PRESS RELEASE
Regulated information – Inside information
Brussels, 30 October 2025 – 07:00 CET



TRADING UPDATE THIRD QUARTER 2025

Continued Volume Growth

• Recticel is continuing its organic volume growth in Q3, both in Insulated
Panels and Insulation Boards
• Q3 sales down 0.9% from EUR 156.6 million to EUR 155.2 million due to an
exceptional drop of raw material costs
• Year-to-date September sales growth of 7.7% from EUR 455.2 million to
EUR 490.4 million
• Signed acquisition of controlling stake in Kuras BV, closed acquisition of
remaining minority share in Turvac d.o.o.


Q3 2025

Recticel is continuing its organic volume growth in the third quarter, both in Insulated Panels and
Insulation Boards.

By contrast, the quarter was characterized by exceptional drops of A-chemical cost prices which were
passed on to customers by the market, resulting in flat Q3 sales.

Our high added value solutions – vacuum insulated panels, tapered roofs, modular buildings, design
panels and acoustic solutions – outgrew our commodities.

As part of our strategy to improve our position in the Dutch panels market, we have signed the acquisition
of a controlling stake (70%) in Kuras BV, a Dutch last mile service provider in the panels space for a
consideration of EUR 4.2 million.

In order to accelerate our growth in high added value boards, we have acquired the remaining 26% of
our subsidiary Turvac d.o.o. in Slovenia for a consideration of EUR 2.0 million.

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 by the end of Q1 2026.


OUTLOOK

Jan Vergote, Chief Executive Officer:

“Permits and mortgage demand in Europe & UK are rebounding from low levels, whilst renovation
remains solid. The effect of this may well surface in 2026. In addition, I am particularly pleased with the
success of our mineral wool insulated panels in the growing data center market. Recticel is accelerating
its journey towards higher added value products and services. For the full year 2025 we reiterate our
H1 guidance.”




Press release – 3Q2025 Trading update – 30 October 2025 – 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 solutions, primarily in non-residential applications. REX Panels & Profiles complements
the portfolio with PIR and mineral wool roofing and wall systems.
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 results 2025 27.02.2026 (07:00 AM CET)
First quarter trading update 2026 22.04.2026 (07:00 AM CET)
Annual General Meeting 26.05.2026 (10:00 AM CET)
First half year results 2026 28.08.2026 (07:00 AM CET)
Third quarter trading update 2026 29.10.2026 (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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