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WindowMaster (Investment case): Record order intake and lower costs set the stage for a strong 2027

WMAResearch09.09.2026 klo 08.30

Michael Friis, Victor Skriver

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Summary

WindowMaster reported a 2.5% revenue increase to DKK 126.9m and EBITDA of DKK 3.8m in H1 2026, with record order intake driven by the Buildings business area, which grew 31%.
Management plans to reduce the fixed cost base by DKK 10m annually, conditional on the divestment of Climatic, with full effect from 2027, aiming to enhance operational efficiency and focus on higher-margin activities.
Key investment reasons include structural tailwinds from green regulation and renovation demand, high operational gearing, and a lower fixed cost base, while risks involve dependency on building activity and political commitment to green regulations.
WindowMaster trades at a discount compared to peers, with a 5.3x EV/EBITDA on 2026 expected results, attributed to its small size and low share liquidity, despite strong EBITDA and revenue growth projections.

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Following WindowMaster's half-year report for 2026 and the decision to divest the subsidiary Climatic A/S, we have updated our investment case.

The update covers the key investment reasons, risks, and valuation perspective relative to peers exposed to the construction and materials sector as well as the ventilation and building tech sector.

H1 2026 showed growth across the board, with revenue up 2.5% to DKK 126.9m and EBITDA of DKK 3.8m against DKK 1.9m in H1 2025. The more interesting development sits below the headline. Order intake on a 12-month rolling basis reached a record DKK 284.5m, up 6.2%, but the composition matters more than the number. The Buildings business area, covering the project and service business where WindowMaster participates directly as an integrator in building design and implementation, grew 31% and is now the largest business area. Products declined 12% and Safety declined 21%. Excluding Safety, which is now up for sale, growth was 7.9%. The same mix shift lifted the H1 gross margin to 45.9% from 43.4%, as Buildings carries a higher margin than the other two areas.

This is the part of the report that speaks most directly to the investment case. The order growth is concentrated in exactly the activity that connects WindowMaster to renovation of the existing building stock and the green agenda, and it comes at a higher margin. Management points to activity picking up again from mid-Q2 after a weak Q1, and describes a healthy pipeline into 2027.

Alongside the report, management decided to adjust the fixed cost base with an annual effect close to DKK 10m and full effect from 2027, conditional on a divestment of Climatic. As the amount exceeds Climatic's own negative contribution of DKK 3.1m in 2025, the reduction also covers business development positions in the UK, Germany, Switzerland, and Denmark. Momentum is intended to be preserved through digitalization of the sales process, where capitalized software rose to approximately DKK 6m in 2025 from DKK 1m in 2024, directed at lead generation and process automation. Together with a net investment of close to DKK 20m in the German assembly facility through 2028, which allows output to be scaled through additional shifts rather than a larger cost base, this is what should carry incremental revenue through to earnings from 2027.

For 2026, guidance of DKK 285-305m in revenue and DKK 30-40m in EBITDA is unchanged. With DKK 126.9m and DKK 3.8m delivered in H1, this implies H2 revenue of DKK 158-178m and H2 EBITDA of DKK 26-36m. The year is heavily back-end loaded, and the operational gearing that produced this profile works both ways, as the May adjustment demonstrated.

The key investment reasons center on structural tailwinds from green regulation, renovation demand and German investment plans, which should make WindowMaster less cyclical than other building-related companies, high operational gearing where revenue growth translates disproportionately into EBITDA, record order intake led by the project business and broad across markets, and a lower fixed cost base combined with a sharper focus on the higher growth, higher margin business.

The key risks follow the same lines. Growth remains partly tied to overall building activity and to continued political commitment to green building regulation, where the EPBD is still being implemented nationally and announced German programmes have yet to reach the market. Back-end loaded guidance leaves the year exposed to projects slipping into 2027. Financial gearing of 2.5x sits above the target below 2.0x, with net interest-bearing debt at DKK 74.0m, and deleveraging rests on second half cash conversion, which could limit M&A and distributions to shareholders. Finally, the cost reduction is conditional on a divestment of Climatic, where buyer, price and timing are still open.

From a valuation perspective, the share is down 20.1% year to date. WindowMaster trades at 5.3x EV/EBITDA on 2026 expected results against an all-peer median of 9.1x, and at 0.6x EV/Sales against 1.1x. Against the Ventilation and Building Tech cluster at 9.3x, which becomes the more relevant comparison as Safety leaves the group, the gap is wider still.

Small size and low share liquidity explain part of the discount, but the EBITDA CAGR of 22.0% (2023-2026E) against a peer median of 4.1%, and the revenue CAGR of 7.4% against 0.5%, make it harder to justify on fundamentals.

The multiple also rests on a year that still carries the full cost base, and the reduction from 2027 would, all else equal, widen the discount further.

Disclaimer: HC Andersen Capital receives payment from WindowMaster for a Digital IR subscription agreement. /Michael Friis and Victor Skriver, 07:30, 09/09-2026

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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.