Financial performance

For the fifth year in a row, Etex delivered significant growth. The company reached record results in revenue, REBITDA and net recurring profit.

2022 Full-year results



(in EUR million)



Recurring operating

cash flow (REBITDA)

(in EUR million)

(1) These values are restated for IFRS 16 (lease) impacts consistently with 2019 with respect to lease debt, leased assets and depreciation of lease assets.

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Net recurring profit
(Group share)

(in EUR million)


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Annual Report 2022

Sustainable answers to urgent challenges

We believe urgent challenges need short-term and long-term solutions. In 2022, among different achievements, we supported our Ukrainian teammates and their families, maintained an engaged team, nurtured partnerships with our customers, significantly advanced on sustainability and successfully integrated our new insulation business.

Discover our 2022 Annual Report

or Download the Annual Report

Results by division

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Building Performance

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Building Performance registered a like-for-like revenue increase of 15.5% to reach EUR 2,434 million. The division’s market positions and business results evolved positively in 2022, including in the recently acquired Australian plasterboard activities. The division demonstrated leadership when facing raw material price increases. Despite a difficult third quarter, the division achieved a strong first half and finished the year strong.

Revenue of Building Performance

(in EUR million)


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Exteriors registered a like-for-like revenue increase of 6.1% at EUR 683 million, mainly attributable to efficient price management mitigating the impact of raw material cost increases together with volume increase in North America. The division also posted significant double-digit growth in North America and Australia and single-digit growth in Europe but recorded a decline in Latin America.

Revenue of Exteriors
(in EUR million)

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Industry’s revenue amounted to EUR 203 million, up by 14.8% like-for-like. All of the division’s segments (transportation, thermal process industry, energy and fire-rated applications and appliances) grew in 2022. This can mainly be explained by price management as well as a healthy growth in volume with many projects being continued from 2021.

Revenue of Industry

(in EUR million)

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Etex’s newest and fifth division, Insulation, recorded a revenue of EUR 312 million in its first seven months. With European insulation leader URSA in its portfolio as of June 2022, the division was able to offset negative effects, market disruptions and the war in Ukraine. The early months saw very strong volumes, followed by modest drops. Insulation’s results were impacted by issues surrounding inflation, gas, power and raw materials but the energy savings aspect of insulation made its products - glass wool and extruded polystyrene (XPS) - even more attractive than previous years.

Revenue of Insulation
(in EUR million)

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New Ways

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The New Ways division recorded a revenue of EUR 83 million in 2022 up by 10.3% like-for-like, particularly driven by a UK and Ireland market very welcoming to offsite construction and backed by a government push. 2022 was the first year all companies contributed a hundred percent to the New Ways division and Etex, following 2021’s acquisitions. Overall, sales were up in 2022 markedly versus the previous year, as were steel prices which also had an impact.

Revenue of New Ways
(in EUR million)

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