Recticel: Revenue Up 16.4% in H1, EBITDA Target Confirmed

Sales at €390.1 Million and Adjusted EBITDA at €35.7 Million in First Half

Recticel recorded revenue of €390.1 million in the first half of 2026, compared with €335.2 million a year earlier, representing an increase of 16.4%. Growth reached 25.6% in the second quarter alone.

Organic growth stood at 8.4% over the half-year and 17.3% in the second quarter, driven by volumes, product mix and prices. The group reported progress across all major geographical zones, with contributions from Insulation Boards and Insulated Panels activities.

Adjusted EBITDA increased by 28.9%, rising from €27.7 million to €35.7 million, with sales margin up 0.9 percentage point to 9.2%. Earnings per share from continuing operations rose from -€0.10 to €0.18.

Product Mix Shift Towards Higher-Margin Offerings Continues

The group indicated it passed on cost increases in the context of geopolitical tensions in the Middle East, while limited availability of raw materials from Asia contributed to higher selling prices, particularly in Insulation Boards.

The share of so-called smart performance and downstream products in total revenue increased from 20.3% to 24.4% over the half-year, despite strong growth in conventional panel activity in the second quarter.

The group specified that certain projects in Europe and deliveries to the Middle East and Asia were postponed to later in the year, while noting that Insulated Panels activity continued to grow. A net asset value adjustment of -€25 million was recorded in connection with Ascorium.

Adjusted EBITDA Target of Approximately €70 Million for 2026

For the 2026 financial year, Recticel forecasts adjusted EBITDA of approximately €70 million, broadly maintaining the margin improvement achieved in the first half. The group indicated that this target implies a continuation of the first half growth rate.

Regarding investments, production started at the new polyol recycling unit in Wevelgem, Belgium, and construction of the insulated panel plant in Tennessee, United States, is scheduled to commence production in the fourth quarter.

The group reiterated its Elevate 2030 value creation plan targeting adjusted EBITDA of €100 million, and indicated it remains determined to complete its final major divestiture.