Rockwool (ROCK) AGM 2025 summary

Opening remarks and agenda

• AGM confirmed legal convening and quorum, with 84% of votes and 75% of share capital represented, enabling all agenda items, including share split and capital reduction, to be transacted.

• Covered board's report, annual report adoption, remuneration, profit allocation, board elections, auditor appointment, and shareholder proposals.

• Emphasized safety, financial results, global context, sustainability, and decarbonisation.

Financial performance review

• 2024 revenue reached EUR 3.855 billion, up 7% in reported figures; EBIT at EUR 677 million, up 31%, with a 17.5% operating margin.

• Net profit was EUR 550 million, an increase of EUR 161 million; free cash flow at EUR 364 million.

• Western Europe revenue up 2%, Eastern Europe and Russia up 11%, North America up 18%, Asia & others up 7%.

• Insulation segment revenue rose 8% to over EUR 3 billion; EBIT margin 16.6%. Systems segment saw a 1% decrease in revenue, EBIT margin 13.6%.

• 2025 outlook: low single-digit sales growth, EBIT margin around 16%, investments of EUR 450 million.

Board and executive committee updates

• Jes Munk Hansen appointed CEO as of September 1, replacing Jens Birgersson.

• Board self-evaluation concluded composition is appropriate for long-term value creation; members bring expertise in ESG, strategy, and international business.

• Remuneration for Board was EUR 800,000; Executive Board EUR 8.3 million, up 87% due to CEO transition.

• Board re-elections and new member Claes Westerlind proposed.