Analyst Comment

WindowMaster: Fourth 2024 guidance upgrade and release of new 2025 guidance

By Kasper LihnHead of Research

Today, WindowMaster upgraded its 2024 guidance for the fourth time, released its new 2025 guidance, and also announced that the Board of Directors expects to propose a total dividend of DKK 5m for 2024 (DKK 0.34 per share) based on the expected 2024 result and capital structure by the end of 2024.

For 2024, WindowMaster now expects revenue in the range of DKK 283-286m (before DKK 270-280m) and EBITDA in the range of DKK 34-36m (before DKK 30-35m), corresponding to an EBITDA margin of 12.3% based on the midpoint in the guidance ranges. The growth momentum (new 2024 revenue guidance range corresponds to approx. 19-20% YoY growth) is driven by a positive development in project execution across its markets and products. The company also highlights that the final revenue and EBITDA for 2024 will depend on the completion percentage of ongoing projects.

Order intake for the full year 2024 is expected in the range of DKK 280-285m, which is an increase of approx. 10-12% compared to the order intake in 2023.

WindowMaster’s cash flow from operations has improved significantly. As a result of the strong cash flow and improved financial flexibility, the Board of Directors expects to propose a dividend of DKK 0.34 per share for 2024.

Looking into 2025, WindowMaster’s 2025 revenue guidance is in the range of DKK 290-310m, and the 2025 EBITDA guidance is in the range of DKK 36-41m. Based on the guidance midranges, this corresponds to approx. 5% revenue growth, and an EBITDA margin of approx. 12.8%.

WindowMaster also states that the 2025 outlook has a high level of uncertainty in relation to projects in the Nordic and German markets due to lower expected activity in the first half of 2025. WindowMaster has a more solid outlook for the North American market. Moreover, WindowMaster does not include contracts with major OEM suppliers to deliver products in 2025. Despite the uncertainty in relation to timing, the business environment is expected to improve during 2025 and especially in 2026 due to the implementation of regulations that support natural ventilation. However, this also means that the 2025 revenue guidance growth range is less than its targeted yearly growth of 10-15% outlined in its strategy plan, 'Accelerated Core', which was announced in 2022.

Tomorrow, 13 December at 13:30, WindowMaster’s CEO Erik Boyter and CFO Steen Overgaard Sørensen will present an update based on today’s news and answer questions in an online live event. Sign up and ask questions here: https://www.inderes.dk/videos/windowmaster-management-qanda

HC Andersen Capital receives payment from WindowMaster for a Digital IR/Corporate Visibility subscription agreement. /Kasper Lihn 15:38 (updated 15:45), 12 December 2024.

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.