Report on first quarter of 2026
for ROCKWOOL A/S
Release no. 16 – 2026
to Nasdaq Copenhagen
Earnings call
ROCKWOOL Group will host an earnings call on 20 May 2026 at 11:00 CEST. The call will be transmitted live on www.rockwool.com.
____________________________________________________
1 As disclosed in the Annual Report 2025, the business in Russia was deconsolidated as per 13 January 2026. Comparative 2025 figures in the
statement of profit and loss and statement of cash flow have been restated to exclude Russia. The net result from the Russian business is
presented separately as “Profit/loss from discontinued operation”. The statement of financial position has not been restated.
1/14
19 May 2026
Resilient first quarter revenue growth amid global uncertainty
Highlights
1
▪ Demonstrating resilient growth despite continued geopolitical
turbulence and unusual weather conditions in Europe and North
America, revenue in Q1 2026 reached 906 MEUR, an increase of two
percent measured in local currencies and flat in reported figures
compared to last year.
▪ We expect that energy and raw material cost levels will remain
elevated. To protect margins, we have implemented additional price
increases in the range of 6-8 percent, with main impact from the
middle of the year.
▪ EBITDA in Q1 2026 reached 187 MEUR, with a 20.7 percent EBITDA
margin, a good result although down 2.1 percentage points compared
to the record high quarter last year. The production incident in
Switzerland and the production stop due to the electrical conversion in
the Netherlands combined with continued weakness in markets in
Canada and the United Kingdom impacted the margins negatively.
▪ EBIT decreased 14 percent to 120 MEUR in Q1 2026. EBIT margin
reached 13.2 percent, down 2.2 percentage points compared to last
year.
▪ During Q1 2026, the Group purchased 238,060 B shares for a total
amount of 7 MEUR related to the share buy-back programme which
ended 6 February 2026.
▪ Shareholders may from 19 May 2026 until 3 June 2026 request
conversion of A shares to B shares. For further information please
refer to https://www.rockwool.com/group/about-
us/investors/conversion-shares/
▪ Earlier this month, ROCKWOOL signed an agreement to acquire
Ravago’s Hungary-based stone wool factory. The transaction is
expected to be completed in Q4 2026, subject to customary closing
conditions, including relevant regulatory approvals.
Outlook 2026
▪ Revenue is expected to increase between 3-6 percent in 2026 in local
currencies.
▪ EBIT margin between 13-14 percent.
▪ Investment level around 700 MEUR, excluding acquisitions.
“We continue to manage well the
consequences of the ongoing geopolitical
turbulence, achieving resilient revenue
growth in the first quarter. Sales were solid
in key markets including the United States,
France, and Romania, while declining
elsewhere, notably the United Kingdom
and Canada.
Profitability was satisfactory, although
below the record Q1 last year owing to
factors such as the production stop in
Switzerland and the electrical conversion
in the Netherlands. We remain optimistic
about the future and will continue to invest
in capacity expansion and electrification,
including the recent acquisition in
Hungary”.
CEO Jes Munk Hansen
ROCKWOOL LAT
pitched roof products.
2/14
Main figures / key figures for the Group*
Q1 2026
Q1 2025
FY 2025
Statement of profit and loss in MEUR
Revenue
906
906
3,616
EBITDA
187
207
775
Amortisation, depreciation and impairment
67
67
283
EBIT
120
140
492
Profit before tax
114
141
480
Profit from continuing operations
85
109
362
Profit/loss from discontinued operation
-170
7
-334
Profit for the period
-85
116
28
Statement of financial position in MEUR
Non-current assets
2,813
2,661
2,692
Current assets
1,224
1,516
950
Total assets
4,037
4,177
3,642
Total equity
2,828
3,202
2,741
Non-current liabilities
248
229
230
Current liabilities
961
746
671
Net interest-bearing cash / (debt)
-306
231
-168
Net working capital
517
466
414
Invested capital
3,112
2,940
2,903
Statement of cash flows in MEUR
Cash flow from operating activities
35
36
523
Cash flow from investing activities
154
87
443
Free cash flow
-119
-51
80
Others
Number of full-time employees continuing operations (end of period)
11,827
11,493
11,748
Ratios
EBITDA margin
20.7%
22.8%
21.4%
EBIT margin
13.2%
15.4%
13.6%
ROIC (rolling 4 quarters) continuing operations
15.9%
21.0%
17.4%
Return on equity (rolling 4 quarters) continuing operations
12.1%
13.9%
13.2%
Equity ratio continuing operations
70.1%
74.9%
75.3%
Stock market information (DKK)
Earnings per share continuing operations
3
4
13
Cash flow per share continuing operations
1
1
19
Book value per share continuing operations
100
97
97
Share capital (million)
212
216
212
Price per A share (closing)
188
281
224
Price per B share (closing)
176
284
225
Market cap (million)
37,591
59,431
46,542
Number of own shares
4,873,416
5,734,630
4,555,356
*The discontinued operation in Russia was deconsolidated as per 13 January 2026. In accordance with IFRS 5, comparative figures in the
statement of profit and loss and statement of cash flow have been restated. The statement of financial position has not been restated; however, all
financial ratios have been calculated for continuing operations.
For definition of key figures and ratios see page 159 in the ROCKWOOL Group Annual Report 2025 available on our website: www.rockwool.com/.
3/14
Management report for the period
1 January to 31 March 2026
General update
Global geopolitical instability and market uncertainty characterised Q1 2026.
This included disrupted energy markets and increased oil and gas prices,
creating inflationary pressures across construction materials and logistics.
We expect that energy and raw material cost levels will remain elevated. To
protect margins, we have implemented additional price increases in the range
of 6-8 percent, with main impact from the middle of the year. We continue to
believe that the best assurance against higher energy prices is greater energy
efficiency in buildings, starting with more insulation.
The quarter was also affected by winter weather conditions in Europe and North
America in the first two months of the year as well as disruptions from the
production incident in Switzerland and the conversion to electric melting on one
of the production lines in the Netherlands.
ROCKWOOL signed an agreement on 5 May 2026 to acquire Ravago's stone
wool factory in northeastern Hungary, which employs 100 people and with a
capacity of up to 40 kilo tonnes. The factory will support our long-term priority to
meet regional demand. The transaction is expected to close in Q4 2026,
subject to customary closing conditions and regulatory approvals. The
acquisition is not expected to materially impact our 2026 financial outlook.
Global revenue development in Q1 2026
Despite the challenging environment, revenue grew 2.3 percent in local
currencies, generating a revenue of 906 MEUR, which due to the weaker USD
was flat in reported figures compared to Q1 2025. The revenue increase
measured in local currencies was driven by higher volumes and a minor
increase in overall sales prices.
Regional revenue development in Q1 2026
Revenue in Western Europe amounted to 542 MEUR, a decrease of one
percent measured in both local currencies and reported figures compared to Q1
2025. Revenue grew well in France, Italy, Spain and Sweden, while declining in
the United Kingdom and Germany. Also, in Switzerland revenue declined due
to the production stop related to the Q4 2025 production incident.
In Eastern Europe, revenue amounted to 129 MEUR, up 15 percent in both
local currencies and reported figures compared to Q1 2025. Revenue increased
double-digit in several markets including Romania and Hungary while revenue
in Poland increased slightly in the quarter.
Revenue in North America reached 187 MEUR, an increase of three percent in
local currencies and a decrease of six percent measured in reported figures,
impacted by the lower U.S. and Canadian dollar exchange rate. Revenue in the
Group revenue
+2.3%
Revenue in Western Europe
-0.9%
Revenue in Eastern Europe
+15%
Revenue in North America
+3.2%
4/14
United States continued to show good growth, while weak demand within the
residential segment and ongoing trade uncertainties created difficult market
conditions in Canada.
Revenue in Asia and rest of the world amounted to 48 MEUR, up seven percent
in local currencies and two percent in reported figures. Japan, Thailand and
Vietnam performed well, while revenue in many other countries decreased,
especially in Malaysia and China due to difficult market conditions.
Regional revenue
MEUR
Group profitability in Q1 2026
EBITDA decreased nine percent to 187 MEUR, resulting in an EBITDA margin
of 20.7 percent, a good result although down 2.1 percentage points compared
to the record high Q1 2025. The decrease in margin was driven by weak
construction markets in Canada and United Kingdom, higher logistic costs and
a higher cost base. Additional factors included costs related to the production
incident in Switzerland and the planned production stop related to the electrical
conversion in the Netherlands.
EBIT decreased 14 percent, reaching 120 MEUR, corresponding to an EBIT
margin of 13.2 percent compared to 15.4 percent for the same period last year.
The result for Q1 2025 included a donation to the Foundation for Ukrainian
Reconstruction of 6 MEUR, while no donations were recognised in 2026.
Net financial items was an expense of 6 MEUR, compared to an income of 1
MEUR for the same period last year, driven by interest income on prepaid tax in
Q1 2025.
The effective tax rate was 25 percent compared to 23 percent in Q1 2025, and
unchanged from full year 2025.
Net profit for continuing operations amounted to 85 MEUR, which is 24 MEUR
lower than last year.
549
542
113
129
197
187
47
48
0
200
400
600
800
1.000
Q1 2025 Q1 2026
Western Europe Eastern Europe North America Asia and others
Revenue in Asia and rest of
the world
+7%
EBITDA
-9%
EBIT
-14%
22%
12%
61%
60%
14%
21%
5%
5%
5/14
Upon deconsolidation of the Russian business, the cumulative currency
translation reserve in equity related to it was reclassified from equity to the
Statement of profit and loss and recognised in “Profit/loss from discontinued
operation”. The cumulative currency translation reserve from 1999 to 2025
represented a loss of 170 MEUR recognised in Q1 2026.
Financial position
Net working capital at the end of Q1 2026 was 517 MEUR, an increase of 103
MEUR compared to year-end 2025. The increase was related to planned higher
inventory, and the seasonal development of revenue partly offset by higher
trade payables. Net working capital ratio ended at 14.3 percent, 2.9 percentage
points higher than year-end 2025.
Driven by lower four quarters rolling EBIT and higher invested capital,
annualised return on invested capital ended at 16 percent, compared to 21
percent in the same period last year.
At the end of Q1 2026, total assets amounted to 4,037 MEUR, an increase of
395 MEUR compared to year-end 2025. The development compared to year-
end 2025, where net assets in the Russian business were written down to zero,
was related to higher investments, higher trade receivables and a higher cash
position for payment of dividend in April 2026.
At the end of the period, the equity ratio was down five percentage points
compared to year-end 2025, but remained solid at 70 percent.
Cash flow in Q1 2026
Cash flow from operations before financial items and tax amounted to 88
MEUR, a decrease of 27 MEUR compared to the same period last year due to
lower earnings.
Investments amounted to 154 MEUR, an increase of 67 MEUR compared to 87
MEUR in the same period last year. The factory projects in the United States
and India, additional capacity in Romania, electrification of production lines in
the Netherlands and France, a logistics automation project in Germany, and a
new Technical Insulation production line in the United States were the largest
individual investment projects in the quarter.
Free cash flow ended at -119 MEUR, down 68 MEUR compared to the same
period last year due to lower earnings, higher investments, and timing of tax
settlements.
Cash flow from financing was 233 MEUR, compared to 115 MEUR last year,
primarily from drawings on credit facilities ahead of the dividend payments and
upcoming investment projects, but also lower cash flow from purchase of
shares related to the share buy-back programme.
ROCKWOOL had a net interest-bearing debt position of 306 MEUR with a
leverage ratio of 0.4 as well as unused credit facilities of 400 MEUR at the end
of Q1 2026.
ROIC
16%, down 5%-points
Operational cash flow before
financial items and tax
88 MEUR, down 27 MEUR
Free cash flow
-119 MEUR, down 68 MEUR
6/14
Business segments
Key figures Insulation segment
MEUR
Q1 2026
Q1 2025
External revenue
743
748
EBIT
103
118
EBIT margin
12.7%
14.4%
Insulation segment sales for Q1 2026 reached 743 MEUR, an increase of two
percent in local currencies and a decrease of one percent in reported figures
compared to same quarter last year. Revenue in the United States and key
markets in Eastern and Southern Europe showed solid growth, while revenue
decreased in the United Kingdom, Germany and Switzerland.
Insulation segment EBIT for Q1 2026 reached 103 MEUR, with an EBIT margin
of 12.7 percent, a decrease of 1.7 percentage points compared to Q1 2025.
This result reflects market weakness in Canada and the United Kingdom,
increased logistic costs and extra costs related to the production incident in
Switzerland and the planned production stop related to the electrical conversion
in the Netherlands.
Revenue per business EBIT per business
MEUR
Key figures Systems segment
MEUR
Q1 2026
Q1 2025
External revenue
163
158
EBIT
17
22
EBIT margin
10.3%
14.0%
Systems segment revenue amounted to 163 MEUR in Q1 2026, an increase of
four percent in local currencies and three percent in reported figures. Revenue
increased in Rockfon and Grodan while Rockpanel was stable.
Systems segment generated an EBIT of 17 MEUR in Q1 2026 with an EBIT
margin of 10.3 percent, a decrease of 3.7 percentage points compared to Q1
2025 mainly related to inflation on input costs that were not sufficiently offset by
sales price increases, increased bad debt provision as well as increased scale-
up costs in new business areas.
748
743
158
163
0
200
400
600
800
1.000
1.200
Q1 Q1
906
Insulation revenue
+2.0%
Insulation EBIT margin
-1.7%-points
Systems revenue
+3.9%
Systems EBIT margin
-3.7%-points
Systems
Insulation
906
118
103
22
17
0
50
100
150
Q1 Q1
140
120
Insulation
Systems
7/14
Conversion of shares
In accordance with ROCKWOOL’s articles of association, shareholders may
request conversion of A shares to B shares from 19 May 2026 (as per this
announcement) until 3 June 2026. Further information on how to submit a
conversion request and on the terms and conditions can be found on the
company’s website:
https://www.rockwool.com/group/about-us/investors/conversion-shares/.
Share buy-back programme
During Q1 2026 ROCKWOOL Group completed the share buy-back
programme running from 7 February 2025 until 6 February 2026. In Q1 2026
the Group purchased 238,060 B shares related to the programme. The total
purchase price was 51 MDKK (7 MEUR).
Outlook for the full year 2026
The outlook for 2026 revenue is between 3-6 percent growth in local currencies
due to a positive activity development and the effect from the sales price
increases that are needed to offset higher energy and logistics costs.
The announced sales price increases are expected to offset input costs and
logistics inflation, maintaining profitability margins. EBIT margin is therefore
expected to be between 13-14 percent for 2026.
Major investments in 2026 include capacity expansions in India, Romania, the
United States, and France along with the acquisition of land for future
manufacturing sites in several countries Overall, total investments are expected
to reach around 700 MEUR in 2026, excluding acquisitions.
2026 outlook overview
4 February 2026
11 May 2026
19 May 2026
Revenue in local currencies
Growth of between 2-4
percent
Growth of between 3-6
percent
Growth of between 3-6
percent
EBIT margin
Between 13-14 percent
Between 13-14 percent
Between 13-14 percent
Investments excluding acquisitions
Around 650 MEUR
Around 700 MEUR
Around 700 MEUR
Further information:
Kim Junge Andersen,
Chief Financial Officer
ROCKWOOL A/S
+45 46 56 03 00
At ROCKWOOL Group, we are committed to enriching the lives of everyone who experiences
our products and services. We help our customers and communities tackle many of today’s
biggest sustainability and development challenges, from energy consumption and noise
pollution to fire resilience, water scarcity, and flooding. Our product range reflects the diversity
of the world’s needs, while supporting our stakeholders in reducing their own carbon footprint.
Stone wool is a fully recyclable, versatile material that forms the basis of all our businesses.
With more than 11,800 dedicated colleagues in 37 countries and sales in more than 120, we
8/14
are the world leader in stone wool products, from building insulation to acoustic ceilings,
external cladding systems to horticultural solutions, engineered fibres for industrial use to
insulation for the process industry, and marine & offshore.
Management statement
Registered Directors
Board of Directors
9/14
Statement of profit and loss
MEUR
Q1 2026
Q1 2025
FY 2025
Revenue
Other operating income
Operating income
Raw material costs and production material costs
Delivery costs and indirect costs
Other expenses
Employee benefits expenses
Operating costs
EBITDA
Amortisation, depreciation and impairment
EBIT
Share of net profit of associates
Financial items
-6
-13
Profit before tax
Tax expense
Profit from continuing operations
Profit/loss from discontinued operation*
-170
-334
Profit for the period
-85
Profit for the period attributable to:
Non-controlling interests
Shareholders of ROCKWOOL A/S
-85
EUR
Earnings per share of 1 DKK (0.13 EUR)
-0.4
Continuing operations
Discontinued operation*
-0.8
-1.6
Diluted earnings per share of 1 DKK (0.13 EUR)
-0.4
Continuing operations
Discontinued operation*
*The discontinued operation in Russia was deconsolidated as from 13 January 2026. In accordance with IFRS 5 comparative figures have
been restated.
Upon deconsolidation the cumulative currency translation reserve in equity related to the Russian business was reclassified from equity to
the Statement of profit and loss and recognised in “Profit/loss from discontinued operation”. The cumulated currency translation reserve
represents a loss of 170 MEUR.
-0.8
-1.6
10/14
Statement of comprehensive income
MEUR
Q1 2026
Q1 2025
FY 2025
Profit for the period
-85
Items that will not be reclassified to profit or loss:
Actuarial gains and losses of pension obligations
Tax on other comprehensive income
-1
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign entities
-40
Hedging instruments, value adjustments
-1
Other comprehensive income
-38
Comprehensive income for the period
-10
Comprehensive income for the period attributable to:
Non-controlling interests
Shareholders of ROCKWOOL A/S
-10
Total comprehensive income for the period arises from:
Continuing operations
Discontinued operation
-275
Statement of financial position*
MEUR
Q1 2026
Q1 2025
FY 2025
Assets
Intangible assets
Property, plant and equipment
Right-of-use assets
Financial assets
Deferred tax assets
Non-current assets
Inventories
Receivables
Cash and cash equivalents
Current assets
Assets in discontinued operation
Total assets
Equity and liabilities
Share capital
Foreign currency translation
-22
-127
-202
Proposed dividend
Retained earnings
Hedging
-1
-3
-1
Equity attributable to shareholders of ROCKWOOL A/S
Non-controlling interests
Total equity
Non-current liabilities
Current liabilities
Total liabilities
Liabilities in discontinued operation
Total equity and liabilities
*The discontinued operation in Russia was deconsolidated as per 13 January 2026. In accordance with IFRS 5, comparative figures in the
statement of financial position have not been restated.
11/14
Statement of cash flows (condensed)
MEUR
Q1 2026
Q1 2025
FY 2025
EBIT
Adjustments for amortisation, depreciation and impairment
Adjustments of non-cash operating items
Changes in net working capital
-101
-96
-86
Cash flow from operations before financial items and tax
Cash flow from operating activities
Cash flow from investing activities excluding acquisitions
-154
-87
-441
Acquisitions/disposals of subsidiaries, net of cash
-2
Free cash flow
-119
-51
Cash flow from financing activities
-218
Net cash flow from continuing operations
-138
Net cash flow from discontinued operation
Cash available – beginning of period
Exchange rate adjustments on cash and cash equivalents
-3
Cash included in discontinued operation
-243
Cash available – end of period
Unutilised, committed credit facilities
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 2026
-202
-1
Profit for the period
-85
-85
-85
Other comprehensive income
Comprehensive income for the period
-85
Share buy-back programme
-7
-7
-7
Purchase of treasury shares
-2
-2
-2
Share based payments
Equity at 31 March 2026
-22
-1
Equity at 1 January 2025
-162
-2
Profit for the period
Other comprehensive income
-1
Comprehensive income for the period
-1
Share buy-back programme
-31
-31
-31
Purchase of treasury shares
-4
-4
-4
Share based payments
Equity at 31 March 2025
-127
-3
12/14
Business segments and revenue reporting
Q1
Insulation segment
Systems segment
Eliminations
ROCKWOOL Group
MEUR
2026
2025
2026
2025
2026
2025
2026
2025
External revenue
743
748
163
158
-
-
906
906
Internal revenue
69
66
-
-
-69
-66
-
-
Total revenue
812
814
163
158
-69
-66
906
906
Operating costs net
651
638
137
127
-69
-66
719
699
EBITDA
161
176
26
31
-
-
187
207
EBITDA margin
19.9%
21.6%
15.9%
19.7%
-
-
20.7%
22.8%
Amortisation, depreciation and impairment
58
58
9
9
-
-
67
67
EBIT
103
118
17
22
-
-
120
140
EBIT margin
12.7%
14.4%
10.3%
14.0%
-
-
13.2%
15.4%
Goods transferred at a point in time
743
748
163
158
-
-
906
906
Geographical split of revenue
MEUR
Q1 2026
Q1 2025
FY 2025
Western Europe
542
549
2,203
Eastern Europe
129
113
485
North America
187
197
737
Asia and others
48
47
191
Total revenue
906
906
3,616
Main figures in DKK million
MDKK
Q1 2026
Q1 2025
FY 2025
Revenue
6,767
6,757
26,988
Amortisation, depreciation and impairment
505
500
2,105
EBIT
894
1,041
3,672
Profit before tax
850
1,049
3,582
Profit from continuing operations*
638
807
2,717
Profit for the period
-632
862
209
Total assets
30,162
31,163
27,202
Total equity
21,134
23,889
20,472
Cash flow from operating activities
265
268
3,906
Cash flow from investing activities
1,155
647
3,307
Exchange rate
7.47
7.46
7.46
*The discontinued operation in Russia was deconsolidated as from 13 January 2026. In accordance with IFRS 5 comparative figures in the
statement of profit and loss and statement of cash flow have been restated. The statement of financial position has not been restated.
13/14
Accounting policies
This unaudited interim report has been prepared in accordance with IAS 34 and additional Danish regulations for the
presentation of quarterly interim reports by listed companies. The interim report has been prepared in accordance with the
accounting policies set out in the Annual Report for 2025, with no significant changes.
Significant accounting estimates and assumptions
In preparing this interim report, Management has made various accounting estimates and judgements that may significantly
influence the amounts recognised in the Consolidated Financial Statements and related information at the reporting date.
The accounting judgements and estimates which Management considers to be material for the preparation and
understanding of the interim report are stated in Note 1.1 in the Annual Report 2025 and primarily relate to control over the
Russian business, expected lifetime for property, plant and equipment, impairment testing, valuation of inventories, deferred
tax assets, and uncertain tax positions.
Disclaimer
The statements on the future in this report, including expected revenue and earnings, are associated with risks and
uncertainties and may be affected by factors influencing the activities of the Group, such as the global economic
environment, including interest and exchange rate developments, the raw material situation, production and distribution-
related issues, breach of contract or unexpected termination of contract, price reductions due to market-driven price
developments, market acceptance of new products, launches of competitive products, and other unforeseen factors.
Note 1 Discontinued operation – The Russian business
On 13 January 2026, the Russian government published a presidential decree, in which management of ROCKWOOL’s
Russian subsidiaries LLC ROCKWOOL and LLC ROCKWOOL-VOLGA was put under external administration. LLC
ROCKWOOL owns 100 percent of the two Russian subsidiaries LLC ROCKWOOL-NORTH and LLC ROCKWOOL-Ural.
According to the presidential decree, ROCKWOOL retains title to the shares in the subsidiaries, but otherwise no longer has
any control or influence over management of the four subsidiaries in Russia (the Russian business).
The decree was signed on 31 December 2025 and published on 13 January 2026. The decree enters into force on the day
of publication according to Russian regulation. Therefore, it is Management’s assessment that ROCKWOOL lost control of
the Russian business on 13 January 2026. The Russian business is therefore deconsolidated as from 13 January 2026.
Management has assessed that the Russian business from 13 January 2026 qualifies as a discontinued operation and has
been presented as such in accordance with IFRS 5.
Net result from the Russian business is presented separately in the statement of profit and loss and in the statement of cash
flows. Comparative figures have been restated accordingly.
In the statement of financial position, assets and liabilities related to the Russian business are deconsolidated and not
recognised. In accordance with IFRS 5 comparative figures have not been restated.
Management has assessed that an existing loan to ROCKWOOL A/S from the Russian subsidiary LLC ROCKWOOL will not
result in cash outflow as it is assessed that current EU sanctions prohibit the repayment of the loan, as long as control is lost
over the Russian business. The loan liability of 83 MEUR was offset in the value adjustment of the Russian business 31
December 2025. In the restated comparison figures, the loan and the related interest and foreign currency adjustment have
been included as part of the discontinued operation.
Upon deconsolidation in 2026, the cumulative currency translation reserve in equity related to the Russian business was
reclassified from equity to the Statement of profit and loss and recognised in “Profit/loss from discontinued operation”. The
cumulated currency translation reserve represents a loss of 170 MEUR.
14/14
Statement of profit and loss – Discontinued operation
MEUR
Q1 2026
Q1 2025
FY 2025
Revenue
-
53
261
Operating costs
-
37
172
EBITDA
-
16
89
Amortisation, depreciation and impairment
-
2
11
EBIT before value adjustment of the Russian business
-
14
78
Loss from value adjustment of the Russian business
-
-
392
EBIT
-
14
-314
Financial items
-170
-2
27
Profit before tax
-170
12
-287
Tax expense
-
5
47
Profit/loss from discontinued operation
-170
7
-334
Profit/loss from discontinued operations for the period
attributable to:
Non-controlling interests
Shareholders of ROCKWOOL A/S
-
-170
-
7
-
-334
Statement of cash flows - Discontinued operation
MEUR
Q1 2026
Q1 2025
FY 2025
Cash flow from operating activities
-
10
87
Cash flow from investing activities
-
-6
-32
Cash flow from financing activities
-
-
-
Net cash flow from discontinued operation
-
4
55
Tel: (+45) 46 56 03 00
CVR number: 54879415
Report date: 2026-05-19