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Rockwool (ROCK) investor relations material
Rockwool Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for the first nine months of 2025 increased 1% year-over-year to €2,910 million, with Q3 revenue up 2% in local currencies and 1% in reported figures, aided by 2024 acquisitions.
Q3 2025 EBIT was €150 million, down 14% year-over-year, with an EBIT margin of 15.5%, a decrease of 2.6 percentage points.
Profitability declined due to unfavorable country mix, lower operational efficiency, and reduced cost leverage, with net profit for Q3 at €122 million, down €33 million year-over-year.
Challenging market conditions, especially in the UK and Canada, led to postponed projects and lower sales, while Eastern and Southern Europe and the US showed growth.
Free cash flow in Q3 was €105 million, down €92 million year-over-year, mainly due to lower earnings, higher investments, and increased inventory.
Financial highlights
EBITDA for Q3 was €215 million (22.3% margin), down 11%, with a 2.9 percentage point lower margin year-over-year.
EBIT for the first nine months was €457 million (15.7% margin), down 11% year-over-year.
Net profit for the first nine months was €360 million, €53 million lower than last year.
Free cash flow for the first nine months was €142 million, down €216 million year-over-year.
Equity ratio at the end of Q3 was 75.8%-76%, down 3.4 percentage points year-over-year.
Outlook and guidance
Full-year 2025 revenue is expected to be flat in local currencies, with EBIT margin guidance at 14%-15%.
Investment guidance maintained at around €450 million, excluding acquisitions.
Q4 earnings expected to be negatively impacted by a production incident in Switzerland and continued market slowdowns in Canada, Russia, and the UK.
Price increases of 1%-3% are planned for 2026, with input costs expected to remain flat.
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