Report on the first nine months of 2025
for ROCKWOOL A/S
Release no. 68 – 2025
to Nasdaq Copenhagen
Earnings call
ROCKWOOL Group will host an earnings call on 27 November 2025 at 11:00 CET. The call will be transmitted live on
www.rockwool.com.
1/15
26 November 2025
Difficult market conditions impact Q3 results
Highlights
▪ Revenue in first nine months of 2025 reached 2,910 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.
▪ Revenue in Q3 2025 reached 963 MEUR, an increase of two percent
measured in local currencies and one percent in reported figures
compared to last year. The 2024 acquisitions had a two-percentage point
positive impact.
▪ EBITDA in the first nine months of 2025 reached 665 MEUR, with a 22.9
percent EBITDA margin, down 1.7 percentage points compared to last
year.
▪ EBITDA in Q3 2025 reached 215 MEUR, with a 22.3 percent EBITDA
margin, down 2.9 percentage points compared to Q3 2024. Earnings
decreased due to unfavourable country mix partly from lower sales in the
United Kingdom and Canada and continued slow-down in Russia,
reduced efficiency in several factories as well as a decline in operating
cost leverage.
▪ EBIT decreased 11 percent to 457 MEUR in the first nine months of
2025. EBIT margin reached 15.7 percent, down 2.1 percentage points
compared to last year. The 2024 acquisitions had limited impact.
▪ EBIT decreased 14 percent to 150 MEUR in Q3 2025. EBIT margin
reached 15.5 percent, down 2.6 percentage points compared to Q3 2024.
The 2024 acquisitions had limited impact.
▪ Investments totalled 307 MEUR in the first nine months of 2025, of which
the largest projects related to the new factories in North America and
India, the production expansion in Romania, and electrification of existing
production lines.
▪ Cash flow from operations before financial items and tax amounted to
579 MEUR in the first nine months of 2025 compared to 684 MEUR last
year.
▪ Shareholders may from 26 November 2025 until 10 December 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 the first nine months of 2025, the Group purchased 3,259,800 B
shares related to the share buy-back programme for a total amount of
119 MEUR.
Outlook 2025
▪ Revenue is expected to be at level with last year in local currencies.
▪ EBIT margin is expected to be between 14-15 percent.
▪ Investments around 450 MEUR excluding acquisitions.
“As indicated in our previously
announced outlook adjustment, the
volatility and hesitation we saw across
many markets impacted our Q3 results.
Trade policy uncertainty and
geopolitical tensions persisted in the
third quarter, though not all markets
were affected equally. Key markets
such as the United Kingdom and
Canada experienced headwinds, with
many large projects being postponed,
while we saw pockets of good growth
elsewhere, such as Eastern and
Southern Europe. Sales in the United
States are back on a good growth path.
Overall profitability was negatively
affected by lower profitability in the
Russian and UK businesses as well as
lower operational efficiencies in several
locations. We continue to invest in
capacity expansion, decarbonisation,
and digitalisation”.
CEO Jes Munk Hansen
ROCKWOOL factory in Ranson,
West Virginia
2/15
Main figures / key figures for the Group
Unaudited
Audited
Q3 2025
Q3 2024
YTD
Q3 2025
YTD
Q3 2024
FY 2024
Statement of profit and loss in MEUR
Revenue
963
957
2,910
2,885
3,855
EBITDA
215
241
665
710
940
Amortisation, depreciation and impairment
65
68
208
196
263
EBIT
150
173
457
514
677
Profit before tax
160
183
473
522
696
Profit for the period
122
155
360
413
550
Statement of financial position in MEUR
Non-current assets
2,712
2,442
2,647
Current assets
1,336
1,298
1,241
Total assets
4,048
3,740
3,888
Total equity
3,069
2,963
3,086
Non-current liabilities
242
216
205
Current liabilities
737
561
597
Net interest-bearing cash / (debt)*
100
339
281
Net working capital
440
376
364
Invested capital
2,947
2,643
2,827
Statement of cash flows in MEUR
Cash flow from operating activities
225
270
449
606
817
Cash flow from investing activities
120
73
307
248
453
Free cash flow
105
197
142
358
364
Others
Number of full-time employees (end of period)
12,780
12,243
12,493
Ratios
EBITDA margin
22.3%
25.2%
22.9%
24.6%
24.4%
EBIT margin
15.5%
18.1%
15.7%
17.8%
17.5%
ROIC (rolling 4 quarters)
22.1%
24.7%
25.1%
Return on equity (rolling 4 quarters)
16.5%
18.1%
18.7%
Equity ratio
75.8%
79.2%
79.3%
Stock market information (DKK)
Earnings per share**
4
5
13
14
19
Cash flow per share**
8
9
16
21
29
Book value per share**
108
102
106
Share capital (million)
212
216
216
Price per A share (closing)**
236
312
253
Price per B share (closing)**
236
314
255
Market cap (million)**
49,149
66,512
53,732
Number of own shares**
3,374,356
3,742,830
4,807,830
*Restricted cash in Russia at the end of the quarter was 230 MEUR.
**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 September 2025
General update
Volatility and hesitation in global markets persist as the challenging conditions
related to trade policy uncertainty and geopolitical tensions continue. Key
markets like the United Kingdom and Canada are impacted by these conditions,
and we have seen many large projects postponed, especially within flat roof.
On the other hand, we continue to see positive market development for our
stone wool offering, especially in Southern Europe.
Especially the UK Insulation business faced several unexpected challenges in
Q3 2025, as large flat roof projects were cancelled or postponed, temporarily
impacting sales in the second half of 2025. In addition, a longer than expected
production stop reduced available capacity. Due to this, UK revenue and
earnings were negatively impacted in Q3. In the beginning of Q4 2025, UK
sales were back to normal level.
Global revenue development
In the first nine months of 2025, revenue was 2,910 MEUR, an increase of one
percent in both local currencies and reported figures. The 2024 acquisitions
accounted for a two-percentage point growth in the first nine months of 2025.
Pricing followed individual market strategies and had overall a one percent
impact in the first nine months compared to same period last year. Many
businesses faced headwinds with pockets of good growth in markets like
Eastern and Southern Europe. Revenue in Russia decreased in the double-
digit range and accounted for around seven percent of the total Group revenue
in reported figures. Excluding Russia, the Group revenue grew three percent in
local currencies.
In Q3 2025, ROCKWOOL generated revenue of 963 MEUR, an increase of two
percent in local currencies and one percent in reported figures compared to Q3
2024. Excluding the 2024 acquisitions, revenue was flat in local currencies as
volumes and sales prices remained stable overall. Sales in the UK, Canada,
Germany and Nordics were challenged, while larger markets such as Poland,
Spain, Italy, the United States, and other main markets in Eastern Europe
performed well in the quarter. Revenue in Russia decreased in the double-digit
range and accounted for around eight percent of the total Group revenue in
reported figures. Excluding Russia, the Group revenue grew four percent in
local currencies.
Regional revenue development
In the first nine months of 2025, revenue in Western Europe amounted to 1,654
MEUR, up two percent measured in both local currencies and in reported
figures, mainly driven by the 2024 acquisition in the United Kingdom. Organic
revenue decline was 0.4 percent in the region.
Group revenue
+1%
Revenue in Western Europe
+2%
4/15
In Q3 2025, sales in Western Europe amounted to 546 MEUR, up two percent
in both local currencies and reported figures compared to same period last
year. Organic revenue decline was 0.3 percent. Revenue grew well in Spain,
Italy, and the Netherlands, while revenue in the United Kingdom, Germany and
Nordics declined.
In Eastern Europe, revenue for the first nine months of 2025 amounted to 558
MEUR, a decrease of four percent in local currencies and two percent in
reported figures compared to the first nine months of 2024. Sales in Q3 2025
amounted to 206 MEUR, up three percent in local currencies and four percent
in reported figures. Most larger countries in the region experienced double-digit
sales growth in the quarter. Revenue in Russia saw a double-digit decrease.
In the first nine months of 2025, revenue in North America reached 555 MEUR,
an increase of four percent in local currencies and flat compared to last year in
reported figures. In Q3 2025, sales in North America amounted to 162 MEUR,
down one percent in local currencies and eight percent in reported figures
impacted by the lower U.S. and Canadian dollar exchange rate as well as
difficult market conditions in Canada. Sales in the United States are back to
good growth.
In the first nine months of 2025, revenue in Asia and rest of the world amounted
to 143 MEUR, an increase of one percent in both local currencies and reported
figures compared to last year. Excluding the acquisition in Vietnam, revenue in
reported figures decreased three percent.
In Q3 2025, sales in Asia and rest of the world amounted to 49 MEUR, up six
percent in local currencies and three percent in reported figures. Excluding
acquisitions, revenue increased one percent in local currencies. Malaysia and
Japan performed well, while revenue in many other countries decreased,
especially in Indonesia due to import restrictions.
Regional revenue
MEUR
1,616
1,654
572
558
555
555
142
143
0
500
1.000
1.500
2.000
2.500
3.000
YTD Q3 2024 YTD Q3 2025
Western Europe Eastern Europe and Russia North America Asia and others
Revenue in Eastern Europe
-4%
Revenue in North America
+4%
Revenue in Asia and rest of
the world
+1%
19%
20%
56%
57%
19%
19%
5%
5%
5/15
Group profitability
In the first nine months of 2025, EBITDA reached 665 MEUR, a decrease of six
percent. The EBITDA margin was 22.9 percent for the first nine months of
2025, compared to 24.6 percent for the same period last year 2024.
In Q3 2025, EBITDA decreased 11 percent to 215 MEUR, resulting in an
EBITDA margin of 22.3 percent, compared to 25.2 percent for the same period
last year. While sales prices and input costs remained stable overall, the
decrease in margin was driven by lower profitability in the Russian entities, with
an impact of around one percentage point, and in the UK business. Lower
operational efficiencies also impacted margins negatively.
EBIT decreased 11 percent, reaching 457 MEUR in the first nine months of
2025, corresponding to an EBIT margin of 15.7 percent compared to 17.8
percent for the same period last year. The 2024 acquisitions had limited impact
on the EBIT margin. EBIT margin for the first nine months of 2025 excluding the
Russian business was 14.5 percent, down 1.1 percentage points compared to
same period last year.
The result for the first nine months 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 nine months of 2024.
In Q3 2025, EBIT amounted to 150 MEUR, with an EBIT margin of 15.5
percent, down 2.6 percentage points.
EBIT & EBIT margin
MEUR
Net financial items ended at positive 16 MEUR for the first nine months of 2025,
compared to 8 MEUR for the same period last year, primarily due to higher
interest income and tax settlements. This amount was partly offset by
unrealised exchange rate losses of 8 MEUR during the first nine months of
2025, compared to unrealised exchange rate losses of 2 MEUR in the same
period last year.
EBITDA
-6%
EBIT
-11%
104
133
146
135
152
189
173
163
154
153
150
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%
15.5%
6/15
The effective tax rate was 24 percent for the first nine months of 2025
compared to 21 percent the same period last year 2024, and 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 nine months of 2025 amounted to 360 MEUR, which is 53
MEUR lower than last year.
Financial position
Net working capital at the end of Q3 2025 was 440 MEUR, an increase of 76
MEUR compared to year-end 2024 and an increase of 64 MEUR compared to
the first nine months of 2024. The unfavourable development compared to last
year was mainly driven by higher inventories linked to the activity slowdown in
key markets. Net working capital ratio ended at 11.3 percent, 1.4 percentage
points higher than end of Q3 2024.
Driven by lower four quarters rolling EBIT and higher invested capital,
annualised return on invested capital ended at 22.1 percent, compared to 24.7
percent in the same period last year.
At the end of Q3 2025, total assets amounted to 4,048 MEUR, an increase of
160 MEUR compared to year-end 2024, and 308 MEUR higher than the end of
Q3 2024. The development is mainly related to the 2024 acquisitions,
investments in property, plant and equipment, and higher inventories and tax
receivables.
At the end of the period, the equity ratio remained solid at 76 percent, down
three percentage points compared to the first nine months of 2024. Net book
value of the investment in the Russian business as per end of Q3 2025 was
425 MEUR, of which 230 MEUR was restricted cash.
Cash Flow
Cash flow from operations before financial items and tax amounted to 579
MEUR for the first nine months of 2025, a decrease of 105 MEUR compared to
the same period last year due to lower earnings and less favourable
development in net working capital.
In the first nine months of 2025, investments amounted to 307 MEUR, an
increase of 59 MEUR compared to 248 MEUR in the same period last year.
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 the
United States were the largest individual investment projects in the quarter.
Free cash flow ended at 142 MEUR in the first nine months of 2025, down 216
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.
ROIC
-2.6%-points
Operational cash flow before
financial items and tax
-105 MEUR
Free cash flow
-216 MEUR
7/15
In the first nine months of 2025, cash flow from financing was -176 MEUR,
compared to -260 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.
ROCKWOOL had a net interest-bearing cash position of 100 MEUR and
unused credit facilities of 450 MEUR at the end of Q3 2025.
Business segments
Revenue per business
MEUR
Key figures Insulation segment
MEUR
Q3 2025
Q3 2024
YTD
Q3 2025
YTD
Q3 2024
External revenue
774
763
2,330
2,296
EBIT
130
154
393
437
EBIT margin
15.9%
18.1%
15.5%
17.1%
Insulation segment sales for the first nine months of 2025 reached 2,330
MEUR, which is an increase of two percent in both local currencies and in
reported figures. In Q3 2025, Insulation segment sales reached 774 MEUR,
which is an increase of three percent in local currencies and one percent in
reported figures compared to same quarter last year. The 2024 acquisitions
accounted for two percentage points growth. Revenue in key markets in
Eastern and Southern Europe showed solid growth, while the United Kingdom
and Russia saw significant revenue decreases.
Insulation segment EBIT for the first nine months of 2025 reached 393 MEUR,
with an EBIT margin of 15.5 percent, a decrease of 1.6 percentage points
compared to the same period last year. In Q3 2025, EBIT was 130 MEUR,
resulting in an EBIT margin of 15.9 percent, down 2.2 percentage points from
same period last year. In part, this result reflects the negative country mix,
lower efficiency in several factories as well as a lower operating cost leverage.
664
724
764
723
809
792
711
763
774
694
736
202
194
195
194
201
196
192
194
189
240
234
0
200
400
600
800
1.000
1.200
Q1 Q2 Q3 Q4
866
957
963
Insulation revenue
+2%
Insulation EBIT margin
-1.6%-points
Systems
Insulation
917
934
903
918
1,010
959
970
988
8/15
Key figures Systems segment
MEUR
Q3 2025
Q3 2024
YTD
Q3 2025
YTD
Q3 2024
External revenue
189
194
580
589
EBIT
20
19
64
77
EBIT margin
10.5%
10.1%
11.0%
13.1%
Systems segment revenue amounted to 580 MEUR in the first nine months of
2025, which is a decrease of one percent in local currencies and two percent in
reported figures. In Q3 2025, sales amounted to 189 MEUR, which is a
decrease of one percent in local currencies and two percent in reported figures
compared to Q3 2024. Revenue declined in most businesses except for
Rockpanel.
Systems segment generated an EBIT of 64 MEUR for the first nine months of
2025 with an EBIT margin of 11.0 percent, a decrease of 2.1 percentage points
compared to the same period last year. In Q3 2025, EBIT amounted to 20
MEUR, with an EBIT margin of 10.5 percent, up 0.4 percentage points. The
Grodan business continued to be challenged by lower volumes in the medical
cannabis market and an unfavourable product mix coming from the lower
margin vegetable business.
EBIT per business
MEUR
Conversion of shares
In accordance with ROCKWOOL’s articles of association, shareholders may
request conversion of A shares to B shares from 26 November 2025 (as per
this announcement) until 10 December 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/.
79
124
132
110
159
131
118
154
130
124
128
25
28
22
23
30
22
28
19
20
11
35
0
20
40
60
80
100
120
140
160
180
200
Q1 Q2 Q3 Q4
173
150
Systems revenue
-1%
Systems EBIT margin
-2.1%-points
Systems
Insulation
104
152
135
133
68
146
189
154
163
153
9/15
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 the first nine months of 2025, the company purchased 2,927,500
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 889 MDKK (119 MEUR).
Events after the reporting period
In October 2025, we experienced a production-related incident in the factory in
Flums, Switzerland, in which molten rock flowed onto the factory floor. As a
result, the factory has temporarily stopped production while work continues to
repair the damage and assess the root cause. While production is stopped,
products to the Swiss market are sourced from other ROCKWOOL factories.
The repair and import costs will have a negative impact on Q4 2025 earnings.
Negotiations with the insurance companies are ongoing.
Outlook for the full year 2025
Although conditions in some markets continue to be difficult, we still expect the
revenue to be at level with last year in local currencies.
EBIT margin is expected to be between 14-15 percent. With reference to the 11
November 2025 announcement, several factors contributed to the lower full-
year margin outlook. The production-related incident in the factory in Flums,
Switzerland and measures to ensure continued deliveries to customers from
our German factories are expected to reduce Q4 2025 earnings by around 15
MEUR, of which 4 MEUR relates to write-down of damaged equipment.
The temporary slow-down in the UK market and a longer than planned
maintenance stop at the factory there is estimated to have impacted EBIT by
around 5 MEUR in Q3 2025. In the beginning of Q4 2025, UK sales are back to
normal level. The slow-down in the Canadian market, already visible from end
of Q3, is expected to continue throughout Q4 and to reduce earnings by around
15-20 MEUR compared to previous forecasts. The continued decline in the
Russian market is expected to lower earnings by 5-10 MEUR more than in
previous forecasts.
The large investment projects are on track; the investment level around 450
MEUR excluding acquisitions for the year is maintained.
10/15
2025 outlook overview
6 February 2025
19 May 2025
20 August 2025
11 November 2025
26 November 2025
Revenue in local
currencies
Growth of low
single-digit percent
Growth of low
single-digit percent
At level with last
year
At level with last
year
At level with last
year
EBIT margin
Around 16 percent
Around 16 percent
Below 16 percent
Between 14-15
percent
Between 14-15
percent
Investments excluding
acquisitions
Around 450 MEUR
Around 450 MEUR
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
26 November 2025
Registered Directors
Board of Directors
12/15
Statement of profit and loss
Unaudited
Audited
MEUR
Q3 2025
Q3 2024
YTD
Q3 2025
YTD
Q3 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
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
Q3 2025
Q3 2024
YTD
Q3 2025
YTD
Q3 2024
FY 2024
Profit for the period
Items that will not be reclassified to profit or loss:
Actuarial gains and losses of pension obligations
-1
-8
Tax on other comprehensive income
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign entities
-37
-50
-77
-24
Hedging instruments, value adjustments
Tax on other comprehensive income
Other comprehensive income
-37
-51
-75
-21
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
Q3 2025
Q3 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
-239
-196
-162
Proposed dividend
Retained earnings
Hedging
-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
Q3 2025
Q3 2024
YTD
Q3 2025
YTD
Q3 2024
FY 2024
EBIT
Adjustments for amortisation, depreciation and impairment
Adjustments of non-cash operating items
-1
-15
Changes in net working capital
-93
-29
-7
Cash flow from operations before financial items and tax
Cash flow from operating activities
Cash flow from investing activities excluding acquisitions
-120
-73
-307
-248
-379
Acquisitions/disposals of subsidiaries, net of cash
-74
Free cash flow
Cash flow from financing activities
-65
-46
-176
-260
-309
Net increase in cash and cash equivalents
-34
Cash available – beginning of period
Exchange rate adjustments on cash and cash equivalents
-12
-5
-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
-77
-75
-75
Comprehensive income for the period
-77
Share buy-back programme
-119
-119
-119
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 September 2025
-239
Equity at 1 January 2024
-171
-3
Profit for the period
Other comprehensive income
-25
-21
-21
Comprehensive income for the period
-25
Share buy-back programme
-108
-108
-108
Purchase of treasury shares
-3
-3
-3
Share based payments
Dividend paid
-125
-124
-124
Equity at 30 September 2024
-196
Business segments and revenue reporting
Unaudited
YTD Q3
Insulation segment
Systems segment
Eliminations
ROCKWOOL Group
MEUR
2025
2024
2025
2024
2025
2024
2025
2024
External revenue
2,330
2,296
580
589
-
-
2,910
2,885
Internal revenue
210
255
-
-
-210
-255
-
-
Total revenue
2,540
2,551
580
589
-210
-255
2,910
2,885
Operating costs net
1,973
1,954
482
476
-210
-255
2,245
2,175
EBITDA
569
597
96
113
-
-
665
710
EBITDA margin
22.4%
23.4%
16.5%
19.2%
-
-
22.9%
24.6%
Amortisation, depreciation and impairment
176
160
32
36
-
-
208
196
EBIT
393
437
64
77
-
-
457
514
EBIT margin
15.5%
17.1%
11.0%
13.1%
-
-
15.7%
17.8%
Goods transferred at a point in time
2,330
2,296
580
589
-
-
2,910
2,885
15/15
Geographical split of revenue
Unaudited
Audited
MEUR
Q3 2025
Q3 2024
YTD
Q3 2025
YTD
Q3 2024
FY 2024
Western Europe
546
536
1,654
1,616
2,170
Eastern Europe and Russia
206
198
558
572
753
North America
162
175
555
555
737
Asia and others
49
48
143
142
195
Total revenue
963
957
2,910
2,885
3,855
Main figures in DKK million
Unaudited
Audited
MDKK
Q3 2025
Q3 2024
YTD
Q3 2025
YTD
Q3 2024
FY 2024
Revenue
7,191
7,140
21,716
21,517
28,757
Amortisation, depreciation and impairment
490
507
1,555
1,462
1,964
EBIT
1,117
1,293
3,407
3,835
5,046
Profit before tax
1,191
1,366
3,530
3,896
5,196
Profit for the period
905
1,155
2,682
3,078
4,105
Total assets
30,218
27,885
28,999
Total Equity
22,907
22,092
23,015
Cash flow from operating activities
1,679
2,016
3,347
4,521
6,093
Cash flow from investing activities
898
549
2,292
1,851
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: 2025-11-26