Analyst Comment

WindowMaster: Confirms 2023 guidance with continued growth

By Kasper LihnHead of Research

Today, WindowMaster has announced its annual report for 2022. In 2022, revenue grew 14% to DKK 241m, order intake grew 14% to DKK 257m, and EBITDA grew 71% to DKK 17m.

Revenue growth was driven by price increases, and partly from higher volumes from project sales and service contracts in line with WindowMaster’s ‘Accelerate Core’ strategy. WindowMaster also comments that the growth in order intake is supported by a continued focus on energy efficiency and a healthy indoor climate in buildings. EBITDA is positively affected by the increased revenue as well as operational leverage.

WindowMaster’s initial guidance for 2022 was revenue of DKK 220-235m and EBITDA of DKK 13-18m. In December 2022, WindowMaster raised its revenue guidance to DKK 233-236m and narrowed its EBITDA guidance to DKK 14-16m. Most recently, WindowMaster upgraded its 2022 guidance in January 2023 with revenue guidance of DKK 242-243m and EBITDA guidance of DKK 16.5-17.5m. The full-year audited revenue ended just slightly below the latest range at DKK 241.4, and EBITDA landed within the recent range with an EBITDA of DKK 16.7m.

Looking into 2023, WindowMaster maintains its 2023 guidance, which was announced in December 2022. This includes revenue of DKK 260-270m (organic growth between 7.7% and 11.8%) and EBITDA guidance of DKK 23-28m, corresponding to an EBITDA margin of 9.6% based on the midpoint in the guidance ranges. WindowMaster’s expected 2023 growth is supported by its order intake, general market growth from the green transition, and initiatives from the ‘Accelerate Core’ strategy.

Tomorrow, Friday at 13:00 (CET), you can meet and ask questions to WindowMaster’s CEO Erik Boyter and CFO Steen Overgaard Sørensen. Sign up for the virtual live event here: https://www.inderes.dk/videos/windowmaster-praesentation-af-arsrapport-2022

Read the full report here: https://view.news.eu.nasdaq.com/view?id=b72c34466ec91c25f1bf8df54871b834c&lang=sv

HC Andersen Capital receives payment from WindowMaster for a Digital IR/Corporate Visibility subscription agreement. /Kasper Lihn 16:05, 2 March 2023.

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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.