Slides
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Results H1 2026 Analyst meeting 28 August 2026 Jan Vergote, Executive Chairman Stefaan Debusschere, Chief Executive Officer Bart Van den Eede, Chief Financial Officer
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2 Analyst meeting – H1 2026 results – 28 August 2026 Forward-looking statements This presentation contains forecasts which entail risks and uncertainties, including with regards 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.
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3 Analyst meeting – H1 2026 results – 28 August 2026 Recticel Accelerates Profitable Growth 266.1 298.6 335.2 390.1 H1 2023 H1 2024 H1 2025 H1 2026 in mEUR Sales Recticel Group +12.2% Annual growth rate +12.3% +16.4% 18.2 25.1 27.7 35.7 H1 2023 H1 2024 H1 2025 H1 2026 in mEUR Adjusted EBITDA Recticel Group % on Sales 8.4% 8.3% 6.8% 9.2% Sales up 16.4% to a record EUR 390.1 million with Q2 growth reaching 25.6% Organic sales up 8.4% in H1, accelerating to 19.1% in Q2, driven by volume growth, product mix and pricing Broad-based growth across key geographies, supported by both Insulation Boards and Insulated Panels Adjusted EBITDA increased by 28.9% to EUR 35.7 million Adjusted EBITDA margin on sales expanded by 0.9 percentage points to 9.2%
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4 Analyst meeting – H1 2026 results – 28 August 2026 Recticel Accelerates Profitable Growth US greenfield insulated panels plant progressing as planned Start-up of polyol recycling plant in Belgium Earnings per share of continuing operations from EUR -0.10 to EUR 0.18 Determined to complete the Group’s final major divestment of Ascorium In connection with Ascorium, an adjustment of the net asset value of EUR -25 million has been accounted for
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5 Analyst meeting – H1 2026 results – 28 August 2026 Outlook FY 2026 As geopolitical tensions evolve, raw material costs may ease somewhat but are likely to remain at high levels Anticipating a slight improvement in our construction markets Irrespective of market developments, continue growing volumes and increasing the share of higher-value-added activities in our portfolio Outlook FY 2026 Adjusted EBITDA of approximately EUR 70 million, implying a continuation of H1 growth rate Well positioned to deliver the execution of the ELEVATE 2030 value creation plan and achieve EUR 100 million Adjusted EBITDA
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6 Analyst meeting – H1 2026 results – 28 August 2026 Our growth strategy Operations Administrative processes Recticel NXT Geographical expansion Downstream offering Advanced products Carbon footprint 6 NON-CYCLICAL SMART PILLARS
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7 Analyst meeting – H1 2026 results – 28 August 2026 Our business model Premium MW & Conventional PIR panels Advanced products & Downstream offering Conventional PIR boards Advanced products Downstream offering
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8 Analyst meeting – H1 2026 results – 28 August 2026 Advanced products & downstream solutions gain share in Group portfolio Advanced products & Downstream offering 20.3% Conventional PIR boards Premium MW & Conventional PIR panels Advanced products & Downstream offering 24.4% Conventional PIR boards Premium MW & Conventional PIR panels Sales H1 2025 EUR 335.2 million Sales H1 2026 EUR 390.1 million
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9 Analyst meeting – H1 2026 results – 28 August 2026 Smart geographical expansion Greenfield insulated panels manufacturing Maury County, Tennessee, USA
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10 Analyst meeting – H1 2026 results – 28 August 2026 Smart geographical expansion Greenfield insulated panels manufacturing Maury County, Tennessee, USA
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11 Analyst meeting – H1 2026 results – 28 August 2026 One Group approach to accelerate growth in Data Centres Recticel Group Data Centre Task Force Connecting complementary expertise across all divisions INSULATED PANELS INSULATION BOARDS • Fast-track envelope construction • Meeting stringent requirements • High performance & Fire safety ACOUSTIC SOLUTIONS Serving multiple data centre needs, expanding market potential • Superior roof insulation • Meeting energy efficiency / Reduced operating costs • High performance & Fire safety • Noise reduction equipment enclosure solutions: Generators, HVAC, cooling systems • Occupational comfort Data centre FinlandData centre Singapore
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12 Analyst meeting – H1 2026 results – 28 August 2026 > 300 data centre opportunities (Europe, Asia, Middle East) 80% project pipeline growth in 7 months FY24 FY25 Estimate 26 FY24 FY25 Estimate 26 +57% TRIMOTERM QBISS Data centre order intake (Km²) Data centre project pipeline Strong data centre project pipeline supporting future growth +55% +92% +39%
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13 Analyst meeting – H1 2026 results – 28 August 2026 Smart downstream synergies Tapered roof solutions Modular space solutions Façade & cladding solutions Last mile service provider Cold storage panels specialist
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14 Analyst meeting – H1 2026 results – 28 August 2026 5,719 2,642 2,723 H1 2021 SBTi base year H1 2025 H1 2026 GHG emissions tCO2e, scope 1+2 3.5 2.2 1.4 1.2 2021 SBTi base year 2024 2025 H1 2026 Carbon intensity tCO2e per m³, scope 1+2 -60% Change H1 2026 vs H1 2025 Sales growth: +16.4% Scope 1+2 GHG emissions +3.1% Scope 1+2 Carbon intensity/m³ -7.3% -52% Smart carbon footprint
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15 Analyst meeting – H1 2026 results – 28 August 2026 First PIR producer to recycle operational PIR waste in polyol at industrial scale Recycling of 4,000 tonnes PIR waste Annual production of 6,000 tonnes recycled polyol Substantial impact on Scope 3 emissions and reduction of purchased goods Successful start of industrial scale recycled polyol plant in Wevelgem Smart carbon footprint
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16 Analyst meeting – H1 2026 results – 28 August 2026 Our growth strategy Operations Administrative processes Recticel NXT Geographical expansion Downstream offering Advanced products Carbon footprint 6 NON-CYCLICAL SMART PILLARS CONFIDENT TO DELIVER EUR 100 MILLION ADJUSTED EBITDA
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17 Analyst meeting – H1 2026 results – 28 August 2026 Financial results Training hall of the ball sports Brno, Czech Republic, Trimo Qbiss One and ArtMe Photo: David Pařik
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18 Analyst meeting – H1 2026 results – 28 August 2026 Consolidated Income statement 1 Isopanel Group (Insulated Panels) is fully consolidated as from 1 June 2026. 2 Ascorium Holding GmbH is fully consolidated as from 1 March 2026 and, due to the ongoing divestment process, is reported according to IFRS 5 under result of discontinued operations and as assets/liabilities held for sale 3 Income from other associates: income from associates not considered as being part of the Group’s core business are not integrated in Operating profit (loss); i.e. Ascorium Holding GmbH (formerly TEMDA2). in million EUR H1 2025 H1 2026 ¹ & ² % Sales 335.2 390.1 16.4% Gross profit 57.3 69.3 20.9% as % of sales 17.1% 17.8% Adjusted EBITDA 27.7 35.7 28.9% as % of sales 8.3% 9.2% EBITDA 24.6 34.1 38.5% as % of sales 7.3% 8.7% Adjusted operating profit (loss) 12.0 18.6 54.5% as % of sales 3.6% 4.8% Operating profit (loss) 8.7 16.9 95.5% as % of sales 2.6% 4.3% Financial result (1.6) (0.4) n.m. Income from other associates³ 0.0 0.0 n.m. Impairment other associates (11.5) 0.0 n.m. Income taxes (1.3) (6.5) n.m. Result of the period of continuing operations (5.8) 10.0 n.m. Result of discontinued operations 5.5 (25.6) n.m. Result of the period (share of the Group) (0.3) (16.0) n.m. Earnings per share - continuing operations (0.10) 0.18 270.3% Return on capital employed 8.3% 10.1% 21.6% 31 DEC 2025 30 JUN 2026 % Total equity 430.4 399.1 -7.3% Net financial debt (incl. IFRS 16 - Leases) (27.4) 18.6 n.m. Gearing ratio (Net financial debt / Total equity) N/A 4.7% Leverage ratio (Net financial debt / AEBITDA) N/A 0.3
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19 Analyst meeting – H1 2026 results – 28 August 2026 Financial result and income taxes (comparison H1 2026 vs H1 2025) Financial result improved: EUR -0.4 million (vs EUR -1.6 million) Interest charges increased to EUR -1.3 million (vs EUR -1.0 million) Interest income decreased to EUR 0.3 million (vs EUR 1.2 million) to due to lower cash Other net financial income and expenses improved to EUR 0.6 million (vs EUR -1.8 million) Income and impairment from other associates improved to EUR 0.0 million (vs EUR -11.5 million) Income and deferred taxes increased to EUR -6.5 million (vs EUR -1.3 million) Current income tax: EUR -6.1 million (vs EUR -2.9 million) Deferred tax: EUR -0.4 million (vs EUR 1.6 million)
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20 Analyst meeting – H1 2026 results – 28 August 2026 Group result (comparison H1 2026 vs H1 2025) Result of the period of continuing operations: EUR 10.0 million (vs EUR -5.8 million) Result from discontinued operations: EUR -25.6 million (vs EUR 5.5 million), predominantly the adjustment of the net asset value of Ascorium of EUR -25 million
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21 Analyst meeting – H1 2026 results – 28 August 2026 Net cash position of EUR 18.6 million in million EUR 30 JUN 2025 31 DEC 2025 30 JUN 2026 Total equity 426.2 430.4 399.1 Net financial debt excluding factoring (63.6) (40.0) (4.1) + Lease debt (IFRS 16) 13.2 12.6 22.8 Net financial debt (50.4) (27.4) 18.6 + Drawn amounts under factoring programmes 0.0 (0.0) (0.0) Total net financial debt (50.4) (27.4) 18.6 Gearing ratio (incl. IFRS 16) N/A N/A 4.7% Leverage ratio (incl. IFRS 16) N/A N/A 0.29
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Recticel NV Avenue du Bourget/Bourgetlaan 42 1130 Brussels – Belgium Subscribe to Recticel email alerts on www.recticel.com/investors.html Training hall of the ball sports Brno, Czech Republic, Trimo Qbiss One and ArtMe Photo: David Pařik