Etex Half-Year Report 2023

Highlights:
• Significant revenue increase of 12.4% to EUR 2,015 million year-on-year (4.2% like-for-like1) backed by pricing
in order to face the significant continued energy price and raw material inflation.
• Strong REBITDA increase of 14.9% to EUR 397 million year-on-year (7.2% like-for-like1) due to robust margins
despite costs inflation.
• Substantial increase in net recurring profit (Group share) of 11.8% to EUR 174 million.
• Slight decrease in net financial debt to EUR 1,140 million, outcome of strong cash generation over the last 12 months, offset partially by recent strategic acquisitions.
• Cautious outlook and responsive approach for the rest of 2023 in an uncertain environment. Volume slowdown
expected in most European countries.

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.

For the first six months of the year, Etex reported a revenue of EUR 2,015 million, an increase of 12.4% year-on year. Next to the impact of URSA’s acquisition last year, this growth is mostly attributable to increased average selling prices to face the significant and continued energy and raw material price inflation.

The recurring operating cash flow (REBITDA) reached a value of EUR 397 million, a year-on-year increase of 14.9%. This performance is mainly attributable to the strong top-line increase and the price increases implemented throughout the first semester. The REBITDA margin stood at an improved 19.7% of sales compared to 19.3% in the first half of 2022.