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Research

WindowMaster (One-pager): Optimistic outlook for the remainder of the year

WindowMaster International
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Yesterday, WindowMaster announced its H1 2025 report with results being impacted by softened market activity and one-off costs. However, WindowMaster remains optimistic about the outlook for the remainder of 2025 and into 2026. The 2025 guidance is supported by improving early indicators from July and August, showing increased activity across all regions.

For 2025, WindowMaster maintains its latest guidance with revenue in the range of DKK 270–290m and EBITDA in the range of DKK 22–27m.

We have updated our investment case one-pager to reflect the latest developments, including updated peer group data.

Watch today's presentation with WindowMaster's CEO Erik Boyter and CFO Steen Overgaard Sørensen here: https://www.inderes.dk/videos/windowmaster-h1-2025-interim-report

Disclaimer: HC Andersen Capital receives payment from WindowMaster for a Digital IR subscription agreement. /Kasper Lihn 14:30, 15 August 2025.

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.

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