Rockwool: Little incremental – call tomorrow

研报英文原文证据摘录

Rockwool: Little incremental – call tomorrow

Equity Research

European Construction, Building Materials & Infrastructure

19 May 2026

Rockwool

Little incremental – call tomorrow

Q1-26 as pre-released last week. Quantification and timing

around one-offs would be welcome. Price increases

underway. Call tomorrow at 11am CET. ROCKb.CO/ROCKB DC OVERWEIGHT European Construction,

Building Materials & NEUTRAL

Infrastructure

Slow start, clarification on one-offs yet to come: Little incremental from the release (pre- Price Target DKK 250.00

released 11 May). Rockwool posted 2% revenue growth in l.c. with minor sales price increase Price (18-May-26) DKK 189.20

and EBIT at €120m in Q1-26. Key drivers include weak market developments (notably in the UK Potential Upside/Downside +32.1%

and in Canada), unquantified adverse factors (production incident in Switzerland, production Source: Bloomberg, Barclays Research

stop for electrical conversion in the Netherlands) and no donations to Ukraine Foundation (€6m

in Q1-25). European Construction, Building

Materials & Infrastructure

FY-26 guidance: update unchanged. Management expects 3-6% revenue growth in local

Pierre Rousseau

currencies, with sales price increase of 6-8% from mid-year and an EBIT margin in the range of +33 (0)1 4458 3377

13-14%. Capex is expected to reach €700m (€650m previously). Stone wool factory in Hungary pierre.rousseau@barclays.com

acquired (40kt of capacity with closing expected in Q4-26). Call at 11am CET tomorrow. BBI, Paris

Key points: We view the pricing acceleration as adapted in the current context (our estimate Tom Zhang, CFA

+44 (0)20 3555 1395was published in Stop and SGO) – as elsewhere, there would likely be a time lag given how

tom.zhang1@barclays.com

quickly inflation has materialised.