ROCKWOOL Group
Annual Report 2025
ROCKWOOL Group Annual Report 2025
Contents
Management’s review
Introduction
6 Message from Chairman and CEO
10 Five-year overview
11 Financial highlights
12 Sustainability highlights
Strategy and business
14 Outlook 2026
16 The ROCKWOOL purpose and strategy
17 Our business model
18 Insulation segment – Business update
20 Systems segment – Business update
22 Financial performance
25 Quarterly financial figures
Governance and shareholder information
27 Financial risk management
29 Responsible tax
30 Corporate governance
34 Board of Directors
37 Group Management
40 Shareholder information
Sustainability statement
General information
45 Sustainability is central to ROCKWOOL’s strategy
48 Leadership and governance
49 Materiality assessment and resilience
55 Due diligence and risk management
57 Basis for preparation
Environmental information
59 E1 Climate change
72 E2 Pollution
75 E3 Water
78 E5 Circularity
84 EU Taxonomy
Social information
87 S1 Own workforce - health and safety
91 S1 Own workforce - human rights
97 S3 Affected communities
100 S4 Consumers and end-users
Governance information
103 G1 Business conduct
Appendix
108 Disclosure tables and supporting datapoints
114 References to other voluntary reporting requirements
115 EU Taxonomy tables
Financial statements
119 Consolidated financial statements
161 Management’s statement
162 Independent Auditor’s Reports
166 Independent Auditor’s limited assurance report on the
Sustainability Statement
170 Parent company financial statements
Other reports
Remuneration
Report 2025
Corporate Governance
Report 2025
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ROCKWOOL Group Annual Report 2025
Management’s
review
Introduction
6 Message from Chairman and CEO
10 Five-year overview
11 Financial highlights
12 Sustainability highlights
Strategy and business
14 Outlook 2026
16 The ROCKWOOL purpose and strategy
17 Our business model
18 Insulation segment – Business update
20 Systems segment – Business update
22 Financial performance
25 Quarterly financial figures
Governance and shareholder information
27 Financial risk management
29 Responsible tax
30 Corporate governance
34 Board of Directors
37 Group Management
40 Shareholder information
Message from
Chairman and CEO
Dear stakeholders,
ROCKWOOL delivered a solid performance in 2025, even
though the broader economic and political environment was
challenging. Our colleagues stayed focused on what we can
control: strengthening customer relationships, managing costs
and pricing, and pushing ahead with long-term investments in
capacity and decarbonisation.
The new year 2026 began with the news that the Russian
authorities had installed external administration to run the
ROCKWOOL subsidiaries there, effectively taking control of the
business. Consequently, the net value of the Russian business
was fully impaired in 2025. While this is a scenario we sought to
avoid, we find comfort in that for almost four years, we ensured
that neither an oligarch or the Russian state would benefit from
controlling the business, its revenue, or its earnings. As we stated
in January 2026, we will defend our legal rights.
Looking back at 2025 in more detail
Revenue in 2025 was broadly in line with 2024 in local currencies,
with a one percent overall growth, slightly above expectations
due a strong finish to the year. Revenue grew three percent and
EBIT margin landed at 14.0 percent, excluding Russian impacts.
We consider this to be a good result given the challenging market
conditions in 2025.
In Europe, we achieved solid revenue growth in Eastern and
Southern Europe, while our two largest markets, Germany and
France, were challenged by low activity levels within both the
residential and commercial areas. Sales in Germany decreased
throughout the first three quarters but recovered somewhat in
the last quarter, while sales in France were slow during the first
half of the year but recovered in the second half. Sales growth
in Romania was solid, and Poland also recorded growth with
improved performance in the second half of the year.
In North America, revenue growth was solid, especially in the
United States, where we also grew our market share in 2025. Sales
in Canada were up, albeit less than expected owing to tariff and
other trade-related uncertainties.
Profitability was strong, with a 14.7 percent EBIT margin before
value adjustment of the Russian business, reflecting disciplined
cost and pricing control, although impacted by two factory
closings, the Swiss factory production incident, and the lower
performance in Russia.
ROCKWOOL remains financially robust, with a strong financial
position despite the loss of 243 MEUR cash in Russia. Cash
generation is healthy, enabling ongoing investment in
capacity, innovation and pursuit of our (newly strengthened)
decarbonisation goals.
Safety is always first
Even though the Lost Time Incident rate notably improved
in 2025, we nonetheless have much more work to do on the
safety front. During the year, we were informed that there were
two work-related fatalities in Russia where a follow-up was not
possible. We also had an increase in the number of serious
incidents. We will continue and further strengthen our efforts
to ensure that all employees leave work every day in the same
good condition in which they arrive – including sharing across the
Group experiences and best practices from the multiple factories
in our global production network where safety performance is
outstanding.
Chairman Thomas Kähler and CEO Jes Munk Hansen
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ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Introduction
The catalyst for renovation? Jobs, economics, security
In 2025, a shift in how people talk about the ‘green transition’
gained traction, moving from climate being the driving force
to greater emphasis on the many security, social and economic
incentives for energy efficiency and renovation.
We support this shift and shared this message at New York
Climate Week where we heard the same from others, that energy
renovation of buildings is about energy security, competitiveness,
affordability and skilled-job creation – as much as emissions.
Climate continues to be vitally important, and energy renovation
of the existing building stock is one of the most cost-efficient
measures to reduce carbon emissions. And at the same time,
it provides important immediate impacts – delivering warmer,
healthier homes that are less costly to heat and cool, reducing
dependence on imported fuels, and creating skilled jobs. When
completed with non-combustible stone wool insulation, it also
contributes to creating a new generation of fire-safe buildings.
In Europe, the table is set for a wave of large-scale building
renovation with the Energy Performance of Buildings (EPBD) and
Energy Efficiency directives in place. What matters now is delivery
– turning EU legislation into national law, engaging citizens to
ensure public support, mobilising finance at scale and tracking
progress on real renovation projects.
As it pertains to building renovation, also focusing on economics
can be beneficial. Making a strong social and economic case
for renovation – highlighting affordability, energy security, job
creation, and competitiveness – can help get the “Renovation
Wave” rolling in Europe. Our investments and commitments are
directed towards supporting this approach.
Additionally, in Europe and elsewhere fire safety remains high on
the agenda. Combustible materials, when used in critical parts of
the building envelope, can turn a small incident into a catastrophic
failure. As industry leaders, we recognise that fire safety is an
essential element in sustainable and innovative buildings that
retain their long-term value by avoiding hidden risks.
Sustainability is good business
The Group advanced key sustainability initiatives, including
further reductions in CO
2
intensity and continued investments in
electrifying production lines. In November 2025, we agreed to
pursue more ambitious climate targets by aligning our existing
targets with a 1.5°C pathway (from the current ‘well below 2°C’)
and to formalise our commitment to Net Zero by 2050. We will
submit these targets for validation with the Science-Based Targets
initiative (SBTi) over the coming months.
We invested around 470 MEUR in 2025 in new factories in Europe,
the United States and India while systematically improving the
efficiency and sustainability of our existing ones. In 2026, we will
invest even more.
Each factory project is a significant investment that generates
multiple economic and social benefits in the communities where
we operate. And these factories will enable us to supply the
durable, non-combustible, recyclable insulation materials a
serious renovation effort requires, while reducing the carbon
footprint of our own operations.
Outlook
In 2026, we expect a slightly positive but varied outlook, with low
overall construction activity in Europe, continued pressure in parts
of Eastern Europe and Canada, solid long-term growth potential
in the United States. We also foresee selective opportunities
driven by EU renovation and demand for firesafe insulation. Across
the businesses, we expect markets to be generally stable with
pockets of growth, while price increases in line with inflation will
support ongoing investments in capacity, sustainability and market
expansion.
With this in mind – and recognising that it is still early in the
construction season – 2026 revenue is expected to grow between
2-4 percent in local currencies compared to 2025 revenue of 3,616
MEUR (excluding Russia).
The Group’s EBIT margin in 2025 was 14.0 percent excluding Russia
impact, with most businesses performing well despite challenging
conditions. In 2026, we expect sales prices to balance input
cost inflation, while increased spending on capacity expansion,
electrification, and sales and marketing will raise the cost base,
resulting in an expected EBIT margin between 13-14 percent.
Major 2026 investments include capacity expansions in India,
Romania and the United States, acquisition of land for future
manufacturing sites, and the restart of the French factory
project following clarification of the building licence. We also
plan several large factory conversions to electric melting and
expect sustainability investments to remain relatively high. In
total, investments are expected to be around 650 MEUR in 2026,
excluding acquisitions.
In closing, we want to thank our customers for their continued
partnership and our colleagues for all their good work in 2025. We
look forward to the year ahead.
Thomas Kähler Jes Munk Hansen
Chairman CEO
MANAGEMENT’S REVIEW | Introduction
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ROCKWOOL Group Annual Report 2025
We produce high-performing solutions that help create energy
efficient, fire-safe, and circular buildings and communities.
Austria
Belgium
Bulgaria
Canada
China
Croatia
Czechia
Denmark
Estonia
Finland
France
Germany
Hungary
India
Indonesia
Italy
Japan
Korea
Latvia
Lithuania
Malaysia
Norway
Philippines
Poland
Romania
Russia
Singapore
Slovakia
Spain
Sweden
Switzerland
Thailand
The Netherlands
Ukraine
United Arab Emirates
United Kingdom
United States
Vietnam
World leader with
local presence
Office and factory locations
40
factories
in 23 countries
120
+
Countries in which
we have sales
.
Factories
Sales offices
MANAGEMENT’S REVIEW | Introduction
9
ROCKWOOL Group Annual Report 2025
Five-year overview
2025
(MDKK)
2025
MEUR
2024
MEUR
2023
MEUR
2022
MEUR
2021
MEUR
Statement of profit and loss
Revenue 28,933 3,877 3,855 3,620 3,907 3,088
EBITDA 6,445 864 940 779 638 602
Amortisation, depreciation and impairment 2,188 294 263 261 236 201
EBIT before value adjustment of the Russian business 4,257 570 677 518 402 401
Loss from value adjustment of the Russian business 2,930 392 - - - -
EBIT 1,327 178 677 518 402 401
Financial items 111 15 19 4 -44 -8
Profit before tax 1,438 193 696 522 358 393
Profit for the year 209 28 550 389 273 303
Statement of financial position
Non-current assets 20,102 2,692 2,647 2,361 2,301 2,129
Current assets 7,100 950 1,241 1,193 1,127 951
Total assets 27,202 3,642 3,888 3,554 3,428 3,080
Total Equity 20,472 2,741 3,086 2,804 2,580 2,394
Non-current liabilities 1,720 230 205 199 206 163
Current liabilities 5,009 671 597 551 642 523
Net interest-bearing cash / (debt) -1,255 -168 281 239 -23 76
Net working capital 3,090 414 364 358 441 306
Invested capital 21,682 2,903 2,827 2,562 2,596 2,294
Gross investment in property, plant and equipment 3,630 486 376 321 328 301
Statement of cash flows
Cash flow from operating activities 4,558 610 817 707 394 426
Cash flow from investing activities 3,548 475 453 312 334 310
Free cash flow 1,010 135 364 395 60 116
2025
(MDKK)
2025
MEUR
2024
MEUR
2023
MEUR
2022
MEUR
2021
MEUR
Others
R&D costs 545 73 67 64 55 45
Number of patents granted 210 210 224 244 179 253
Number of full-time employees (year-end) 12,912 12,912 12,493 11,993 12,197 11,968
Ratios
EBITDA margin 22.3% 22.3% 24.4% 21.5% 16.3% 19.5%
EBIT margin before value adjustment of the Russian business 14.7% 14.7% 17.5% 14.3% 10.3% 13.0%
EBIT margin 4.6% 4.6% 17.5% 14.3% 10.3% 13.0%
Dividend payout ratio*** 33.2% 33.2% 33.2% 32.1% 37.3% 33.5%
ROIC before value adjustment of the Russian business 19.4% 19.4% 25.1% 20.1% 16.4% 18.8%
ROIC 6.2% 6.2% 25.1% 20.1% 16.4% 18.8%
Return on equity before value adjustment of the Russian
business 14.1% 14.1% 18.7% 14.4% 11.0% 13.5%
Return on equity 1.0% 1.0% 18.7% 14.4% 11.0% 13.5%
Equity ratio 75.3% 75.3% 79.3% 78.9% 75.3% 77.7%
Leverage ratio 0.19 0.19 -0.30 -0.31 0.04 -0.13
Financial gearing 0.06 0.06 -0.09 -0.09 0.01 -0.03
For definitions of key figures and ratios see p. 159.
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ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Introduction
Financial highlights
2,800
3,200
2,400
2,000
1,600
2,000
1,500
3,000
4,000
2,500
1,000
300
200
500
400
600
700
800
100
0
1,200
500
400
300
200
100
0
EBIT
EBIT margin
EBIT*
570MEUR
Down 16% compared to 2024
Maintenance
Capacity
Sustainability
Acquisitions
CAPEX excl. acquisitions
473MEUR
of which 82% is
taxonomy-aligned
Revenue
Growth (reported)
Revenue increased
1%
in local currencies
Invested capital
ROIC
ROIC*
19.4%
Down from 25.1% in 2024
Revenue & revenue growth
(MEUR)
EBIT & EBIT margin
(MEUR)
ROIC* & Invested capital
(MEUR)
Investments
(MEUR)
2025
3,500
202320222021 2024
2025202320222021 2024
2025*202320222021 2024
2025202320222021 2024
*EBIT before value adjustment of the Russian business.
*ROIC before value adjustment of the Russian business.
15%
20%
5%
10%
30%
25%
0%
10%
0%
5%
15%
30%
-5%
-10%
25%
20%
18%
16%
10%
14%
12%
11%
13%
15%
17%
MANAGEMENT’S REVIEW | Introduction
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ROCKWOOL Group Annual Report 2025
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ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Introduction
MANAGEMENT’S REVIEW | Introduction
*This is based on the restated baseline with updated methodology, please see p. 71.
MANAGEMENT’S REVIEW | Introduction
13
ROCKWOOL Group Annual Report 2025
Outlook 2026
Market review
Macroeconomic indicators in Europe and the United States
showed signs of stabilisation in 2025. Inflation in many markets
levelled off around two to three percent and interest rates were
gradually reduced. This is positive for the building industry,
although mortgage rates remain relatively high in several
markets. The main business risk this year appears to be the
growing tension between Europe and the United States, which is
shifting political priorities from climate and trade issues towards
security concerns.
While international organisations including the IMF and OECD
predict that general economic conditions in Europe will improve
in 2026, the recovery remains uneven. Germany, traditionally the
region’s growth engine, continues to face weak momentum, while
the ongoing war in Ukraine continues to weigh on the region.
Construction market implications
Globally, the construction market is expected to grow somewhat
faster in 2026 than in 2025, shifting from flat-to-low growth
toward low-to-mid single-digit growth, though developments will
vary across regions and segments.
In Europe, residential construction shows early signs of recovery
at the start of 2026 as financing conditions ease and demand
picks up. Non-residential activity, however, is likely to remain
broadly subdued, with selective pockets of growth driven by
larger projects. Implementation of the Energy Performance of
Buildings Directive (EPBD) is not expected to have a material
short-term impact on demand in 2026 due to administrative
delays and uneven transposition from the EU Member States.
In the United States, residential activity will depend on financing
costs. With lower interest rates, modest improvement is expected
in the single-family home segment. Manufacturing-related
building activity is expected to be generally subdued through
most of 2026, while commercial construction should benefit from
larger investments in data centres, logistics and similar projects.
Planning indicators point to stronger activity toward the end of
2026 in several sub-segments. In Canada, residential demand is
expected to remain muted due to affordability issues and lower
immigration, while manufacturing construction, particularly in the
automotive industry, is expected to decline.
In Asia, construction activity is forecasted to expand in 2026
but will differ across countries and sectors. India’s large public
investment projects are expected to support robust construction
growth in 2026, while continued weakness in China’s commercial
and residential real estate sectors will keep new-build activity
subdued. Japan and Southeast Asia are expected to see modest
growth, supported in part by public investment projects.
Outlook 2026
The outlook for 2026 excludes the business in Russia, where
Russian authorities installed external administration. Group
revenue for 2025 excluding Russia was 3,616 MEUR. Group
2025 EBIT was 505 MEUR excluding Russia and donations to
the Foundation for Ukrainian Reconstruction, with a 2025 EBIT
margin of 14.0 percent.
More favourable economic conditions point to a cautiously
positive sentiment across the construction sector. However,
escalating geopolitical tension between Europe and the United
States could affect trade conditions and lessen the appetite for
investment in European and North American building projects.
As this situation evolves, the full-year outlook remains uncertain.
It should be noted that our local-for-local operating model –
manufacturing and selling within the same regions – provides
some insulation from potential trade disruptions.
A faster pace of renovation activities across EU, driven by the
EPBD, remains the most important growth opportunity for the
insulation business in Europe. We continue to pursue workable
solutions across the EU including introduction of attractive
incentive schemes for homeowners and property developers,
which are critical to accelerating energy efficiency renovations.
Although some countries have taken encouraging steps,
significant potential remains to reduce energy consumption
across Europe by improving building insulation.
In Canada, the slow-down in residential new-build activity is
expected to continue into 2026, while the commercial segment
should see a modest increase. In the Unites States, the stone
wool industry remains relatively small and offers substantial
growth potential through geographic expansion, broader
distribution and more product offerings. Therefore, we expect
healthy long-term growth there, including in 2026.
For the Insulation segment in Europe, construction activity is
expected to remain low overall. In the important German market,
we expect to maintain market share with low single-digit growth,
broadly in line with market trends. Similar growth is expected
in France, while the United Kingdom is expected to continue its
positive trajectory following temporary disruptions to sales in
late 2025.
In Eastern Europe, construction markets are expected to stay
under pressure due to excess capacity. Here, we anticipate a
single-digit sales decline. However, sales at the end of 2025 were
better than expected and the pipeline at the beginning of 2026
is healthy.
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ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Strategy and business
Outlook 2026
In North America, we plan to grow stone wool’s market share
and develop markets in the western United States ahead of the
new factory opening in Washington State expected in 2028.
We are closely monitoring market development, especially the
impact of distributor concentration. Demand is still expected to
exceed capacity in North America until 2028, and supplementary
imports from Europe will continue despite increased trade policy
uncertainty.
We expect the technical insulation business to maintain its
positive development in 2026.
Within the Systems segment, Rockfon in Europe expects a stable
market with limited growth opportunities due to an already well-
established presence and increased competition. Rockpanel will
focus on increasing market penetration in Germany and France
and on successful introduction of their new Euroclass A2 firesafe
board. Grodan anticipates a flat market in 2026, with limited
greenhouse investment in Europe and North America, where the
producers of legal cannabis are making only limited investment in
new facilities.
In 2025, average sales prices increased by slightly more than
one percent. For 2026, we will maintain a pricing increase in line
with inflation, which supports continued investment in capacity,
sustainability and market expansion.
With the above assumptions and conditions in mind – and
recognising that it is still early in the construction season – the
outlook for 2026 revenue is between 2-4 percent growth in local
currencies compared to 2025 revenue of 3,616 MEUR excluding
Russia.
EBIT margin for the Group for 2025 was 14.0 percent excluding
the Russian business and donations to the Foundation for
Ukrainian Reconstruction, with most businesses performing
well despite challenging conditions. For 2026, we expect sales
prices to balance input cost inflation, while increased spending
on capacity expansion, electrification, and sales and marketing
activities will lift the cost base.
Combined with a plan to increase sales and marketing
activities in several markets to prepare for a potential uptake in
construction activities in Europe, this is expected to result in an
EBIT margin between 13-14 percent for 2026.
Major investments in 2026 will include capacity expansions in
India, Romania, and the United States, along with the acquisition
of land for future manufacturing sites in several countries. With
clarity now achieved around the building license in France,
the factory project will restart and become a major part of our
expected investment. Several large projects to convert existing
factories to electric melting are also planned, and we expect
sustainability investments to remain at a relatively high level.
Overall, total investments are expected to reach around 650
MEUR in 2026, excluding acquisitions.
Investments around
excl. acquisitions
650 MEUR
EBIT margin between
13-14%
Revenue growth between
2-4%
in local currencies
MANAGEMENT’S REVIEW | Strategy and business
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ROCKWOOL Group Annual Report 2025
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ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Strategy and business
MANAGEMENT’S REVIEW | Strategy and business
17
ROCKWOOL Group Annual Report 2025
83% of
revenue
Stone wool production line in Caparroso, Spain
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ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Strategy and business
18
MANAGEMENT’S REVIEW | Strategy and business
19
ROCKWOOL Group Annual Report 2025
17% of
revenue
Quality control at Rockfon production line in Marshall, USA
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ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Strategy and business
20
Systems segment
Systems segment comprises the three
business units Rockfon, Grodan and
Rockpanel.
MANAGEMENT’S REVIEW | Strategy and business
21
ROCKWOOL Group Annual Report 2025
Financial
performance
ROCKWOOL navigated the external environment
well in 2025 with a revenue increase of one
percent in local currencies, or three percent in
local currencies excluding revenue in Russia.
Overall, sales price increases combined with
resilient operations resulted in solid Group
profitability, with an EBIT margin before
value adjustment of the Russian business
at
14.7 percent even in a year with a significant
production incident and two factory closures.
Including the loss from the value adjustment of
the Russian business, the EBIT margin ended at
4.6 percent.
The good operational performance highlights
the Group’s resilience and ability to respond to
market developments.
Situation update
In 2025, global markets remained volatile amid political
uncertainty, trade tensions and geopolitical risk. These factors
affected key markets such as the UK and Canada and led to
postponement of several large commercial flat roof projects. At
the same time, regional divergences widened, with some markets
experiencing a slowdown while others continued to grow.
We don’t often decide to close existing manufacturing capacity.
However, for two of our factories we deemed that market
conditions and necessary sustainability related investments
in the mid- to long-term could not provide the Group with
an acceptable return. Therefore, in July 2025, the factory in
Trondheim, Norway, was closed, and in December 2025, the
factory in Yangzhou, China, acquired in 2018 was closed. In
total for the two factory closures, restructuring provisions
and impairments of 21 MEUR were recognised in 2025 in the
Insulation segment.
A production-related incident in Flumroc, Switzerland, in October
2025 resulted in a lengthy production stop. While production was
stopped, products to the Swiss market were sourced from other
ROCKWOOL factories with reduced profitability. The incident
resulted in a 2025 loss of around 19 MEUR related to asset
damage, clean up and business interruption. Of that, 15 MEUR
was covered by the insurance companies. The full insurance
compensation is recognised as other operating income in Q4
2025. The factory was up and running in January 2026 and has
returned to normal operations.
On 13 January 2026, we received news that the Russian
authorities had installed external administration, effectively
taking control of the four factories and the business in Russia.
Consequently, the net assets in the Russian business was written
down as per 31 December 2025, resulting in a loss of 475 MEUR.
A loan liability to one of the Russian subsidiaries of 83 MEUR was
offset against the value adjustment of the net assets. In total, the
net loss related to the value adjustment of the Russian business
amounted to 392 MEUR in 2025.
The Group statement of profit and loss includes the full 2025
result of the Russian business, while the net assets and the loan
liability related to the Russian business were written down to zero
in the statement of financial position as per 31 December 2025.
Global revenue development
Revenue for 2025 reached 3,877 MEUR, an increase of 1.1
percent in local currencies and 0.6 percent in reported figures,
which is at level with the latest announced expectation. The two
2024 acquisitions had a positive impact of 1.2 percent in 2025.
Compared to the outlook announced in the 2024 Annual Report,
trade tensions and hesitations in global markets slightly impacted
2025 revenue.
Revenue for the Group excluding Russia was 3,616 MEUR, up 2.7
percent in local currencies and 1.6 percent in reported figures.
Russia accounted for seven percent of the Group’s revenue in
2025. As from 2026, Russia will be deconsolidated due to loss of
control of the business there.
Regional revenue development
Revenue in Western Europe reached 2,203 MEUR, an increase
of 1.5 percent in both local currencies and reported figures.
The 2024 acquisition in United Kingdom had a positive impact
of 1.9 percent in 2025. Main markets like Germany, the United
Kingdom, and France declined while Italy, Spain, and the
Netherlands performed well. Revenue in Switzerland declined in
fourth quarter impacted by the production-related incident.
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ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Strategy and business
Revenue in Eastern Europe including Russia reached 746 MEUR,
down 3.4 percent in local currencies and 0.9 percent in reported
figures. Revenue in Russia declined in the double-digit range.
Excluding revenue in Russia, Eastern Europe increased five
percent in local currencies, with good performance in Romania,
Poland and Hungary.
Revenue in North America reached 737 MEUR, an increase of
five percent in local currencies but stable compared to 2024
in reported figures. Revenue in the United States showed
good growth especially in the building insulation and technical
insulation business.
In the rest of the world, revenue reached 191 MEUR, stable
compared to 2024 in local currencies and a decrease of 2.1
percent in reported figures. The 2024 acquisition in Vietnam
had a positive impact of 2.8 percent in 2025. Revenue in India,
Malaysia and Japan continued the good growth, while revenue in
most other markets decreased. Market conditions in China were
still tough, and revenue decreased double-digit percent in local
currencies.
Group profitability
Overall, sales price increases combined with resilient operations
resulted in solid Group profitability. Most of our businesses
showed strong performance in 2025 despite challenging
conditions. Restructuring provisions and impairments of 21 MEUR
from factory closures as well as lower profitability in Russia,
disruption from the production-related incident in Switzerland
with an EBIT loss of 4 MEUR and continued investment in
decarbonisation and digitalisation had a negative impact on the
Group profitability in 2025.
EBITDA decreased eight percent to 864 MEUR with an EBITDA
margin of 22.3 percent, down 2.1 percentage points compared
to 2024.
In 2025, depreciation amounted to 294 MEUR, an increase
of 31 MEUR compared to 2024. The increase was mainly due
to impairments of 16 MEUR from the two factory closures
and 4 MEUR from damaged assets related to the incident in
Flumroc, Switzerland, as well as investments in new capacity,
decarbonisation and digitalisation.
EBIT before value adjustment of the Russian business amounted
to 570 MEUR, a decrease of 16 percent, with an EBIT margin of
14.7 percent. The two 2024 acquisitions completed in Q4 2024
had a limited impact on EBIT in 2025. Compared to the initial
EBIT margin outlook announced in February 2025, the realised
EBIT margin was negatively affected by market volatility and
hesitation resulting from trade-related tensions and other factors,
and ended lower than expected at the beginning of the year. The
full-year EBIT margin before the loss from the value adjustment of
the Russian business ended at level with the outlook announced
later in 2025.
Total EBIT for 2025 including the 392 MEUR value adjustment of
the Russian business ended at 178 MEUR with an EBIT margin of
4.6 percent.
EBIT for 2025 for the Group excluding the Russian business and
the donations to the Foundation for Ukrainian Reconstruction of
13 MEUR was 505 MEUR with an EBIT margin of 14.0 percent.
Net financial income amounted to 14 MEUR compared to 18
MEUR in 2024. The decrease was driven by higher exchange rate
losses partly offset by higher interest income.
Tax on profit for the year amounted to 165 MEUR, up 19 MEUR
compared to 2024. The effective tax rate before the value
adjustment of the Russian business ended at 25 percent, up
four percentage points. The increase in effective tax rate mainly
related to increased recognition of tax assets in 2024.
Group profit for the year ended at 28 MEUR, down 522 MEUR
mainly due to the 392 MEUR loss from the value adjustment of
the Russian business.
Revenue development, reported figures
Growth MEUR
Revenue 2024 3,855
Organic development -0.1% -3
Acquisitions, Insulation segment 1.2% 47
Currency translation adjustment -0.5% -22
Revenue 2025 0.6% 3,877
Revenue from the Russian business -1.0% 261
Revenue 2025 excluding Russian business 1.6% 3,616
EBIT development
MEUR
EBIT
margin
EBIT 2024 677 17.5%
Earnings from operation -106 -2.7pp
Acquisitions, Insulation segment 3 0.0pp
Currency translation adjustment -4 -0.1pp
EBIT before value adjustment of the Russian business 570 14.7%
Loss from value adjustment of the Russian business -392
EBIT 2025 178 4.6%
MANAGEMENT’S REVIEW | Strategy and business
23
ROCKWOOL Group Annual Report 2025
Statement of nancial position and equity
Net working capital ended at 414 MEUR, up 50 MEUR compared
to 2024. The increase mainly related to higher inventory, timing
differences in other receivables and the impact related to Russia.
Net working capital as a percentage of revenue ended at 10.7
percent compared to 9.4 percent in 2024.
Total assets at the end of 2025 amounted to 3,642 MEUR, a
decrease of 246 MEUR compared to 2024 mainly from the value
adjustment of the Russian assets including the restricted cash.
Group equity totalled 2,741 MEUR as of 31 December 2025
compared to 3,086 MEUR in 2024, corresponding to an equity
ratio of 75.3 percent. Besides the 392 MEUR Russian business
value adjustment, the equity was mainly affected by profit for the
year, dividends paid and the share buy-back programme.
The proposed dividend for 2025 is 4.15 DKK per share,
maintaining a payout ratio of 33 percent, when excluding the
Russian result and value adjustment.
Invested capital
Return on invested capital decreased in 2025 to six percent
compared to 25 percent in 2024. Excluding the value adjustment
of the Russian business, return on invested capital for 2025 was
19 percent. The decrease was driven by lower earnings and
higher invested capital. Invested capital amounted to 2,903
MEUR, up 76 MEUR compared to 2024. The increase in tangible
assets was offset by the impairment of the values in the Russian
business.
Cash flow and investments
The Group’s financial situation was impacted by the value
adjustment of the Russian business, where restricted cash of 243
MEUR was impaired. The Group ended 2025 with a net interest-
bearing debt of 168 MEUR and unused credit facilities of 650
MEUR.
Cash flow from operating activities ended at 610 MEUR, a
decrease of 207 MEUR compared to 2024. The decrease mainly
related to lower earnings and a negative net working capital
development.
Capital expenditure reached 473 MEUR, an increase of 86 MEUR
compared to 2024, slightly higher than our latest expectation
due to timing of some larger investments. The largest individual
investments in 2025 related to construction of the new factories
in the United States and India, the new production line in
Romania and the electrical conversions in the Netherlands and
France as well as digitalisation initiatives.
Free cash flow amounted to 135 MEUR, a decrease of 229 MEUR
compared to 2024, primarily due to lower earnings, unfavourable
net working capital development and higher capital expenditure.
Cash flow from financing activities ended at negative 218 MEUR,
mainly from share buy-back payments of 154 MEUR and dividend
payments of 178 MEUR, partly offset by increased borrowings of
150 MEUR.
The Group’s resilience and ability to respond to market
developments supports good operational performance.
80
Q1
120
160
200
40
1,100
800
900
1,000
Q1 Q3 Q4*Q2
EBIT & EBIT margin
(MEUR)
700
600
500
400
Q3 Q4
2024 2025
Quarterly revenue & revenue growth (reported)
(MEUR)
Q2
2024 2025
4%
16.0% 15.5%
15.5%
11.8%
-2%
1%
-0.5%
6%
10%
6%
4%
16.5%
18.7%
18.1%
16.7%
Financial
performance
(continued)
*EBIT before value adjustment of the Russian business.
24
ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Strategy and business
Quarterly financial
figures
Global revenue development
Revenue in Q4 2025 reached 967 MEUR, an increase of 0.8 percent
in local currencies and a decrease of 0.5 percent in reported figures
compared to Q4 2024.
Revenue growth was primarily driven by North America, Southern
Europe, our OEM business and Rockfon. The growth was partly
offset by a double-digit decline in Russia as well as lower revenue in
Switzerland from disrupted deliveries due to the production-related
incident in October 2025
.
Regional revenue development
Revenue in Western Europe reached 549 MEUR in Q4 2025, a
decrease of 0.5 percent in local currencies and 1.0 percent in reported
figures compared to Q4 2024. The decrease mainly related to the
United Kingdom and Switzerland, while Benelux, Italy and Spain
performed well compared to Q4 2024.
Quarterly revenue in Eastern Europe including Russia reached 188
MEUR, a decrease of 1.6 percent in local currencies and an increase
of three percent in reported figures compared to Q4 2024. Excluding
revenue in Russia, Eastern Europe increased four percent in local
currencies, with revenue growth in Hungary, Romania and Poland.
Revenue in North America ended at 182 MEUR in Q4 2025, an
increase of nine percent in local currencies and stable in reported
figures compared to Q4 2024. In the United States revenue grew
double-digit percentage, while revenue in Canada returned to slight
growth after some difficult quarters.
Quarterly revenue in the rest of the world reached 48 MEUR, a
decrease of five percent in local currencies and 10 percent in reported
figures compared to Q4 2024. Especially revenue in China decreased
significantly while revenue in India and Japan continued to grow.
Revenue in Thailand and Malaysia decreased in the quarter compared
to Q4 2024
.
Group protability
In Q4 2025, profitability decreased mainly due to 15 MEUR cost
related to the factory closure in China as well as the production-
related incident in Switzerland and the lower Russian performance
partly offset by continued deflation on raw materials and moderate
tactical sales prices increases. In addition, EBITDA in Q4 2024
was positively impacted by 8 MEUR gain from sale of an unused
warehouse in Baltimore, USA.
The Swiss production-related incident resulted in a loss of around
19 MEUR from asset damage, clean-up and business interruption, of
which 15 MEUR was covered by insurance and recognised as other
operating income in Q4 2025.
EBITDA in Q4 2025 reached 199 MEUR, a decrease of 31 MEUR or
14 percent compared to Q4 2024. The EBITDA margin was 20.5
percent compared to 23.7 percent in Q4 2024.
Depreciation in Q4 2025 amounted to 86 MEUR, an increase of 19
MEUR compared to Q4 2024 of which 12 MEUR was related to the
impairment from the factory closure in China and 4 MEUR additional
depreciation from the production-related incident in Switzerland.
Quarterly EBIT before value adjustment of the Russian business was
113 MEUR, compared to 163 MEUR in Q4 2024. The related EBIT
margin ended at 11.8 percent, down 4.9 percentage points from
Q4 2024. Adjusted for one-off items in 2025 and 2024, the Q4 EBIT
margin would have decreased by two percentage points. Including
the value adjustment of the Russian business, EBIT for Q4 2025
ended at a loss of 279 MEUR.
Business segments
Revenue in Q4 in Insulation segment amounted to 767 MEUR, an
increase of 0.8 percent in local currencies and a decrease of 0.5
percent in reported figures compared to Q4 2024. The insulation
business in North America and our OEM business showed solid
performance, while revenue decreased in Russia, the United
Kingdom and Switzerland.
EBIT in Insulation segment was 92 MEUR with an EBIT margin of
10.8 percent down five percentage points compared to Q4 2024.
The decrease was due to the continued slowdown in Russia, the
closure of one factory in China as well as the production-related
incident in Flumroc. In addition, Q4 2024 was positively impacted
by the 8 MEUR gain from sale of the Baltimore warehouse.
In Systems segment, Q4 revenue reached 200 MEUR, an increase
of 1.0 percent in local currencies and stable in reported figures.
Rockfon Europe & Asia and Rockpanel performed well, while
revenue in Grodan continued to decline compared to Q4 2024.
EBIT in Systems segment was 21 MEUR in Q4 2025, a decrease of
5 MEUR compared to Q4 2024. The decrease was driven by lower
profitability in Grodan due to difficult market conditions.
MANAGEMENT’S REVIEW | Strategy and business
25
ROCKWOOL Group Annual Report 2025
2025 2024
MEUR
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Statement of profit and loss
Revenue 959 988 963 967 918 1,010 957 970
Operating income 960 989 966 984 920 1,012 958 981
Raw material costs and production material costs 311 313 318 322 312 334 313 323
Delivery costs and indirect costs 119 129 124 133 108 121 123 123
Other expenses 85 91 82 93 80 90 70 82
Employee benefits expenses 222 229 227 237 204 214 211 223
Operating costs 737 762 751 785 704 759 717 751
EBITDA 223 227 215 199 216 253 241 230
Amortisation, depreciation and impairment 69 74 65 86 64 64 68 67
EBIT before value adjustment of the Russian business 154 153 150 113 152 189 173 163
EBIT 154 153 150 -279 152 189 173 163
Share of net profit of associates - - - 1 - - - 1
Financial items -1 7 10 -2 3 -5 10 10
Profit/loss before tax 153 160 160 -280 155 184 183 174
Tax expense 37 38 38 52 39 42 28 37
Profit/loss for the period 116 122 122 -332 116 142 155 137
EBITDA margin 23.2% 23.0% 22.3% 20.5% 23.5% 25.1% 25.2% 23.7%
EBIT margin before value adjustment of
the Russian business 16.0% 15.5% 15.5%
11.8% 16.5% 18.7% 18.1% 16.7%
EBIT margin 16.0% 15.5% 15.5% -28.8% 16.5% 18.7% 18.1% 16.7%
Statement of comprehensive income
Profit/loss for the period 116 122 122 -332 116 142 155 137
Exchange differences on translation of foreign entities 35 -75 -37 36 -8 34 -50 33
Change in pension obligations - - - 2 1 1 -1 -8
Hedging instruments, value adjustments -1 3 - -1 2 - - -1
Tax on other comprehensive income - - - -1 - - - 2
Total comprehensive income 150 50 85 -296 111 177 104 163
2025 2024
MEUR
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Statement of cash flows
EBIT before value adjustment of the Russian business 154 153 150 113 152 189 173 163
Adjustments for amortisation, depreciation and impairment 69 74 65 86 64 64 68 67
Adjustments of non-cash operating items 4 2 1 - -2 6 -1 -18
Changes in net working capital -101 -32 40 -1 -79 - 50 22
Cash flow from operations before financial items and tax 126 197 256 198 135 259 290 234
Cash flow from operating activities 46 178 225 161 99 237 270 211
Cash flow from investing activities -93 -94 -120 -168 -84 -91 -73 -205
Free cash flow -47 84 105 -7 15 146 197 6
Cash flow from financing activities 115 -226 -65 -42 -47 -167 -46 -49
Net change in cash and cash equivalents 68 -142 40 -49 -32 -21 151 -43
Business segments*
Insulation segment:
External revenue 801 831 807 767 760 846 800 770
Internal revenue 66 65 66 95 63 67 65 93
EBIT 132 133 131 92 127 160 151 137
EBIT margin 15.2% 14.9% 14.9% 10.8% 15.4% 17.5% 17.5% 15.8%
Systems segment:
External revenue 158 157 156 200 158 164 157 200
EBIT 22 20 19 21 25 29 22 26
EBIT margin 14.0% 12.9% 12.3% 10.3% 15.6% 17.8% 14.1% 12.7%
Geographical segments
Western Europe 549 559 546 549 525 555 536 554
Eastern Europe and Russia 166 186 206 188 176 198 198 181
North America 197 196 162 182 171 209 175 182
Asia and others 47 47 49 48 46 48 48 53
Total revenue 959 988 963 967 918 1,010 957 970
* In 2025, the organisational management structure was changed and the business area split in the Group´s internal reporting was adjusted. 2024
comparative figures have been restated accordingly.
Quarterly financial figures
(continued)
26
ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Strategy and business
Financial risk
management
Managing risk is a natural part of doing business
in the Group.
Systems and processes
The Board of Directors is responsible for ensuring that the Group’s
risk exposure, including sustainability-related risks, is consistent
with its targeted risk profile. The Board of Directors evaluates
that appropriate awareness and management processes are in
place. Managing the risk process is part of the CFO’s area of
responsibility and includes providing regular updates to the Audit
Committee and Board of Directors.
All Group functional heads and Managing Directors of our
subsidiaries must ensure that a risk review within their areas of
responsibility is conducted at least once a year; and that those
risks are discussed, described, scored for severity and likelihood,
and quantified in terms such as predicted financial impact.
The Group function or subsidiary proposes appropriate mitigating
actions for identified risks, which are studiously evaluated to
ensure effective risk management at Group level. The Group’s
Enterprise Risk Management Committee consists of members
from the Group functions. The Committee is responsible for
reviewing and updating the internal risk management framework
and for implementing related processes. The Committee meets
quarterly to decide on the top risks to be included in the quarterly
updates to the Audit Committee and a yearly update is provided
to Board of Directors.
Every year, the Audit Committee selects specific areas based
on the Group’s top risks where the risk owner presents detailed
information to the Audit Committee.
With these systems and processes, the Group identifies and
mitigates the risk. The objective is to ensure that any residual risks
are at an acceptable level.
Key risks
Climate risks including energy supply, ownership of a business in
Russia, and cyber threats are currently the risks that would have
the highest potential to impact ROCKWOOL Group if the risks
were to materialise.
Climate risks and energy supply
Description
As part of an energy-intensive industry, ROCKWOOL faces
specific climate-related risks on both the regulatory and
technological fronts. Key innovations in our melting and product
technology and multiple other initiatives to transition to lower-
carbon energy sources are among the main contributors to
achieving the decarbonisation goals reflected in the science-
based targets we announced in 2020. These targets are third
party validated by the Science Based targets initiative (SBTi).
In 2025, ROCKWOOL increased its decarbonisation ambition
level, and will submit its plan to achieve that ambition for SBTi
validation during 2026.
Climate-related regulations can represent both an opportunity and
risk. On the opportunity side, regulations can stimulate demand
for carbon emission abating solutions such as insulation. They can
also increase demand for solutions that support climate resilience
more broadly, including greenhouse growing media that require
less water and rainwater management systems. On the risk side,
regulations can increase industry’s financial burden relating to
carbon emissions. See more in the sustainability statement on p. 59.
ROCKWOOL is taking steps to decarbonise the production
process by introducing key innovations in our melting technology.
This involves switching from coke or gas to electricity in existing
factories, and primarily building new factories based on
electricity. Such innovation can have an impact on the expected
lifetime of existing assets. While the supply of coke remains
stable and able to meet demand, there is a risk that the usage of
coke as a primary energy source at our factories, could be limited
mainly due to EU regulation, national restrictions or taxes on CO
2
emissions.
Looking ahead, limitation on grid connections, availability and
the cost of reliable supply of low carbon electricity in certain
areas in Europe could become constraints or delaying factors in
achieving the plans for conversion to electricity.
Risk trend - stable
Mitigation
We closely monitor regulatory framework developments to
identify both risks and opportunities early in the process.
At regular intervals we assess the EU ETS and similar schemes’
financial impact on our business. For the period 2020-2030, the
mineral wool sector has been granted EU carbon leakage, which
significantly increases the number of free allowances allocated to
each factory.
In addition, our ambitious decarbonisation strategy will reduce
our absolute CO
2
e emissions significantly, as we are increasingly
using low or lower carbon-intensive energy sources. The plan for
MANAGEMENT’S REVIEW | Governance and shareholder information
27
ROCKWOOL Group Annual Report 2025
converting existing assets into electric melting technologies also
considers the impact on the expected lifetime for the relevant
assets. In the period 2026-2030, the financial impact of the risk at
Group level is assessed to be between 0-100 MEUR.
ROCKWOOL’s energy strategy includes the use of power
purchase agreements to help ensure stable supply and to mitigate
future fluctuations in energy prices. In 2025, two power purchase
agreements for part of our business in Poland and Spain were
signed.
Ownership of a business in Russia
Description
ROCKWOOL’s passive ownership of four Russian factories,
combined with the consequences of Russia’s war against Ukraine,
entails elevated risks for the Group. The primary risk factors
relate to potential loss of brand value, breach of applicable
sanctions, and loss of assets.
On 13 January 2026, it was announced that the four factories
had been placed under external administration of the Russian
government. As a result, ROCKWOOL no longer has control over
the factories, despite retaining formal ownership.
At present, it is not known if and when the external administration
will be lifted. In comparable cases, other companies have
remained under administration for more than two years.
The extensive EU, U.S., UK and Russian economic sanctions
increase the complexity associated with the business in Russia.
Ensuring full compliance with all applicable sanctions remains a
fundamental priority for ROCKWOOL.
Risk trend - up
Mitigation
ROCKWOOL has established policies, procedures and internal
controls to ensure compliance with all applicable sanctions.
However, the Russian authorities’ decision to place the four
factories under external administration significantly increases the
risk, as control of the business was lost in early 2026.
ROCKWOOL will defend its legal rights.
Cyber threats
Description
The cyber threat landscape continues to evolve. Manufacturers
with a global footprint, such as ROCKWOOL, face persistent
risks from sophisticated adversaries exploiting vulnerabilities
at speed, targeting both IT and operational technology (OT)
assets, and leveraging complex supply chain dependencies. The
potential impacts range from business continuity disruption and
intellectual property loss to reputational damage. ROCKWOOL
treats the protection of business continuity, intellectual property,
and brand reputation as a top priority in response to this
continually evolving cyber threat landscape.
While resilience measures continue to strengthen, the global
and persistent evolution of cyber risks — particularly in industrial
OT environments and supply chain ecosystems — means the
risk trend remains stable to slightly increasing. This is due to
the ongoing sophistication of targeted attacks, the expanding
threat surface from increasing digitalisation, and the growing
complexity of third-party dependencies, despite mitigation and
control advancements.
Risk trend - stable to increasing
Mitigation
ROCKWOOL employs a multi-layered cybersecurity strategy
designed to minimise business disruption, safeguard assets,
and ensure operational continuity. Cybersecurity governance
is embedded in the enterprise risk framework, overseen by the
Audit Committee. The CIO provides regular briefings to senior
management and the Board of Directors covering the Group’s
cyber posture, material incidents, and strategic investments.
External experts and independent auditors are engaged to
validate the effectiveness of controls and guide priorities.
Operational focus encompasses both IT and OT resilience.
Critical measures include network segmentation, hardened
remote access for production sites, staged isolation of essential
control systems, and robust backup and recovery processes
designed to reduce downtime risks. Strategic initiatives also
address identity and access management, privileged access
controls, vulnerability remediation, continuous monitoring,
and enhanced detection and response capabilities through
penetration testing and red-team exercises.
The Group invests in ongoing user awareness programmes
(including phishing simulations) and applies a risk-based approach
to third-party cybersecurity management, ensuring contractual
security requirements, continuous monitoring, and prioritised
remediation where supplier gaps are found. All activities
align with recognised frameworks and standards, reinforced
by structured incident classification, escalation, and recovery
planning.
Financial risk
management
(continued)
28
ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Governance and shareholder information
Responsible tax
ROCKWOOL maintains its Group Tax Policy,
which is available at our web-site under Business
Ethics. The Group Tax Policy is an integrated
guide in our daily operation and discussions with
our operating business.
At ROCKWOOL we acknowledge that tax practice is an
important part of society and equally an important part of
responsible corporate citizenship. Our policy is the foundation for
our tax governance and controls. The policy is approved by the
Board of Directors, and under the responsibility of the CFO, one
of the Registered Directors.
At ROCKWOOL, we are committed to conducting ourselves
ethically in everything that we do. For us, integrity means being
honest and having strong moral principles. Integrity is embedded
in our history and forms a cornerstone of the ROCKWOOL way
of doing business. Every individual in the Group is expected to
act with the highest level of integrity when engaging with those
inside or outside the Group and all employees in the Group shall
comply with relevant laws.
In all tax related matters, we apply the same values and integrity
by making sure that our primary focus is the ordinary operation
of the Group, and in all the countries where we do business,
we comply with all relevant tax laws as well as international
regulations and practices including OECD guidelines.
We seek an open and cooperative relationship with tax authorities
and other legislative institutions based on an honest and fair
dialogue and evaluation of facts. Our aim is to respond to
enquiries from tax authorities in a swift and constructive manner.
ROCKWOOL is at the same time committed to being as
transparent about its tax matters as can reasonably be
expected and in an open dialogue with the relevant tax
authorities. Additionally, we participate via the tax panel of
the Confederation of Danish Industry (DI) in discussions and
commenting on the legislative development regarding taxes.
As a corporation we avoid aggressive tax planning and only seek
to implement structures that genuinely supports our commercial
activity and complies with the letter of the law in the relevant tax
jurisdiction. Consequently, we do not use artificial arrangements
or secrecy jurisdictions to avoid paying taxes. During the year
we have had operations in one jurisdiction on the EU list of
uncooperative tax jurisdictions; Russia.
Tax incentives are government measures that are intended to
influence business decision-making or to encourage businesses
to invest in a particular way by reducing the amount of tax they
have to pay.
A number of the territories, in which we operate, offer incentives
of various kinds and we seek to use these incentives where they
are aligned with our business and operational objectives. As an
example, we use the R&D credit in Denmark.
Per the legal requirements regarding public Country-by-Country
reporting, ROCKWOOL will publish the report regarding 2025 on
its website before the end of 2026.
MANAGEMENT’S REVIEW | Governance and shareholder information
29
ROCKWOOL Group Annual Report 2025
30
ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Governance and shareholder information
Registered Directors
Chairmanship
Audit
Committee
Board of Directors
Shareholders and general meeting
Remuneration
and Nomination
Committee
Our governance model
MANAGEMENT’S REVIEW | Governance and shareholder information
31
ROCKWOOL Group Annual Report 2025
Corporate
governance
(continued)
32
ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Governance and shareholder information
Board of Directors
From left: Janni Munkholm Nielsen, Christian Westerberg, Connie Enghus
Theisen, Jørgen Tang-Jensen, Carsten Kähler, Claes Westerlind, Thomas
Kähler, Rebekka Glasser Herlofsen, Ilse Irene Henne
34
ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Governance and shareholder information
*Listed companies
MANAGEMENT’S REVIEW | Governance and shareholder information
35
ROCKWOOL Group Annual Report 2025
36
ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Governance and shareholder information
38
ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Governance and shareholder information
MANAGEMENT’S REVIEW | Governance and shareholder information
39
ROCKWOOL Group Annual Report 2025
Shareholder
information
ROCKWOOL shares
ROCKWOOL A/S is listed on Nasdaq Copenhagen in two share
classes: ROCKWOOL A and ROCKWOOL B. The class B share is
included in multiple indices including the leading Danish stock index
Nasdaq OMX C25, MSCI Global Standard, and STOXX
®
Europe 600
Construction & Materials.
In 2025, the class A share price decreased by 11 percent and the
class B share price decreased by 12 percent. That compares with a
17 percent increase in the benchmark index STOXX
®
Europe 600
Construction & Materials and a three percent increase in the Nasdaq
OMX C25 index during 2025.
The official share price on 31 December 2025 was 224.10 DKK
(A share) and 225.40 DKK (B share). The combined market
capitalisation at the end of the year was 46,542 MDKK.
As resolved at the Annual General Meeting of ROCKWOOL A/S,
the company completed a share split in the ratio of 1:10, whereby
each existing share with a nominal value of 10 DKK was divided
into 10 shares with a nominal value of 1 DKK. Each class A share
of a nominal value of 1 DKK entitles the holder to 10 voting rights
and each class B share of a nominal value of 1 DKK entitles the
holder to one voting right.
Share capital amounts to a nominal value of 211,605,790 DKK
(2024: 216,207,090 DKK), of which nominally 97,676,112 DKK
(2024: 98,666,030 DKK) is class A share capital, and nominally
113,929,678 DKK (2024: 117,541,060 DKK) is class B share capital.
The nominal value has been reduced due to cancellation of
shares purchased under the share buy-back programme ended in
January 2025.
Further changes in nominal value between class A and class
B shares arise from the conversion scheme which gives
shareholders a voluntary right to convert class A shares to class B
shares, under certain terms and conditions, four times a year.
Further details are available at www.rockwool.com/group/about-
us/investors/conversion-shares/.
The company had 42,025 (2024: 35,615) registered shareholders
on 31 December 2025. By the end of 2025, 30 percent (2024: 31
percent) of the shares were owned by registered shareholders
located outside Denmark; In terms of voting capital, 13 percent
(2024: 13 percent) were located outside Denmark.
For a list of shareholders holding more than five percent of the
share capital or the votes, please refer to p. 178.
Ownership
per shareholder category
Votes
per shareholder category
Share price development 2025
(DKK)
The ROCKWOOL Foundation Own shares Private investors with less than 5%
Institutional investors with less than 5% Other shareholders with more than 5%
6%
23%
2%
36%
31%
0%
48%
9%
12%
OMX C25
ROCKWOOL B STOXX
®
Euro 600 Construction & Materials
33%
15
0
20
0
25
0
30
0
350
1
50
2
00
2
50
3
00
350
01.01
2025
01.02
2025
01.03
2025
01.04
2025
01.05
2025
01.06
2025
01.07
2025
01.08
2025
01.09
2025
01.10
2025
01.11
2025
01.12
2025
01.01
2026
40
ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Governance and shareholder information
Capital structure and dividend
Management regularly assesses whether the ROCKWOOL capital
structure is in the interests of the Group and its stakeholders.
The overall objective is to ensure continued development and
strengthening of the Group’s capital structure that supports long-
term profitable growth.
It is the intention of ROCKWOOL that the net debt should be
maximum one time the EBITDA, with due regard to the Group’s
long-term financing requirements.
The dividend policy is to pay out a stable dividend that is at least
one-third of net profit after tax.
After assessing the outlook for the economic cycle, investment
plans and structural business opportunities, and considering the
dividend policy, the company can further decide to initiate share
buy-backs to adjust the capital structure.
At the Annual General Meeting on 15 April 2026, the Board of
Directors will propose a dividend of 4.15 DKK per share for the
financial year 2025 (2024: 6.30 DKK). The dividend payment
occurs three banking days after the Annual General Meeting.
On 7 February 2025, the company initiated a share buy-back
programme up to an amount of 150 MEUR, to be completed
within the following 12 months. The shares are being purchased
in accordance with the Safe Harbour Regulation and cover only
B shares. In 2025, a total of 4,108,500 shares have been bought
back, corresponding to a transaction value of around 143 MEUR.
At the Annual General Meeting in 2026, the Board of Directors
will propose that the shares purchased under this programme be
cancelled.
Investor relations
As a listed company, ROCKWOOL A/S has defined a policy for its
activities relating to ROCKWOOL A/S’ shares (“the Shares”). The
aim of this policy is to:
Ensure that the capital market has an accurate picture of
the earnings potential of the Shares by communicating
relevant, correct, balanced, and timely information to market
participants.
Ensure that ROCKWOOL A/S complies with all relevant rules
and regulations as laid out in the Nasdaq Copenhagen Rules
for issuers of shares as well as applicable Danish and EU
legislation for publicly listed companies.
Ensure fair and transparent rules for the trading of the Shares
by ROCKWOOL A/S itself and by persons considered insiders.
Strive to ensure that ROCKWOOL A/S is seen as an honest,
accessible, reliable, and responsible company by the capital
markets.
Maintain broad coverage by both domestic and foreign equity
analysts.
Be knowledgeable, responsive and proactive in our
investor communication maintaining a fair balance between
expectations and performance.
ROCKWOOL A/S’ shares are generally categorised within
Construction and Materials and are currently covered by 20 equity
analysts, 13 of which are based outside Denmark. For further
details regarding analyst coverage including recommendations
and consensus, please see www.rockwool.com/group/about-us/
investors/consensus-and-analysts/.
All investor relations materials and contact information are
available to investors at www.rockwool.com/group/about-us/
investors/.
Stock market information*
2025 2025 2024 2023 2022 2021
(EUR) DKK DKK DKK DKK DKK
Earnings per share 0.1 1 19 13 9 10
Dividend per share 0.6 4.15 6.30 4.30 3.50 3.50
Cash flow per share 3 22 29 24 14 15
Book value per share 13 97 106 97 89 82
Share capital (million) 28 212 216 216 216 216
Price per A share 30 224 253 197 162 240
Price per B share 30 225 255 198 163 286
Market cap (million) 6,231 46,542 53,732 42,558 35,130 56,543
Number of own shares 4,555,356 4,555,356 4,807,830 502,880 478,570 562,280
Number of A shares of 1 DKK (10 votes) 97,676,112 97,676,112 98,666,030 107,761,59 0 109,065,220 111,555,580
Number of B shares of 1 DKK (1 vote) 113,929,678 113,929,678 117, 541,060 108,445,500 107,141,870 104,651,510
*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 2021-2024 have been restated.
MANAGEMENT’S REVIEW | Governance and shareholder information
41
ROCKWOOL Group Annual Report 2025
Financial calendar 2026
4 February
Annual Report
for 2025
15 April
Annual General
Meeting
19 May
Report on the first
quarter of 2026
19 August
Report on the first
half-year of 2026
25 November
Report on the first
nine months of
2026
Factory in Melaka, Malaysia
ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Governance and shareholder information
42
At ROCKWOOL, our goal is to protect what truly matters: families,
homes, livelihoods, and the world we live in. By harnessing the power of
volcanic rock, our products provide safety, comfort, and peace of mind.
And with every innovation, we remain committed to this goal.
In a future often coloured by uncertainty, ROCKWOOL offers
reassurance. From fire and storms to relentless wear and tear, our
products stand strong – so communities can go about their lives and
buildings can endure, adapt, and inspire future generations.
We believe that every space tells a story. From the quiet of home to
the bustle of a workplace, our solutions enhance the places where life
unfolds. Every space is also an opportunity to do better: for the people
inside and the world around us.
We believe that if it’s worth building, then it’s worth the best.
It’s worth ROCKWOOL.
General information
45 Sustainability is central to ROCKWOOL's strategy
48 Leadership and governance
49 Materiality assessment and resilience
55 Due diligence and risk management
57 Basis for preparation
Environmental information
59 E1 Climate change
72 E2 Pollution
75 E3 Water
78 E5 Circularity
84 EU Taxonomy
Social information
87 S1 Own workforce – health and safety
91 S1 Own Workforce – human rights
97 S3 Affected communities
100 S4 Consumers and end-users
Governance information
103 G1 Business conduct
Appendix
108 Disclosure tables and supporting datapoints
114 Reference to other voluntary reporting requirements
115 Taxonomy tables
Factory in Doense, Denmark
ROCKWOOL Group Annual Report 2025
45
SUSTAINABILITY STATEMENT
UPSTREAM
Scope 3
OWN OPERATIONS
Scope 1 and 2
Reduce water use
per tonne
of stone wool
Enabling more
energy-efficient
buildings and industry
Zero fatalities,
zero serious accidents
Enabling durable, circular,
and fire-safe infrastructure
Recycling used stone wool
from the market
Enabling more carbon-efficient
buildings and industry
Reducing absolute Scope 1
and 2 GHG emissions
Reducing landfill
waste from production
Protecting water
resources
Increasing the ratio of women
in middle and executive management
Virgin raw materials
and secondary materials
from other industries
Recycling to other
industries and landfilling
Energy use
Reducing absolute Scope 3
GHG emissions
Access to renewable energy
Strong culture of integrity
DOWNSTREAM
Scope 3
Material environmental topics across: Climate change mitigation; Energy
Material environmental topics: Climate change adaptation, mitigation, energy;
Pollution to air, substances of concern; Water withdrawal
Material social topics: Own workforce, working conditions; Equal treatment
and opportunities, other work-related rights; Affected communities’ economic
social and cultural rights
Material governance topics: Anti-corruption and protection of whistle blowers
Material environmental topics: Climate change adaptation, mitigation,
energy savings and avoided emission, energy; Waste
Material social topics: Consumers and end-users' health and safety
Material environmental topics:
Climate change mitigation; Resource inflows,
resource outflows
46
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | General information
47
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| General information
48
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | General information
49
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| General information
50
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | General information
51
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| General information
52
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | General information
53
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| General information
54
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | General information
55
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| General information
56
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | General information
Prevention
Fundamentals of due diligence: ROCKWOOL Group
policies, manuals, and standards
Group-wide documents
(Code of Conduct, Suppliers’ Code of Conduct, Sustainable
Sourcing Manual, Transition plan for climate mitigation,
Human Rights Policy with internal manuals, Safety, Health &
Environment Policy along with internal manuals, and
Mandatory Minimum Requirements (MMR), Tax strategy).
Awareness and training
(Onboarding, e-learning, training, and awareness sessions on
e.g. human rights risks and due diligence mechanisms for
managers and HR teams).
Identification and assessment of
ROCKWOOL negative impacts and risks
Carried out through double materiality
assessment, business assurance, covering
the areas of human rights (forced and/or
child labour) and environment, continuous
supply chain cloud-based sustainability risk
management tool.
Elimination and mitigation
of negative impacts
Application of ROCKWOOL policies,
procedures, e.g. in Human Rights Manual,
we are committing to establish a corrective
action plan in cases where human rights
violations are identified; categorisation and
criteria for high-risk suppliers, contractors,
subcontractors; and adaptation plans.
Accountability: Monitoring the
effectiveness of ROCKWOOL actions
We analyse cases reported through the
whistleblowing mechanism and assume
accountability for negative impacts and
involve affected stakeholders in the
evaluation of the effectiveness of actions
taken to prevent these negative impacts.
Communication about how
ROCKWOOL manages its impact
on human rights, environment,
and business conduct topics
Annual sustainability statement,
stakeholders' engagement, and
dialogue with local communities.
ROCKWOOL due diligence mechanisms cover actual and potential negative impacts on environment, people and business conduct topics
6
Remediation: Repair damage or cooperation in
repairing procedures
Procedures to be followed in the event of a negative
impact e.g. a meaningful dialogue with potentially
affected groups and other relevant stakeholders to provide
remedy for any direct impacts we cause or contribute to.
1
2
5
4
3
57
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| General information
58
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
20%
2025 result: 1.68 Mt CO
2
e
Baseline year:
2019
2.12 Mt CO
2
e
2034 goal: 38%
25%
2034 goal: 50%
2030 goal: 35%
Baseline year:
2015
2025 result
39%
2030 goal: 75%
Baseline year:
2015
2025 result
Absolute Scope 1 and 2 greenhouse
gas emissions (CO
2
e)
Reduce absolute Scope 1 and 2 GHG
emissions by 38% by 2034
Trend: Progress due to decarbonisation
efforts
Scope 1 and 2 CO
2
emission intensity
Reduce CO
2
/t stone wool from our stone
wool facilities by 35% by 2030 and 50%
by 2034
Trend: Progress due to decarbonisation
efforts
Energy efficiency in own offices
kWh/m
2
reduction within owned
(non-renovated) offices by 75%
Trend: Stable; renovation projects
initiated
ROCKWOOL Group Annual Report 2025
59
SUSTAINABILITY STATEMENT
List of material topics (continued) Resilience strategy
60
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Climate change
Climate scenario analysis (continued)
61
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Climate change
Climate scenario analysis (continued)
62
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Climate change
63
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Climate change
Transition plan for climate change mitigation (continued)
64
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Climate change
factories
65
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Climate change
Targets, performance, actions, and resources
(continued)
66
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Climate change
67
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Climate change
68
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Climate change
Metrics (continued)
69
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Climate change
70
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Climate change
71
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Climate change/ General information
SUSTAINABILITY STATEMENT
72
ROCKWOOL Group Annual Report 2025
73
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Pollution
Targets, performance, actions, and resources
(continued)
74
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Pollution
13%
2030 goal: 20%
Baseline year:
2015
2025 result
Water use intensity
Reduce water use intensity (m³/t stone wool)
from our stone wool production by 20%
Trend: On track to reach intensity target even
though water use increased
ROCKWOOL Group Annual Report 2025
75
SUSTAINABILITY STATEMENT
76
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Water
77
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Water
SUSTAINABILITY STATEMENT
25
2030 goal: 30 countries
Baseline year:
2015
2025 result
54%
2030 goal: 85%
Baseline year:
2015
2025 result
Landfill waste
Reduce landfill waste (tonnes) from stone
wool production by 85%
Trend: Progress due to factory closures and
improved waste management methods
Reclaimed material
Increase the number of countries where we
offer recycling services for our products to
30 countries
Trend: Progress; one country added
78
ROCKWOOL Group Annual Report 2025
79
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Circularity
Targets, performance, actions, and resources
(continued)
80
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Circularity
3
3
81
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Circularity
Metrics (continued)
82
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Circularity
Accounting policies (continued)
83
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Circularity
SUSTAINABILITY STATEMENT
84
ROCKWOOL Group Annual Report 2025
Do No Significant Harm (DNSH) (continued)
85
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| EU Taxonomy
86
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | EU Taxonomy
Goal: zero fatalities
and zero serious accidents
Two fatalities
and five serious
accidents
2025 result:
(LTI frequency rate
of 2.4, an improvement of 11%)
Occupational safety and health
Target to have zero fatalities and serious
accidents
Trend: Negative trend, driven by two
fatalities in Russia
ROCKWOOL Group Annual Report 2025
87
SUSTAINABILITY STATEMENT
88
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Own workforce | Health and safety
89
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Own workforce | Health and safety
90
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Own workforce | Health and safety
31%
Goal: 35%
Baseline year:
2018
2025 result
Diversity and inclusion
35% of female leaders in executive
and middle management positions
Trend: Progress; increase of 3
percentage points
ROCKWOOL Group Annual Report 2025
91
SUSTAINABILITY STATEMENT
92
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Own workforce | Human Rights
93
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Own workforce | Human Rights
94
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Own workforce | Human Rights
Employee headcount in regions and countries exceeding 10% for 2025
Own employees and turnover 2025
2025 year-end
headcount
13,336
2025 year-end
full-time
employees (FTE)
12,912
Employee
Turnover
10%
20242025
Western Europe
(excl. Germany)
Germany
Eastern Europe and Russia
(excl. Poland)
Poland
North America
Asia and others
13,336
1,268
1,476
2,026
2,228
4,885
1,453
12,873
1,174
1,452
1,973
2,059
4,838
1,377
95
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Own workforce | Human Rights
96
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
ROCKWOOL Group Annual Report 2025
97
SUSTAINABILITY STATEMENT
98
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Affected communities
99
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Affected communities
SUSTAINABILITY STATEMENT
100
ROCKWOOL Group Annual Report 2025
101
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Consumers and end-users
102
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Consumers and end-users
ROCKWOOL Group Annual Report 2025
103
SUSTAINABILITY STATEMENT
104
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Business conduct
105
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Business conduct
106
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Business conduct
107
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Business conduct
108
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
109
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Appendix
Standard Material topic ESRS Indicator Page
Disclosure requirements in ESRS covered by the undertaking's sustainability report (continued)
110
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Appendix
ROCKWOOL specific KPIs (continued)
111
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Appendix
Disclosure requirement and related datapoint SFDR Pillar 3 Benchmark regulation EU Climate Law Material Page
List of datapoints that derive from other EU legislation (continued)
112
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Appendix
Disclosure requirement and related datapoint SFDR Pillar 3 Benchmark regulation EU Climate Law Material Page
List of datapoints that derive from other EU legislation (continued)
113
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Appendix
114
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Appendix
115
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Appendix
116
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT | Appendix
117
ROCKWOOL Group Annual Report 2025
SUSTAINABILITY STATEMENT
| Appendix
Financial
statements
Consolidated financial statements
119 Statement of profit and loss
119 Statement of comprehensive income
120 Statement of financial position
121 Statement of cash flows
122 Statement of changes in equity
123 Notes
159 Definition of key figures and ratios
Statements
161 Management’s statement
162 Independent Auditor’s Reports
166 Independent Auditor’s limited assurance
report on the Sustainability Statement
Parent company financial statements
170 Parent company financial statements
for ROCKWOOL A/S
Statement of profit and loss
1 January – 31 December
MEUR Note 2025 2024
Revenue 2.1 3,877 3,855
Other operating income 22 16
Operating income 3,899 3,871
Raw material costs and production material costs 1,264 1,282
Delivery costs and indirect costs 505 475
Other expenses 351 322
Employee benefits expenses 2.2 915 852
Operating costs 3,035 2,931
EBITDA 864 940
Amortisation, depreciation and impairment 3.4, 3.5 294 263
EBIT before value adjustment of the Russian business 570 677
Loss from value adjustment of the Russian business 1.5 392 -
EBIT 178 677
Share of net profit of associates 1 1
Finance income 5.1 51 40
Finance expenses 5.1 37 22
Profit before tax 193 696
Tax expense 6.1 165 146
Profit for the year 28 550
Profit for the year attributable to:
Non-controlling interests - -
Shareholders of ROCKWOOL A/S 28 550
EUR
Earnings per share: 5.7
Earnings per share of 1 DKK (0.13 EUR) 0.1 2.6
Diluted earnings per share of 1 DKK (0.13 EUR) 0.1 2.6
Statement of comprehensive income
1 January – 31 December
MEUR Note 2025 2024
Profit for the year 28 550
Items that will not be reclassified to profit or loss:
Actuarial gains and losses of pension obligations 3.6 2 -8
Tax on other comprehensive income -1 3
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign entities -40 9
Hedging instruments, value adjustments 1 1
Other comprehensive income -38 5
Comprehensive income for the year -10 555
Comprehensive income for the year attributable to:
Non-controlling interests
Shareholders of ROCKWOOL A/S
-10 555
119
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements
Statement of financial position
Assets – as at 31 December
MEUR Note 2025 2024
Goodwill 114 136
Software 10 12
Customer relationships 37 50
Other intangible assets 4 6
Intangible assets under construction 14 9
Intangible assets 3.1 179 213
Land and buildings 964 1,019
Plant and machinery 810 820
Other operating equipment 41 38
Tangible assets under construction 520 382
Property, plant and equipment 3.2 2,335 2,259
Right-of-use assets 3.3 79 77
Prepayments 24 13
Investments in associates 12 11
Deposits and receivables 6 12
Deferred tax assets 6.1 57 62
Financial assets 99 98
Non-current assets 2,692 2,647
Inventories 4.1 374 381
Trade receivables 4.2, 5.2 333 338
Other receivables 5.2 49 57
Prepayments 42 31
Income tax receivable 6.1 44 31
Cash and cash equivalents 5.2, 5.3 108 403
Current assets 950 1,241
Total assets 3,642 3,888
Equity and liabilities – as at 31 December
MEUR Note 2025 2024
Share capital 5.5 28 29
Foreign currency translation -202 -162
Proposed dividend 118 182
Retained earnings 2,798 3,038
Hedging -1 -2
Equity attributable to shareholders of ROCKWOOL A/S 2,741 3,085
Non-controlling interests - 1
Total equity 2,741 3,086
Deferred tax liabilities 6.1 86 72
Employee benefit obligations 3.6 39 42
Lease liabilities 3.3 49 55
Provisions 3.7 27 20
Borrowings 5.2, 5.4 29 16
Non-current liabilities 230 205
Borrowings 5.2, 5.3, 5.4 165 23
Trade payables 5.2 243 256
Lease liabilities 3.3 33 28
Provisions 3.7 7 12
Income tax payable 6.1 50 79
Other payables 5.2 173 199
Current liabilities 671 597
Total liabilities 901 802
Total equity and liabilities 3,642 3,888
120
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements
Statement of cash flows
Individual items in the statement of cash flows cannot be directly deduced from the statement of financial position.
MEUR Note 2025 2024
EBIT before value adjustment of the Russian business 570 677
Adjustments for amortisation, depreciation and impairment 3.4 294 263
Adjustments of non-cash operating items 4.3 7 -15
Changes in net working capital 4.3 -94 -7
Cash flow from operations before financial items and tax 777 918
Interests etc. received 45 35
Interests etc. paid -21 -20
Taxes paid -191 -116
Cash flow from operating activities 610 817
Purchase of property, plant and equipment -461 -376
Proceeds from sale of property, plant and equipment - 8
Purchase of intangible assets -12 -11
Acquisitions of subsidiaries, net of cash acquired 5.8 -2 -74
Cash flow from investing activities -475 -453
Free cash flow 135 364
Dividend paid -178 -125
Share buy-back programme -154 -149
Purchase of treasury shares -3 -3
Transactions with non-controlling interests -3 -
Repayment of lease liabilities 3.3 -31 -29
Repayment of non-current receivables 4 -3
Proceeds from borrowings 150 13
Repayment of borrowings -3 -13
Cash flow from financing activities -218 -309
Net increase/(decrease) in cash and cash equivalents -83 55
Cash available at 1 January 402 353
Exchange rate adjustments on cash and cash equivalents 20 -6
Loss from value adjustment of the Russian business 1.5 -243 -
Cash available at 31 December 5.3 96 402
Unutilised, committed credit facilities 650 600
121
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements
Statement of changes in equity
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 29 -162 182 3,038 -2 3,085 1 3,086
Profit for the year - - 118 -90 - 28 - 28
Actuarial gains and losses of pension obligations - - - 2 - 2 - 2
Hedging instruments, value adjustments - - - - 1 1 - 1
Exchange differences on translation of foreign entities - -40 - - - -40 - -40
Tax on other comprehensive income - - - -1 - -1 - -1
Comprehensive income for the year - -40 118 -89 1 -10 - -10
Share capital reduction -1 - - 1 - - - -
Share buy-back programme - - - -154 - -154 - -154
Purchase of treasury shares - - - -3 - -3 - -3
Share based payments - - - 3 - 3 - 3
Transactions non-controlling interests - - - -2 - -2 -1 -3
Dividends paid - - -182 4 - -178 - -178
Equity at 31 December 2025 28 -202 118 2,798 -1 2,741 - 2,741
Equity at 1 January 2024 29 -171 125 2,824 -3 2,804 - 2,804
Profit for the year - - 182 368 - 550 - 550
Actuarial gains and losses of pension obligations - - - -8 - -8 - -8
Hedging instruments, value adjustments - - - - 1 1 - 1
Exchange differences on translation of foreign entities - 9 - - - 9 - 9
Tax on other comprehensive income - - - 3 - 3 - 3
Comprehensive income for the year - 9 182 363 1 555 - 555
Share buy-back programme - - - -149 - -149 - -149
Purchase of treasury shares - - - -3 - -3 - -3
Share based payments - - - 3 - 3 - 3
Transactions non-controlling interests - - - -1 - -1 1 -
Dividends paid - - -125 1 - -124 - -124
Equity at 31 December 2024 29 -162 182 3,038 -2 3,085 1 3,086
122
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements
Notes
Note 1 Basis of preparation
125 1.1 Critical accounting estimates and judgements
125 1.2 Material accounting policy information
126 1.3 New and amended standards and interpretations
126 1.4 Reporting under the ESEF Regulation
126 1.5 Loss from value adjustment of the Russian business
Note 2 Operating profit
129 2.1 Revenue and segmented accounts
130 2.2 Employee benefits expenses
131 2.3 Long-term incentive programmes
Note 3 Invested capital
134 3.1 Intangible assets
135 3.2 Property, plant and equipment
136 3.3 Leases
138 3.4 Amortisation, depreciation and impairment
138 3.5 Impairment tests
140 3.6 Employee benefit obligations
142 3.7 Provisions
Note 4 Working capital
144 4.1 Inventories
144 4.2 Trade receivables
145 4.3 Other cash flow notes
Note 5 Capital structure and financing
147 5.1 Finance income and Finance expenses
147 5.2 Financial risks and instruments
150 5.3 Cash
150 5.4 Loans
150 5.5 Share capital
151 5.6 Treasury shares
151 5.7 Earnings per share
152 5.8 Business combinations and asset acquisitions
Note 6 Other
155 6.1 Tax
157 6.2 Commitments and contingent liabilities
157 6.3 Related parties
157 6.4 Auditor’s fee
157 6.5 Events after the reporting date
158 6.6 Group companies
FINANCIAL STATEMENTS
12 5 1.1 Critical accounting estimates and judgements
12 5 1.2 Material accounting policy information
12 6 1.3 New and amended standards and interpretations
12 6 1.4 Reporting under the ESEF Regulation
12 6 1.5 Loss from value adjustment of the Russian business
Note 1
Basis of preparation
124
ROCKWOOL Group Annual Report 2025
| Consolidated financial statements
125
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
1.2 Material accounting policy information
(continued)
126
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
127
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
Revenue per business segment
(MEUR)
Insulation Systems
EBIT margin before
value adjustment
of the Russian business
14.7%
Average
number of FTEs
12,732
Reported revenue
increase
1%
1,000
2,000
3,000
4,000
0
20252024
FINANCIAL STATEMENTS
Note 2
Operating profit
12 9 2.1 Revenue and segmented accounts
130 2.2 Employee benefits expenses
131 2.3 Long-term incentive programmes
128
ROCKWOOL Group Annual Report 2025
ROCKWOOL Group Annual Report 2025
| Consolidated financial statements
128
4
0
9
1
2
2
129
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
2.1 Revenue and segmented accounts (continued)
130
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS
| Consolidated financial statements | Notes
2.2 Employee benefits expenses (continued) 2.3 Long-term incentive programmes
131
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
2.3 Long-term incentive programmes (continued)
132
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
FINANCIAL STATEMENTS
13 4 3.1 Intangible assets
13 5 3.2 Property, plant and equipment
13 6 3.3 Leases
138 3.4 Amortisation, depreciation and impairment
138 3.5 Impairment tests
140 3.6 Employee benefit obligations
142 3.7 Provisions
CAPEX excl. acquisitions
Up 86 MEUR
compared to 2024
473MEUR
ROU assets
79MEUR
ROIC before value adjustment
of the Russian business
19.4%
Note 3
Invested capital
133
ROCKWOOL Group Annual Report 2025
| Consolidated financial statements
133
134
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
135
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
3.2 Property, plant and equipment (continued)
136
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
137
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
138
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
3.5 Impairment tests (continued)
139
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
140
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
3.6 Employee benefit obligations (continued)
141
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
3.6 Employee benefit obligations (continued)
142
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
144
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
4.2 Trade receivables (continued) 4.3 Other cash flow notes
145
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
FINANCIAL STATEMENTS
Equity ratio
Down from 79.3% in 2024
Down 306 MEUR from
2024
Down from 2.6 EUR in 2024
75.3%
Cash
Earnings per share
96MEUR
0.1EUR
147 5.1 Finance income and Finance expenses
147 5.2 Financial risks and instruments
150 5.3 Cash
150 5.4 Loans
150 5.5 Share capital
151 5.6 Treasury shares
151 5.7 Earnings per share
152 5.8 Business combinations and asset acquisitions
Note 5
Capital structure
and financing
146
ROCKWOOL Group Annual Report 2025
| Consolidated financial statements
146
147
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
5.2 Financial risks and instruments (continued)
148
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
5.2 Financial risks and instruments (continued)
149
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
150
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
5.5 Share capital (continued)
151
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
152
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
5.8 Business combinations and asset acquisitions
(continued)
153
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
FINANCIAL STATEMENTS
Effective tax rate before
Russian value adjustment
25.0%
Number of associates
in the Group
4
Number of subsidiaries
in the Group
62
15 5 6.1 Tax
157 6.2 Commitments and contingent liabilities
157 6.3 Related parties
157 6.4 Auditor’s fee
157 6.5 Events after the reporting date
15 8 6.6 Group companies
Note 6
Other
154
ROCKWOOL Group Annual Report 2025
| Consolidated financial statements
154
155
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
6.1 Tax (continued)
156
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
157
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
158
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Consolidated financial statements | Notes
159
ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Definitions
Definition of key figures and ratios
(continued)
160
ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Definitions
Management’s statement
Board of Directors
Registered Directors
161
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Statements
Independent Auditor’s Reports
Report on the audit of the Financial Statements
162
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Statements
Independent Auditor’s Reports
(continued)
163
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Statements
Independent Auditor’s Reports
(continued)
164
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Statements
Independent Auditor’s Reports
(continued)
CVR no 33 77 12 31
165
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Statements
166
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Statements
Independent Auditor’s limited assurance report on the Sustainability Statement
(continued)
167
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Statements
Independent Auditor’s limited assurance report on the Sustainability Statement
(continued)
CVR no 33 77 12 31
168
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Statements
Statement on Management’s Review
The activities in the parent company ROCKWOOL A/S is to support
the Group through Group functions, the holding of shares in Group
companies, and funding through the Group’s treasury function.
Statement in accordance with the Danish Financial Statements Act
section §107 f.
In 2025, women accounted for 33 percent and men for 67 percent
of the members of the Board of Directors elected by the General
Meeting. This is on target. For other management levels in the
parent company and the Group, ROCKWOOL works towards
having the same gender balance as in the organisation in general,
and has adopted related policies for increasing the share of the
underrepresented gender.
The policies bring focus to, among other things:
Importance of consistent, fair, and transparent approaches for
recruitment and development
Ensuring unbiased processes where both diverse genders and
perspectives are treated fairly and equally
Development opportunities that foster gender equality and ensure
equal access for all employees
As of 31 December 2025, women accounted for 27 percent of
management level 1 and 2, while men accounted for 73 percent,
with the underlying organisation at 28 percent and 72 percent,
respectively. ROCKWOOL has set a target to increase female leaders
in management level 1 and 2 positions to 30 percent by 30 June
2026, and strives to achieve this by creating a workplace where all
employees have equal access to resources, based on ROCKWOOL’s
developed policy on Diversity, Equity and Inclusion policy.
During 2025, the following initiatives were initiated to support the
objective: structured processes for talent management, succession
planning, and personal development, including system support
and reporting.
The targets connect to the policy objectives of creating a workplace
where all employees have equal access to resources, put forward
in ROCKWOOL’s Diversity, Equity and Inclusion policy, and they
are tracked annually and presented to Group Management and the
Board of Directors.
In 2025, ROCKWOOL Group launched a pilot project to increase
awareness of where ROCKWOOL have internal talents along with
identifying an increased number of female potential successors.
ROCKWOOL defined a global strategy, standards and framework for
talent management, succession planning and promoted diverse hiring.
The goal is to roll out the initiative to the entire Group in 2026-2027.
2025
Shareholder-
elected
Board
Members
Top
Management
Employee-
elected
Board
Members
Management
level 1-2
Total Members 6 2 3 30
Underrepresented
gender in percent 33%
- 33% 27%
Target in percent 33% - 33% 30%
Year for fulfilling the
target 2024 - 2024 2026
Statement of profit and loss
Revenue in ROCKWOOL A/S consists of income from constructing
and maintaining the Group's manufacturing facilities and royalties
for the use of patents and trademarks.
In 2025, revenue from constructing and maintaining the Group's
manufacturing facilities was 185 MEUR (2024: 94 MEUR), an increase
of 91 MEUR as a result of increased investment activities.
ROCKWOOL A/S holds the major patents and trademarks in the
Group and charges a royalty to the subsidiaries for the use of these
rights. Group companies paid royalties totalling 398 MEUR (2024:
401 MEUR).
Income from investments in subsidiaries was -33 MEUR (2024: 411
MEUR). The decrease was related to loss from value adjustment of
the Russian business. Net finance expense amounted to -20 MEUR
(2024: net finance income of 3 MEUR). The decrease was related to
foreign currency exposure on the intercompany balance between
ROCKWOOL A/S and a subsidiary in Russia. Due to the economic
environment, it has not been possible to hedge this position since
March 2022, which resulted in an unrealised exchange loss in 2025
(2024: unrealised exchange gain).
In 2025, profit for the year totalled 26 MEUR compared to 541
MEUR in 2024. Management considers the result to be solid, given
the circumstances.
Statement of financial position
Total assets at year-end amounted to 3,291 MEUR (2024:
3,494 MEUR) and the equity was 2,676 MEUR (2024: 3,024 MEUR).
Investment in subsidiaries was 2,567 MEUR (2024: 2,799 MEUR).
The decrease was mainly due to loss from value adjustment of the
Russian business.
For further information, please refer to ROCKWOOL Group
Management’s review on pp. 4-42.
Management's review of ROCKWOOL A/S
169
ROCKWOOL Group Annual Report 2025
MANAGEMENT’S REVIEW | Parent company
FINANCIAL STATEMENTS
Statement of profit and loss –
ROCKWOOL A/S
1 January – 31 December
MEUR Note 2025 2024
Revenue 2.1 583 495
Costs of raw material and consumables 154 68
Other external costs 212 179
Gross profit 217 248
Employee benefits expenses 2.2 74 73
Amortisation, depreciation and impairment 3.1, 3.2 13 13
Operating profit/EBIT 130 162
Income/loss from investments in subsidiaries 2.3 -33 411
Finance income 2.4 25 32
Finance costs 2.4 45 29
Profit before tax 77 576
Tax expense 2.5 51 35
Profit for the year 2.6 26 541
17 0 Statement of profit and loss
17 1 Statement of financial position
172 Statement of changes in shareholders’ equity
17 3 Notes
Parent company
financial statements
for ROCKWOOL A/S
170
ROCKWOOL Group Annual Report 2025
| Parent company financial statements
170
Statement of financial position –
ROCKWOOL A/S
Assets – as at 31 December Equity and liabilities – as at 31 December
MEUR Note 2025 2024
Completed development projects 9 9
Acquired patents, licenses and trademarks 11 9
Intangible assets under construction 14 9
Intangible assets 3.1 34 27
Land and buildings 34 25
Other operating equipment 14 12
Tangible assets under construction 12 10
Property, plant and equipment 3.2 60 47
Investment in subsidiaries 3.3 2,567 2,799
Investment in associates 1 1
Receivables from subsidiaries 3.3 174 172
Financial assets 2,742 2.972
Non-current assets 2,836 3,046
Inventories 2 2
Contract work in progress 3.4 47 22
Receivables from subsidiaries 378 285
Other receivables 12 14
Prepayments 3.5 16 11
Receivables 453 332
Cash and cash equivalents - 114
Current assets 455 448
Total assets 3,291 3,494
MEUR Note 2025 2024
Share capital 28 29
Revaluation reserve according to the equity method 572 832
Reserve for development costs 15 12
Retained earnings 1,943 1,969
Proposed dividend 118 182
Total equity 2,676 3,024
Deferred tax 3.6 22 5
Other provisions 1 1
Non-current liabilities 23 6
Bank debt 147 -
Trade payables 34 16
Payables to subsidiaries 376 402
Tax payable 21 30
Other payables 14 16
Current liabilities 592 464
Total liabilities 615 470
Total equity and liabilities 3,291 3,494
171
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Parent company financial statements
Statement of changes in shareholders’ equity –
ROCKWOOL A/S
MEUR
Share
capital
Revaluation
reserve
according to
the equity
method
Reserve
for
development
costs
Retained
earnings
Proposed
dividend
Total
equity
Equity at 1 January 2025 29 832 12 1,969 182 3,024
Exchange rate adjustments - -1 - -4 - -5
Profit for the year - -223 - 131 118 26
Development costs for the year - - 3 -3 - -
Exchange differences on translation of foreign
entities
- -32 - - - -32
Cancellation of shares -1 - - 1 - -
Other adjustments - -4 - - - -4
Share based payments - - - 2 - 2
Share buy-back programme - - - -154 - -154
Purchase of treasury shares - - - -3 - -3
Dividends paid - - - 4 -182 -178
Equity at 31 December 2025 28 572 15 1,943 118 2,676
Equity at 1 January 2024 29 522 11 2,064 125 2,751
Exchange rate adjustments - -1 - - - -1
Profit for the year - 303 - 56 182 541
Development costs for the year - - 1 -1 - -
Exchange differences on translation of foreign
entities
- 6 - - - 6
Other adjustments - 2 - - - 2
Share based payments - - - 1 - 1
Share buy-back programme - - - -149 - -149
Purchase of treasury shares - - - -3 - -3
Dividends paid - - - 1 -125 -124
Equity at 31 December 2024 29 832 12 1,969 182 3,024
172
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Parent company financial statements
Photo placeholder
Note 1
174 1.1 Accounting policies
Note 2
175 2.1 Revenue
175 2.2 Employee benefits expenses
175 2.3 Income from investments in subsidiaries
175 2.4 Finance income and Finance costs
175 2.5 Tax expense
175 2.6 Proposed distribution of profit
Note 3
176 3.1 Intangible assets
176 3.2 Property, plant and equipment
177 3.3 Financial assets
177 3.4 Contract work in progress
177 3.5 Prepayments
177 3.6 Deferred tax
Note 4
178 4.1 Derivatives
178 4.2 Commitments and contingent liabilities
178 4.3 Related parties
Notes for ROCKWOOL A/S
Note 1
Accounting policies
The financial statements of ROCKWOOL A/S have been prepared in accordance with the
Danish Financial Statements Act (accounting class D).
The financial statements are presented in euro (EUR).
Changes in accounting policies
The accounting policies applied remain unchanged from the previous year.
The accounting policies are the same as for the consolidated financial statements
with the adjustments described below. For a description of the Group’s accounting
policies, please refer to the consolidated financial statements.
Recognition and measurement in general
Income is recognised in the statement of profit and loss as earned.
All costs incurred in generating the year’s revenue are also recognised in the statement
of profit and loss, including depreciation, amortisation, and impairment losses.
Value adjustments of financial assets and liabilities measured at fair value or amortised
cost are also recognised in the statement of profit and loss.
Assets are recognised in the statement of financial position when it is considered
probable that future economic benefits will flow to the company and the value of the
asset can be measured on a reliable basis. Liabilities are recognised in the statement
of financial position when they are considered probable and can be measured on a
reliable basis. At initial recognition, assets and liabilities are measured at cost. Assets
and liabilities are subsequently measured as described below for each item.
Revenue
The company produces and sells machinery and consultancy services. The projects
typically include one deliverable. Revenue from the projects is recognised over
time based on progress and on the price of the projects. As the work is done at the
customer’s site, control is transferred along with the project progress. Recognition is
based on actual costs incurred relative to the total estimated costs for the project, as
this method is estimated to reflect the transfer of control. The credit terms are normally
end of month plus 20 days.
Royalty is received for the use of the ROCKWOOL brand and technology. Royalty is
based on the level of sales in the subsidiaries and is recognised when earned according
to the terms in the agreement.
Intangible assets
The accounting policies for intangible assets follow those of the Group with the
exception of goodwill, which is amortised over a period of 10 years using the straight-
line method.
An amount equal to the total capitalised development costs after tax is recognised
under Shareholders’ equity in the reserve for development costs.
Financial assets
Investments in subsidiaries are recognised initially at cost and measured subsequently
using the equity method. The company’s share of the equity of subsidiaries, based
on the fair value of the identifiable net assets on the acquisition date, minus or
plus unrealised intercompany profits or losses, together with any residual value of
goodwill, is recognised under investments in subsidiaries in the statement of financial
position.
If the shareholders’ equity of subsidiaries is negative and ROCKWOOL A/S has a
legal or constructive obligation to cover the company’s negative equity, a provision
is recognised. Net revaluation of investments in subsidiaries is recognised under
Shareholders’ equity in the revaluation reserve according to the equity method. The
reserve is reduced by payments of dividends to the parent company and adjusted to
reflect other changes in the equity of subsidiaries.
The proportionate share of the net profits of subsidiaries less goodwill amortisation is
recognised under income from investments in subsidiaries in the statement of profit
and loss. Goodwill in subsidiaries is amortised over a period of 10 years using the
straight-line method.
Inventories
Inventories are measured at cost in accordance with the FIFO principle. Obsolete
goods, including slow-moving goods, are written down.
Contract work in progress
Contract work in progress is measured at the sales value of the work performed,
calculated on the basis of the degree of completion. The degree of completion is
calculated as the proportion of the contract costs incurred in relation to the contract’s
expected total costs. When it is probable that the total contract costs will exceed the
total revenue on a contract, the expected loss is recognised in the statement of profit
and loss.
Payments received on account are deducted from the sales value. The individual
contracts are classified as receivables when the net value is positive and as liabilities
when the net value is negative.
Receivables from subsidiaries
Receivables from subsidiaries are recognised at amortised cost and are subsequently
measured after deduction of allowances for losses based on individual assessment.
Leases
Leases in which a significant portion of the risks and rewards of ownership are
retained by the lessor are classified as operating leases. Payments made under
operating leases are charged to the statement of profit and loss on a straight-line
basis over the period of the lease.
Dividend
The dividend proposed for the financial year is shown as a separate item under
shareholders’ equity.
Statement of cash flows
ROCKWOOL A/S has in accordance with the Danish Financial Statements Act, Section
86 (4) not prepared separate cash flow statements. Please refer to the consolidated
statement of cash flows.
References to notes to the consolidated financial statements
For the following notes, see information in the consolidated financial statements:
Share capital – see note 5.5
Treasury shares – see note 5.6
Auditor’s fee – see note 6.4
174
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Parent company financial statements | Notes
MEUR 2025 2024
Revenue from projects 185 94
Royalties and other fees 398 401
Revenue 583 495
Note 2
2.1 Revenue
MEUR 2025 2024
Interest income 9 13
Interest income from subsidiaries 6 7
Foreign exchange gains 10 12
Finance income 25 32
MEUR 2025 2024
Interest expenses etc. 16 17
Interest expenses to subsidiaries 10 9
Foreign exchange losses 19 3
Finance costs 45 29
2.4 Finance income and Finance costs
MEUR 2025 2024
Wages and salaries 70 68
Expensed value of RSUs issued 2 1
Pension costs 7 6
Other social security costs - 1
Capitalised salaries -5 -3
Personnel costs 74 73
Average number of employees in ROCKWOOL A/S 500 476
Reference is made to note 2.2 and 2.3 to the consolidated financial statements concerning remuneration
of the Board of Directors and the Executive Board.
MEUR 2025 2024
Share of net profit 364 422
Loss from value adjustment of the Russian business -392 -
Amortisation of goodwill -5 -11
Income/loss from investments in subsidiaries -33 411
Reference is made to note 1.5 to the consolidated financial statements concerning loss from value adjustment
of the Russian business.
2.2 Employee benefits expenses
2.5 Tax expense
2.3 Income from investments in subsidiaries
2.6 Proposed distribution of profit
MEUR 2025 2024
Current tax for the year 32 35
Change in deferred tax 17 -1
Withholding taxes 1 2
Adjustment in current and deferred tax in previous years 1 -1
Tax expense 51 35
MEUR 2025 2024
Proposed distribution of profit:
Proposed dividend to shareholders 118 182
Revaluation reserve according to equity method -223 303
Retained earnings 131 56
Total profit 26 541
175
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Parent company financial statements | Notes
Note 3
3.1 Intangible assets
Completed development projects and Intangible assets under construction mainly comprise software
development.
MEUR
Completed
development
projects
Acquired
patents,
licenses and
trademarks
Intangible
assets under
construction
2025
Total
2024
Total
Cost 1/1 94 44 9 147 140
Exchange rate adjustments -1 1 - - -2
Additions for the year - 2 10 12 10
Transfer of Intangible assets under construction 5 - -5 - -
Disposals for the year -2 -3 - -5 -1
Cost 31/12 96 44 14 154 147
Amortisation and impairment 1/1 85 35 - 120 115
Exchange rate adjustments -1 - - -1 -1
Amortisation for the year 5 1 - 6 7
Impairment for the year - - - - -
Disposals for the year -2 -3 - -5 -1
Amortisation and impairment 31/12 87 33 - 120 120
Carrying amount 31/12 9 11 14 34 27
3.2 Property, plant and equipment
Of the total net book value of land and buildings, 1 MEUR (2024: 1 MEUR) represent land not subject to
depreciation.
MEUR
Land and
buildings
Other
operating
equipment
Tangible
assets under
construction
2025
Total
2024
Total
Cost 1/1 46 35 10 91 75
Exchange rate adjustments -1 -1 - -2 -
Additions for the year 1 1 19 21 18
Transfer of tangible assets under construction 11 6 -17 - -
Disposals for the year -1 -3 - -4 -2
Cost 31/12 56 38 12 106 91
Depreciation and impairment 1/1 21 23 - 44 40
Exchange rate adjustments - -1 - -1 -
Depreciation for the year 2 5 - 7 6
Disposals for the year -1 -3 - -4 -2
Depreciation and impairment 31/12 22 24 - 46 44
Carrying amount 31/12 34 14 12 60 47
176
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Parent company financial statements | Notes
Prepayments consist of prepaid insurance, prepaid subscriptions and other prepaid cost related to
subsequent financial years.
3.5 Prepayments3.3 Financial assets
MEUR
Investments in
subsidiaries
Receivables from
subsidiaries
2025
Total
2024
Total
Cost 1/1 1,967 172 2,139 2,019
Exchange rate adjustments -3 -2 -5 -2
Additions for the year 31 47 78 239
Reductions/disposals for the year - -43 -43 -117
Cost 31/12 1,995 174 2,169 2,139
Value adjustments 1/1 832 - 832 522
Exchange rate adjustments -34 - -34 6
Share of net profit 364 - 364 422
Amortisation of goodwill -5 - -5 -11
Dividends received -106 - -106 -108
Other adjustments -4 -4 1
Loss from value adjustment of the Russian business -475 - -475 -
Value adjustments 31/12 572 - 572 832
Carrying amount 31/12 2,567 174 2,741 2,971
Reference is made to note 1.5 to the consolidated financial statements concerning loss from value adjustment
of the Russian business.
3.4 Contract work in progress
3.6 Deferred tax
MEUR 2025 2024
Deferred tax 1/1 5 6
Change in deferred tax recognised in profit and loss 17 -1
Deferred tax 31/12 22 5
MEUR 2025 2024
Sales values of work performed 358 243
Invoiced on account -311 -221
Contract work in progress, net 47 22
Recognised as follows:
Contract work in progress (assets) 47 22
177
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Parent company financial statements | Notes
Note 4
4.1 Derivatives
Reference is made to note 5.2 to the consolidated financial
statements concerning derivatives.
The policy is not to hedge exchange rate risks in long-term
investments in subsidiaries.
When relevant, external investment loans and Group receivables
are, as a general rule, established in the local currency of the
company involved, while cash at bank and in hand is placed in the
local currency.
In the few countries with ineffective financial markets, loans can be
raised and surplus liquidity placed in DKK or EUR, subject to the
approval of the parent company’s finance function.
Most Group receivables that are not established in DKK or EUR are
hedged via forward agreements, currency loans and cash pools or
via the SWAP market.
To ensure adequate financial reserves as defined by the Board of
Directors, investment loans can be raised on a continuous basis to
partly cover new investments and to refinance existing loans.
4.2 Commitments and contingent liabilities
Operational lease commitments in 2025 and 2024 amount to less
than 1 MEUR. The majority of lease commitments expire within
one year from the reporting date.
4.3 Related parties
The Company has chosen only to disclose related party
transactions which have not been made on an arm’s length
basis in accordance with section 98(c)(7) of the Danish Financial
Statements Act. No such transactions took place in 2025 or 2024.
ROCKWOOL A/S has registered the following shareholders
holding more than five percent of the share capital or the votes:
2025
Share
capital Votes
ROCKWOOL Foundation, DK-1360 Copenhagen K 23% 31%
15. Juni Fonden, DK-2970 Hoersholm 6% 12%
178
ROCKWOOL Group Annual Report 2025
FINANCIAL STATEMENTS | Parent company financial statements | Notes
The ROCKWOOL
®
trademark
The ROCKWOOL trademark was initially registered in Denmark as
a logo mark back in 1936. In 1937, it was accompanied with a word
mark registration; a registration which is now extended to more than
60 countries around the world.
The ROCKWOOL trademark is one of the largest assets in
ROCKWOOL Group, and thus well protected and defended by us
throughout the world.
ROCKWOOL Group’s primary trademarks:
ROCKWOOL
®
Rockfon
®
Rockpanel
®
Grodan
®
Additionally, ROCKWOOL Group owns a large number of other
trademarks.
Disclaimer
The statements on the future in this report, including expected
sales and earnings, are associated with risks and uncertainties
and may be affected by factors inuencing 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. In no event shall ROCKWOOL A/S be liable for any
direct, indirect or consequential damages or any other damages
whatsoever resulting from loss of use, data or prots, whether in
an action of contract, negligence or other action, arising out of or
in connection with the use of information in this report.
© ROCKWOOL A/S 2026
All rights reserved
Photography credits
Shutterstock, Adobe Stock and ROCKWOOL Group
Design and production
ROCKWOOL Visual Asset Design
Released
4 February 2026
ISSN
ISSN 1904-8653 (print)
ISSN 1904-8661 (online)
