Rockwool Feedback from Q1 conference call

Research evidence excerpt

Rockwool Feedback from Q1 conference call

J P M O R G A N Europe Equity Research

20 May 2026

Rockwool Overweight

ROCKb.CO, ROCKB DC

Feedback from Q1 conference call Price (19 May 26):Dkr190.60

Price Target (Dec-27):Dkr250.00

Following Q1 results, management hosted a conference call, from which our key European Building & Construction

takeaways are: 1) Cost inflation. Management have seen an increase in cost and Infrastructure

inflation including transportation. Energy is split between foundry coke (largest Zaim Beekawa AC

part) as well as electricity and gas. With respect to foundry coke, the company has (44-20) 7134-4175

fixed price agreements though the company has not seen a major increase between zaim.beekawa@jpmorgan.com

Q1 and Q2. The company is harder hit on transport costs in the US; 2) Pricing. J.P. Morgan Securities plc

Pricing is adjusted by local markets and specific products. Overall, management Specialist Sales contact details:

believe a 7% price increase will be enough to compensate cost inflation; 3) Volume

Sam Edmunds - Specialist Sales -

expectations. The company has seen a volume pick-up at the beginning of the year European Industrials

and in Q2, the company is seeing higher volume growth but this will not be way (44-20) 7742-8733

ahead of Q1. Management do not have much visibility into H2 but right now are sam.edmunds@jpmorgan.com

assuming a more stabilized environment; and 4) Q2 margins. Management expect

an adverse impact from higher input costs in Q2 but then will recover margins in

H2.

• Cost inflation. Management have seen an increase in cost inflation including

transportation. Energy is split between foundry coke (largest part) as well as

electricity and gas. With respect to foundry coke, the company has fixed price