WindowMaster International (WMA) H2 2025 earnings summary

Executive summary

• Revenue declined in 2025 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 and EBIT were lower year-over-year, reflecting reduced turnover, but 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 remained steady, with the order base for 2026 close to 100% of expectations.

Financial highlights

• Revenue decreased in 2025 versus 2024, with the decline concentrated in Q1 and Q2 due to project delays and the loss of a key customer.

• Margins improved, driven by a shift toward higher-value project sales and integration roles.

• EBITDA and EBIT improved in the second half of 2025, reflecting a recovery in project turnover.

• 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

• Guidance for 2026 remains unchanged from previous communications, 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.