WindowMaster International (WMA) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was DKK 269 million, a decrease of 8.5% compared to 2024, mainly due to a weak first half, but margins improved due to a favorable customer mix and strategic focus on integration and project sales.

• EBITDA for 2025 was DKK 28 million, a decline of 24.9% from the previous year, with EBIT and profit after tax also dropping sharply; fixed costs were maintained to support future growth ambitions.

• Strong cash flow was delivered despite lower turnover, aided by an adaptable business model and supply chain flexibility.

• Order intake reached DKK 270 million, down 3.9% year-over-year, but the order base for 2026 is close to 100% of expectations.

Financial highlights

• Revenue and order intake both declined in 2025, with the revenue decrease concentrated in Q1 and Q2 due to project delays and the loss of a key customer.

• Gross profit was DKK 131 million, down 5% from 2024, with a gross margin of 49%.

• EBITDA margin fell to 10.4% from 12.7% in 2024, but improved in the second half of 2025 as project turnover recovered.

• One-off costs were incurred due to a ransomware attack in May.

• Financial costs totaled DKK 7.5 million in 2025, influenced by exchange rate fluctuations and debt levels.

Outlook and guidance

• 2026 revenue is expected to grow organically by 8–15% to DKK 290–310 million, with EBITDA projected at DKK 45–55 million and an EBITDA margin of 16–17%.

• Guidance for 2026 remains unchanged, with expectations based on the solid performance seen in the second half of 2025.

• Order book for 2026 is nearly fully covered, though execution timing may vary.

• Growth is anticipated across all main markets, with particular optimism for North America and Germany.

• Ambition to achieve an EBIT margin above 10% going forward.