Recticel Sa · EURONEXT:RECT
Recticel Sa — H1 2025 Earnings Presentation
22 slides from Recticel Sa's earnings presentation, Aug 29, 2025
Slide 1: H1 2025 Results
H1 2025 Results Jan Vergote, Chief Executive Officer Analyst meeting 29 August 2025 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: Future-smart Insulation
Future-smart Insulation We fight climate change with leading products that lower the carbon footprint of buildings. We help architects and clients to develop exciting spaces. We contribute to well-being with thermal insulation and noise control solutions. 3 Analysts’ meeting – H1 2025 results – 29 A
Slide 4: Our strengths
Our strengths Powered by Value-adding expert-driven portfolio brands Market Sustainability 4 4 expertise focus Innovation People capabilities excellence 4 Analysts’ meeting – H1 2025 results – 29 August 2025
Slide 5: Once again outperforming markets
Once again outperforming markets SALES VOLUMES EUR 335.2 million Double digit growth 12.3% organic growth ADJUSTED EBITDA NET CASH EUR 27.7 million (+10.4%) 30/06/2025: EUR 50.4 million 8.3% margin on sales 30/06/2024: EUR 58.1 million 5 Analysts’ meeting – H1 2025 results – 29 August 2025
Slide 6: H1 2025 Financial indicators
H1 2025 Financial indicators SALES ADJUSTED EBITDA ADJUSTED EBIT 400 30 14 in million EUR in million EUR in million EUR 27.7 12.0 350 335.2 25.1 12 25 298.6 300 10.4% 9.8 266.1 10 22.5% 12.3% 20 18.2 37.9% 250 12.2% 8 47.2% 200 15 6.7 6 150 10 4 100 5 2 50 6.8% 8.4% 8.3% 2.5% 3.3% 3.6% 0 0 0 H1 2023
Slide 7: Added value growth engines
Added value growth engines 7 Analysts’ meeting – H1 2025 results – 29 August 2025
Slide 8: Industry leading recycling plant in Belgium
Industry leading recycling plant in Belgium EUR 13 million investment in Wevelgem PU waste chemically recycled into polyol for new boards Lower virgin chemical use Reduction of scope 3 GHG emissions Operational in Q1 2026 as planned
Slide 9: Greenfield insulated panels manufacturing in US
Greenfield insulated panels manufacturing in US Located in Tennessee, 45 miles south of Nashville Serving East & South-East US EUR 50 million investment Capacity 3 million m² Mineral wool & PIR insulated panels Commissioning in Q4 2026 as planned
Slide 10: Project Lego, Chesterfield County, Richmond, Virginia, US
Project Lego, Chesterfield County, Richmond, Virginia, US # 35,000 m² Trimo – Trimoterm # 3,500 m² Trimo – Qbiss One First delivery: March - April 2025 Final delivery: October 2025
Slide 11: Project PepsiCo, Celaya, Mexico
Project PepsiCo, Celaya, Mexico # 61,000 m² Rex Panels & Profiles # 13,000 m² Trimo – Trimoterm First delivery: April 2024 Final delivery: June 2025
Slide 12: On track for our SBTi scope 1+2 targets
On track for our SBTi scope 1+2 targets GHG emissions reduced by 8.5% vs H1 2024 Carbon intensity per m³ down by 14.7% vs H1 2024 Scope 1+2 GHG emissions Scope 1+2 Carbon intensity in tCO2e in tCO2e/m³ 3.5 5,719 3,649 2.1 3,340 Target 1.8 2030 -90% -8.5% vs -14.7% H1 2024 vs H1 2024 -36.2% -41.6
Slide 13: 21.5 million tons: We are part of the solution
We are part of the solution Lifetime CO2e prevention of our 2024 output 21.5 million tons (= annual emission of city of Paris) = 26.5 times Recticel’s 2024 carbon footprint across scope 1+2+3 Data are limited assured by PwC 13 Analysts’ meeting – H1 2025 results – 29 August 2025
Slide 14: H1 2025 key takeaways
H1 2025 key takeaways Continued to outperform the building markets in key geographies On time execution of PU recycling plant and US insulated panels plant Industry leading progress in environmental performance Added value growth engines in good shape Write-off of vendor loan to minority o
Slide 15: Outlook 2025
Outlook 2025 Our strategic focus remains unchanged European markets signal a slight rebound of building permit volumes but timing of construction starts is uncertain Price competition remains fierce across markets and product lines Confident in our strong medium- and long-term organic growth
Slide 16: H1 2025 Results: Financials
H1 2025 Results Financials 16 Analysts’ meeting – H1 2025 results – 29 August 2025
Slide 17: Consolidated Income statement
Consolidated Income statement in million EUR 1H2024 1H2025 % Sales 298.6 335.2 12.3% Gross profit 54.1 57.3 5.9% as % of sales 18.1% 17.1% Adjusted EBITDA 25.1 27.7 10.4% as % of sales 8.4% 8.3% EBITDA 21.9 24.6 12.6% as % of sales 7.3% 7.3% Adjusted operating profit (loss) 9.8 12.0 22.5% as % of sa
Slide 18: Financial result and income taxes
Financial result and income taxes Financial result: EUR -1.6 million (vs EUR 2.2 million) Interest charges: EUR -1.0 million (vs EUR -1.2 million) Interest income: EUR 1.2 million (vs EUR 3.1 million) due to lower interest rates and lower cash Other net financial income and expenses: EUR -1.
Slide 19: Taxes
Taxes Income and deferred taxes: EUR -1.3 million (vs EUR -4.3 million) Current income tax: EUR -2.9 million (vs EUR -3.3 million) H1 2024 income tax included an amount of EUR -0.6 million relating to 2023 H1 2025 income taxes have increased in line with higher operating results Deferred tax:
Slide 20: Group result
Group result Result of continuing operations: EUR -5.8 million (vs EUR 4.5 million) Result of discontinued operations: EUR 5.5 million (vs EUR 2.0 million) Release of indemnity provisions on the divestment of Recticel Engineered Foams to Carpenter for EUR 5.0 million Release of indemnity pro
Slide 21: Net cash position of EUR 50.4 million
Net cash position of EUR 50.4 million in million EUR 30 JUN 2024 31 DEC 2024 30 JUN 2025 Total equity 445.1 432.0 426.3 Net financial debt excluding factoring (72.9) (89.9) (63.6) + Lease debt (IFRS 16) 14.9 15.5 13.2 Net financial debt (58.1) (74.4) (50.4) + Drawn amounts under factoring programmes
Slide 22: Thank you
Thank you Recticel NV Avenue du Bourget/Bourgetlaan 42 1130 Brussels – Belgium Subscribe to Recticel email alerts on www.recticel.com/investors.html 22 Analysts’ meeting – H1 2025 results – 29 August 2025