2024 Annual Report
Discover our third combined annual report. It marks another step towards an integrated report, equally emphasising our economic, social, and environmental footprint and performance. It outlines our value chain and illustrates how our strategic drivers enable us to make a positive impact. This year, the non-financial reporting aims at aligning with the European Sustainability Reporting Standards (ESRS), in preparation for the Corporate Sustainability Reporting Directive (CSRD).
Discover some of our 2024 stories in video.
Discover the 2024 Annual Report
Etex in 2024
Etex in 2024
Preparing Etex's future growth
2024 was a year of solid performance, in line with our expectations and forecasts. Despite a challenging environment, we took decisive steps to position ourselves for future growth across key dimensions, including financial performance, customer focus, manufacturing, sustainability, safety and teammate engagement.
About Etex
About Etex
Who we are
Since 1905, we are global pioneer in lightweight construction, inspiring people to build safe, sustainable, smart, and beautiful buildings solutions.
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 are committed to deliver a best-inclass experience to our customers through four technology platforms that provide lightweight, innovative and sustainable solutions.
Activity report
Activity report
How we performed
Our five divisions experienced different levels of success and performance in 2024. While it was a challenging year marked by a significant drop in demand globally, all divisions made clear progress to prepare for future growth.
Governance
Governance
How we manage
Etex is committed to the principles of corporate governance and takes a robust approach to managing and steering the company in line with our strategic drivers and the best interests of both internal and external stakeholders. For us, governance is fundamental to achieving superior performance.
Directors' report
Directors' report
How we report on governance and finance
In the Directors' report we present the information officially filed regarding Etex's activities in 2024 across all key areas. This includes corporate governance, business and financial reviews, strategy, sustainability, people, risks and financial statements.
Sustainability content
Sustainability content
How we report on sustainability
Etex’s achievements in 2024 reflect its continued commitment to its 2030 sustainability ambitions. This year, we aim at aligning our reporting practices with the ESRS, reinforcing our proactive approach to transparency and preparing for the CSRD, which, based on the latest regulatory proposal of the European Commission, is set to take effect in 2028. The ESRS reference table outlines our disclosures in line with these standards, ensuring alignment with our material topics and sustainability goals.
Message to stakeholders
Message to stakeholders
"We have two main highlights: pride in the accomplishments of 2024 and reasonable optimism for what lies ahead for Etex."
"In this challenging context, we took significant steps to position Etex for future growth. We want to be ready when market demand will pick up again. We are building tomorrow, today."
Hans Van Bylen, Chairman of the Board of Directors and Bernard Delvaux, CEO
Health, Safety and Well-being
Diversity, Equity and Inclusion
Customer engagement
Circularity
Decarbonisation
Water and Biodiversity
ENGAGED PEOPLE
ENGAGED PEOPLE
Connected teammates
In our Me&Etex engagement survey, we achieved a teammate sustainable engagement score of 84% three points higher than the manufacturing norm. This score measures the intensity of employees‘ connection to their organisation.
ENGAGED PEOPLE
ENGAGED PEOPLE
Preparing the next generation of leaders
We expanded the future talent programme, aimed at preparing the next generation of leaders. The programme recruits a dozen young engineering graduates annually and provides them with multiple engaging assignments across divisions and countries.
CUSTOMER ORIENTATION
CUSTOMER ORIENTATION
Expanding in Asia-Pacific
We completed the acquisition of Australian construction materials company BGC’s plasterboard and fibre cement businesses, which already delivered strong results in 2024.
CUSTOMER ORIENTATION
CUSTOMER ORIENTATION
Enhanced customer satisfaction
We improved our Net Promoter Score (NPS) - reflecting customers' experiences with Etex and their likelihood of recommending us - in our largest division, Building Performance, by five points compared to 2023.
OPERATIONAL EXCELLENCE
OPERATIONAL EXCELLENCE
State-of-the-art Bristol plasterboard plant
We commissioned Etex’s largest-ever factory investment, amounting to over EUR 200 million, successfully ramping up our state-of-the-art plasterboard plant in Bristol, UK. It is also Etex’s most efficient plasterboard production line in Europe when considering its size, speed and complexity.
OPERATIONAL EXCELLENCE
OPERATIONAL EXCELLENCE
Safety is our first priority
86% of our sites achieved zero lost-time accidents, including all sites in Latin America. We reduced total recordable accidents by nearly 5% in 2024 versus 2023 and had zero fatalities.
OPERATIONAL EXCELLENCE
OPERATIONAL EXCELLENCE
Improving the factory of tomorrow
We focused on continuous improvement across our factories. Next to better safety performance, this translated into reduced carbon intensity and manufacturing costs, less scrap and improved inventory management.
SUSTAINABILITY AND INNOVATION
SUSTAINABILITY AND INNOVATION
EcoVadis Silver medal
For the third consecutive year, we were awarded an EcoVadis Silver medal, placing us in the top 15% of companies assessed globally for our commitment to sustainability and responsible business practices.
SUSTAINABILITY AND INNOVATION
SUSTAINABILITY AND INNOVATION
Advancing our decarbonisation efforts
We have committed to the Science Based Targets initiative (SBTi), which aims to set near- and long- term company-wide emission reduction targets. While targets have yet to be submitted, we made progress on our Scope 3 goals, which covers 70% of our greenhouse gas emissions.
SUSTAINABILITY AND INNOVATION
SUSTAINABILITY AND INNOVATION
Expanding sustainability targets with biodiversity
Our Double Materiality Assessment (DMA) confirmed biodiversity as a material topic, leading to the approval of company-wide targets now embedded in our Road to Sustainability 2030.