Difficult market conditions impact Q3 results

Report on the first nine months of 2025
for ROCKWOOL A/S
Release no. 68 – 2025
to Nasdaq Copenhagen

26 November 2025

Difficult market conditions impact Q3 results

Highlights

• Revenue in first nine months of 2025 reached 2,910 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.
  
• Revenue in Q3 2025 reached 963 MEUR, an increase of two percent measured in local currencies and one percent in reported figures compared to last year. The 2024 acquisitions had a two-percentage point positive impact.
  
• EBITDA in the first nine months of 2025 reached 665 MEUR, with a 22.9 percent EBITDA margin, down 1.7 percentage points compared to last year.
  
• EBITDA in Q3 2025 reached 215 MEUR, with a 22.3 percent EBITDA margin, down 2.9 percentage points compared to Q3 2024. Earnings decreased due to unfavourable country mix partly from lower sales in the United Kingdom and Canada and continued slow-down in Russia, reduced efficiency in several factories as well as a decline in operating cost leverage.
  
• EBIT decreased 11 percent to 457 MEUR in the first nine months of 2025. EBIT margin reached 15.7 percent, down 2.1 percentage points compared to last year. The 2024 acquisitions had limited impact.
  
• EBIT decreased 14 percent to 150 MEUR in Q3 2025. EBIT margin reached 15.5 percent, down 2.6 percentage points compared to Q3 2024. The 2024 acquisitions had limited impact.
  
• Investments totalled 307 MEUR in the first nine months of 2025, of which the largest projects related to the new factories in North America and India, the production expansion in Romania, and electrification of existing production lines.
  
• Cash flow from operations before financial items and tax amounted to 579 MEUR in the first nine months of 2025 compared to 684 MEUR last year.
  
• Shareholders may from 26 November 2025 until 10 December 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 the first nine months of 2025, the Group purchased 3,259,800 B shares related to the share buy-back programme for a total amount of 119 MEUR.
  

Outlook 2025

• Revenue is expected to be at level with last year in local currencies.
  
• EBIT margin is expected to be between 14-15 percent.
  
• Investments around 450 MEUR excluding acquisitions.

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

“As indicated in our previously announced outlook adjustment, the volatility and hesitation we saw across many markets impacted our Q3 results. Trade policy uncertainty and geopolitical tensions persisted in the third quarter, though not all markets were affected equally. Key markets such as the United Kingdom and Canada experienced headwinds, with many large projects being postponed, while we saw pockets of good growth elsewhere, such as eastern and southern Europe. Sales in the United States are back on a good growth path.

Overall profitability was negatively affected by lower profitability in the Russian and UK businesses as well as lower operational efficiencies in several locations. The company is very robust financially, and we 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 27 November 2025 at 11:00 CET. The call will be transmitted live on www.rockwool.com.

Attachment

• SE-2025-68_EN