Report on first quarter of 2025
for ROCKWOOL A/S
Release no. 30 – 2025
to Nasdaq Copenhagen

19 May 2025

Revenue developed well with solid profitability in Q1 2025

Highlights

• Revenue in Q1 2025 reached 959 MEUR, an increase of four percent measured in both local currencies and reported figures compared to last year. Two percentage points of the increase derived from the two acquisitions made in October 2024.
  
• EBITDA in Q1 2025 reached 223 MEUR, with a 23.2 percent EBITDA margin, down 0.3 percentage points compared to Q1 2024. Earnings continued at a good level, as sales prices and input costs overall remained stable.
  
• EBIT increased one percent to 154 MEUR in Q1 2025. EBIT margin reached 16 percent down 0.5 percentage points compared to Q1 2024, mainly due to higher depreciations related to investments. Acquisitions had limited impact on the EBIT margin.
  
• Investments totalled 93 MEUR in Q1 2025, of which the largest projects related to electrification of existing production lines, the expansion of production capacity in Romania, digitalisation, as well as the new factory in the United States.
• Cash flow from operations before financial items and tax amounted to 126 MEUR in Q1 2025 compared to 135 MEUR in Q1 2024.
• Shareholders may from 19 May 2025 until 4 June 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 Q1 2025, the company purchased 84,680 B shares related to share buy-back programmes for a total amount of 31 MEUR.
  

Outlook 2025

• Revenue growth of low single-digit percent in local currencies.
  
• EBIT margin around 16 percent.
  
• Investments around 450 MEUR excluding acquisitions.

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

“ROCKWOOL continued to perform well in the first quarter, both on revenue and profitability, effectively navigating macroeconomic turbulence. Our business continues to show a positive development across all key indicators while we achieve good revenue growth across all regions except Eastern Europe. Investments in capacity are progressing with new sites in the United States, Romania, and India as well as other projects in various development phases in Europe. We expect to see continuous demand for our energy efficient, fire safe solutions in Europe as member states define their national renovation plans to meet the mandatory targets established by the Energy Performance of Buildings Directive”.

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 20 May 2025 at 08.30 CET. The earnings call will be transmitted live on www.rockwool.com.