Analytikerkommentar

WindowMaster: Guidance suggests weak market conditions are bottoming out

Today, WindowMaster released its H1 2025 results. Revenue decreased by 11.6%, while order intake slowed but declined less than revenue, down 3.6% to DKK 267.8 million on a 12-month running basis. Many projects remain on hold and/or are experiencing a slower ramp-up. Furthermore, the UK market underperformed in H1 due to new building safety regulations, which have prolonged approval timelines. Product sales has slowed, whereas project sales - where WindowMaster participates as an integrator - has continued to grow.

EBITDA was impacted by both one-time costs (DKK 3.5 million for IT recovery after a breakdown, and restructuring costs) and the lower topline, leading to reduced cost absorption. This was only partially offset by a better margin mix. EBITDA came in at DKK 1.9 million compared to DKK 17 million in H1 2024. The company also maintained high marketing activity, continuing to build its opportunity pipeline.

Cash flow from operating activities in H1 2025 amounted to DKK 3.4 million (DKK 16.1 million in H1 2024). In addition to the lower operating profit, the IT breakdown increased working capital through higher debtors. This is expected to be reversed in the second half of 2025. Net interest-bearing debt at the end of H1 amounted to DKK 50.4 million, with NIBD/EBITDA at 2.3x, which is slightly above the company’s target of 2x.

WindowMaster reiterates the guidance revised in July. Revenue is expected to be in the range of DKK 270–290 million, and EBITDA is expected between DKK 22–27 million. The current mid-range guidance indicates flattish topline growth for the second half of 2025, with 13% EBITDA growth.

Supporting the expectations of stronger performance in H2, the company reports that early data from July and August shows activity picking up across all regions. Furthermore, the one-time costs will not be repeated. Marketing activity, which remained high in the first part of 2025, is expected to level out for the rest of the year and into 2026. The company also notes a build-up in the opportunity pipeline.

The improved outlook is not expected to be driven by cost restructuring. The management has, for now, decided not to adjust the fixed cost base, as the drop in activity is viewed as a short- to mid-term effect.

Tomorrow, Friday 15 August at 13:00 CET, WindowMaster's management will present the results and outline the building blocks behind their expectations for the rest of the year.

For further details, read the full report here: https://www.inderes.dk/releases/windowmaster-international-as-periodic-deceleration-in-growth-and-profitability-full-year-2025-guidance-unchanged-and-positive-outlook-into-2026

Disclaimer: HC Andersen Capital receives payment from WindowMaster for a Digital IR subscription agreement. /Michael Friis 15 August 2025 11:43 (updated 13:05).

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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