Investor relations

Consensus estimates

The current market consensus as per 18 January 2023 is the median of analyst estimates.  It is based on the projections made by five brokers, namely Berenberg Bank, Degroof Petercam, ING, KBC Securities and Kepler Cheuvreux.

Any opinions, estimates or forecasts regarding Recticel's performance made by these analysts and therefore also the consensus figures are theirs alone and do not represent opinions or forecasts of Recticel or its Management.  


Consolidated figures

a = actual
e = expected

(in million EUR) 2021
20222 2023 2024 2025
Full yeara Full yeare Full yeare Full yeare Full yeare
Net Sales 449,2 576,5 584,9 610,4 634,2
annual growth rate - 28,3% 1,4% 4,4% 3,9%
Adjusted EBITDA 48,5 62,1 62,9 71,9 77,0
as % of consolidated sales 10,8% 10,8% 10,8% 11,8% 12,1%
EBITDA 50,4 56,8 62,9 71,9 77,0
as % of consolidated sales 11,2% 9,9% 10,8% 11,8% 12,1%
Adjusted Operating Profit (Loss) 35,6 49,2 45,3 54,3 58,0
as % of consolidated sales 7,9% 8,5% 7,8% 8,9% 9,1%
Operating Profit (Loss) 37,5 43,6 45,3 54,3 58,0
as % of consolidated sales 8,3% 7,6% 7,8% 8,9% 9,1%

Financial result


- 3,1

- 0,6

0,1 0,2
Result of the period before taxes 28,8 40,4 44,8 54,4 58,2
Income taxes 5,2 - 10,8 - 11,0 - 13,6 -14,6
as % of Result of the period before taxes -18,1% 26,7% 24,6% 25,0% 25,0%
Earnings after taxes of continuing operations 33,9 29,6 33,7 40,8 43,6
as % of consolidated sale 7,6% 5,1% 5,8% 6,7% 6,9%


1 Excluding Engineered Foams activities
2 Trimo d.o.o. fully consolidated as of 1 May 2022




This consensus has been collated from estimates submitted by analysts to Recticel using a standard template. The figures above are provided by Recticel for information purposes only. The research material from which the figures are drawn is the sole responsibility of the analysts concerned. Recticel does not endorse the research in any way and accepts no liability in respect of it. In particular, Recticel makes no warranty or representation as to the accuracy of the research, the reasonableness of any assumptions or projections or the likelihood of achieving the figures set out above. Recticel has not commented on or verified any individual estimates, nor does it intend to do so in the future. Recticel shall not be liable for any errors in the content of the research material, or for any action taken in reliance thereon, or on the figures above. The inclusion of any information above does not imply any endorsement of, or concurrence with, the same on the part of Recticel. It should be noted that estimates are, by definition, forward looking and are therefore subject to risks and uncertainties which are subject to change at any time and which may materially affect eventual results. Recticel assumes no obligation to update or revise the figures presented above. The information set out above does not constitute an invitation or solicitation of an offer to subscribe for or purchase any securities and shall not form the basis for any contract or commitment whatsoever. Nothing contained herein should be taken as a recommendation to buy or sell shares in Recticel or to take or refrain from taking any other action or to place any reliance on any of the information set out above.