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Strong results in a depressed construction market

Rockwool A/S
Rockwool A/S

Report on the first half year of 2023
Release no. 11 – 2023
to Nasdaq Copenhagen

30 August 2023

Strong results in a depressed construction market


  • Sales in H1 2023 reached 1783 MEUR, a decrease of seven percent in local currencies and eight percent in reported figures compared to last year, driven by lower sales in many European markets.

  • Sales in Q2 2023 reached 917 MEUR, a decrease of seven percent in local currencies and 10 percent in reported figures compared to last year.

  • EBITDA in H1 2023 reached 358 MEUR, up four percent, yielding a 20.1 percent EBITDA margin. Sales prices were maintained while energy costs decreased bringing earnings back to a normalised and satisfactory level.

  • EBITDA in Q2 2023 reached 194 MEUR, an increase of three percent. The EBITDA margin was 21.2 percent.

  • EBIT in H1 2023 increased two percent to 237 MEUR, with a 13.3 percent EBIT margin. Excluding the 27 MEUR donation to the Foundation for Ukrainian Reconstruction*, EBIT margin in H1 2023 was 14.8 percent.

  • EBIT in Q2 2023 increased one percent to 133 MEUR, with a 14.5 percent EBIT margin, up 1.6 percentage points. Excluding the 13 MEUR donation to the Foundation for Ukrainian Reconstruction in Q2, EBIT margin was 16.0 percent.

  • Investments reached 131 MEUR in H1 2023, including expansion for Rockpanel and Grodan and electrical melter conversion in Flumroc.

  • Cash flow from operations before financial items and tax amounted to 290 MEUR for the first half of 2023 almost a doubling of same period last year.

  • Shareholders may from 30 August 2023 until 13 September 2023 request conversion of A shares to B shares. For further information please refer to

    *) Of which 100 MDKK was approved at the EGM on 31 August 2022 and the remaining 100 MDKK at the AGM on 29 March 2023. Together they constitute the 27 MEUR donation.

Outlook 2023

  • Sales decline up to eight percent in local currencies, changed from previously up to 10 percent decline.

  • EBIT margin around 13 percent, changed from previously around 12 percent.

  • Investment level around 325 MEUR excluding acquisitions, changed from previously 400 MEUR.

CEO comment
Commenting on the Group’s performance, CEO Jens Birgersson says:

In line with the sluggish market, sales declined overall in the second quarter, though unevenly across our main geographies. The slowdown in construction activity hit sales hardest in Eastern Europe, less so in Western Europe, while sales in North America and parts of Asia regained momentum and growth. Importantly, profitability returned to more satisfactory levels, largely owing to prices holding steady in an inflationary environment, energy costs declining, and operational efficiency remaining solid. Operational cash flow improved, primarily the result of our teams’ agility in adapting to changing market conditions.

Further information:
Kim Junge Andersen, Chief Financial Officer
+45 46 56 03 00

Earnings call:
ROCKWOOL Group will host an earnings call on 31 August 2023 at 14.00 CEST. The call will be transmitted live on. The earnings call will be transmitted live on