Analyst Comment

WindowMaster: 2025 full-year guidance downgraded in connection with project delays in H1 2025

By Philip CoombesEquity Research Analyst

WindowMaster has revised its 2025 guidance downward, now expecting revenue of DKK 270-290m (vs. DKK 290-310m prior) and EBITDA of DKK 22-27m, implying a margin of 8-9% (vs. 12-13% previously). This compares to 2024 results, where revenue reached DKK 295m and EBITDA stood at DKK 37.3m (12.7% margin), suggesting a small negative YoY growth in absolute terms but with a material margin contraction.

The downgrade is attributed to softer order intake in late 2024 and early 2025, delayed project execution amid geopolitical uncertainty, and one-off costs from an IT network breakdown (DKK 2m impact) and Tier 2 management restructuring. While H2 is expected to improve, management notes it will not fully offset the weak start to the year.

Despite near-term pressures, the company reiterates a positive medium-term outlook, supported by a growing project pipeline and confidence in hitting 2026 strategic targets. Full H1 results are due 14 August 2025.

The following day, on 15 August 2025 at 13:00 CET, investors will have the opportunity to meet the company’s management, who will provide insights into the financial results, market trends, order intake, and the new expectations for the remainder of 2025. Join here: https://www.inderes.dk/videos/windowmaster-h1-2025-interim-report

Disclaimer: HC Andersen Capital receives payment from WindowMaster for a DigitalIR/corporate visibility subscription agreement. / Philip Coombes 14 July 2025 16:49

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WindowMaster was founded in Denmark in 1990 with the ambition of becoming a strong market leader in the fenestration industry. In 2015, CEO Erik Boyter led a management buy-in and listed the company on the Nasdaq First North Growth Market in Copenhagen in 2020. It has been a family-controlled, listed company since then. WindowMaster offers advanced ventilation strategies, enabling the construction industry to significantly reduce its carbon footprint. Driven by the purpose ‘To create a better world where every person has fresh air indoors and a safe built environment’, the company develops, manufactures, distributes facade and roof automation solutions for hybrid ventilation, natural ventilation, and smoke ventilation systems. WindowMaster’s actuators and control systems enable the flow of fresh air, while actuators ensure window automation. The company also provides project design assistance, ventilation calculation, installation, commissioning, integration opportunities and system training. The company benefits from strong structural tailwinds in the European building industry for both renovation and newbuild. Both applications are supported by increasing regulatory focus on energy efficiency and a more sustainable construction industry. Buildings account for roughly 40% of global energy consumption, with more than two-thirds related to heating, ventilation, air conditioning, and lighting — making WindowMaster’s solutions a high-impact lever for energy reduction. Over the past four years (2020–2024), WindowMaster has delivered profitable growth with a 12% revenue CAGR, while improving both EBITDA and cash flow. The company’s performance has shown greater resilience than the broader building materials sector, underpinned by its exposure to the more stable renovation segment, the highly regulated smoke control market, and growing investments in the green transition. A disciplined capital allocation strategy has created substantial value through investments in innovation, own production capacity, and the global sales organisation. These initiatives have cemented WindowMaster’s strong market position across core markets in Europe and North America. With a robust platform for both organic and inorganic growth, WindowMaster is well positioned to create long-term shareholder value. In 2025, the company paid its first dividend since the IPO, reflecting its healthy financial foundation and commitment to shareholder value.