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



FIRST-HALF 2025 RESULTS

Once Again Outperforming Markets

• Sales up 12.3% in H1 2025 from EUR 298.6 million to EUR 335.2 million
• Strong volume growth both in Insulation Boards and Insulated Panels in flat or
contracting markets
• Adjusted EBITDA up 10.4% from EUR 25.1 million to EUR 27.7 million
• Net cash position at EUR 50.4 million
• Major investments progressing as planned
• Write-off of vendor loan to minority owned Ascorium (EUR 11.5 million)
• FY 2025 outlook: the Group expects an Adjusted EBITDA of approximately
EUR 55 million, a YoY growth of 10%


Jan Vergote, Chief Executive Officer, commented:

“Recticel is pleased to announce its third consecutive half year organic sales growth since the start of
the contraction of the European building industry. We are once again outperforming tough markets, and
deflationary input cost trends. Like for like sales have grown double-digit in key geographies such as
Benelux, United Kingdom and Central Europe and occurred both in Insulation Boards and Insulated
Panels.

Recticel continues to execute its operational excellence value creation plan, resulting in significantly
higher plant and labour productivity, and upward revisions of plant capacities. At the same time, we are
selling more added value products such as Powerdeck®+, Trimo Modular Space Solutions and our
unique Qbiss One architectural façades.

Our strategic investment in a greenfield facility for both mineral wool and PIR Insulated Panels in
Tennessee (US) is progressing as planned, and we expect to start production in Q4 2026. Our industry
leading recycling plant in Wevelgem (BE) is planned to be operational in Q1 2026.

We will continue executing our strategic growth plan through both M&A and organic initiatives, backed
by substantial headroom on our balance sheet.

Given the ongoing weakness in the global automotive market and the effects of tariffs on European car
makers, we have written off our vendor loan (EUR 11.5 million) to Ascorium, our minority owned
automotive interiors activity.


OUTLOOK

Some residential and non-residential geographical markets start to show slightly higher levels of
permitting, but most of that has not reached the construction phase. Price competition remains fierce
across markets and product lines.

We anticipate further high single-digit growth in the second half of the year and expect the full year 2025
Adjusted EBITDA to reach approximately EUR 55 million, compared to EUR 49.6 million in full year
2024.




Press release – First-half 2025 results – 29 August 2025 – 7:00 CET Page 1 of 12
1 Consolidated Group results – key figures1
in million EUR
H1 2024 H1 2025 %
Sales 298.6 335.2 12.3%
Gross profit 54.1 57.3 5.9%
as % of sales 18.1% 17.1%
Adjusted EBITDA 25.1 27.7 10.4%
as % of sales 8.4% 8.3%
EBITDA 21.9 24.6 12.6%
as % of sales 7.3% 7.3%
Adjusted operating profit (loss) 9.8 12.0 22.5%
as % of sales 3.3% 3.6%
Operating profit (loss) 6.6 8.7 31.9%
as % of sales 2.2% 2.6%
Financial result 2.2 (1.6) n.m.
Income from other associates¹ 7.7 0.0 n.m.
Impairment other associates (7.7) (11.5) n.m.
Income taxes (4.3) (1.3) n.m.
Result of the period of continuing operations 4.5 (5.8) n.m.
Result of discontinued operations 2.0 5.5 176.7%
Result of the period (share of the Group) 6.6 (0.3) -104.4%

Result of the period (share of the Group) - base (per share, in EUR) 0.12 ( 0.01) -104.4%

31 DEC 2024 30 JUN 2025 %
Total equity 445.1 426.3 -4.2%
Net financial debt (incl. IFRS 16 - Leases) (74.4) (50.4) n.m.
Gearing ratio (Net financial debt / Total equity) N/A N/A
Leverage ratio (Net financial debt / EBITDA) N/A N/A



Q2 2025 sales increased by 11.8% from EUR 158.0 million to EUR 176.8 million, including -0.03%
currency effect.
H1 2025 sales increased by 12.3% from EUR 298.6 million to EUR 335.2 million, including +0.36%
currency effect.

Adjusted EBITDA increased by 10.4% from EUR 25.1 million in H1 2024 to EUR 27.7 million in H1
2025. Despite high competitive pressure, adjusted EBITDA margin on sales remained stable at 8.3%,
thanks to better product mix and higher productivity.

Adjusted operating profit (loss) from EUR 9.8 million in H1 2024 to EUR 12.0 million in H1 2025.
Adjusted operating profit (loss) margin on sales increased from 3.3% to 3.6%.

Adjustments to Operating profit (loss) on continuing operations in H1 2025 amount to
EUR -3.7 million and include:
• EUR -2.9 million of restructuring costs mainly related to Ascorium (EUR -2.25 million) and the
closure of the thermo-acoustic boards plant in Angers, France;
• EUR -0.6 million of other adjustments;
• EUR -0.2 million of impairments of the assets of the thermo-acoustic boards plant in Angers.

EBITDA from EUR 21.9 million in H1 2024 to EUR 24.6 million in H1 2025.
EBITDA margin on sales remained stable at 7.3%.

Operating profit (loss) from EUR 6.6 million in H1 2024 to EUR 8.7 million in H1 2025.
Operating profit (loss) margin on sales increased from 2.2% to 2.6%.




1 Income from other associates: income from associates not considered as being part of the Group’s core business are not
integrated in Operating profit (loss); i.e. Ascorium Holding GmbH (formerly TEMDA2).


Press release – First-half 2025 results – 29 August 2025 – 7:00 CET Page 2 of 12
Financial result from EUR 2.2 million in H1 2024 to EUR -1.6 million in H1 2025.

Interest charges have decreased from EUR -1.2 million in H1 2024 to EUR -1.0 million in H1 2025.
The interest income has decreased from EUR 3.1 million in H1 2024 to EUR 1.2 million in H1 2025 due
to lower interest rates and lower cash.

Other net financial income and expenses: from EUR 0.4 million in H1 2024 to EUR -1.8 million in H1
2025 due to the GBP exchange rate evolution.

Income and impairment from other associates from EUR 0 million1 in H1 2024 to EUR -11.5 million
in H1 2025, due to the impairment of the Ascorium vendor loan (EUR 11.5 million).

Income and deferred taxes from EUR -4.3 million in H1 2024 to EUR -1.3 million in H1 2025.
• Current income tax: from EUR -3.3 million in H1 2024 to EUR -2.9 million in H1 2025. H1 2024
income tax included an amount of EUR -0.6 million relating to 2023. Income taxes for the current
year have increased in line with the higher operating results;
• Deferred tax: from EUR -1.0 million in H1 2024 to EUR 1.6 million in H1 2025.

Result of the period of continuing operations from EUR 4.5 million in H1 2024 to EUR -5.8 million in H1
2025.

Result from discontinued operations from EUR 2.0 million in H1 2024 to EUR 5.5 million in H1 2025.
The result from discontinued operations in H1 2025 mainly represents:
• the release of indemnity provisions on the divestment of Recticel Engineered Foams to Carpenter
for EUR 5.0 million;
• the release of indemnity provisions on the divestment of Bedding to Aquinos for EUR 1.1 million;
• offset by direct attributable costs to discontinued operations of EUR -0.6 million.

Consolidated result of the period (share of the Group) from EUR 6.6 million in H1 2024 to
EUR -0.3 million in H1 2025.


2 Financial position
in million EUR

30 JUN 2024 31 DEC 2024 30 JUN 2025

Total equity (432.0) (445.1) (426.3)

Net financial debt excluding factoring (72.9) (89.9) (63.6)

+ Lease debt (IFRS 16) 14.9 15.5 13.2
Net financial debt (58.1) (74.4) (50.4)

+ Drawn amounts under factoring programmes (0.0) (0.0) 0.0
Total net financial debt (58.1) (74.4) (50.4)


Gearing ratio (incl. IFRS 16) 13.4% 16.7% 11.8%

Leverage ratio (incl. IFRS 16) N/A N/A N/A




Press release – First-half 2025 results – 29 August 2025 – 7:00 CET Page 3 of 12
3 Sustainability
While delivering continued strong sales growth in H1 2025, we succeeded in achieving an additional
8.5% reduction in scope 1 and 2 GHG emissions compared to the same period last year. This progress
reinforces our confidence in meeting our voluntary SBTi commitment to reduce scope 1+2 GHG
emissions by 90% by 2030. Measured against our 2021 SBTi base year, emissions over the first six
months of 2025 are already down by 41.6%.

Furthermore, carbon intensity per m³ of material sold decreased by 14.7%, demonstrating a clear
reduction in embodied carbon.

% %
FY 2021
H1 2021 H1 2025 H1 2025
Indicator SBTi base FY 2024 H1 2024 H1 2025
* - -
year
H1 2024 H1 2021

Greenhouse gas indicators (tCO2e)
Scope 1 6,002 3,001 4,500 2,202 2,070 -6.0% -31.0%
Scope 2 - market based 5,435 2,718 2,957 1,447 1,270 -12.3% -53.3%
Scope 1+2 11,437 5,719 7,457 3,649 3,340 -8.5% -41.6%



%
H1 2025
Indicator H1 2024 H1 2025
-
H1 2024

Carbon intensity (kg CO2/m³)
Scope 1+2 2.1 1.8 -14.7%




* H1 2021 GHG emissions are 50% of FY 2021 SBTi base year emissions.

The sustainability data reported in this press release have not been reviewed by the statutory auditor.




Press release – First-half 2025 results – 29 August 2025 – 7:00 CET Page 4 of 12
4 Appendices
All figures and tables contained in these appendices have been compiled in accordance with the IFRS
accounting and valuation principles, as adopted within the European Union. The applied valuation
principles, as published in the latest annual report at 31 December 2024, were applied for the figures
included in this press release.

The analysis of the risk management is described in the annual report and the IAS 34 Interim report per
30 June 2025, both which are available from www.recticel.com.


4.1 Condensed consolidated income statement
in thousand EUR

H1 2024 H1 2025

Sales 298,614 335,200
Cost of sales (244,489) (277,856)
Gross profit 54,125 57,344
General and administrative expenses * (23,214) (23,099)
Sales and marketing expenses (14,749) (16,415)
Research and development expenses (2,734) (2,326)
Impairment of goodwill, intangible and tangible assets 0 (245)
Other operating revenues 2,544 3,339
Other operating expenses * (9,401) (9,935)
Income from associates 0 0 ¹
Operating profit (loss) 6,570 8,664
Interest income 2,686 1,152
Interest expenses (828) (984)
Other financial income 1,264 658
Other financial expenses (887) (2,467)
Financial result 2,236 (1,641)
Income from other associates 7,748 0 ¹
Impairment other associates (7,748) (11,524)
Change in fair value of option structures 0 0
Result of the period before taxes 8,805 (4,502)
Income taxes (4,266) (1,333)
Result of the period after taxes - continuing operations 4,539 (5,835)
Result of discontinued operations 2,002 5,540
Result of the period after taxes - continuing and discontinued operations 6,542 (294)
of which share of the Group 6,617 (292)
of which non-controlling interests (75) (2)

* Compared to the Interim report 2024, the amortizations/depreciations on purchase price allocations as a result of acquisitions have been
reclassified from General and administrative expenses to other operating expenses.




1
Income from other associates = income from associates not considered as being part of the Group’s core business are not
integrated in Operating profit (loss); i.e. Ascorium Holding GmbH (formerly TEMDA2).




Press release – First-half 2025 results – 29 August 2025 – 7:00 CET Page 5 of 12
4.2 Earnings per share
H1 2024 H1 2025

Number of shares outstanding (including treasury shares) 56,498,420 56,680,920
Weighted average number of shares outstanding (before dilution effect) 55,955,197 55,984,843
Weighted average number of shares outstanding (after dilution effect) 56,377,903 56,229,980

in EUR
Earnings per share
Earnings per share - continuing operations 0.08 (0.10)
Earnings per share - discontinued operations 0.04 0.10
Earnings per share of continuing and discontinued operations 0.12 (0.01)

Earnings per share from continuing operations
Earnings per share from continuing operations - Basic 0.08 (0.10)
Earnings per share from continuing operations - Diluted 0.08 (0.10)

Earnings per share from discontinued operations
Earnings per share from discontinued operations - Basic 0.04 0.10
Earnings per share from discontinued operations - Diluted 0.04 0.10

Net book value 7.88 7.52




4.3 Consolidated statement of comprehensive income
in thousand EUR

H1 2024 H1 2025

Result for the period after taxes 6,542 (294)
Other comprehensive income
Actuarial gains (losses) on employee benefits recognised in equity 1,073 (536)
Deferred taxes on actuarial gains (losses) on employee benefits 14 (19)
Currency translation differences that will not subsequently be recycled to profit and loss 1 7
Share in other comprehensive income in joint ventures & associates that will not subsequently be
0 0
recycled to profit and loss
Items that will not subsequently be recycled to profit and loss 1,088 (547)

Hedging reserves 0 0

Currency translation differences that subsequently may be recycled to profit and loss 1,181 (1,615)

Foreign currency translation reserve difference recycled in the income statement 0 (0)
Deferred taxes on retained earnings 0 (0)
Share in other comprehensive income in joint ventures & associates that subsequently may be recycled
0 0
to profit and loss
Items that subsequently may be recycled to profit and loss 1,181 (1,615)

Other comprehensive income net of tax 2,269 (2,163)

Total comprehensive income for the period 8,811 (2,457)

Total comprehensive income for the period 8,811 (2,457)
Total comprehensive income for the period attributable to the owners of the parent 8,886 (2,455)
Total comprehensive income for the period attributable to non-controlling interests (75) (2)

Total comprehensive income for the period attributable to the owners of the parent 8,886 (2,455)
Total comprehensive income for the period attributable to the owners of the parent - Continuing
6,884 (7,995)
operations
Total comprehensive income for the period attributable to the owners of the parent - Discontinued
2,002 5,540
operations




Press release – First-half 2025 results – 29 August 2025 – 7:00 CET Page 6 of 12
4.4 Consolidated statement of financial position
in thousand EUR

31 DEC 2024 30 JUN 2025

Intangible assets 76,549 73,766
Goodwill 76,467 76,467
Property, plant & equipment 160,763 159,499
Right-of-use assets 39,903 36,405
Non-current receivables 13,795 2,200
Deferred tax assets 27,396 27,657
Non-current assets 394,872 375,995
Inventories 55,075 63,947
Trade receivables 101,925 133,269
Deferred receivable for share investments/divestment 864 172
Other receivables and other financial assets 12,119 14,299
Income tax receivables 4,098 2,701
Cash and cash equivalents 132,717 102,185
Current assets 306,799 316,573
TOTAL ASSETS 701,670 692,568

Capital 141,515 141,702
Share premium 135,696 136,003
Share capital 277,211 277,706
Treasury shares (1,450) (1,450)
Other reserves (1,338) (1,212)
Retained earnings 162,491 144,650
Hedging and translation reserves 6,689 5,074
Equity (share of the Group) 443,602 424,768
Equity attributable to non-controlling interests 1,531 1,529
Total equity 445,133 426,297
Employee benefit liabilities 10,996 11,492
Provisions 28,479 22,372
Deferred tax liabilities 25,377 24,102
Financial liabilities 46,219 41,393
Other amounts payable 972 979
Non-current liabilities 112,045 100,339
Provisions 1,252 23
Financial liabilities 12,116 10,409
Trade payables 87,842 103,094
Current contract liabilities 9,577 15,099
Income tax payables 1,522 1,848
Other amounts payable 32,181 35,459
Current liabilities 144,492 165,932
TOTAL EQUITY AND LIABILITIES 701,670 692,568




Press release – First-half 2025 results – 29 August 2025 – 7:00 CET Page 7 of 12
4.5 Consolidated statement of cash flow
in thousand EUR

H1 2024 H1 2025

Operating profit (loss) 6,570 8,664
Amortisation of intangible assets 4,789 5,004
Depreciation of tangible assets 10,515 10,712
(Reversal) Impairment losses on tangible assets 0 250
(Write-backs)/Write-offs on assets (843) (885)
Changes in provisions (3,152) (1,392)
Gain/(Loss) on disposal intangible and tangible assets (45) (115)
Other non-cash elements 724 673

GROSS OPERATING CASH FLOW BEFORE WORKING CAPITAL MOVEMENTS 18,558 22,910

Changes in inventories (7,014) (9,192)
Changes in trade and other receivables (33,890) (36,536)
Changes in trade and other payables 6,153 25,150
Changes in working capital (34,751) (20,578)
Income taxes paid (1,116) (1,199)
NET CASH FLOW FROM OPERATING ACTIVITIES (a) (17,309) 1,133
Interests received 5 16
Dividends received 19 (0)
Disposal of Bedding 13,292 0
Disposal of Engineered Foams 0 0
Disposal of Orsafoam 1,192 1,192
Acquisition Rex, net of cash acquired (33,777) 691
Increase of loans and receivables (304) (4)
Decrease of loans and receivables 57 29
Investments in intangible assets (1,578) (2,213)
Investments in property, plant and equipment * (12,163) (7,248)
Disposals of intangible assets 0 0
Disposals of property, plant and equipment 40 209
NET CASH FLOW FROM DIVESTMENT (INVESTMENT) ACTIVITIES (b) (33,217) (7,328)
Interests paid on financial debt (c) (848) (715)
Interests paid on lease debt (c) (150) (189)
Interests received 2,498 861
Dividends paid (17,344) (17,446)
Increase/(Decrease) of capital 1,874 495
Increase of financial debt 893 50
Decrease of financial debt (10,753) (3,798)
Decrease of lease debt * (d) (2,514) (2,548)
NET CASH FLOW FROM FINANCING ACTIVITIES (e) (26,344) (23,289)
Effect of exchange rate changes 475 (1,049)
CHANGES IN CASH AND CASH EQUIVALENTS (a)+(b)+(e)+(f) (76,396) (30,533)

NET FREE CASH FLOW (a)+(b)+(c)+(d) (54,038) (9,646)




in thousand EUR
H1 2024 H1 2025


Net cash position opening balance (g) 191,393 132,717

Net cash position closing balance (h) 114,996 102,185
CHANGES IN CASH AND CASH EQUIVALENTS (h) - (g) (76,396) (30,533)


* Compared to the Interim report 2024, the lease payments have been reclassified from Investments in property, plant and equipment to the
Decrease of lease debt.




Press release – First-half 2025 results – 29 August 2025 – 7:00 CET Page 8 of 12
4.6 Consolidated statement of changes in shareholders’ equity for
year ending 30 June 2025
in thousand EUR

Translation
differences Total Non-
Share Treasury Other Retained Continuing Discontinued Total
2025 Capital and shareholders' controlling
premium shares reserves earnings operations operations equity
hedging equity interests
reserves
Equity at the
beginning of the 141,515 135,696 (1,450) (1,338) 162,491 6,689 443,602 0 443,602 1,531 445,133
period


Dividends 0 0 0 0 (17,548) 0 (17,548) 0 (17,548) 0 (17,548)
Stock options (IFRS
0 0 0 673 0 0 673 0 673 0 673
2)
Capital movements 187 307 0 0 (0) 0 495 0 495 (0) 495
Shareholders'
187 307 0 673 (17,548) 0 (16,379) 0 (16,379) 0 (16,379)
movements


Profit (loss) of the
0 (5,832) 0 (5,832) 5,540 (292) (2) (294)
period


Other
comprehensive 0 0 0 (547) (0) (1,615) (2,163) 0 (2,163) 0 (2,163)
income
Total
comprehensive 0 0 0 (547) (5,832) (1,615) (7,995) 5,540 (2,455) (2) (2,457)
income


Changes in scope (0) 0 0 0 5,540 0 5,540 (5,540) 0 0 0
Equity at the end
141,702 136,003 (1,450) (1,212) 144,651 5,074 424,768 0 424,768 1,529 426,297
of the period




Press release – First-half 2025 results – 29 August 2025 – 7:00 CET Page 9 of 12
4.7 Reconciliation with alternative performance measures
in thousand EUR
H1 2024 H1 2025
Income statement
Sales 298,614 335,200
Gross profit 54,125 57,344
EBITDA 21,873 24,630
Operating profit (loss) 6,570 8,664

Operating profit (loss) 6,570 8,664
Amortisation of intangible assets 4,789 5,004
Depreciation of tangible assets 10,515 10,712
Amortisation deferred charges long term 0 0
Impairments on goodwill, intangible and tangible fixed assets 0 250
EBITDA 21,873 24,630

EBITDA 21,873 24,630
Restructuring charges 2,771 2,901
Other 469 202
Adjusted EBITDA 25,114 27,732

Operating profit (loss) 6,570 8,664
Restructuring charges 2,771 2,901
Other 469 202
Impairments 0 250
Adjusted operating profit (loss) 9,810 12,016

Total net financial debt 31 DEC 2024 30 JUN 2025
Non-current financial liabilities 46,219 41,393
Current financial liabilities 12,116 10,409
Cash (132,717) (102,185)
Other financial assets (13) 0
Net financial debt on statement of financial position (74,394) (50,382)
Factoring programmes 0 (0)
Total net financial debt (74,394) (50,382)

Gearing ratio (Net financial debt / Total equity)
Total equity 445,133 426,297
Net financial debt on statement of financial position / Total equity N/A N/A
Total net financial debt / Total equity N/A N/A

Leverage ratio (Net financial debt / EBITDA)
Net financial debt on statement of financial position / EBITDA N/A N/A
Total net financial debt / EBITDA N/A N/A

Net working capital
Inventories and contracts in progress 55,075 63,947
Trade receivables 101,925 133,269
Other receivables 12,983 14,472
Income tax receivables 4,098 2,701
Trade payables (87,842) (103,094)
Current contract liabilities (9,577) (15,099)
Income tax payables (1,522) (1,848)
Other amounts payable (32,181) (35,459)
Net working capital 42,958 58,889

Current ratio (= Current assets / Current liabilities)
Current assets 306,799 316,573
Current liabilities 144,492 165,932
Current ratio (factor) 2.1 1.9




4.8 Glossary
IFRS MEASURES


Press release – First-half 2025 results – 29 August 2025 – 7:00 CET Page 10 of 12
Consolidated (data): financial data following the application of IFRS 11, whereby joint ventures and associates are
integrated on the basis of the equity method.

ALTERNATIVE PERFORMANCE MEASURES

In addition, the Group uses alternative performance measures (Alternative Performance Measures or "APM") to
express its underlying performance and to help the reader to better understand the results. APM are not defined
performance indicators by IFRS. The Group does not present APM as an alternative to financial measures
determined in accordance with IFRS and does not give more emphasis to APM than the defined IFRS financial
measures.

Adjusted EBITDA: EBITDA before Adjustments (to Operating Profit).

Adjusted operating profit (loss): Operating profit (loss) + adjustments to operating profit (loss).

Adjustments to Operating profit (loss) include operating revenues, expenses and provisions that pertain to
restructuring programmes (redundancy payments, closure & clean-up costs, relocation costs,...), reorganisation
charges and onerous contracts, impairments on assets ((in)tangible assets and goodwill), revaluation gains or
losses on investment property, gains or losses on divestments of non-operational investment property, and on the
liquidation of investments in affiliated companies, revenues or charges due to important (inter)national legal issues
and costs of advisory fees incurred in relation to acquisitions or business combination projects, costs of advisory
fees incurred in relation to acquisitions, divestments or business combination projects, including fees incurred in
connection with their financing and reversals of inventory step up values resulting from purchase price allocations
under IFRS 3 Business Combinations.

Current ratio: Current assets / Current liabilities.

EBITDA: Operating profit (loss) + depreciation, amortisation and impairment on assets; all of continued activities.

Gearing: Net financial debt / Total equity.

Income from associates: Income considered as being part of the Group’s core business are integrated in
Operating profit (loss).

Income from other associates: Income from associates not considered as being part of the Group’s core business
are not integrated in Operating profit (loss).

Leverage: Net financial debt / EBITDA (last 12 months).

Margin: EBITDA margin, Adjusted EBITDA margin, Operating Profit (loss) margin and Adjusted operating profit
(loss) margin are expressed as a % on Sales

Net free cash-flow: Sum of the (i) Net cash flow after tax from operating activities, (ii) the Net cash flow from
investing activities, (iii) the Interest paid on financial liabilities and (iv) reimbursement of lease liabilities; as shown
in the consolidated cash flow statement.

Net financial debt: Interest bearing financial liabilities and lease liabilities at more than one year + interest bearing
financial liabilities and lease liabilities within maximum one year + accrued interests – cash and cash equivalents +
Net marked-to-market value position of hedging derivative instruments. The interest-bearing borrowings do not
include the drawn amounts under non-recourse factoring/forfeiting programs.

Net working capital: Inventories and contracts in progress + Trade receivables + Other receivables + Income tax
receivables – Trade payables – Income tax payables – Other amounts payable

Operating profit (loss): Profit before income from other associates, fair value adjustments of option structures,
earnings of discontinued activities, interests and taxes. Operating profit (loss) comprises income from associates
of continued activities.

Total net financial debt: Net financial debt + the drawn amounts under off-balance sheet non-recourse factoring
programs.




Press release – First-half 2025 results – 29 August 2025 – 7:00 CET Page 11 of 12
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 solutions, primarily in non-residential applications. With the 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
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.




Press release – First-half 2025 results – 29 August 2025 – 7:00 CET Page 12 of 12