Annual Report 2021

2021 was a milestone year in the face of continued global disruption. We posted record financial results and delivered on our four drivers of engaged people, operational excellence, customer experience & commercial excellence and sustainability & innovation. Our purpose, “Inspiring ways of living” is alive more than ever and embodies how Etex meets the needs of the world. We are happy to present to you the full story of Etex in 2021.

Meeting the needs of the world

In 2021, how did Etex’s focus on meeting the needs of the world translate into concrete successes and outstanding performance? To find out, we have interviewed six teammates on the following topics: strategy, performance, operational excellence, people well-being, community engagement and commercial excellence.




Discover the videos for each topic



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Operational excellence



People engagement






Commercial excellence


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Message to shareholders

Message to shareholders

2021 was a pivotal year for Etex, a year of outstanding performance and significant delivery on our purpose and strategy. Our new Chairman Johan Van Biesbroeck assumed his role mid-2021, followed by our new CEO Bernard Delvaux in January 2022.

In the background, COVID continued to affect people’s lives, while the economy experienced major disruptions. Despite this, our solutions are seeing strong market demand, which tells us that people still dream about a better place to live, inspired by us. Our daily actions also continued to be driven by our three core values: Connect and Care, Passion for Excellence and Pioneer to Lead.

In 2018, Etex redefined its ambition of becoming a global player in lightweight and more sustainable building solutions. The results so far have been impressive. In just four years, we have completely shifted our portfolio of activities to mirror this ambition. The future integration of URSA enables us to further refine our strategic framework, which today focuses on four drivers across our five technologies: plasterboard, fibre cement, passive fire protection, offsite and modular solutions, and insulation.

Johan Van Biesbroeck,
Chairman of the Board of Directors
Bernard Delvaux,

Our strategic framework

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Message from the CFO

Message from the CFO

Etex recorded an outstanding financial performance in 2021, with a revenue increase of 18.7% at EUR 2,972 million on a like-for-like basis compared to 2020, and a REBITDA improvement by 25.7% like-for-like to EUR 570 million, its highest value ever. Compared to 2019 (the last pre-COVID-19 year), the like-for like increase stands at 13.3% for revenue and 34.9% for REBITDA.

In 2021, the REBITDA margin reached 19.2% and the net recurring profit increased by 24.4% to EUR 268 million. The free cash flow before dividends, acquisitions and disposals of businesses reached EUR 184 million. The net debt at the end of the year amounted to EUR 214 million, after the acquisition of four New Ways businesses and a major plasterboard business in Australia.



(in EUR million)


Recurring operating cash flow (REBITDA)
(in EUR million)

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Net recurring profit
(Group share)
(in EUR million)

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Activity report

Four divisions connect Etex to its global markets: Building Performance, Exteriors, Industry and New Ways.
All four aim at leadership within carefully targeted business segments. Each customer group is serviced with specific solutions: a select portfolio of commercial brands.

Building Performance

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Leader in plasterboards and fibre cement boards, and the global reference in fire protection solutions for the residential and commercial segments.

Discover more about:

  • Interview with Head of division Neil Ash
  • Key commercial initiatives
  • System spotlight: 'Through Wall'
  • Inspiring story: 'Opening new doors in Australia'

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Revenue of Building Performance

(in EUR million)


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Provider of innovative, durable, high performance and beautiful fibre cement exterior materials for architectural, residential and agricultural projects.

Discover more about:

  • Interview with Head of division Michael Fenlon
  • Key commercial initiatives

  • System spotlight: 'Equitone [Lunara]'

  • Inspiring story: 'From lightweight to light impact'

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Revenue of Exteriors
(in EUR million)

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Front runner of engineering expertise to drive the future of high performance thermal and acoustic insulation as well as fire protection in the industrial, aerospace and energy sectors.

Discover more about:

  • Interview with Head of division Steven Heytens
  • Key commercial initiatives
  • Product spotlight: 'Promalight 1000R'
  • Inspiring story: 'Strong commercial bond, designed to last'

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Revenue of Industry

(in EUR million)

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New Ways

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High-tech, lightweight, factory-assembled panel and modular building solutions based on timber and steel framing.

Discover more about:

  • Interview with Head of division Patrick Balemans
  • Key commercial initiatives

  • Product spotlight: 'PanelClad'

  • Inspiring story: 'Platform in place for business scale-up'

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Revenue of New Ways
(in EUR million)

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Etex has a clear commitment to help build a better, sustainable future. We work towards this vision by caring about our social and environmental impacts and working on innovative solutions for the building industry.

Discover our latest Sustainability Report   arrow-white.svg