Analyst Comment

WindowMaster: Downgrades 2023 guidance following lower order intake and revenue than expected

By Kasper LihnHead of Research

Today, WindowMaster has downgraded its 2023 guidance following a lower order intake and revenue than expected in the first four months of 2023.

The company now expects revenue in the range of DKK 240-250m (before DKK 260-270m) and EBITDA in the range of DKK 14-19m (before DKK 23-28m) in 2023. This corresponds to a decline in the revenue range of approx. -7.5% (midpoint in range now compared to before) and a decline in the EBITDA range of approx. -35% (midpoint in range now compared to before).

WindowMaster’s lower order intake is primarily related to one of WindowMaster’s big OEM customers where the order intake has declined to index 59 compared to the budget, explained by the market situation of the customer. The missing order intake and revenue are not expected to be recovered in 2023.

WindowMaster also comments that decision-making has been postponed, both for projects in the pipeline and orders in the backlog, mainly in North America and the United Kingdom. However, projects are still active despite being delayed. WindowMaster does not expect to adjust the fixed costs and the organization, as the current situation is assessed to be a transient correction in the market, and there is limited availability of skilled labor.

In the announcement, WindowMaster also comments that the remaining part of the business, both Over-The-Counter sales and the Service business, remains fully intact and in line with expectations.

Earlier today, WindowMaster announced that the company received a supplementary project order for the provision of controls for 436 solar shades in the winter gardens at Mary Elizabeth’s Hospital – Rigshospitalet for Children, Teens and Expecting Families. Following this supplementary order, the total order for this project is now one of the largest in WindowMaster’s history.

Read more about the downgrade announcement here: https://view.news.eu.nasdaq.com/view?id=b0234641033ffa0c1527dd11d3b17599a&lang=en&src=listed
Read more about the supplementary project order investor news here: https://view.news.eu.nasdaq.com/view?id=bbeb9526eb2d2122721937bfcee400fa9&lang=en&src=listed

HC Andersen Capital receives payment from WindowMaster for a Digital IR/Corporate Visibility subscription agreement. /Kasper Lihn 16:00, 12 May 2023.

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.