Analyst Comment

WindowMaster: A record year in 2024 - positive momentum is continued into the beginning of 2025

By Kasper LihnHead of Research

Today, WindowMaster announced its 2024 annual report with record results for the year. The company also comments that the positive momentum has continued into the beginning of 2025.

In 2024, revenue increased to DKK 294.5m (slightly above the recent guidance range of DKK 292.5-293.5m), corresponding to 24% growth YoY due to growth in all markets and segments, however, especially driven by the Nordics, United Kingdom & Ireland, and the North American markets as well as within product sales. Climatic A/S (fall protection offering in the Nordics) also grew significantly in 2024 with 57% revenue growth YoY.

Order intake ended at DKK 281m in 2024, in particular after a strong H1 2024, corresponding to 11% growth YoY. According to WindowMaster, the positive momentum has continued into the beginning of 2025.

Since autumn 2024, WindowMaster’s business mix has changed more to project sales and focus on energy efficiency in buildings and fire safety investments in intelligent natural ventilation solutions, while orders to some key accounts (OEMs) slowed at the end of 2024.

EBITDA increased to DKK 37.3m (from DKK 19.3m in 2023), corresponding to an EBITDA margin of 12.7% (7.5% in 2023). This was also slightly above the latest guidance of DKK 36-37m.

In 2024, cash flow from operating activities was also strong, reaching DKK 28.1m (DKK 21.2m in 2023). Cash flow from investment activities amounted to DKK -17.6m (DKK -6.1m in 2023), with main investments from the purchasing of the land and building of its factory in Germany.

Looking into 2025, WindowMaster maintains its 2025 guidance from December 2024. This implies that revenue is expected in the range of DKK 290-310m (approx. -1% to +6% organic growth) in 2025, while EBITDA is expected to be in the range of DKK 36-41m (EBITDA margin of around 12-13%) in 2025. WindowMaster comments that the 2025 outlook includes a high level of uncertainty, particularly in relation to projects as this area is more unpredictable. An improved business environment is expected during 2025, especially in H2 2025.

Read the full report here: https://www.inderes.dk/releases/windowmaster-international-as-windowmaster-annual-report-2024-record-performance-in-2024

Earlier today, WindowMaster also announced that the company has won a new contract for a US government building in California which is expected to be finished by end of the 2025. This announcement shows WindowMaster’s presence and supports the potential in North America as the company has announced other contracts in North America over the past week.

Tomorrow at 11:00, WindowMaster’s CEO Erik Boyter and CFO Steen Overgaard will present the results and outlook and also answer questions from the audience. Sign up and ask questions here: https://www.inderes.dk/videos/windowmaster-full-year-2024-results-presentation

HC Andersen Capital receives payment from WindowMaster for a Digital IR/Corporate Visibility subscription agreement. /Kasper Lihn 16:14 (updated 16:39), 19 March 2025.

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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.