Investor Relations

Providing relevant information about our business is paramount to building trust-based relationships with our stakeholders. That is why we attach so much importance to transparent communication about our performance and outlook.

Overview

Full-Year Results 2023

“Even more so than 2022, 2023 was a challenging year marked by volatility, uncertainty and severe drops in demand across the world as we observed the continued impacts of increased energy prices and interest rates. Despite all these challenges, I am extremely proud to share that Etex navigated these difficult waters very well and delivered yet again another record year. This includes our highest ever revenue and REBITDA, among others."

Watch Etex’s CEO Bernard Delvaux short video on the full-year results.

For another year in a row, Etex recorded an outstanding financial performance in 2023, with a revenue increase of 2.5% at EUR 3.808 billion, and a REBITDA improvement by 10.4% to EUR 712 million, its highest value ever. The net profit (Group share) also increased to EUR 267 million, a 26.8% improvement compared to 2022. The net recurring profit (Group share) improved, at EUR 278 million, +1.1% year-on-year.

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Revenue

(in EUR million)

 

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Recurring operating
cash flow (REBITDA)

(in EUR million)

 

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Net recurring profit
(Group share)

(in EUR million)

 

Etex continued to advance on its strategic position as a world leader in lightweight construction through several key acquisitions within its core expertise.

Acquisition: BGC’s plasterboard and fibre cement businesses

Acquisition: BGC’s plasterboard and fibre cement businesses

Etex expands its sustainable activities in the attractive Australian and New Zealand markets, with significant growth opportunities.

Divestment: exit from Russia

Divestment: exit from Russia

Etex completed its exit from Russia by divesting its two operating sites in the country. These sites were part of the original URSA footprint acquired before the invasion took place. Etex is also actively preparing to help rebuild Ukraine as soon as it is possible and safe to do so.

Acquisition: Skamol, fire protection and specialty insulation materials

Acquisition: Skamol, fire protection and specialty insulation materials

Skamol is a leading Danish manufacturer of fire protection and specialty insulation materials with sites in Denmark and Poland. 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.

Acquisition: Superglass, glass wool insulation

Acquisition: Superglass, glass wool insulation

Superglass is a top three player in the United Kingdom and Ireland in the growing glass mineral wool insulation market. Through this deal, Etex expands its already strong activities in the UK and complements the extensive European sales and production network of its Insulation division where it is already active with URSA.

Acquisition: SCALAMID, fibre cement

Acquisition: SCALAMID, fibre cement

SCALAMID is a Polish manufacturer of fibre cement panels featuring cutting-edge digital printing and coating technology. This strategic move offers new possibilities for customers’ design and reinforces Etex's commitment to advancing innovation in the lightweight construction industry.

Acquisition: BGC’s plasterboard and fibre cement businesses

Acquisition: BGC’s plasterboard and fibre cement businesses

Etex expands its sustainable activities in the attractive Australian and New Zealand markets, with significant growth opportunities.

Divestment: exit from Russia

Divestment: exit from Russia

Etex completed its exit from Russia by divesting its two operating sites in the country. These sites were part of the original URSA footprint acquired before the invasion took place. Etex is also actively preparing to help rebuild Ukraine as soon as it is possible and safe to do so.

Acquisition: Skamol, fire protection and specialty insulation materials

Acquisition: Skamol, fire protection and specialty insulation materials

Skamol is a leading Danish manufacturer of fire protection and specialty insulation materials with sites in Denmark and Poland. 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.

Acquisition: Superglass, glass wool insulation

Acquisition: Superglass, glass wool insulation

Superglass is a top three player in the United Kingdom and Ireland in the growing glass mineral wool insulation market. Through this deal, Etex expands its already strong activities in the UK and complements the extensive European sales and production network of its Insulation division where it is already active with URSA.

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Sustainability and Innovation

Etex’s achievements in 2023 related to its “Sustainability and Innovation” business driver demonstrate that the company is making significant progress towards its 2030 sustainability ambitions. Highlights include:

ESG Sustainalytics rating

ESG Sustainalytics rating

Etex maintained a worldwide top 10% ESG Sustainalytics rating in the construction products category, ranking 11th out of 150 companies with a final score of 17.9.

EcoVadis SILVER rating

EcoVadis SILVER rating

For the second consecutive year, Etex also achieved an EcoVadis SILVER rating underscoring the company’s collective dedication to sustainability and ethical practices.

Decarbonisation

Decarbonisation

22.8% CO₂ absolute emission reduction in scopes 1 and 2 compared to Etex’s 2018 reference baseline, making considerable progress towards its 2030 goal of -35% CO₂ (scopes 1 and 2) intensity reduction.

Recycling

Recycling

Etex achieved over 7.4% recycled material across product technologies, surpassing its 2022 performance by 26%. The company stands out as the top performer in Europe with 8.6% recycled gypsum, close to 47% recycled polystyrene and around 75% recycled glass.

Waste to landfill

Waste to landfill

Etex further reduced waste sent from its factories to landfill. The company decreased waste in absolute values by 5% in 2023 (a 16% reduction on unchanged scope), and 28% since 2018 (a 30% reduction on unchanged scope).

Customer engagement

Customer engagement

Etex secured 70% coverage of its European turnover with independently verified Environmental Product Declarations (EPDs) across divisions, up from 58% in 2022. This advancement aligns with the elevated expectations of Etex’s customers who request meeting technical requirements associated with transparent environmental considerations.

Diversity, equity and inclusion (DE&I)

Diversity, equity and inclusion (DE&I)

Etex unveiled its diversity, equity and inclusion commitment and policy in 2023 and built a global DE&I ambassador community with 110 volunteers from 26 countries. Likewise, the company educated more than 4,600 office-based teammates on unconscious bias.

ESG Sustainalytics rating

ESG Sustainalytics rating

Etex maintained a worldwide top 10% ESG Sustainalytics rating in the construction products category, ranking 11th out of 150 companies with a final score of 17.9.

EcoVadis SILVER rating

EcoVadis SILVER rating

For the second consecutive year, Etex also achieved an EcoVadis SILVER rating underscoring the company’s collective dedication to sustainability and ethical practices.

Decarbonisation

Decarbonisation

22.8% CO₂ absolute emission reduction in scopes 1 and 2 compared to Etex’s 2018 reference baseline, making considerable progress towards its 2030 goal of -35% CO₂ (scopes 1 and 2) intensity reduction.

Recycling

Recycling

Etex achieved over 7.4% recycled material across product technologies, surpassing its 2022 performance by 26%. The company stands out as the top performer in Europe with 8.6% recycled gypsum, close to 47% recycled polystyrene and around 75% recycled glass.

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