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Analytikerkommentar

WindowMaster: 2025 full-year guidance downgraded in connection with project delays in H1 2025

Af Philip CoombesEquity Research Analyst
WindowMaster International

WindowMaster has revised its 2025 guidance downward, now expecting revenue of DKK 270-290m (vs. DKK 290-310m prior) and EBITDA of DKK 22-27m, implying a margin of 8-9% (vs. 12-13% previously). This compares to 2024 results, where revenue reached DKK 295m and EBITDA stood at DKK 37.3m (12.7% margin), suggesting a small negative YoY growth in absolute terms but with a material margin contraction.

The downgrade is attributed to softer order intake in late 2024 and early 2025, delayed project execution amid geopolitical uncertainty, and one-off costs from an IT network breakdown (DKK 2m impact) and Tier 2 management restructuring. While H2 is expected to improve, management notes it will not fully offset the weak start to the year.

Despite near-term pressures, the company reiterates a positive medium-term outlook, supported by a growing project pipeline and confidence in hitting 2026 strategic targets. Full H1 results are due 14 August 2025.

The following day, on 15 August 2025 at 13:00 CET, investors will have the opportunity to meet the company’s management, who will provide insights into the financial results, market trends, order intake, and the new expectations for the remainder of 2025. Join here: https://www.inderes.dk/videos/windowmaster-h1-2025-interim-report

Disclaimer: HC Andersen Capital receives payment from WindowMaster for a DigitalIR/corporate visibility subscription agreement. / Philip Coombes 14 July 2025 16:49

WindowMaster er en dansk cleantech virksomhed, der leverer indeklimaløsninger baseret på intelligent naturlig og blandet ventilation samt varme- og røgventilationsløsninger. Løsningerne er til kommerciel brug, primært i følgende seks segmenter: 1) Kontor 2) Uddannelsesinstitutioner 3) Kulturbygninger 4) Shoppingcentre 5) Hospitaler 6) Idrætsfaciliteter I 2015 blev WindowMaster opkøbt af den nuværende majoritetsaktionær og administrerende direktør, Erik Boyter, i et management buy-in. I dag er virksomheden en global virksomhed med salgsdatterselskaber i Danmark, Tyskland, Irland, Norge, Storbritannien, USA og Schweiz. Virksomheden har været noteret på Nasdaq First North i Danmark siden oktober 2020.

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