Report on first half of 2026
for ROCKWOOL A/S
Release no. 22 – 2026
to Nasdaq Copenhagen
Earnings call
ROCKWOOL Group will host an earning call on 20 August 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. In short, the
relevant 2025 numbers in this report have been restated to exclude Russia, thus ensuring a transparent like-for-like comparison.
1/17
19 August 2026
Record high second quarter revenue driven by volume increases
Highlights
1
▪ Revenue in H1 2026 reached 1,906 MEUR, delivering growth of six
percent in local currencies and five percent in reported figures
compared to last year.
▪ Q2 2026 delivered strong 10 percent revenue growth in both local
currencies and reported figures compared to last year with a record
high revenue of 1,000 MEUR. Revenue growth was driven by higher
volumes, including market share gains in flat roof projects, supported
by narrowing pricing gaps to competing insulation materials.
▪ EBITDA in H1 2026 reached 395 MEUR, with a solid 20.7 percent
EBITDA margin amid global market uncertainty.
▪ Although Q2 2026 was affected by rising energy and transport costs,
EBITDA continued to be strong, reaching 208 MEUR, with a 20.8
percent EBITDA margin.
▪ In H1 2026, EBIT reached 249 MEUR with an EBIT margin of 13.1
percent, down 1.5 percentage points compared to H1 2025.
▪ In Q2 2026, EBIT increased three percent to 129 MEUR. EBIT margin
reached 12.9 percent, down 0.9 percentage points compared to last
year.
▪ To support our path to fossil-free melting and to strengthen our in-
house technical capabilities, ROCKWOOL acquired the remaining
stake in Swedish company ScanArc Plasma Technologies in June
2026.
▪ Shareholders may from 19 August 2026 until 2 September 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/
Outlook 2026
▪ Revenue is expected to increase between 5-7 percent in 2026 in local
currencies, changed from previously between 3-6 percent.
▪ EBIT margin between 13-14 percent.
▪ Investment level around 750 MEUR, excluding acquisitions, changed
from previously around 700 MEUR.
“We achieved record high Q2 sales, driven
by volume increases. Sales improved
strongly in most regions, with South and
Eastern Europe, Asia, and the United
States performing especially well.
Profitability was good in both the quarter
and for the half-year.
With the measures now in place to mitigate
energy and transportation cost increases,
we expect full year profitability to remain
within expectation. Investments in capacity
expansion and electrification as well as
automation and other digital initiatives will
remain a priority.
Energy price increases are driving greater
focus on energy efficiency in the built
environment, thus creating greater demand
for insulation. More broadly, I am confident
ROCKWOOL will continue to lead the way
in shaping the market and advancing the
conversation around energy efficiency,
energy security, and fire safety”.
CEO Jes Munk Hansen
2/17
Main figures / key figures for the Group*
Q2 2026
Q2 2025
YTD
Q2 2026
YTD
Q2 2025
FY 2025
Statement of profit and loss in MEUR
Revenue
1,000
912
1,906
1,818
3,616
EBITDA
208
197
395
404
775
Amortisation, depreciation and impairment
79
71
146
138
283
EBIT
129
126
249
266
492
Profit before tax
124
123
238
264
480
Profit from continuing operations
93
95
178
204
362
Profit/loss from discontinued operation
-
27
-170
34
-334
Profit for the period
93
122
8
238
28
Statement of financial position in MEUR
Non-current assets
2,952
2,654
2,692
Current assets
1,147
1,347
950
Total assets
4,099
4,001
3,642
Total equity
2,811
3,032
2,741
Non-current liabilities
254
229
230
Current liabilities
1,034
740
671
Net interest-bearing cash / (debt)
-461
86
-168
Net working capital
513
481
414
Invested capital
3,243
2,923
2,903
Statement of cash flows in MEUR
Cash flow from operating activities
174
143
209
179
523
Cash flow from investing activities
206
84
360
171
443
Free cash flow
-32
59
-151
8
80
Others
Number of full-time employees continuing operations (end of
period)
11,939
11,601
11,748
Ratios
EBITDA margin
20.8%
21.5%
20.7%
22.2%
21.4%
EBIT margin
12.9%
13.8%
13.1%
14.6%
13.6%
ROIC (rolling 4 quarters) continuing operations
15.7%
19.9%
17.4%
Return on equity (rolling 4 quarters) continuing operations
12.4%
14.3%
13.2%
Equity ratio continuing operations
68.6%
72.1%
75.3%
Stock market information (DKK)
Earnings per share continuing operations
3
3
6
7
13
Cash flow per share continuing operations
7
5
8
6
19
Book value per share continuing operations
101
92
97
Share capital (million)
207
212
212
Price per A share (closing)
216
295
224
Price per B share (closing)
209
296
225
Market cap (million)
43,937
61,998
46,542
Number of own shares
407,830
1,974,356
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/.
3/17
Management report for the period
1 January to 30 June 2026
General update
The European construction market recovered modestly while growth remained
uneven across sectors and countries. The United States offered a more
balanced picture with steady confidence notwithstanding headwinds from
affordability pressures and tight labour markets. Infrastructure and specialised
sectors remained strong.
The Iran conflict created global supply chain disruptions as well as elevated
energy and transportation costs. Despite these challenges, we successfully
navigated the quarter and delivered solid results. The timing lag between cost
inflation and our compensating price increases – reflecting our disciplined
approach to customer relationships – impacted Q2 margins while protecting
long-term profitability.
We continue to believe that better energy efficiency in buildings is the best
protection against higher and fluctuating energy prices, while using stone wool
insulation also provides critical fire safety. Fires across natural landscapes and
the built environment have underscored the growing importance of fire
resilience and generated a new level of public awareness. As climate risks
intensify and the built environment comes under pressure, regulations are
evolving, especially in southern Europe, to embed fire safety in building design,
construction, and renovation.
To support our path to a fossil-free melting process and to strengthen our in-
house technical capabilities, ROCKWOOL acquired the remaining 66 percent
stake in Swedish company ScanArc Plasma Technologies in June 2026,
bringing the ownership to 100 percent. Acquisition-related payments totalled 7
MEUR in Q2 2026. The acquisition is not expected to impact our 2026 financial
outlook.
Global revenue development
In the first half of 2026, revenue was 1,906 MEUR, an increase of six percent in
local currencies and five percent in reported figures. South and Eastern Europe
performed well, and sales in United States, particularly in the second quarter,
continued the good performance from 2025. Some of the planned sales price
increases took effect in the latter part of the second quarter, while the more
significant impact from increased sales prices is expected from third quarter to
compensate for inflation.
In Q2 2026, ROCKWOOL generated strong 10 percent revenue growth in both
local currencies and reported figures compared to Q2 2025 and reached record
high revenue of 1,000 MEUR. The revenue increase was driven by significantly
higher volumes partly from market share gains in flat roof projects helped by the
dynamics in the market with a narrowing of the pricing gap to competing
insulation materials.
Group revenue
+6.3%
4/17
Regional revenue development
In H1 2026, revenue in Western Europe amounted to 1,144 MEUR, up three
percent measured in both local currencies and in reported figures. Revenue
grew double-digit in Spain, Italy, Sweden, and France, while most other
countries had single-digit growth. Revenue declined in United Kingdom from
continued market challenges and in Switzerland due to the late 2025 production
incident. In Q2 2026, sales in Western Europe grew to 602 MEUR, up eight
percent in both local currencies and in reported figures compared to same
period last year.
In Eastern Europe, revenue for H1 2026 amounted to 276 MEUR, an increase
of 23 percent in local currencies and 24 percent in reported figures compared to
H1 2025. Most countries had double-digit growth, except for Poland with single-
digit growth due to a slow first quarter. Sales in Q2 2026 amounted to 147
MEUR, up 31 percent in local currencies and up 32 percent in reported figures.
In H1 2026, revenue in North America reached 385 MEUR, an increase of four
percent in local currencies, but a decrease of two percent in reported figures.
The United States continued to perform well, with momentum accelerating in
second quarter into double-digit growth. We still see strong market demand for
our non-combustible stone wool products and the potential for further
expansion in the region. Canada continued to struggle due to difficult market
conditions. In Q2 2026, sales in North America amounted to 198 MEUR, up four
percent in local currencies and two percent in reported figures.
In H1 2026, revenue in Asia and rest of the world amounted to 101 MEUR, an
increase of 12 percent in local currencies and seven percent in reported figures
compared to last year. Many countries in the region experienced double-digit
growth, with Vietnam, Thailand, Singapore, and Japan performing well in the
period. China decreased due to low sales in first quarter, although with an
uptick in the second quarter. In Q2 2026, sales in Asia and rest of the world
amounted to 53 MEUR, up 17 percent in local currencies and 15 percent in
reported figures.
Regional revenue
MEUR
1,108
1,144
223
276
393
385
94
101
0
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
H1 2025 H1 2026
Western Europe Eastern Europe North America Asia and others
Revenue in Western Europe
+3.4%
Revenue in Eastern Europe
+22.7%
Revenue in North America
+3.7%
Revenue in Asia and rest of
the world
+12.1%
22%
12%
61%
60%
15%
20%
5%
5%
5/17
Group profitability
In H1 2026, EBITDA reached 395 MEUR, a decrease of two percent. The
EBITDA margin was 20.7 percent for H1 2026, compared to 22.2 percent for H1
2025. While several factors pressured margins – such as time lags between
energy cost inflation and compensating sales price increases, the electrical
conversion in the Netherlands, and persistent market challenges in Canada and
the UK – the underlying operational performance remained resilient.
In Q2 2026 EBITDA increased six percent to 208 MEUR, resulting in an
EBITDA margin of 20.8 percent, a good result although down 0.7 percentage
points compared to Q2 2025. Inflation on energy, certain oil-related raw
materials and logistics increased during second quarter due to the Iran conflict,
while the announced sales price increases first took effect in the latter part of
the quarter. EBITDA in Q2 2026 was positively impacted by one-off income of 7
MEUR from winning an older claim related to former transport suppliers in the
UK, recognised with 6 MEUR in Insulation segment and 1 MEUR in Systems
segment.
EBIT decreased six percent, reaching 249 MEUR in H1 2026, corresponding to
an EBIT margin of 13.1 percent compared to 14.6 percent for the same period
last year. The margin decline was mainly due to higher depreciations related to
investments as well as a one-off 9 MEUR write-down related to a reprioritisation
of capacity investments.
In Q2 2026, EBIT increased three percent, reaching 129 MEUR, corresponding
to an EBIT margin of 12.9 percent compared to 13.8 percent for the same
period last year.
The result for H1 2025 included a donation to the Foundation for Ukrainian
Reconstruction of 13.4 MEUR (100 MDKK), 6 MEUR in Q1 2025 and 7.4 MEUR
in Q2 2025. No donations were recognised in H1 2026.
Net financial items was an expense of 11 MEUR in H1 2026, compared to an
expense of 2 MEUR for the same period last year, driven by interest costs from
drawings on our credit facilities.
The effective tax rate was 25 percent in H1 2026 compared to 23 percent in H1
2025, and unchanged from full year 2025.
Net profit for continuing operations (i.e. the Group result excluding the Russian
business) amounted to 178 MEUR in H1 2026, which is 26 MEUR lower than
last year.
As mentioned in the Q1 announcement, an unrealised currency loss of 170
MEUR was recognised as a one-time loss in Q1 2026 related to the
deconsolidation of the Russian business.
EBITDA
-1.8%
EBIT
-6.2%
6/17
Financial position
Net working capital at the end of H1 2026 was 513 MEUR, an increase of 99
MEUR compared to year-end 2025. The increase was related partly to higher
trade receivables from the increased sales in Q2 2026 partly offset by higher
trade payables. Net working capital ratio ended at 13.9 percent, 2.5 percentage
points higher than year-end 2025, and 1.1 percentage points higher than the
comparable ratio from H1 2025.
Driven by lower four quarters rolling EBIT and higher invested capital,
annualised return on invested capital ended H1 2026 at 16 percent, compared
to 20 percent in the same period last year.
At the end of H1 2026, total assets amounted to 4,099 MEUR, an increase of
457 MEUR compared to year-end 2025. The development compared to year-
end 2025 was driven by investments and higher trade receivables.
At the end of the period, the equity ratio was down seven percentage points
compared to year-end 2025 but remained solid at 69 percent.
Cash flow
Cash flow from operations before financial items and tax amounted to 303
MEUR in H1 2026, an improvement of 18 MEUR compared to the same period
last year, mainly related to the net working capital development. The seasonal
net working capital increase was lower during H1 2026 than in H1 2025
compared the beginning of the year, as higher sales reduced inventory. The
increase in trade receivable was offset by increased trade payables.
Investments excluding acquisitions amounted to 353 MEUR in H1 2026, an
increase of 182 MEUR compared to 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 first
half of 2026.
Free cash flow ended at -151 MEUR in H1 2026, down 159 MEUR compared to
the same period last year driven by higher investments.
Cash flow from financing was 160 MEUR in H1 2026, compared to -111 MEUR
last year, primarily from drawings on credit facilities related to dividend
payments and investments, but also from lower cash flow spend on purchase of
shares related to the share buy-back programme last year.
ROCKWOOL had a net interest-bearing debt position of 461 MEUR with a
leverage ratio of 0.6 as well as unused credit facilities of 350 MEUR at the end
of H1 2026.
ROIC
16%, down 4%-points
Operational cash flow before
financial items and tax
303 MEUR, up 18 MEUR
Free cash flow
-151 MEUR, down 159 MEUR
7/17
Business segments
Key figures Insulation segment
MEUR
Q2 2026
Q2 2025
YTD
Q2 2026
YTD
Q2 2025
External revenue
829
755
1,572
1,503
EBIT
108
106
211
224
EBIT margin
11.9%
12.9%
12.3%
13.6%
Insulation segment sales for the first half of 2026 reached 1,572 MEUR, which
is an increase of six percent in local currencies and five percent in reported
figures. Insulation segment sales for Q2 2026 reached 829 MEUR, an increase
of 10 percent in both local currencies and in reported figures compared to same
quarter last year. Revenue in the United States and key markets in Europe
showed solid growth, while revenue decreased in Canada, the United Kingdom,
and Switzerland.
Insulation segment EBIT for H1 2026 reached 211 MEUR, with an EBIT margin
of 12.3 percent, a decrease of 1.3 percentage points compared to H1 2025.
Insulation segment EBIT for Q2 2026 reached 108 MEUR, with an EBIT margin
of 11.9 percent, a decrease of 1.0 percentage points compared to Q2 2025.
This result reflects market weakness in Canada and the United Kingdom, the
time lag between sales price increases and inflation, as well as extra costs
related to production stop for the electrical conversion in the Netherlands. The
result was also impacted by the 9 MEUR write-down related to a reprioritisation
of capacity investments, which was partly offset by 6 MEUR income related to
the positive outcome of a transport supplier claim.
Key figures Systems segment
MEUR
Q2 2026
Q2 2025
YTD
Q2 2026
YTD
Q2 2025
External revenue
171
157
334
315
EBIT
21
20
38
42
EBIT margin
12.6%
12.9%
11.5%
13.4%
Systems segment revenue amounted to 334 MEUR in H1 2026, which is an
increase of seven percent in local currencies and six percent in reported
figures. Systems segment revenue amounted to 171 MEUR in Q2 2026, an
increase of nine percent in both local currencies and reported figures. Revenue
increased in all business areas except for Grodan in North America.
Systems segment generated an EBIT of 38 MEUR for H1 2026 with an EBIT
margin of 11.5 percent, a decrease of 1.9 percentage points compared to the
same period last year. The decrease was driven by lower profitability in Grodan
due to difficult market conditions in North America. Systems segment generated
an EBIT of 21 MEUR in Q2 2026 with an EBIT margin of 12.6 percent, a
decrease of 0.3 percentage points compared to Q2 2025. The result was
impacted by 1 MEUR income related to the positive outcome of a transport
supplier claim.
Insulation revenue
+6.3%
Insulation EBIT margin
-1.3%-points
Systems revenue
+6.6%
Systems EBIT margin
-1.9%-points
8/17
Revenue per business
MEUR
EBIT per business
MEUR
Sustainability
At ROCKWOOL, we are committed to turn sustainable development challenges
into business opportunities by developing innovative, fire-safe products that
address key societal needs. The EU Energy Performance of Buildings
Directive, adopted by EU member states, has good potential for ROCKWOOL,
though significant impact is not expected in the short-term.
748
743
755
829
734
708
158
163
157
171
156
200
0
200
400
600
800
1.000
1.200
Q1 Q2 Q3 Q4
906
Insulation
Systems
906
912
908
118
103
106
108
107
79
22
17
20
21
19
21
0
20
40
60
80
100
120
140
160
Q1 Q2 Q3 Q4
140
120
Systems
Insulation
126
129
100
1,000
890
126
9/17
Key figures sustainability performance*
Rolling 4 qtr.
Q2 2026
FY 2025
Target index (100 in baseline year 2015):
CO
2
intensity (Scope 1+2) per tonne stone wool
75
76
Energy efficiency in own buildings
67
67
Water use intensity from stone wool production
86
86
Landfill waste from our stone wool production
43
50
Target index (100 is baseline year 2019):
Absolute GHG emissions (Scope 1+2), rolling four quarters
81
80
H1 2026
FY 2025
Number of countries where we offer recycling service
25
25
H1 2026
H1 2025
Lost time incident frequency rate
1.6
2.6
*) 2025 numbers have been restated to exclude the Russian business.
Safety is a top priority at ROCKWOOL, with the aim of zero fatalities and zero
serious accidents. This goal was not achieved in the first half of 2026, with two
serious incidents recorded. Lessons learned have been shared among factories
to help prevent future incidents. The lost time incident frequency rate improved
significantly, benefitting from the implementation of the Group’s strategy
“ROCKWOOL House of Safety”, along with the rollout of the “Not-On-My-
Watch” and “Safety Leadership Engagement” programmes.
In H1 2026, ROCKWOOL’s rolling four-quarter absolute Scope 1 and 2 GHG
emissions increased by one percentage point compared to 2025, mainly driven
by higher production volumes. CO
2
emissions intensity per tonne of stone wool
improved by one percentage point to a 25 percent reduction compared to the
2015 baseline. ROCKWOOL continues to work on the transition to cleaner
energy sources and the electrification of production processes. While we have
ongoing conversions of factory lines in the Netherlands, Spain and France, we
are beginning to experience increased difficulties in planning grid connections
and securing access to renewable energy to our factory sites.
In H1 2026, rolling four-quarter progress towards the Group’s water use
intensity target (excluding rainwater) showed a 14 percent reduction compared
to the 2015 baseline, while at the same level as in 2025.
The rolling four-quarter waste from stone wool production sent to landfill ended
at index 43, an improvement of seven percentage points compared to 2025-
index and 57 percent compared to the 2015 baseline. The reduction was driven
by the closure of a factory in Norway and improved waste management in
Canada.
Conversion of shares
In accordance with ROCKWOOL’s articles of association, shareholders may
request conversion of A shares to B shares from 19 August 2026 (as per this
announcement) until 2 September 2026. Further information on how to submit a
10/17
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/.
Outlook for the full year 2026
After a record high Q2 revenue driven by volume growth, we expect the broad-
based momentum to continue through second half of 2026. We anticipate full-
year revenue growth will be driven by both volume and sales price increases
introduced to compensate inflation on energy and raw materials. However, we
expect growth to be partly constrained by sourcing limitations in North America.
We therefore forecast full-year revenue growth of 5-7 percent in local
currencies.
We maintain our expectation for full-year EBIT margin in the range of 13-14
percent. While sales price increases will support margins, the benefit will be
partly offset by North American sourcing constraints, elevated maintenance
costs and a less favourable product and country mix.
Our large investment projects are on track. Significant supply contracts are
being finalised in 2026, with timing of down-payments driving our investment
outlook to around 750 MEUR for the year, excluding acquisitions.
2026 outlook overview
4 February 2026
11 May 2026
19 May 2026
19 August 2026
Revenue in local currencies
Growth between
2-4 percent
Growth between
3-6 percent
Growth between
3-6 percent
Growth between
5-7 percent
EBIT margin
Between
13-14 percent
Between
13-14 percent
Between
13-14 percent
Between
13-14 percent
Investments excluding acquisitions
Around 650 MEUR
Around 700 MEUR
Around 700 MEUR
Around 750 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 11,900 dedicated colleagues in 37 countries and sales in more than 120, we
are the world leader in stone wool products, from building insulation to acoustic ceilings,
external cladding systems to horticultural solutions, engineered fibres for industrial use to
insulation for the process industry, and marine & offshore.
11/17
Management statement
Registered Directors
Board of Directors
12/17
Statement of profit and loss
MEUR
Q2 2026
Q2 2025
YTD
Q2 2026
YTD
Q2 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
-5
-3
-11
-2
-13
Profit before tax
Tax expense
Profit from continuing operations
Profit/loss from discontinued operation*
-170
-334
Profit for the period
Profit for the period attributable to:
Non-controlling interests
Shareholders of ROCKWOOL A/S
EUR
Earnings per share of 1 DKK (0.13 EUR)
Continuing operations
Discontinued operation*
-0.8
-1.6
Diluted earnings per share of 1 DKK (0.13 EUR)
Continuing operations
Discontinued operation*
-0.8
-1.6
*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 recognised in Q1 2026.
13/17
Statement of comprehensive income
MEUR
Q2 2026
Q2 2025
YTD
Q2 2026
YTD
Q2 2025
FY 2025
Profit for the period
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
-75
-40
-40
Hedging instruments, value adjustments
-3
-3
Other comprehensive income
-72
-38
-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
Q2 2026
Q2 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
-14
-202
-202
Proposed dividend
Retained earnings
Hedging
-4
-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.
14/17
Statement of cash flows (condensed)
MEUR
Q2 2026
Q2 2025
YTD
Q2 2026
YTD
Q2 2025
FY 2025
EBIT
Adjustments for amortisation, depreciation and impairment
Adjustments of non-cash operating items
Changes in net working capital
-29
-98
-125
-86
Cash flow from operations before financial items and tax
Cash flow from operating activities
Cash flow from investing activities excluding acquisitions
-199
-84
-353
-171
-441
Acquisitions/disposals of subsidiaries, net of cash
-7
-7
-2
Free cash flow
-32
-151
Cash flow from financing activities
-73
-226
-111
-218
Net cash flow from continuing operations
-105
-167
-103
-138
Net cash flow from discontinued operation
Cash available – beginning of period
Exchange rate adjustments on cash and cash equivalents
-9
-2
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
Other comprehensive income
-3
Comprehensive income for the period
-3
Share buy-back programme
-7
-7
-7
Purchase of treasury shares
-2
-2
-2
Share based payments
Dividend paid
-118
-115
-115
Equity at 30 June 2026
-14
-4
Equity at 1 January 2025
-162
-2
Profit for the period
Other comprehensive income
-40
-38
-38
Comprehensive income for the period
-40
Share buy-back programme
-70
-70
-70
Cancellation of shares
-1
Purchase of treasury shares
-4
-4
-4
Share based payments
Dividend paid
-182
-178
-178
Transactions with non-controlling interests
-2
-2
-1
-3
Equity at 30 June 2025
-202
15/17
Business segments and revenue reporting
YTD Q2
Insulation segment
Systems segment
Eliminations
ROCKWOOL Group
MEUR
2026
2025
2026
2025
2026
2025
2026
2025
External revenue
1,572
1,503
334
315
-
-
1,906
1,818
Internal revenue
142
131
-
-
-142
-131
-
-
Total revenue
1,714
1,634
334
315
-142
-131
1,906
1,818
Operating costs net
1,377
1,290
276
255
-142
-131
1,511
1,414
EBITDA
337
344
58
60
-
-
395
404
EBITDA margin
19.7%
21.0%
17.5%
19.0%
-
-
20.7%
22.2%
Amortisation, depreciation and impairment
126
120
20
18
-
-
146
138
EBIT
211
224
38
42
-
-
249
266
EBIT margin
12.3%
13.6%
11.5%
13.4%
-
-
13.1%
14.6%
Goods transferred at a point in time
1,572
1,503
334
315
-
-
1,906
1,818
Geographical split of revenue
MEUR
Q2 2026
Q2 2025
YTD
Q2 2026
YTD
Q2 2025
FY 2025
Western Europe
602
559
1,144
1,108
2,203
Eastern Europe
147
110
276
223
485
North America
198
196
385
393
737
Asia and others
53
47
101
94
191
Total revenue
1,000
912
1,906
1,818
3,616
Main figures in DKK million
MDKK
Q2 2026
Q2 2025
YTD
Q2 2026
YTD
Q2 2025
FY 2025
Revenue
7,472
6,804
14,239
13,561
26,988
Amortisation, depreciation and impairment
591
526
1,096
1,026
2,105
EBIT
964
938
1,858
1,979
3,672
Profit before tax
927
915
1,777
1,964
3,582
Profit from continuing operations*
695
714
1,333
1,521
2,702
Profit for the period
695
915
63
1,777
209
Total assets
30,636
29,848
27,202
Total equity
21,014
22,619
20,472
Cash flow from operating activities
1,302
1,069
1,567
1,337
3,906
Cash flow from investing activities
1,537
632
2,692
1,279
3,307
Exchange rate
7.47
7.46
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.
16/17
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 recognised in Q1 2026.
17/17
Statement of profit and loss – Discontinued operation
MEUR
Q2 2026
Q2 2025
YTD
Q2 2026
YTD
Q2 2025
FY 2025
Revenue
-
76
-
129
261
Operating costs
-
46
-
83
172
EBITDA
-
30
-
46
89
Amortisation, depreciation and impairment
-
3
-
5
11
EBIT before value adjustment of the Russian business
-
27
-
41
78
Loss from value adjustment of the Russian business
-
-
-
-
392
EBIT
-
27
-
41
-314
Financial items
-
10
-170
8
27
Profit before tax
-
37
-170
49
-287
Tax expense
-
10
-
15
47
Profit/loss from discontinued operation
-
27
-170
34
-334
Profit/loss from discontinued operations for the period
attributable to:
Non-controlling interests
Shareholders of ROCKWOOL A/S
-
-
-
27
-
-170
-
34
-
-334
Statement of cash flows - Discontinued operation
MEUR
Q2 2026
Q2 2025
YTD
Q2 2026
YTD
Q2 2025
FY 2025
Cash flow from operating activities
-
35
-
45
87
Cash flow from investing activities
-
-10
-
-16
-32
Cash flow from financing activities
-
-
-
-
-
Net cash flow from discontinued operation
-
25
-
29
55
Tel.: (+45) 46 56 03 00
CVR number: 54879415
Report date: 2026-08-19