FIRST-HALF 2026 RESULTS

• Sales increased by 16.4%, from EUR 335.2 million to EUR 390.1 million, with Q2 growth reaching 25.6%
• Organic sales growth reached 8.4% in H1, accelerating to 17.3% in Q2, driven by volume, product mix and pricing
• Growth was broad-based across all key geographies, with contributions from both Insulation Boards and Insulated Panels
• Adjusted EBITDA increased by 28.9%, from EUR 27.7 million to EUR 35.7 million, with the margin on sales expanding by 0.9 percentage points to 9.2%
• The US greenfield investment is progressing as planned, while production has started at the new recycling plant in Belgium
• EPS of continuing operations from EUR -0.10 to EUR 0.18
• In connection with Ascorium, an adjustment of the net asset value of EUR -25 million has been accounted for
• FY Adjusted EBITDA outlook of approximately EUR 70 million, implying a continuation of the H1 growth rate

Stefaan Debusschere, Chief Executive Officer of Recticel Group:

“The first half was characterized by cautious growth in Q1 and a very dynamic Q2. In the wake of the geopolitical crisis in the Middle East, Recticel has successfully passed on cost increases. The limited availability of raw materials from Asia also contributed into higher sales prices, especially in Insulation Boards. Although the Insulated Panels activity showed continued growth, certain projects in Europe and some shipments to the Middle East and Asia were delayed to later this year.

In H1 our smart performance & downstream products again increased their share in the Group’s total revenue from 20.3% to 24.4% despite the exceptional growth of our conventional boards activity in Q2. We continue to focus growth into these higher margin advanced products and downstream activities.

We confirm the startup of our polyol recycling unit in Wevelgem (B), and the construction of our insulated panels plant in Tennessee (US) is on schedule for the Q4 production start.

As geopolitical tensions evolve, raw material costs may ease somewhat but are likely to remain at high levels. We anticipate a slight improvement in our construction markets. Irrespective of market developments, we intend to continue growing volumes and increasing the share of higher-value-added activities in our portfolio.

For FY 2026, we forecast Adjusted EBITDA of approximately EUR 70 million, while broadly sustaining the margin improvement achieved in H1.”

Jan Vergote, Executive Chairman of Recticel Group:

“Recticel Group is now well positioned to deliver the execution of its ELEVATE 2030 value creation plan and achieve EUR 100 million Adjusted EBITDA.

At the same time, we remain determined to complete the Group’s final major divestment. In connection with Ascorium, an adjustment of the net asset value of EUR -25 million has been accounted for.”

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