Page 1

PRESS RELEASE Regulated information – Inside information Brussels , 27 August 2021 - 07:00 CET RECTICEL The passion for comfort • First half - year 2021 results Strong volumes - Solid margins - Integration of FoamPartner² Net sales increase from EUR 374.3 million¹ to EUR 596.2 million ( + 59.3 % ) , of which 39.7 % organic growth , 0.4 % currency effect and a EUR 71.9 million contribution from 2Q2021 Foam Partner sales • Adjusted EBITDA : from EUR 19.0 million¹ to EUR 56.9 million • Result of the period ( share of the Group ) : from EUR 60.1 million ( including EUR 68.8 million result from discontinued operations ) to EUR 28.0 million • Net financial debt³ : EUR 206.6 million Olivier Chapelle ( CEO ) : " The positive sales trend observed during 1Q2021 continued in 2Q2021 , driven by very strong demand in Insulation and solid demand in Engineered Foams . In Bedding , volumes are now improving due to the lifting of the mobility and business restrictions which still affected Germany and The Netherlands specifically during 1H2021 . The chemical raw materials supply remains very tight due to planned maintenance and new force majeure incidents at the premises of our suppliers , affecting primarily the MDI availability and pricing . Normalization of the situation remains difficult to predict , and we continue to adapt pricing where necessary . The integration of Foam Partner in Engineered Foams progresses smoothly , and forecasted synergies at the horizon of 2023 are expected to reach EUR 18 million . The divestment process of the Bedding business is on track and binding offers are expected by the end of 3Q2021 . Due to some delay with the carve - out process , the closing of the acquisition of Gór - Stal's insulation board business is now expected to take place in the course of 4Q2021 . Finally , there will be an important change in the composition of the Group Management Committee : after 19 years of service as CFO and Member of the Group Management Committee , Jean - Pierre Mellen has decided to retire on 31 August 2021. He will be succeeded by Dirk Verbruggen , currently General Counsel & General Secretary , who will combine the CFO and General Counsel responsibilities . Dirk joined Recticel's Legal Department in 1999 , and was appointed General Counsel & General Secretary and member of the Management Committee in 2012. Jean - Pierre will continue to provide support until August 2022 for special assignments and in order to ensure a smooth transition . I take the opportunity to warmly thank Jean - Pierre for his many contributions and total commitment to Recticel . " OUTLOOK Our underlying end - use markets continue to show positive momentum in a still very volatile environment . Based upon the current trading , our Group confirms its expectation of an Adjusted EBITDA in a range between EUR 123 million to EUR 133 million for the full year 2021 , including the contributions of Foam Partner ( 9 months ) and its related synergies . 2 Following the partial divestment from Automotive Interiors on 30 June 2020 ( see press release of 01 July 2020 ) , Automotive Interiors is integrated in the consolidated accounts according to the ‘ equity method ' . FoamPartner is fully consolidated for the first time as from 01 April 2021 . To facilitate comparisons and understanding of the Group's underlying performance , all comments in this document on developments in revenue or results are made on a like - for - like basis unless otherwise indicated ; i.e. 1H2020 revenues and results have been restated to reflect the divestments of Automotive Interiors and the Eurofoam participation on 30 June , 2020 . The 1H2021 data include the 2Q2021 contribution of FoamPartner . Press release - First half - year 2021 result - 27 August 2021 - 07:00 CET