Q2 2024 Rockwool A/S Earnings Call Transcript
Key Points
- Rockwool AS (STU:R90) reported an 8% broad-based growth in H1, driven primarily by the commercial sector.
- The company achieved an EBIT margin of 17.7% year-to-date, with a notable increase to 18.7% in Q2.
- Record growth was observed in North America, with significant sales increases in both Canada and the US.
- The company has successfully ramped up productivity, achieving nearly 10% productivity improvement year-over-year.
- Rockwool AS (STU:R90) is making significant strides in sustainability, reducing CO2 emissions per ton produced by 16% since 2015.
- The residential sector continues to struggle, showing no signs of growth and negatively impacting overall performance.
- Inflationary pressures are expected to persist, potentially necessitating price increases in some markets.
- The new plant project in France has faced legal setbacks, causing delays and potential future investment reallocations.
- The company is nearing full capacity in the US, which may limit growth until the new plant comes online in 2027.
- Eastern Europe, particularly Poland, remains a challenging market with intense price competition affecting margins.
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Thank you very much, and good afternoon, everybody. Sorry for the delay. We had some technical challenges here in Chennai from where we're taking the calls. Today, first of all, of course, I'm Kim Junge Andersen, the CFO. And with me here, I have the CEO, Jens Birgersson.
And today, we will present to you the first-half result and then afterwards, we go into Q&A. Before we start, I'd just like to remind you on slide number 2, the forward-looking statement, and please be aware that this presentation contains uncertainties. And with this, we can quickly go into the presentation on slide number 3.
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Good morning. Good day, everyone. Its Jens Birgersson. Kim and I and the whole Board of Directors of Rockwool, including my successor, Jes Munk, we are in India, in Chennai, and the reason we are here doing a Board meeting about 90
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