WindowMaster Annual Report 2025

Company Announcement No. 073-2026

Financial Highlights 2025

• Order intake reached DKK 270m (2024: 281m) as a result of a slowdown in 1^st half followed by a pick-up in 2^nd half. The positive momentum continued into the beginning of 2026.
• Revenue decreased by 8% to DKK 269m (2024: DKK 294m) explained by a slow start to the year and less sale to a Nordic key customer.
• EBITDA decreased to DKK 28m (2024: DKK 37m), corresponding to an EBITDA margin of 10.4% (2024: 12.7%). The decreased profitability is a result of a deliberate decision to maintain higher fixed cost levels to support future growth.
• Profit after tax decreased to DKK 0.9m from DKK 10.6m in 2024, adversely impacted by the non-utilisation of tax assets and high paid taxes in US.
• Cash flow from operating activities remained strong in 2025, reaching DKK 28.5m (2024: 29.4m)
• The outlook for 2026 is maintained (ref. company announcement no. 068-2025, 16 December 2025) despite the increased geopolitical uncertainty. Revenue is expected in the range of DKK 290-310m, equivalent to -1% to 6% organic growth, while EBITDA is expected to be in the range of DKK 45-55m, equivalent to an EBITDA margin of around 8-10%.

For more details, please see the attached Annual Report 2025.

ESG Report 2025
WindowMaster is also publishing its ESG Report 2025 today.

For more details about sustainability and for access to the Sustainability Report 2025 once released, please use this link: https://www.windowmaster.dk/baeredygtighed/csr/ 

Natural Ventilation contributes to reducing CO2 emissions compared to traditional mechanical ventilation solutions. In addition to lower CO2 emissions throughout a building’s life cycle, the use of Natural Ventilation in e.g., schools and office buildings often results in savings in capital expenditure as well as operating costs. Natural Ventilation also improves the indoor climate, and several scientific studies show that improved indoor climate increases children’s learning and employees’ well-being and productivity.

WindowMaster supports the principles of the UN Global Compact and documents the company’s impact on society and the environment and continuously strives to improve the company’s sustainability performance.

Conference Call
WindowMaster invites investors to participate in a live video event on 26 March 2026 at 11:00 CET. The company’s CEO, Erik Boyter, and CFO Steen Overgaard Sørensen will present the company’s Annual Report in English. (Register at: WindowMaster – Presentation of Full-Year 2025 Results - Inderes)