Company Announcement No. 052-2025
Vedbaek, 19 March 2025

Financial Highlights 2024

• Order intake reached DKK 281m (2023: 254m) as a result of significant growth in first half of the year. The positive momentum continued into the beginning of 2025.
• Since the autumn, the business mix changed with more project sales and focus on energy efficiency in buildings and fire safety investments in intelligent natural ventilation solutions in line with the focus of our “Accelerate Core”-Strategy. Orders to some key accounts (OEMs) slowed down at the end of 2024.
• Revenue increased by 24% to DKK 294m in 2024 (2023: DKK 238m) primarily due to higher revenue from all markets and segments including strong performance within project execution and service utilizing capacity efficiently.
• EBITDA increased to DKK 37m (2023: DKK 19m), corresponding to an EBITDA margin of 12.7% (2023: 8.1%). The increased profitability is a result of higher revenue and operational leverage.
• Compared to the latest guidance (ref. company announcement no. 051-2025, 17 January 2025) the Revenue and EBITDA ended at the high end of guidance.
• Profit after tax increased to DKK 11m from DKK -11m in 2023. The increase relates to higher revenue and profitability, as well as adjustments to our tax assets as a result of improved performance.
• Cash flow from operating activities was strong in 2024, increasing to DKK 28m (2023: 21m) as WindowMaster exercised strong control over networking capital, reduced to 14% of revenue (2023: 18%)
• The outlook for 2025 is maintained (ref. company announcement no. 050-2024, 12 December 2024). Revenue is expected in the range of DKK 290-310m, equivalent to -1% to 6% organic growth, while EBITDA is expected to be in the range of DKK 36-41m, equivalent to an EBITDA-margin of around 12-13%.

For more details, please see the attached Annual Report 2024.

ESG Report 2024
WindowMaster also releases its ESG Report 2024 today.

For more details about sustainability and for access to the ESG Report 2024, please use this link: https://www.windowmaster.dk/baeredygtighed/csr/

Natural Ventilation contributes to reducing CO2 emissions compared to traditional mechanical ventilation solutions. In addition to lower CO2 emissions throughout a building’s life cycle, the use of Natural Ventilation in e.g., schools and office buildings often results in savings in capital expenditure as well as operating costs. Natural Ventilation also improves the indoor climate, and several scientific studies show that improved indoor climate increases children’s learning and employees’ well-being and productivity.

WindowMaster supports the principles of the UN Global Compact and documents the company’s impact on society and the environment and continuously strives to improve the company’s sustainability performance.

Conference Call
WindowMaster invites investors to participate in a live video event on 20 March 2025 at 11:00 CET. The company’s CEO, Erik Boyter, and CFO Steen Overgaard Sørensen will present the company’s Annual Report in English. (Register at: https://www.inderes.dk/videos/windowmaster-full-year-2024-results-presentation)

For further information:

CEO, Erik Boyter
M: +45 4567 0300 
Mail: ir@windowmaster.com  
WindowMaster International A/S
Skelstedet 13
2950 Vedbæk
Denmark

Certified Advisor

Grant Thornton
Jesper Skaarup Vestergaard
M: +45 3179 9000

Stockholmsgade 45, 2100 Copenhagen Ø, Denmark