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    Claus Almer • Nordea

    Claus Almer is a Senior Analyst at Nordea Markets with a specialization in Nordic industrials and technology, including coverage of companies such as Schouw & Co., FastPassCorp, and Vestas. He is recognized for his detailed equity research and scenario-based valuation analyses, notably applying DCF and WACC models, and has been repeatedly identified as an official company analyst by top Nordic firms. Almer has built his career at Nordea, where he has maintained a focus on small to mid-cap equities in Denmark, and his insights are regularly referenced in company investor materials. He holds a senior analyst position and actively participates in industry events on corporate reporting and investment research best practices.

    Claus Almer's questions to Rockwool A/S (RCWBY) leadership

    Claus Almer's questions to Rockwool A/S (RCWBY) leadership • Q1 2025

    Question

    Claus Almer of Nordea sought to clarify if the strong U.S. growth was from existing customers or new ones, how the company could grow Q2 volumes given it was previously sold out, and to what extent price competition against foam-based products impacts overall group performance.

    Answer

    CEO Jes Hansen explained that U.S. growth is a mix of fulfilling unmet demand from existing customers (previously on allocation) and adding new channels, like large distributor buying groups. He acknowledged the tough Q2 comparison but stated the company is managing its portfolio, pricing, and optimizing output to support growth. He clarified that competition with foam-based products is managed tactically and does not have a significant impact on aggregated group performance.

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    Claus Almer's questions to Rockwool A/S (RCWBY) leadership • Q1 2025

    Question

    Asked for clarification on the sources of U.S. growth (new vs. existing customers), how volume growth is possible given capacity constraints, and the group-level impact of price competition with foam-based products.

    Answer

    U.S. growth comes from both existing customers with unfulfilled demand and new channels. Volume growth is achieved through portfolio management and production optimization. Price competition is tactical and does not have a significant impact on the group's overall performance.

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    Claus Almer's questions to RCWLY leadership

    Claus Almer's questions to RCWLY leadership • Q4 2024

    Question

    Asked about future factory plans beyond those already announced, the long-term CapEx level, the high implied profitability of the Russian business in 2024, and the feasibility of repatriating profits from Russia.

    Answer

    While more factories are being modeled, none can be announced for competitive reasons. The future CapEx-to-revenue ratio is expected to be around 13-14%. The 1 percentage point margin contribution from Russia was a rounded number and shouldn't be over-analyzed. Dividends from Russia are being repatriated, but with a significant delay of about 1.5 years.

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    Claus Almer's questions to RCWLY leadership • Q3 2024

    Question

    Inquired about the development of the pipeline for larger projects and whether the company's current high margins make price increase discussions with customers more difficult.

    Answer

    The company does not maintain a pipeline of large orders as its business relies on daily dispersed sales, and there's no signal of a material change in project discussions. Regarding pricing, there is a general understanding from customers about the need for price increases due to input costs, and the company does not expect major pushback on the planned 2-3% increase for next year despite current high margins.

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