ROCKWOOL releases Q3 results

November 22, 2023

Strong results in a challenging market

“Although sales development varies across regions, with North America and parts of Asia performing well and most of Europe remaining sluggish, our overall financial results year-to-date are strong. Sales are down, but less than expected, while earnings recovered to more normalised levels, helped along by stable pricing and lower if still high energy prices.

I am pleased with the strong cash flow, which stems primarily from operational efficiency and our ability to adapt as market conditions require. Looking ahead, European construction activity, both residential and commercial, is likely to remain low, while demand in North America and Asia looks more positive”

- CEO Jens Birgersson



  • Sales in the first nine months of 2023 reached 2686 MEUR, a decrease of six percent in local currencies and nine percent in reported figures compared to last year, driven by lower sales in many European markets.

  • Sales in Q3 2023 reached 903 MEUR, a decrease of four percent in local currencies and 11 percent in reported figures compared to last year.

  • EBITDA in the first nine months of 2023 reached 577 MEUR, up 22 percent, yielding a 21.5 percent EBITDA margin. Sales prices were maintained while energy prices eased, bringing earnings back to a normalised level.

  • EBITDA in Q3 2023 reached 219 MEUR, an increase of 68 percent compared to the unsatisfactory low result last year. The EBITDA margin was 24.3 percent.

  • EBIT in the first nine months of 2023 increased 27 percent to 383 MEUR, with a 14.3 percent EBIT margin, including the 27 MEUR donation to the Foundation for Ukrainian Reconstruction*.

  • EBIT in Q3 2023 increased 115 percent to 146 MEUR, with a 16.2 percent EBIT margin, up 9.4 percentage points.

  • Investments reached 216 MEUR for the first nine months of 2023, mainly related to electrical melter conversion in Flumroc, Switzerland and Systems Division capacity.

  • Cash flow from operations before financial items and tax amounted to 581 MEUR for the first nine months of 2023 compared to 339 MEUR in the same period last year.

  • Shareholders may from 22 November 2023 until 6 December 2023 request conversion of A shares to B shares. For further information please refer to

    *) Of which 100 MDKK was approved at the EGM on 31 August 2022 and the remaining 100 MDKK at the AGM on 29 March 2023. Together they constitute the 27 MEUR donation.

Outlook 2023

  • Sales decline of 4-5 percent in local currencies, changed from previously up to eight percent.

  • EBIT margin around 14 percent, changed from previously around 13 percent.

  • Investment level around 325 MEUR excluding acquisitions.