Report on first half of 2025
for ROCKWOOL A/S
Release no. 50 – 2025
to Nasdaq Copenhagen
Earnings call
ROCKWOOL Group will host an earnings call on 21 August 2025 at 11:00 CEST. The call will be transmitted live on
www.rockwool.com.
1/15
20 August 2025
While adjusting our outlook to reflect market uncertainty, we stay
committed to investing for long-term value creation
Highlights
▪ Revenue in H1 2025 reached 1,947 MEUR, an increase of one percent
measured in both local currencies and reported figures compared to last year.
The 2024 acquisitions had a two-percentage point positive impact in H1 2025
compared to last year.
▪ Revenue in Q2 2025 reached 988 MEUR, a decrease of two percent measured
in both local currencies and reported figures compared to last year, including a
two-percentage point positive impact from the 2024 acquisitions.
▪ EBITDA in H1 2025 reached 450 MEUR, with a 23.1 percent EBITDA margin,
down 1.2 percentage points compared to H1 2024.
▪ EBITDA in Q2 2025 reached 227 MEUR, with a 23.0 percent EBITDA margin.
Earnings decreased due to unfavourable country and product mix as well as
lower efficiency in several factories. While satisfactory, it was down 2.1
percentage points compared to the uncommonly high margin in Q2 2024.
▪ EBIT decreased 10 percent to 307 MEUR in H1 2025. EBIT margin reached
15.8 percent, down 1.9 percentage points compared to H1 2024, mainly due
to higher depreciations related to investments. The 2024 acquisitions had
limited impact on the EBIT margin.
▪ EBIT decreased 19 percent to 153 MEUR in Q2 2025. EBIT margin reached
15.5 percent, down 3.2 percentage points compared to Q2 2024, mainly due
to higher depreciations related to investments and write-downs related to the
Trondheim, Norway factory closure. The 2024 acquisitions had limited impact
on the EBIT margin.
▪ Investments totalled 187 MEUR in H1 2025, of which the largest projects
related to the production capacity expansion in Romania, the new factory in
North America, and electrification of existing production lines as well as
digitalisation.
▪ Cash flow from operations before financial items and tax amounted to 323
MEUR in H1 2025 compared to 394 MEUR last year.
▪ Shareholders may from 20 August 2025 until 3 September 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 H1 2025, the Group purchased 1,859,800 B shares related to the
share buy-back programme for a total amount of 70 MEUR.
Outlook 2025
▪ Revenue is expected to be at level with last year in local currencies, changed
from previously revenue growth of low single-digit percent in local currencies.
▪ EBIT margin is expected to be below 16 percent, changed from previously
around 16 percent.
▪ Investments around 450 MEUR excluding acquisitions.
“Considering the difficult market
conditions and the geopolitical
uncertainties, we expect our full-year
revenue to be at level with last year
and our EBIT margin to be below 16
percent.
Although volumes declined in some
markets and growth slowed in
others, we delivered overall
acceptable revenue and profitability
for H1 2025. The technical insulation
business continued to perform well
as did several European markets,
including the UK, Spain, Italy, and
Romania. Several other markets
including the Nordics experienced
double-digit sales declines.
Notwithstanding the near-team
difficulties, we remain optimistic
about the future and will continue to
invest in capacity expansion,
decarbonisation, and digitalisation”.
CEO Jes Munk Hansen
2/15
Main figures / key figures for the Group
Unaudited
Audited
Q2 2025
Q2 2024
YTD
Q2 2025
YTD
Q2 2024
FY 2024
Statement of profit and loss in MEUR
Revenue
988
1,010
1,947
1,928
3,855
EBITDA
227
253
450
469
940
Amortisation, depreciation and impairment
74
64
143
128
263
EBIT
153
189
307
341
677
Profit before tax
160
184
313
339
696
Profit for the period
122
142
238
258
550
Statement of financial position in MEUR
Non-current assets
2,654
2,443
2,647
Current assets
1,347
1,250
1,241
Total assets
4,001
3,693
3,888
Total equity
3,032
2,894
3,086
Non-current liabilities
229
232
205
Current liabilities
740
567
597
Net interest-bearing cash / (debt)*
86
188
281
Net working capital
481
433
364
Invested capital
2,923
2,716
2,827
Statement of cash flows in MEUR
Cash flow from operating activities
178
237
224
336
817
Cash flow from investing activities
94
91
187
175
453
Free cash flow
84
146
37
161
364
Others
Number of full-time employees (end of
period)
12,776
12,122
12,493
Ratios
EBITDA margin
23.0%
25.1%
23.1%
24.3%
24.4%
EBIT margin
15.5%
18.7%
15.8%
17.7%
17.5%
ROIC (rolling 4 quarters)
22.8%
23.1%
25.1%
Return on equity (rolling 4 quarters)
17.9%
17.0%
18.7%
Equity ratio
75.8%
78.4%
79.3%
Stock market information (DKK)
Earnings per share**
4
5
8
9
19
Cash flow per share**
6
8
8
12
29
Book value per share**
107
100
106
Share capital (million)
212
216
216
Price per A share (closing)**
295
279
253
Price per B share (closing)**
296
283
255
Market cap (million)**
61,998
59,908
53,732
Number of own shares**
1,974,356
2,777,830
4,807,830
*Restricted cash at the end of the quarter was 219 MEUR. The increase from end of 2024 is partly due to exchange rate development.
**As of 9 April 2025, the trading unit of the ROCKWOOL shares listed on Nasdaq Copenhagen was changed from 10 DKK to 1 DKK. Further,
price per share has been changed from average price to closing price. Comparative figures for 2024 have been restated.
For definition of key figures and ratios see page 166 in the ROCKWOOL Group Annual Report 2024 available on our website:
www.rockwool.com/.
3/15
Management report for the period
1 January to 30 June 2025
General update
Uncertainty and macroeconomic turbulence dominated markets in the second
quarter. The U.S. tariffs unveiled at the beginning of the quarter caused a shock
to the construction industry. Although some tariffs were later suspended and
recession fears receded, the effects of the tariffs are still unfolding, contributing
to uncertainty in global markets and in the construction industry. Based on
these near-term constraints, we observe hesitation to start large projects in key
markets.
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.
On 3 July 2025, the last insulation products were produced at the factory in
Trondheim, Norway. The factory has been part of ROCKWOOL since 1959 and
has employed around 50 colleagues in recent years. A restructuring provision
of 5 MEUR related to the factory closure was included in Q2 2025.
Global revenue development
In the first half of 2025, revenue was 1,947 MEUR, an increase of one percent
in both local currencies and reported figures. The 2024 acquisitions accounted
for a two-percentage point growth in H1 2025, where North America and the
technical insulation business continued to perform well. Sales price levels
continued to be stable overall, following individual market strategies.
In Q2 2025, ROCKWOOL generated revenue of 988 MEUR, a decrease of two
percent in both local currencies and reported figures compared to Q2 2024.
Excluding the 2024 acquisitions, revenue decreased four percent, mainly due to
lower volumes, as sales prices remained stable overall. Sales in the beginning
of Q2 2025 were partly impacted by the timing difference of Easter falling in
April 2025. Sales in general were challenged in April and May but improved
towards the end of the quarter in important markets such as France, Spain, the
United Kingdom and the United States. Revenue decreased significantly in
Russia and reduced Group performance by approx. one percentage point in
both H1 and Q2.
Regional revenue development
In H1 2025, revenue in Western Europe amounted to 1,108 MEUR, up two
percent measured in local currencies and three percent in reported figures,
mainly driven by the 2024 acquisition in the United Kingdom. Organic revenue
decline was 0.4 percent in the region. Revenue grew well in the United
Kingdom, Spain, Italy, and the Netherlands. Revenue in most other countries in
the region declined. In Q2 2025, sales in Western Europe amounted to 559
MEUR, flat in local currencies and up one percent in reported figures compared
to same period last year.
Group revenue
+1%
Revenue in Western Europe
+2%
4/15
In Eastern Europe, revenue for H1 2025 amounted to 352 MEUR, a decrease
of eight percent in local currencies and six percent in reported figures compared
to H1 2024. The decrease was driven by a decline in Russia, while Romania
and Slovenia achieved good revenue growth. Sales in Q2 2025 amounted to
186 MEUR, down eight percent in local currencies and down six percent in
reported figures. Several countries in the region experienced double-digit sales
declines in the quarter, although revenue in Poland started to pick up towards
the end of the quarter.
In H1 2025, revenue in North America reached 393 MEUR, an increase of six
percent in local currencies and three percent in reported figures. Both the
United States and Canada continued to perform well, although with a slow-
down in Q2 2025. The slow-down notwithstanding, we still see strong market
demand for our non-combustible stone wool products and the potential for
further expansion in the region. In Q2 2025, sales in North America amounted
to 196 MEUR, down one percent in local currencies and six percent in reported
figures impacted by the lower U.S. and Canadian dollar exchange rate and
relative to the record high quarter last year.
In H1 2025, revenue in Asia and rest of the world amounted to 94 MEUR, a
decrease of one percent in local currencies and flat in reported figures
compared to last year. Excluding the acquisition in Vietnam, revenue in
reported figures decreased three percent. Vietnam, India, and Japan performed
well in the period, while revenue in most other markets decreased. In Q2 2025,
sales in Asia and rest of the world amounted to 47 MEUR, down two percent in
local currencies and three percent in reported figures.
Regional revenue
MEUR
Group profitability
In H1 2025, EBITDA reached 450 MEUR, a decrease of four percent, including
a one percent increase from the 2024 acquisitions. The EBITDA margin was
23.1 percent for H1 2025, compared to 24.3 percent for H1 2024. While the
sales prices and the input costs remained stable overall, the decrease in margin
was as expected driven by lower profitability in the Russian entities with an
impact of around one percentage point and in the Grodan business. Lower
operational efficiencies and higher factory maintenance costs than usual also
impacted margins negatively.
1,080
1,108
374
352
380
393
94
94
0
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
H1 2024 H1 2025
Western Europe Eastern Europe and Russia North America Asia and others
Revenue in Eastern Europe
-8%
Revenue in North America
+6%
Revenue in Asia and rest of
the world
-1%
EBITDA
-4%
20%
19%
56%
57%
18%
20%
5%
5%
5/15
In Q2 2025, EBITDA decreased 10 percent to 227 MEUR, resulting in an
EBITDA margin of 23.0 percent, compared to 25.1 percent for the same period
last year. The decrease in margin is partly related to the restructuring provision
for closing the Trondheim, Norway factory, and an unfavourable country mix.
Other factors included the lower performance in North America relative to the
record second quarter last year as well as a lower cost leverage.
EBIT decreased 10 percent, reaching 307 MEUR in H1 2025, corresponding to
an EBIT margin of 15.8 percent compared to 17.7 percent for the same period
last year. The margin decline was mainly due to higher depreciations related to
investments, e.g. electrification of the melting process in the Flumroc factory in
Switzerland last year. The 2024 acquisitions had limited impact on the EBIT
margin.
The result for the first half of 2025 includes a donation to the Foundation for
Ukrainian Reconstruction of 13.4 MEUR (100 MDKK), which was approved at
the AGM on 2 April 2025. The same amount was included in the result for the
first half of 2024.
In Q2 2025, EBIT amounted to 153 MEUR, with an EBIT margin of 15.5
percent, down 3.2 percentage points. The donation to the Foundation for
Ukrainian Reconstruction amounted to 7.4 MEUR in both Q2 2025 and Q2
2024.
EBIT & EBIT margin
MEUR
Net financial items ended at positive 6 MEUR for H1 2025, compared to -2
MEUR for H1 2024, primarily due to higher interest income and tax settlements,
which was partly offset by unrealised exchange rate losses of 10 MEUR during
the first six months of 2025, compared to unrealised exchange rate losses of 6
MEUR in the same period last year.
The effective tax rate was 24 percent for both H1 2025 and H1 2024, though up
three percentage points from full year 2024. The changes in the effective tax
rate mainly relate to recognition of tax assets last year.
Net profit for the first half of 2025 amounted to 238 MEUR, which is 20 MEUR
lower than last year.
EBIT
-10%
104
133
146
135
152
189
173
163
154
153
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%
16.2%
14.5%
16.7%
12.0%
18.7%
15.5%
6/15
Financial position
Net working capital at the end of H1 2025 was 481 MEUR, an increase of 117
MEUR compared to year-end 2024 and an increase of 48 MEUR compared to
H1 2024. The unfavourable development compared to last year was mainly
driven by higher inventories linked to the activity slowdown in key European
markets. Net working capital ratio ended at 12.4 percent, 0.9 pp higher than
end of H1 2024.
Driven by both higher four quarters rolling EBIT and invested capital,
annualised return on invested capital ended at 22.8 percent, stable compared
to 23.1 percent in H1 2024.
At the end of H1 2025, total assets amounted to 4,001 MEUR, an increase of
113 MEUR compared to year-end 2024, and 308 MEUR higher than end of H1
2024. The development is mainly related to the 2024 acquisitions, investments
in property, plant and equipment, and higher inventories.
At the end of the period, the equity ratio remained solid at 76 percent, down
three percentage points compared to H1 2024.
Cash Flow
Cash flow from operations before financial items and tax amounted to 323
MEUR for H1 2025, a decrease of 71 MEUR compared to the same period last
year due to lower earnings and less favourable development in net working
capital.
In H1 2025, investments amounted to 187 MEUR, an increase of 12 MEUR
compared to 175 MEUR in H1 2024. The additional capacity in Romania,
electrification of two lines in Roermond, the Netherlands, and one line in France
as well as the new factory project in North America were the largest individual
investment projects in the quarter.
Free cash flow ended at 37 MEUR in H1 2025, down 124 MEUR compared to
the same period last year due to lower earnings, less favourable development
in net working capital, higher investments, and timing of tax settlements.
Cash flow from financing was -111 MEUR, compared to -214 MEUR last year,
as increased dividend payouts due to the higher dividend ratio for 2024 were
offset by drawings on credit facilities ahead of the dividend payments.
The Group’s financial situation remains solid. ROCKWOOL had a net interest-
bearing cash position of 86 MEUR and unused credit facilities of 450 MEUR at
the end of H1 2025. Restricted cash at the end of the quarter was 219 MEUR.
The increase from end of 2024 is partly due to exchange rate development.
ROIC
-0.3%-points
Operational cash flow before
financial items and tax
-71 MEUR
Free cash flow
-124 MEUR
7/15
Business segments
Revenue per business
MEUR
Key figures Insulation segment
MEUR
Q2 2025
Q2 2024
YTD
Q2 2025
YTD
Q2 2024
External revenue
792
809
1,556
1,533
EBIT
131
159
263
283
EBIT margin
14.9%
17.8%
15.2%
16.7%
Insulation segment sales for the first half of 2025 reached 1,556 MEUR, which
is an increase of one percent in local currencies and two percent in reported
figures. In Q2 2025, Insulation segment sales reached 792 MEUR, which is a
decrease of two percent in both local currencies and in reported figures
compared to same quarter last year. Lower Insulation sales were mainly related
to lower volume, especially in Central and Eastern Europe.
Insulation segment EBIT for H1 2025 reached 263 MEUR, with an EBIT margin
of 15.2 percent, a decrease of 1.5 percentage points compared to H1 2024. In
Q2 2025, EBIT was 131 MEUR, resulting in an EBIT margin of 14.9 percent,
down 2.9 percentage points from same period last year. In part, this result
reflects the lower performance in Russia and the comparison to the record high
level in North America in the quarter last year. In Q2 2025, a restructuring
provision of 5 MEUR related to closure of the factory in Trondheim was
included in the Insulation segment EBIT.
Key figures Systems segment
MEUR
Q2 2025
Q2 2024
YTD
Q2 2025
YTD
Q2 2024
External revenue
196
201
391
395
EBIT
22
30
44
58
EBIT margin
11.5%
14.9%
11.2%
14.6%
664
724
764
723
809
792
711
763
694
736
202
194
195
194
201
196
192
194
240
234
0
200
400
600
800
1.000
1.200
Q1 Q2 Q3 Q4
866
957
Insulation revenue
+1%
Insulation EBIT margin
-1.5%-points
Systems
Insulation
917
934
903
918
1,010
959
970
988
8/15
Systems segment revenue amounted to 391 MEUR in H1 2025, which is a
decrease of one percent in both local currencies and 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.
In Q2 2025, sales amounted to 196 MEUR, which is a decrease of two percent
in local currencies and three percent in reported figures compared to Q2 2024.
Sales in Rockfon Europe Asia, Rockpanel, and Grodan declined, while sales in
Rockfon North America and the Lapinus business increased.
Systems segment generated an EBIT of 44 MEUR for H1 2025 with an EBIT
margin of 11.2 percent, a decrease of 3.4 percentage points compared to the
same period last year. The decrease was driven by lower profitability in Grodan
due to difficult market conditions. In the short-term, we do not expect this
situation will improve. In Q2 2025, EBIT amounted to 22 MEUR, with an EBIT
margin of 11.5 percent, down 3.4 percentage points.
EBIT per business
MEUR
Sustainability
At ROCKWOOL, we are committed to turn sustainable development challenges
into business opportunities by developing innovative, fire-safe products that
address key societal needs. The EU Energy Performance of Buildings
Directive, adopted by EU member states, has good potential for ROCKWOOL,
though significant impact is not expected in the short-term.
79
124
132
110
159
131
118
154
124
128
25
28
22
23
30
22
28
19
11
35
0
20
40
60
80
100
120
140
160
180
200
Q1 Q2 Q3 Q4
173
Systems revenue
-1%
Systems EBIT margin
-3.4%-points
Systems
Insulation
104
152
135
133
68
146
189
154
163
153
9/15
Key figures sustainability performance
Rolling 4 qtr.
Q2 2025
FY 2024
Target index (100 in baseline year 2015):
CO
2
intensity (Scope 1+2) per tonne stone wool
76
77
Energy efficiency in own buildings
61
61
Water use intensity from stone wool production
87
83
Landfill waste from our stone wool production
58
60
Target index (100 is baseline year 2019):
Absolute GHG emissions (Scope 1+2), rolling four quarters
81
82
H1 2025
FY 2024
Number of countries where we offer recycling service
24
24
H1 2025
H1 2024
Lost time incident frequency rate
2.4
2.1
Safety remains a top priority at ROCKWOOL, with the aim of zero fatalities and
zero serious accidents. This goal was not achieved in the first half of 2025, with
one fatality and four serious incidents recorded. Lessons learned have been
shared among factories to help prevent future incidents.
In H1 2025, ROCKWOOL achieved a one percent reduction in absolute CO
2
emissions (Scope 1 and 2) compared to 2024. This was driven by a shift from
fossil fuels to green energy, e-melter conversion at Flumroc (Switzerland), and
lower production volumes at several factories. Overall, CO
2
emission intensity
per tonne of stone wool improved by one percentage point, due to the transition
to cleaner energy sources and electrification of production processes.
Rolling four-quarter progress towards the Group’s water use intensity target
(excluding rainwater) shows a 13 percent reduction. This reduction is lower
compared to the full-year 2024 figure, mainly due to lower production volumes,
lower use of recycled and reused water and the timing of cleaning and
maintenance activities.
Waste for recovery increased due to iron crushing initiatives in several
factories. Regarding our landfill target we saw a two-percentage point
improvement, reaching a 42 percent reduction on a rolling four-quarter basis,
compared to 40 percent for full year 2024.
Further progress was made toward ROCKWOOL’s science-based greenhouse
gas (GHG) reduction target for Scope 1 and 2, with rolling four-quarter absolute
GHG emissions down 1.6 percent compared to full year 2024. We continue to
advance the transition from coke-fuelled melting to green electricity.
Conversion of shares
In accordance with ROCKWOOL’s articles of association, shareholders may
request conversion of A shares to B shares from 20 August 2025 (as per this
announcement) until 3 September 2025. 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/.
10/15
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, ROCKWOOL A/S will buy own shares for up to a maximum of 150
MEUR. During H1 2025, the company purchased 1,527,500 B shares related to
the new programme. In addition, 332,300 B shares were purchased under the
previous programme ending 7 February 2025. The total purchase price was
520 MDKK (70 MEUR).
Outlook for the full year 2025
In a varied macroeconomic environment and with the ongoing geopolitical
uncertainty, we expect the near-term to be constrained in some key markets,
including North America. Assuming no major changes in the current conditions
and based on the H1 2025 performance, we expect that our full-year revenue
will be at level with last year in local currencies compared to the previous
outlook of a low single-digit revenue growth in local currencies.
We continue to monitor market conditions and assess the possible impact on
performance across our organisation to adjust capacity and activity if needed.
Based on the H1 2025 earnings level and the ongoing efforts, we forecast an
EBIT margin below 16 percent, compared to the previous 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
20 August 2025
Revenue in local currencies
Growth of low single-
digit percent
Growth of low single-
digit percent
At level with last year
EBIT margin
Around 16 percent
Around 16 percent
Below 16 percent
Investments excluding acquisitions
Around 450 MEUR
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 12,700 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.
11/15
Management statement
20 August 2025
Registered Directors
Board of Directors
12/15
Statement of profit and loss
Unaudited
Audited
MEUR
Q2 2025
Q2 2024
YTD
Q2 2025
YTD
Q2 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
-5
-2
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 1 DKK (0.13 EUR)
Diluted earnings per share of 1 DKK (0.13 EUR)
Statement of comprehensive income
Unaudited
Audited
MEUR
Q2 2025
Q2 2024
YTD
Q2 2025
YTD
Q2 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
-75
-40
Hedging instruments, value adjustments
Tax on other comprehensive income
Other comprehensive income
-72
-38
Comprehensive income for the period
Comprehensive income for the period attributable to:
Non-controlling interests
Shareholders of ROCKWOOL A/S
13/15
Statement of financial position
(condensed)
Unaudited
Audited
MEUR
Q2 2025
Q2 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
-202
-145
-162
Proposed dividend
Retained earnings
Hedging
-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
Q2 2025
Q2 2024
YTD
Q2 2025
YTD
Q2 2024
FY 2024
EBIT
Adjustments for amortisation, depreciation and impairment
Adjustments of non-cash operating items
-15
Changes in net working capital
-32
-133
-79
-7
Cash flow from operations before financial items and tax
Cash flow from operating activities
Cash flow from investing activities excluding acquisitions
-94
-91
-187
-175
-379
Acquisitions/disposals of subsidiaries, net of cash
-74
Free cash flow
Cash flow from financing activities
-226
-167
-111
-214
-309
Net increase in cash and cash equivalents
-142
-21
-74
-53
Cash available – beginning of period
Exchange rate adjustments on cash and cash equivalents
-9
-6
Cash available – end of period
Unutilised, committed credit facilities
14/15
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
-40
-38
-38
Comprehensive income for the period
-40
Share buy-back programme
-70
-70
-70
Cancellation of shares
-1
Purchase of treasury shares
-4
-4
-4
Share based payments
Dividend paid
-182
-178
-178
Transactions with non-controlling interests
-2
-2
-1
-3
Equity at 30 June 2025
-202
Equity at 1 January 2024
-171
-3
Profit for the period
Other comprehensive income
Comprehensive income for the period
Share buy-back programme
-71
-71
-71
Purchase of treasury shares
-3
-3
-3
Dividend paid
-125
-124
-124
Equity at 30 June 2024
-145
-1
Business segments and revenue reporting
Unaudited
YTD Q2
Insulation segment
Systems segment
Eliminations
ROCKWOOL Group
MEUR
2025
2024
2025
2024
2025
2024
2025
2024
External revenue
1,556
1,533
391
395
-
-
1,947
1,928
Internal revenue
170
168
-
-
-170
-168
-
-
Total revenue
1,726
1,701
391
395
-170
-168
1,947
1,928
Operating costs net
1,342
1,314
325
313
-170
-168
1,497
1,459
EBITDA
384
387
66
82
-
-
450
469
EBITDA margin
22.2%
22.8%
16.9%
20.6%
-
-
23.1%
24.3%
Amortisation, depreciation and impairment
121
104
22
24
-
-
143
128
EBIT
263
283
44
58
-
-
307
341
EBIT margin
15.2%
16.7%
11.2%
14.6%
-
-
15.8%
17.7%
Goods transferred at a point in time
1,556
1,533
391
395
-
-
1,947
1,928
15/15
Geographical split of revenue
Unaudited
Audited
MEUR
Q2 2025
Q2 2024
YTD
Q2 2025
YTD
Q2 2024
FY 2024
Western Europe
559
555
1,108
1,080
2,170
Eastern Europe and Russia
186
198
352
374
753
North America
196
209
393
380
737
Asia and others
47
48
94
94
195
Total revenue
988
1,010
1,947
1,928
3,855
Main figures in DKK million
Unaudited
Audited
MDKK
Q2 2025
Q2 2024
YTD
Q2 2025
YTD
Q2 2024
FY 2024
Revenue
7,368
7,529
14,525
14,377
28,757
Amortisation, depreciation and impairment
548
480
1,065
955
1,964
EBIT
1,145
1,410
2,290
2,542
5,046
Profit before tax
1,204
1,373
2,339
2,530
5,196
Profit for the period
915
1,061
1,777
1,923
4,105
Total assets
29,848
27,539
28,999
Total Equity
22,619
21,850
23,015
Cash flow from operating activities
1,323
1,767
1,668
2,505
6,093
Cash flow from investing activities
699
676
1,394
1,302
3,376
Exchange rate
7.46
7.46
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 Statements 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 relate 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, such as 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
developments, market acceptance of new products, launches of competitive products, and other unforeseen factors.
Tel: (+45) 46 56 03 00
CVR number: 54879415
Report date: 2025-08-20