Recticel (RECT) Q3 2024 TU earnings summary

Executive summary

• Q3 2024 net sales grew 18% year-over-year to €156.6 million, with organic net sales up 6%.

• Year-to-date September net sales increased 14% to €455.2 million, with 4% organic growth.

• Strong trading volumes in Insulation Boards; Insulated Panels benefited from the REX acquisition.

• Performance was robust in the Netherlands, Belgium, France, UK, and Nordics; Central Europe remained challenging.

Financial highlights

• Q3 net sales: €156.6 million, up from €132.3 million in Q3 2023.

• Year-to-date net sales: €455.2 million, up from €398.4 million in 2023.

• Adjusted EBITDA for 2024 estimated at around €50 million.

Outlook and guidance

• Trading outlook for Q4 2024 remains in line with expectations.

• No significant growth expected in new construction for Q4; progress driven by competitiveness and inorganic growth.

• Order books are healthy in most regions, supporting continued progress.

• Well positioned to benefit from EU sustainability agenda and anticipated construction market recovery.