Earnings release
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More information Joseph Lemaire | Senior Corporate Communications Manager | Tel + 32 2 778 12 15 | joseph.lemaire@etexgroup.com Etex NV | PassPort Building | Luchthaven Brussel Nationaal | Gebouw 1K | 1930 Zaventem | Belgium +32 2 778 12 11| info@etexgroup.com | www.etexgroup.com 2026 half-year results Zaventem, Belgium 1 September 2026 Etex delivers strong first-half performance in volatile market 2026 half-year results Highlights: • Etex’s financial performance at half-year shows improvements in a construction environment still largely marked by unpredictability, particularly in Western Europe. Compared to the first half of 2025, the company posted increased sales volumes, profitability and margins. The results are consistent with Etex’s expectations for the period. • The revenue increased to EUR 2,020 million, +4.9% compared to the same period last year, increasing by 5.1% on a like-for-like basis, following sales volumes. • The REBITDA grew to EUR 384 million, +8.8% compared to the first half of 2025, and +9.1% on a like-for-like basis. The REBITDA margin also increased to 19.0% of sales. • The net recurring profit has gone up by 29.5% to EUR 162 million, explained by the evolution of REBITDA combined with the favourable impact of currency exchange on net financial charges. • The net profit increased to EUR 150 million, +30.7% versus the same period last year. • The financial debt decreased to EUR 1,098 million, compared to EUR 1,219 million at the end of June 2025. • Outlook for the rest of 2026: taking into account significant ongoing uncertainties, Etex expects to deliver a modest progress in revenue, REBITDA and net recurring profit for the full-year period. Comment from Bernard Delvaux, CEO of Etex: “Etex delivered a strong performance in the first half of 2026, with improvements across all key financial metrics. These results are an evidence of the dedication of our teams worldwide and the benefits of the operational efficiency and targeted commercial approaches we have consistently pursued over the past years. Although the global context remains uncertain and requires constant vigilance and adaptability of our activities, our long-term focus remains. We continue to make meaningful progress on our sustainability ambitions, launched our new company purpose, and further enhanced employee engagement, reinforcing the foundations for growth and success.”
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More information Joseph Lemaire | Senior Corporate Communications Manager | Tel + 32 2 778 12 15 | joseph.lemaire@etexgroup.com Etex NV | PassPort Building | Luchthaven Brussel Nationaal | Gebouw 1K | 1930 Zaventem | Belgium +32 2 778 12 11| info@etexgroup.com | www.etexgroup.com 2026 half-year results Zaventem, Belgium 1 September 2026 Key figures for the first half of 20261 EUR million H1 2025 H1 2026 Var. (%) Var. % like-for- like (same scope & rate)1 Revenue 1,926 2,020 +4.9% +5.1% Recurring operating cash flow (REBITDA) 353 384 +8.8% +9.1% % of revenue 18.3% 19.0% - - Recurring operating income (REBIT) 219 246 +12.5% +13.5% % of revenue 11.4% 12.2% - - Non-recurring items -18 -17 - - Operating cash flow (EBITDA) 338 368 +8.8% - Operating income (EBIT) 201 230 +14.1% - % of revenue 10.4% 11.4% - - Profit for the year 115 150 +30.7% - Group share 114 152 +32.5% - Non-controlling interests 1 -1 - - Net recurring profit (Group share) 125 162 +29.5% - Working capital2 426 495 - - Net financial debt2 1,219 1,098 - - Capital expenditure 104 91 - - 1 The like-for-like percentages compare H1 2026 to H1 2025, the latter being converted with identical exchange rates, while excluding the impact of hyperinflation and newly acquired business (Drumarkon). 2 Values are expressed excluding the favourable impact of the non-recourse factoring programme (EUR 253 million as of 30/06/2026 and EUR 214 million as of 30/06/2025). All figures and tables contained in this appendix have been extracted from Etex' s unaudited condensed consolidated interim financial statements for the first six months of 2026, which have been prepared in accordance with IAS 34 Interim Financial Reporting, as adopted by the European Union. For the condensed consolidated interim financial statements for the first six months of 202 6, we refer to Etex's website.
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More information Joseph Lemaire | Senior Corporate Communications Manager | Tel + 32 2 778 12 15 | joseph.lemaire@etexgroup.com Etex NV | PassPort Building | Luchthaven Brussel Nationaal | Gebouw 1K | 1930 Zaventem | Belgium +32 2 778 12 11| info@etexgroup.com | www.etexgroup.com 2026 half-year results Zaventem, Belgium 1 September 2026 Improved revenue, profitability and margins in an unpredictable market The European building construction sector continues to face difficult market conditions. Expectations for a gradual stabilisation in new-build activity have been affected by tensions in the Middle East at the start of the year, increasing uncertainty and adding pressure to energy prices, inflation and interest rates. The renovation sector, traditionally a stabilising force, has also weakened as consumer confidence has softened and household support schemes have been reduced across a number of countries. In the near term, the recovery is expected to be supported by the new-build market, where building permit and housing start trends are showing signs of slight improvement in several key Etex markets. In the first half of the year, Etex reported a revenue of EUR 2,020 million, an increase of 4.9% compared to the same period last year. Like-for-like, the evolution shows a revenue increase of 5.1%, following sales volumes. The recurring operating cash flow (REBITDA) reached EUR 384 million, an increase of 8.8% compared to the same period last year. Like-for-like, this represents a 9.1% increase. This is driven by strong margins but partially offset by higher overheads. The REBITDA margin grew to 19.0%, 0.7% higher than in the first half of 2025, supported by gains across plant operations, costs and procurement. Contribution to REBITDA evolution from H1 2025 to H1 2026 (in EUR million)1
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More information Joseph Lemaire | Senior Corporate Communications Manager | Tel + 32 2 778 12 15 | joseph.lemaire@etexgroup.com Etex NV | PassPort Building | Luchthaven Brussel Nationaal | Gebouw 1K | 1930 Zaventem | Belgium +32 2 778 12 11| info@etexgroup.com | www.etexgroup.com 2026 half-year results Zaventem, Belgium 1 September 2026 Etex’s net recurring profit (Group share)1 increased by 29.5% year-on-year to EUR 162 million, explained by the evolution of REBITDA combined with the favourable impact of currency exchange on net financial charges. The company’s net profit (Group share) reached EUR 150 million, a 30.7% increase compared to EUR 115 million during the same period last year. Over the last twelve months, Etex’s net financial debt decreased to EUR 1,098 million at the end of June 2026, compared to EUR 1,219 million at the end of June 2025. The net financial debt/REBITDA stood at 1.6x at the end of June 2026, compared to 1.8x in the same period for 2025. Revenue by geography and division Etex saw a general positive trend, with all divisions performing well despite a very volatile context. Certain geographies achieved strong performance , particularly Asia-Pacific, Latin America , and Southern and Eastern Europe. The more challenging regions have been France and the UK. The Building Performance division, specialising in plasterboard and fibre cement boards, registered a like-for-like revenue increase of 4.7% like-for-like to reach EUR 1,232 million. Sales have been impacted by decreasing markets in Western Europe but offset by growth in other geographies, particularly Latin America and Asia-Pacific. The Fibre Cement division, which focuses on fibre cement solutions, increased its revenue by 5.4% like-for-like to EUR 286 million. Sales increased compared to last year, driven by strong performance across most markets and product categories, except sidings, as the division’s transformation efforts generated tangible results. The Industry division, centred around fire protection and high-performance insulation, increased its revenue by 5.0% like-for-like to EUR 194 million. This performance reflects good sales growth across almost all segments. The Insulation division, with glass mineral wool and extruded polystyrene (XPS), saw a revenue increase by 7.0% year-on-year to EUR 307 million. The positive sales performance is mainly attributable to volume growth in both businesses and across almost all regions.
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More information Joseph Lemaire | Senior Corporate Communications Manager | Tel + 32 2 778 12 15 | joseph.lemaire@etexgroup.com Etex NV | PassPort Building | Luchthaven Brussel Nationaal | Gebouw 1K | 1930 Zaventem | Belgium +32 2 778 12 11| info@etexgroup.com | www.etexgroup.com 2026 half-year results Zaventem, Belgium 1 September 2026 Contribution to H1 2025 - H1 2026 revenue evolution (in EUR million)1 Key developments On 25 August, Etex and Austrian based insulation specialist Austrotherm announced that they have entered into exclusive negotiations regarding the potential sale of Etex’s extruded polystyrene (XPS) insulation activities in France, Spain, Italy and Germany, subject to customary approvals and conditions, including regulatory clearances. Across its strategic drivers of “Operational excellence” and “Customer orientation”, Etex’s main developments include: • Expanding its geographical scope through a partnership with Kunooz Oman Holding for local gypsum-based business development in Oman. Through the acquisition of a 25% stake in Kunooz Gypsum and the establishment of a joint venture, Etex is strengthening its access to the region's significant gypsum resources, supporting the development of local gypsum-based industrial activities, and creating a platform for future growth in the Middle East. • Growing its international footprint through the acquisition of a majority stake in Global Gypse in Algeria. The transaction establishes Etex in a new operating country, strengthens its presence in the plasterboard sector, and positions the company for further growth across Africa and beyond. • Strengthening its Australian plasterboard operations with a EUR 27 million investment to support customer growth. The upgrades across four Siniat production sites will expand production capacity, improve operational efficiency and strengthen supply reliability, while supporting market growth across the country.
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More information Joseph Lemaire | Senior Corporate Communications Manager | Tel + 32 2 778 12 15 | joseph.lemaire@etexgroup.com Etex NV | PassPort Building | Luchthaven Brussel Nationaal | Gebouw 1K | 1930 Zaventem | Belgium +32 2 778 12 11| info@etexgroup.com | www.etexgroup.com 2026 half-year results Zaventem, Belgium 1 September 2026 • Launching its new purpose, “Building better together”, reflecting how the company works alongside its customers and partners to develop better construction solutions and shape a better future for the industry. The new purpose reinforces Etex’s customer-centric approach, emphasising collaboration, innovation and long-term value creation through solutions and systems that address customers’ evolving needs. • Unveiling its EQUITONE SmartFix concealed fixing system for EQUITONE fibre cement façades across European markets. Co-developed with installers, the innovative solution supports customers with faster installation, a carbon footprint up to five times lower than leading alternatives, and a 100% recyclable design. Etex’s achievements in the first half of 2026 for “Sustainability and Innovation” demonstrate the continued maturity of the company’s sustainability journey, with a strong focus on taking immediate action to address climate change while creating long-term value for stakeholders. Highlights include: • Receiving approval from the Science Based Targets initiative (SBTi) for its near-term greenhouse gas emission reduction targets, including a 58% absolute reduction in Scope 1 and 2 emissions by 2032 versus a 2019 baseline, and a 30% absolute reduction in key Scope 3 emissions categories by 2032 versus a 2024 baseline. • Launching its “Viva” range, bringing together its sustainable plasterboard solutions under one portfolio. As part of this launch, the company expanded VivaCycle, its standard plasterboard made from 100% recycled gypsum recovered after use, into the Netherlands and the UK markets following its introduction in France in 2025 • Publishing its fourth combined Annual Report, including dedicated Sustainability Statements chapter, as part of the company’s progressive alignment with Corporate Sustainability Reporting Directive (CSRD) requirements. For its 'Engaged people' driver, the global engagement Me & Etex survey continued its positive trajectory, with participation rising to 84% in 2026. Results remain above the manufacturing benchmark for the sustainable engagement rate (82%, which measures the intensity of employees‘ connection to their organisation), and a particularly strong score for employee empowerment. These results reflect Etex’s ongoing commitment to creating an engaging workplace where people feel enabled and proud to contribute. Outlook for the rest of 2026 Based on its first-half results and taking into account significant ongoing uncertainties, particularly the conflict in Iran and its impacts on markets worldwide, Etex expects to deliver a modest progress in revenue, REBITDA and net recurring profit for the full-year period.
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More information Joseph Lemaire | Senior Corporate Communications Manager | Tel + 32 2 778 12 15 | joseph.lemaire@etexgroup.com Etex NV | PassPort Building | Luchthaven Brussel Nationaal | Gebouw 1K | 1930 Zaventem | Belgium +32 2 778 12 11| info@etexgroup.com | www.etexgroup.com 2026 half-year results Zaventem, Belgium 1 September 2026 About Etex Etex is a global leader in construction offering sustainable building materials and a pioneer in lightweight construction. Founded in 1905, headquartered in Zaventem, Belgium, Etex is a family-owned company with close to 13,500 employees globally. It operates more than 190 sites in 4 7 countries and recorded a revenue of EUR 3.747 billion and a REBITDA of EUR 698 million in 2025. Etex fosters a collaborative and caring culture, a pioneering spirit and a passion to always do better for its customers. Etex has seven R&D centres supporting four global divisions: • Building Performance: leader in plasterboards and fibre cement boards, and the global reference in fire protection solutions for the residential and commercial segments. • Fibre Cement: provider of innovative, durable, high performance and beautiful fibre cement exterior materials for architectur al, residential and agricultural projects. • Industry: front runner of engineering expertise to drive the future of high -performance temperature insulation and fire protection in the industrial, aerospace and energy sectors. • Insulation: leading European insulation provider of glass mineral wool and extruded polystyrene (XPS) to insulate residential and non- residential buildings. Etex’s global portfolio includes leading commercial brands such as Cedral, Durlock, EQUITONE, Eternit, Euronit, Gyplac, Gypsu m, Innova, Kalsi, Pladur, Promat, Remagin, Siniat, Skamol, Superboard, Superglass and URSA. Etex is Building better together. For more information, please visit our website: www.etexgroup.com