Armacell H1 2021 Results

  • Record net sales of EUR 338.6 million (+17.4%) in the first half of 2021
  • Strong commercial momentum across regions and business areas
  • Adjusted EBITDA of EUR 59.8 million; adjusted EBITDA margin at 17.7%
  • Increase in production capacity for Advanced Insulation and Engineered Foams

Luxembourg, 6 September 2021 – Armacell, a global leader in flexible foam for the equipment insulation market and a leading provider of engineered foams, announced its H1 2021 results on 12 August 2021.
In the first six months of 2021, Armacell achieved record net sales of EUR 338.6 million (H1 2020: EUR 288.4 million), thus surpassing the previous peak in the first half of 2019 (EUR 321.8 million). The strong sales growth of +17.4%, compared to H1 2020, was driven to an equal extent by higher volumes and price increases in all regions, mitigating the effect of rising raw material and freight costs.

In the first half of 2021, adjusted EBITDA rose to EUR 59.8 million, after EUR 52.5 million in H1 2020, as higher sales volumes compensated for increased raw material costs. The adjusted EBITDA margin reached 17.7% (H1 2020: 18.2%). This slight margin decline is attributed to the time-delay effects of measures taken to pass on higher raw material and transportation costs to customers.

“Armacell had a good start into 2021,” says Patrick Mathieu, President & CEO of the Armacell Group. “With our markets steadily recovering, we continued with our growth strategy and expanded our global production footprint and product portfolio. Our new sales record and stable EBITDA performance underline the success of our strategy. While uncertainty prevails in the short-term, our mid-term growth and margin drivers are intact and provide us with a strong organic growth potential.”

Armacell furthermore announced additional production capacity of its Advanced Insulation and Engineered Foams businesses. Before year-end, a third production line will be installed in Yukon, Oklahoma, to meet the ongoing high demand for component foams in the USA. To support the diversification of Armacell's PET foam solutions, the Group will install additional production lines

in Belgium and Turkey. In EMEA, Armacell will further increase production capacity through a second elastomeric line in Bursa.

“Armacell has performed well throughout the global pandemic,” Wim van Acker, CFO of the Armacell Group, adds. “With EUR 62.7 million in cash and unused credit facilities of EUR 105.4 million, we have sufficient liquidity headspace to react to short-term uncertainties as well as to continue following our strong growth strategy.”

Armacell is currently rated B by Standard & Poor’s and B3 by Moody’s.

About Armacell

As the inventors of flexible foam for equipment insulation and a leading provider of engineered foams, Armacell develops innovative and safe thermal, acoustic and mechanical solutions that create sustainable value for its customers. Armacell's products significantly contribute to global energy efficiency making a

difference around the world every day. With more than 3,000 employees and 23 production plants in 15 countries, the company operates two main businesses, Advanced Insulation and Engineered Foams, and generated net sales of EUR 591 million and adjusted EBITDA of EUR 120 million in 2020. Armacell focuse on insulation materials for technical equipment, high-performance foams for high-tech and lightweight applications and next generation aerogel blanket technology.

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Tom Anen
Director Corporate Communications
Tel.: +352 2484 9828 

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