PRESS RELEASE
Regulated information – Inside information
Brussels, 29 April 2025 – 07:00 CET



Recticel Trading update first quarter 2025


• Net organic sales increase from EUR 140.6 million in 2024 to EUR 158.4 million (+12.7%)
in 2025
• Net cash position: EUR 52.0 million (31 December 2024: EUR 74.4 million)



Jan Vergote, CEO Recticel:

“Recticel announces strong organic volume growth in Q1 2025. Market prices were lower than
2024 averages, but have marginally improved compared to the record lows of Q4 2024.

We are noticing stronger activity in the residential sector in some Northwestern European
countries, helping our Insulation Boards business to grow double digit. Non-residential
renovation has also shown positive dynamics. Non-residential new construction, which accounts
for most of our Insulated Panels business, remains subdued, affecting margins.

The execution of our recycling investment in Belgium and our Insulated Panels investment in
the US is on schedule.

We repeat our outlook of continued organic growth throughout the year, and we are gradually
seeing more price increases in Q2 2025, primarily in Insulation Boards. Given the uncertainty
about their magnitude and persistence, Recticel at this stage, does not provide a quantitative
outlook for the year.”



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Press release – Recticel 1Q2025 Trading Update – 29 April 2024 – 7:00 CET Page 1 of 2
Uncertainty risks concerning the forecasts made

This press report contains forecasts which entail risks and uncertainties, including with regard to statements
concerning plans, objectives, expectations and/or intentions of the Recticel Group and its subsidiaries. Readers are
informed that such forecasts entail known and unknown risks and/or may be subject to considerable business,
macroeconomic and competition uncertainties and unforeseen circumstances which largely lie outside the control of
the Recticel Group. Should one or more of these risks, uncertainties or unforeseen or unexpected circumstances
arise or if the underlying assumptions were to prove to be incorrect, the final financial results of the Group may
possibly differ significantly from the assumed, expected, estimated or extrapolated results. Consequently, neither
Recticel nor any other person assumes any responsibility for the accuracy of these forecasts.


About Recticel
Recticel is a Belgian insulation Group with a strong presence in Europe and the USA. It offers smart insulation
solutions that advance a carbon-free economy and a better quality of life.
Recticel delivers upon a portfolio of Insulation Boards, Insulated Panels and Acoustic Solutions.
Recticel Insulation designs polyurethane thermal and thermo-acoustic boards for optimal building comfort and
energy efficiency. This includes vacuum insulation panels (VIP) by Turvac.
Trimo enables the highest aesthetic standards and extends architectural capabilities with its mineral wool insulated
panels and modular space solution, primarily in non-residential applications. With the recent acquisition of
REX Panels & Profiles, the portfolio now includes PIR insulated panels.
Soundcoat provides acoustic solutions used in some of the world’s leading technological innovations.
At the end of 2024, Recticel employed 1,275 people and had achieved sales of EUR 610.2 million. Its operations are
spread over seven countries.
The Science Based Targets initiative (SBTi) approved Recticel’s near-term targets for the reduction of
scope 1, 2 & 3 greenhouse gas emissions by 2030 (from base year 2021) and net-zero targets for 2050.
CDP added Recticel to its 2024 A list for Climate Change.

Recticel is listed on Euronext in Brussels (Euronext: RECT - Reuters: RECT.BR - Bloomberg: RECT:BB).


Financial calendar
Annual General Meeting 27.05.2025 (10:00 AM CET)
First half year results 2025 29.08.2025 (07:00 AM CET)
Third quarter trading update 2025 30.10.2025 (07:00 AM CET)


Media & Investor Relations Investor Relations
Jan Vergote Bart Van den Eede
Chief Executive Officer Chief Financial & Legal Officer
vergote.jan@recticel.com vandeneede.bart@recticel.com
+32 2 775 18 01 +32 2 775 18 01

Recticel NV/SA
Bourgetlaan 42 avenue du Bourget
1130 Brussels
Belgium


This press release is available in English and Dutch on www.recticel.com.




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