ROCKWOOL (=) : Encouraging volumes but one-off costs weigh on margin: Q1 first take

研报英文原文证据摘录

ROCKWOOL (=) : Encouraging volumes but one-off costs weigh on margin: Q1 first take

EQUITIES

BUILDING MATERIALS

ROCKWOOL NEUTRALPRICE* DKK189.2  TARGET PRICE DKK202 (UPSIDE 7%)

FLASH NOTE

Encouraging volumes but one-off costs weigh on margin: Q1 first take

19 MAY 2026 Securities Research Report Production time: 10:45* (London time)

Research Analyst & Publishing Entities

Anna Schumacher BNP Paribas SA +46731541818 anna.schumacher@bnpparibas.com

What happened?

Rockwool have reported their full Q1 earnings, having pre-reported headline sales, EBIT and upgraded FY26 guide last

week.

BNPP View:

A mixed set of results with revenue growth seen in key markets like US, France, Italy, Spain driven by higher volumes

and small price increases. Eastern Europe is a stand-out region reporting 15% LC growth. Weakness in UK and Canada

persists. Non-recurring costs, however, continue to weigh on margins and factory efficiency headwinds persist.

Double digit growth was reported in Hungary, where Rockwool have announced the acquisition of Ravago’s stone wool

factory, with 40 kilo tonnes of capacity. No financial details have been given.

Results: Having pre-released headline figures, focus is on the divisions and geographies. Insulation sales reported 2%

LC growth but slightly missed company compiled consensus by -1%, while EBIT missed by c -2% (the latter assumes

non-recurring items occur in insulation). The lower margin was driven by market weakness in UK and Canada, increased

logistic costs and extra costs associated with Switzerland production incident last year and a planned production stop

in Netherlands due to the conversion of the electric melter. Systems sales reported 4% LC growth and beat company

compiled consensus by 3%, while EBIT missed by -15%.