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Satisfactory first quarter earnings in a difficult market with low construction activity

Rockwool A/S
Rockwool A/S

Report on the first quarter of 2023
Release no. 07 – 2023
to Nasdaq Copenhagen

10 May 2023

Satisfactory first quarter earnings in a difficult market with low construction activity


  • Sales in Q1 2023 reached 866 MEUR, a decrease of seven percent in local currencies and six percent in reported figures compared to last year, driven by lower demand in most markets.

  • EBITDA in Q1 2023 reached 164 MEUR, an increase of six percent in reported figures compared to Q1 2022. The EBITDA margin was 18.9 percent, up 2.1 percentage points from last year. The lower volume was partly offset by higher sales price in a quarter with moderate inflation.

  • EBIT increased two percent to 104 MEUR in Q1 2023, with a 12.0 percent EBIT margin, up 1.0 percentage point from Q1 2022. EBIT included a 13 MEUR donation to the Foundation for Ukrainian Reconstruction. Excluding this donation, EBIT margin was 13.5 percent.

  • Investments reached 77 MEUR in the first quarter of 2023, an increase of 7 MEUR compared to Q1 2022.

  • Annualised return on invested capital reached 16 percent down from 18 percent in Q1 2022.

  • In February 2023, the Group announced its intention to further expand its local capacity in Romania with the construction of a new stone wool insulation manufacturing line based on electrical melting technology.

  • Shareholders may from 10 May 2023 until 26 May 2023 request conversion of A shares to B shares. For further information please refer to

Outlook 2023

  • Sales decline of up to 10 percent in local currencies.

  • EBIT margin around 10 percent, changed from previously between 8-10 percent.

  • Investment level around 400 MEUR excluding acquisitions.

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

As expected, the negative trend we experienced in the end of last year continued into the first quarter, with low construction activity – broadly in the residential sector and more selectively in the commercial area. Sales declined seven percent relative to record volumes in Q1 last year. I am pleased with the margin recovery and overall financial performance.

We have adjusted our production capacity to meet evolving market demand conditions. We continue to see a degree of instability and unpredictability in the market, and it is important for us to safeguard market share.

The positive EU legislative trends continue, with a clear focus on energy efficiency and security of supply, though until now, we have not seen this translate into an increase in market activity”..

Further information:
Kim Junge Andersen, Chief Financial Officer
+45 46 56 03 00

Earnings call:
ROCKWOOL Group will host an earnings call on 11 May 2023 at 11.00 CET. The earnings call will be transmitted live on