WindowMaster International (WMA) H1 2026 earnings summary

Executive summary

• Strong pipeline and record order intake in H1 2026, especially from partnerships, supporting growth ambitions through 2027.

• Revenue increased to DKK 126.9 million in H1 2026, up 2.5% year-over-year, with gross profit rising to DKK 58.3 million and improved margins.

• Operating and net losses narrowed in H1 2026, with net loss at DKK -6.9 million, an improvement from DKK -8.5 million in H1 2025.

• Focus shifting to core business areas, with potential divestment of the safety segment (Climatic AS) to streamline operations.

• Management maintains a positive outlook for 2026, with guidance unchanged.

Financial highlights

• EBITDA improved to DKK 3.8 million in H1 2026 from DKK 1.9 million in H1 2025, with EBITDA margin near 3.0% but below the 15% target.

• Gross margin increased to 45.9% from 43.4% year-over-year.

• Net working capital elevated due to seasonality and higher activity in Q2, expected to decline in the second half.

• Equity ratio (net cash) increased to 15.9% in H1 2026, projected to recover to around 25% by year-end.

• Investment in property, plant & equipment rose to DKK 4.5 million from DKK 0.9 million.

Outlook and guidance

• Full-year 2026 turnover expected between DKK 285 million and DKK 305 million; EBITDA guidance set at DKK 30–40 million.

• Confidence in meeting guidance, supported by strong pipeline and order intake for July and August.

• Cost savings of DKK 10 million targeted by 2027, including reductions from Climatic divestment and staff cuts.

• Positive outlook for 2026 remains unchanged from previous guidance.