Recticel (RECT) H1 2026 earnings summary

Executive summary

• Sales reached €390.1 million in H1 2026, up 16.4% year-over-year, with Q2 growth accelerating to 25.6%, driven by volume, product mix, and pricing.

• Adjusted EBITDA increased by 28.9% to €35.7 million, with margin expanding to 9.2% from 8.3% year-over-year.

• Earnings per share from continuing operations improved from €-0.10 to €0.18.

• The group is progressing with its US greenfield plant and Belgium polyol recycling facility, and is finalizing the divestment of Ascorium, which included a €-25 million net asset value adjustment.

• Organic sales rose 8.4% in H1, with broad-based growth across geographies and product lines.

Financial highlights

• Gross profit rose 20.9% to €69.3 million, representing 17.8% of sales.

• Adjusted operating profit increased 54.5% to €18.6 million (4.8% of sales).

• Operating profit nearly doubled to €16.9 million (4.3% of sales).

• Result of continuing operations swung to a profit of €10.0 million from a €-5.8 million loss.

• Consolidated result of the period (share of Group) fell to €-16.0 million due to discontinued operations.

Outlook and guidance

• FY 2026 Adjusted EBITDA is expected to be around €70 million, maintaining H1 growth momentum and margin improvements.

• The group aims to achieve €100 million Adjusted EBITDA under its ELEVATE 2030 plan.

• Focus remains on growing higher-margin advanced products and downstream activities.

• Anticipates slight improvement in construction markets, with continued focus on higher-value-added activities and raw material costs likely to remain high.