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ROCKWOOL A/S

Building materials·ROCK-B · Nasdaq Copenhagen·Fiscal year to 31/12/2025

Power grid expansionEnergy efficiencyNatural gasElectricityGeopolitical uncertainty

We transform volcanic rock into stone wool, a versatile material with many inherent strengths that make it ideal for use in a range of applications in buildings, industry, transportation, horticulture and water management.

Exposure profile

Raw materials and inputsMacroTechnologyRegulationEnd marketsGeography
Raw materials and inputs Natural gas, Electricity, Precious metals, Cement and building materials
Macro Geopolitical uncertainty, Climate change and extreme weather, Cyber attacks and IT security risk, Interest rates
Technology Power grid expansion, Energy efficiency, Data centres, Electrification
Regulation Carbon tax and ETS prices, EU climate and energy policy, Renewables auctions and subsidies, Circular economy and recycling
End markets Construction, Automotive, Agriculture and food production
Geography China, Nordics, Europe, United States

Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.

In their own words

Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.

Electricity

Raw materials and inputs

DriverNegative impact: weakens

“Looking ahead, limitation on grid connections, availability and the cost of reliable supply of low carbon electricity in certain areas in Europe could become constraints or delaying factors in achieving the plans for conversion to electricity.”

Annual report 2025A · The company itself

DriverPositive impact: strengthens

“Increased demand for energy efficient insulation material With increasing electricity and energy demand due to population growth and the green transition, there is a significant business opportunity from both regulatory and market factors for ROCKWOOL to provide products that enhance energy efficiency.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“ We work with approx. 9,200 registered and active suppliers  85% of sales do not cross customs borders  400 km is the average transport distance for insulation in Europe Energy and natural capital  2,185 kt of primary raw materials (sand, stone, cement) consumed in 2025  5,155 GWh of energy consumed in 2025 Human and intellectual capital  More than 13,000 people employed, with 48% in Western Europe, 31% in Eastern Europe and Russia, 11% in North America, and 10% in Asia and others  R&D based on inhouse experts and engineers Manufacturing capital  40 factories  Board approval for five additional factories (France, India, Sweden, United States, United Kingdom)”

Annual report 2025A · The company itself

InputNegative impact: weakens

“As part of an energy-intensive industry, ROCKWOOL faces specific climate-related risks on both the regulatory and technological fronts. Key innovations in our melting and product technology and multiple other initiatives to transition to lowercarbon energy sources are among the main contributors to achieving the decarbonisation goals reflected in the sciencebased targets we announced in 2020.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“In 2025, we invested 389 MEUR in decarbonisation related to new electric production lines, upgrades and conversions as well as signing two new power purchase agreements, in Poland and Spain.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“ROCKWOOL is taking steps to decarbonise the production process by introducing key innovations in our melting technology. This involves switching from coke or gas to electricity in existing factories, and primarily building new factories based on electricity.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“ROCKWOOL’s energy strategy includes the use of power purchase agreements to help ensure stable supply and to mitigate future fluctuations in energy prices. In 2025, two power purchase agreements for part of our business in Poland and Spain were signed.”

Annual report 2025A · The company itself

Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion

Carbon tax and ETS prices

Regulation

DriverPositive impact: strengthens

“At regular intervals we assess the EU ETS and similar schemes’ financial impact on our business. For the period 2020-2030, the mineral wool sector has been granted EU carbon leakage, which significantly increases the number of free allowances allocated to each factory.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Reliance on fossil fuels exposes ROCKWOOL to changes in current and future emission trading schemes (EU ETS, CBAM, Embodied Carbon regulations).”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“The Group advanced key sustainability initiatives, including further reductions in CO intensity and continued investments in electrifying production lines. In November 2025, we agreed to pursue more ambitious climate targets by aligning our existing targets with a 1.5°C pathway (from the current ‘well below 2°C’) and to formalise our commitment to Net Zero by 2050.”

Annual report 2025A · The company itself

Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials

Europe

Geography

StrategyPositive impact: strengthens

“It should be noted that our local-for-local operating model – manufacturing and selling within the same regions – provides some insulation from potential trade disruptions.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Capital expenditure reached 473 MEUR, an increase of 86 MEUR compared to 2024, slightly higher than our latest expectation due to timing of some larger investments. The largest individual investments in 2025 related to construction of the new factories in the United States and India, the new production line in Romania and the electrical conversions in the Netherlands and France as well as digitalisation initiatives.”

Annual report 2025A · The company itself

Geography

“Main markets like Germany, the United Kingdom, and France declined while Italy, Spain, and the Netherlands performed well.”

Annual report 2025A · The company itself

Geography

“Excluding revenue in Russia, Eastern Europe increased five percent in local currencies, with good performance in Romania, Poland and Hungary.”

Annual report 2025A · The company itself

Geography

“Revenue in Western Europe reached 549 MEUR in Q4 2025, a decrease of 0.5 percent in local currencies and 1.0 percent in reported figures compared to Q4 2024. The decrease mainly related to the United Kingdom and Switzerland, while Benelux, Italy and Spain performed well compared to Q4 2024.”

Annual report 2025A · The company itself

Geography

“Quarterly revenue in Eastern Europe including Russia reached 188 MEUR, a decrease of 1.6 percent in local currencies and an increase of three percent in reported figures compared to Q4 2024. Excluding revenue in Russia, Eastern Europe increased four percent in local currencies, with revenue growth in Hungary, Romania and Poland.”

Annual report 2025A · The company itself

United States

Geography

StrategyPositive impact: strengthens

“It should be noted that our local-for-local operating model – manufacturing and selling within the same regions – provides some insulation from potential trade disruptions.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“In North America, for example, we are expanding our market coverage to capture significant growth opportunities within all major business areas.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Capital expenditure reached 473 MEUR, an increase of 86 MEUR compared to 2024, slightly higher than our latest expectation due to timing of some larger investments. The largest individual investments in 2025 related to construction of the new factories in the United States and India, the new production line in Romania and the electrical conversions in the Netherlands and France as well as digitalisation initiatives.”

Annual report 2025A · The company itself

Geography

“In North America, revenue growth was solid, especially in the United States, where we also grew our market share in 2025.”

Annual report 2025A · The company itself

Geography

“Revenue in the United States showed good growth especially in the building insulation and technical insulation business.”

Annual report 2025A · The company itself

Geography

“Revenue in North America ended at 182 MEUR in Q4 2025, an increase of nine percent in local currencies and stable in reported figures compared to Q4 2024. In the United States revenue grew double-digit percentage, while revenue in Canada returned to slight growth after some difficult quarters.”

Annual report 2025A · The company itself

Chains in: USD vs DKK/EUR mixed effect

Asia and emerging markets

Geography

StrategyPositive impact: strengthens

“In Asia, we will expand and grow our business in selected attractive markets where there is a clear demand for our premium quality offerings.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Capital expenditure reached 473 MEUR, an increase of 86 MEUR compared to 2024, slightly higher than our latest expectation due to timing of some larger investments. The largest individual investments in 2025 related to construction of the new factories in the United States and India, the new production line in Romania and the electrical conversions in the Netherlands and France as well as digitalisation initiatives.”

Annual report 2025A · The company itself

Geography

“Revenue in India, Malaysia and Japan continued the good growth, while revenue in most other markets decreased.”

Annual report 2025A · The company itself

Cement and building materials

Raw materials and inputs

InputNegative impact: weakens

“ We work with approx. 9,200 registered and active suppliers  85% of sales do not cross customs borders  400 km is the average transport distance for insulation in Europe Energy and natural capital  2,185 kt of primary raw materials (sand, stone, cement) consumed in 2025  5,155 GWh of energy consumed in 2025 Human and intellectual capital  More than 13,000 people employed, with 48% in Western Europe, 31% in Eastern Europe and Russia, 11% in North America, and 10% in Asia and others  R&D based on inhouse experts and engineers Manufacturing capital  40 factories  Board approval for five additional factories (France, India, Sweden, United States, United Kingdom)”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“At the pinnacle of ROCKWOOL’s strategy is our corporate purpose: to release the natural power of stone to enrich modern living. This reflects our purpose’s unifying nature, conveying that stone is our core raw material and the bedrock on which our business is based.”

Annual report 2025A · The company itself

Market

“We transform volcanic rock into stone wool, a versatile material with many inherent strengths that make it ideal for use in a range of applications in buildings, industry, transportation, horticulture and water management.”

Annual report 2025A · The company itself

Chains in: Carbon tax and ETS prices weakens, Reconstruction of Ukraine strengthens

EU climate and energy policy

Regulation

DriverPositive impact: strengthens

“We also foresee selective opportunities driven by EU renovation and demand for firesafe insulation.”

Annual report 2025A · The company itself

DriverPositive impact: strengthens

“On the opportunity side, regulations can stimulate demand for carbon emission abating solutions such as insulation. They can also increase demand for solutions that support climate resilience more broadly, including greenhouse growing media that require less water and rainwater management systems.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“The Group advanced key sustainability initiatives, including further reductions in CO intensity and continued investments in electrifying production lines. In November 2025, we agreed to pursue more ambitious climate targets by aligning our existing targets with a 1.5°C pathway (from the current ‘well below 2°C’) and to formalise our commitment to Net Zero by 2050.”

Annual report 2025A · The company itself

Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency

Agriculture and food production

End markets

DriverPositive impact: strengthens

“Increased demand for Grodan for horticulture to maximise crop yield with less water, less land and less fertilizer in droughtprone and heat-waves regions Long-term Medium- to long-term Heavy precipitation Flood; Precipitation variability Increased demand for Rainwater Systems helps cities and industries mitigate risks and store excess water during storms.”

Annual report 2025A · The company itself

Market

“Grodan makes soilless growing media solutions (stone wool substrates, sensors, software and services) designed for growing food and cannabis more efficiently in controlled environments.”

Annual report 2025A · The company itself

Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens

Building codes and fire safety

Regulation

StrategyPositive impact: strengthens

“In 2025, Rockpanel upgraded the fire classification of its entire façade product portfolio to Euroclass A2 from Euroclass B in response to increasing demand for fire-safe products. The business achieved good growth in its core markets as well as others where it has a small but growing presence, supported by the new production line that opened in 2024 in the Netherlands.”

Annual report 2025A · The company itself

Market

“Fire-safe insulation that can reduce heating needs up to 70%. S t o n e w o o l i s fi r e s a f e , d u r a b l e a n d r e c y c l a b l e Insulation segment generates 83% of our revenue Systems segment generates 17% of our revenue Our impact on society We see enormous opportunity to leverage the natural power of stone to create products that accelerate progress towards a safer, healthier, low-carbon future.”

Annual report 2025A · The company itself

Circular economy and recycling

Regulation

StrategyPositive impact: strengthens

“Building on stone wool’s endless recyclability, circularity is core to ROCKWOOL’s business model. Our Rockcycle programme reclaims used stone wool material for reuse in our production, reducing waste and reliance on virgin materials.”

Annual report 2025A · The company itself

Chains in: EU climate and energy policy strengthens

Electrification

Technology

StrategyPositive impact: strengthens

“ROCKWOOL is taking steps to decarbonise the production process by introducing key innovations in our melting technology. This involves switching from coke or gas to electricity in existing factories, and primarily building new factories based on electricity.”

Annual report 2025A · The company itself

Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper

Industrial manufacturing

End markets

Market

“ Low-risk transactional sales  Local business  Capital intensive production Our products are sold in more than 120 countries primarily via B2B channels including installers and distributors.”

Annual report 2025A · The company itself

Nordics

Geography

StrategyPositive impact: strengthens

“It should be noted that our local-for-local operating model – manufacturing and selling within the same regions – provides some insulation from potential trade disruptions.”

Annual report 2025A · The company itself

Renewables auctions and subsidies

Regulation

StrategyPositive impact: strengthens

“In 2025, we invested 389 MEUR in decarbonisation related to new electric production lines, upgrades and conversions as well as signing two new power purchase agreements, in Poland and Spain.”

Annual report 2025A · The company itself

Chains in: Wind power strengthens

Retail

End markets

Market

“ Low-risk transactional sales  Local business  Capital intensive production Our products are sold in more than 120 countries primarily via B2B channels including installers and distributors.”

Annual report 2025A · The company itself

Chains in: Consumer spending strengthens

Utilities

End markets

Market

“Rockfon Europe & Asia and Rockpanel performed well, while revenue in Grodan continued to decline compared to Q4 2024.”

Annual report 2025A · The company itself

Wind power

Technology

Market

“Rockfon Europe & Asia and Rockpanel performed well, while revenue in Grodan continued to decline compared to Q4 2024.”

Annual report 2025A · The company itself

Chains in: Interest rates weakens, Energy security strengthens
Chains out: this strengthens Steel, strengthens Rare earths and critical raw materials, strengthens Renewables auctions and subsidies, strengthens Power grid expansion

China

Geography

DriverNegative impact: weakens

“India’s large public investment projects are expected to support robust construction growth in 2026, while continued weakness in China’s commercial and residential real estate sectors will keep new-build activity subdued.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“ROCKWOOL’s passive ownership of four Russian factories, combined with the consequences of Russia’s war against Ukraine, entails elevated risks for the Group. The primary risk factors relate to potential loss of brand value, breach of applicable sanctions, and loss of assets.”

Annual report 2025A · The company itself

Geography

“Market conditions in China were still tough, and revenue decreased double-digit percent in local currencies.”

Annual report 2025A · The company itself

Geography

“Excluding revenue in Russia, Eastern Europe increased four percent in local currencies, with revenue growth in Hungary, Romania and Poland.”

Annual report 2025A · The company itself

Climate change and extreme weather

Macro

DriverMixed impact: mixed

“In 2025, we strengthened our climate risk assessment to better protect our factories against severe weather events. We also clearly defined how our products help strengthen resilience against climate change events, including wildfires, heavy precipitation and flooding, as well as drought and water stress.”

Annual report 2025A · The company itself

DriverPositive impact: strengthens

“Physical opportunities from climate and weather changes ROCKWOOL offers products that can strengthen resilience against climate change and severe weather. These opportunities are presented in more detail in the scenario analysis.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Physical risks due to acute and chronic climate changes ROCKWOOL’s factories, key assets with capital-intensive technologies, could be harmed by acute climate changes driven events.”

Annual report 2025A · The company itself

DriverPositive impact: strengthens

“Increased demand for Grodan for horticulture to maximise crop yield with less water, less land and less fertilizer in droughtprone and heat-waves regions Long-term Medium- to long-term Heavy precipitation Flood; Precipitation variability Increased demand for Rainwater Systems helps cities and industries mitigate risks and store excess water during storms.”

Annual report 2025A · The company itself

Chains out: this weakens Agriculture and food production

Geopolitical uncertainty

Macro

DriverNegative impact: weakens

“However, escalating geopolitical tension between Europe and the United States could affect trade conditions and lessen the appetite for investment in European and North American building projects.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“The main business risk this year appears to be the growing tension between Europe and the United States, which is shifting political priorities from climate and trade issues towards security concerns.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“ROCKWOOL’s passive ownership of four Russian factories, combined with the consequences of Russia’s war against Ukraine, entails elevated risks for the Group. The primary risk factors relate to potential loss of brand value, breach of applicable sanctions, and loss of assets.”

Annual report 2025A · The company itself

Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine

Natural gas

Raw materials and inputs

DriverNegative impact: weakens

“In 2025, the business faced continued challenges, including high interest rates and broader economic uncertainty. In Europe and North America, limited expansion in the vegetable market and declines in the cannabis market led to a revenue decline.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“ We work with approx. 9,200 registered and active suppliers  85% of sales do not cross customs borders  400 km is the average transport distance for insulation in Europe Energy and natural capital  2,185 kt of primary raw materials (sand, stone, cement) consumed in 2025  5,155 GWh of energy consumed in 2025 Human and intellectual capital  More than 13,000 people employed, with 48% in Western Europe, 31% in Eastern Europe and Russia, 11% in North America, and 10% in Asia and others  R&D based on inhouse experts and engineers Manufacturing capital  40 factories  Board approval for five additional factories (France, India, Sweden, United States, United Kingdom)”

Annual report 2025A · The company itself

Cyber attacks and IT security risk

Macro

DriverNegative impact: weakens

“Manufacturers with a global footprint, such as ROCKWOOL, face persistent risks from sophisticated adversaries exploiting vulnerabilities at speed, targeting both IT and operational technology (OT) assets, and leveraging complex supply chain dependencies. The potential impacts range from business continuity disruption and intellectual property loss to reputational damage.”

Annual report 2025A · The company itself

Chains out: this strengthens Cybersecurity (products and services)

Energy efficiency

Technology

DriverPositive impact: strengthens

“Increased demand for energy efficient insulation material With increasing electricity and energy demand due to population growth and the green transition, there is a significant business opportunity from both regulatory and market factors for ROCKWOOL to provide products that enhance energy efficiency.”

Annual report 2025A · The company itself

Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens

Power grid expansion

Technology

DriverNegative impact: weakens

“Looking ahead, limitation on grid connections, availability and the cost of reliable supply of low carbon electricity in certain areas in Europe could become constraints or delaying factors in achieving the plans for conversion to electricity.”

Annual report 2025A · The company itself

Chains in: Electricity strengthens, Electrification strengthens, Energy security strengthens, Wind power strengthens, Reconstruction of Ukraine strengthens

Precious metals

Raw materials and inputs

InputNegative impact: weakens

“Revenue generated in the geographical segments:  57% in Western Europe  19% in Eastern Europe and Russia  19% North America  5% Asia and others Financial capital  Healthy financial standing generating solid profitability  473 MEUR of CAPEX of which 82 percent is EU Taxonomy-aligned Volcanic rock is mixed with lime stone before being heated to more than 1,500°C.”

Annual report 2025A · The company itself

Interest rates

Macro

DriverNegative impact: weakens

“In 2025, the business faced continued challenges, including high interest rates and broader economic uncertainty. In Europe and North America, limited expansion in the vegetable market and declines in the cannabis market led to a revenue decline.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“High interest rates and rising costs constrained private residential and commercial investment, balanced partly by public and infrastructure spending. Continued uncertainty around tariffs and inflation reduced overall demand in Canada, leading to project postponements in new construction and lower renovation activity.”

Annual report 2025A · The company itself

DriverPositive impact: strengthens

“In Europe, residential construction shows early signs of recovery at the start of 2026 as financing conditions ease and demand picks up. Non-residential activity, however, is likely to remain broadly subdued, with selective pockets of growth driven by larger projects.”

Annual report 2025A · The company itself

DriverPositive impact: strengthens

“With lower interest rates, modest improvement is expected in the single-family home segment.”

Annual report 2025A · The company itself

Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction

Construction

End markets

DriverNegative impact: weakens

“In Europe, the construction industry remained under pressure in 2025, with modest or negative growth in most countries. Infrastructure investment, sustainability renovations, and demand for modernised offices provided some support, although overall market softness in other areas tempered regional growth.”

Annual report 2025A · The company itself

DriverPositive impact: strengthens

“In Europe, residential construction shows early signs of recovery at the start of 2026 as financing conditions ease and demand picks up. Non-residential activity, however, is likely to remain broadly subdued, with selective pockets of growth driven by larger projects.”

Annual report 2025A · The company itself

DriverPositive impact: strengthens

“With lower interest rates, modest improvement is expected in the single-family home segment.”

Annual report 2025A · The company itself

Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens

Tariffs and trade policy

Macro

DriverNegative impact: weakens

“Continued uncertainty around tariffs and inflation reduced overall demand in Canada, leading to project postponements in new construction and lower renovation activity.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“However, escalating geopolitical tension between Europe and the United States could affect trade conditions and lessen the appetite for investment in European and North American building projects.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Compared to the initial EBIT margin outlook announced in February 2025, the realised EBIT margin was negatively affected by market volatility and hesitation resulting from trade-related tensions and other factors, and ended lower than expected at the beginning of the year.”

Annual report 2025A · The company itself

Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes

Coal and coke

Raw materials and inputs

InputNegative impact: weakens

“What’s more, the factory was coke-fuelled and facing sustainability investments that were not economically viable under current market conditions.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“While the supply of coke remains stable and able to meet demand, there is a risk that the usage of coke as a primary energy source at our factories, could be limited mainly due to EU regulation, national restrictions or taxes on CO emissions.”

Annual report 2025A · The company itself

Inflation

Macro

DriverNegative impact: weakens

“High interest rates and rising costs constrained private residential and commercial investment, balanced partly by public and infrastructure spending. Continued uncertainty around tariffs and inflation reduced overall demand in Canada, leading to project postponements in new construction and lower renovation activity.”

Annual report 2025A · The company itself

DriverPositive impact: strengthens

“In Q4 2025, profitability decreased mainly due to 15 MEUR cost related to the factory closure in China as well as the productionrelated incident in Switzerland and the lower Russian performance partly offset by continued deflation on raw materials and moderate tactical sales prices increases.”

Annual report 2025A · The company itself

Chains out: this weakens Consumer spending, strengthens Interest rates

Automotive

End markets

DriverNegative impact: weakens

“In Canada, residential demand is expected to remain muted due to affordability issues and lower immigration, while manufacturing construction, particularly in the automotive industry, is expected to decline.”

Annual report 2025A · The company itself

Business cycle and GDP growth

Macro

DriverNegative impact: weakens

“Compared to the initial EBIT margin outlook announced in February 2025, the realised EBIT margin was negatively affected by market volatility and hesitation resulting from trade-related tensions and other factors, and ended lower than expected at the beginning of the year.”

Annual report 2025A · The company itself

Chains out: this strengthens Global trade volumes, strengthens Construction

Consumer spending

Macro

DriverNegative impact: weakens

“In Europe, the construction industry remained under pressure in 2025, with modest or negative growth in most countries. Infrastructure investment, sustainability renovations, and demand for modernised offices provided some support, although overall market softness in other areas tempered regional growth.”

Annual report 2025A · The company itself

Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label

Data centres

Technology

DriverPositive impact: strengthens

“Manufacturing-related building activity is expected to be generally subdued through most of 2026, while commercial construction should benefit from larger investments in data centres, logistics and similar projects.”

Annual report 2025A · The company itself

Chains in: Artificial intelligence strengthens
Chains out: this strengthens Electricity, strengthens Copper

Labour and wages

Raw materials and inputs

InputNegative impact: weakens

“ We work with approx. 9,200 registered and active suppliers  85% of sales do not cross customs borders  400 km is the average transport distance for insulation in Europe Energy and natural capital  2,185 kt of primary raw materials (sand, stone, cement) consumed in 2025  5,155 GWh of energy consumed in 2025 Human and intellectual capital  More than 13,000 people employed, with 48% in Western Europe, 31% in Eastern Europe and Russia, 11% in North America, and 10% in Asia and others  R&D based on inhouse experts and engineers Manufacturing capital  40 factories  Board approval for five additional factories (France, India, Sweden, United States, United Kingdom)”

Annual report 2025A · The company itself

M&A and consolidation

Macro

DriverNegative impact: weakens

“Within the Systems segment, Rockfon in Europe expects a stable market with limited growth opportunities due to an already wellestablished presence and increased competition.”

Annual report 2025A · The company itself

Denmark

Geography

Geography

“Main markets like Germany, the United Kingdom, and France declined while Italy, Spain, and the Netherlands performed well.”

Annual report 2025A · The company itself

Competitors mentioned in the report

No named competitors in the report.

Financial figures

Revenue
latest fiscal year
3.88 bn EUR
Revenue growth
vs. the year before, same method
0.6 %
EBITDA
reported by the company
0.86 bn EUR
Net debt
debt incl. leasing minus cash
N/A
Diluted EPS
per share
0.1 EUR

Source: annual report (ESEF) A. See the report

Criteria

Profit✓
Growing✓
Healthy balance sheetN/A

Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.

This page describes what the company itself writes. It isn't an assessment and isn't a recommendation. Run an analysis to see how the company connects to your view.