Slide 1: Results H1 2026
Results H1 2026 Analyst meeting 28 August 2026 Jan Vergote, Executive Chairman Stefaan Debusschere, Chief Executive Officer Bart Van den Eede, Chief Financial Officer
Slide 2: Forward-looking statements
Forward-looking statements This presentation contains forecasts which entail risks and uncertainties, including with regards to statements concerning plans, objectives, expectations and/or intentions of the Recticel Group and its subsidiaries. Readers are informed that such forecasts entail known an
Slide 3: Recticel Accelerates Profitable Growth
Recticel Accelerates Profitable Growth Sales Recticel Group 390.1 335.2 Sales up 16.4% to a record EUR 390.1 million 266.1 298.6 +16.4% with Q2 growth reaching 25.6% in mEUR +12.3% +12.2% Organic sales up 8.4% in H1, accelerating to 19.1% in Q2, driven by volume growth, product mix and pricing H
Slide 4: Recticel Accelerates Profitable Growth
Recticel Accelerates Profitable Growth US greenfield insulated panels plant progressing as planned Start-up of polyol recycling plant in Belgium Earnings per share of continuing operations from EUR -0.10 to EUR 0.18 Determined to complete the Group’s final major divestment of Ascorium In c
Slide 5: Outlook FY 2026
Outlook FY 2026 As geopolitical tensions evolve, raw material costs may ease somewhat but are likely to remain at high levels Anticipating a slight improvement in our construction markets Irrespective of market developments, continue growing volumes and increasing the share of higher-value-add
Slide 6: Our growth strategy
Our growth strategy 6 NON-CYCLICAL SMART PILLARS Operations Advanced products Administrative processes Recticel NXT Downstream offering Geographical expansion Carbon footprint 6 Analyst meeting – H1 2026 results – 28 August 2026
Slide 7: Our business model
Our business model Advanced products Premium MW & Conventional Advanced PIR panels products & Downstream offering Conventional PIR boards Downstream offering 7 Analyst meeting – H1 2026 results – 28 August 2026
Slide 8: Advanced products & downstream solutions gain share in Group portfolio
Advanced products & downstream solutions gain share in Group portfolio Sales H1 2025 Sales H1 2026 EUR 335.2 million EUR 390.1 million Advanced Advanced products & products & Premium MW & Downstream Premium MW & Downstream offering offering Conventional Conventional PIR panels 20.3% PIR panels 24.4%
Slide 9: Smart geographical expansion
Smart geographical expansion Greenfield insulated panels manufacturing Maury County, Tennessee, USA 9 Analyst meeting – H1 2026 results – 28 August 2026
Slide 10: Smart geographical expansion
Smart geographical expansion Greenfield insulated panels manufacturing Maury County, Tennessee, USA 10 Analyst meeting – H1 2026 results – 28 August 2026
Slide 11: One Group approach to accelerate growth in Data Centres
One Group approach to accelerate growth in Data Centres Recticel Group Data Centre Task Force Connecting complementary expertise across all divisions INSULATED PANELS INSULATION BOARDS ACOUSTIC SOLUTIONS • Fast-track envelope • Superior roof insulation • Noise reduction equipment construction • Meet
Slide 12: Strong data centre project pipeline supporting future growth
Strong data centre project pipeline supporting future growth Data centre project pipeline Data centre order intake (Km²) > 300 data centre TRIMOTERM QBISS opportunities (Europe, Asia, Middle East) +55% +39% 80% project pipeline growth +57% +92% in 7 months FY24 FY25 Estimate 26 FY24 FY25 Estimate 26
Slide 13: Smart downstream synergies
Smart downstream synergies Tapered roof solutions Modular space solutions Façade & cladding solutions Last mile service provider Cold storage panels specialist 13 Analyst meeting – H1 2026 results – 28 August 2026
Slide 14: Smart carbon footprint
Smart carbon footprint Change H1 2026 vs H1 2025 Sales growth: +16.4% Scope 1+2 GHG emissions +3.1% Scope 1+2 Carbon intensity/m³ -7.3% GHG emissions Carbon intensity tCO2e, scope 1+2 tCO2e per m³, scope 1+2 5,719 3.5 2.2 -52% 2,642 2,723 -60% 1.4 1.2 H1 2021 H1 2025 H1 2026 2021 2024 2025 H1
Slide 15: Smart carbon footprint
Smart carbon footprint Successful start of industrial scale recycled polyol plant in Wevelgem First PIR producer to recycle operational PIR waste in polyol at industrial scale Recycling of 4,000 tonnes PIR waste Annual production of 6,000 tonnes recycled polyol Substantial impact on Scope 3
Slide 16: Our growth strategy
Our growth strategy 6 NON-CYCLICAL SMART PILLARS Operations Advanced products Administrative processes Recticel NXT Downstream offering Geographical expansion Carbon footprint CONFIDENT TO DELIVER EUR 100 MILLION ADJUSTED EBITDA 16 Analyst meeting – H1 2026 results – 28 August 2026
Slide 17: Financial results
Financial results Training hall of the ball sports Brno, Czech Republic, Trimo Qbiss One and ArtMe Photo: David Pařik 17 Analyst meeting – H1 2026 results – 28 August 2026
Slide 18: Consolidated Income statement
Consolidated Income statement in million EUR H1 2025 H1 2026 ¹ & 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%
Slide 19: Financial result and income taxes (comparison H1 2026 vs H1 2025)
Financial result and income taxes (comparison H1 2026 vs H1 2025) Financial result improved: EUR -0.4 million (vs EUR -1.6 million) Interest charges increased to EUR -1.3 million (vs EUR -1.0 million) Interest income decreased to EUR 0.3 million (vs EUR 1.2 million) to due to lower cash Othe
Slide 20: Group result (comparison H1 2026 vs H1 2025)
Group result (comparison H1 2026 vs H1 2025) Result of the period of continuing operations: EUR 10.0 million (vs EUR -5.8 million) Result from discontinued operations: EUR -25.6 million (vs EUR 5.5 million), predominantly the adjustment of the net asset value of Ascorium of EUR -25 million 20 An
Slide 21: Net cash position of EUR 18.6 million
Net cash position of EUR 18.6 million 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.
Slide 22: Recticel NV, Brussels
Recticel NV Avenue du Bourget/Bourgetlaan 42 1130 Brussels – Belgium Subscribe to Recticel email alerts on www.recticel.com/investors.html Training hall of the ball sports Brno, Czech Republic, Trimo Qbiss One and ArtMe Photo: David Pařik