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Analyst Comment

WindowMaster: Expands into the French market with extended partnership agreement

By HC Andersen Capital
WindowMaster International

WindowMaster has expanded its presence in France through an extended partnership agreement with MGAir Distribution, which specializes in natural ventilation and smoke extraction. The company has carried WindowMaster products and solutions for the past four years.

With the new partnership, the Alsace-based brand will exclusively oversee WindowMaster’s activity in the French market, which is WindowMaster’s fastest-growing European market. The new partnership is an important milestone for WindowMaster in its growth journey and is the first of its kind.  

Strategically, MGAir has extensive knowledge of the French market and knows WindowMaster’s products and solutions. WindowMaster comments that the partnership is encouraged by an uptick in commercial specification inquiries for WindowMaster’s solutions, driven by new building regulations in France.

Read more about the extended partnership here: https://view.news.eu.nasdaq.com/view?id=b114a4a656aeba356d54c931878ec21c7&lang=en&src=listed

HC Andersen Capital receives payment from WindowMaster for a Digital IR/Corporate Visibility subscription agreement. /Kasper Lihn 10:32, 2 October 2023.

WWindowMaster 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, and distributes facade and roof automation solutions for hybrid ventilation, natural ventilation, and smoke ventilation systems. 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.

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