Report on first quarter of 2025
for ROCKWOOL A/S
Release no. 30 – 2025
to Nasdaq Copenhagen
Earnings call
ROCKWOOL Group will host an earnings call on 20 May 2025 at 08:30 CEST. The call will be transmitted live on
www.rockwool.com.
1/13
19 May 2025
Revenue developed well with solid profitability in Q1 2025
Highlights
▪ Revenue in Q1 2025 reached 959 MEUR, an increase of four
percent measured in both local currencies and reported
figures compared to last year. Two percentage points of the
increase derived from the two acquisitions made in October
2024.
▪ EBITDA in Q1 2025 reached 223 MEUR, with a 23.2 percent
EBITDA margin, down 0.3 percentage points compared to
Q1 2024. Earnings continued at a good level, as sales prices
and input costs overall remained stable.
▪ EBIT increased one percent to 154 MEUR in Q1 2025. EBIT
margin reached 16 percent down 0.5 percentage points
compared to Q1 2024, mainly due to higher depreciations
related to investments. Acquisitions had limited impact on
the EBIT margin.
▪ Investments totalled 93 MEUR in Q1 2025, of which the
largest projects related to electrification of existing
production lines, the expansion of production capacity in
Romania, digitalisation, as well as the new factory in the
United States.
▪ Cash flow from operations before financial items and tax
amounted to 126 MEUR in Q1 2025 compared to 135 MEUR
in Q1 2024.
▪ Shareholders may from 19 May 2025 until 4 June 2025
request conversion of A shares to B shares. For further
information please refer to https://www.rockwool.com/group/
about-us/investors/conversion-shares/.
▪ During Q1 2025, the company purchased 84,680 B shares
related to share buy-back programmes for a total amount
of 31 MEUR.
Outlook 2025
▪ Revenue growth of low single-digit percent in local
currencies.
▪ EBIT margin around 16 percent.
▪ Investments around 450 MEUR excluding acquisitions.
“ROCKWOOL continued to perform well in the
first quarter, both on revenue and profitability,
effectively navigating macroeconomic turbulence.
Our business continues to show a positive
development across all key indicators while we
achieve good revenue growth across all regions
except Eastern Europe. Investments in capacity
are progressing with new sites in the United
States, Romania, and India as well as other
projects in various development phases in
Europe. We expect to see continuous demand for
our energy efficient, fire safe solutions in Europe
as member states define their national renovation
plans to meet the mandatory targets established
by the Energy Performance of Buildings
Directive”.
CEO Jes Munk Hansen
2/13
Main figures / key figures for the Group
Unaudited
Audited
Q1 2025
Q1 2024
FY 2024
Statement of profit and loss in MEUR
Revenue
959
918
3,855
EBITDA
223
216
940
Amortisation, depreciation and impairment
69
64
263
EBIT
154
152
677
Profit before tax
153
155
696
Profit for the period
116
116
550
Statement of financial position in MEUR
Non-current assets
2,661
2,383
2,647
Current assets
1,516
1,278
1,241
Total assets
4,177
3,661
3,888
Total equity
3,202
2,881
3,086
Non-current liabilities
229
216
205
Current liabilities
746
564
597
Net interest-bearing cash / (debt) 1)
231
209
281
Net working capital
466
438
364
Invested capital
2,940
2,670
2,827
Statement of cash flows in MEUR
Cash flow from operating activities
46
99
817
Cash flow from investing activities
93
84
453
Free cash flow
-47
15
364
Others
Number of full-time employees (end of period)
12,654
12,017
12,493
Ratios
EBITDA margin
23.2%
23.5%
24.4%
EBIT margin
16.0%
16.5%
17.5%
ROIC (rolling 4 quarters)
24.2%
21.2%
25.1%
Return on equity (rolling 4 quarters)
18.1%
15.5%
18.7%
Equity ratio
76.6%
78.7%
79.3%
Stock market information (DKK)
Earnings per share
41
40
192
Cash flow per share
16
34
285
Book value per share
1,105
994
1,064
Share capital (million)
216
216
216
Price per A share
2,865
2,234
2,538
Price per B share
2,861
2,260
2,556
Market cap (million)
60,262
48,236
53,856
Number of own shares
573,463
166,188
480,783
1) The restricted cash at the end of the quarter was 200 MEUR. The increase from end of 2024 is due to exchange rate development.
For definition of key figures and ratios see page 166 in the ROCKWOOL Group Annual Report 2024 available on our website:
www.rockwool.com/.
3/13
Management report for the period
1 January to 31 March 2025
General update
The macroeconomic environment in the first quarter of 2025 was significantly
impacted by macroeconomic turbulence. The global economy has been
navigating evolving tariff policies, which have impacted international trade. The
effects of these tariffs are still unfolding, but they have contributed to
uncertainty in global markets and in the construction industry.
Despite these challenging conditions, ROCKWOOL continued with a resilient
performance in both revenue and earnings, which reflects the Group’s ability to
withstand the turbulence in the economic environment.
Global revenue development
In Q1 2025, revenue was 959 MEUR, an increase of four percent in both local
currencies and reported figures. The two acquisitions made in October 2024
accounted for two percent of the growth in Q1 2025. The remaining revenue
increase was mainly driven by continued double-digit growth in North America
and in the technical insulation business.
Regional revenue development
In Q1 2025, revenue in Western Europe amounted to 549 MEUR, up four
percent measured in local currencies and five percent in reported figures mainly
driven by the acquisition in the United Kingdom in Q4 2024. Organic revenue
growth was 1.4 percent in the region. Revenue in Spain, the United Kingdom,
Norway and Switzerland performed well, while Germany delivered low growth
and revenue in France and Sweden declined.
In Eastern Europe, revenue for Q1 2025 amounted to 166 MEUR, a decrease
of seven percent in local currencies and six percent in reported figures
compared to Q1 2024. The decrease was driven by a decline in Russia while
many other markets including Romania and Czechia, achieved good revenue
growth compared to a modest growth in Poland.
In Q1 2025, revenue in North America reached 197 MEUR, an increase of 15
percent measured in both local currencies and reported figures. Both the United
States and Canada continued the strong performance and delivered double-
digit revenue growth, despite the strong results achieved in 2024. This
development underlines an increased demand for our non-combustible stone
wool products and the potential for further expansion in the region.
In Q1 2025, revenue in Asia and rest of the world amounted to 47 MEUR, an
increase of one percent in local currencies and three percent in reported
figures. Excluding the acquisition in Vietnam, revenue decreased two percent
compared to Q1 2024. India, China, and Thailand performed well in the quarter
while revenue in most other markets decreased.
Group revenue
+4%
Revenue in Western Europe
+4%
Revenue in Eastern Europe
-7%
Revenue in North America
+15%
Revenue in Asia and rest of
the world
+1%
4/13
Regional revenue
MEUR
Group profitability
In Q1 2025, EBITDA reached 223 MEUR an increase of three percent, of which
one percent derives from the two acquisitions in Q4 2024. The EBITDA margin
was 23.2 percent for Q1 2025 compared to 23.5 percent for Q1 2024. The
decrease in margin was mainly driven by a decrease in profitability in the
Russian entities.
EBIT increased one percent, reaching 154 MEUR in Q1 2025, corresponding to
an EBIT margin of 16.0 percent compared to 16.5 percent for the same period
last year. The margin was slightly lower mainly due to higher depreciations
related to investments e.g. electrification of the melting process in the Flumroc
factory in Switzerland last year. Acquisitions had limited impact on the EBIT
margin.
The result for Q1 2025 includes a 6 MEUR provision for a donation to the
Foundation for Ukrainian Reconstruction, reported under Insulation segment,
unchanged compared to last year. The remaining part of the donation of 100
MDKK approved by shareholders at the annual general meeting in April 2025
will be expensed during Q2 2025.
525
549
176
166
171
197
46
47
0
200
400
600
800
1.000
Q1 2024 Q1 2025
Western Europe Eastern Europe and Russia North America Asia and others
EBITDA
+3%
EBIT
+1%
19%
19%
57%
57%
17%
21%
5%
5%
5/13
EBIT & EBIT margin
MEUR
Net financial items ended at -1 MEUR for Q1 2025, compared to +3 MEUR for
Q1 2024 primarily due to an unrealised exchange rate loss of 11 MEUR during
the first three months of 2025, compared to a small unrealised exchange rate
gain of 0.2 MEUR in the same period last year.
The effective tax rate was 24 percent for Q1 2025, down 1.5 percentage points
from the same period last year and up three percentage points from full year
2024. The changes in effective tax rate mainly relates to impact from
expectations on withholding taxes.
Net profit for the first quarter of 2025 amounted to 116 MEUR, which is stable
compared to last year.
Financial position
Net working capital at end of Q1 2025 was 466 MEUR, an increase of 102
MEUR compared to year-end 2024 and an increase of 28 MEUR compared to
Q1 2024. The increase compared to last year was mainly driven by higher
inventories, partly from the 2024 acquisitions, and higher trade receivables from
higher sales. Net working capital ratio ended at 12.0 percent, at level with Q1
2024.
Driven by both higher four quarters rolling EBIT and invested capital,
annualised return on invested capital ended at 24.2 percent, up 3.0 percentage
points from 21.2 percent in Q1 2024.
At the end of Q1 2025, total assets amounted to 4,177 MEUR, an increase of
289 MEUR compared to year-end 2024 and 516 MEUR higher compared to Q1
2024. The development is mainly related to acquisitions, investments in
property, plant and equipment and a higher cash balance.
At the end of the period, the equity ratio remained solid at 77 percent, down two
percentage points compared to Q1 2024.
ROIC
+3.0%-points
104
133
146
135
152
189
173
163
154
0
20
40
60
80
100
120
140
160
180
200
Q1 Q2 Q3 Q4
2023 2024 2025
14.4%
16.5%
18.1%
16.0%
18.7%
16.2%
14.5%
16.7%
12.0%
6/13
Cash Flow
Cash flow from operations before financial items and tax amounted to 126
MEUR for Q1 2025, a decrease of 9 MEUR compared to the same period last
year due to less favourable development in net working capital.
In Q1 2025, investments amounted to 93 MEUR, compared to 84 MEUR in Q1
2024. The additional capacity in Romania, electrification of two lines in
Roermond, the Netherlands, and the new factory project in North America were
the largest individual investment projects in the quarter.
Free cash flow was -47 MEUR in Q1 2025, compared to +15 MEUR in the
same period last year mainly from timing of tax settlements and less favourable
development in net working capital.
Cash flow from financing was +115 MEUR, compared to -47 MEUR last year
mainly due to drawings on credit facilities ahead of the upcoming dividend
payments in the beginning of April 2025.
The Group’s financial situation remains solid. We had a net interest-bearing
cash position of 231 MEUR and unused credit facilities of 450 MEUR at the end
of Q1 2025.
Business segments
Revenue per business
MEUR
Key figures Insulation segment
MEUR
Q1 2025
Q1 2024
External revenue
764
724
EBIT
132
124
EBIT margin
15.6%
15.4%
Insulation segment revenue for Q1 2025 reached 764 MEUR, which is an
increase of five percent measured in both local currencies and in reported
figures. Acquisitions accounted for two percent of the growth. Higher Insulation
664
724
764
723
809
711
763
694
736
202
194
195
194
201
192
194
240
234
0
200
400
600
800
1.000
1.200
Q1 Q2 Q3 Q4
866
957
Operational cash flow before
financial items and tax
126 MEUR
Free cash flow
-47 MEUR
Insulation revenue
+5%
Systems
Insulation
917
934
903
918
1,010
959
970
7/13
revenue was mainly related to the continued good performance in North
America and the technical and industrial insulation business.
Insulation segment EBIT for Q1 2025 reached 132 MEUR with an EBIT margin
of 15.6 percent, an increase of 0.2 percentage points compared to Q1 2024.
Key figures Systems segment
MEUR
Q1 2025
Q1 2024
External revenue
195
194
EBIT
22
28
EBIT margin
11.0%
14.2%
Systems segment revenue amounted to 195 MEUR in Q1 2025, which is at
level with last year measured in local currencies and up one percent in reported
figures. Revenue increased in Rockpanel and Lapinus. Rockfon revenue was
stable while revenue in Grodan decreased compared to last year driven by
lower sales to the legal cannabis market in North America.
Systems segment generated an EBIT of 22 MEUR for Q1 2025 with an EBIT
margin of 11.0 percent, a decrease of 3.2 percentage points compared to the
same period last year. The decrease was driven by lower profitability in Grodan
due to difficult market conditions. Short-term, we do not expect this situation to
improve.
EBIT per business
MEUR
Conversion of shares
In accordance with ROCKWOOL’s articles of association, shareholders may
from 19 May 2025 (as per this announcement) until 4 June 2025 request
conversion of A shares to B shares. Further information on how to submit a
conversion request and on the terms and conditions can be found on the
company’s website:
https://www.rockwool.com/group/about-us/investors/conversion-shares/.
79
124
132
110
159
118
154
124
128
25
28
22
23
30
28
19
11
35
0
20
40
60
80
100
120
140
160
180
200
Q1 Q2 Q3 Q4
173
Insulation EBIT margin
+0.2%-points
Systems revenue
stable
Systems EBIT margin
-3.2%-points
Systems
Insulation
104
152
135
133
68
146
189
154
163
8/13
Share buy-back programme
As stated in the 2024 Annual Report, ROCKWOOL Group has initiated a new
share buy-back programme of up to 150 MEUR. The share buy-back
programme will run from 7 February 2025 until 6 February 2026. During this
period, the Company will buy own shares for up to a maximum of 150 MEUR.
During Q1 2025, the company purchased 51,450 B shares related to the new
programme. Further, 33,230 B shares were purchased related to the previous
programme ending 7 February 2025. The total purchase price was 232 MDKK
or 31 MEUR.
Outlook for the full year 2025
Balancing our satisfactory Q1 2025 growth against increased geopolitical and
macroeconomic uncertainty, we maintain our full-year outlook for low single-
digit revenue growth in local currencies. The global economy continues
navigating the evolving tariff dynamics, and their negative effect on international
trade is still unfolding.
The earnings level for Q1 2025 was solid. We continue to monitor activity
across our organisation to adjust capacity and activity if needed. Based on this,
we maintain the outlook of an EBIT margin around 16 percent.
The large investment projects are on track; the investment level around 450
MEUR excluding acquisitions for the year is maintained.
2025 outlook overview
6 February 2025
19 May 2025
Revenue in local currencies
Growth of low single-digit
percent
Growth of low single-
digit percent
EBIT margin
Around 16 percent
Around 16 percent
Investments excluding acquisitions
Around 450 MEUR
Around 450 MEUR
Further information:
Kim Junge Andersen, Chief Financial Officer
ROCKWOOL A/S
+45 46 56 03 00
At ROCKWOOL Group, we are committed to enriching the lives of everyone who experiences
our products and services. We help our customers and communities tackle many of today’s
biggest sustainability and development challenges, from energy consumption and noise
pollution to fire resilience, water scarcity and flooding. Our product range reflects the diversity
of the world’s needs, while supporting our stakeholders in reducing their own carbon footprint.
Stone wool is a fully recyclable, versatile material that forms the basis of all our businesses.
With more than 12,600 dedicated colleagues in around 40 countries and sales in more than
120, we are the world leader in stone wool products, from building insulation to acoustic
ceilings, external cladding systems to horticultural solutions, engineered fibres for industrial
use to insulation for the process industry and marine & offshore.
9/13
Management statement
19 May 2025
Registered Directors
Board of Directors
10/13
Statement of profit and loss
Unaudited
Audited
MEUR
Q1 2025
Q1 2024
FY 2024
Revenue
Other operating income
Operating income
Raw material costs and production material costs
Delivery costs and indirect costs
Other expenses
Employee benefits expenses
Operating costs
EBITDA
Amortisation, depreciation and impairment
EBIT
Share of net profit of associates
Financial items
-1
Profit before tax
Tax expense
Profit for the period
Profit for the period attributable to:
Non-controlling interests
Shareholders of ROCKWOOL A/S
EUR
Earnings per share of 10 DKK (1.3 EUR)
Diluted earnings per share of 10 DKK (1.3 EUR)
Statement of comprehensive income
Unaudited
Audited
MEUR
Q1 2025
Q1 2024
FY 2024
Profit for the period
Items that will not be reclassified to profit or loss:
Actuarial gains and losses of pension obligations
-8
Tax on other comprehensive income
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign entities
-8
Hedging instruments, value adjustments
-1
Tax on other comprehensive income
Other comprehensive income
-5
Comprehensive income for the period
Comprehensive income for the period attributable to:
Non-controlling interests
Shareholders of ROCKWOOL A/S
11/13
Statement of financial position
(condensed)
Unaudited
Audited
MEUR
Q1 2025
Q1 2024
FY 2024
Assets
Intangible assets
Property, plant and equipment
Right-of-use assets
Financial assets
Deferred tax assets
Non-current assets
Inventories
Receivables
Cash and cash equivalents
Current assets
Total assets
Equity and liabilities
Share capital
Foreign currency translation
-127
-179
-162
Proposed dividend
Retained earnings
Hedging
-3
-1
-2
Equity attributable to shareholders of ROCKWOOL A/S
Non-controlling interests
-
Total equity
Non-current liabilities
Current liabilities
Total liabilities
Total equity and liabilities
Statement of cash flows
(condensed)
Unaudited
Audited
MEUR
Q1 2025
Q1 2024
FY 2024
EBIT
Adjustments for amortisation, depreciation and impairment
Adjustments of non-cash operating items
-2
-15
Changes in net working capital
-101
-79
-7
Cash flow from operations before financial items and tax
Cash flow from operating activities
Cash flow from investing activities excluding acquisitions
-93
-84
-379
Acquisitions/disposals of subsidiaries, net of cash
-74
Free cash flow
-47
Cash flow from financing activities
-47
-309
Net increase in cash and cash equivalents
-32
Cash available – beginning of period
Exchange rate adjustments on cash and cash equivalents
-3
-6
Cash available – end of period
Unutilised, committed credit facilities
12/13
Statement of changes in equity
Unaudited
Shareholders of ROCKWOOL A/S
MEUR
Share
capital
Foreign
currency
translation
Proposed
dividend
Retained
earnings
Hedging
Total
Non-
controlling
interests
Total
equity
Equity at 1 January 2025
-162
-2
Profit for the period
Other comprehensive income
-1
Comprehensive income for the period
-1
Share buy-back programme
-31
-31
-31
Purchase of treasury shares
-4
-4
-4
Share based payments
Equity at 31 March 2025
-127
-3
Equity at 1 January 2024
-171
-3
Profit for the period
Other comprehensive income
-8
-5
-5
Comprehensive income for the period
-8
Share buy-back programme
-31
-31
-31
Purchase of treasury shares
-3
-3
-3
Equity at 31 March 2024
-179
-1
Business segments and revenue reporting
Unaudited
Q1
Insulation segment
Systems segment
Eliminations
ROCKWOOL Group
MEUR
2025
2024
2025
2024
2025
2024
2025
2024
External revenue
764
724
195
194
-
-
959
918
Internal revenue
85
82
-
-
-85
-82
-
-
Total revenue
849
806
195
194
-85
-82
959
918
Operating costs net
659
630
162
154
-85
-82
736
702
EBITDA
190
176
33
40
-
-
223
216
EBITDA margin
22.4%
21.9%
16.8%
20.2%
-
-
23.2%
23.5%
Amortisation, depreciation and impairment
58
52
11
12
-
-
69
64
EBIT
132
124
22
28
-
-
154
152
EBIT margin
15.6%
15.4%
11.0%
14.2%
-
-
16.0%
16.5%
Goods transferred at a point in time
764
724
195
194
-
-
959
918
13/13
Geographical split of revenue
Unaudited
Audited
MEUR
Q1 2025
Q1 2024
FY 2024
Western Europe
549
525
2,170
Eastern Europe and Russia
166
176
753
North America
197
171
737
Asia and others
47
46
195
Total revenue
959
918
3,855
Main figures in DKK million
Unaudited
Audited
MDKK
Q1 2025
Q1 2024
FY 2024
Revenue
7,157
6,848
28,757
Amortisation, depreciation and impairment
517
475
1,964
EBIT
1,145
1,132
5,046
Profit before tax
1,135
1,157
5,196
Profit for the period
862
862
4,105
Total assets
31,163
27,304
28,999
Total Equity
23,889
21,487
23,015
Cash flow from operating activities
345
738
6,093
Cash flow from investing activities
695
626
3,376
Exchange rate
7.46
7.46
7.46
Accounting policies
This unaudited interim report has been prepared in accordance with IAS 34 and additional Danish regulations for the
presentation of quarterly interim reports by listed companies. The interim report has been prepared in accordance with the
accounting policies set out in the Annual Report for 2024 with no significant changes.
Significant accounting estimates and assumptions
In preparing this interim report Management has made various accounting estimates and judgements that may significantly
influence the amounts recognised in the Consolidated Financial Statement and related information at the reporting date. The
accounting estimates and judgements which Management considers to be material for the preparation and understanding of
the interim report are stated in Note 1.1 in the Annual Report 2024 and primarily relates to impairment testing, expected
lifetime for tangible assets, deferred tax assets and uncertain tax positions.
Disclaimer
The statements on the future in this report, including expected revenue and earnings, are associated with risks and
uncertainties and may be affected by factors influencing the activities of the Group, e.g. the global economic environment,
including interest and exchange rate developments, the raw material situation, production and distribution-related issues,
breach of contract or unexpected termination of contract, price reductions due to market-driven price reductions, market
acceptance of new products, launches of competitive products and other unforeseen factors.
Tel: (+45) 46 56 03 00
CVR number: 54879415
Report date: 2025-05-19