Recticel Group acquires Isopanel NV to deliver integrated solutions in the cold storage panels market

Recticel Group acquires Isopanel NV to deliver integrated solutions in the cold storage panels market

Recticel Group has acquired 100% of the Belgian Isopanel Group, a specialist in installing insulated panels for hygienic cold storage and isothermal solutions for industrial buildings.

The transaction is being completed through the Reclar joint venture¹ in which Recticel Group holds 76% controlling stake. It is structured as a fixed fee plus an earn-out, with a total enterprise value capped at EUR 16.5 million, based on the FY 2026 EBITDA result, expected between EUR 3.5 - 4.0 million, and with sales expected to land between EUR 20.5 - 23.5 million. This reflects Isopanel’s strong growth trajectory.

Founded in 1998, Isopanel has built a solid reputation for installing self-supporting insulated wall and ceiling panels. The company serves sectors including food and pharmaceuticals, conditioned high-bay infrastructures and temperature-controlled storage.

The acquisition strengthens Recticel Group’s presence in higher added-value downstream applications, one of the core pillars of its ELEVATE 2030 growth strategy, and offers operational synergies with Trimo, Rex and Miclar within the Insulated Panels division. We confirm our overarching objective to achieve EBITDA of EUR 100 million by 2030.

The acquisition was paid for in cash and will be consolidated in Recticel Group’s financial statements from 1 June 2026.

Stefaan Debusschere, Chief Executive Officer of Recticel Group, commented:

“We are pleased to welcome Isopanel to the Recticel Group. This acquisition will unlock new growth opportunities for value creation by delivering integrated solutions in the attractive cold storage and isothermal buildings market.”

Wim Dewilde, Chief Executive Officer of Isopanel, added:

“Joining the Recticel Group marks an exciting new chapter for Isopanel. Its industrial expertise and strategic vision will help accelerate our growth while enabling us to continue delivering high-quality, tailored solutions to customers operating in highly specialised industrial environments.”

PRESS RELEASE
Regulated information – Inside information
Brussels, 29 May 2026 – 18:00 CET

About the Recticel Group

Recticel Group is a leading insulation company headquartered in Belgium, with operations in eight countries across Europe and the US. It offers smart insulation solutions that advance a carbon-free economy and a better quality of life.

Our Insulation Boards division provides high-performance insulation solutions to meet the growing demand for energy efficiency and sustainability in buildings. The insulation boards are marketed by Recticel Insulation, our vacuum insulated panels by Turvac, and our bespoke solutions for tapered and flat roofs by Gradient.

Our Insulated Panels division specialises in premium quality products for the building envelope sector. Trimo enables the highest aesthetic standards and extends architectural capabilities with its mineral wool insulated panels and modular space solutions. Conventional mineral wool and PIR insulated panels are manufactured by Rex Panels & Profiles. The recently acquired Miclar and Kuras focus on downstream services for the insulated panels market.

Within our Acoustic Solutions division, Soundcoat provides highly specialised acoustic engineering capabilities for the aerospace and aviation market, as well as for OEMs and the heavy-duty and transport industries.

At the end of 2025, Recticel Group employed 1,311 people and achieved sales of EUR 655.1 million.

The Science Based Targets initiative (SBTi) approved Recticel Group’s near-term targets for the reduction of Scope 1, 2 & 3 greenhouse gas emissions by 2030 (from base year 2021) and net-zero targets for 2050. The Group is on the CDP A List for Climate Change and holds an EcoVadis Silver medal. Recticel Group is included in the Financial Times list of Europe’s Climate Leaders 2026.

Recticel Group is listed on Euronext in Brussels (Euronext: RECT - Reuters: RECT.BR - Bloomberg: RECT:BB).

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Recticel NV
Bourgetlaan 42 avenue du Bourget
1130 Brussels
Belgium

This press release is available in English and Dutch on www.recticel.com.

Notes

1. Holding company owning the shares in Miclar BV and affiliates.