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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.

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Full-Year Results 2022

Full-Year Results 2022

Full-Year Results 2022

Etex recorded an outstanding financial performance in 2022, with a revenue increase of 13.3% at EUR 3.714 billion on a like-for-like basis compared to 2021, and a REBITDA improvement by 2.8% like-for-like to EUR 645 million, its highest value ever.

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Etex continues on growth path despite volatile environment Etex 2023 Half-Year Results

Etex continues on growth path despite volatile environment Etex 2023 Half-Year Results

9/4/2023
In the first half of 2023, Etex coped with an overall slowdown of the construction sector – both in new build and renovation – triggered by several elements leading to high volatility and uncertainty such as inflation that puts pressure on consumers’ buying power, higher interest rates and more restricted loan policies by banks. However, Etex managed to record improved sales compared to the first half of 2022 through swift adaptations to challenging market contexts and cost-to-price monitoring. While our volumes are slightly impacted, margins remain strong.
Etex completes the acquisition of speciality insulation expert Skamol and broadens its sustainable offering

Etex completes the acquisition of speciality insulation expert Skamol and broadens its sustainable offering

5/9/2023
Today marks an important milestone for Etex, the lightweight construction pioneer. The company closed the acquisition of Skamol, a manufacturer of fire protection and specialty insulation materials. This new acquisition further consolidates Etex’s portfolio of sustainable solutions in a market that is strongly supported by the need for energy efficient insulation products and solutions. Skamol and Etex - through its passive fire protection and high-performance insulation business - are complimentary in terms of products and geographies, allowing the combined organisations to broaden their offering in high-temperature insulation for building and industrial applications.
Annual and Extraordinary Shareholders’ Meetings 24 May 2023

Annual and Extraordinary Shareholders’ Meetings 24 May 2023

5/3/2023
The Annual and Extraordinary Shareholders’ meetings of Etex NV will be held on Wednesday 24 May 2023 at 15:00 CEST at the registered office of the Company, PassPort Building, Luchthaven Brussel Nationaal, Gebouw 1K, 1930 Zaventem or at such other place indicated at that place at that time.
Etex’s sustainable answers to urgent challenges in 2022

Etex’s sustainable answers to urgent challenges in 2022

4/6/2023
Etex Annual Report 2022 – First-ever combined report Etex, the global building material manufacturer and pioneer in lightweight construction, released its first-ever combined annual report. In this report, the company presents on an equal footing its economic, social and environmental footprint and performance. The document highlights how Etex brought sustainable answers to the urgent challenges of 2022. Sustainability milestones include a decrease of almost 20% of absolute CO₂ emissions (scopes 1 and 2) and 26.5% less waste sent to landfill in the past five years.
Etex strengthens its sustainable offering by acquiring high temperature insulation expert Skamol

Etex strengthens its sustainable offering by acquiring high temperature insulation expert Skamol

3/23/2023
Etex, the lightweight construction pioneer, is acquiring Skamol, a manufacturer of high temperature insulation materials. This acquisition further consolidates Etex’s portfolio of sustainable solutions in a market that is strongly supported by the need for energy efficient insulation products and solutions. Skamol and Etex - through its passive fire protection and high-performance insulation business - are complimentary in terms of products and geographies, allowing the combined organisations to broaden their offering in high-temperature insulation for building and industrial applications. This acquisition is subject to customary closing conditions.
2022 Half-Year Results

2022 Half-Year Results

9/2/2022
In the first half of 2022, like many other industrial players, Etex had to cope with significant raw material and energy price inflation in the context of post-COVID disruptions and volatility and the war between Russia and Ukraine. To face this situation, we had to implement a number of price increases. Our volumes and margins have been impacted, but these measures allowed us to achieve a positive evolution of both top line and bottom line.
Etex successfully issues a EUR 800 million ESG-linked Schuldschein loan

Etex successfully issues a EUR 800 million ESG-linked Schuldschein loan

6/8/2022
Etex has successfully finalised its third Schuldschein issue, raising EUR 800 million. It is Etex’s first environmental, social and governance-linked Schuldschein issue and it represents the largest-ever ESG-linked Schuldschein issue by a non-German speaking company. A Schuldschein is a privately-placed, medium to long-term unsecured debt governed by German law¹. The placement comprises three euro-denominated tranches with maturities of 3, 5 and 7 years, at fixed and floating rates.
Etex continues its portfolio shift towards lightweight and sustainable building solutions by completing the acquisition of insulation expert URSA

Etex continues its portfolio shift towards lightweight and sustainable building solutions by completing the acquisition of insulation expert URSA

6/1/2022
Today marks a major milestone for Etex, as it secures a fifth technology in its business growth strategy. By adding URSA’s insulation expertise to Etex’s portfolio of technologies, Etex enhances its ability to provide products and solutions to meet the building challenges of today and tomorrow. Announced in January 2022, the deal has successfully been completed after meeting the customary closing conditions.
Annual and Extraordinary Shareholders’ Meetings 2022

Annual and Extraordinary Shareholders’ Meetings 2022

5/4/2022
The Annual and Extraordinary Shareholders’ meetings of Etex will be held on Wednesday 25 May 2022 at 15:00 CEST at the registered office of the company, PassPort Building, Luchthaven Brussel Nationaal, Gebouw 1K, 1930 Zaventem or at such other place indicated at that place at that time.
2021 Full-Year Results and Annual Report

2021 Full-Year Results and Annual Report

4/4/2022
In 2021, and for the fourth year in a row, I am pleased to report that Etex delivered significant growth. The company reached record results in revenue, REBITDA, REBITDA margin and net recurring profit, while the level of free cash flow generation reached new heights compared to 2019 – 2020 being an “abnormal year” due to the COVID-19 pandemic. These outstanding results can be attributed to a number of factors: a booming demand (especially in the home repair and renovation segment); increased margins thanks to cost-to-price monitoring and increased efficiency in manufacturing activities; and the positive impact of the savings initiatives launched in 2020. More importantly, the results tell us that people still dream about a better place to live, inspired by Etex.
Etex confirms its portfolio shift towards lightweight and sustainable building solutions by acquiring thermal and acoustic insulation expert URSA

Etex confirms its portfolio shift towards lightweight and sustainable building solutions by acquiring thermal and acoustic insulation expert URSA

1/11/2022
The new year sees Etex consolidate its portfolio of sustainable business activities through the acquisition of URSA, a European leader in insulation solutions. Etex secures a new business growth platform through the deal, alongside an opportunity to continue playing a pivotal role in addressing sustainability challenges. By adding insulation expertise to its plasterboard, fibre-cement, passive fire protection and modular offering, Etex will also extend its ability to provide systems and solutions. This latest acquisition is subject to customary closing conditions.
2021 Half-Year Results

2021 Half-Year Results

8/27/2021
Like-for-like, our top-line increased with 27%, while our REBITDA reached a 60% increase and our net recurring profit (Group share) more than doubled last year’s result. Reporting our results not only year-on-year, but also compared with H1 2019, allows readers to analyse the performance in the light of the last “normal” year we have experienced.
Etex acquires UK light gauge steel framing market leader Sigmat, reiterating Etex’s ambition to become a global leader in offsite construction

Etex acquires UK light gauge steel framing market leader Sigmat, reiterating Etex’s ambition to become a global leader in offsite construction

8/4/2021
Committed to its strategy to become a global leader in offsite construction, Etex announces the acquisition of Sigmat, a UK market leader in light gauge steel framing (LGSF). This new acquisition complements the purchases of Irish design and engineering consultancy firm Evolusion Innovation and Irish LGSF player Horizon Offsite. These acquisitions, together with Etex’s existing businesses in the UK, put us in a strong position to benefit from the growing market for offsite construction in the UK and Ireland.
Etex acquires Irish steel framing company Horizon Offsite, allowing new growth in its industrialised construction activities in Ireland and the UK

Etex acquires Irish steel framing company Horizon Offsite, allowing new growth in its industrialised construction activities in Ireland and the UK

7/5/2021
Delivering further on its strategy to lead in offsite construction methods worldwide, building solutions innovator Etex announces the acquisition of Horizon Offsite, headquartered in Ireland. This acquisition follows closely on the group’s purchase of Irish technical consultancy company Evolusion Innovation, and boosts Etex’s ability to deliver offsite building solutions in Ireland and the UK, helping the company’s European modular ambitions.
Succession at the head of Etex in January 2022

Succession at the head of Etex in January 2022

6/2/2021
On 1 January 2022, a new executive leader will be taking the helm of Etex. Paul Van Oyen will reach the end of his current seven-year mandate as CEO of the company at the end of this year after a dynamic and successful career of 31 years in the global building materials company, seven of which as Chief Executive Officer. Bernard Delvaux, former Chief Executive Officer of Sonaca Group, will succeed him following a transition period starting in September this year.
Annual General Shareholders’ Meeting 2021

Annual General Shareholders’ Meeting 2021

5/5/2021
The Annual General Shareholders’ meeting of Etex will be held on Wednesday 26 May 2021 at 15:00 CEST at the registered office of the Company, PassPort Building, Luchthaven Brussel Nationaal, Gebouw 1K, 1930 Zaventem or at such other place indicated at that place at that time.
2020 Full-Year Results and Annual Report 

2020 Full-Year Results and Annual Report 

4/6/2021
2020 was a milestone year in the face of an unprecedented global challenge. We focused on our strategic pillars, made remarkable progress in shaping the future of lightweight construction and in sustainability. In trying times, we delivered an exceptional financial performance. We set a new safety record. And people engagement among Etex teammates reached new heights.
Etex acquires a majority stake in e-Loft

Etex acquires a majority stake in e-Loft

1/27/2021
Zaventem, 27 January 2021 – International building materials specialist Etex announces it has acquired a majority stake in leading French offsite construction company e-Loft. The company becomes part of Etex’s New Ways division, which develops sustainable, industrialised and modular construction solutions. As such, the acquisition is a key milestone on Etex’s strategic roadmap and an enabler of our ambition to shape the future of construction by “inspiring ways of living”.
Etex acquires Knauf’s plasterboard business in Australia

Etex acquires Knauf’s plasterboard business in Australia

11/24/2020
Zaventem, 24 November 2020 – Etex announces it has signed an agreement with Knauf to acquire its plasterboard business in Australia. With this move, Etex expands its footprint on the attractive Australian construction market with significant growth opportunities. The acquisition is subject to customary closing conditions, with finalisation expected early 2021.
Etex finalises its strategic shift to become a global leader in lightweight building solutions with the divestment of Creaton

Etex finalises its strategic shift to become a global leader in lightweight building solutions with the divestment of Creaton

10/22/2020
Zaventem, 22 October 2020 – Terreal, a French pioneer in roofing and innovative solutions for the building envelope, has signed a definitive agreement with Etex to acquire its clay roof tile business Creaton. This divestment marks Etex’s complete exit from the clay and concrete roof tiles business. As a result, Etex sharpens its strategic focus on becoming a global leader in lightweight building solutions. The sale of Creaton is subject to customary closing conditions, and is expected to be finalised in the first quarter of 2021.
Special General Shareholders’ Meeting on 22 October 2020

Special General Shareholders’ Meeting on 22 October 2020

10/1/2020
The holders of shares issued by Etex NV are informed that a Special General Shareholders’ Meeting of Etex will be held on Thursday 22 October 2020 at 15:00 CEST at the registered office of the Company, PassPort Building, Luchthaven Brussel Nationaal, Gebouw 1K, 1930 Zaventem or at such other place indicated at that place at that time.
Annual General Shareholders’ Meeting 2020 – 30/04/2020

Annual General Shareholders’ Meeting 2020 – 30/04/2020

4/30/2020
The holders of shares issued by Etex NV are informed that the Annual General Shareholders’ meeting of Etex will be held on Wednesday 27 May 2020 at 15:00 CEST behind closed doors, in accordance with the measures outlined in the Royal Decree of 9 April 2020, in the context of the ongoing COVID-19 crisis.
Etex Full-Year Results and Annual Report 2019

Etex Full-Year Results and Annual Report 2019

4/6/2020
Etex has had an outstanding year, as we have delivered record results in many ways, supported by our performance culture. While our top-line increased by 4.9% like-for-like, increased volumes, improved gross profit and contained overheads have allowed us to record a remarkable 15.6% like-for-like REBITDA increase.
Etex links the cost of its EUR 600 million sustainability linked loan to its sustainability ambitions

Etex links the cost of its EUR 600 million sustainability linked loan to its sustainability ambitions

12/16/2019
Etex has decided to link the cost of its EUR 600 million Sustainability Linked Loan with its performance in achieving sustainability targets. This Sustainability Linked Loan – where the interest margin is linked to the borrower’s fulfilment of environmental, social and governance criteria – has been granted by a syndicate of 10 banks and supervised by independent agency Sustainalytics.
Etex-Arauco joint venture E2E has signed an agreement to acquire a majority stake in Tecverde

Etex-Arauco joint venture E2E has signed an agreement to acquire a majority stake in Tecverde

12/11/2019
E2E, a Chile-based joint venture founded by Etex, an international building materials specialist, and Arauco, a diversified global company active in the forestry industry, has signed a share purchase agreement to acquire a majority stake in Tecverde Engenharia, a Brazilian innovative building company specialised in wood-frame construction systems. The acquisition will enable both E2E and Tecverde to pursue their expansion plans. The completion of the deal is subject to the approval of the Brazilian Competition Authority (CADE) and other customary conditions.
Half-Year Results 2019

Half-Year Results 2019

9/2/2019
Etex reports a like-for-like growth in revenue of 6.7% and of 17.3% in REBITDA for the first half of the year. The REBITDA margin is up to 16.8% vs 15.2% at the end of June 2018 on a comparable basis1. The net recurring profit (Group share) is up 6.3% year-on-year.
Etex acquires a majority stake in offsite design and engineering consultancy company Evolusion Innovation

Etex acquires a majority stake in offsite design and engineering consultancy company Evolusion Innovation

4/20/2021
To strengthen its knowledge base in industrialised offsite construction, global building solutions provider Etex has acquired Ireland-based company Evolusion Innovation, an international multi-disciplinary engineering consultancy. In incorporating this business into its New Ways division, Etex achieves strategic synergies between modular construction expertise and local building capacity, while giving Evolusion Innovation a global footprint. The acquisition is yet another step in the execution of Etex’s ambition to become a leader in offsite construction.
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2022 Full-year results



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Revenue

(in EUR million)

 


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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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