Recticel: Revenue up 29.6% in third quarter, adjusted EBITDA guidance raised
Recticel published on October 29, 2026 a quarterly revenue of 201.1 million euros, up 29.6% year-on-year. The group has raised its adjusted EBITDA guidance for fiscal year 2026, now set at more than 70 million euros.
The publication comes as management describes sluggish European construction markets and elevated interest rates that continue to weigh on operations. The growth of the building thermal and acoustic insulation specialist nonetheless accelerated quarter-on-quarter, both in reported figures and on an organic basis.
Organic growth of 20.3% in third quarter
In the third quarter of 2026, the group's revenue increased from 155.2 million euros to 201.1 million euros, a rise of 29.6%. Organic growth stood at 20.3%, with the difference from reported growth attributable to non-organic effects.
The pace accelerated compared to the second quarter, which showed growth of 25.6% in reported figures and 17.3% on an organic basis. Over the first nine months, revenues increased 20.6%, rising from 490.4 million euros to 591.3 million euros, of which 12.2% represented organic growth.
A comparison between cumulative and most recent period performance reveals an upward trajectory: the organic growth of the third quarter alone is significantly higher than that observed over the entire nine-month period.
Growth distributed across business units and regions despite sluggish construction
According to the statement, growth remained broad across the main geographical zones, with balanced contributions from the three business units: insulation panels, insulated panels and acoustic solutions. The expansion therefore does not rely on a single segment.
This point takes on added significance given the environment described by management. Stefaan Debusschere, Chief Executive Officer of the group, mentions growth of nearly 30% achieved "despite sluggish conditions in European construction markets." He believes that Recticel's customers continue to purchase even as these markets remain depressed.
The executive attributes this performance to the competitiveness of the group's solutions and its commercial approach. He highlights Recticel's relative size and financial position to seize growth opportunities, and states that the group has outperformed the underlying market for three years.
On the industrial front, the start-up of the new production facility built in the United States is progressing as planned, the statement indicates.
2026 adjusted EBITDA target raised to more than €70 million
The group has raised its adjusted EBITDA guidance for the full fiscal year 2026, now expected to exceed 70 million euros. When publishing its 2025 accounts on March 31, 2026, Recticel had indicated a target of 70 million euros; the group has just raised it to more than 70 million euros.
Management explains that elevated interest rates continue to dampen construction activity, but that high energy prices reinforce the urgency of investing in insulation. It considers that well-insulated buildings are benefiting more than ever from a premium.
The group further states that third quarter performance reinforces its confidence in its trajectory toward the objectives of its Elevate 2030 plan. The most structural element of the publication remains this raise in adjusted EBITDA guidance beyond 70 million euros, backed by quarterly growth of 29.6%.
