WindowMaster International (WMA) H2 2024 earnings summary

Executive summary

• Achieved 24% revenue growth and 11% order intake growth year-over-year, with stable margins and strong EBITDA growth, reflecting successful execution of the Accelerate Core strategy.

• Profit after tax reached DKK 10.6m, reversing a prior year loss, supported by utilization of tax assets and a normalized tax rate.

• Growth was broad-based across all segments and markets, indicating a solid business foundation for future expansion.

• Focused on ESG initiatives, including increased renewable electricity usage and reduced CO₂ emissions.

Financial highlights

• Revenue rose 24% year-over-year to DKK 294m; order intake increased 11% to DKK 281m.

• EBITDA nearly doubled, up 95% to DKK 37m; profitability and gross profit improved, with gross profit up 23% to DKK 138m and a 47% gross margin.

• Cash flow from operations improved 32% to DKK 28.1m.

• Equity ratio increased to 24.8%, and working capital remained under control.

• DKK 6 million set aside for dividends, pending AGM approval.

Outlook and guidance

• Guidance for 2025 maintained at DKK 290–310 million turnover, reflecting a conservative outlook after a strong 2024.

• Revenue growth forecast for 2025 is -1% to 6%, below estimated 5–10% market growth, due to project front-loading in late 2024.

• Stronger growth expected in H2 2025, driven by EU regulations and increased refurbishment projects.

• Order intake and pipeline remain solid, supporting 2025 expectations.

• Forward-looking statements highlight mid-term financial targets and acknowledge risks from market volatility, regulation, and geopolitical tensions.