Slide 1: Q4/FY 2025 Financial results
Q4/FY 2025 Financial results
Slide 2: Forward-looking statement
Forward-looking statement The statements on the future in this presentation, including expected revenue and earnings, are associated with risks and uncertainties and may be affected by factors influencing the activities of the Group, such as the global economic environment, including interest and ex
Slide 3: FY 2025 highlights
FY 2025 highlights RW-NC, Flexibatts installation new built single-family home Group revenue Revenue increase in local currencies 3,877 MEUR 2.7% excl. Russia up 0.6% in reported figures Group revenue up 1.1% in local currencies EBIT (before Russian value adjust.) EBIT margin (before Russia value ad
Slide 4: Q4 2025 highlights
Q4 2025 highlights Group revenue Revenue increase in local currencies 967 MEUR 1.8% excl. Russia down 0.5% in reported figures Group revenue up 0.8% in local currencies EBIT (before Russian value adjust.) EBIT margin (before Russia value adjust.) 113 MEUR 11.8% down 30% down 4.9 percentage points EB
Slide 5: FY 2025 revenue excluding Russia up three percent
FY 2025 revenue excluding Russia up three percent Net revenue Net revenue per business segment MEUR MEUR +1.5% +0.9% +1.1% FY 2024 FY 2024 +0.6% FY 2025 Local currencies FY 2025 Local currencies FY 2025 Reported figures FY 2025 Reported figures 3,176 3,206 3,855 3,877 -0.5% -1.2% 679 671 FY 2024 FY
Slide 6: Q4 revenue up two percent excluding Russia
Q4 revenue up two percent excluding Russia Net revenue Net revenue per business segment MEUR MEUR Q4 2024 Q4 2024 Q4 2025 Local currencies Q4 2025 Local currencies +0.8% -0.5% +0.8% Q4 2025 Reported figures Q4 2025 Reported figures -0.5% 970 967 770 767 +1.0% -0.1% 200 200 Q4 2024 Q4 2025 Insulation
Slide 7: Q4 regional revenue development
Q4 regional revenue development Growth in local currencies Key developments Geographic share of revenue MEUR, reported figures Western Europe ▪ Benelux, Italy and Spain performed well. Western Europe - 0.5% ▪ Revenue declined in the United Kingdom North America Eastern Europe and Russia one percent
Slide 8: Strong underlying profitability in Q4
Strong underlying profitability in Q4 EBITDA & EBIT* -14% EBITDA / EBIT margin* MEUR 253 241 -30% (%) 230 223 227 216 215 202 199 189 EBITDA EBITDA margin 173 163 25,1% 25,2% 152 154 153 150 EBIT 23,7% EBIT margin 23,5% 23,2% 135 23,0% 22,3% 113 20,5% 18,7% 18,1% 16,5% 16,7% 16,0% 15,5% 15,5% 11,8%
Slide 9: Q4 profitability by business segment
Q4 profitability by business segment EBIT* EBIT margin* MEUR (%) -32% 137 17,5% 17,5% 15,4% 15,8% 15,2% 14,9% 14,9% Q4 2024 92 15,6% 17,8% 10,8% -19% Q4 2025 Insulation 14,1% 12,7% 14,0% 12,9% 12,3% Systems 10,3% 26 21 Insulation Systems Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Insulation EBI
Slide 10: Q4 investment activities
Q4 investment activities Investments excluding acquisitions were 473 MEUR for 2025, up 86 MEUR compared to 2024. Investments in Q4 2025 were 166 MEUR in Q4 2025, up 27 MEUR compared to Q4 2024. ▪ In Q4 2025, the largest investments related to the factory projects in the United States and India as we
Slide 11: Q4 free cash flow
Q4 free cash flow Free cash flow Q4 free cash flow was -7 MEUR, down 13 MEUR MEUR compared to Q4 2024. The decrease was mainly 197 Q4: -13 MEUR related to lower earnings, less favourable development in net working capital and higher investments. 146 110 105 Net working capital was 10.7 percent (Q4 2
Slide 12: Good progress on sustainability goals in 2025
Good progress on sustainability goals in 2025 UN SDG 2030 goals SBTi-related 2034 goals Baseline year 2015 Baseline year 2019 Scope 1 and 2 CO2 emission intensity Absolute Scope 1 and 2 GHG emissions (CO2e) 50% (in 2034) Increased 25% target 20% 38% Progress Water use intensity Absolute Scope 3 GHG
Slide 13: Decarbonisation progress, stronger commitments, improved ratings
Decarbonisation progress, stronger commitments, improved ratings Decarbonisation progress ahead of plan ▪ Set a more ambitious CO₂ emission intensity target in 2025 after achieving 2030 target ahead of plan (in 2024). ▪ Group Management’s short-term incentive scheme to be linked to decarbonisation p
Slide 14: Outlook 2026
Outlook 2026 Factory Caparroso, Spain 14
Slide 15: Outlook 2026
Outlook 2026 1 Revenue growth between 2-4 percent in local currencies 2 EBIT margin between 13-14 percent 3 Investments around 650 MEUR excluding acquisitions Acoustic Lab, Hedehusene, Denmark 15
Slide 16: Key figures for the Group
Key figures for the Group MEUR Q4 Q4 YoY FY FY YoY 2025 2024 (%) 2025 2024 (%) Statement of profit and loss Revenue 967 970 -0.5% 3,877 3,855 0.6% EBITDA 199 230 -13.6% 864 940 -8.1% EBIT before value adjustment of the 113 163 -29.9% 570 677 -15.7% Russian business EBIT -279 163 N/A 178 677 -73.7% P
Slide 17: Key figures for the Group excluding Russia related matters
Key figures for the Group excluding Russia related matters *) MEUR Q1 Q2 Q3 Q4 FY 2025 2025 2025 2025 2025 Statement of profit and loss Revenue 906 912 890 908 3,616 EBITDA 213 204 189 182 788 EBIT 146 133 126 100 505 Profit/loss before tax 133 128 124 106 491 Profit/loss for the period 103 101 93 6
Slide 18: Questions?
Questions? ZN Rockwoor
Slide 19: Thank you
Thank you ROCKWOOL A/S Hovedgaden 584 2640 Hedehusene Denmark CVR No. 54879415 Tel.: +45 46 56 03 00 www.rockwool.com 19