Rockwool (ROCK) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue grew 6.3% in local currencies to 1,906 MEUR, with Q2 delivering record-high revenue of 1,000 MEUR, up 10.2% year-over-year, driven by volume growth and market share gains, especially in flat roof projects.

• EBIT for H1 was 249 MEUR, down 6% year-over-year; Q2 EBIT rose 3% to 129 MEUR, with EBIT margin at 12.9%.

• Profitability remained solid despite inflationary pressures and rising energy and transport costs, with EBITDA margin at 20.7%-20.8% for H1/Q2 2026.

• Free cash flow was negative (-151 MEUR in H1, -32 MEUR in Q2) due to high investments in capacity and decarbonization.

• Strategic investments and the deconsolidation of the Russian business impacted results.

Financial highlights

• Q2 2026 revenue exceeded 1,000 MEUR, up 10% year-over-year, mainly from volume growth.

• H1 EBIT margin was 13.1%, Q2 EBIT margin 12.9%, both down year-over-year.

• EBITDA for Q2 reached 208 MEUR (margin 20.8%), up 6% year-over-year.

• Net debt at 461 MEUR, leverage ratio 0.6, equity ratio 68.6%-69%.

• Net profit for H1 was 178 MEUR, down 12.5% year-over-year.

Outlook and guidance

• Full-year 2026 revenue growth guidance raised to 5%-7% in local currencies, with EBIT margin expected at 13%-14%.

• Investments (excluding acquisitions) projected at around 750 MEUR, up from previous 700 MEUR, with elevated CapEx expected into 2027.