Analyst Comment

WindowMaster: Exceptional year-end performance leads to a new upgraded 2024 guidance

Today, WindowMaster raised its 2024 guidance again following an exceptionally strong performance in December. This guidance upgrade comes shortly after WindowMaster's 2024 guidance also was raised for the fourth time on 12 December 2024.

Taking into account that the year-end closing process is still ongoing, the company now expects revenue to be in the range of DKK 292.5-293.5m (previously: DKK 283-286m), corresponding to a growth of around 23%. The growth level is well above WindowMaster's ambitions set out in the 'Accelerate Core' strategy of 10-15% yearly revenue growth. The EBITDA is expected to be in the range of DKK 36-37m (previously: DKK 34-36m), corresponding to an EBITDA margin of around 12.3–12.6%. The company states that the main reason for exceeding the guidance is strong order execution, especially in North America and the UK.

Despite the strong year-end momentum, WindowMaster reiterates its 2025 guidance and expects revenue in the range of DKK 290-310m and EBITDA in the range of DKK 36-41m.

The full 2024 report is expected to be published on 19 March 2025.

HC Andersen Capital receives payment from WindowMaster for a Digital IR/Corporate Visibility subscription agreement. /Michael Friis 15:45, 17-01-2025.

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.