Recticel Group Acquires Belgian Isopanel for €16.5M Through Its Joint Venture Reclar
Recticel Group has completed the acquisition of the entire Belgian group Isopanel, a specialist in insulating panels for cold rooms and isothermal solutions. The transaction, valued at €16.5M in enterprise value, is part of the group's ELEVATE 2030 strategy and generates synergies with its other subsidiaries in the sector.
An Acquisition Structured on the Basis of 2026 Performance
Recticel Group acquired 100% of Isopanel Group, a Belgian company founded in 1998 specializing in the installation of self-supporting insulating panels for hygienic refrigerated storage and isothermal solutions for industrial buildings. The transaction was carried out by the joint venture Reclar, in which Recticel Group holds a controlling stake of 76%. The financial structure combines a fixed price and an earn-out mechanism, with an enterprise value capped at €16.5M. This valuation is based on the financial results expected in 2026: an EBITDA between €3.5M and €4.0M and a turnover between €20.5M and €23.5M. This pricing structure reflects Isopanel's sustained growth trajectory, according to the group. The acquisition was cash-financed and is consolidated in the accounts from June 1, 2026.
Strengthening Downstream Activities and Synergies Within the Insulating Panels Division
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Isopanel operates in demanding sectors: the food and pharmaceutical industries, high-rise climate-controlled infrastructures, and temperature-controlled storage facilities. The acquisition consolidates Recticel Group's presence in high-value-added downstream applications, identified as one of the central pillars of its ELEVATE 2030 strategy. The group emphasizes that the integration of Isopanel creates operational synergies within its Insulating Panels division, where subsidiaries Trimo, Rex, and Miclar coexist. Recticel Group reaffirms its strategic goal of achieving an EBITDA of €100M by 2030.
SectorConstruction et infrastructures›Matériaux de construction
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 390,1 millions d'euros
Quarterly revenue: 390,1 millions d'euros
EBITDA: 34,1 millions d'euros
EBITDA margin: 8,7 %
Net income: -16 millions d'euros
Free cash flow: -17,8 millions d'euros
18,6 millions d'euros
Guidance from the release
we forecast Adjusted EBITDA of approximately EUR 70 million, while broadly sustaining the margin improvement achieved in H1
Risks mentioned
Crise géopolitique au Moyen-Orient entraînant une hausse des coûts
Disponibilité limitée des matières premières en provenance d'Asie
Retards de projets en Europe et de livraisons vers le Moyen-Orient et l'Asie
Opportunities identified
Croissance organique accélérée à 17,3 % au T2, portée par volume, mix et prix
Démarrage de la production de la nouvelle usine de recyclage en Belgique (Wevelgem)
Investissement greenfield aux États-Unis (Tennessee) progressant comme prévu, démarrage T4
Outlook / guidance
Expected EBITDA: 70 millions d'euros
Management commentary: For FY 2026, we forecast Adjusted EBITDA of approximately EUR 70 million, while broadly sustaining the margin improvement achieved in H1.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
