,181 | 28,992 |
| Current liabilities | 144,493 | 145,852 |
| TOTAL EQUITY AND LIABILITIES | 701,670 | 685,562 |
Press release – Annual result 2025 – 27 February 2026 – 7:00 CET
Page 9 of 14
RECTICELGROUP
6.5 Consolidated statement of cash flow
in thousand EUR
| 2024 | 2025 | |
|---|---|---|
| Operating profit (loss) | 11,489 | 19,914 |
| Amortisation of intangible assets | 9,727 | 10,062 |
| Depreciation of tangible assets | 20,952 | 21,230 |
| (Reversal) Impairment losses on tangible assets | 394 | 134 |
| (Write-backs)/Write-offs on assets | (34) | (367) |
| Changes in provisions | (3,632) | (2,941) |
| Gain/(Loss) on disposal intangible and tangible assets | (260) | 373 |
| Other non-cash elements | 1,343 | 1,347 |
| GROSS OPERATING CASH FLOW BEFORE WORKING CAPITAL MOVEMENTS | 39,980 | 49,751 |
| Changes in inventories | (311) | (897) |
| Changes in trade and other receivables | (14,813) | (5,937) |
| Changes in trade and other payables | 1,599 | (1,357) |
| Changes in working capital | (13,525) | (8,191) |
| Income taxes paid | (4,354) | (5,095) |
| NET CASH FLOW FROM OPERATING ACTIVITIES (a) | 22,102 | 36,465 |
| Interests received | 285 | 54 |
| Dividends received | 20 | (0) |
| Disposal of Bedding | 13,292 | 0 |
| Disposal of Engineered Foams | (9,399) | 0 |
| Disposal of Orsafoam | 2,383 | 2,383 |
| Acquisition Rex, net of cash acquired | (33,777) | 691 |
| Acquisition Kuras/Miclar, net of cash acquired | (23,730) | |
| Increase of loans and receivables | (94) | (9,035) |
| Decrease of loans and receivables | 154 | 818 |
| Investments in intangible assets | (3,362) | (4,541) |
| Investments in property, plant and equipment | (25,143) | (29,736) |
| Disposals of intangible assets | 0 | 0 |
| Disposals of property, plant and equipment | 559 | 836 |
| NET CASH FLOW FROM DIVESTMENT (INVESTMENT) ACTIVITIES (b) | (55,082) | (62,260) |
| Interests paid on financial debt (c) | (1,304) | (1,132) |
| Interests paid on lease debt (c) | (300) | (343) |
| Interests received | 3,556 | 1,665 |
| Dividends paid | (17,344) | (17,447) |
| Increase/(Decrease) of capital | 2,904 | 1,546 |
| Increase of financial debt | 8,681 | 5,119 |
| Decrease of financial debt | (17,658) | (6,955) |
| Decrease of lease debt (d) | (5,009) | (5,250) |
| NET CASH FLOW FROM FINANCING ACTIVITIES (e) | (26,475) | (22,796) |
| Effect of exchange rate changes | ff) | (1,387) |
| FX impact on cash | ff) | (489) |
| Effect of exchange rate changes | ff) | (1,876) |
| Effect of exchange rate changes (discontinued operations) | ff) | 0 |
| CHANGES IN CASH AND CASH EQUIVALENTS (a)+(b)+(e)+(f) | (58,675) | (50,466) |
| NET FREE CASH FLOW (a)+(b)+(c)+(d) | (39,594) | (32,519) |
| Net cash position opening balance (g) | 191,393 | 132,717 |
| Net cash position closing balance (h) | 132,717 | 82,251 |
| CHANGES IN CASH AND CASH EQUIVALENTS (h)-(g) | (58,675) | (50,466) |
Press release – Annual result 2025 – 27 February 2026 – 7:00 CET
RECTICELGROUP
6.6 Consolidated statement of changes in shareholders' equity for year ending 31 December 2025
In Proposed ELIS
| 2025 | Capital | Share premium | Treasury shares | Other reserves | Retained earnings | Equity adjustment - NO 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 | 141,515 | 135,696 | (1,450) | (1,338) | 162,491 | 0 | 6,689 | 443,602 | 0 | 443,602 | 1,531 | 445,133 |
| Dividends | 0 | 0 | 0 | 0 | (17,548) | 0 | 0 | (17,548) | 0 | (17,548) | 0 | (17,548) |
| Stock options (IFRS 2) | 0 | 0 | 0 | 1,347 | 0 | 0 | 0 | 1,347 | 0 | 1,347 | 0 | 1,347 |
| Capital movements | 368 | 684 | 0 | 0 | (0) | 0 | 0 | 1,052 | 0 | 1,052 | 442 | 1,494 |
| Shareholders' movements | 368 | 684 | 0 | 1,347 | (17,548) | 0 | 0 | (15,149) | 0 | (15,149) | 442 | (14,707) |
| Profit (loss) of the period | 0 | 5,151 | 0 | 5,151 | 5,047 | 10,199 | 414 | 10,613 | ||||
| Other comprehensive income | 0 | 0 | 0 | (131) | 3 | 0 | (2,467) | (2,595) | 0 | (2,595) | (8) | (2,602) |
| Total comprehensive income | 0 | 0 | 0 | (131) | 5,154 | 0 | (2,467) | 2,556 | 5,047 | 7,804 | 407 | 8,010 |
| Changes in scope | (0) | 0 | 0 | 0 | 5,047 | (8,937) | 8 | (3,882) | (5,047) | (8,929) | 980 | (7,950) |
| Equity at the end of the period | 141,882 | 136,380 | (1,450) | (122) | 155,144 | (8,937) | 4,230 | 427,128 | 0 | 427,128 | 3,360 | 430,488 |
Press release – Annual result 2025 – 27 February 2026 – 7:00 CET
Page 11 of 14
RECTICELGROUP
6.7 Reconciliation with alternative performance measures
in thousand EUR
| 2024 | 2025 | |
|---|---|---|
| Income statement | ||
| Sales | 610,196 | 655,075 |
| Gross profit | 104,549 | 113,964 |
| EBITDA | 42,562 | 51,339 |
| Operating profit (loss) | 11,489 | 19,914 |
| Operating profit (loss) | 11,489 | 19,914 |
| Amortisation of intangible assets | 9,727 | 10,062 |
| Depreciation of tangible assets | 20,952 | 21,230 |
| Amortisation deferred charges long term | 0 | 0 |
| Impairments on goodwill, intangible and tangible fixed assets | 394 | 134 |
| EBITDA | 42,562 | 51,339 |
| EBITDA | 42,562 | 51,339 |
| Restructuring charges | 7,915 | 3,793 |
| Other | (870) | 716 |
| Adjusted EBITDA | 49,606 | 55,848 |
| Operating profit (loss) | 11,489 | 19,914 |
| Restructuring charges | 7,915 | 3,793 |
| Other | (870) | 716 |
| Impairments | 394 | 134 |
| Adjusted operating profit (loss) | 18,928 | 24,557 |
| Total net financial debt | 31 DEC 2024 | 31 DEC 2025 |
| Non-current financial liabilities | 46,218 | 44,035 |
| Current financial liabilities | 12,116 | 10,800 |
| Cash | (132,717) | (82,251) |
| Other financial assets | 0 | 0 |
| Net financial debt on statement of financial position | (74,383) | (27,416) |
| Factoring programmes | 0 | (0) |
| Total net financial debt | (74,383) | (27,416) |
| Gearing ratio (Net financial debt / Total equity) | ||
| Total equity | 445,133 | 430,488 |
| 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 | 55,075 | 57,441 |
| Trade receivables | 101,925 | 110,993 |
| Other receivables | 12,983 | 12,303 |
| Income tax receivables | 4,098 | 4,552 |
| Trade payables | (87,844) | (94,023) |
| Current contract liabilities | (9,577) | (9,778) |
| Income tax payables | (1,522) | (2,258) |
| Other amounts payable | (32,181) | (28,992) |
| Net working capital | 42,957 | 50,239 |
| Current ratio (= Current assets / Current liabilities) | ||
| Current assets | 306,799 | 267,540 |
| Current liabilities | 144,493 | 145,852 |
| Current ratio (factor) | 2.1 | 1.8 |
Press release – Annual result 2025 – 27 February 2026 – 7:00 CET
Page 12 of 14
RECTICELGROUP
6.8 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 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.
Press release – Annual result 2025 – 27 February 2026 – 7:00 CET
RECTICELGROUP
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 Group 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 comprises the divisions Insulation Boards, Insulated Panels and Acoustic Solutions.
Recticel Insulation designs polyurethane thermal 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 solutions, primarily in non-residential applications. REX Panels & Profiles complements the portfolio with PIR and mineral wool roofing and wall systems. Miclar and Kuras focus on downstream services for the insulated panels market.
Soundcoat provides acoustic solutions used in some of the world's leading technological innovations.
At the end of 2025, Recticel Group employed 1,285 people and had achieved sales of EUR 655.1 million. Its operations are spread over seven countries.
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.
Recticel Group is listed on Euronext in Brussels (Euronext: RECT - Reuters: RECT.BR - Bloomberg: RECT:BB).
Financial calendar
First quarter trading update 2026 22.04.2026 (07:00 AM CET)
Annual General Meeting 26.05.2026 (10:00 AM CET)
First half year results 2026 28.08.2026 (07:00 AM CET)
Third quarter trading update 2026 29.10.2026 (07:00 AM CET)
Media & Investor Relations
Jan Vergote
Chief Executive Officer
[email protected]
+32 2 775 18 01
Investor Relations
Bart Van den Eede
Chief Financial & Legal Officer
[email protected]
+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.
Press release – Annual result 2025 – 27 February 2026 – 7:00 CET