The Urethane Blog

Recticel Q1 Results

Recticel trading update 1st quarter 2021

Regulated information, Brussels, 27/04/2021 — 06:58 CET, 27.04.2021

  • Net sales: from EUR 221.5 million to EUR 256.7 million (+15.9%), including a -0.4% currency effect 
  • Net financial debt (including FoamPartner) : EUR 238.6 million, including IFRS 16 lease liabilities 

Olivier Chapelle (CEO): “The positive top-line trend observed during 2H2020 has continued to develop with a solid 15.9% y-o-y growth. Good volumes in our Insulation and Engineered Foams business lines, combined with substantial price increases, have offset the sales decline in the Bedding business line, caused by shopping restrictions in several markets due to the COVID-19 pandemic. 

The chemical raw materials supply remains constrained due to renewed ‘force majeure’ events and planned maintenance at the premises of our suppliers. This creates continued supply shortages of polyols and isocyanates, that our suppliers use to implement price increases at a historically high pace, leading to new all-time highs. In response to this, we mitigate these cost increases through corresponding selling price increases. The situation is not expected to normalize before 4Q2021.

During the quarter, we completed the FoamPartner acquisition in Engineered Foams, and the integration process has now started. We also signed preliminary agreements to acquire Gór-Stal’s insulation board business, and are currently performing the confirmatory due diligence while preparing its integration in the Insulation business line. At the same time we initiated the divestment process of our Bedding business line. These three strategic initiatives are currently all progressing according to plan.


Our underlying end-use markets remain difficult to predict in the context of the COVID-19 pandemic. Regardless of these uncertainties, our Group confirms its expectation to realise in 2021 a substantial increase in sales, and at least a 30% increase of its Adjusted EBITDA, not taking into account the contribution from the FoamPartner and the Gór-Stal acquisitions, nor the related synergies. The Group will provide guidance adapted to the new perimeter, including the acquired operations of FoamPartner and Gór-Stal, at the occasion of the publication of its first half-year 2021 results.