Slide 1: Results FY2025
Results FY2025 Analyst meeting 27 February 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: Growth Across The Board in 2025
Growth Across The Board in 2025 Revenue up 7.4% to record-high Net cash position EUR 27.4 million EUR 655.1 million Major investments progressing as Strong organic volume growth in planned Insulated Panels and Insulation Successful integration of Kuras Boards in flat building markets and M
Slide 4: A growth story
Volume Insulation Boards Sales Recticel Group 750 655.1 610.2 600 529.4 in Mio EUR 450 in T m³ 300 150 0 2023 2024 2025 2023 2024 2025 Volume Insulated Panels a growth story Adjusted EBITDA Recticel Group 60 55.8 49.6 39.2 40 in Mio EUR in T m² 20 0 2023 2024 2025 2023 2024 2025 4 Analyst meeting –
Slide 5: A powerhouse of brands
A powerhouse of brands INSULATION BOARDS INSULATED PANELS ACOUSTIC SOLUTIONS Conventional PIR boards Premium MW panels Advanced products Advanced products Advanced products Conventional MW/PIR panels Advanced products Downstream offering Downstream offering Downstream offering Downstream offering 5
Slide 6: Product portfolio breakdown
Product portfolio breakdown Sales 2025 Advanced products & Advanced products Premium MW Downstream & Conventional offering PIR panels Downstream offering Conventional PIR boards 6 Analyst meeting – FY 2025 results – 27 February 2026
Slide 7: Advanced products & downstream solutions outgrow commodities
Advanced products & downstream solutions outgrow commodities Sales 2025 Advanced products & Advanced Downstream products & Premium MW & offering Premium MW & Downstream Conventional offering 21% Conventional PIR panels PIR panels 27% Conventional PIR boards Conventional PIR boards 33% 38% Direct mar
Slide 8: Looking forward
Looking forward Training hall of the ball sports Brno, Czech Republic, Trimo Qbiss One and ArtMe Photo: David Pařik 8 Analyst meeting – FY 2025 results – 27 February 2026
Slide 9: Dynamics of the building market in which we operate
Dynamics of the building market in which we operate Recticel Group Sales 2025 Renovation New construction Residential permits 12 months Residential 15% 16% average * Eurozone Renovation New construction Non-residential permits Non-residential 21% 48% 12 months average * Eurozone * Source: BNP Pariba
Slide 10: 6 Non-cyclical Smart Pillars Targeting > EUR 100 million adjusted EBITDA by 2030
6 Non-cyclical Smart Pillars Downstream Operations offering Administrative Geographical processes expansion Advanced Carbon products footprint Targeting > EUR 100 million adjusted EBITDA by 2030 10 Analyst meeting – FY 2025 results – 27 February 2026
Slide 11: Smart operations
Smart operations • Operational leverage • Maximising assets output • Operational excellence 11 Analyst meeting – FY 2025 results – 27 February 2026
Slide 12: Recticel NXT
Smart administrative processes Recticel NXT Shaping the future of efficiency 12 Analyst meeting – FY 2025 results – 27 February 2026
Slide 13: Smart advanced products
Smart advanced products Vacuum insulated panels High added value boards Qbiss design panels Acoustic solutions 13 Analyst meeting – FY 2025 results – 27 February 2026
Slide 14: Smart downstream offering
Smart downstream offering Tapered roof solutions Modular Space Solutions Façade & cladding solutions Last mile service provider 14 Analyst meeting – FY 2025 results – 27 February 2026
Slide 15: Smart geographical expansion
Smart geographical expansion Greenfield panels manufacturing in US 15 Analyst meeting – FY 2025 results – 27 February 2026
Slide 16: Smart carbon footprint
Smart carbon footprint Carbon intensity Carbon intensity tCO2e per m³, scope 1+2 tCO2e per m³, scope 3 3.5 174.7 173.8 2.8 -60% -14% 2.2 156.9 1.4 149.5 2021 2024 2023 2025 2021 2024 2023 2025 Industry leading PIR recycling plant Energy intensity KWh per m³ (Wevelgem, Belgium) 18.6 kWh/m³ 16.2 kWh/m
Slide 17: Focus on Insulated Panels
Focus on Insulated Panels 17 Analyst meeting – FY 2025 results – 27 February 2026
Slide 18: Our Ambition 2030 for Insulated Panels
Our Ambition 2030 for Insulated Panels World leader and prime supplier of superior Nr 1 in High-End / Premium Nr 2 in volume in Europe market segments in Europe mineral wool insulated panels, Portfolio mineral wool Portfolio mineral wool insulated panels with regional PIR insulated panels leadership
Slide 19: Strategic growth in target geographies and applications
Strategic growth in target geographies and applications… Data Centers Western Europe UK Germany Benelux Battery Factories France Geographies Applications High-rack Warehouses South-East Asia Malaysia Singapore Logistics Vietnam Pharmaceutical USA Modular Buildings Trimo MSS 19 Analyst meeting – FY 2
Slide 20: Focus on data centers
Focus on data centers Data centers order intake Data Centers +50% Project pipeline Features 2025 - 2028 • Non-combustible panels • Airtight Since 2018 2024 2025 Benefits • Acoustic 200+ 2.5 million m2 panels Trimoterm in m² performance Data centers • Full-envelope delivered systems by Trimo • Suppor
Slide 21: Proud of recent and upcoming projects
Proud of recent and upcoming projects 21 Analyst meeting – FY 2025 results – 27 February 2026
Slide 22: VRT New Office, Brussels; IKEA, Kållered Shopping Park, Sweden
VRT New Office, Brussels, Belgium IKEA, Kållered Shopping Park, Sweden Recticel Insulation Recticel Insulation 22 Analyst meeting – FY 2025 results – 27 February 2026
Slide 23: VRT New Office, Brussels; The Post, Rotterdam
VRT New Office, Brussels, Belgium Recticel Insulation The Post, Rotterdam, the Netherlands Recticel Insulation 23 Analyst meeting – FY 2025 results – 27 February 2026
Slide 24: Financial results
Financial results 24 Analyst meeting – FY 2025 results – 27 February 2026
Slide 25: Consolidated Income statement
Consolidated Income statement 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 sal
Slide 26: Dividend
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 tot
Slide 27: Financial result and income taxes
Financial result and income taxes Financial result: EUR -3.5 million (vs EUR 3.4 million) Interest charges on debt stable at EUR -2.0 million The interest income: EUR 1.4 million (vs EUR 4.3 million) to due to lower interest rates and lower cash Other net financial income and expenses: EUR -
Slide 28: Group result
Group result Result of the period of continuing operations: EUR 5.6 million (vs EUR 16.3 million) Result from discontinued operations: EUR 5.0 million (vs EUR 1.6 million) the release of indemnity provisions on the divestment of Recticel Engineered Foams to Carpenter for EUR 5.0 million; the
Slide 29: Net cash position of EUR 27.4 million
Net cash position of EUR 27.4 million 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 prog
Slide 30: Recticel NV contact details
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