Copenhagen, January 14, 2026, 13:36 CET — Regular session
- Rockwool B shares climbed roughly 1.7% in Copenhagen following Tuesday’s steep decline of nearly 8%
- Company reports losing control over four Russian factories and plans to write down 469 million euros in equity
- Kepler Cheuvreux signals a significant earnings hit and raises concerns about proprietary know-how
ROCKWOOL A/S shares bounced back moderately on Wednesday following a steep drop the previous day linked to concerns over the company’s Russian holdings. By 13:36 CET, the B shares had risen roughly 1.7% to 209 Danish crowns. 1
The significance lies beyond headline risk. Rockwool plans to strip the Russian division from its books and absorb a write-down, leaving investors to assess how much of the earnings flow has vanished permanently.
Rockwool revealed that a Russian presidential decree has placed its Russian subsidiary under external management, stripping the group of control over its assets there. The company plans to de-consolidate four legal entities, removing them from group accounts and writing down their net value. As of Dec. 31, total equity stood at 469 million euros. The Russian unit generated 2025 revenue of 261 million euros and an EBIT of 78 million euros. 2
The stock dropped Tuesday following a Bloomberg report that Moscow had imposed temporary administration on two Russian branches of the Danish insulation firm, a step later confirmed by a Kremlin decree. 3
CEO Jes Munk Hansen slammed the takeover as “indisputably illegal” and vowed that Rockwool would pursue “all legal avenues” to protect its assets. He also noted the group had maintained “passive ownership” of its factories since Russia invaded Ukraine, while donating 500 million Danish crowns to a foundation supporting Ukraine’s reconstruction. 4
Kepler Cheuvreux analyst Alexander Craeymeersch said the earnings hit appears worse than anticipated, cautioning that the “earnings impact is clearly material.” He also raised concerns about losing control of company-specific know-how and moved the stock rating to “under review.” 5
Rockwool announced it will defend its legal rights under the Denmark-Russia bilateral investment treaty, but tempered expectations on timing. The company said it was not optimistic about overturning the decision.
Rockwool’s buyback program provides another layer of support for the shares. In a separate announcement on Nasdaq Copenhagen Wednesday, the company revealed it purchased 35,000 B shares on Jan. 13 at an average price of 208.03 crowns. Following this, Rockwool now holds 4,701,356 B shares, roughly 2.22% of its total share capital. 6
The downside scenario is straightforward to outline. Legal challenges might stretch out, the accounting impact could grow as auditors and regulators get involved, and losing control over operations sparks tough questions about the fate of technology, brands, and customer ties within Russia.
The next major trigger will be the annual report for 2025, set to drop on February 4. Investors are looking for more clarity on the write-down and how it might impact future guidance. 7
