Recticel FIRST LOOK: FY25 adj. EBITDA +12.5%; no guidance; CEO transition
FY25 adjusted EBITDA increased by 12.5% and was in line with our forecasts while being 4% above consensus. Although expecting continued volume growth in 2026, Recticel does not provide a guidance at this stage, citing ao input cost volatility. CEO Jan Vergote will become Executive Chairman, while the current CEO of Recticel's Insulation Boards division, Stefaan Debusschere, will become new group CEO. Recticel still has significant firepower for additional acquisitions and we would expect the company to continue to hunt for mid-sized acquisitions that further enlarge positions, mainly in the Insulated Panels market. We maintain our Accumulate rating and € 11 target price.Recticel is engaged in the production of a variety of polyurethane foams that are used in the furniture, technical, automotive, bedding and insulation industries. The Flexible Foam Business Line covers the manufacture, conversion and marketing of flexible polyurethane foam. The types of flexible foams are classified as Comfort, Technical Foams and Composite Foams. Co. is also engaged in the manufacture of foams used in mattresses and slat bases. In addition, Co. manufactures rigid polyurethane and phenolic foams for thermal insulation. Co.'s automotive activities include: manufacturing moulded seat cushions, window encapsulation and manufacturing interior trim components.
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