WindowMaster International (WMA) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 declined to DKK 123.8m–124m, down 11.6% from H1 2024, with a net loss of DKK 8.5m versus a profit of DKK 1.8m year-over-year.

• EBITDA for H1 2025 was DKK 1.9m, a significant drop from DKK 17.0m in H1 2024.

• Operating profit swung to a loss of DKK 7.3m in H1 2025 from a profit of DKK 7.1m in H1 2024.

• First half 2025 results were below management expectations, mainly due to lower turnover and order intake, particularly in residential markets affected by past interest rate hikes and project delays.

• Management remains optimistic for the second half of 2025 and into 2026, citing a historically stronger H2 and a robust opportunity pipeline.

Financial highlights

• Gross profit for H1 2025 was DKK 53.7m, down 18.3% year-over-year, with gross margin decreasing to 43.4% from 46.9%.

• EBITDA and EBIT were below target, reflecting the lower top-line performance.

• Cash flow from operations was negative at DKK -0.4m, compared to DKK 10.3m in H1 2024.

• Equity ratio declined to 6.6%–15.0% in H1 2025 from 17.9%–19.3% in H1 2024.

• Return on equity was -33.2% in H1 2025, down from 14.7% in H1 2024.

Outlook and guidance

• 2025 revenue guidance was reduced to DKK 270-290m, with EBITDA guidance now DKK 22-27m.

• Guidance for the full year is maintained, with confidence in a stronger second half based on historical patterns and current pipeline.

• July and August have shown improved sentiment and order flow, supporting the outlook.

• Management expects higher turnover in H2 to drive better profitability due to operating leverage.