Report on the first nine months of 2024
for ROCKWOOL A/S
Release no. 63 – 2024
to Nasdaq Copenhagen

27 November 2024

Sales growth continued in Q3 2024 with solid profitability

Highlights

• Sales in the first nine months of 2024 reached 2885 MEUR, an increase of seven percent measured in both local currencies and reported figures compared to last year, driven by volume growth; sales prices overall remained stable
  
  
• Q3 2024 sales reached 957 MEUR, an increase of five percent in local currencies and six percent in reported figures compared to last year.
  
  
• EBITDA in the first nine months of 2024 reached 710 MEUR, up 23 percent, yielding a 24.6 percent EBITDA margin. Earnings continued at a good level, as sales prices overall remained stable, and productivity improved.
  
  
• EBITDA in Q3 2024 reached 241 MEUR, an increase of 10 percent compared to last year. The EBITDA margin was 25.2 percent.

• EBIT in the first nine months of 2024 increased 34 percent to 514 MEUR with a 17.8 percent EBIT margin, up 3.5 percentage points.
  
  
• EBIT in Q3 2024 increased 18 percent to 173 MEUR, with an 18.1 percent EBIT margin, up 1.9 percentage points.
  
  
• Investments reached 248 MEUR for the first nine months of 2024, mainly related to electrical melter conversion at the Swiss factory and Systems segment capacity.
  
  
• Cash flow from operations before financial items and tax amounted to 684 MEUR for the first nine months of 2024 compared to 581 MEUR in the same period last year.
  
  
• Shareholders may from 28 November 2024 until 11 December 2024 request conversion of A shares to B shares. For further information please refer to https://www.rockwool.com/group/about-us/investors/conversion-shares/.
  
  
• At the end of Q3 2024, the company had purchased 320,400 B shares under the share buy-back programme for a total amount of 108 MEUR.
  
• In the beginning of October 2024, ROCKWOOL completed two acquisitions. In the United Kingdom, Wetherby Building Systems Ltd, a leading UK supplier for external thermal insulation composite systems (ETICS), was acquired. In Vietnam, ROCKWOOL completed the acquisition of that country’s leading stone wool producer Khai Hoan Insulation, based near Ho Chi Minh City.

Outlook 2024

• Sales growth of around mid-single-digit percent in local currencies.
  
  
• EBIT margin around 17 percent.
  
  
• Investment level around 375 MEUR excluding acquisitions.
  

CEO comment
Commenting on the Group’s performance, CEO Jes Munk Hansen says:

“As I continue getting to know our organisation and customers, I am consistently impressed with the quality of our teams, technology, and ability to serve the market under evolving conditions. The Group’s sales and profitability performance in the third quarter and year-to-date is further testimony to that. Key markets in Europe and North America are delivering good volume growth, which is driving the sales figures. Profitability is also being driven by the volume growth combined with overall stable sales prices and high productivity. Broadly in Europe, residential new build construction activity remains subdued while the renovation market is more resilient. We continue to invest in growing the business and remain optimistic about the future”.

Further information:
Kim Junge Andersen, Chief Financial Officer
ROCKWOOL A/S
+45 46 56 03 00

Earnings call:
ROCKWOOL Group will host an earnings call on 28 November 2024 at 11.00 CEST. The earnings call will be transmitted live on www.rockwool.com.