Rockwool: Still liked, but not an easy setup

研报英文原文证据摘录

Rockwool: Still liked, but not an easy setup

Equity Research

European Construction, Building Materials & Infrastructure

21 May 2026

Rockwool

Still liked, but not an easy setup

Small positives from likely market share gains, better current

volumes and temporary one-offs. Yet, short term is not easy,

with clarity on price/cost only likely by year-end. +3% avg. ROCKb.CO/ROCKB DC OVERWEIGHT Unchanged

EBIT revision (low end of margin guidance). OW reiterated European Construction,

Building Materials & NEUTRAL

with an unchanged PT (earnings growth, ROIC and value). Infrastructure

Unchanged

Price Target DKK 250.00

Small positives worth highlighting: At c.2% organic growth with limited pricing, we estimate, Unchanged

with management, that there has been further market share progress in various geographies Price (19-May-26) DKK 190.60

this quarter (most visible in Eastern Europe). Some of the adverse margin drivers would also be Potential Upside/Downside +31.2%

temporary - c. 1 point of EBIT margin impact from the production stop in the Netherlands Source: Bloomberg, Barclays Research

(electrical conversion - likely to extend into Q2-26) and Switzerland (up and running again in

Q2). We also note comments around more encouraging volume trends in March-April vs. Q1 Market Cap (DKK mn) 41542

average. Shares Outstanding (mn) 211.61

Free Float (%) 96.09Price/cost: buckle up! Q2 would likely be challenging margin-wise, as initially planned price

52 Wk Avg Daily Volume (mn) 0.4increases would be short of covering inflation; the pricing acceleration (6-8% increases) would

Dividend Yield (%) 2.20mainly materialise in H2-26, with a minor impact on volumes (H2 volumes seen stable YoY at

Return on Equity TTM (%) -5.74this stage, but Rockwool has relatively limited visibility on volumes).