Analyst Comment

WindowMaster: Exceeds its 2022 guidance for both revenue and EBITDA

By Kasper LihnHead of Research

Today, WindowMaster announced that the company has exceeded its revenue and EBITDA guidance for 2022. In 2022, WindowMaster now expects revenue to be in the range of DKK 242-243m, which is 3.4% above the previous revenue guidance of DKK 233-236m (midrange). The midrange in the new guidance range corresponds to a growth rate YoY of 14.7%, which is at the top end of WindowMaster’s mid-term (2025) financial growth target (CAGR of 10-15%). More importantly, EBITDA is expected to be between DKK 16.5-17.5m, which is 13.3% above the previous guidance of DKK 14-16m.

The better-than-expected financials are driven by the faster implementation of the new strategy ‘Accelerate Core’, and WindowMaster highlights its improvements in the Nordics, Switzerland, and North America.

There are no changes to WindowMaster’s 2023 guidance, which are revenues of DKK 260-270m and EBITDA of DKK 23-28m. WindowMaster is expected to announce its annual report for 2022 on 2 March 2023.

HC Andersen Capital receives payment from WindowMaster for a Digital IR/Corporate Visibility subscription agreement. /Kasper Lihn 17:22, 12 January 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.