H1/Q2 2018 Financial Results

Forward-looking statement The statements on the future in this presentation, including expected sales and earnings, are associated with risks and uncertainties and may be affected by factors influencing the activities of the Group, e.g. the global economic environment, including interest and exchange rate developments, the raw material situation, production and distribution-related issues, breach of contract or unexpected termination of contract, price reductions due to market-driven price reductions, market acceptance of new products, launches of competitive products and other unforeseen factors. In no event shall ROCKWOOL International A/S be liable for any direct, indirect or consequential damages or any other damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other action, arising out of or in connection with the use of information in this presentation.

EUR 1,270 million up 13.5% in reported figures Highlights H1 Sales of EUR 1,270 million up 13.5% in reported figures EBIT of EUR 161 million up 47% over last year Free cash flow of EUR 28 million up from EUR 13 million last year Sales increase in local currencies 16.9% EBIT margin of 12.7% up 2.9 percentage points Net profit EUR 123 million improvement of EUR 44 million Incl. 3% from Flumroc

EUR 667 million up 14.1% in reported figures Highlights Q2 Sales of EUR 667 million up 14.1% in reported figures EBIT of EUR 91 million up 43% over last year Free cash flow of EUR 62 million at level with last year Sales increase in local currencies 17.3% EBIT margin of 13.6% up 2.7 percentage points Net profit EUR 69 million improvement of EUR 22 million Incl. 3.4% from Flumroc

H1 sales growth of 16.9% NET SALES EURm Sales grew 16.9% in local currencies including Flumroc, and reached EUR 1,270 million. Sales increased 13.5% in reported figures with a negative currency effect of 3.4 percentage points and 3.2% net sales from Flumroc. The increase in sales has been driven by improved market conditions and an increased demand for non- combustible insulation products. Insulation up 21.0% in local currencies, and 17.7% in reported figures, owing mainly to the building insulation segment across Europe and North America. Systems sales up 4.5% in local currencies and 1.0% in reported figures. NET SALES PER BUSINESS AREA EURm

Q2 sales growth of 17.3% NET SALES EURm Sales grew 17.3% in local currencies including 3.4% from Flumroc. Sales increased 14.1% in reported figures with a negative currency effect of 3.2 percentage points. Insulation up 21.3% in local currencies, and 18.1% in reported figures. Systems sales up 4.9% in local currencies and 2.0% in reported figures, with modest improvement from the previous quarter as Rockfon started to deliver higher growth. NET SALES PER BUSINESS AREA EURm

21.1% 17.9% 7.1% Regional developments Q2 Western Europe Growth in local currencies Key developments Share of Sales Western Europe 21.1% 20.2% incl. FX effect CEE incl. Russia 17.9% 11.0% incl. FX effect North America, Asia and others 7.1% 2.4% incl. FX effect Growth in all key markets Especially Germany, France and UK performing well 6.1% from Flumroc Small negative currency effect of 0.9% 60% Positive sales growth in Russia Double-digit growth in most significant markets, with Poland as a significant driver Negative currency effect of 6.9% 19% Double digit growth in North America South East Asia back to good growth compared to last year Negative currency effect of 4.7% 21%

Profitability EBITDA up 28% to EUR 132 million in Q2 2018 Q2 EBITDA margin of 19.9%, mainly due to better contribution margin from higher sales prices, which together with good factory performance has more than offset the pressure from input costs and a negative impact from product mix. EBIT up 43%, reaching EUR 91 million in Q2 2018 Corresponding to an 13.6% EBIT margin, an increase of 2.7 percentage points. EBIT in 1H 2018 increased 47%, to EUR 161 million

Strong improvement in Insulation EBIT EURm Insulation EBIT increased 65% to EUR 71 million in Q2 2018 EBIT margin improved 3.8 percentage points to 12.5%. Most markets contributed positively. Systems EBIT decreased 2.1% to EUR 20 million in Q2 2018 EBIT margin 13.9%, which is 0.6 percentage points lower than the same period in 2017. A good improvement from last quarter. Quarterly EBIT margin gap reduced compared to Q1 Better Systems performance EBIT-MARGIN (%)

Free Cash Flow Cash flow from operations before financial items and tax was EUR 147 million in H1 2018, which is EUR 44 million higher than same period last year, mainly from higher EBIT and net working capital. NWC increased to 11.6% (LY: 10.6%) of net sales, increasing from EUR 241 million in H1 2017 to EUR 292 million in H1 2018 mainly from larger inventory in preparation for the autumn sales. Free cash flow in H1 2018 increased by EUR 14 million and reached EUR 28 million compared to last year, while it reached EUR 62 million in Q2 2018 similar to last year due to increasing investments ROCKWOOL is net debt free with a net cash position end of H1 of EUR 202 million, an improvement of EUR 117 million. FREE CASH FLOW EURm

Investment activities Investments totaled EUR 89 million in first half of 2018 (LY: EUR 63 million) Capacity investment mainly in the factory project in West Virginia and an upgrade of one of the factories in Poland. Investments in 1H was partly offset by sales of listed securities in Flumroc amounting to EUR 17 million. INVESTMENTS EURm

New manufacturing facilities and major expansions To support future growth, we are investing in our manufacturing facilities – both new build and upgrades/expansions of existing facilities. Capacity location Programme Timing Wales Extension + logistics 2019 Poland Extension Romania Green field Germany 2020 USA *) *) We are facing some local resistance to the new plant in the US – we take this seriously and respond with facts and transparency. Main message: We have a lot of activities in the factories to increase capacity - and everything is running well!

Outlook for 2018

1. Sales 2. EBIT 3. INVESTMENT Guidance 2018 upgraded Net sales are expected to show positive growth of 13-15% in local currencies* (as announced on 13 August 2018). The EBIT margin is expected to reach around 13%. 2. EBIT Investment expenditure excluding acquisitions is expected to be around EUR 260 million. 3. INVESTMENT * Including around 2-3 percent from Flumroc

Key figures for the Group EURm Q2 2018 Q2 2017 YoY (%) H1 2018 H1 2017 FY 2017 Income statement Net Sales 667 584 14.1% 1,270 1,118 13.5% 2,374 EBITDA 132 103 28.2% 244 189 29.0% 417 EBIT 91 64 42.7% 161 110 46.9% 258 Profit before tax 86 63 37.3% 155 106 45.4% 275 Profit for the period 69 47 48.0% 123 79 56.1% 214 Balance sheet Total Assets 2,232 1,984 12.5% 2,164 Equity 1,732 1,533 13.0% 1,685 Equity ratio 77.4% 77.3% 0.1pp 77.5%

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ROCKWOOL International A/S Hovedgaden 584 DK-2640 Hedehusene Denmark CVR No. 54879415 Tel: +45 46 56 03 00 www.rockwoolgroup.com