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Rockwool (ROCK) investor relations material
Rockwool Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
FY 2025 revenue increased by 1.1% in local currencies, reaching 3,877 MEUR, with acquisitions contributing 1.2% to growth; excluding Russia, revenue grew 2.7%.
EBIT before Russian value adjustment was 570 MEUR, down 16% year-over-year; EBIT margin before Russian value adjustment was 14.7%, down 2.8 percentage points.
Russian authorities took control of four factories in January 2025, leading to a EUR 392 million write-down of net assets and liabilities to zero and a significant negative impact on net profit.
Major one-offs included two factory closures and the Flumroc incident, impacting EBIT margin by 0.6 percentage points.
Q4 2025 revenue was 967 MEUR, up 0.8% in local currencies; EBIT before Russia adjustment was 113 MEUR, down 30%.
Financial highlights
Group revenue excluding Russia increased 2% in 2025, driven by North America, South Europe, and OEM business.
EBIT margin before Russia value adjustment was 14.7% for FY 2025; Q4 EBIT margin was 11.8%, down 4.9 percentage points.
Free cash flow for FY 2025 was 135 MEUR, down 229 MEUR year-over-year, due to lower earnings, less favorable working capital, and higher investments.
Net debt at year-end was EUR 168 million, mainly due to EUR 243 million cash loss in Russia.
Price increases accounted for about half of the revenue growth.
Outlook and guidance
2026 revenue expected to grow 2%-4% in local currencies, excluding Russia.
EBIT margin guidance for 2026 is 13%-14%, reflecting higher spending on capacity, electrification, and sales/marketing.
Major investments in 2026 will focus on capacity expansion in India, Romania, and the US, with total CapEx expected around EUR 650 million.
No material one-off items included in 2026 EBIT margin guidance.
Investments planned around 650 MEUR, excluding acquisitions.
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