Strong sales performance in high inflationary environment

·2 min read
Rockwool A/S
Rockwool A/S

First quarter report of 2022
Release no. 5 – 2022
to Nasdaq Copenhagen

18 May 2022

Strong sales performance in high inflationary environment


  • Sales in Q1 2022 reached 924 MEUR, an increase of 36 percent in local currencies and 38 percent in reported figures compared to last year, driven by high volume demand and necessary sales price increases.

  • EBITDA in Q1 2022 reached 155 MEUR, an increase of 16 MEUR or 12 percent compared to Q1 2021. The EBITDA margin was 16.8 percent, down 3.9 percentage points from last year. As expected, high cost increases on production materials and energy were not fully compensated by sales price increases and cost actions in the quarter.

  • EBIT increased 14 percent to 102 MEUR in Q1 2022, with an 11.0 percent EBIT margin, down 2.3 percentage points from Q1 2021.

  • Investments excluding acquisitions reached 70 MEUR in the first quarter 2022, a decrease of 12 MEUR compared to Q1 2021.

  • Annualised return on invested capital reached 18 percent from 17 percent in Q1 2021.

  • As a consequence of the terrible war in Ukraine, all investments in Russia have been cancelled. ROCKWOOL in Russia is a stand-alone operation and continues conducting business to avoid nationalisation of our assets and loss of unique intellectual property.

Outlook 2022

  • Growth in net sales of 20-25 percent in local currencies.

  • EBIT margin around 13 percent.

  • Investment level around 425 MEUR excluding acquisitions.

CEO comment
Commenting on the Group’s performance, CEO Jens Birgersson says:

“High demand and sales price increases drove double-digit revenue growth across almost all business units. While not materially affecting sales performance at this point, the war in Ukraine and the challenging geopolitical situation are contributing to an already stressed global economy. Even with the price increases, the soaring energy, material, and logistics costs diluted margins in the first quarter. This will necessitate further price increases across the businesses. We expect to restore margins in the coming quarters”.

Further information:
Kim Junge Andersen, Chief Financial Officer
+45 46 56 03 00

Earnings call:
ROCKWOOL Group will host an earnings call on 19 May 2022 at 11.00 CEST. The earnings call will be transmitted live on


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