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    Brijesh Siya • HSBC

    Brijesh Siya is a Senior Analyst at HSBC, specializing in equity research with a primary focus on industrial and building materials companies such as Holcim. He has delivered actionable investment ratings and adjustments, including recent calls that have been referenced on leading platforms. Siya joined HSBC where he has built expertise in company-specific coverage and is recognized for informed valuation-driven analysis. His professional background includes prior roles in financial analysis and he maintains relevant securities accreditation to support his research activities.

    Brijesh Siya's questions to Rockwool A/S (RCWBY) leadership

    Brijesh Siya's questions to Rockwool A/S (RCWBY) leadership • Q1 2025

    Question

    Brijesh Siya of HSBC inquired about ROCKWOOL's full-year guidance, the expected margin progression throughout the year, the impact of the Russia business, and plans to improve profitability in the Systems division. He later followed up on developments in European fire safety regulations and the performance of the recent wall systems acquisition.

    Answer

    CEO Jes Hansen stated that while there is some seasonality, the company maintains its 16% EBIT margin outlook due to market uncertainty. He confirmed that improvement plans for the diverse Systems division are underway. Hansen also noted he was actively engaging with EU policymakers on fire safety, with implementation being key at the country level, and confirmed the recent UK acquisition is performing well after being converted to a stone wool-based offering.

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    Brijesh Siya's questions to Rockwool A/S (RCWBY) leadership • Q1 2025

    Question

    Asked about the full-year margin guidance, plans for the Systems division, developments in European fire safety regulations, and the progress of the recent UK acquisition.

    Answer

    The company maintained its 16% EBIT margin guidance due to market uncertainty. Plans are in place to improve the Systems division. The company is actively engaged in public affairs regarding fire safety regulations. The UK acquisition was clarified as a wall systems business, not sandwich panels, and is performing well.

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    Brijesh Siya's questions to RCWLY leadership

    Brijesh Siya's questions to RCWLY leadership • Q4 2024

    Question

    Inquired about the end-market assumptions behind the growth guidance, the progress of recent price increase discussions, key risks to the 16% margin target, and the expected margin improvement in the Systems division for 2025.

    Answer

    Price increases of 1-2% are being implemented. Growth assumptions are based on low activity in Europe (where ROCKWOOL focuses on non-residential/renovation) and growth in the U.S. commercial market. The main risks to the margin are volume-related and uncertainty in Russia. The Systems division has less opportunity for short-term margin gains due to subdued European markets.

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    Brijesh Siya's questions to RCWLY leadership • Q3 2024

    Question

    Questioned the reasons for maintaining rather than upgrading the margin guidance for Q4 given the strong performance, and asked about the new CEO's early strategic thoughts on the company's future, particularly regarding growth and potential expansion into adjacencies.

    Answer

    The margin guidance is maintained due to the significant uncertainty associated with the month of December, while October and November are expected to be normal. Strategically, the CEO highlighted significant opportunities in North America, driven by a market shift towards non-combustible stone wool and a growing appreciation for energy efficiency.

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