Inwido (INWI) CMD 2025 summary

Strategic roadmap and financial targets

• Reaffirmed SEK 20bn turnover target for 2030, requiring ~15% annual growth from 2026–2030; the growth mix envisages ~10 percentage points from M&A and ~5 from organic growth.

• Long-term targets include return on operating capital >15%, net debt/EBITDA <2.5x and dividend payout of ~50% of net profit.

• Geographic expansion, digitalization, automation, talent development and best-practice sharing are priorities for profitable growth.

M&A and market expansion

• Four acquisitions were announced over recent months; the pipeline and shortlist were described as stronger than a year earlier, with more targets pursued in parallel.

• Strategy increasingly targets larger, profitable businesses while retaining bolt-ons; priorities include existing and new European markets, where the window and door industry is fragmented.

• M&A is expected to add SEK 7–7.5bn turnover by 2030; 20+ acquisitions since 2014 contributed SEK 4.2–4.5bn, and more than 50 have been completed in 20 years.

• Victorian Sliders adds U.K. PVC sliding sash windows; purchase price GBP 60m, trailing-12-month EBIT margin 16% and ~8x EBITDA multiple. AJM adds a Slovenian position and access to Austria and Switzerland, at ~6%+ EBIT margin and ~8x EBITDA.

• Recent acquisitions lift pro forma sales to ~SEK 10bn; RM Snickerier and Fast Frame were among the 2024 deals.

Market context and demand outlook

• After three years of downturn, early signs of improvement support cautious optimism for 2026, though recovery timing and pace remain uncertain; Western European window-market growth is projected at 4% p.a. through 2028.

• EU Green Deal and EPBD implementation from 2026 may boost energy-efficient renovation demand, with effects potentially starting in H2 2026 and varying by market.

• Sweden showed improving indicators and consumer order intake; Finland and the U.K. remained challenging, Ireland was stronger and Germany remained soft.

• Nordic window-market volume was down ~30% from its Q4 2022 peak; market indices versus 2017 were Sweden 59, Norway 75, and Denmark and Finland ~80.