Analyst Comment

WindowMaster: Strategic partnership supports project flow and earnings scalability

WindowMaster today has announced a strategic partnership with Fieger Lamellenfenster GmbH with the objective of expanding both companies’ global business activities. Under the agreement, WindowMaster will supply motors for Fieger’s louvre window solutions, while securing exclusive dealership rights for Fieger’s products in the Nordics, the Baltics, the United Kingdom, and North America. In addition, WindowMaster has obtained non-exclusive sales rights in Germany, Switzerland, and France, where both companies will continue to operate in parallel.

The partnership brings together two companies operating in the same business segments and project types, including natural and hybrid ventilation as well as smoke and heat ventilation, with primary exposure to complex project-based buildings such as offices, educational facilities, hospitals, and public buildings. As a result, there is a strong overlap in customer groups, decision-makers, and project flow, supporting efficient commercial execution.

For WindowMaster, the agreement expands the solution offering with integrated louvre systems and strengthens the company’s role as a system supplier early in the project phase. At the same time, the collaboration has the potential to increase project volumes in a business where the project organisation is characterised by a relatively high fixed cost base.

Overall, we assess the agreement as strategically positive, with potential to increase project flow and support earnings through high operational gearing.

Read the full announcement here:

https://www.inderes.dk/releases/fieger-lamellenfenster-gmbh-and-windowmaster-international-as-enter-strategic-partnership

Disclaimer: HC Andersen Capital receives payment from WindowMaster for a Digital IR subscription agreement. /Michael Friis 15:40, 15/01-2026.

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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.