Report on first half of 2025
for ROCKWOOL A/S
Release no. 50 – 2025
to Nasdaq Copenhagen

20 August 2025

While adjusting our outlook to reflect market uncertainty, we stay committed to investing for long-term value creation

Highlights

• Revenue in H1 2025 reached 1,947 MEUR, an increase of one percent measured in both local currencies and reported figures compared to last year. The 2024 acquisitions had a two-percentage point positive impact in H1 2025 compared to last year.
  
• Revenue in Q2 2025 reached 988 MEUR, a decrease of two percent measured in both local currencies and reported figures compared to last year, including a two-percentage point positive impact from the 2024 acquisitions.
  
• EBITDA in H1 2025 reached 450 MEUR, with a 23.1 percent EBITDA margin, down 1.2 percentage points compared to H1 2024.
  
• EBITDA in Q2 2025 reached 227 MEUR, with a 23.0 percent EBITDA margin. Earnings decreased due to unfavourable country and product mix as well as lower efficiency in several factories. While satisfactory, it was down 2.1 percentage points compared to the uncommonly high margin in Q2 2024.
  
• EBIT decreased 10 percent to 307 MEUR in H1 2025. EBIT margin reached 15.8 percent, down 1.9 percentage points compared to H1 2024, mainly due to higher depreciations related to investments. The 2024 acquisitions had limited impact on the EBIT margin.
  
• EBIT decreased 19 percent to 153 MEUR in Q2 2025. EBIT margin reached 15.5 percent, down 3.2 percentage points compared to Q2 2024, mainly due to higher depreciations related to investments and write-downs related to the Trondheim, Norway factory closure. The 2024 acquisitions had limited impact on the EBIT margin.
  
• Investments totalled 187 MEUR in H1 2025, of which the largest projects related to the production capacity expansion in Romania, the new factory in North America, and electrification of existing production lines as well as digitalisation.
  
• Cash flow from operations before financial items and tax amounted to 323 MEUR in H1 2025 compared to 394 MEUR last year.
  
• Shareholders may from 20 August 2025 until 3 September 2025 request conversion of A shares to B shares. For further information please refer to https://www.rockwool.com/group/about-us/investors/conversion-shares/.
  
• During H1 2025, the Group purchased 1,859,800 B shares related to the share buy-back programme for a total amount of 70 MEUR.

Outlook 2025

• Revenue is expected to be at level with last year in local currencies, changed from previously revenue growth of low single-digit percent in local currencies.
  
• EBIT margin is expected to be below 16 percent, changed from previously around 16 percent.
  
• Investments around 450 MEUR excluding acquisitions.

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

“Considering the difficult market conditions and the geopolitical uncertainties, we expect our full-year revenue to be at level with last year and our EBIT margin to be below 16 percent.

Although volumes declined in some markets and growth slowed in others, we delivered overall acceptable revenue and profitability for H1 2025. The technical insulation business continued to perform well as did several European markets, including the UK, Spain, Italy, and Romania. Several other markets including the Nordics experienced double-digit sales declines.

Notwithstanding the near-team difficulties, we remain optimistic about the future and will continue to invest in capacity expansion, decarbonisation, and digitalisation”.

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 21 August 2025 at 11:00 CET. The call will be transmitted live on www.rockwool.com.