Slides
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Half-year 2025 Financial results ROCKWOOL trucks, Denmark
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Forward-looking statement The statements on the future in this presentation, including expected revenue and earnings, are associated with risks and uncertainties and may be affected by factors influencing the activities of the Group, such as the global economic environment, including interest and exchange rate developments, the raw material situation, production and distribution-related issues, breach of contract or unexpected termination of contract, price reductions due to market-driven price developments, market acceptance of new products, launches of competitive products and other unforeseen factors. In no event shall ROCKWOOL A/S be liable for any direct, indirect or consequential damages or any other damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other action, arising out of or in connection with the use of information in this presentation. 2 Lakeside office and service complex, Warsaw Mokotów district, Poland, with ROCKWOOL CONLIT building insulation, TECLIT cooling pipe insulation and HEATROCK heating pipe insulation
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Revenue increase in local currencies 1% EBIT margin 15.8% down 1.9 percentage points Free cash flow 37 MEUR down 124 MEUR Revenue 1,947 MEUR up 1% in reported figures EBIT 307 MEUR down 10% Net profit 238 MEUR down 20 MEUR H1 highlights* 3 *) Including acquisitions. Fogang factory, China
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Revenue decrease in local currencies 2% EBIT margin 15.5% down 3.2 percentage points Free cash flow 84 MEUR down 62 MEUR Revenue 988 MEUR down 2% in reported figures EBIT 153 MEUR down 19% Net profit 122 MEUR down 20 MEUR Q2 highlights* 4 *) Including acquisitions. Fogang factory, China
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H1 2024 H1 2025 +1% +1% 1,928 1,947 H1 revenue up one percent in local currencies Net revenue MEUR Insulation segment revenue reached 1,556 MEUR, up one percent in local currencies and up two percent in reported figures. Acquisitions accounted for two percent growth. Systems segment revenue reached 391 MEUR, down one percent from last year in local currencies. 5 Net revenue per business segment MEUR Revenue reached 1,947 MEUR, up one percent in both local currencies and reported figures. Acquisitions accounted for two percent growth. Excluding Russia, revenue increased two percent in local currencies. Insulation Systems H1 2024 H1 2025 Local currencies H1 2025 Reported figures +2%+1% -1% -1% 1,533 1,556 395 391 H1 2025 Reported figures H1 2025 Local currencies H1 2024
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Q2 2024 Q2 2025 -2% -2% 9881,010 Q2 revenue down two percent in local currencies Net revenue MEUR Insulation segment revenue reached 792 MEUR, down two percent in both local currencies and reported figures. Acquisitions accounted for two percent growth. Systems segment revenue reached 196 MEUR, down two percent in local currencies and down three percent in reported figures compared to last year. 6 Net revenue per business segment MEUR Revenue reached 988 MEUR, down two percent in both local currencies and reported figures. Acquisitions accounted for two percent growth. Sales were in the beginning of Q2 2025 partly impacted by timing difference as Easter fell in April 2025. Insulation Systems Q2 2024 Q2 2025 Local currencies Q2 2025 Reported figures -2%-2% -2% -3% 809 792 201 196 Q2 2025 Reported figures Q2 2025 Local currencies Q2 2024
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Western Europe 0% one percent up in reported figures Q2 regional revenue development Growth in local currencies Key developments 48 (5%) 47 (4%) 209 (20%) 196 (20%) 198 (20%) 186 (19%) 555 (55%) 559 (57%) Q2 2024 Q2 2025 Western Europe Eastern Europe and Russia North America Asia and others UK, Italy, Spain and the Netherlands performed well. Revenue declined in Germany, France and the Nordic countries. UK growth partly driven by the 2024 acquisition. Geographic share of revenue MEUR, reported figures Eastern Europe and Russia -8% six percent down in reported figures North America -1% six percent down in reported figures Asia & others -2% three percent down in reported figures Romania and Slovenia achieved good revenue growth, while Poland was flat. Double-digit percentage revenue decrease in Russia. Revenue in United States continued developing favourably, with the Q2 decline compared to record high 2024 Q2. Canadian market showed lower growth. Revenue decreased in most countries in the region. The acquisition in Vietnam contributed with three percent growth. 7
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Q2 profitability decreased EBITDA & EBIT MEUR EBIT amounted to 153 MEUR, down 19 percent. EBIT margin of 15.5 percent, down 3.2 percentage points. EBIT margin slightly lower due to higher depreciations mainly related to finalising large investments and write- downs relating to closing the Trondheim factory. Minor negative EBIT margin impact from the 2024 acquisitions in the United Kingdom and Vietnam. 8 EBITDA / EBIT margin (%) EBITDA reached 227 MEUR, down 10 percent. EBITDA margin of 23.0 percent compared to 25.1 percent last year. The margin decrease was mainly driven by decreased profitability in North America, the Grodan business and the Russian entities as well as lower operational efficiencies in several factories. Provision made related to closure of Trondheim factory. 194 219 202 216 253 241 230 223 227 133 146 135 152 189 173 163 154 153 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 EBITDA EBIT -10% -19% 21.2% 24.3% 21.7% 23.5% 25.1% 25.2% 23.7% 23.2% 23.0% 14.5% 16.2% 14.4% 16.5% 18.7%18.1% 16.7% 16.0%15.5% Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 EBITDA margin EBIT margin
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159 30 131 22 Insulation Systems Q2 2024 Q2 2025 -18% -25% 13.7% 14.9% 15.2% 15.4% 17.8% 18.1% 15.0% 15.6% 14.9% 11.6% 14.6% 4.7% 14.2% 14.9% 10.1% 14.7% 11.0% 11.5% Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Insulation Systems Q2 profitability by business segment EBIT MEUR Systems EBIT amounted to 22 MEUR in Q2 2025, down 8 MEUR or 25 percent from last year. EBIT margin was 11.5 percent, compared to 14.9 percent in Q2 2024. 9 EBIT margin (%) Insulation EBIT amounted to 131 MEUR, down 28 MEUR or 18 percent from Q2 2024. EBIT margin was 14.9 percent, down 2.9 percentage points compared to Q2 2024. Provision of 5 MEUR related to closure of the Trondheim factory in Norway.
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15 23 32 20 21 12 81 21 18 29 48 46 47 48 42 41 54 48 23 19 18 17 22 19 17 18 28 67 90 96 84 91 73 139 93 94 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Sustainability Maintenance Capacity Q2 investment activities Investments excluding acquisitions totalled 94 MEUR in Q2 2025, up 3 MEUR. In Q2 2025, the largest investments related to additional capacity in Romania, electrification of production lines in the Netherlands and France as well as the factory project in the United States. 10 Investments excl. acquisitions & grants MEUR Flexibatts installation for sloped and horizontal wall
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Q2 free cash flow Q2 free cash flow was 84 MEUR, down 62 MEUR compared to Q2 2024. The decrease was mainly related to lower earnings than last year and a less favourable development in net working capital. Net working capital was 12.4 percent (Q2 2024: 11.5 percent) of revenue and ended at 481 MEUR, an increase of 48 MEUR compared to Q2 2024. Net cash position of 86 MEUR and unused credit facilities of 450 MEUR at the end of Q2 2025. 11 119 178 110 15 146 197 6 -47 84 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2: -62 MEUR Free cash flow MEUR
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13 Outlook 2025 Hardock Multfix DD, Trapizoidal Firestop and Acoustic Infills at Cobham Free School, UK
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Outlook full year 2025 14 1 Revenue at level with last year in local currencies, changed from growth of low single-digit percent in local currencies 2 EBIT margin below 16 percent, changed from around 16 percent 3 Investments around 450 MEUR excluding acquisitions 2025 Outlook overview 6 February 2025 19 May 2025 20 August 2025 Revenue in local currencies Growth of low single- digit percent Growth of low single- digit percent At level with last year EBIT margin Around 16 percent Around 16 percent Below 16 percent Investments excl. acquisitions Around 450 MEUR Around 450 MEUR Around 450 MEUR Canteen in Ecole Mission à Papeete with Rockfon Ekla and Rockfon Eclipse Customised, Papeete – Tahiti, France
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Key figures for the Group 15 MEUR Q2 2025 Q2 2024 YoY (%) H1 2025 H1 2024 YoY (%) FY 2024 Statement of profit and loss Revenue 988 1,010 -2.2% 1,947 1,928 1.0% 3,855 EBITDA 227 253 -10.4% 450 469 -4.1% 940 EBIT 153 189 -18.8% 307 341 -9.9% 677 Profit before tax 160 184 -12.3% 313 339 -7.6% 696 Profit for the period 122 142 -13.7% 238 258 -7.6% 550 Statement of financial position Total assets 4,001 3,693 8.3% 3,888 Equity 3,032 2,894 4.8% 3,086 Equity ratio 75.8% 78.4% -2.6pp 79.3%
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Questions? 16
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Thank you ROCKWOOL A/S Hovedgaden 584 2640 Hedehusene Denmark CVR No. 54879415 Tel.: +45 46 56 03 00 www.rockwool.com 17