Recticel Results

Recticel Trading update first quarter 2024

• Net sales increase from EUR 127.7 million in 2023 to EUR 140.6 million (+10.1%) in 2024, including REX sales in 20241

• Net cash position: EUR 74.9 million (31 December 2023: EUR 161.9 million), reflecting the REX acquisition in the first quarter of 2024 and seasonal working capital investment
Jan Vergote (CEO Recticel):

“New construction is not recovering as yet in the first quarter, but renovation activities are resilient at the vanguard of the European renovation wave.
First quarter sales are up 10.1%, including a 0.8% currency effect and 8.1% attributable to the acquisition of REX Panels & Profiles, which we completed on 10 January 2024.
Organic revenue growth is 1.2% resulting from the balance of substantial raw material deflation and significantly higher sales volumes, both in our Insulation Boards and Insulated Panels divisions.

Price pressures, especially in Insulation Boards, continue to be very high, but are being offset by operational improvements.
We are currently facing price hikes for our most important chemicals and are implementing price increases in all key geographies.
We confirm our confidence in the significant increase of our full year adjusted EBITDA.”

1 REX Panels & Profiles is fully consolidated as of 10 January 2024.

https://www.recticel.com/recticel-trading-update-first-quarter-2024.html