Analyst Comment

WindowMaster: Reverse share split, price and important dates for shareholders

WindowMaster has started to implement the 100:1 reverse share split meaning that 100 existing shares will be combined into one new share.

The last day of trading the share of nominally DKK 1.00 will be 15^th of December. Until that period investors have the possibility to acquire or dispose of shares in the Company in order to hold a sufficient number of shares to match a whole number of shares of nominally DKK 100.

Any shareholdings of less than 100 shares and any remaining shares after the consolidation of shares to a whole number of shares will be redeemed in cash following the 15^th of December. The settlement price is set at DKK 8.08 (corresponding to the 20-day volume-weighted average price of the Company’s shares per closing as of 12 November 2025). The payment of the remaining shares will be made on the 18^th of December.

As an example, if you own 350 shares, you will be redeemed on the 50 shares with DKK 404 and own 3 new 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 854 in total, you will have one share worth DKK 854 after the transaction.

The redeemed shares will be consolidated and added to the companies holding of own shares.

Disclaimer: HC Andersen Capital receives payment from WindowMaster for a Digital IR agreement. Michael Friis 12:20, 12/12/2025.

Login required

This content is only available for logged in users

Create account

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.