ROCKB: Q1'26 - In line with expectations

Research evidence excerpt

ROCKB: Q1'26 - In line with expectations

capacity of up to 40kt. The company expects the transaction to close in Q4 2026, subject to

customary closing conditions and regulatory approvals - this is not expected to materially impact the 2026 financial outlook.

• Net Working Capital: Rockwool's NWC at the end of Q1'26 was EUR517m (Q1'25: EUR466m), i.e. 14.3% of sales - up 230bps

from the 12.0% reported in Q1'25. The increase in Net Working Capital relates to planned higher inventory spending.

• Conference call: The conference call is tomorrow, Wednesday 20 May, at 10:00 BST (11:00 CEST)

Segments

• Insulation: Insulation sales in Q1'26 came in at EUR746m, +2% cFX, -1% on a reported basis. EBIT reached EUR103m, with the

margin of 12.7% coming in 170bps lower YoY reflecting market weakness in Canada and the UK, increased logistic costs, and extra

costs related to the production incident in Switzerland, and the planned production stop related to the electrical conversion in

the Netherlands (all flagged last week).

• Systems: Systems sales came in at EUR163m, +4% cFX (+3% reported YoY). Revenue increased in Rockfon and Grodan, while

Rockpanel was stable. Systems EBIT of EUR17m resulted in a 10.3% margin, 370bps lower YoY, related to inflation on input costs

not sufficiently offset by sales price increases, increased bad debt provisions, as well as increased scale-up costs in new business

areas.

Regions

• Western Europe: Revenue in Western Europe fell 0.9% YoY cFX. Revenue grew in France, Italy, Spain and Sweden, while declining

in the UK, Switzerland (due to the Q4'25 production stop) and Germany.

• Eastern Europe: Revenue increased 15% cFX (p.f.), with a double-digit rise in Romania and Hungary, while revenue in Poland

increased 'slightly'.