Company Announcement No. 079-2026
Inside Information
Preliminary review of the financial performance of the first months of 2026 indicates that it will be challenging to meet the expected performance for 2026 as indicated in the latest guidance per Company Announcement 074-2026.
The new guidance gives a revenue growth of 6-13% (previous expectation were Revenue of DKK 290-310M equivalent to a revenue growth of 8-15%) and to an EBITDA-margin of 11-13% (previous expectation were DKK 45-55M equivalent to an EBITDA-margin of 16-17%).
The new guidance for EBITDA still shows growth of 7-43% compared to 2025.
The effects observed in the market are the following:
• Weather conditions in Europe in Q1 of 2026 have delayed start up of a lot of activity in the building industry throughout Europe - delaying delivery/execution of WindowMaster solutions. Low growth is mainly seen in Germany, UK and the business area Fall Protection (Outdoor Roof Activity). Other markets are performing as expected.
• Order intake is on target and continues to show growth on a 12-month rolling basis compared to the year before driven by our business area Buildings. In the business area of Products - that is highly dependent on window manufacturers - order intake trends lower than expected due to lower building industry activity. The positive development in Buildings fully compensates for the reduced activity in Products.
• WindowMaster does not expect to recuperate the lost revenue in the remaining part of the year, despite the growth in order intake, as some of this will be moved into 2027.
• There are still expected upsides for the remaining part of 2026 - mainly from the new products in louvre-systems with an optimistic opportunity pipeline contributing within business area Buildings - with fast turnover.
• Overall gross margin remains strong due to the business area mix. The outlook for rest of 2026 and 2027 remains positive with significant growth potential, especially within business area Buildings - with increased numbers and average value of projects in all markets.
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 23B, 2. sal, 1260 København K
ca@hcandersencapital.dk
Inside Information
Preliminary review of the financial performance of the first months of 2026 indicates that it will be challenging to meet the expected performance for 2026 as indicated in the latest guidance per Company Announcement 074-2026.
The new guidance gives a revenue growth of 6-13% (previous expectation were Revenue of DKK 290-310M equivalent to a revenue growth of 8-15%) and to an EBITDA-margin of 11-13% (previous expectation were DKK 45-55M equivalent to an EBITDA-margin of 16-17%).
The new guidance for EBITDA still shows growth of 7-43% compared to 2025.
The effects observed in the market are the following:
• Weather conditions in Europe in Q1 of 2026 have delayed start up of a lot of activity in the building industry throughout Europe - delaying delivery/execution of WindowMaster solutions. Low growth is mainly seen in Germany, UK and the business area Fall Protection (Outdoor Roof Activity). Other markets are performing as expected.
• Order intake is on target and continues to show growth on a 12-month rolling basis compared to the year before driven by our business area Buildings. In the business area of Products - that is highly dependent on window manufacturers - order intake trends lower than expected due to lower building industry activity. The positive development in Buildings fully compensates for the reduced activity in Products.
• WindowMaster does not expect to recuperate the lost revenue in the remaining part of the year, despite the growth in order intake, as some of this will be moved into 2027.
• There are still expected upsides for the remaining part of 2026 - mainly from the new products in louvre-systems with an optimistic opportunity pipeline contributing within business area Buildings - with fast turnover.
• Overall gross margin remains strong due to the business area mix. The outlook for rest of 2026 and 2027 remains positive with significant growth potential, especially within business area Buildings - with increased numbers and average value of projects in all markets.
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 23B, 2. sal, 1260 København K
ca@hcandersencapital.dk
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