Annual report 2023
Discover our second combined annual report. It is another step towards an integrated report, putting our economic, social and environmental footprint and performance on an equal footing. It describes our value chain and how our strategic drivers help us to make a positive impact.
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Building Performance
Industry
New Ways
Insulation
Discover the Annual Report 2023
Etex in 2023
Etex in 2023
A year of strength
2023 was a year of very solid performance on track with our growth and sustainability goals. We reinforced our innovative and sustainable offering via promising acquisitions in four of our five platforms. We also set strong foundations for the long-term sustainable transformation of our business. Our focus on sustainability yielded yet again great results. 
About Etex
About Etex
Who we are
We are an innovative and sustainable building materials company, pioneer in lightweight construction. We are 13,500 teammates operating on more than 160 sites and 7 Innovation Technology Centres (ITC) in 45 countries globally.
Strategy
Strategy
How we create value
We inspire ways of living, as we enable people to build living spaces that are ever safer, more sustainable, smart, and beautiful. We evolve continuously by remaining close to our customers. We create sustainable, circular solutions in lightweight construction, lowering our own and our partners’ value chain footprints.
Activity report
Activity report
How we performed
Our five divisions experienced different levels of success and performance in 2023. While it was a challenging year marked by volatility, uncertainty and severe drops in demand across the world, three of our divisions recorded revenue growth. 
Governance
Governance
How we manage
Etex is committed to the principles of corporate governance and employs a sound approach to managing and steering the company in line with our strategic drivers and the best interests of our internal and external stakeholders. For us, governance is intrinsic to achieving superior performance.
Financial report
Financial report
How we delivered
A record revenue of EUR 3,808 million, a record REBITDA of EUR 712 million and a net recurring profit (Group share) of EUR 278 million for 2023 illustrate Etex’ responsive approach continuing on a growth path despite a volatile environment.
GRI content index
GRI content index
How we report on sustainability
Etex’s achievements in 2023 demonstrate that the company is making significant progress towards its 2030 sustainability ambitions. The GRI (Global Reporting Initiative) content index indicates our alignment with the GRI Standards - aimed at advancing the practice of sustainability reporting - for the general disclosures and our material topic areas.
Message to stakeholders
Message to stakeholders
"Etex was able to remain impactful. Addressing both an energy crisis and cost increases has led us to make step changes in the way we do business, setting the stage for further acceleration in sustainability and growth in financials in the years to come."
Johan Van Biesbroeck, Chairman of the Board of Directors
"Our local teams, across our commercial brands and technologies, have responded very well, by delivering excellent results in a challenging environment."
Bernard Delvaux, CEO
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Health, Safety and Well-being
Diversity, Equity and Inclusion
Customer engagement
Circularity
Decarbonisation
Water and Biodiversity
ENGAGED PEOPLE
ENGAGED PEOPLE
3,219 awards
The yearly CEO award for a gamechanging contribution was won by the Export Team of the Exteriors division which comprises 25 teammates across Belgium, Malaysia, France, Italy and Chile. Over the year, a total of 3,219 awards were given to recognise teammates.
CUSTOMER ORIENTATION
CUSTOMER ORIENTATION
Four acquisitions
Through four acquisitions over the year - Skamol, Superglass, SCALAMID and BGC’s lightweight businesses (closed in February 2024) - we expanded our access points of innovative and sustainable technologies to more customers and welcomed more than 700 new teammates.
OPERATIONAL EXCELLENCE
OPERATIONAL EXCELLENCE
New state-of-the-art production lines
New state-of-the-art production lines were opened in Lagos, Nigeria, for fibre cement and in Filago, Italy, for intumescent products, increasing capacity and assuring more sustainable operations.
ENGAGED PEOPLE
ENGAGED PEOPLE
Diversity, Equity and Inclusion
We launched our global Diversity, Equity and Inclusion policy and commitment covering all teammates.
OPERATIONAL EXCELLENCE
OPERATIONAL EXCELLENCE
Exit Russia, rebuild Ukraine
We completed the process of exiting Russia by divesting two operating sites in the country. These sites were part of the original URSA insulation footprint acquired before the invasion took place. We are actively preparing to help rebuild Ukraine as soon as it is possible and safe to do so.
ENGAGED PEOPLE
ENGAGED PEOPLE
Head of Division Insulation
A new member joined the Executive Committee: Efrén del Pino became Head of Division Insulation.
SUSTAINABILITY AND INNOVATION
SUSTAINABILITY AND INNOVATION
EcoVadis SILVER
For the second consecutive year, we also achieved an EcoVadis SILVER rating, underscoring Etex's collective dedication to sustainability and ethical practices.
OPERATIONAL EXCELLENCE
OPERATIONAL EXCELLENCE
Record capex
We prepared for the future by investing a record EUR 371 million (a 22.8% increase compared to 2022) in capital expenditure projects to maintain factories, increase production capacity and make plants safer and more sustainable.
SUSTAINABILITY AND INNOVATION
SUSTAINABILITY AND INNOVATION
Water and Biodiversity
We added Water and Biodiversity as a sixth workstream to our Road to Sustainability 2030 ambitions. The aim is to have water management plans at all sites by 2027 and a 20% reduction in water withdrawal intensity by 2030 vs. our 2022 baseline.