Recticel (RECT) Q1 2025 TU earnings summary

Executive summary

• Net organic sales rose 12.7% year-over-year to EUR 158.4 million in Q1 2025, driven by strong volume growth, especially in Insulation Boards.

• Residential sector activity in Northwestern Europe supported double-digit growth in Insulation Boards; non-residential renovation also improved.

• Non-residential new construction remained weak, impacting Insulated Panels margins.

• Recycling investment in Belgium and Insulated Panels investment in the US are progressing on schedule.

Financial highlights

• Net organic sales increased from EUR 140.6 million in Q1 2024 to EUR 158.4 million in Q1 2025 (+12.7%).

• Net cash position at EUR 52.0 million as of March 31, 2025, down from EUR 74.4 million at year-end 2024.

Outlook and guidance

• Continued organic growth expected throughout 2025, with gradual price increases in Q2, mainly in Insulation Boards.

• No quantitative full-year outlook provided due to uncertainty regarding price increase magnitude and persistence.