Earnings release
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Press release – First-half 2026 results – 28 August 2026 – 7:00 CET Page 1 of 12 FIRST-HALF 2026 RESULTS Recticel Accelerates Profitable Growth • Sales increased by 16.4%, from EUR 335.2 million to EUR 390.1 million 1, 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.” 1 Isopanel Group (Insulated Panels) is fully consolidated as from 1 June 2026 PRESS RELEASE Regulated information – Inside information Brussels, 28 August 2026 – 07:00 CET
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Press release – First-half 2026 results – 28 August 2026 – 7:00 CET Page 2 of 12 1 Consolidated Group results – key figures 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 _________________________ 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).
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Press release – First-half 2026 results – 28 August 2026 – 7:00 CET Page 3 of 12 Q2 2026 sales increased by 25.6% from EUR 176.8 million to EUR 222.0 million , including - 0.8% currency effect H1 2026 sales increased by 16.4% from EUR 335.2 million to EUR 390.1 million , including - 1.0% currency effect. Adjusted EBITDA increased by 28.9% from EUR 27.7 million in H1 2025 to EUR 35.7 million in H1 2026. Adjusted EBITDA margin on sales increased from 8.3% to 9.2%, thanks to better product mix and higher productivity. Adjusted operating profit (loss) increased by 54.5% from EUR 12.0 million in H1 2025 to EUR 18.6 million in H1 2026. Adjusted operating profit (loss) margin on sales increased from 3.6% to 4.8%. Adjustments to Operating profit (loss) on continuing operations in H1 2026 amount to EUR -1.6 million and include: • EUR -0.6 million of restructuring costs; • EUR -1.1 million of other adjustments mainly related to M&A and the Elevate 2030 project. EBITDA increased by 38.5% from EUR 24.6 million in H1 2025 to EUR 34.1 million in H1 2026. EBITDA margin on sales increased from 7.3% to 8.7%. Operating profit (loss) increased by 95.5% from EUR 8.7 million in H1 2025 to EUR 16.9 million in H1 2026. Operating profit (loss) margin on sales increased from 2.6% to 4.3%. Financial result improved from EUR -1.6 million in H1 2025 to EUR -0.4 million in H1 2026. Interest charges increased from EUR -1.0 million in H1 2025 to EUR -1.3 million in H1 2026. Interest income decreased from EUR 1.2 million in H1 2025 to EUR 0.3 million in H1 2026 due to lower cash. Other net financial income and expenses improved from EUR -1.8 million in H1 2025 to EUR 0.6 million in H1 2026. Income and impairment from other associates improved from EUR - 11.5 million in H1 2025 to EUR 0.0 million in H1 2026. Income and deferred taxes increased from EUR -1.3 million in H1 2025 to EUR -6.5 million in H1 2026. • Current income tax: from EUR -2.9 million in H1 2025 to EUR -6.1 million in H1 2026. • Deferred tax: from EUR 1.6 million in H1 2025 to EUR -0.4 million in H1 2026. Result of the period of continuing operations improved from EUR -5.8 million in H1 2025 to EUR 10.0 million in H1 2026. Result from discontinued operations decreased from EUR 5.5 million in H1 2025 to EUR -25.6 million in H1 2026. The result from discontinued operations in H1 2026 mainly represents: • the discontinued result contribution of Ascorium of EUR -1.4 million; • the real estate tax gain related to Recticel Engineered Foams of EUR +0.3 million; • the fair value adjustment of the 49% of the Ascorium participation of EUR +1.0 million; • the net asset value adjustment of Ascorium of EUR -25 million; • direct attributable costs to discontinued operations of EUR -0.5 million. Consolidated result of the period (share of the Group) decreased from EUR -0.3 million in H1 2025 to EUR -16.0 million in H1 2026.
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Press release – First-half 2026 results – 28 August 2026 – 7:00 CET Page 4 of 12 2 Financial position 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 3 Sustainability While delivering double-digit sales growth in H1 2026 (+16.4%), Recticel Group increased its Scope 1 and 2 greenhouse gas emissions by only 3.1% compared with the same period last year. This modest increase should be viewed in the context of the Group’s continued business expansion. Relative to our 2021 SBTi baseline, Scope 1 and 2 emissions were already 52.4% lower, keeping Recticel firmly on track to achieve its commitment of reducing these emissions by 90% by 2030. In addition, carbon intensity per cubic metre of material produced decreased by a further 7.3%, demonstrating continued progress in reducing the embodied carbon footprint of our operations. Recognition of our sustainability performance continued throughout H1 2026. Recticel Group achieved a CDP A score, earned an EcoVadis Silver rating and obtained an MSCI AA rating. Furthermore, the Group was named among the Financial Times Top 100 Climate Leaders in Europe. Indicators SBTi base year 2021 FY 2025 % FY 2025 - FY 2021 Target SBTi 2030 H1 2021 * H1 2025 H1 2026 ** % H1 2026 - H1 2025 % H1 2026 - H1 2021 Greenhouse gas indicators (tCO2e) Scope 1+2 (market based) 11,439 5,478 -52.1% -90% 5,719 2,642 2,723 3.1% -52.4% Scope 3 (Cat. 3.1 till 3.15) 646,726 624,208 -3.5% -25% Scope 1+2+3 658,165 629,686 -4.3% Indicators SBTi base year 2021 FY 2025 % FY 2025 - FY 2021 H1 2025 H1 2026 ** % H1 2026 - H1 2025 Carbon intensity (kgCO2e/m³) Scope 1+2 (market based) per m³ produced 3.5 1.4 -60.4% 1.3 1.2 -7.3% * H1 2021 GHG emissions are 50% of FY 2021 SBTi base year emissions. ** For comparitive purposes, Kuras (November 2025), Miclar (December 2025) and Isopanel (June 2026) have been excluded.
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Press release – First-half 2026 results – 28 August 2026 – 7:00 CET Page 5 of 12 4 Appendices All figures and tables contained in these appendices have been compiled in accordance with the IFRS accounting and valuation principles, as adopted within the European Union. The applied valuation principles, as published in the latest annual report at 31 December 202 5, were applied for the figures included in this press release. The analysis of the risk management is described in the annual report and the IAS 34 Interim report per 30 June 2026, both which are available from www.recticel.com. The H1 2026 data reported in this press release have not been reviewed by the statutory auditor. 4.1 Condensed consolidated income statement in thousand EUR H1 2025 H1 2026 ¹/² Sales 335,200 390,143 Cost of sales (277,856) (320,812) Gross profit 57,344 69,331 General and administrative expenses (23,099) (28,799) Sales and marketing expenses (16,415) (16,757) Research and development expenses (2,326) (2,029) Impairment of goodwill, intangible and tangible assets (245) 0 Other operating revenues 3,339 3,911 Other operating expenses (9,935) (8,722) Income from associates 0 0 ³ Operating profit (loss) 8,664 16,934 Interest income 1,152 259 Interest expenses (984) (1,208) Other financial income 658 1,782 Other financial expenses (2,467) (1,218) Financial result (1,641) (384) Income from other associates 0 0 ³ Impairment other associates (11,524) 0 Change in fair value of option structures 0 0 Result of the period before taxes (4,502) 16,550 Income taxes (1,333) (6,535) Result of the period after taxes - continuing operations (5,835) 10,016 Result of discontinued operations 5,540 (25,644) Result of the period after taxes - continuing and discontinued operations (294) (15,628) of which share of the Group (292) (15,979) of which non-controlling interests (2) 351 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 IFRS5 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).
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Press release – First-half 2026 results – 28 August 2026 – 7:00 CET Page 6 of 12 4.2 Earnings per share H1 2025 H1 2026 Number of shares outstanding (including treasury shares) 56,680,920 56,741,620 Weighted average number of shares outstanding (before dilution effect) 55,984,843 56,442,695 Weighted average number of shares outstanding (after dilution effect) 56,229,980 56,576,073 in EUR Earnings per share Earnings per share - continuing operations (0.10) 0.18 Earnings per share - discontinued operations 0.10 (0.45) Earnings per share of continuing and discontinued operations (0.01) (0.28) Earnings per share from continuing operations Earnings per share from continuing operations - Basic (0.10) 0.18 Earnings per share from continuing operations - Diluted (0.10) 0.18 Earnings per share from discontinued operations Earnings per share from discontinued operations - Basic 0.10 (0.45) Earnings per share from discontinued operations - Diluted 0.10 (0.45) Net book value 7.52 7.03 4.3 Consolidated statement of comprehensive income in thousand EUR H1 2025 H1 2026 Result for the period after taxes (294) (15,628) Other comprehensive income Actuarial gains (losses) on employee benefits recognised in equity (536) 74 Deferred taxes on actuarial gains (losses) on employee benefits (19) 38 Currency translation differences that will not subsequently be recycled to profit and loss 7 (9) Share in other comprehensive income in joint ventures & associates that will not subsequently be recycled to profit and loss 0 0 Items that will not subsequently be recycled to profit and loss (547) 103 Hedging reserves 0 0 Currency translation differences that subsequently may be recycled to profit and loss (1,615) 760 Foreign currency translation reserve difference recycled in the income statement (0) 0 Deferred taxes on retained earnings (0) 0 Share in other comprehensive income in joint ventures & associates that subsequently may be recycled to profit and loss 0 0 Items that subsequently may be recycled to profit and loss (1,615) 760 Other comprehensive income net of tax (2,163) 863 Total comprehensive income for the period (2,457) (14,765) Total comprehensive income for the period (2,457) (14,765) Total comprehensive income for the period attributable to the owners of the parent (2,455) (15,134) Total comprehensive income for the period attributable to non- controlling interests (2) 369 Total comprehensive income for the period attributable to the owners of the parent (2,455) (15,134) Total comprehensive income for the period attributable to the owners of the parent - Continuing operations (7,995) 10,569 Total comprehensive income for the period attributable to the owners of the parent - Discontinued operations 5,540 (25,704)
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Press release – First-half 2026 results – 28 August 2026 – 7:00 CET Page 7 of 12 4.4 Consolidated statement of financial position in thousand EUR 31 DEC 2025 30 JUN 2026 Intangible assets 73,657 84,608 Goodwill 94,509 93,803 Property, plant & equipment 182,764 208,616 Right-of-use assets 27,299 35,608 Non-current receivables 9,659 1,950 Deferred tax assets 30,135 28,425 Non-current assets 418,022 453,011 Inventories 57,441 75,450 Trade receivables 110,993 173,201 Deferred receivable for share investments/divestment 172 172 Other receivables and other financial assets 12,130 15,360 Income tax receivables 4,552 3,326 Cash and cash equivalents 82,251 131,334 Assets acquired exclusively with a view to resale 0 105,260 Current assets 267,540 504,103 TOTAL ASSETS 685,562 957,114 Capital 141,882 142,671 Share premium 136,380 138,084 Share capital 278,262 280,755 Treasury shares (1,450) (1,450) Other reserves (167) 2,198 Retained earnings 155,144 146,342 Equity adjustment - NCI put option (8,937) (11,340) Hedging and translation reserves 4,230 5,046 Elements of comprehensive income of discontinued operations 0 (26,495) Equity (share of the Group) 427,083 395,056 Equity attributable to non-controlling interests 3,360 4,083 Total equity 430,443 399,139 Employee benefit liabilities 11,049 10,796 Provisions 21,185 21,872 Deferred tax liabilities 23,927 26,473 Financial liabilities 44,035 131,474 Non-current contract liabilities 0 0 Other amounts payable 134 64 Deferred payables for share investments 8,937 11,340 Non-current liabilities 109,267 202,020 Provisions 2 2 Financial liabilities 10,800 18,478 Trade payables 94,023 131,358 Current contract liabilities 9,778 30,254 Income tax payables 2,258 3,721 Deferred payables for share investments 0 0 Other amounts payable 28,992 58,623 Liabilities directly associated with assets acquired exclusively with a view to resale 0 113,519 Current liabilities 145,852 355,955 TOTAL EQUITY AND LIABILITIES 685,562 957,114
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Press release – First-half 2026 results – 28 August 2026 – 7:00 CET Page 8 of 12 4.5 Consolidated statement of cash flow in thousand EUR H1 2025 H1 2026 Operating profit (loss) 8,664 16,934 Amortisation of intangible assets 5,004 5,844 Depreciation of tangible assets 10,712 11,337 (Reversal) Impairment losses on tangible assets 250 0 (Write-backs)/Write-offs on assets (885) 657 Changes in provisions (1,392) (64) Gain/(Loss) on disposal intangible and tangible assets (115) (21) Other non-cash elements 673 612 GROSS OPERATING CASH FLOW BEFORE WORKING CAPITAL MOVEMENTS 22,910 35,299 Changes in inventories (9,192) (16,518) Changes in trade and other receivables (36,536) (65,649) Changes in trade and other payables 25,150 79,670 Changes in working capital (20,578) (2,497) Income taxes paid (1,199) (3,273) NET CASH FLOW FROM OPERATING ACTIVITIES (a) 1,133 29,528 Interests received 16 60 Dividends received (0) 0 Disposal of Orsafoam 1,192 0 Acquisition Rex, net of cash acquired 691 0 Acquisition Kuras/Miclar, net of cash acquired 0 0 Acquisition Isopanel, net of cash acquired 0 (10,027) Acquisition Ascorium (51%), net of cash acquired 0 (1,000) Investments in and subscriptions to capital increases (241) Increase of loans and receivables (4) 9 Decrease of loans and receivables 29 22 Investments in intangible assets (2,213) (1,669) Investments in property, plant and equipment (7,248) (30,943) Disposals of property, plant and equipment 209 77 Disposals of financial investments 0 0 NET CASH FLOW FROM DIVESTMENT (INVESTMENT) ACTIVITIES (b) (7,328) (43,712) Interests paid on financial debt (c) (715) (678) Interests paid on lease debt (c) (189) (177) Interests received 861 305 Dividends paid (17,446) (17,499) Increase/(Decrease) of capital 495 2,619 Increase of financial debt 50 89,489 Decrease of financial debt (3,798) (8,782) Decrease of lease debt (d) (2,548) (2,765) NET CASH FLOW FROM FINANCING ACTIVITIES (e) (23,289) 62,512 Effect of exchange rate changes (f) (1,049) 755 CHANGES IN CASH AND CASH EQUIVALENTS (a)+(b)+(e)+(f) (30,533) 49,083 NET FREE CASH FLOW (a)+(b)+(c)+(d) (9,646) (17,804) Net cash position opening balance (g) 132,717 82,251 Net cash position closing balance (h) 102,185 131,334 CHANGES IN CASH AND CASH EQUIVALENTS (h)-(g) (30,533) 49,083 Net cash position closing balance (discontinued operations) 0 5,058
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Press release – First-half 2026 results – 28 August 2026 – 7:00 CET Page 9 of 12 4.6 Consolidated statement of changes in shareholders’ equity for year ending 30 June 2026 in thousand EUR 2026 Capital Share premium Treasury shares Other reserves Retained earnings Equity adjustment - NCI put option Translation differences and hedging reserves Continuing operations Discontinued operations Total shareholders' equity Non- controlling interests Total equity Equity at the beginning of the period 141,882 136,380 (1,450) (167) 155,144 (8,937) 4,230 427,083 0 427,083 3,360 430,443 Dividends 0 0 0 0 (17,593) 0 0 (17,593) 0 (17,593) 0 (17,593) Stock option plans - subscription rights 0 0 0 612 0 0 0 612 612 0 612 Capital movements 789 1,704 0 0 (0) 0 0 2,492 0 2,492 (0) 2,492 Shareholders' movements 789 1,704 0 612 (17,593) 0 0 (14,489) 0 (14,489) (0) (14,489) Profit (loss) of the period 0 9,665 0 9,665 (25,644) (15,979) 351 (15,628) Other comprehensive income 0 0 0 103 (15) 0 816 904 (60) 844 19 863 Total comprehensive income 0 0 0 103 9,650 0 816 10,569 (25,704) (15,134) 369 (14,765) Changes in scope (0) 0 0 1,649 (858) (2,403) 0 (1,612) (791) (2,404) 354 (2,050) Equity at the end of the period 142,671 138,084 (1,450) 2,198 146,342 (11,340) 5,046 421,551 (26,495) 395,056 4,083 399,139 4.7 Reconciliation with alternative performance measures in thousand EUR H1 2025 H1 2026 Income statement Sales 335,200 390,143 Gross profit 57,344 69,331 EBITDA 24,630 34,116 Operating profit (loss) 8,664 16,934 Operating profit (loss) 8,664 16,934 Amortisation of intangible assets 5,004 5,844 Depreciation of tangible assets 10,712 11,337 Amortisation deferred charges long term 0 0 Impairments on goodwill, intangible and tangible fixed assets 250 0 EBITDA 24,630 34,116 EBITDA 24,630 34,116 Restructuring charges 2,901 554 Other 202 1,078 Adjusted EBITDA 27,732 35,748 Operating profit (loss) 8,664 16,934 Restructuring charges 2,901 554 Other 202 1,078 Impairments 250 0 Adjusted operating profit (loss) 12,016 18,567 Adjusted operating profit (loss) LTM 21,143 31,090 Amortisation of intangible assets LTM 9,942 10,910 Adjusted EBITA LTM 31,085 42,000 Total equity 426,240 399,141 Total net financial debt (50,395) 18,619 Capital employed 375,845 417,760 Return on capital employed 8.3% 10.1%
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Press release – First-half 2026 results – 28 August 2026 – 7:00 CET Page 10 of 12 in thousand EUR Total net financial debt 31 DEC 2025 30 JUN 2026 Non-current financial liabilities 44,035 131,474 Current financial liabilities 10,800 18,478 Cash (82,251) (131,334) Other financial assets 0 0 Net financial debt on statement of financial position (27,416) 18,619 Factoring programmes (0) (0) Total net financial debt (27,416) 18,619 Gearing ratio (Net financial debt / Total equity) Total equity 430,443 399,139 Net financial debt on statement of financial position / Total equity N/A 4.7% Total net financial debt / Total equity N/A 4.7% Leverage ratio (Net financial debt / AEBITDA) Net financial debt on statement of financial position / AEBITDA N/A 0.3 Total net financial debt / AEBITDA N/A 0.3 Net working capital Inventories and contracts in progress 57,441 75,450 Trade receivables 110,993 173,201 Other receivables 12,303 15,533 Income tax receivables 4,552 3,326 Trade payables (94,023) (131,358) Current contract liabilities (9,778) (30,254) Income tax payables (2,258) (3,721) Other amounts payable (28,992) (58,623) Net working capital 50,239 43,554 Current ratio (= Current assets / Current liabilities) Current assets 267,540 504,103 Current liabilities 145,852 355,955 Current ratio (factor) 1.8 1.4
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Press release – First-half 2026 results – 28 August 2026 – 7:00 CET Page 11 of 12 4.8 Glossary IFRS MEASURES Consolidated (data): financial data following the application of IFRS 11, whereby joint ventures and associates are integrated on the basis of the equity method. ALTERNATIVE PERFORMANCE MEASURES In addition, the Group uses alternative performance measures (Alternative Performance Measures or "APM") to express its underlying performance and to help the reader to better understand the results. APM are not defined performance indicators by IFRS. The Group does not present APM as an alternative to financial measures determined in accordance with IFRS and does not give more emphasis to APM than the defined IFRS financial measures. Adjusted EBITA: Adjusted operating profit (loss) before amortisations. Adjusted EBITDA: EBITDA before Adjustments (to Operating Profit). Adjusted operating profit (loss): Operating profit (loss) + adjustments to operating profit (loss). Adjustments to Operating profit (loss) include operating revenues, expenses and provisions that pertain to restructuring programmes (redundancy payments, closure & clean-up costs, relocation costs,...), reorganisation charges and onerous contracts, impairments on assets ((in)tangible assets and goodwill), revaluation gains or losses on investment property, gains or losses on divestments of non-operational investment property, and on the liquidation of investments in affiliated companies, revenues or charges due to important (inter)national legal issues and costs of advisory fees incurred in relation to acquisitions or business combination projects, costs of advisory fees incurred in relation to acquisitions, divestments or business combination projects, including fees incurred in connection with their financing and reversals of inventory step up values resulting from purchase price allocations under IFRS 3 Business Combinations. Capital Employed: Equity + Net financial debt. Current ratio: Current assets / Current liabilities. EBITDA: Operating profit (loss) + depreciation, amortisation and impairment on assets; all of continued activities. Gearing: Net financial debt / Total equity. Income from associates: Income considered as being part of the Group’s core business are integrated in Operating profit (loss). 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). Leverage: Net financial debt / Adjusted EBITDA (last 12 months). Margin: EBITDA margin, Adjusted EBITDA margin, Operating Profit (loss) margin and Adjusted operating profit (loss) margin are expressed as a % on Sales Net free cash -flow: Sum of the (i) Net cash flow after tax from operating activities, (ii) the Net cash flow from investing activities, (iii) the Interest paid on financial liabilities and (iv) reimbursement of lease liabilities; as shown in the consolidated cash flow statement. Net financial debt: Interest bearing financial liabilities and lease liabilities at more than one year + interest bearing financial liabilities and lease liabilities within maximum one year + accrued interests – cash and cash equivalents + Net marked-to-market value position of hedging derivative instruments. The interest -bearing borrowings do not include the drawn amounts under non-recourse factoring/forfeiting programs. Net working capital: Inventories and contracts in progress + Trade receivables + Other receivables + Income tax receivables – Trade payables – Income tax payables – Other amounts payable Operating profit (loss): Profit before income from other associates, fair value adjustments of option structures, earnings of discontinued activities, interests and taxes. Operating profit (loss) comprises income from associates of continued activities. Return on Capital Employed: Adjusted EBITA / Capital Employed. Total net financial debt: Net financial debt + the drawn amounts under off -balance sheet non-recourse factoring programs.
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Press release – First-half 2026 results – 28 August 2026 – 7:00 CET Page 12 of 12 Uncertainty risks concerning the forecasts made This press report contains forecasts which entail risks and uncertainties, including with regard 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. About the Recticel Group Recticel Group is a leading insulation company headquartered in Belgium, with operations in eight countries across Europe and the US. It offers smart insulation solutions that advance a carbon-free economy and a better quality of life. Our Insulation Boards division provides high- performance insulation solutions to meet the growing demand for energy efficiency and sustainability in buildings. The insulation boards are marketed by Recticel Insulation , our vacuum insulated panels by Turvac, and our bespoke solutions for tapered and flat roofs by Gradient. Our Insulated Panels division specialises in premium quality products for the building envelope sector. Trimo enables the highest aesthetic standards and extends architectural capabilities with its mineral wool insulated panels and modular space solutions. Conventional mineral wool and PIR insulated panels are manufactured by Rex Panels & Profiles. The recently acquired Miclar, Kuras and Isopanel focus on downstream services for the insulated panels market. Within our Acoustic Solutions division, Soundcoat provides highly specialised acoustic engineering capabilities for the aerospace and aviation market, as well as for OEMs and the heavy-duty and transport industries. At the end of 2025, Recticel Group employed 1,311 people and achieved sales of EUR 655.1 million. The Science Based Targets initiative (SBTi) approved Recticel Group’s near-term targets for the reduction of Scope 1, 2 & 3 greenhouse gas emissions by 2030 (from base year 2021) and net-zero targets for 2050. The Group is on the CDP A List for Climate Change, earned an EcoVadis Silver rating and obtained an MSCI AA rating. Recticel Group is included in the Financial Times list of Europe’s Climate Leaders 2026. Recticel Group is listed on Euronext in Brussels (Euronext: RECT - Reuters: RECT.BR - Bloomberg: RECT:BB). Financial calendar Third quarter trading update 2026 29.10.2026 (07:00 AM CET) Media & Investor Relations Investor Relations Jan Vergote Bart Van den Eede Executive Chairman Chief Financial & Legal Officer vergote.jan@recticel.com vandeneede.bart@recticel.com +32 2 775 18 01 +32 2 775 18 01 Recticel NV Bourgetlaan 42 avenue du Bourget 1130 Brussels Belgium This press release is available in English and Dutch on www.recticel.com.