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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WWindowMaster 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, and distributes facade and roof automation solutions for hybrid ventilation, natural ventilation, and smoke ventilation systems. 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.