ROCK-BNasdaq CopenhagenBuilding Products & EquipmentIFRS · EUR

Rockwool A/S

Rockwool A/S is the Danish parent company of ROCKWOOL Group, a manufacturer of stone wool insulation and related building-material products. Its business spans thermal, acoustic, and fire-protection solutions used in buildings, industrial applications, and infrastructure projects across multiple markets.

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Revenue3,877m EUR
+0.6 %y/y
Operating profit (EBIT)178m EUR
−73.7 %y/y
EBIT margin4.6%
−13.0 ppy/y
Net income28.0m EUR
−94.9 %y/y
Free cash flow149m EUR
−66.2 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

01,0002,0003,0004,000m EUR2021: 3,088 m EUR2021: EBIT 401 m EUR20212022: 3,907 m EUR2022: EBIT 402 m EUR20222023: 3,620 m EUR2023: EBIT 518 m EUR20232024: 3,855 m EUR2024: EBIT 677 m EUR20242025: 3,877 m EUR2025: EBIT 178 m EUR2025TTM 2026: 3,836 m EURTTM3,836
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Building insulation70 %

Stone wool products for thermal, acoustic, and fire performance in buildings.

Technical and industrial insulation15 %

Insulation products used in industrial plants, utilities, and technical systems.

Façade and roofing systems10 %

Products for external building envelopes, roofs, and cladding applications.

Other building products5 %

Related accessories and specialty products sold alongside core insulation.

Customers

Rockwool sells primarily to professional customers involved in construction, renovation, and industrial projects. Its buyers typically choose stone wool for fire resistance, thermal efficiency, acoustic comfort, and durability in building-envelope applications. Demand is tied to both new construction activity and retrofit spending, especially in energy-efficiency projects.

Construction contractors

Buy insulation products for residential, commercial, and public building projects.

Distributors and building merchants

Stock and resell Rockwool products through construction supply channels.

Renovation and retrofit market

Purchase products for energy-efficiency upgrades and fire/acoustic improvements.

Industrial end users

Buy technical insulation for plants, utilities, and process applications.

Specifiers and architects

Influence product selection based on performance and compliance requirements.

Strategy

Rockwool’s strategy centers on supplying non-combustible stone wool products that address energy efficiency, fire safety, and acoustic performance in buildings. The group’s competitive position depends on product specification, manufacturing reach, and access to construction and renovation channels across major markets.

Increase demand for stone wool in energy retrofit and new-build marketsMedium term

Energy-efficiency standards and fire-safety requirements support product specification.

Protect specification share in professional construction channelsMedium term

Contractor and architect preference strongly influences product choice.

Broaden industrial and technical insulation applicationsLong term

These markets can diversify demand beyond residential and commercial construction.

Geography

Rockwool is headquartered in Denmark and serves a broad international market with production and sales across Europe and other regions. The annual report excerpt confirms the Russian business was deconsolidated in 2026, highlighting that geography can materially affect the group’s operating footprint and comparability across periods.

Risks

Rockwool is exposed to cyclical construction demand, raw-material and energy costs, and regional regulatory or geopolitical disruptions. The deconsolidation of Russia also shows that country-specific risks can alter the group’s footprint and make comparisons across years less straightforward.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Construction market cyclicality1Energy and input-cost volatility2Geopolitical disruption3Foreign exchange volatility4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Construction market cyclicalityImpact: HighLikelihood: High

    Demand for insulation follows new-build and renovation activity.

    Exposure: Residential and commercial building markets

  2. Energy and input-cost volatilityImpact: HighLikelihood: High

    Stone wool production is energy-intensive and uses commodity inputs.

    Exposure: Manufacturing cost base

  3. Geopolitical disruptionImpact: HighLikelihood: Medium

    Country-specific sanctions or control issues can affect subsidiaries and comparability.

    Exposure: Russia and other cross-border operations

  4. Foreign exchange volatilityImpact: MediumLikelihood: High

    The group reports and sells across multiple currencies.

    Exposure: International operations

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Accounting

Judgemental items
Discontinued operation accounting

Russia was deconsolidated and reported separately under IFRS 5.

Impact: Affects comparability of prior-year profit and cash flow figures

Impairment testing

Long-lived manufacturing assets may require write-downs if conditions change.

Impact: Can materially affect operating profit and asset values

Inventory valuation

Stone wool manufacturing uses energy and raw materials with price volatility.

Impact: Can influence gross profit through provisions or reversals

Useful lives of PPE

Depreciation depends on management estimates for plant and equipment lifetimes.

Impact: Affects depreciation expense and carrying values

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Last updated: 24/10/2026

Rockwool A/S (XCSE) – Building Products & Equipment | Financial Analysis – Clarifo