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Strong sales performance in a Q3 impacted by extraordinary surge in energy prices

Rockwool A/S
Rockwool A/S

Report on the first nine months of 2022
Release no. 13 – 2022
to Nasdaq Copenhagen

23 November 2022

Strong sales performance in a Q3 impacted by extraordinary surge in energy prices


  • Sales in the first nine months of 2022 reached 2952 MEUR, an increase of 27 percent in local currencies and 31 percent in reported figures compared to last year.

  • Sales in Q3 2022 amounted to 1010 MEUR, an increase of 21 percent in local currencies compared to Q3 2021.

  • EBITDA in the first nine months of 2022 reached 473 MEUR, up four percent, with a 16.0 percent EBITDA margin.

  • EBITDA in Q3 2022 reached 131 MEUR, a decrease of 17 percent, due to a surge in energy prices particularly in July and August that had not been fully priced in. EBITDA margin at 13.0 percent was down 6.7 percentage points from last year.

  • EBIT in the first nine months of 2022 ended at 301 MEUR, with a 10.2 percent EBIT margin, down 3.4 percentage points from same period in 2021.

  • EBIT in Q3 2022 ended at 68 MEUR with a 6.8 percent EBIT margin, down 6.4 percentage points from Q3 2021.

  • With an ease in energy prices and additional sales price increases, EBIT margin recovered in September and October.

  • Confluence of global climate change and energy independence concerns is creating favourable policy environment for energy efficiency and building renovation.

  • Shareholders may from 23 November 2022 until 7 December 2022 request conversion of A shares to B shares. For further information please refer to

Outlook 2022

  • Growth in net sales of 20-25 percent in local currencies.

  • EBIT margin between 10 and 12 percent.

  • Investment level around 330 MEUR excluding acquisitions, changed from previously around 375 MEUR.

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

We are pleased with our Q3 top-line sales performance that grew more than 20 percent in a market that continued to deteriorate. Earnings declined due to an unprecedented surge in energy costs of almost 200 MEUR over the same quarter last year that we were not able to offset with such short notice. July and August were especially challenging in relation to gas and electricity pricing, though margins are now recovering. We see continued, broad-based inflationary pressures, with some geographies hit harder than others. We therefore plan further price increases on average of 7-10 percent in the first quarter of 2023 to compensate for additional input cost pressure.

Looking further ahead, the policy environment for energy efficiency and building renovation is increasingly positive, though it will still take time for that to flow through to the market”.

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

Earnings call:
ROCKWOOL Group will host an earnings call on 24 November 2022 at 11.00 CET. The call will be transmitted live on