Slides
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Q4/FY 2025 Financial results
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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 Factory Fogang China
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Revenue increase in local currencies 2.7% excl. Russia Group revenue up 1.1% in local currencies EBIT margin (before Russia value adjust.) 14.7% down 2.8 percentage points EBIT margin 4.6% incl. Russia value adjust. Free cash flow 135 MEUR down 229 MEUR Group revenue 3,877 MEUR up 0.6% in reported figures EBIT (before Russian value adjust.) 570 MEUR down 16% EBIT incl. Russia value adjust. was 178 MEUR Net profit (before Russian value adjust.) 438 MEUR down 112 MEUR Net profit incl. Russia value adjust. was 28 MEUR FY 2025 highlights 3 RW-NC, Flexibatts installation new built single-family home
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Revenue increase in local currencies 1.8% excl. Russia Group revenue up 0.8% in local currencies EBIT margin (before Russia value adjust.) 11.8% down 4.9 percentage points EBIT margin -28.8% incl. Russia value adjust. Free cash flow -7 MEUR down 13 MEUR Group revenue 967 MEUR down 0.5% in reported figures EBIT (before Russian value adjust.) 113 MEUR down 30% EBIT incl. Russia value adjust. was -279 MEUR Net profit (before Russian value adjust.) 78 MEUR down 59 MEUR Net loss incl. Russia value adjust. was -332 MEUR Q4 2025 highlights 4 Factory in Doense, Denmark
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FY 2024 FY 2025 +1.1% +0.6% 3,855 3,877 FY 2025 revenue excluding Russia up three percent Net revenue MEUR Insulation segment revenue reached 3,206 MEUR, up 1.5 percent in local currencies and 0.9 percent in reported figures. Acquisitions accounted for 1.5 percent growth. Excluding Russia, Insulation revenue grew 3.4 percent. Systems segment revenue reached 671 MEUR, down 0.5 percent in local currencies and 1.2 percent in reported figures. 5 Net revenue per business segment MEUR Revenue reached 3,877 MEUR, up 1.1 percent in local currencies and 0.6 percent in reported figures. Acquisitions from 2024 accounted for 1.2 percent growth. Excluding Russia, revenue increased 2.7 percent in local currencies. Insulation Systems FY 2024 FY 2025 Local currencies FY 2025 Reported figures +0.9%+1.5% -0.5% -1.2% 3,176 3,206 679 671 FY 2025 Reported figures FY 2025 Local currencies FY 2024
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Q4 2024 Q4 2025 +0.8% -0.5% 967970 Q4 revenue up two percent excluding Russia Net revenue MEUR Insulation segment revenue reached 767 MEUR, up 0.8 percent in local currencies. Excluding Russia, Insulation segment revenue was up 2.1 percent. Systems segment revenue reached 200 MEUR, up 1.0 percent in local currencies. 6 Net revenue per business segment MEUR Revenue reached 967 MEUR, up 0.8 percent in local currencies and down 0.5 percent in reported figures. Excluding Russia, revenue increased 1.8 percent in local currencies. Insulation Systems Q4 2024 Q4 2025 Local currencies Q4 2025 Reported figures -0.5%+0.8% +1.0% -0.1% 770 767 200 200 Q4 2025 Reported figures Q4 2025 Local currencies Q4 2024
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Western Europe - 0.5% one percent down in reported figures Q4 regional revenue development Growth in local currencies Key developments 53 (5%) 48 (5%) 181 (19%) 188 (19%) 182 (19%) 182 (19%) 554 (57%) 549 (57%) Q4 2024 Q4 2025 Western Europe North America Eastern Europe and Russia Asia and others ▪ Benelux, Italy and Spain performed well. ▪ Revenue declined in the United Kingdom and Switzerland. Geographic share of revenue MEUR, reported figures Eastern Europe and Russia - 1.6% three percent up in reported figures North America + 9% stable in reported figures Asia & others - 5% 10 percent down in reported figures ▪ Solid revenue growth in Poland, Hungary, and Romania. ▪ Growth of four percent in local currencies, excluding Russia. ▪ Double-digit percentage revenue growth in the United States. ▪ Slight sales growth in Canada after some difficult quarters. ▪ India and Japan continued to grow. ▪ China, Thailand and Malaysia decreased compared to last year. 7
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Strong underlying profitability in Q4 EBITDA & EBIT* MEUR EBIT amounted to 113 MEUR, down 30 percent. ▪ EBIT margin of 11.8 percent, down 4.9 percentage points. ▪ Higher depreciations related to impairments from the factory closure in China and additional cost from the production-related incident in Flumroc. ▪ Adjusted for the one-off items in the quarter, the EBIT margin would have been 13.7 percent. 8 EBITDA / EBIT margin* (%) EBITDA reached 199 MEUR, down 14 percent. ▪ EBITDA margin of 20.5 percent, down 3.2 percentage points. ▪ Margin decrease mainly driven by cost related to the factory closure in China, the production-related incident in Switzerland and the continued lower Russian performance. ▪ In Q4 2024, EBITDA was positively impacted by 8 MEUR gain from sale of an unused warehouse in Baltimore, USA. 202 216 253 241 230 223 227 215 199 135 152 189 173 163 154 153 150 113 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 EBITDA EBIT -14% -30% 23,5% 25,1% 25,2% 23,7% 23,2% 23,0% 22,3% 20,5% 16,5% 18,7% 18,1% 16,7% 16,0% 15,5% 15,5% 11,8% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 EBITDA margin EBIT margin *) before value adjustment of the Russian business
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15,4% 17,5% 17,5% 15,8% 15,2% 14,9% 14,9% 10,8%15,6% 17,8% 14,1% 12,7% 14,0% 12,9% 12,3% 10,3% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Insulation Systems Q4 profitability by business segment EBIT* MEUR Systems EBIT was 21 MEUR, down 19 percent. ▪ EBIT margin was 10.3 percent, down 2.4 percentage points. ▪ The decrease was driven by lower profitability in Grodan due to due lower sales to the North America cannabis market. ▪ Increased competition in Europe for Rockfon and Rockpanel also affected profitability, as did capacity investments. 9 EBIT margin* (%) Insulation EBIT* was 92 MEUR, down 32 percent. ▪ EBIT margin* was 10.8 percent, down five percentage points. ▪ The decrease was due to the China factory closure, the Flumroc incident, the slowdown in Russia, and a gain in 2024 from sale of the Baltimore warehouse. ▪ Adjusting for the one-off items, EBIT margin would have been 12.9 percent. 137 26 92 21 Insulation Systems Q4 2024 Q4 2025 -32% -19% *) before value adjustment of the Russian business
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32 20 21 12 81 21 18 34 68 46 47 48 42 41 54 48 49 70 18 17 22 19 17 18 28 37 28 96 84 91 73 139 93 94 120 166 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Sustainability Maintenance Capacity Q4 investment activities Investments excluding acquisitions were 473 MEUR for 2025, up 86 MEUR compared to 2024. Investments in Q4 2025 were 166 MEUR in Q4 2025, up 27 MEUR compared to Q4 2024. ▪ In Q4 2025, the largest investments related to the factory projects in the United States and India as well as the additional capacity in Romania. ▪ Sustainability investments related to electrical conversions in the Netherlands and France. 10 Investments excl. acquisitions & grants MEUR Factory in Melaka Malaysia
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Q4 free cash flow Q4 free cash flow was -7 MEUR, down 13 MEUR compared to Q4 2024. The decrease was mainly related to lower earnings, less favourable development in net working capital and higher investments. Net working capital was 10.7 percent (Q4 2024: 9.4 percent) of revenue and ended at 414 MEUR, an increase of 50 MEUR compared to Q4 2024. Net debt position of 168 MEUR, impacted by loss of cash in Russia of 243 MEUR. 11 110 15 146 197 6 -47 84 105 -7 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4: -13 MEUR Free cash flow MEUR
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38% SBTi-related 2034 goals Baseline year 2019 Absolute Scope 1 and 2 GHG emissions (CO2e) Absolute Scope 3 GHG emissions (CO2e) * Net-zero GHG emissions (CO2e) by 2050 Good progress on sustainability goals in 2025 20%-3% 12*Scope and methodology for scope 3 has been updated UN SDG 2030 goals Baseline year 2015 Scope 1 and 2 CO2 emission intensity 50% (in 2034)25% Water use intensity 20%13% Reclaimed material 30 countries25 Energy efficiency in own buildings 75%39% Landfill waste 85%54% Increased target On track, despite decline On track On track On track 90% Progress Progress Occupational safety and health Two fatalities in Russia and five serious accidents. LTI frequency rate of 2.4, an improvement of 11% Unsatisfactory 12% 20% Updated scope
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Decarbonisation progress, stronger commitments, improved ratings 13 Improved ratings ▪ Overall improvements in performance and disclosures were externally recognised and reflected in our CDP ratings (Carbon Disclosure Project). ▪ CDP ratings increased from B to A- for both thematic areas ROCKWOOL reports on: Climate Change and Water Security. Decarbonisation progress ahead of plan ▪ Set a more ambitious CO₂ emission intensity target in 2025 after achieving 2030 target ahead of plan (in 2024). ▪ Group Management’s short-term incentive scheme to be linked to decarbonisation progress, effective from the 2026 financial year. Stronger climate commitments ▪ Renewed commitment to Science Based Target initiative (SBTi) with plans to strengthen near-term (2034) targets to align with the more ambitious 1.5oC trajectory. ▪ Committed to further substantiating existing net zero target by 2050 by submitting for SBTi validation in 2026.
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14 Outlook 2026 Factory Caparroso, Spain
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Outlook 2026 1 Revenue growth between 2-4 percent in local currencies 2 EBIT margin between 13-14 percent 3 Investments around 650 MEUR excluding acquisitions 15 Acoustic Lab, Hedehusene, Denmark
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Key figures for the Group 16 MEUR Q4 2025 Q4 2024 YoY (%) FY 2025 FY 2024 YoY (%) Statement of profit and loss Revenue 967 970 -0.5% 3,877 3,855 0.6% EBITDA 199 230 -13.6% 864 940 -8.1% EBIT before value adjustment of the Russian business 113 163 -29.9% 570 677 -15.7% EBIT -279 163 N/A 178 677 -73.7% Profit/loss before tax -280 174 N/A 193 696 -72.3% Profit/loss for the period -332 137 N/A 28 550 -94.9% Statement of financial position Total assets 3,642 3,888 -6.3% Equity 2,741 3,086 -11.2% Equity ratio 75.3% 79.3% -4.0pp
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Key figures for the Group excluding Russia related matters *) 17 MEUR Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Statement of profit and loss Revenue 906 912 890 908 3,616 EBITDA 213 204 189 182 788 EBIT 146 133 126 100 505 Profit/loss before tax 133 128 124 106 491 Profit/loss for the period 103 101 93 60 357 * Group results adjusted from 2025 financial performance in Russia and the Q2 donation to the foundation for reconstruction of Ukraine
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Questions? 18
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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 19