Solid first quarter performance, double-digit growth outlook for 2021

First quarter report of 2021
for ROCKWOOL International A/S
Release no. 13 – 2021
to Nasdaq Copenhagen

19 May 2021

Solid first quarter performance, double-digit growth outlook for 2021

Highlights

• Sales in Q1 2021 reached 671 MEUR, a growth of 6.0 percent in local currencies compared to Q1 2020. With a negative currency translation impact of 2.7 percentage points, sales growth in reported figures totalled 3.3 percent.
  

• EBITDA in Q1 2021 reached 139 MEUR, with a 20.7 percent EBITDA margin, up 1.5 percentage points from Q1 2020.
  

• EBIT in Q1 2021 increased 12 percent to 90 MEUR, with a 13.3 percent EBIT margin, up 1.0 percentage point from Q1 2020.
  

• Investments excluding acquisitions and grants reached 82 MEUR in the quarter, down 33 MEUR compared to last year.

• Annualised return on invested capital reached 16.9 percent compared to 20.2 percent last year, a decrease due to an increase in factory investments.
  

Outlook 2021

• Growth in net sales of 10-12 percent in local currencies.
  
  

• EBIT margin around 12 percent.
  
  

• Investment level around 370 MEUR excluding acquisitions.

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

“Construction activity in most markets has recovered, and we expect double-digit top-line growth for 2021. Overall, we are satisfied with the solid sales and profitability growth we achieved in the first quarter. The top- and bottom-lines are above first quarter results from both 2020 and 2019. Sales grew well in North America, Russia, China, and most of Western Europe. A clear focus on operational efficiency combined with a manageable impact of higher input costs contributed to the good profitability in both segments, with the Systems segment performing especially well”.

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 20 May 2021 at 11.00 CEST. To attend the conference call dial +45 35445577, +44 3333000804 or +1 6319131422. Passcode 56078017#. The call will be transmitted live on www.rockwool.com/group/

Attachment

• SE-2021-13_EN