High demand and productivity gains led to record sales with solid profitability despite extensive inflation

February 9, 2022

ROCKWOOL Group has released its annual report for 2021. Sales in 2021 reached 3088 MEUR, an increase of 19 percent. The EBIT margin increased by 19 percent and was 13.0 percent for the full year. Sales growth for 2022 is expected to be in the range of 15–20 percent, with an EBIT margin expected to be around 13 percent.

​Despite challenges from inflation, ROCKWOOL Group achieved solid earnings in 2021 and sales grew above 3 BEUR for the first time.

ROCKWOOL Group CEO Jens Birgersson says, “The rapid economic rebound and high demand for our products propelled 2021 sales above 3 BEUR for the first time. Overall, sales grew 19 percent, and we achieved a solid 13 percent EBIT margin, despite rampant inflation on energy and increasing logistics costs. I am also pleased with the progress we made in 2021 toward our sustainability goals.

Looking ahead, navigating the economic obstacle course of inflation and interest rates, supply chain constraints as well as geopolitical tensions will be challenging, particularly in the first half of 2022. That said, the fundamentals supporting our circular, natural and non-combustible stone wool products keep gaining strength, and we will increase our investments to continue growing and decarbonising our footprint”.


  • Sales in 2021 reached 3088 MEUR, an increase of 19 percent in local currencies and reported figures.
  • In Q4 2021, sales reached 842 MEUR, up 17 percent in local currencies and 20 percent in reported figures.
  • EBIT in 2021 ended at 401 MEUR, an increase of 19 percent, with a 13.0 percent EBIT margin, at level with 2020.
  • EBIT in Q4 2021 reached 95 MEUR, a decrease of six percent, with an EBIT margin of 11.2 percent, down 3.1 percentage points from Q4 2020. Productivity gains and sales price increases did not fully offset the soaring inflation on input costs, especially on energy.
  • Profit for the year reached 303 MEUR, an increase of 52 MEUR compared to 2020.
  • Investments for the year totalled 302 MEUR excluding acquisitions, primarily from capacity expansions.
  • Free cash flow ended the year at 116 MEUR against 76 MEUR for 2020.
  • Annualised return on invested capital reached 19 percent compared to 18 percent in 2020, due to higher earnings.
  • The proposed dividend per share is 35.00 DKK, an increase of 3.00 DKK from last year.
  • In response to proposals from shareholders, the Board of Directors is investigating various options for introducing a permanent scheme allowing for voluntary conversion of A-shares into B-shares on a 1:1 basis. A proposal for approval of such a scheme is expected to be ready for the Annual General Meeting 2022.

Outlook 2022

  • Sales growth in the range of 15-20 percent in local currencies, with higher uncertainties for the second half of the year.
  • Full-year EBIT margin around 13 percent, with gradual improvement as the year progresses.
  • Investment level around 500 MEUR, excluding acquisitions.