Company Announcement no. 069-2025
Inside information
Vedbaek, 16th December 2025
WindowMaster is updating its guidance for 2025 to revenue DKK 268-275m from DKK 270-290m and EBITDA to DKK 23-26m from DKK 22-27m. In 2026, revenue is expected to grow by 7-14% to DKK 290-310m, while EBITDA is expected to increase to DKK 45-55m. The outlook for 2026 is supported by increased order intake in second half of 2025 and a positive project pipeline outlook.
Guidance for 2025
WindowMaster is updating the guidance for 2025. Revenue is now expected to be in the range of DKK 268-275m (previous expectation: DKK 270-290m) and EBITDA in the range of DKK 23-26m (previous expectation: DKK 22-27m), equivalent to an EBITDA-margin of approximately 8.3-9.7%. The revenue did not grow in 2025 but margins improved - mainly due to positive sales channel mix/change. This is related to positive developments in project execution and service across all markets.
While the contribution margin increased in 2025, the EBITDA ratio and result are also positively impacted by economies of scale and operating leverage - as assumed in our "Accelerate Core" strategy. The final revenue and EBTIDA for 2025 will depend on the percentage of completion of ongoing projects - determining the level of revenue that can be taken to income.
Order intake for the full year 2025 is expected to be in the range of DKK 270-280m (2024: DKK 280m).
Outlook for 2026
In 2026, revenue is expected to grow organically by 7-14% to DKK 290-310m and EBITDA is expected to grow to DKK 45-55m, equivalent to an EBITDA-margin of approximately 16-17%.
The outlook for 2026 includes a medium level of uncertainty particularly in relation to timing and start-up of projects. WindowMaster is expecting the business environment to improve during 2026, and especially during 2nd half of 2026 due to implementation of regulations that will support the European focus on energy efficiency renovations - especially in Germany. The uncertainty relates to the timing of when the improved business environment will materialize in terms of increasing orders and revenue. WindowMaster's guidance for 2026 is close to the strategy target of revenue growth between 10-15% and on target with respect to profit before tax above 10%, as announced in June 2022.
Fixed costs and investments are expected to be kept unchanged, which is expected to lead to improved lead generation, opportunities, and profitability. Increased profitability and high cash conversion will further reduce the financial gearing. Thus, NIBD/EBITDA is expected to be well below the target of maximum 2.0 by the end of 2026.
Vedbaek, 16 December 2025
For further information:
CEO, Erik Boyter
+45 4567 0300
ir@windowmaster.com
WindowMaster International A/S
Skelstedet 13, 2950 Vedbæk
Certified Advisor
HC Andersen Capital
Bredgade 23, 2., 1260 København
ca@hcandersencapital.dk