Rockwool A/S : releases Q1 results

Highlights

▪ Sales in Q1 2024 totalled 918 MEUR, an increase of six percent in both local currencies and reported figures compared to a weak quarter last year.

▪ EBITDA in Q1 2024 reached 216 MEUR, an increase of 32 percent in reported figures compared to Q1 2023. The EBITDA margin was 23.5 percent, up 4.6 percentage points from last year. Higher volume, stable overall pricing combined with productivity gains and cost savings ensured a satisfactory earnings level.

▪ EBIT amounted to 152 MEUR in Q1 2024, an increase of 46 percent, with a 16.5 percent EBIT margin, up 4.5 percentage points from Q1 2023. EBIT includes a 6 MEUR provision for donations to the Foundation for Ukrainian Reconstruction compared to 13 MEUR in the same period last year.

▪ Investments totalled 84 MEUR in Q1 2024, including the finalisation of the electrification of the factory in Flumroc, (Switzerland).

▪ Annualised return on invested capital reached 21 percent, up from 16 percent in Q1 2023, primarily due to increased earnings.

▪ Shareholders may from 15 May 2024 until 30 May 2024 request conversion of A shares to B shares. For further information please refer to https://www.rockwool.com/group/about-us/investors/conversion-shares/.

▪ At the end of March 2024, the company had purchased 105 900 B shares under the share buy-back programme for a total amount of 31 MEUR.

Outlook 2024

▪ Sales growth of around mid-single-digit percent in local currencies.

▪ EBIT margin around 15 percent.

▪ Investment level around 375 MEUR excluding acquisitions