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High construction activity resulted in solid Q3 sales growth, with soaring energy prices requiring additional price increases.

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Report on the first nine months of 2021
for ROCKWOOL International A/S
Release no. 21 – 2021
to Nasdaq Copenhagen

24 November 2021

High construction activity resulted in solid Q3 sales growth, with soaring energy prices requiring additional price increases.

Highlights

  • Sales in the first nine months of 2021 reached 2 246 MEUR, an increase of 19 percent in local currencies and 18 percent in reported figures.

  • Sales in Q3 2021 reached 797 MEUR, a growth of 18 percent in local currencies compared to Q3 2020, driven by high volume demand and sales price increases.

  • EBITDA in the first nine months of 2021 reached 456 MEUR, with a 20.3 percent EBITDA margin, up 0.6 percentage points from last year. Strong leverage from sales growth contributed to the result.

  • EBITDA in Q3 2021 reached 157 MEUR, with a 19.7 percent EBITDA margin, down 2.0 percentage points from Q3 2020. High inflation on production materials and energy prices were not fully compensated by sales price increases and cost actions in the quarter.

  • EBIT in the first nine months of 2021 increased 29 percent to 306 MEUR, with a 13.6 percent EBIT margin, up 1.1 percentage points from last year.

  • EBIT in Q3 2021 increased six percent to 105 MEUR, with a 13.2 percent EBIT margin, down 1.7 percentage points from Q3 2020.

  • Investments excluding acquisitions reached 218 MEUR in the first nine months of 2021, down 44 MEUR compared to last year as the two large capacity expansions in Germany and the United States were completed.

  • Annualised return on invested capital reached 19.7 percent compared to 17.7 percent last year, an increase due to higher earnings.


Outlook 2021

  • Growth in net sales around 17 percent in local currencies.

  • EBIT margin above 13 percent.

  • Investment level around 320 MEUR excluding acquisitions, changed from previously around 370 MEUR.

CEO comment
Commenting on the Group’s performance, CEO Jens Birgersson says:

“With construction activity booming in many markets, we achieved double-digit sales growth in all business areas and good profitability despite soaring energy and input costs, a tight labour market and material shortages. We are working hard to meet customer demand and overall managing supply chain and logistics challenges well. Nevertheless, the high cost increases we are seeing on energy, production material and logistics are negatively affecting margins, necessitating additional and more rapid price increases, which are likely to continue in the coming months”.

Further information:
Kim Junge Andersen, Chief Financial Officer
ROCKWOOL International A/S
+45 46 56 03 00

Conference call:
ROCKWOOL Group will host an earnings call on 25 November 2021 at 11.00 CET. To attend the conference call dial +45 35445577, +44 3333000804 or +1 6319131422. Passcode 79533601#. The call will be transmitted live on www.rockwool.com/group/

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