Recticel (RECT) H2 2024 earnings summary

Executive summary

• FY24 saw record revenue of EUR 610.2 million, up 15.3% year-over-year, with organic growth of 4.5% and acceleration in H2.

• Adjusted EBITDA rose 26.7% to EUR 49.6 million, margin improved to 8.1%.

• Net cash position at year-end was EUR 74.4 million, reflecting strong cash generation and divestment proceeds.

• Major investments include EUR 50 million in a US greenfield plant and EUR 13 million in a recycling facility.

• Stable gross dividend of EUR 0.31 per share proposed, totaling EUR 17.5 million.

Financial highlights

• Sales increased from EUR 529.4 million in 2023 to EUR 610.2 million in 2024, with Q4 sales up 18.3% year-over-year.

• Gross profit rose 16.0% to EUR 104.5 million; gross margin stable at 17.1%.

• Adjusted operating profit rose 19.0% to EUR 18.9 million; margin slightly up to 3.1%.

• Result of the period (share of the Group) surged to EUR 18.1 million from EUR 3.3 million, up 447.8%.

• Net financial result improved to EUR +3.4 million from EUR -4.1 million, aided by divestment proceeds and lower interest charges.

Outlook and guidance

• Confident in medium- and long-term organic growth potential, supported by innovation and operational excellence.

• Order books are solid for early 2025, with expectations of continued growth and cyclical improvement in more geographies.

• No quantitative guidance for 2025 due to low visibility on construction market recovery; pricing development will be key for margins.