Denmark · Delayed Price · Currency is DKK Rockwool Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 2% revenue growth and a 13.2% EBIT margin, with strong gains in Eastern Europe and Asia offsetting declines in Canada and the U.K. Investments and acquisitions support long-term growth, while 2026 guidance maintains 3%-6% revenue growth and 13%-14% EBIT margin.
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The AGM approved all agenda items, including a dividend, share buyback, and capital reduction. Financial results were solid despite a major Russian asset write-down and market challenges. Strategic investments in green transition and capacity expansion continue, with a strong focus on sustainability and resilience.
Fiscal Year 2025
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Revenue grew 1.1% in local currencies for 2025, with EBIT margin at 14.7% before Russian adjustments. Excluding Russia, revenue rose 2.7%, but margins declined due to one-offs and asset write-downs. 2026 guidance targets 2%-4% revenue growth and 13%-14% EBIT margin, with EUR 650 million in investments.
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Revenue grew 1% in the first nine months of 2025, with Q3 profitability pressured by project delays, production issues, and regional challenges. Full-year revenue is expected to match last year, with EBIT margin guidance at 14%-15% due to one-offs and market softness.
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Revenue grew 1% in H1 2025, driven by acquisitions, but EBIT margin declined to 15.8% amid operational challenges and a sharp slowdown in North America. Full-year revenue is now expected to be flat, with EBIT margin just below 16%, as macroeconomic and geopolitical uncertainties persist.
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Q1 revenue rose 4% year-over-year to EUR 959 million, with EBIT margin at 16% and strong cash position. Insulation led growth, while systems segment faced headwinds. Full-year guidance for low single-digit revenue growth and 16% EBIT margin is maintained.
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AGM confirmed strong financial growth, with revenue up 6% and EBIT up 31%, and approved a DKK 63 per share dividend, share split, and further investment in green initiatives. Board and auditor elections, as well as all major proposals, were adopted.
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Decarbonization efforts focus on electrification, energy efficiency, and circularity, with significant CO2 reductions achieved and further investments planned. Environmental, social, and governance goals are progressing, with strong ESG ratings and continued alignment with EU regulations.
Fiscal Year 2024
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Record net profit and strong North American growth drove a 6% revenue increase and a 17.5% EBIT margin in 2024. Guidance for 2025 includes low single-digit sales growth, a 16% EBIT margin, and EUR 450 million in investments, with continued focus on capacity, sustainability, and price discipline.
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Sales grew 7% year-over-year for the first nine months, with strong EBIT margin expansion and robust performance in North America and Central Europe. Outlook for the full year is maintained, with continued investments, price increases planned for 2025, and resilience in the renovation market.
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H1 2024 saw 8% growth, record North American sales, and EBIT margin of 17.7%, driven by commercial strength and productivity gains. Guidance remains for mid-single-digit sales growth and 17% EBIT margin, with inflation managed via selective price increases.