Analyst Comment

WindowMaster initiates a 100-to-1 reverse share split process

Summary

WindowMaster plans a 100-to-1 reverse share split, requiring shareholder approval at an extraordinary general meeting.
Shareholders with fewer than 100 shares will have their shares redeemed at market price, while those with shares not divisible by 100 will have excess shares redeemed.
The reverse split aims to reduce share price volatility, attract institutional investors, and potentially facilitate a move to the main market, although no decision on the latter has been made.
HC Andersen Capital, which receives payment from WindowMaster, disclosed this information.

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WindowMaster has decided to initiate a reverse share split and will convene an extraordinary general meeting to authorize the Board to carry out the process.

The company plans a reverse split of 100:1, meaning that 100 existing shares will be combined into one new share.

Shareholders who hold fewer than 100 shares or a number of shares not divisible by 100 at the end of the redemption period will have any excess shares bought back by the company at market price.
In other words, if you hold fewer than 100 shares, all your shares will be redeemed, and if, for example, you hold 950 shares, 50 will be redeemed and you will end up with 9 shares.

In theory, this change will not affect the total value of your WindowMaster holdings. For instance, if you currently hold 100 shares valued at DKK 850 in total, you will have one share worth DKK 850 after the transaction.

The company cites three main reasons for the reverse share split:

To mitigate the risk of high volatility in the company’s share (small trades significantly impacting the share price).
To make the share more attractive to institutional investors, some of whom have minimum share price requirements.
As a potential steppingstone toward a move to the main market, though the company emphasizes that no such decision has been made.

Disclaimer: HC Andersen Capital receives payment from WindowMaster for a Digital IR agreement. Michael Friis 11:55, 21/10/2025.

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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.