WindowMaster has upgraded its 2025 EBITDA guidance to DKK 26.5-27.5m (from DKK 23-26m previously and DKK 37.3m in 2024), driven by strong December performance across all markets. Revenue is revised to the lower end of guidance at DKK 269-270m (from DKK 268-275m previously), suggesting margin improvements stem not only from operating leverage but also a favourable product mix and tight cost control. The implicit 2025E EBITDA margin has risen to around 10% (from 8.3-9.7% previously). Notably, 2025 results were burdened by non-recurring costs of DKK 3.5-4.0m that will not repeat.


Management maintained its 2026 outlook for revenue of DKK 290-310m (7.5-15% growth y/y) and EBITDA of DKK 45-55m (14.5-19% margin), representing close to a doubling of profitability year-on-year and underscoring the company's strong operational gearing. The guidance is supported by a strengthening orderbook through 2025 and stable cost expectations, while a new German order for Climatic façade access solutions highlights ongoing commercial traction. Execution risk remains tied to the pace at which regulatory-driven demand, particularly in Germany, converts into firm orders.


The higher 2025 exit margin provides a stronger base heading into 2026, making the guided margin expansion look more achievable than previously implied. Adjusting for one-off costs, the underlying 2025 EBITDA margin is closer to 11.3-11.5%, reducing the gap to the 2026 target range by approximately 1.3-1.5 percentage points.

With 2026 guidance unchanged and operating leverage remaining the primary earnings driver for the year ahead, we will not update our current one-pager at this time.


Disclaimer: HC Andersen Capital receives payment from WindowMaster for a DigitalIR/Corporate Visibility subscription agreement. / Philip Coombes 15:10