Resilient first quarter revenue growth amid global uncertainty

Report on first quarter of 2026
for ROCKWOOL A/S
Release no. 16 – 2026
to Nasdaq Copenhagen

19 May 2026

Resilient first quarter revenue growth amid global uncertainty

Highlights¹

• Demonstrating resilient growth despite continued geopolitical turbulence and unusual weather conditions in Europe and North America, revenue in Q1 2026 reached 906 MEUR, an increase of two percent measured in local currencies and flat in reported figures compared to last year.
• We expect that energy and raw material cost levels will remain elevated. To protect margins, we have implemented additional price increases in the range of 6-8 percent, with main impact from the middle of the year.
• EBITDA in Q1 2026 reached 187 MEUR, with a 20.7 percent EBITDA margin, a good result although down 2.1 percentage points compared to the record high quarter last year. The production incident in Switzerland and the production stop due to the electrical conversion in the Netherlands combined with continued weakness in markets in Canada and the United Kingdom impacted the margins negatively.
• EBIT decreased 14 percent to 120 MEUR in Q1 2026. EBIT margin reached 13.2 percent, down 2.2 percentage points compared to last year.
• During Q1 2026, the Group purchased 238,060 B shares for a total amount of 7 MEUR related to the share buy-back programme which ended 6 February 2026.
• Shareholders may from 19 May 2026 until 3 June 2026 request conversion of A shares to B shares. For further information please refer to https://www.rockwool.com/group/about-us/investors/conversion-shares/.
• Earlier this month, ROCKWOOL signed an agreement to acquire Ravago’s Hungary-based stone wool factory. The transaction is expected to be completed in Q4 2026, subject to customary closing conditions, including relevant regulatory approvals.
  

Outlook 2026

• Revenue is expected to increase between 3-6 percent in 2026 in local currencies.
• EBIT margin between 13-14 percent.
• Investment level around 700 MEUR, excluding acquisitions.
  
  

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

“We continue to manage well the consequences of the ongoing geopolitical turbulence, achieving resilient revenue growth in the first quarter. Sales were solid in key markets including the United States, France, and Romania, while declining elsewhere, notably the United Kingdom and Canada.

Profitability was satisfactory, although below the record Q1 last year owing to factors such as the production stop in Switzerland and the electrical conversion in the Netherlands. We remain optimistic about the future and will continue to invest in capacity expansion and electrification, including the recent acquisition in Hungary”.

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 2026 at 11:00 CEST. The call will be transmitted live on www.rockwool.com.

1 As disclosed in the Annual Report 2025, the business in Russia was deconsolidated as per 13 January 2026. Comparative 2025 figures in the statement of profit and loss and statement of cash flow have been restated to exclude Russia. The net result from the Russian business is presented separately as “Profit/loss from discontinued operation”. The statement of financial position has not been restated.

Attachment

• SE-2026-16_EN